Page 29 - Guardian Broker Questionnaire Summary Complete Package 2 2 22_Neat

TAX ADJUSTED HISTORICAL OPERATING STATEMENTS

T-12 ANNUALIZED T-3 ANNUALIZED NORTHMARQ PROFORMA
OCT-21 PER UNIT % OCT-21 PER UNIT % JUL-23 PER UNIT %
OPERATING INCOME
Potential Market Rent $ 2,445,432 $ 10,362 100.00% $ 2,445,432 $ 10,362 100.00% $ 2,581,116 $ 10,937 100.00%
(Loss to Lease) / Gain to Lease $ 108,186 $ 458 4.42% $ 130,545 $ 553 5.34%
Gross Potential Revenue $ 2,553,618 $ 10,820 104.42% $ 2,575,977 $ 10,915 105.34% $ 2,581,116 $ 10,937 100.00%

Vacancy ($ 69,922) ($ 296) (2.86%) ($ 21,826) ($ 92) (0.89%) ($ 129,056) ($ 547) (5.00%)
Concessions ($ 26,842) ($ 114) (1.10%) ($ 25,152) ($ 107) (1.03%) ($ 24,147) ($ 102) (0.94%)
Collection Loss / Bad Debt ($ 7,176) ($ 30) (0.29%) ($ 19,467) ($ 82) (0.80%) ($ 12,140) ($ 51) (0.47%)
Base Rental Revenue $ 2,449,678 $ 10,380 100.17% $ 2,509,532 $ 10,634 102.62% $ 2,415,774 $ 10,236 93.59%

Storage $ 4,110 $ 17 0.17% $ 4,400 $ 19 0.18% $ 4,500 $ 19 0.17%
Expense Reimbursements $ 19,603 $ 83 0.80% $ 19,604 $ 83 0.80% $ 19,860 $ 84 0.77%
Other Residential Income $ 20,337 $ 86 0.83% $ 13,978 $ 59 0.57% $ 14,000 $ 59 0.54%
Other Income $ 44,050 $ 187 1.80% $ 37,982 $ 161 1.55% $ 38,360 $ 163 1.49%
EFFECTIVE GROSS REVENUE $ 2,493,728 $ 10,567 101.97% $ 2,547,514 $ 10,795 104.17% $ 2,454,134 $ 10,399 95.08%

Year 1
OPERATING EXPENSES Trailing 12 Per Unit % Trailing 12 Per Unit % Per Unit EGR
Proforma
Repair & Maintenance $ 53,940 $ 229 2.16% $ 53,940 $ 229 2.12% $ 55,019 $ 233 2.24%
Contract Services $ 47,340 $ 201 1.90% $ 47,340 $ 201 1.86% $ 48,287 $ 205 1.97%
Landscaping / Grounds $ 27,064 $ 115 1.09% $ 27,064 $ 115 1.06% $ 27,605 $ 117 1.12%
Personnel $ 508,923 $ 2,156 20.41% $ 508,923 $ 2,156 19.98% $ 377,600 $ 1,600 15.39%
Marketing / Advertising $ 28,622 $ 121 1.15% $ 28,622 $ 121 1.12% $ 29,195 $ 124 1.19%
Administrative Expenses $ 38,641 $ 164 1.55% $ 38,641 $ 164 1.52% $ 39,414 $ 167 1.61%
Turnover / Make-Ready $ 632 $ 3 0.03% $ 632 $ 3 0.02% $ 645 $ 3 0.03%
Electricity $ 142,255 $ 603 5.70% $ 142,255 $ 603 5.58% $ 145,100 $ 615 5.91%
Fuel (Gas & Oil) $ 20,093 $ 85 0.81% $ 20,093 $ 85 0.79% $ 20,495 $ 87 0.84%
Water & Sewer $ 101,946 $ 432 4.09% $ 101,946 $ 432 4.00% $ 103,985 $ 441 4.24%
Other Utilities $ 77,881 $ 330 3.12% $ 77,881 $ 330 3.06% $ 79,438 $ 337 3.24%
Insurance $ 109,844 $ 465 4.40% $ 109,844 $ 465 4.31% $ 112,041 $ 475 4.57%
Real Estate Taxes $ 255,000 $ 1,081 10.23% $ 255,000 $ 1,081 10.01% $ 255,000 $ 1,081 10.39%
Other Property Taxes $ 2,928 $ 12 0.12% $ 2,928 $ 12 0.11% $ 2,987 $ 13 0.12%
Property Management Fee $ 149,432 $ 633 5.99% $ 149,432 $ 633 5.87% $ 73,624 $ 312 3.00%
TOTAL OPERATING EXPENSES $ 1,564,541 $ 6,629 62.74% $ 1,564,541 $ 6,629 61.41% $ 1,370,434 $ 5,807 55.84%

NET OPERATING INCOME
Net Operating Income (bef. Reserves) $ 929,188 $ 3,937 37.26% $ 982,974 $ 4,165 38.59% $ 1,083,700 $ 4,592 44.16%
Replacement Reserves $ 70,800 $ 300 2.84% $ 70,800 $ 300 2.78% $ 70,800 $ 300 2.88%
NET OPERATING INCOME
(AFT. RESERVES) $ 858,388 $ 3,637 34.42% $ 912,174 $ 3,865 35.81% $ 1,012,900 $ 4,292 41.27%

METRICS
Going-In Cap Rate 3.43% 3.65% 4.05%
DSCR (Year 1 Combined Debt Payment) 1.31x 1.39x 1.54x

GUARDIAN PLACE | 21