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Proforma

Year Ending 12/31/20 12/31/21 12/31/21 12/31/22 12/31/23 12/31/24
Project Year Untrended Year 2 Year 3 Year 4 Year 5 Year 6

Apartment Revenue 3,010,334 883,620 3,155,890 3,311,368 3,409,204 3,507,040
Other Income 218,880 64,176 229,425 240,768 247,882 254,995

Potential Gross Income $3,229,214 $947,796 $3,385,315 $3,552,136 $3,657,085 $3,762,035
(-) Vacancy Factor (161,461) (47,390) (169,266) (177,607) (182,854) (188,102)

Effective Gross Income $3,067,754 $900,406 $3,216,049 $3,374,529 $3,474,231 $3,573,933
Controllable Operating Expenses (506,000) (146,345) (519,177) (539,733) (550,697) (561,660)

Management Fee (107,371) (31,514) (112,562) (118,109) (121,598) (125,088)
Property Taxes (326,223) (222,919) (340,903) (347,971) (355,039) (362,108)

Insurance (87,680) (25,359) (89,963) (93,525) (95,425) (97,325)
Total Operating Expenses ($1,027,274) ($426,137) ($1,062,605) ($1,099,338) ($1,122,759) ($1,146,180)

NOI - Property $2,040,479 $474,270 $2,153,444 $2,275,191 $2,351,472 $2,427,753
Replacement Reserves (48,000) (13,883) (49,250) (51,200) (52,240) (53,280)

NCF - Property $1,992,479 $460,387 $2,104,194 $2,223,991 $2,299,232 $2,374,473

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