We will now model the capital expenditures for this asset. And the capital expenditures consist of four different areas, the tenant improvements, leasing commissions, construction expenses and construction reserves. Tenant improvements and leasing commissions in theory would really only apply to when new tenants move in. Tenant improvements, again are the expenses that create a space that another tenant can move into, whether that's sort of a plain vanilla shell or perhaps some actual build out of the space. Leasing commissions, of course, are what are paid to an agent or a broker to bring in a high-quality tenant. Construction expenses and construction reserves will generally apply to the whole building. The expenses are the expenditures that are made in a given period and reserves are additional expenditures to sort of put into a rainy day fund, and those can be drawn upon to pay construction expenses or they can just collect for larger projects. I'm going to model them so that they collect for larger projects. For tenant improvements, we have an assumption on our operating assumption tab. These are annual assumptions, however, because they're based on the gross potential rent that is already been adjusted to be monthly, we don't need to further adjust. They are going to be negative. So we need to adjust to make it negative. And we can copy this down because of the arrangement of the rows here. We just need to make sure that our revenue rows don't move down and our assumption columns don't move to the right, and we should be able to copy this down.

For the construction expenses and the reserves, what I've done here is technically, again, for the triple net lease, those expenses will be reimbursed. Any construction on the building is going to be paid for by the tenant. So rather than create an offsetting revenue and an expense, what I've decided to do here is to simply model the construction and reserve expenditures based only on the gross potential rent of the single net and the full service gross lease. So that means essentially that these two expenses are the responsibility of the owners of the building. So what I will do here is I will link my construction expenses to the gross potential rent of just the full service and the single net lease tenants.

And that will also be negative. And this can also be copied down once again if we can simply anchor our rows for the revenues and anchor our column for the expense.

And once I've added those up, I have a total capital expenditure.

I'm going to copy these over using the little shortcut that we talked about by placing an X out in the column. I can copy over without having to worry about going too far. So now I have essentially my CapEx done. It is increasing into the second year and then increasing again into the third year. So I know that it's tracking properly and I can now complete the cash flow available before debt service calculation. And that's simply going to be again, the cash flows that are available at this point to all of the stakeholders. And these will be the net of the net operating income and the CapEx.