Page 110 - Guardian Broker Questionnaire Summary Complete Package 2 2 22_Neat

STRICTLY CONFIDENTIAL

Guardian Place I Property Cash Flow Projections Richmond, VA

Dec-21 Mar-23 Mar-24 Mar-25 Mar-26 Mar-27 Mar-28 Mar-29
T12 Adjusted Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7
OPERATING PERFORMANCE METRICS

MONTHLY RENT
Market Rent (average) $ 794 $ 850 $ 975 $ 1,107 $ 1,189 $ 1,224 $ 1,261 $ 1,299
Effective Rent (average) $ 811 $ 889 $ 998 $ 1,034 $ 1,073 $ 1,176 $ 1,248 $ 1,299

YEAR-ON-YEAR GROWTH RATES
Market Rent n/a 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%
Market Rent (incl. Renovation Premium) n/a 14.72% 13.52% 7.37% 3.00% 3.00% 3.00%
Effective Gross Revenue n/a 14.33% 5.39% 5.42% 9.18% 5.92% 4.03%
Operating Expense n/a 11.05% 2.97% 2.97% 3.30% 3.04% 2.87%
Net Operating Income n/a 19.72% 8.66% 8.57% 16.34% 9.03% 5.22%

OPERATING METRICS
Physical Occupancy (excl. Non-Rev. units) 97% 95% 95% 95% 95% 95% 95% 95%
Economic Occupancy 96% 94% 94% 94% 94% 94% 94% 94%
Operating Expense Margin 71% 56% 55% 54% 52% 49% 48% 48%
NOI Yield 2.33% 3.48% 4.15% 4.50% 4.87% 5.65% 6.14% 6.44%
Unleveraged Cash Flow Yield - 3.48% 4.15% 4.50% 4.87% 5.65% 6.14% 6.44%

Guardian Place I UW v3 Page 5 of 7 1/28/2022 4:16 PM