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Historical Pro Forma Income & Expense Comparison
CURRENT RENTS
WITH PRO FORMA EXPENSES MARKET PRO FORMA
COE PROJECTIONS EOY1 PROJECTIONS DECEMBER 2017 T12
Total Market Rent 1 $756,000 $756,000
Year One Rent Growth $22,680 3.0%
Loss to Lease 2 ($69,168) 9.1% ($41,501) 5.5%
Vacancy 3 ($37,800) 5.0% ($37,800) 5.0%
Concession & Other Loss ($7,560) 1.0% ($7,560) 1.0%
Net Rental Income $641,472 $691,819
Other Income 4 $9,867 $9,867
Effective Gross Income $651,339 $701,686
EXPENSES Per Unit Per SF Per Unit Per SF
Payroll 5 $21,000 $583 $0.89 $21,000 $583 $0.89
Office & Administrative $7,200 $200 $0.30 $7,200 $200 $0.30
Management Fee 6 $22,797 $633 $0.96 $24,559 $682 $1.04
Utilities 7 $32,033 $890 $1.35 $32,033 $890 $1.35
Contract Services 8 $5,454 $151 $0.23 $5,454 $151 $0.23
Maintenance & Repairs $18,000 $500 $0.76 $18,000 $500 $0.76
Turnover $10,800 $300 $0.46 $10,800 $300 $0.46
Insurance 9 $9,618 $267 $0.41 $9,618 $267 $0.41
Controllable Subtotal $126,902 $3,525 $5.35 $128,664 $3,574 $5.43
Property Tax 10 $105,913 $2,942 $4.47 $105,913 $2,942 $4.47
Direct Assessments $16,798 $467 $0.71 $16,798 $467 $0.71
Miscellaneous / Reserve 11 $9,000 $250 $0.38 $9,000 $250 $0.38
Non-Controllable Subtotal $131,712 $3,659 $5.55 $131,712 $3,659 $5.55
Total Expenses $258,613 $7,184 $10.91 $260,376 $7,233 $10.98
39.7% EGI 37.1% EGI
Net Operating Income $392,726 $441,311
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