Page 107 - Guardian Broker Questionnaire Summary Complete Package 2 2 22_Neat

STRICTLY CONFIDENTIAL

Guardian Place I Historical Operating Statements Richmond, VA

TRAILING 12 MONTHS ANNUALIZED CASH FLOW PROJECTED CASH FLOW

Original Historicals Adjusted Historicals Pro Forma Year 1
Dec-21 Per Unit % Dec-21 Per Unit % Mar-23 Per Unit % Δ Notes
OPERATING REVENUE Mkt Mkt Mkt
Potential Market Rent $ 1,152,782 $ 9,527 100.00% $ 1,152,782 $ 9,527 100.00% $ 1,234,424 $ 10,202 100.00% 7.08% (1)
(Loss to Lease) / Gain to Lease $ 36,411 $ 301 3.16% $ 36,411 $ 301 3.16% $ 53,080 $ 439 4.30% 45.78%
Gross Potential Revenue $ 1,189,193 $ 9,828 103.16% $ 1,189,193 $ 9,828 103.16% $ 1,287,505 $ 10,641 104.30% 8.27%

Vacancy (incl. Renovation Downtime) ($ 33,599) ($ 278) (2.91%) ($ 33,599) ($ 278) (2.91%) ($ 61,721) ($ 510) (5.00%) 83.70% (2)
Concessions ($ 12,218) ($ 101) (1.06%) ($ 12,218) ($ 101) (1.06%) - - - (100.00%)
Non-Revenue Units - - - - - - - - - -
Collection Loss / Bad Debt - - - - - - ($ 9,193) ($ 76) (0.74%) - (3)
Base Rental Revenue $ 1,143,376 $ 9,449 99.18% $ 1,143,376 $ 9,449 99.18% $ 1,216,590 $ 10,054 98.56% 6.40%

Garage / Parking - - - - - - - - - -
Storage - - - - - - - - - -
Expense Reimbursements - - - - - - - - - -
Other Residential Income $ 19,708 $ 163 1.71% $ 19,708 $ 163 1.71% $ 19,708 $ 163 1.60% - (4)
Other Income $ 19,708 $ 163 1.71% $ 19,708 $ 163 1.71% $ 19,708 $ 163 1.60% -

EFFECTIVE GROSS REVENUE $ 1,163,084 $ 9,612 100.89% $ 1,163,084 $ 9,612 100.89% $ 1,236,298 $ 10,217 100.15% 6.29%

Trailing 12 Months Trailing 12 Months Year 1 Pro Forma
OPERATING EXPENSES EGR EGR EGR

Repair & Maintenance $ 57,310 $ 474 4.93% $ 57,310 $ 474 4.93% $ 60,500 $ 500 4.89% 5.57%
Contract Services $ 30,384 $ 251 2.61% $ 30,384 $ 251 2.61% $ 30,250 $ 250 2.45% (0.44%)
Security - - - - - - - - - -
Landscaping / Grounds $ 13,230 $ 109 1.14% $ 13,230 $ 109 1.14% $ 12,100 $ 100 0.98% (8.54%)
Personnel $ 275,753 $ 2,279 23.71% $ 275,753 $ 2,279 23.71% $ 211,750 $ 1,750 17.13% (23.21%)
Marketing / Advertising $ 16,589 $ 137 1.43% $ 16,589 $ 137 1.43% $ 18,150 $ 150 1.47% 9.41%
Leasing Commissions - - - - - - - - - -
Administrative Expenses $ 12,582 $ 104 1.08% $ 12,582 $ 104 1.08% $ 18,150 $ 150 1.47% 44.26%
Turnover / Make-Ready - - - - - - - - - -
Electricity $ 70,857 $ 586 6.09% $ 70,857 $ 586 6.09% $ 72,806 $ 602 5.89% 2.75%
Fuel (Gas & Oil) $ 10,196 $ 84 0.88% $ 10,196 $ 84 0.88% $ 10,476 $ 87 0.85% 2.75%
Water & Sewer $ 59,186 $ 489 5.09% $ 59,186 $ 489 5.09% $ 60,814 $ 503 4.92% 2.75%
Other Utilities $ 14,103 $ 117 1.21% $ 14,103 $ 117 1.21% $ 14,491 $ 120 1.17% 2.75%
Insurance $ 54,422 $ 450 4.68% $ 54,422 $ 450 4.68% $ 45,375 $ 375 3.67% (16.62%) (5)
Real Estate Taxes $ 87,024 $ 719 7.48% $ 140,839 $ 1,164 12.11% $ 87,024 $ 719 7.04% (38.21%) (6)
Other Property Taxes - - - - - - - - - -
Property Management Fee $ 67,476 $ 558 5.80% $ 67,476 $ 558 5.80% $ 55,633 $ 460 4.50% (17.55%) (7)
Other Operating Expenses - - - - - - - - - -
Reimbursements - - - - - - - - - -

TOTAL OPERATING EXPENSES $ 769,112 $ 6,356 66.13% $ 822,927 $ 6,801 70.75% $ 697,519 $ 5,765 56.42% (15.24%) (8)

NET OPERATING INCOME
Net Operating Income (bef. Reserves) $ 393,973 $ 3,256 33.87% $ 340,157 $ 2,811 29.25% $ 538,779 $ 4,453 43.58% 58.39%
Replacement Reserves $ 36,300 $ 300 3.12% $ 36,300 $ 300 3.12% $ 36,300 $ 300 2.94% - (9)

NET OPERATING INCOME (AFT. RESERVES) $ 357,673 $ 2,956 30.75% $ 303,857 $ 2,511 26.13% $ 502,479 $ 4,153 40.64% 65.37%

$ 357,673

METRICS
Going-In Cap Rate 2.74% 2.33% 3.85%
DSCR (Year 1 Combined Debt Payment) 1.12x 0.95x 1.57x

Guardian Place I UW v3 Page 2 of 7 1/28/2022 4:16 PM