1. City of Regina Assessment Branch Non-Residential Models Scott Miller, Manager of Research Charla Weber, Senior Assessor

2. Non-Residential Models Office Buildings (Class A, B+ & B) Warehouses Global Retail Enclosed Shopping Centres Multifamily (High-rise, Low-rise & Townhouse) Hotels/Motels

3. 5 Components in the modeling process: Rent analysis – typical rent as of the base date. Vacancy analysis – typical vacancy as of the base date. Shortfall calculation – cost to landlord for carrying vacant space. Time adjustment analysis (sales). Cap rate / GIM analysis.

4. Offices (Class A, B+ and B)

7. Warehouses

8. Warehouse Time Adjustment (SAR Analysis)

9. Time Adjustment = 5.8% per month for months 1 to 10. No adjustment for months 11 to 36

10. Warehouses

11. Global Retail

13. Global Retail Time Adjustment (SAR Analysis)

14. Time Adjustment = 4.8% per month for months 1 to 10. No adjustment for months 11 to 36

15. Global Retail

16. Enclosed Shopping Centres

17. Shortfall = 0.50 X 0.88 X.037 = 0.0163 (1.63%)

18. Initially we were going to use a sales window of Jan 1, 2007 to Dec 31, 2010 but decided to eliminate 2007 sales due to extreme time adjustments required for the earlier sales.

19. 1.Highrise 2.Lowrise 3.Townhouse Multifamily Models

20. High-rise

21. Low-rise

22. Townhouse

23. Multifamily Time Adjustment Analysis

24. Time Adjustment = 2.49% per month for months 1 to 8. No adjustment for months 9 to 36

25. Multifamily Effective Gross Income Multiplier Analysis

26. Questions?