View-loss and access scenarios
| Scenario | IRR | NPV | Cash deficits | |
|---|---|---|---|---|
| Current oceanview case All current oceanview assumptions. | 2.6% | -$394,723 | $0 | |
| No view impairment Remove view impacts, retaining all other costs and shocks. | 2.6% | -$394,723 | $0 | |
| Partial obstruction From year 5: rate −10%, occupancy −5 points, value −10%. | N/A | -$513,879 | $90,943 | |
| Material obstruction From year 5: rate −25%, occupancy −15 points, value −25%. | N/A | -$692,614 | $257,142 | |
| Access disruption Year 3: 60 closed nights and $30,000 net repair cost. | N/A | -$430,766 | $43,704 | |
| Combined downside Year 3 view impairment, closure and repairs; 20% general exit discount. | N/A | -$799,127 | $310,664 |
Rental-rate loss × property-value loss
Equity NPV at 9%, with view loss beginning in year 5. Current occupancy-loss assumption remains.
| Rate / value loss | 0% | 10% | 20% | 30% |
|---|---|---|---|---|
| 0% | $-395k | $-456k | $-516k | $-577k |
| 10% | $-429k | $-490k | $-551k | $-612k |
| 20% | $-464k | $-524k | $-585k | $-646k |
| 30% | $-498k | $-559k | $-620k | $-681k |