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STRICTLY CONFIDENTIAL
Guardian Place II 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
ANNUAL OPERATING CASH FLOW
OPERATING REVENUE
Potential Market Rent $ 1,287,468 $ 1,332,529 $ 1,375,837 $ 1,417,112 $ 1,459,625 $ 1,496,116 $ 1,533,519 $ 1,571,857
Renovation Premium - - - - - - -
(Loss to Lease) / Gain to Lease $ 50,385 $ 61,963 $ 118,322 $ 167,928 $ 205,077 $ 210,204 $ 215,459 $ 220,846
Gross Potential Revenue $ 1,337,853 $ 1,394,492 $ 1,494,159 $ 1,585,039 $ 1,664,702 $ 1,706,320 $ 1,748,978 $ 1,792,702
Vacancy ($ 19,943) ($ 66,626) ($ 68,792) ($ 70,856) ($ 72,981) ($ 74,806) ($ 76,676) ($ 78,593)
Renovation Downtime - - - - - - - -
Concessions ($ 12,081) - - - - - - -
Non-Revenue Units - - - - - - - -
Collection Loss / Bad Debt ($ 521) ($ 9,959) ($ 10,690) ($ 11,356) ($ 11,938) ($ 12,236) ($ 12,542) ($ 12,856)
Base Rental Revenue $ 1,305,308 $ 1,317,907 $ 1,414,676 $ 1,502,827 $ 1,579,783 $ 1,619,278 $ 1,659,760 $ 1,701,254
Expense Reimbursements - - - - - - - -
Other Residential Income $ 18,055 $ 18,055 $ 18,597 $ 19,155 $ 19,729 $ 20,321 $ 20,931 $ 21,559
Other Income $ 18,055 $ 18,055 $ 18,597 $ 19,155 $ 19,729 $ 20,321 $ 20,931 $ 21,559
EFFECTIVE GROSS REVENUE $ 1,323,363 $ 1,335,962 $ 1,433,273 $ 1,521,982 $ 1,599,512 $ 1,639,599 $ 1,680,690 $ 1,722,812
OPERATING EXPENSES
Repair & Maintenance ($ 44,043) ($ 63,250) ($ 64,989) ($ 66,777) ($ 68,613) ($ 70,500) ($ 72,439) ($ 74,431)
Contract Services ($ 10,450) ($ 11,500) ($ 11,816) ($ 12,141) ($ 12,475) ($ 12,818) ($ 13,171) ($ 13,533)
Security - - - - - - - -
Turnover / Make-Ready - - - - - - - -
Landscaping / Grounds ($ 13,679) ($ 12,650) ($ 12,998) ($ 13,355) ($ 13,723) ($ 14,100) ($ 14,488) ($ 14,886)
Personnel ($ 225,942) ($ 201,250) ($ 206,784) ($ 212,471) ($ 218,314) ($ 224,318) ($ 230,486) ($ 236,825)
Marketing / Advertising ($ 10,026) ($ 19,550) ($ 20,088) ($ 20,640) ($ 21,208) ($ 21,791) ($ 22,390) ($ 23,006)
Administrative ($ 54,227) ($ 51,750) ($ 53,173) ($ 54,635) ($ 56,138) ($ 57,682) ($ 59,268) ($ 60,898)
Utilities ($ 146,646) ($ 150,679) ($ 154,822) ($ 159,080) ($ 163,455) ($ 167,950) ($ 172,568) ($ 177,314)
Insurance ($ 53,084) ($ 43,125) ($ 44,311) ($ 45,529) ($ 46,782) ($ 48,068) ($ 49,390) ($ 50,748)
Real Estate Taxes ($ 140,245) ($ 82,300) ($ 140,245) ($ 144,101) ($ 148,064) ($ 152,136) ($ 156,320) ($ 160,618)
Property Management Fee ($ 76,490) ($ 60,118) ($ 64,497) ($ 68,489) ($ 71,978) ($ 73,782) ($ 75,631) ($ 77,527)
Other Operating Expenses - - - - - - - -
Reimbursements - - - - - - - -
TOTAL OPERATING EXPENSES ($ 774,832) ($ 696,172) ($ 773,724) ($ 797,219) ($ 820,748) ($ 843,143) ($ 866,150) ($ 889,785)
NET OPERATING INCOME
Net Operating Income (bef. Reserves) $ 548,532 $ 639,790 $ 659,549 $ 724,763 $ 778,764 $ 796,455 $ 814,540 $ 833,028
Replacement Reserves ($ 34,500) ($ 34,500) ($ 35,449) ($ 36,424) ($ 37,425) ($ 38,454) ($ 39,512) ($ 40,599)
NET OPERATING INCOME (AFT. RESERVES) $ 514,032 $ 605,290 $ 624,101 $ 688,339 $ 741,339 $ 758,001 $ 775,028 $ 792,429
CAPITAL EXPENDITURES
Unit Renovations ($ 268,333) ($ 275,713) ($ 283,295) - - - -
Property-Wide Capital Exp. - - - - - - -
TOTAL CAPITAL EXPENDITURES ($ 268,333) ($ 275,713) ($ 283,295) - - - -
Paid from Amount Funded Upfront $ 268,333 $ 275,713 $ 283,295 - - - -
OPERATING CASH FLOW $ 605,290 $ 624,101 $ 688,339 $ 741,339 $ 758,001 $ 775,028 $ 792,429
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