Page 13 - Watermark_Offering Memorandum_GSP

FINANCIAL
ANALYSIS

PROFORMA

YEAR ENDING 5/31/2021 5/31/2022 5/31/2023 5/31/2024 5/31/2025
PROJECT YEAR YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5
Net Base Rental Revenue 3,805,156 7,014,461 7,213,725 7,419,227 7,630,229
Total Other Revenue 170,072 457,887 457,580 457,580 457,580
EFFECTIVE GROSS INCOME $3,975,228 $7,472,348 $7,671,305 $7,876,807 $8,087,809
G&A (46,912) (58,548) (58,518) (58,518) (58,518)
Leasing & Marketing (69,876) (31,910) (31,910) (31,910) (31,910)
Property Management (132,625) (251,970) (258,933) (266,126) (273,511)
Salaries & Benefits (371,821) (304,248) (320,935) (333,132) (346,099)
Contract Services (95,034) (110,034) (112,743) (115,549) (118,453)
Repairs & Maintenance (40,980) (85,334) (85,334) (85,334) (85,334)
Unit Turnover -- (105,000) (105,000) (105,000) (105,000)
Utilities (129,793) (173,830) (179,045) (184,416) (189,949)
Insurance (81,500) (81,500) (81,500) (81,500) (81,500)
Taxes (925,000) (925,000) (943,500) (962,370) (981,617)
Licenses (11,713) (20,544) (20,803) (21,070) (21,344)
TOTAL OPERATING EXPENSES ($1,905,254) ($2,147,918) ($2,198,221) ($2,244,925) ($2,293,235)
NET OPERATING INCOME $2,069,975 $5,324,431 $5,473,084 $5,631,883 $5,794,574
Replacement Reserves -- -- -- -- --
NET CASHFLOW $2,069,975 $5,324,431 $5,473,084 $5,631,883 $5,794,574

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