<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
Date of Report: August 7, 1997
- ----------------------------
(Date of earliest event reported)
GS Mortgage Securities Corporation II
(Exact name of registrant as specified in its charter)
Delaware 33-99774-02 22-3442024
- -------------------------------------------------------------------------------
(State or Other (Commission (I.R.S. Employer
Jurisdiction of File Number) Identification No.)
Incorporation
85 Broad Street, New York, N.Y. 10004
- -------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 902-1000
<PAGE>
ITEM 5. OTHER EVENTS.
Attached as an exhibit to this Amendment to the Registrant's
Current Report on Form 8-K filed July 22, 1997 (the "Form 8-K") are (i) certain
supplmental pages to the property appraisal related to (a) the Northpark Mall
Appraisal, filed as Exhibit 99.16 to the Form 8-K, (b) the Esplanade Shopping
Mall Appraisal, filed as Exhibit 99.30 to the Form 8-K, and (c) the Montehiedra
Town Center Appraisal, filed as Exhibit 99.36 to the Form 8-K and (ii) a letter
dated August 7, 1997 regarding certain deficiencies contained in the CD ROM
attached to the Preliminary Prospectus Supplement, dated July 22, 1997.
The Certificates will be offered pursuant to a Prospectus
and related Prospectus Supplement (together, the "Prospectus"), which will be
filed with the Commission pursuant to Rule 424 under the Securities Act of
1933, as amended (the "Act"). The offer and sale contemplated by the Prospectus
of the Certificates will be registered pursuant to the Act under the
Registrant's Registration Statement on Form S-3 (No. 333-27083) (the
"Registration Statement").
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits
Item 601(a) of Regulation
S-K Exhibit No. Description
------------------------- -----------
99.1 Supplemental Pages to the Northpark Mall
Appraisal
99.2 Supplemental Pages to the Esplanade
Shopping Mall Appraisal
99.3 Supplemental Pages to the Montehiedra Town
Center Appraisal
99.4 Letter to Offerees
<PAGE>
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be signed on behalf of
the Registrant by the undersigned thereunto duly authorized.
GS MORTGAGE SECURITIES CORPORATION II
By: /s/ Sheridan Schechner
-----------------------------------------
Name: Sheridan Schechner
Title: Managing Director
Date: August 7, 1997
<PAGE>
Exhibit Index
-------------
Item 601(a) of Regulation
S-K Exhibit No. Description
------------------------- -----------
99.1 Supplemental Pages to the Northpark Mall
Appraisal
99.2 Supplemental Pages to the Esplanade
Shopping Mall Appraisal
99.3 Supplemental Pages to the Montehiedra
Town Center Appraisal
99.4 Letter to Offerees
<PAGE>
Page Facing Page 69 of Northpark Mall Appraisal
NORTHPARK MALL
PROJECT DESIGNATOR: NPRK
ANNUAL CASH FLOW REPORT
BEGINNING 1/1/96 FOR 12 YEARS
<TABLE>
<CAPTION>
CY1996 CY1997 CY1998 CY1999 CY2000 CY2001
<S> <C> <C> <C> <C> <C> <C>
INCOME
- --------------------
MINIMUM RENT:
ALL TENANTS.......... 6,462,543 7,309,436 7,927,463 8,186,897 8,316,039 8,543,046
FREE RENT............ (155,703) (275,529) (30,435) 0 0 0
---------- ---------- ---------- ---------- ---------- ----------
TOTAL MINIMUM RENT .. 6,306,840 7,033,907 7,897,028 8,186,897 8,316,039 8,543,046
RECOVERIES:
HVC-HVAC INCOME...... 1,418,615 1,580,607 1,692,046 1,747,806 1,770,953 1,827,518
CAM-MALL SHOPS....... 1,638,507 1,823,852 1,932,767 2,018,862 2,068,500 2,141,822
TAX-MALL SHOPS....... 641,661 556,620 576,950 597,555 618,135 640,286
ADD'L CAM-CAP. EXP. . 0 188,615 186,622 0 0 0
ANCHOR CONTRIB....... 580,910 595,626 610,857 626,622 653,188 683,721
---------- ---------- ---------- ---------- ---------- ----------
TOTAL RECOVERIES .... 4,279,693 4,745,320 4,999,242 4,990,845 5,110,776 5,293,347
OVERAGE RENT......... 314,209 332,451 341,370 364,215 353,980 357,806
SALES VOLUME (000) .. 73,794 75,935 78,958 82,118 83,788 87,486
---------- ---------- ---------- ---------- ---------- ----------
GROSS RENTAL INCOME . 10,900,742 12,111,678 13,237,640 13,541,957 13,780,795 14,194,199
CREDIT LOSS.......... (309,594) (460,643) (631,341) (645,767) (656,379) (675,523)
TEMP. TENANT/RNU'S .. 160,000 164,800 169,744 174,836 180,081 185,484
MISCELLANEOUS........ 40,000 41,200 42,436 43,709 45,020 46,371
---------- ---------- ---------- ---------- ---------- ----------
TOTAL INCOME......... 10,791,148 11,857,035 12,818,479 13,114,735 13,349,517 13,750,531
EXPENSES
- --------------------
COMMON AREA MAINT. .. 1,930,000 1,997,550 2,067,464 2,139,825 2,214,719 2,292,234
REAL ESTATE TAXES ... 545,000 564,075 583,818 604,251 625,400 647,289
NON-CAM UTILITIES ... 977,555 1,075,826 1,131,807 1,169,491 1,181,176 1,213,207
WATER & SEWER EXP. .. 38,336 42,189 44,385 45,862 46,321 47,577
ADD'L CAN-CAP. EXP. . 0 200,000 200,000 0 0 0
GENERAL & ADMIN. .... 260,000 269,100 278,519 288,267 298,356 308,798
MARKETING EXPENSE ... 100,000 103,500 107,123 110,872 114,752 118,769
MISCELLANEOUS........ 30,000 30,900 31,827 32,782 33,765 34,778
MANAGEMENT FEE....... 198,631 220,991 247,152 256,533 260,100 267,025
---------- ---------- ---------- ---------- ---------- ----------
TOTAL EXPENSES....... 4,079,522 4,504,131 4,692,095 4,647,883 4,774,589 4,929,677
---------- ---------- ---------- ---------- ---------- ----------
NET OPERATING
INCOME.............. 6,711,626 7,352,904 8,126,384 8,466,852 8,574,928 8,820,854
ALTERATIONS.......... 175,823 126,502 174,980 28,778 121,531 40,892
COMMISSIONS.......... 38,207 47,358 72,055 12,388 50,547 18,976
REPL'MENT RESERVE ... 46,451 48,077 49,760 51,601 53,304 55,170
CAPITAL REPAIRS...... 0 1,800,000 1,800,000 0 0 0
---------- ---------- ---------- ---------- ---------- ----------
CASH FLOW............ 6,451,145 5,330,967 6,029,589 8,374,185 8,349,546 8,705,816
</TABLE>
<PAGE>
(RESTUBBED TABLE CONTINUED FROM ABOVE)
<TABLE>
<CAPTION>
CY2002 CY2003 CY2004 CY2005 CY2006 CY2007
<S> <C> <C> <C> <C> <C> <C>
INCOME
- --------------------
MINIMUM RENT:
ALL TENANTS.......... 8,864,952 9,067,934 9,309,652 9,942,488 10,320,152 11,189,218
FREE RENT............ 0 0 0 0 0 0
---------- ---------- ---------- ---------- ---------- ----------
TOTAL MINIMUM RENT .. 8,864,952 9,067,934 9,309,652 9,942,488 10,320,152 11,189,218
RECOVERIES:
HVC-HVAC INCOME...... 1,880,341 1,920,633 1,927,805 1,976,131 1,982,353 2,077,242
CAM-MALL SHOPS....... 2,202,377 2,265,988 2,302,467 2,350,128 2,383,590 2,445,446
TAX-MALL SHOPS....... 662,662 685,806 709,120 733,984 756,481 781,143
ADD'L CAM-CAP. EXP. . 0 0 0 0 0 0
ANCHOR CONTRIB....... 701,199 719,289 738,013 767,641 794,521 815,280
---------- ---------- ---------- ---------- ---------- ----------
TOTAL RECOVERIES .... 5,446,579 5,591,716 5,677,405 5,827,884 5,916,945 6,119,111
OVERAGE RENT......... 288,648 331,853 363,813 248,568 286,760 312,626
SALES VOLUME (000) .. 90,300 92,887 95,068 99,338 103,623 107,266
---------- ---------- ---------- ---------- ---------- ----------
GROSS RENTAL INCOME . 14,600,179 14,991,503 15,350,870 16,018,940 16,523,857 17,620,954
CREDIT LOSS.......... (694,950) (713,609) (730,643) (762,565) (786,469) (840,284)
TEMP. TENANT/RNU'S .. 191,048 196,780 202,683 208,764 215,027 221,477
MISCELLANEOUS........ 47,762 49,195 50,671 52,191 53,757 55,369
---------- ---------- ---------- ---------- ---------- ----------
TOTAL INCOME......... 14,144,039 14,523,869 14,873,581 15,517,330 16,006,171 17,087,516
EXPENSES
- --------------------
COMMON AREA MAINT. .. 2,372,462 2,455,498 2,541,440 2,630,391 2,722,454 2,817,740
REAL ESTATE TAXES ... 669,944 693,392 717,661 742,779 768,776 795,683
NON-CAM UTILITIES ... 1,235,839 1,258,583 1,266,078 1,290,657 1,295,512 1,344,087
WATER & SEWER EXP. .. 48,464 49,356 49,650 50,614 50,804 52,709
ADD'L CAN-CAP. EXP. . 0 0 0 0 0 0
GENERAL & ADMIN. .... 319,606 330,793 342,370 354,353 366,756 379,592
MARKETING EXPENSE ... 122,926 127,228 131,681 136,290 141,060 145,997
MISCELLANEOUS........ 35,822 36,896 38,003 39,143 40,317 41,527
MANAGEMENT FEE....... 274,608 281,993 290,204 305,731 318,207 345,055
---------- ---------- ---------- ---------- ---------- ----------
TOTAL EXPENSES....... 5,079,671 5,233,739 5,377,087 5,549,958 5,703,886 5,922,390
---------- ---------- ---------- ---------- ---------- ----------
NET OPERATING
INCOME.............. 9,064,368 9,290,130 9,496,494 9,967,372 10,302,285 11,135,126
ALTERATIONS.......... 92,835 72,109 264,606 213,181 424,620 306,413
COMMISSIONS.......... 41,623 31,237 110,748 83,729 188,142 131,175
REPL'MENT RESERVE ... 57,100 59,099 61,167 63,308 65,524 67,817
CAPITAL REPAIRS...... 0 0 0 0 0 0
---------- ---------- ---------- ---------- ---------- ----------
CASH FLOW............ 8,872,810 9,127,685 9,059,973 9,607,164 9,623,999 10,629,721
</TABLE>
<PAGE>
Page Facing Page 72 of Northpark Mall Appraisal
RECENT LEASING ACTIVITY--MALL SHOP TENANTS BY SIZE
NORTHPARK MALL (RIDGELAND, MISSISSIPPI)
CUSHMAN & WAKEFIELD, INC.
<TABLE>
<CAPTION>
LEASE INITIAL
TENANT CATEGORY TERM AREA ANNUAL
(BY SIZE/AREA) (YRS) (SQ/FT) RENT
- ------------------------------ ------- -------- ------------
<S> <C> <C> <C> <C>
1. Tenants less than 750 sf
Sunglass Hut (3/96) 10.0 620 $ 45,000
Claires Boutique (7/95) 10.0 728 $ 38,000
Anne's Pretzel (8/96) 10.0 550 $ 40,000
We Love Yogurt (1/96) 10.0 690 $ 42,500
Sweet Factory (6/96) 10.0 688 $ 38,000
Sunglass Hut Int'l (1/96) 10.0 570 $ 42,000
------------------------- ------- -------- ------------
Subtotal: 6 10.0 3,846 $ 245,500
------- -------- ------------
2. Tenants 750-1200 sf
Master Cuts (3/95) 10.0 1,095 $ 32,000
Easy Spirit (7/95) 10.0 1,040 $ 43,680
Reeds Jewelers (2/95) 10.0 1,073 $ 60,000
Friedmans (11/95) 10.0 904 $ 50,000
------------------------- ------- -------- ------------
Subtotal: 4 10.0 4,112 $ 185,680
------- -------- ------------
3. Tenants 1201-2000 sf
Sports Ave. (11/95) 10.0 1,396 $ 41,880
Nine West (4/95) 10.0 1,206 $ 45,225
Trade Secrets (10/95) 10.0 1,367 $ 36,007
Michaels Jewlers (10/95) 10.0 1,525 $ 50,325
------------------------- ------- -------- ------------
Subtotal: 4 10.0 5,494 $ 173,437
------- -------- ------------
4. Tenants 2001-3500 sf
Cyberstation (6/95) 10.0 2,810 $ 67,500
Lady Footlocker (11/95) 10.0 2,658 $ 65,015
Pacific Sunwear (9/95) 10.0 2,240 $ 57,994
Underground (7/96) 10.0 2,032 $ 50,800
Bath & Body (3/95) 10.0 2,527 $ 68,229
Cache (9/96) 10.0 2,087 $ 52,175
------------------------- ------- -------- ------------
Subtotal: 6 10.0 14,354 $ 361,712
------- -------- ------------
5. Tenants 3501-5000 sf
Williams Sonoma (10/95) 13.0 3,838 $ 76,760
Limited Too (3/95) 12.0 4,055 $ 101,375
Rack Room Shoes (4/96) 10.0 4,898 $ 107,756
------- -------- ------------
Subtotal: 3 11.7 12,791 $ 285,891
6. Tenants 5001-10000 sf
Banana Republic (3/95) 5.0 5,112 $ 132,912
The Gap (5/95) 8.0 8,785 $ 351,400
Ann Taylor (9/95) 10.0 5,427 $ 135,675
The Finish Line (11/95) 10.0 6,255 $ 100,080
Gap Kids (3/95) 5.0 5,093 $ 149,123
Warner Bros. (4/95) 12.0 7,414 $ 185,350
------------------------- ------- -------- ------------
Subtotal: 6 8.3 38,086 $1,054,540
------- -------- ------------
Tenants greater than 10000
7. sf
Abercrobe & Fitch (8/96) 12.0 10,600 $ 243,800
------------------------- ------- -------- ------------
Subtotal: 1 12.0 10,600 $ 243,800
------------------------- ------- -------- ------------
Survey Total: 30 10.3 89,283 $2,550,560
</TABLE>
<PAGE>
(RESTUBBED TABLE CONTINUED FROM ABOVE)
<TABLE>
<CAPTION>
INITIAL FINAL FINAL % CHANGE
RENT ANNUAL RENT/ IN RENT
SQ/FT RENT SQ/FT OVER TERM
- -------------- ------------ -------- -----------
<S> <C> <C> <C> <C>
1.
$72.58 $ 45,000 $72.58 0.0%
$52.20 $ 42,000 $57.69 10.5%
$72.73 $ 40,000 $72.73 0.0%
$61.59 $ 47,500 $68.84 11.8%
$55.23 $ 46,000 $66.86 21.1%
$73.68 $ 42,000 $73.68 0.0%
--------- ------------ -------- -----------
$63.83 $ 282,500 $68.25 6.9%
--------- ------------ -------- -----------
2.
$29.22 $ 39,999 $36.53 25.0%
$42.00 $ 43,680 $42.00 0.0%
$55.92 $ 60,000 $55.92 0.0%
$55.31 $ 60,000 $66.37 20.0%
--------- ------------ -------- -----------
$45.16 $ 203,679 $49.53 9.7%
--------- ------------ -------- -----------
3.
$30.00 $ 48,860 $35.00 16.7%
$37.50 $ 45,225 $37.50 0.0%
$26.34 $ 38,003 $27.80 5.5%
$33.00 $ 56,425 $37.00 12.1%
--------- ------------ -------- -----------
$31.57 $ 188,513 $34.31 8.7%
--------- ------------ -------- -----------
4.
$24.02 $ 67,500 $24.02 0.0%
$24.46 $ 75,000 $28.22 15.4%
$25.89 $ 66,000 $29.46 13.8%
$25.00 $ 50,800 $25.00 0.0%
$27.00 $ 68,229 $27.00 0.0%
$25.00 $ 52,175 $25.00 0.0%
--------- ------------ -------- -----------
$25.20 $ 379,704 $26.45 5.0%
--------- ------------ -------- -----------
5.
$20.00 $ 76,760 $20.00 0.0%
$25.00 $ 101,375 $25.00 0.0%
$22.00 $ 107,756 $22.00 0.0%
--------- ------------ -------- -----------
$22.35 $ 285,891 $22.35 0.0%
6.
$26.00 $ 143,136 $28.00 7.7%
$40.00 $ 351,400 $40.00 0.0%
$25.00 $ 135,675 $25.00 0.0%
$16.00 $ 125,100 $20.00 25.0%
$28.28 $ 157,934 $31.01 5.9%
$25.00 $ 185,350 $25.00 0.0%
--------- ------------ -------- -----------
$27.69 $1,098,595 $28.85 4.2%
--------- ------------ -------- -----------
7.
$23.00 $ 243,800 $23.00 0.0%
--------- ------------ -------- -----------
$23.00 $ 243,800 $23.00 0.0%
--------- ------------ -------- -----------
$28.57 $2,662,682 $29.82 4.4%
</TABLE>
<PAGE>
Page Facing Page 85 of Northpark Mall Appraisal
COMMON AREA MAINTENANCE EXPENSE COMPARABLES
Cushman & Wakefield, Inc.
<TABLE>
<CAPTION>
BUDGET YEAR NO. TOTAL
NO. AREA LOCATION STATE YEAR BUILT STORIES GLA
- ----- ----------------------- ------- -------- ------------ --------- -----------
<S> <C> <C> <C> <C> <C> <C>
1 Saratoga County MSA NY 1995 1990/91/93 1 656,501
2 Syracuse MSA NY 1995 1954/96 2 1,035,525
3 Syracuse MSA NY 1995 1988/94 1 776,571
4 Rochester MSA NY 1995 1967/93 2 1,533,574
5 Jefferson County MSA NY 1995 1986/93 1 635,765
6 Buffalo MSA NY 1996 1985/89 1 753,105
7 White Plains MSA NY 1995 1980/93 4 882,689
8 Fairfield County MSA CT 1995 1986/91 2 1,270,146
9 Meriden MSA CT 1994 1971/94 2 711,626
10 Worcester County MSA MA 1995 1971/87 1 445,875
11 Boston MSA MA 1995 1980/93 1 322,120
12 Bristol County MSA MA 1995 1992 2 1,005,595
13 Bristol County MSA MA 1995 1987/89 2 967,363
14 Essex County MSA MA 1995 1993/94 2 863,344
15 Kingston MSA MA 1994 1989/92 1 771,007
16 Burlington MSA VT 1995 1979/89/92 1 480,424
17 Bucks County MSA PA 1995 1968/75 1 348,309
18 Westminster MSA MD 1995 1987/94 1 524,964
19 Washington-Baltimore MD 1995 1979/93 2 661,639
20 Baltimore MSA MD 1995 1956/91 1 863,376
21 Prince William Cty. MSA VA 1995 1972/96 1 716,796
22 Arlington MSA VA 1994 1986 4 491,057
23 Chicago/DuPage County IL 1995 1962/91 1 2,012,865
24 Chicago/DuPage County IL 1995 1975/96 2 1,477,103
25 Chicago/Cook County IL 1995 1976/94 2 1,251,294
26 Vernon Hills MSA IL 1995 1973/89 2 1,063,706
27 Bloomingdale MSA IL 1995 1981/88/91 2 1,292,186
28 Minneapolis MSA MN 1995 1962/94 1 982,228
29 Milwaukee MSA WN 1995 1972 1 1,014,851
30 Milwaukee MSA WN 1995 1970 1 1,257,676
31 Genesee County MSA MI 1995 1980/93 1 451,036
32 Louisville/Clark County IN 1995 1990 1 750,343
33 Indianapolis MSA IN 1995 1968/87 1 1,239,059
34 Tampa MSA FL 1995 1995 1 977,047
35 Plantation MSA FL 1995 1979/93 1 1,004,061
36 Miami MSA FL 1995 1982 1 1,120,827
37 Coral Springs MSA FL 1995 1984/95 1 1,171,127
38 North/Central Kansas KS 1995 1987/90 1 400,307
39 Amarillo MSA TX 1995 1982/86 1 889,508
40 Las Vegas MSA NV 1995 1992 1 241,580
41 Las Vegas MSA NV 1994 1981/93 2 819,374
42 Knoxville MSA TN 1995 1972/94 1 1,333,018
43 Nashville MSA TN 1995 1990 2 716,462
44 Riverside County MSA CA 1995 1970/91 1 1,044,536
45 Seattle MSA WA 1995 1979/95 1 1,012,754
-----------
SURVEY MEAN: 894,452
===========
</TABLE>
(RESTUBBED TABLE CONTINUED FROM ABOVE)
<TABLE>
<CAPTION>
SHOP BUDGETED EXPENSES
NO. GLA CAM EXPENSE PER SQ/FT LOCATION
- ----- --------- ------------- ----------- ----------
<S> <C> <C> <C> <C>
1 256,668 $1,900,000 $ 7.40 Suburban
2 410,818 $2,750,000 $ 6.69 Suburban
3 311,557 $2,100,000 $ 6.74 Suburban
4 495,940 $3,265,000 $ 6.60 Suburban
5 209,873 $ 922,000 $ 4.39 Suburban
6 285,771 $1,665,000 $ 5.83 Suburban
7 326,774 $3,190,000 $ 9.76 Urban
8 499,868 $3,583,000 $ 7.17 Suburban
9 292,877 $2,550,000 $ 8.71 Suburban
10 182,372 $1,410,000 $ 7.73 Suburban
11 155,080 $1,600,000 $10.32 Urban
12 349,107 $2,055,000 $ 5.89 Suburban
13 374,630 $2,762,000 $ 7.37 Suburban
14 329,085 $2,315,000 $ 7.04 Suburban
15 295,582 $1,682,000 $ 5.69 Suburban
16 185,398 $1,000,000 $ 5.39 Suburban
17 305,212 $1,824,000 $ 5.98 Suburban
18 193,557 $1,350,000 $ 6.97 Suburban
19 245,217 $1,880,000 $ 7.67 Suburban
20 242,376 $1,940,000 $ 8.00 Suburban
21 278,494 $1,600,000 $ 5.75 Suburban
22 222,800 $1,930,000 $ 8.68 Urban
23 830,287 $5,790,000 $ 6.97 Suburban
24 569,826 $4,928,000 $ 8.65 Suburban
25 499,899 $4,176,000 $ 8.35 Suburban
26 503,480 $2,600,000 $ 4.97 Suburban
27 427,609 $2,030,000 $ 4.75 Suburban
28 201,561 $1,950,000 $ 9.67 Suburban
29 395,598 $2,420,000 $ 6.12 Suburban
30 371,420 $2,700,000 $ 7.27 Suburban
31 230,825 $ 902,000 $ 3.91 Suburban
32 306,059 $1,676,000 $ 5.48 Suburban
33 260,359 $1,431,000 $ 5.50 Suburban
34 359,579 $1,980,000 $ 5.51 Suburban
35 282,952 $1,829,000 $ 6.46 Suburban
36 290,385 $1,820,000 $ 6.27 Suburban
37 293,183 $1,700,000 $ 5.80 Suburban
38 185,324 $ 830,000 $ 4.48 Suburban
39 316,190 $1,180,000 $ 3.73 Suburban
40 241,580 $3,190,000 $13.20 Urban
41 286,936 $2,455,000 $ 8.56 Urban
42 382,150 $1,810,000 $ 4.74 Suburban
43 373,662 $2,280,000 $ 6.10 Suburban
44 411,640 $3,000,000 $ 7.29 Suburban
45 311,019 $1,400,000 $ 4.50 Suburban
--------- ------------- ----------- ----------
328,436 $2,205,556 $ 6.76
========= ============= ===========
</TABLE>
<PAGE>
Page Facing Page 69 of The Esplanade Appraisal
ANNUAL CASH FLOW REPORT
THE ESPLANADE (KENNER, LA)
CUSHMAN & WAKEFIELD, INC.
<TABLE>
<CAPTION>
FY1997 FY1998 FY1999 FY2000 FY2001 FY2002
---------- ---------- ---------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
MINIMUM RENT
Mall Tenants......... 6,496,140 7,229,476 7,888,677 8,394,166 8,457,568 8,697,760
Food Court Tenants... 382,997 398,688 418,425 432,358 454,300 485,382
Anchor Tenants....... 174,750 174,750 174,750 174,750 174,750 174,750
---------- ---------- ---------- ----------- ----------- -----------
TOTAL MINIMUM RENT .... 7,053,887 7,802,912 8,481,852 9,001,274 9,086,618 9,337,892
RECOVERIES
Cam-Mall Shops....... 2,102,143 2,316,798 2,492,573 2,666,375 2,711,221 2,834,264
Tax-Mall Shops....... 454,360 499,419 535,605 569,920 579,674 603,796
Hvc-Hvac Income...... 1,525,145 1,701,184 1,884,148 2,038,440 2,068,246 2,130,065
Fct-Food Court....... 80,050 84,148 84,714 86,684 93,984 99,283
Cam-Anchor Tenants... 309,044 309,044 309,044 309,044 309,044 309,044
---------- ---------- ---------- ----------- ----------- -----------
TOTAL RECOVERIES....... 4,470,742 4,910,593 5,306,084 5,670,463 5,762,169 5,976,452
OVERAGE RENT........... 244,662 216,587 220,014 212,560 159,974 157,314
OTHER INCOME
Temporary Income..... 253,125 260,719 268,540 276,597 284,894 293,441
Miscellaneous........ 25,313 26,072 26,854 27,660 28,489 29,344
POTENTIAL GROSS
INCOME................. 12,047,729 13,216,863 14,303,344 15,188,554 15,322,144 15,794,443
Credit Loss.......... (353,078) (500,331) (997,826)(1,488,428) (1,500,878) (1,547,172)
---------- ---------- ---------- ----------- ----------- -----------
EFFECTIVE GROSS
INCOME................. 11,694,651 12,716,552 13,305,518 13,700,126 13,821,266 14,247,271
OPERATING EXPENSES
Common Area Mainl.... 2,252,375 2,331,208 2,412,801 2,497,249 2,584,652 2,675,115
Real Estate Taxes ... 507,292 525,047 543,424 562,443 582,129 602,503
Utilities............ 1,004,438 1,039,593 1,075,979 1,113,638 1,152,615 1,192,957
Contract Services.... 91,313 94,508 97,816 101,240 104,783 108,451
Food Court Expense... 55,802 57,755 59,777 61,869 64,034 66,275
General & Admin. .... 185,669 192,167 198,893 205,854 213,059 220,516
Marketing Expense.... 91,313 94,508 97,816 101,240 104,783 108,451
Miscellaneous........ 37,032 38,328 39,670 41,058 42,495 43,983
Management Fee....... 218,956 240,585 261,056 276,416 277,398 284,857
---------- ---------- ---------- ----------- ----------- -----------
TOTAL EXPENSES......... 4,444,190 4,613,699 4,787,232 4,961,007 5,125,948 5,303,108
NET OPERATING INCOME .. 7,250,461 8,102,853 8,516,286 8,739,119 8,695,318 8,944,163
Commissions.......... 82,605 74,879 72,334 41,891 84,101 38,852
Capital Imprvmnts.... 82,603 85,494 88,486 91,583 94,789 98,106
Alterations.......... 232,065 167,277 165,005 110,883 208,233 86,263
---------- ---------- ---------- ----------- ----------- -----------
NET CASH FLOW.......... 6,853,188 7,775,203 8,191,461 8,494,762 8,308,195 8,720,942
</TABLE>
(RESTUBBED TABLE CONTINUED FROM ABOVE)
<TABLE>
<CAPTION>
FY2003 FY2004 FY2005 FY2006 FY2007
----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
MINIMUM RENT
Mall Tenants......... 8,947,733 9,153,574 9,332,796 9,381,989 9,665,558
Food Court Tenants... 471,192 463,909 484,590 477,737 490,566
Anchor Tenants....... 174,750 174,750 174,750 174,750 174,750
----------- ----------- ----------- ----------- -----------
TOTAL MINIMUM RENT .... 9,593,675 9,792,233 9,992,136 10,034,486 10,330,872
RECOVERIES
Cam-Mall Shops....... 2,925,415 3,021,235 3,151,877 3,249,050 3,396,405
Tax-Mall Shops....... 621,837 640,732 663,217 676,694 704,116
Hvc-Hvac Income...... 2,174,051 2,195,375 2,227,887 2,249,420 2,235,760
Fct-Food Court....... 102,757 103,314 110,077 110,795 116,091
Cam-Anchor Tenants... 309,044 309,044 309,044 309,043 309,044
----------- ----------- ----------- ----------- -----------
TOTAL RECOVERIES....... 6,133,104 6,269,700 6,462,102 6,595,002 6,761,416
OVERAGE RENT........... 104,474 103,137 95,580 90,277 85,757
OTHER INCOME
Temporary Income..... 302,224 311,312 320,651 330,271 340,179
Miscellaneous........ 30,224 31,131 32,065 33,027 34,018
POTENTIAL GROSS
INCOME................. 16,163,721 16,507,513 16,902,534 17,083,063 17,552,242
Credit Loss.......... (1,583,127) (1,616,507) (1,654,982) (1,671,980) (1,717,603)
----------- ----------- ----------- ----------- -----------
EFFECTIVE GROSS
INCOME................. 14,580,594 14,891,006 15,247,552 15,411,083 15,834,439
OPERATING EXPENSES
Common Area Mainl.... 2,768,744 2,865,650 2,965,948 3,069,756 3,177,198
Real Estate Taxes ... 623,591 645,417 668,006 691,386 715,585
Utilities............ 1,234,710 1,277,925 1,322,653 1,368,946 1,416,859
Contract Services.... 112,246 116,175 120,241 124,450 128,805
Food Court Expense... 68,595 70,996 73,481 76,053 78,714
General & Admin. .... 228,234 236,223 244,490 253,047 261,904
Marketing Expense.... 112,246 116,175 120,241 124,450 128,805
Miscellaneous........ 45,522 47,115 48,764 50,471 52,238
Management Fee....... 290,945 298,861 302,631 303,743 312,496
----------- ----------- ----------- ----------- -----------
TOTAL EXPENSES......... 5,484,833 5,672,537 5,866,455 6,062,302 6,272,606
NET OPERATING INCOME .. 9,095,761 9,218,489 9,381,097 9,348,781 9,581,833
Commissions.......... 42,067 59,642 60,236 158,890 114,928
Capital Imprvmnts.... 101,540 105,094 108,772 112,579 116,520
Alterations.......... 96,331 141,709 147,585 365,640 264,877
----------- ----------- ----------- ----------- -----------
NET CASH FLOW.......... 8,855,823 8,912,024 8,064,604 8,711,772 8,065,508
</TABLE>
<PAGE>
Page Facing Page 85 of The Esplanade Appraisal
COMMON AREA MAINTENANCE EXPENSE COMPARABLES
Cushman & Wakefield, Inc.
<TABLE>
<CAPTION>
BUDGET YEAR NO. TOTAL
NO. AREA LOCATION STATE YEAR BUILT STORIES GLA
- ----- ----------------------- ------- -------- ------------ --------- -----------
<S> <C> <C> <C> <C> <C> <C>
1 Saratoga County MSA NY 1995 1990/91/93 1 656,501
2 Syracuse MSA NY 1995 1954/96 2 1,035,525
3 Syracuse MSA NY 1995 1988/94 1 776,571
4 Rochester MSA NY 1995 1967/93 2 1,533,574
5 Jefferson County MSA NY 1995 1986/93 1 635,765
6 Buffalo MSA NY 1996 1985/89 1 753,105
7 White Plains MSA NY 1995 1980/93 4 882,689
8 Fairfield County MSA CT 1995 1986/91 2 1,270,146
9 Meriden MSA CT 1994 1971/94 2 711,626
10 Worcester County MSA MA 1995 1971/87 1 445,875
11 Boston MSA MA 1995 1980/93 1 322,120
12 Bristol County MSA MA 1995 1992 2 1,005,595
13 Bristol County MSA MA 1995 1987/89 2 967,363
14 Essex County MSA MA 1995 1993/94 2 863,344
15 Kingston MSA MA 1994 1989/92 1 771,007
16 Burlington MSA VT 1995 1979/89/92 1 480,424
17 Bucks County MSA PA 1995 1968/75 1 348,309
18 Westminster MSA MD 1995 1987/94 1 524,964
19 Washington-Baltimore MD 1995 1979/93 2 661,639
20 Baltimore MSA MD 1995 1956/91 1 863,376
21 Prince William Cty. MSA VA 1995 1972/96 1 716,796
22 Arlington MSA VA 1994 1986 4 491,057
23 Chicago/DuPage County IL 1995 1962/91 1 2,012,865
24 Chicago/DuPage County IL 1995 1975/96 2 1,477,103
25 Chicago/Cook County IL 1995 1976/94 2 1,251,294
26 Vernon Hills MSA IL 1995 1973/89 2 1,063,706
27 Bloomingdale MSA IL 1995 1981/88/91 2 1,292,186
28 Minneapolis MSA MN 1995 1962/94 1 982,228
29 Milwaukee MSA WN 1995 1972 1 1,014,851
30 Milwaukee MSA WN 1995 1970 1 1,257,676
31 Genesee County MSA MI 1995 1980/93 1 451,036
32 Louisville/Clark County IN 1995 1990 1 750,343
33 Indianapolis MSA IN 1995 1968/87 1 1,239,059
34 Tampa MSA FL 1995 1995 1 977,047
35 Plantation MSA FL 1995 1979/93 1 1,004,061
36 Miami MSA FL 1995 1982 1 1,120,827
37 Coral Springs MSA FL 1995 1984/96 1 1,171,127
38 North/Central Kansas KS 1995 1987/90 1 400,307
39 Amarillo MSA TX 1995 1982/86 1 889,508
40 Las Vegas MSA NV 1995 1992 1 241,580
41 Las Vegas MSA NV 1994 1981/93 2 819,374
42 Knoxville MSA TN 1995 1972/94 1 1,333,018
43 Nashville MSA TN 1995 1990 2 716,462
44 Riverside County MSA CA 1995 1970/91 1 1,044,536
45 Seattle MSA WA 1995 1979/95 1 1,012,754
-----------
SURVEY MEAN: 894,452
===========
</TABLE>
(RESTUBBED TABLE CONTINUED FROM ABOVE)
<TABLE>
<CAPTION>
SHOP BUDGETED EXPENSES
NO. GLA CAM EXPENSE PER SQ/FT LOCATION
- ----- --------- ------------- ----------- ----------
<S> <C> <C> <C> <C>
1 256,668 $1,900,000 $ 7.40 Suburban
2 410,818 $2,750,000 $ 6.69 Suburban
3 311,557 $2,100,000 $ 6.74 Suburban
4 495,040 $3,265,000 $ 6.60 Suburban
5 209,873 $ 922,000 $ 4.39 Suburban
6 285,771 $1,665,000 $ 5.83 Suburban
7 326,774 $3,190,000 $ 9.76 Urban
8 499,868 $3,583,000 $ 7.17 Suburban
9 292,877 $2,550,000 $ 8.71 Suburban
10 182,372 $1,410,000 $ 7.73 Suburban
11 155,080 $1,600,000 $10.32 Urban
12 349,107 $2,055,000 $ 5.89 Suburban
13 374,630 $2,762,000 $ 7.37 Suburban
14 329,085 $2,315,000 $ 7.04 Suburban
15 295,582 $1,682,000 $ 5.69 Suburban
16 185,398 $1,000,000 $ 5.39 Suburban
17 305,212 $1,824,000 $ 5.98 Suburban
18 193,557 $1,350,000 $ 6.97 Suburban
19 245,217 $1,880,000 $ 7.67 Suburban
20 242,376 $1,940,000 $ 8.00 Suburban
21 278,494 $1,600,000 $ 5.75 Suburban
22 222,800 $1,930,000 $ 8.68 Urban
23 830,287 $5,790,000 $ 6.97 Suburban
24 569,826 $4,928,000 $ 8.65 Suburban
25 499,899 $4,176,000 $ 8.35 Suburban
26 503,480 $2,600,000 $ 4.97 Suburban
27 427,609 $2,030,000 $ 4.75 Suburban
28 201,561 $1,950,000 $ 9.67 Suburban
29 395,598 $2,420,000 $ 6.12 Suburban
30 371,420 $2,700,000 $ 7.27 Suburban
31 230,825 $ 902,000 $ 3.91 Suburban
32 306,059 $1,676,000 $ 5.48 Suburban
33 260,359 $1,431,000 $ 5.50 Suburban
34 359,579 $1,980,000 $ 5.51 Suburban
35 282,952 $1,829,000 $ 6.46 Suburban
36 290,385 $1,820,000 $ 6.27 Suburban
37 293,183 $1,700,000 $ 5.80 Suburban
38 185,324 $ 830,000 $ 4.48 Suburban
39 316,190 $1,180,000 $ 3.73 Suburban
40 241,580 $3,190,000 $13.20 Urban
41 286,936 $2,455,000 $ 8.56 Urban
42 382,150 $1,810,000 $ 4.74 Suburban
43 373,662 $2,280,000 $ 6.10 Suburban
44 411,840 $3,000,000 $ 7.29 Suburban
45 311,019 $1,400,000 $ 4.50 Suburban
--------- ------------- ----------- ----------
328,436 $2,205,556 $ 6.76
========= ============= ===========
</TABLE>
<PAGE>
Page Facing Page 65 of Montehiedra Town Center Appraisal
ANNUAL CASH FLOW REPORT
MONTEHIEDRA TOWN CENTER
CUSHMAN & WAKEFIELD INC.
<TABLE>
<CAPTION>
1997 1998 1999 2000 2001 2002 2003
- -------------------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
OPERATING INCOME
MINIMUM RENT
In-line Mall Shops $ 4,065,121 $ 4,184,789 $ 4,214,534 $ 4,378,476 $ 4,467,453 $ 4,496,413 $ 4,537,730
Food Court Tenants $ 291,490 $ 291,490 $ 291,490 $ 295,040 $ 295,220 $ 295,220 $ 295,220
Kiosk Tenants $ 218,129 $ 221,797 $ 224,462 $ 262,151 $ 292,208 $ 308,681 $ 319,769
Anchor Tenants $ 3,058,970 $ 3,063,933 $ 3,088,748 $ 3,088,746 $ 3,093,709 $ 3,118,522 $ 3,118,522
Cinema $ 350,000 $ 350,000 $ 350,000 $ 350,000 $ 350,000 $ 350,000 $ 350,000
- -------------------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
SUBTOTAL: $ 8,003,710 $ 8,112,009 $ 8,169,232 $ 8,374,413 $ 8,498,590 $ 8,558,836 $ 8,621,241
RECOVERIES
CAM-Majors/Anchors $ 261,643 $ 270,801 $ 260,279 $ 290,090 $ 300,242 $ 310,750 $ 321,628
TAX-Anchors $ 184,551 $ 170,311 $ 176,271 $ 162,441 $ 188,827 $ 195,435 $ 202,275
CAM-Mall Shops $ 1,321,706 $ 1,371,097 $ 1,416,602 $ 1,463,901 $ 1,511,032 $ 1,558,657 $ 1,606,063
TAX-Mall Shops $ 168,843 $ 196,027 $ 202,890 $ 209,340 $ 216,556 $ 224,092 $ 231,951
Sprinkler Recovery $ 59,076 $ 62,040 $ 64,207 $ 66,393 $ 68,721 $ 70,990 $ 73,411
CAM-Food Court $ 333,258 $ 343,613 $ 354,946 $ 366,480 $ 378,022 $ 389,965 $ 401,547
SUBTOTAL: $ 2,329,177 $ 2,473,889 $ 2,495,195 $ 2,678,645 $ 2,663,400 $ 2,749,889 $ 2,836,873
Overage Rent $ 765,887 $ 695,364 $ 978,606 $ 1,004,674 $ 1,088,376 $ 1,177,193 $ 1,287,971
Sales Volume (000) $ 123,531 $ 130,815 $ 135,429 $ 139,998 $ 145,082 $ 150,033 $ 155,340
Gross Rental
Income: $11,098,774 $11,421,262 $11,643,033 $11,957,832 $12,260,868 $12,486,916 $12,746,086
- -------------------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
Credit loss $ (72,115)$ (150,066)$ (230,735)$ (239,381)$ (247,276)$ (253,539)$ (280,155)
Miscellaneous
Income $ 50,000 $ 51,600 $ 53,045 $ 54,636 $ 56,275 $ 57,984 $ 59,703
- -------------------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
Total Income: $11,076,659 $11,822,696 $11,465,343 $11,773,187 $12,059,867 $12,300,343 $12,546,633
OPERATING EXPENSES
EXPENSES
Common Area Maint. $ 1,500,000 $ 1,552,600 $ 1,606,838 $ 1,663,077 $ 1,721,284 $ 1,781,629 $ 1,843,683
Real Estate Taxes $ 350,262 $ 362,521 $ 376,209 $ 388,342 $ 401,934 $ 416,001 $ 430,681
General &
Administrative $ 115,000 $ 118,826 $ 122,778 $ 128,883 $ 131,084 $ 135,447 $ 189,956
Miscellaneous $ 25,000 $ 26,876 $ 26,781 $ 27,718 $ 28,688 $ 29,692 $ 30,731
Management Fee $ 350,785 $ 360,298 $ 385,914 $ 376,172 $ 383,479 $ 389,841 $ 395,369
- -------------------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
TOTAL EXPENSES: $ 2,341,047 $ 2,420,017 $ 2,497,620 $ 2,681,172 $ 2,666,469 $ 2,762,610 $ 2,841,600
NET OPERATING INCOME $ 8,786,612 $ 8,902,679 $ 8,867,823 $ 9,192,016 $ 9,392,898 $ 9,647,833 $ 9,704,133
Structural Reserve $ 78,818 $ 81,578 $ 84,432 $ 87,387 $ 90,445 $ 93,611 $ 96,687
- -------------------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
SUBTOTAL: $ 78,818 $ 81,578 $ 84,432 $ 87,387 $ 90,445 $ 93,611 $ 96,687
NET CASH FLOW $ 8,666,794 $ 8,821,103 $ 8,683,391 $ 9,104,628 $ 9,302,483 $ 9,454,222 $ 9,607,248
</TABLE>
(RESTUBBED TABLE CONTINUED FROM ABOVE)
<TABLE>
<CAPTION>
CAGR CAGR
2004 2005 2006 2007 1997-06 1999-06
- -------------------- ----------- ----------- ----------- ----------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
<C>
OPERATING INCOME
MINIMUM RENT
IN-LINE MALL SHOPS $ 4,506,691 $ 4,929,683 $ 5,700,617 $ 6,105,924 3.8% 4.4%
FOOD COURT TENANTS $ 295,220 $ 357,459 $ 491,954 $ 522,997 6.0% 7.8%
KIOSK TENANTS $ 323,492 $ 306,354 $ 348,647 $ 374,139 5.3% 6.0%
ANCHOR TENANTS $ 3,121,003 $ 3,133,410 $ 3,133,410 $ 3,133,410 0.8% 0.2%
CINEMA $ 350,000 $ 350,000 $ 385,000 $ 402,500 1.1% 1.4%
- -------------------- ----------- ----------- ----------- ----------- ------- -------
SUBTOTAL: $ 8,536,406 $ 9,076,906 $10,059,628 $10,538,970 2.6% 3.0%
RECOVERIES
CAM-MAJORS/ANCHORS $ 332,883 $ 344,535 $ 358,594 $ 369,074 3.5% 3.5%
TAX-ANCHORS $ 209,355 $ 216,682 $ 224,266 $ 232,115 3.5% 3.5%
CAM-MALL SHOPS $ 1,644,433 $ 1,727,357 $ 1,811,107 $ 1,906,508 3.6% 3.6%
TAX-MALL SHOPS $ 239,537 $ 244,751 $ 254,406 $ 284,414 3.4% 3.3%
SPRINKLER RECOVERY $ 74,688 $ 64,311 $ 65,230 $ 63,565 1.1% 0.2%
CAM-FOOD COURT $ 412,279 $ 371,433 $ 431,119 $ 459,870 2.9% 2.6%
----------- ------- -------
SUBTOTAL: $ 2,913,165 $ 2,969,069 $ 9,142,722 $ 3,295,644 3.4% 3.4%
OVERAGE RENT $ 1,382,980 $ 799,671 $ 632,062 $ 461,534 -2.1% -6.1%
SALES VOLUME (000) $ 159,384 $ 156,939 $ 170,362 $ 176,239 3.6% 3.3%
GROSS RENTAL
INCOME: $12,892,641 $12,845,646 $13,834,412 $14,296,040 2.5% 2.6%
- -------------------- ----------- ----------- ----------- ----------- ------- -------
CREDIT LOSS $ (263,605)$ (261,125)$ (288,763)$ (301,057) 16.7% 3.3%
MISCELLANEOUS
INCOME $ 61,494 $ 63,338 $ 65,239 $ 67,196 3.0% 3.0%
- -------------------- ----------- ----------- ----------- ----------- ------- -------
TOTAL INCOME: $12,690,430 $12,647,859 $13,610,698 $14,062,187 2.3% 2.5%
OPERATING EXPENSES
EXPENSES
COMMON AREA MAINT. $ 1,908,419 $ 1,976,213 $ 2,044,348 $ 2,115,898 3.5% 3.5%
REAL ESTATE TAXES $ 445,631 $ 481,225 $ 477,371 $ 494,079 3.6% 3.5%
GENERAL &
ADMINISTRATIVE $ 144,618 $ 149,432 $ 154,408 $ 159,652 3.3% 3.3%
MISCELLANEOUS $ 31,807 $ 32,920 $ 34,072 $ 35,266 3.6% 3.5%
MANAGEMENT FEE $ 399,178 $ 395,064 $ 427,658 $ 440,019 2.2% 2.3%
- -------------------- ----------- ----------- ----------- ----------- ------- -------
TOTAL EXPENSES: $ 2,828,649 $ 3,018,867 $ 3,137,855 $ 3,244,813 3.3% 3.3%
NET OPERATING INCOME $ 9,760,781 $ 9,634,002 $10,473,023 $10,817,374 2.0% 2.2%
STRUCTURAL RESERVE $ 100,278 $ 103,788 $ 107,421 $ 111,180 3.6% 3.6%
- -------------------- ----------- ----------- ----------- ----------- ------- -------
SUBTOTAL: $ 100,278 $ 103,788 $ 107,421 $ 111,180 3.6% 3.6%
NET CASH FLOW $ 9,660,503 $ 9,530,214 $10,355,412 $10,706,194 2.0% 2.2%
</TABLE>
<PAGE>
Page Facing Page 86 of Montehiedra Town Center Appraisal
COMMON AREA MAINTENANCE EXPENSE COMPARABLES
Cushman & Wakefield, Inc.
<TABLE>
<CAPTION>
BUDGET YEAR NO. TOTAL
NO. AREA LOCATION STATE YEAR BUILT STORIES GLA
- ----- ----------------------- ------- -------- ------------ --------- -----------
<S> <C> <C> <C> <C> <C> <C>
1 Saratoga County MSA NY 1995 1990/91/93 1 656,501
2 Syracuse MSA NY 1995 1954/96 2 1,035,525
3 Syracuse MSA NY 1995 1988/94 1 776,571
4 Rochester MSA NY 1995 1967/93 2 1,533,574
5 Jefferson County MSA NY 1995 1986/93 1 635,765
6 Buffalo MSA NY 1996 1985/89 1 753,105
7 White Plains MSA NY 1995 1980/93 4 882,689
8 Fairfield County MSA CT 1995 1986/91 2 1,270,146
9 Meriden MSA CT 1994 1971/94 2 711,626
10 Worcester County MSA MA 1996 1971/87 1 445,875
11 Boston MSA MA 1995 1980/93 1 322,120
12 Bristol County MSA MA 1995 1992 2 1,005,595
13 Bristol County MSA MA 1995 1987/89 2 967,363
14 Essex County MSA MA 1995 1993/94 2 863,344
15 Kingston MSA MA 1994 1989/92 1 771,007
16 Burlington MSA VT 1995 1979/89/92 1 480,424
17 Bucks County MSA PA 1995 1968/75 1 348,309
18 Westminster MSA MD 1995 1987/94 1 524,964
19 Washington-Baltimore MD 1995 1979/93 2 661,639
20 Baltimore MSA MD 1995 1956/91 1 863,376
21 Prince William Cty. MSA VA 1995 1972/96 1 716,796
22 Arlington MSA VA 1994 1986 4 491,057
23 Chicago/DuPage County IL 1995 1962/91 1 2,012,865
24 Chicago/DuPage County IL 1995 1975/96 2 1,477,103
25 Chicago/Cook County IL 1995 1976/94 2 1,251,294
26 Vernon Hills MSA IL 1995 1973/89 2 1,063,706
27 Bloomingdale MSA IL 1995 1981/88/91 2 1,292,186
28 Minneapolis MSA MN 1995 1962/94 1 982,228
29 Milwaukee MSA WN 1995 1972 1 1,014,851
30 Milwaukee MSA WN 1995 1970 1 1,257,676
31 Genesee County MSA MI 1995 1980/93 1 451,036
32 Louisville/Clark County IN 1995 1990 1 750,343
33 Indianapolis MSA IN 1995 1968/87 1 1,239,059
34 Tampa MSA FL 1995 1995 1 977,047
35 Plantation MSA FL 1995 1979/93 1 1,004,061
36 Miami MSA FL 1995 1982 1 1,120,827
37 Coral Springs MSA FL 1995 1984/95 1 1,171,127
38 North/Central Kansas KS 1995 1987/90 1 400,307
39 Amarillo MSA TX 1995 1982/86 1 889,508
40 Las Vegas MSA NV 1995 1992 1 241,580
41 Las Vegas MSA NV 1994 1981/93 2 819,374
42 Knoxville MSA TN 1995 1972/94 1 1,333,018
43 Nashville MSA TN 1995 1990 2 716,462
44 Riverside County MSA CA 1995 1970/91 1 1,044,536
45 Seattle MSA WA 1995 1979/95 1 1,012,754
-----------
SURVEY MEAN: 894,452
===========
</TABLE>
(RESTUBBED TABLE CONTINUED FROM ABOVE)
<TABLE>
<CAPTION>
SHOP BUDGETED EXPENSES
NO. GLA CAM EXPENSE PER SQ/FT LOCATION
- ----- --------- ------------- ----------- ----------
<S> <C> <C> <C> <C>
1 256,668 $1,900,000 $ 7.40 Suburban
2 410,818 $2,750,000 $ 6.69 Suburban
3 311,557 $2,100,000 $ 6.74 Suburban
4 495,040 $3,265,000 $ 6.60 Suburban
5 209,873 $ 922,000 $ 4.39 Suburban
6 285,771 $1,665,000 $ 5.83 Suburban
7 326,774 $3,190,000 $ 9.76 Urban
8 499,868 $3,583,000 $ 7.17 Suburban
9 292,877 $2,550,000 $ 8.71 Suburban
10 182,372 $1,410,000 $ 7.73 Suburban
11 155,080 $1,600,000 $10.32 Urban
12 349,107 $2,055,000 $ 5.89 Suburban
13 374,630 $2,762,000 $ 7.37 Suburban
14 329,085 $2,315,000 $ 7.04 Suburban
15 295,582 $1,682,000 $ 5.69 Suburban
16 185,398 $1,000,000 $ 5.38 Suburban
17 305,212 $1,824,000 $ 5.98 Suburban
18 193,557 $1,350,000 $ 6.97 Suburban
19 245,217 $1,880,000 $ 7.67 Suburban
20 242,376 $1,940,000 $ 8.00 Suburban
21 278,494 $1,600,000 $ 5.75 Suburban
22 222,800 $1,930,000 $ 8.68 Urban
23 830,287 $6,790,000 $ 6.97 Suburban
24 569,826 $4,928,000 $ 8.65 Suburban
25 499,899 $4,176,000 $ 8.35 Suburban
26 503,480 $2,600,000 $ 4.97 Suburban
27 427,609 $2,030,000 $ 4.75 Suburban
28 201,561 $1,950,000 $ 9.67 Suburban
29 395,598 $2,420,000 $ 6.12 Suburban
30 371,420 $2,700,000 $ 7.27 Suburban
31 230,825 $ 902,000 $ 3.91 Suburban
32 306,059 $1,676,000 $ 5.48 Suburban
33 280,359 $1,431,000 $ 5.50 Suburban
34 359,579 $1,980,000 $ 5.51 Suburban
35 282,952 $1,829,000 $ 6.46 Suburban
36 290,385 $1,820,000 $ 6.27 Suburban
37 293,183 $1,700,000 $ 5.80 Suburban
38 185,324 $ 830,000 $ 4.48 Suburban
39 316,190 $1,180,000 $ 3.73 Suburban
40 241,580 $3,190,000 $13.20 Urban
41 286,936 $2,455,000 $ 8.56 Urban
42 382,150 $1,810,000 $ 4.74 Suburban
43 373,662 $2,280,000 $ 6.10 Suburban
44 411,840 $3,000,000 $ 7.29 Suburban
45 311,019 $1,400,000 $ 4.50 Suburban
--------- ------------- ----------- ----------
328,425 $2,205,666 $ 6.76
========= ============= ===========
</TABLE>
<PAGE>
To All Offerees of:
GS Mortgage Securities Corporation II
Commercial Mortgage Pass-Through Certificates Series 1997-GL I
It has come to our attention that the CD ROMs included in the
Preliminary Prospectus Supplement inadvertently omitted certain
pages from the appraisals for the Mortgaged Properties. A complete
CD ROM will be included with the Final Prospectus Supplement.
If you would like to receive any specific appraisals in hardcopy form
prior to receipt of the Final Prospectus Supplement, please call
J. Theodore Borter of Goldman, Sachs & Co. at (212) 902-3857.
