Page 57 - Guardian Broker Questionnaire Summary Complete Package 2 2 22_Neat

Operating History and Pro Forma Guardian Place I & II

October 2021
2020 year 0 year 1
Trailing 12
Income Per Unit Per Unit Per Unit Per Unit
Market Rent 2,445,432 10,362 2,616,204 11,086 2,702,028 11,449 2,896,701 12,274 (1)
Loss-to-Lease (Gain) -2.77% (67,709) (287) 2.39% 62,586 265 4.50% 121,580 515 2.50% 72,418 307 (2)
Gross Potential Rent $2,513,141 10,649 $2,553,618 10,820 $2,580,448 10,934 $2,824,283 11,967 (3)
Vacancy (-) 3.17% 79,599 2.74% 69,922 3.00% 77,413 3.00% 84,729 (4)
Bad Debt (-) 0.00% 0 0.00% 0 0.25% 6,451 0.25% 7,061
Concessions (-) 1.08% 27,083 1.05% 26,842 0.00% 0 0.00% 0
Total Economic Loss 4.24% $106,682 452 3.79% $96,764 410 3.25% $83,865 355 3.25% $91,789 389
Net Rental Income $2,406,459 10,197 $2,456,855 10,410 $2,496,584 10,579 $2,732,494 11,578
Termin./MTM/Late/NSF 965 1,120 1,120 1,154
Housekeeping Income 17,944 19,613 19,613 20,201
Cable Income 21,242 19,603 19,603 20,191
Utility Reimbursements 0 0 0 0 (5)
Misc. Income (App, Pet, Other) 5,346 3,700 3,700 3,811
Total Other Income $45,497 193 $44,036 187 $44,036 187 $45,357 192
Effective Gross Income $2,451,957 10,390 $2,500,891 10,597 $2,540,619 10,765 $2,777,851 11,771
October 2021
2020 year 0 year 1
Trailing 12
Operating Expenses
Real Estate and Other Taxes
Real Estate Taxes 165,818 167,077 328,950 328,950 (6)
Personal Property/Other 3,057 2,928 2,928 2,928
Total Real Estate Taxes $168,876 716 $170,005 720 $331,878 1,406 $331,878 1,406
Insurance
Property Insurance 103,221 109,844 109,844 113,139
Total Insurance $103,221 437 $109,844 465 $109,844 465 $113,139 479
Utilities
Electricity 141,305 142,255 142,255 146,523
Gas 17,240 20,093 20,093 20,696
Water and Sewer 110,340 101,946 101,946 105,004
Cable 28,121 29,068 29,068 29,940
Garbage Collection 33,754 48,812 48,812 50,277
Total Utilities $330,761 1,402 $342,175 1,450 $342,175 1,450 $352,440 1,493
Total Fixed Expenses $602,857 2,554 $622,023 2,636 $783,897 3,322 $797,457 3,379
Contract Services
Landscaping 32,162 27,064 27,064 27,876
Pest Control 8,135 4,925 4,925 5,073
Elevator Contract 17,543 38,996 38,996 40,166
Snow Removal 0 445 445 458
Fire and Safety Systems 10,609 11,198 11,198 11,534
Total Contract Services $68,449 290 $82,629 350 $82,629 350 $85,108 361
Repairs and Maintenance
General Repairs and Maintenance 31,454 13,425 13,425 13,827
HVAC and Plumbing 22,135 9,348 9,348 9,629
Maintenance Supplies 17,430 22,942 22,942 23,630
Turnover 8,573 632 632 651
Total Repairs and Maintenance $79,592 337 $46,347 196 $46,347 196 $47,738 202
Marketing and Promotion
Advertising 30,604 24,253 24,253 24,981
Resident Referrals 5,046 4,369 4,369 4,500
Total Marketing and Promotion $35,651 151 $28,622 121 $28,622 121 $29,481 125
Payroll
Manager and Leasing 308,733 304,594 172,640 177,819
Maintenance Staff 172,222 205,137 176,800 182,104
Subtotal Payroll $480,955 2,038 $509,732 2,160 $355,340 1,506 $366,000 1,551
Total Payroll $480,955 2,038 $509,732 2,160 $355,340 1,506 $366,000 1,551 (7)
Management Fee 6.00% 147,090 623 5.98% 149,432 633 3.50% 88,922 377 3.50% 97,225 412
Administrative Expenses
Legal and Professional Fees 1,599 1,647 1,647 1,697
Supplies/Copier/Computer 13,925 19,082 19,082 19,654
Phone/Internet/Answering Service 12,012 10,091 10,091 10,394
Miscellaneous 13,204 14,188 14,188 14,613
Total Administrative $40,741 173 $45,008 191 $45,008 191 $46,359 196
Total Variable Expenses $852,477 3,612 $861,770 3,652 $646,868 2,741 $671,910 2,847
Replacement Reserves 70,800 300 70,800 300 70,800 300 70,800 300
Total Expenses $1,526,134 6,467 $1,554,593 6,587 $1,501,565 6,363 $1,540,167 6,526
Net Operating Income $925,822 3,923 $946,297 4,010 $1,039,054 4,403 $1,237,684 5,244
Expenses as a % of EGI 62.24% 62.16% 59.10% 55.44%
Cap Rate (Price $32,250,000) 2.87% 2.93% 3.22% 3.84%
Financial Analysis | 9