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<br /> EXHIBIT 12
<br /> DETAILED 20- YEAR DISCOUNTED MUNICIPAL REVENUE ANALYSIS (1)
<br /> STANFORD HOSPITAL AND CLINICS OCCUPANCY
<br /> 2006 - 2026
<br /> 5-Year Increments
<br />Revenue Cateaorv 2006 2007 2008 2009 2010 2015 2020 2025 2026
<br />Assessed Value and Property Tax
<br />Total Square Feet 360,504 360,504 360,504 360,504 360,504 360,504 360,504 360,504 360,504
<br />Stabilized Occupancy 0.0% 0.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
<br />Stabilized Sq. FI. 0 0 360,504 360,504 360,504 360,504 360,504 360,504 360,504
<br />Assessed Value N/A N/A N/A N/A N/A N/A N/A N/A N/A
<br />Annual Increase in Assessed Value N/A N/A N/A N/A N/A N/A N/A N/A N/A
<br />Redwood City Property Tax (2) $0 $0 $0 $0 $0 $0 $0 $0 $0
<br />Sales and Use Tax
<br />Taxable Construction Related Costs
<br />Taxable Tenant Improvements per Sq. FI. $164 $164 $0 $0 $0 $0 $0 $0 $0
<br />Total Taxable Tenant Improvements $59,200,000 $59,200,000 $0 $0 $0 $0 $0 $0 $0
<br />Percentage Spent During Year 33.3% 66.7%
<br />Total Spent During Year $19,733,333 $39,466,667
<br />Redwood City Sales Tax Rate 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0%
<br />Redwood City Sales Tax $s $197,333 $394,667 $0 $0 $0 $0 $0 $0 $0
<br />Stanford Expenditures Subject to Use Tax
<br />Total Expenditures $0 $2,659,662 $5,478,905 $5,643,272 $5,812,570 $6,738,362 $7,811,608 $9,055,795 $9,327,469
<br />Inflation 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%
<br />Total Local Expenditures $0 $2,659,662 $5,478,905 $5,643,272 $5,812,570 $6,738,362 $7,811,608 $9,055,795 $9,327,469
<br />Percent Taxable 60.0% 60.0% 60.0% 60.0% 60.0% 60.0% 60.0% 60.0% 60.0%
<br />Total Taxable Local Expenditures (3) $0 $1,595,797 $3,287,343 $3,385,963 $3,487,542 $4,043,017 $4,686,965 $5,433,477 $5,596,481
<br />Redwood City Sales Tax Rate 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0%
<br />Redwood City Sales Tax $s $0 $15,958 $32,873 $33,860 $34,875 $40,430 $46,870 $54,335 $55,965
<br />On-Site Retail
<br />Total Retail Sq. Ft 0 0 5,049 5,049 5,049 5,049 5,049 5,049 5,049
<br />Avg. Sales per Sq. Ft. $0 $158 $163 $168 $173 $200 $232 $269 $277
<br />Inflation N/A 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%
<br />Total On-Site Taxable Sales (4) $0 $0 $821,674 $846,324 $871,714 $1,010,556 $1,171,511 $1,358,102 $1,398,845
<br />Redwood City Sales Tax Rate 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0%
<br />Redwood City Sales Tax $s $0 $0 $8,217 $8,463 $8,717 $10,106 $11,715 $13,581 $13,988
<br />Employee Expenditures
<br />Total Employees 0 0 670 670 670 670 670 670 670
<br />Average Annual Expenditures $1,727 $1,778 $1,832 $1,887 $1,943 $2,253 $2,612 $3,028 $3,119
<br />Average Annual Inflation 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%
<br />Total Annual Expenditures (4) $0 $0 $1,227,318 $1,264,138 $1,302,062 $1,509,447 $1,749,863 $2,028,570 $2,089,427
<br />Redwood City Sales Tax Rate 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0%
<br />Redwood City Sales Tax $s $0 $0 $12,273 $12,641 $13,021 $15,094 $17,499 $20,286 $20,894
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<br />Continued
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