Page 114 - Guardian Broker Questionnaire Summary Complete Package 2 2 22_Neat
P. 114
STRICTLY CONFIDENTIAL
Guardian Place II 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 $ 1,287,468 $ 11,195 100.00% $ 1,287,468 $ 11,195 100.00% $ 1,332,529 $ 11,587 100.00% 3.50% (1)
(Loss to Lease) / Gain to Lease $ 50,385 $ 438 3.91% $ 50,385 $ 438 3.91% $ 61,963 $ 539 4.65% 22.98%
Gross Potential Revenue $ 1,337,853 $ 11,634 103.91% $ 1,337,853 $ 11,634 103.91% $ 1,394,492 $ 12,126 104.65% 4.23%
Vacancy (incl. Renovation Downtime) ($ 19,943) ($ 173) (1.55%) ($ 19,943) ($ 173) (1.55%) ($ 66,626) ($ 579) (5.00%) 234.09% (2)
Concessions ($ 12,081) ($ 105) (0.94%) ($ 12,081) ($ 105) (0.94%) - - - (100.00%)
Non-Revenue Units - - - - - - - - - -
Collection Loss / Bad Debt ($ 521) ($ 5) (0.04%) ($ 521) ($ 5) (0.04%) ($ 9,959) ($ 87) (0.75%) 1,811.51% (3)
Base Rental Revenue $ 1,305,308 $ 11,351 101.39% $ 1,305,308 $ 11,351 101.39% $ 1,317,907 $ 11,460 98.90% 0.97%
Garage / Parking - - - - - - - - - -
Storage $ 3,810 $ 33 0.30% $ 3,810 $ 33 0.30% $ 3,810 $ 33 0.29% -
Expense Reimbursements - - - - - - - - - -
Other Residential Income $ 14,245 $ 124 1.11% $ 14,245 $ 124 1.11% $ 14,245 $ 124 1.07% - (4)
Other Income $ 18,055 $ 157 1.40% $ 18,055 $ 157 1.40% $ 18,055 $ 157 1.35% -
EFFECTIVE GROSS REVENUE $ 1,323,363 $ 11,508 102.79% $ 1,323,363 $ 11,508 102.79% $ 1,335,962 $ 11,617 100.26% 0.95%
Trailing 12 Months Trailing 12 Months Year 1 Pro Forma
OPERATING EXPENSES EGR EGR EGR
Repair & Maintenance $ 44,043 $ 383 3.33% $ 44,043 $ 383 3.33% $ 63,250 $ 550 4.73% 43.61%
Contract Services $ 10,450 $ 91 0.79% $ 10,450 $ 91 0.79% $ 11,500 $ 100 0.86% 10.05%
Security - - - - - - - - - -
Landscaping / Grounds $ 13,679 $ 119 1.03% $ 13,679 $ 119 1.03% $ 12,650 $ 110 0.95% (7.52%)
Personnel $ 225,942 $ 1,965 17.07% $ 225,942 $ 1,965 17.07% $ 201,250 $ 1,750 15.06% (10.93%)
Marketing / Advertising $ 10,026 $ 87 0.76% $ 10,026 $ 87 0.76% $ 19,550 $ 170 1.46% 94.99%
Leasing Commissions - - - - - - - - - -
Administrative Expenses $ 54,227 $ 472 4.10% $ 54,227 $ 472 4.10% $ 51,750 $ 450 3.87% (4.57%)
Turnover / Make-Ready - - - - - - - - - -
Electricity $ 81,299 $ 707 6.14% $ 81,299 $ 707 6.14% $ 83,535 $ 726 6.25% 2.75%
Fuel (Gas & Oil) $ 11,879 $ 103 0.90% $ 11,879 $ 103 0.90% $ 12,206 $ 106 0.91% 2.75%
Water & Sewer $ 39,221 $ 341 2.96% $ 39,221 $ 341 2.96% $ 40,300 $ 350 3.02% 2.75%
Other Utilities $ 14,247 $ 124 1.08% $ 14,247 $ 124 1.08% $ 14,639 $ 127 1.10% 2.75%
Insurance $ 53,084 $ 462 4.01% $ 53,084 $ 462 4.01% $ 43,125 $ 375 3.23% (18.76%) (5)
Real Estate Taxes $ 82,300 $ 716 6.22% $ 140,245 $ 1,220 10.60% $ 82,300 $ 716 6.16% (41.32%) (6)
Other Property Taxes - - - - - - - - - -
Property Management Fee $ 76,490 $ 665 5.78% $ 76,490 $ 665 5.78% $ 60,118 $ 523 4.50% (21.40%) (7)
Other Operating Expenses - - - - - - - - - -
Reimbursements - - - - - - - - - -
TOTAL OPERATING EXPENSES $ 716,887 $ 6,234 54.17% $ 774,832 $ 6,738 58.55% $ 696,172 $ 6,054 52.11% (10.15%) (8)
NET OPERATING INCOME
Net Operating Income (bef. Reserves) $ 606,476 $ 5,274 45.83% $ 548,532 $ 4,770 41.45% $ 639,790 $ 5,563 47.89% 16.64%
Replacement Reserves $ 34,500 $ 300 2.61% $ 34,500 $ 300 2.61% $ 34,500 $ 300 2.58% - (9)
NET OPERATING INCOME (AFT. RESERVES) $ 571,976 $ 4,974 43.22% $ 514,032 $ 4,470 38.84% $ 605,290 $ 5,263 45.31% 17.75%
METRICS
Going-In Cap Rate 4.40% 3.96% 4.66%
DSCR (Year 1 Combined Debt Payment) 1.68x 1.51x 1.78x
Guardian Place II UW v1 1.26.22 Page 2 of 7 1/28/2022 6:04 PM
