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EXECUTIVE SUMMARY | LOCATION HIGHLIGHTS | FINANCIAL ANALYSIS | MARKET SURVEY 31

Ten Year Cash Flow Summary

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
INCOME
Effective Rental Income
Gross Potential Rent 577,800 592,245 607,051 622,227 637,783 653,728 670,071 686,823 703,993 721,593 739,633
Loss / Gain to Lease 0 0 0 0 0 0 0 0 0 0 0
Gross Scheduled Rent 577,800 592,245 607,051 622,227 637,783 653,728 670,071 686,823 703,993 721,593 739,633
Vacancy
Physical Vacancy -40,446 -29,612 -21,247 -21,778 -22,322 -22,880 -23,452 -24,039 -24,640 -25,256 -25,887
Economic Vacancy
Non-Revenue Units 0 0 0 0 0 0 0 0 0 0 0
Bad Debt 0 0 0 0 0 0 0 0 0 0 0
Concessions 0 0 0 0 0 0 0 0 0 0 0
Total Vacancy -40,446 -29,612 -21,247 -21,778 -22,322 -22,880 -23,452 -24,039 -24,640 -25,256 -25,887
Total Effective Rental Income 537,354 562,633 585,804 600,449 615,461 630,847 646,618 662,784 679,353 696,337 713,746
Other Income
Reimbursed Expenses
Covered Parking Income
Total Other Income 5,000 5,125 5,253 5,384 5,519 5,657 5,798 5,943 6,092 6,244 6,400
TOTAL INCOME 542,354 567,758 591,057 605,834 620,980 636,504 652,417 668,727 685,445 702,582 720,146
EXPENSES
Controllable
Payroll -132,500 -135,813 -139,208 -142,688 -146,255 -149,912 -153,659 -157,501 -161,438 -165,474 -169,611
Contract Services & Profesional Fees -15,000 -15,375 -15,759 -16,153 -16,557 -16,971 -17,395 -17,830 -18,276 -18,733 -19,201
Repairs & Maintenance -25,000 -25,625 -26,266 -26,922 -27,595 -28,285 -28,992 -29,717 -30,460 -31,222 -32,002
General & Administrative -3,500 -3,588 -3,677 -3,769 -3,863 -3,960 -4,059 -4,160 -4,264 -4,371 -4,480
Telephone & Internet -2,700 -2,768 -2,837 -2,908 -2,980 -3,055 -3,131 -3,209 -3,290 -3,372 -3,456
Management Fee -21,694 -22,710 -23,642 -24,233 -24,839 -25,460 -26,097 -26,749 -27,418 -28,103 -28,806
Turnover -5,000 -5,125 -5,253 -5,384 -5,519 -5,657 -5,798 -5,943 -6,092 -6,244 -6,400
Marketing -2,500 -2,563 -2,627 -2,692 -2,760 -2,829 -2,899 -2,972 -3,046 -3,122 -3,200
Total Controllable -207,894 -213,565 -219,269 -224,750 -230,369 -236,128 -242,032 -248,082 -254,284 -260,642 -267,158
Non-Controllable
Real Estate Taxes -48,000 -49,200 -50,430 -51,691 -52,983 -54,308 -55,665 -57,057 -58,483 -59,945 -61,444
Insurance -25,499 -26,137 -26,790 -27,460 -28,146 -28,850 -29,571 -30,310 -31,068 -31,845 -32,641
Utilities - Electric -2,500 -2,563 -2,627 -2,692 -2,760 -2,829 -2,899 -2,972 -3,046 -3,122 -3,200
Utilities - Water -12,000 -12,300 -12,608 -12,923 -13,246 -13,577 -13,916 -14,264 -14,621 -14,986 -15,361
Utilities - Telephone 0 0 0 0 0 0 0 0 0 0 0
Total Non-Controllable -87,999 -90,199 -92,454 -94,765 -97,134 -99,563 -102,052 -104,603 -107,218 -109,899 -112,646
EXPENSES -295,893 -303,764 -311,723 -319,516 -327,504 -335,691 -344,083 -352,686 -361,503 -370,540 -379,804

Reserves -12,500 -12,813 -13,133 -13,461 -13,798 -14,143 -14,496 -14,859 -15,230 -15,611 -16,001
Net Operating Income 233,961 251,181 266,202 272,857 279,678 286,670 293,837 301,183 308,713 316,431 324,341