Jun 3, 2009 - Available Suites. 14. 14. 14. 14. 14. Percentage Sold per Game. 86%. 86%. 86%. 86%. 86%. Suites Leased. 12
Pro Forma Comparison
Page 1 of 15
Original Ballpark Proforma 2011
2012
2013
2014
2015
Type of Event AAA Baseball Exhibition Baseball Games Concerts
72.0 0.5 3.0
72.0 0.5 3.0
72.0 0.5 3.0
72.0 0.5 3.0
72.0 0.5 3.0
Total
75.5
75.5
75.5
75.5
75.5
Average Attendance AAA Baseball
4,500
4,134
3,805
3,805
3,775
Exhibition Baseball Games (Estimated) Concerts (Estimated)
9,000 5,000
9,000 5,000
9,000 5,000
9,000 5,000
9,000 5,000
324,000 4,500 15,000 343,500
297,648 4,500 15,000 317,148
273,960 4,500 15,000 293,460
273,960 4,500 15,000 293,460
271,800 4,500 15,000 291,300
2011
2012
2013
2014
2015
3,660 72
3,294 72
2,965 72
2,965 72
2,965 72
263,520
237,168
213,451
213,451
213,451
850 71% 600 72
850 71% 600 72
850 71% 600 72
850 71% 600 72
850 67% 570 72
Baseball Season
43,200
43,200
43,200
43,200
41,040
Suites Inventory Percentage of Inventory Sold Ticket Sales per Game Games
280 85.7% 240 72
280 85.7% 240 72
280 85.7% 240 72
280 85.7% 240 72
280 85.7% 240 72
Total Attendance Baseball Regular Season Exhibition Baseball Games Concerts Total
Ticket Sales General Admission Ticket Sales per Game Games Baseball Season Club Seats Inventory per Game Club Seats Percentage of Inventory Sold Ticket Sales per Game Games
Baseball Season Total Ticket Sales AAA Baseball
17,280
17,280
17,280
17,280
17,280
324,000
297,648
273,931
273,931
271,771
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Pro Forma Comparison
Page 2 of 15
Original Ballpark Proforma
Ticket Pricing
2011
2012
2013
2014
2015
$12.91
$13.30 $24.76 $34.39
$13.70 $25.50 $35.42
$14.11 $26.27 $36.49
$14.53 $27.06 $37.58
Annual Price Increase General Admission Club Seats
3.00% 3.00%
3.00% 3.00%
3.00% 3.00%
3.00% 3.00%
Suites
3.00%
3.00%
3.00%
3.00%
General Admission Club Seats Suites
Ticket Revenues Subject to Major League Baseball Revenue Sharing Agreement
$24.04 $33.39
2011
2012
2013
2014
2015
263,520 $12.91
237,168 $13.30
213,451 $13.70
213,451 $14.11
213,451 $14.53
General Admission Revenues
$3,402,043
$3,153,694
$2,923,472
$3,011,176
$3,101,511
Annual Club Seat Ticket Sales Club Seat Ticket Price Club Seat Revenues
43,200 $24.04 $1,038,462
43,200 $24.76 $1,069,616
43,200 $25.50 $1,101,704
43,200 $26.27 $1,134,755
41,040 $27.06 $1,110,358
General & Club Seat Revenues Less Admission Tax Less National Association Ticket Tax (1) Net General and Club Seat Ticket Revenues
$4,440,505 (251,349) (255,676) $3,933,480
$4,223,310 (239,055) (243,170) $3,741,084
$4,025,176 (227,840) (231,762) $3,565,574
$4,145,931 (234,675) (238,715) $3,672,541
$4,211,869 (238,408) (242,512) $3,730,950
General Ticket Sales General Admission Ticket Price
1 Only the general and club tickets are subject to revenue sharing agreement with Major League Baseball
Suite Seats (Excluded from Major League Baseball revenue sharing agreement) Available Suites Percentage Sold per Game Suites Leased Seats per Suite Seats Sold per Game Games in Baseball Season Suite Seat Sales per Year Annual Price Increase Ticket Price Gross Suite Income Less Admission Tax Net Suite Income
2011
2012
2013
2014
2015
14 86% 12.00 20 240 72.0 17,280 $33.39 $576,923
14 86% 12.00 20 240 72.0 17,280 3.0% $34.39 $594,231
14 86% 12.00 20 240 72.0 17,280 3.0% $35.42 $612,058
14 86% 12.00 20 240 72.0 17,280 3.0% $36.48 $630,419
14 86% 12.00 20 240 72.0 17,280 3.0% $37.58 $649,332
(32,656) $544,267
(33,636) $560,595
(34,645) $577,413
(35,684) $594,735
(36,755) $612,577
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Pro Forma Comparison
Page 3 of 15
Original Ballpark Proforma
Concessions General and Club Seat Ticket Sales Attending Event Turnstile Per Cap Gross General and Club Concessions
Suite Ticket Sales Attending Event Turnstile Per Cap for Suites Gross Suite Concessions
Total Gross Concessions Cost, Team and Loan Expenses/Other Concession Income to team/loan Net Commission Blended Commission Rate
Merchandise Ticket Sales Attending Event Turnstile Per Cap Gross Merchandise Cost Percentage Merchandise Sales Expense Net Commission
Exhibitions Number of Events Total Revenues Net Other Revenues & Expenses Total
2011
2012
2013
2014
2015
306,720 90% 276,048 $10.27
280,368 90% 252,331 $10.68
256,651 90% 230,986 $11.11
256,651 90% 230,986 $11.55
254,491 90% 229,042 $12.01
$2,834,271
$2,694,394
$2,565,127
$2,667,732
$2,751,092
17,280 90% 15,552 $24.13 $375,257
17,280 90% 15,552 $25.09 $390,267
17,280 90% 15,552 $26.10 $405,878
17,280 90% 15,552 $27.14 $422,113
17,280 90% 15,552 $28.23 $438,998
$3,209,528
$3,084,661
$2,971,005
$3,089,845
$3,190,089
69.86%
70.85%
71.87%
71.72%
71.70%
$2,242,320
$2,185,541
$2,135,132
$2,216,136
$2,287,140
$967,208
$899,120
$835,873
$873,709
$902,949
30.14%
29.15%
28.13%
28.28%
28.30%
2011
2012
2013
2014
2015
324,000 90% 291,600 $1.47
297,648 90% 267,883 $1.53
273,931 90% 246,538 $1.59
273,931 90% 246,538 $1.65
271,771 90% 244,594 $1.72
$428,163 80% $342,530
$409,073 80% $327,258
$391,536 80% $313,229
$407,198 80% $325,758
$420,146 80% $336,117
$85,633
$81,815
$78,307
$81,440
$84,029
2011
2012
2013
2014
2015
0.5 $200,357
0.5 $190,557
0.5 $181,617
0.5 $187,066
0.5 $190,041
(7,420)
(1,487)
$192,937
$189,070
4,155 $185,772
4,775 $191,840
6,517 $196,557
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Pro Forma Comparison
Page 4 of 15
Original Ballpark Proforma
2011
2012
2013
2014
2015
324,000 90% 291,600 4.00 72,900 $5.55 $404,401 30% ($121,320)
297,648 90% 267,883 4.00 66,971 $5.77 $386,370 30% ($115,911)
273,931 90% 246,538 4.00 61,634 $6.00 $369,807 30% ($110,942)
273,931 90% 246,538 4.00 61,634 $6.24 $384,599 30% ($115,380)
271,771 90% 244,594 4.00 61,148 $6.49 $396,829 30% ($119,049)
Net Parking Revenues
$283,081
$270,459
$258,865
$269,219
$277,780
Net Parking Percentage Average per Game
70% 1,013
70% 930
70% 856
70% 856
70% 849
2011
2012
2013
2014
2015
$1,421,323 650,000
$1,463,963 669,500
$1,507,882 689,585
$1,553,118 710,273
$1,599,712 731,581
$2,071,323
$2,133,463 3.00% 3.00%
$2,197,467 3.00% 3.00%
$2,263,392 3.00% 3.00%
$2,331,293 3.00% 3.00%
2011
2012
2013
2014
2015
$23,472 48,610 $72,082 3.00 $216,246 (20,623) $195,623
$24,300 49,876 $74,176 3.00 $222,528 (21,242) $201,286 3.5% 2.6% 9.5%
$25,166 51,141 $76,307 3.00 $228,921 (21,879) $207,042 3.6% 2.5% 9.6%
$25,921 53,306 $79,227 3.00 $237,681 (22,536) $215,145 3.0% 4.2% 9.5%
$26,542 55,474 $82,016 3.00 $246,048 (23,211) $222,837 2.4% 4.1% 9.4%
$82,615 $283,901
$85,706 $292,748
$88,917 $304,062
$92,247 $315,084
Parking Revenues Ticket Sales Attending Event Turnstile Persons per Car Cars Parking Parking Fee Gross Parking Revenues Expenses Less Expenses
Sponsorships Team Sponsorships Naming Rights Total Advertising Inflation Team Sponsorships Inflation Naming Rights
Concerts Rent Concessions Commission per Event Revenue per Event Events Total Revenue Less Expenses Concerts Net Income Inflation Rent Inflation Concessions Expenses Party and other Income Total Other Income
9.5% $79,635 $275,258
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Pro Forma Comparison
Page 5 of 15
Original Ballpark Proforma
Revenues General & Club Tickets Suites Concessions Merchandise Pre/Post/Exhibitions Parking Advertising and Sponsorships Naming Rights Other Event Revenues Other Non-Ballpark Revenues Total Revenues Inflation Total Revenues
Team Expenses Team Operations Sales and Advertising G&A Total Team Expenses Ballpark Expenses Ballpark Operations Stadium Rent Total Stadium Operations Total Expenses Inflation Total Expenses
EBITDA
2011
2012
2013
2014
2015
$3,933,480 544,267 967,208 85,633 192,937 283,081 1,421,323 650,000
$3,741,084 560,595 899,120 81,815 189,070 270,459 1,463,963 669,500
$3,565,574 577,413 835,873 78,307 185,772 258,865 1,507,882 689,585
$3,672,541 594,735 873,709 81,440 191,840 269,219 1,553,118 710,273
$3,730,950 612,577 902,949 84,029 196,557 277,780 1,599,712 731,581
275,258 35,086 $8,388,272
283,901 36,489 $8,195,996 -2.3%
292,748 37,949 $8,029,968 -2.0%
304,062 39,467 $8,290,404 3.2%
315,084 41,045 $8,492,265 2.4%
2011
2012
2013
2014
2015
$595,380 3,051,154 864,478 $4,511,012
$613,242 2,514,151 785,177 $3,912,570
$631,639 2,589,575 808,732 $4,029,946
$650,588 2,667,263 832,994 $4,150,845
$670,106 2,747,280 857,984 $4,275,370
$1,988,255 625,000 $2,613,255 $7,124,267
$2,047,903 650,000 $2,697,903 $6,610,473
$2,109,340 675,000 $2,784,340 $6,814,286
$2,172,620 700,000 $2,872,620 $7,023,465
$2,237,797 725,000 $2,962,797 $7,238,167
-7.21%
3.08%
3.07%
3.06%
$1,585,523
$1,215,682
$1,266,939
$1,254,098
$1,264,005
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