Page 62 - Guardian Broker Questionnaire Summary Complete Package 2 2 22_Neat

12-Year Cash Flow Guardian Place I & II

year 0 year 1 year 2 year 3 year 4 year 5 year 6 year 7 year 8 year 9 year 10 year 11 year 12 year 13
Period Ending Mar-2023 Mar-2024 Mar-2025 Mar-2026 Mar-2027 Mar-2028 Mar-2029 Mar-2030 Mar-2031 Mar-2032 Mar-2033 Mar-2034 Mar-2035
Unleveraged Acquisition Costs
Purchase Price 32,250,000
Due Diligence and Closing 35,000
Capital Improvements 605,000
Buyer-Paid Transfer Taxes 157,367
Total Unlev. Acq. Costs $33,047,367 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Income
Market Rents 2,702,028 2,896,701 2,983,602 3,073,110 3,491,493 3,596,238 3,704,125 3,815,248 3,929,706 4,047,597 4,499,432 4,634,415 4,773,447 4,916,651
Loss-to-Lease (%) 4.50% 2.50% 1.00% 1.00% 7.00% 5.00% 3.00% 1.00% 1.00% 1.00% 7.00% 5.00% 3.00% 1.00%
Loss-to-Lease (Gain) 121,580 72,418 29,836 30,731 244,404 179,812 111,124 38,152 39,297 40,476 314,960 231,721 143,203 49,167
Gross Potential Rent $2,580,448 $2,824,283 $2,953,766 $3,042,379 $3,247,088 $3,416,426 $3,593,001 $3,777,096 $3,890,409 $4,007,121 $4,184,472 $4,402,694 $4,630,244 $4,867,484
Vacancy (-) 77,413 84,729 88,613 91,271 97,413 102,493 107,790 113,313 116,712 120,214 125,534 132,081 138,907 146,025
Bad Debt (-) 6,451 7,061 7,384 7,606 8,118 8,541 8,983 9,443 9,726 10,018 10,461 11,007 11,576 12,169
Concessions (-) 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Economic Loss $83,865 $91,789 $95,997 $98,877 $105,530 $111,034 $116,773 $122,756 $126,438 $130,231 $135,995 $143,088 $150,483 $158,193
% Economic Loss 3.25% 3.25% 3.25% 3.25% 3.25% 3.25% 3.25% 3.25% 3.25% 3.25% 3.25% 3.25% 3.25% 3.25%
Total Other Income $44,036 $45,357 $46,718 $48,119 $79,757 $112,690 $148,778 $153,241 $157,839 $162,574 $201,458 $276,926 $393,577 $405,384
Effective Gross Income $2,540,619 $2,777,851 $2,904,486 $2,991,621 $3,221,315 $3,418,082 $3,625,006 $3,807,582 $3,921,809 $4,039,463 $4,249,935 $4,536,532 $4,873,338 $5,114,675
% Change 1.59% 9.34% 4.56% 3.00% 7.68% 6.11% 6.05% 5.04% 3.00% 3.00% 5.21% 6.74% 7.42% 4.95%
Operating Expenses
Real Estate and Other Taxes 331,878 331,878 341,835 352,090 362,653 373,532 384,738 396,280 408,169 420,414 433,026 446,017 459,397 473,179
Insurance 109,844 113,139 116,533 120,029 123,630 127,339 131,159 135,094 139,147 143,321 147,621 152,050 156,611 161,309
Utilities 342,175 352,440 363,013 373,903 385,121 396,674 408,574 420,832 433,457 446,460 459,854 473,650 487,859 502,495
Contract Services 82,629 85,108 87,661 90,291 92,999 95,789 98,663 101,623 104,672 107,812 111,046 114,377 117,809 121,343
Repairs and Maintenance 46,347 47,738 49,170 50,645 52,164 53,729 55,341 57,001 58,711 60,473 62,287 64,155 66,080 68,063
Marketing and Promotion 28,622 29,481 30,365 31,276 32,215 33,181 34,176 35,202 36,258 37,346 38,466 39,620 40,808 42,033
Payroll 355,340 366,000 376,980 388,290 399,938 411,936 424,295 437,023 450,134 463,638 477,547 491,874 506,630 521,829
Management Fee 88,922 97,225 101,657 104,707 112,746 119,633 126,875 133,265 137,263 141,381 148,748 158,779 170,567 179,014
Administrative 45,008 46,359 47,749 49,182 50,657 52,177 53,742 55,355 57,015 58,726 60,487 62,302 64,171 66,096
Replacement Reserves 70,800 70,800 70,800 70,800 70,800 70,800 70,800 70,800 70,800 70,800 70,800 70,800 70,800 70,800
Total Expenses $1,501,565 $1,540,167 $1,585,764 $1,631,213 $1,682,923 $1,734,791 $1,788,364 $1,842,475 $1,895,625 $1,950,370 $2,009,882 $2,073,623 $2,140,733 $2,206,161
Net Operating Income $1,039,054 $1,237,684 $1,318,722 $1,360,408 $1,538,392 $1,683,291 $1,836,642 $1,965,107 $2,026,184 $2,089,093 $2,240,052 $2,462,909 $2,732,605 $2,908,515
% Change 9.80% 19.12% 6.55% 3.16% 13.08% 9.42% 9.11% 6.99% 3.11% 3.10% 7.23% 9.95% 10.95% 6.44%
Total Estimated Value 30,652,262 31,936,042 26,826,669 33,350,312 33,744,859 34,144,074 33,419,113 33,980,364 35,932,090 35,788,725 36,212,120 36,640,523 45,483,832

Gross Sale Proceeds 0 0 0 0 0 0 0 0 0 0 0 58,170,294 0
Less Existing Debt Balance 0 0 0 0 0 0 0 0 0 0 0 12,321,092 0
Less Cost of Sale 0 0 0 0 0 0 0 0 0 0 0 4,065,218 0
Net Sale Proceeds $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $41,783,984 $0
First Mortgage - New Financing
Principal Payments 0 0 0 0 292,020 302,105 312,538 323,332 334,498 346,050 358,001 370,364 0
Interest Payments 508,640 508,640 508,640 508,640 504,117 494,032 483,599 472,806 461,640 450,088 438,137 425,773 0
Mortgage Repaid 0 0 0 0 0 0 0 0 0 0 0 0 0
Mortgage Funding Proceeds (14,960,000) 0 0 0 0 0 0 0 0 0 0 0 0 0
Loan Fees 149,600 0 0 0 0 0 0 0 0 0 0 0 0 0
Total DS - First Mortgage ($14,810,400) $508,640 $508,640 $508,640 $508,640 $796,138 $796,138 $796,138 $796,138 $796,138 $796,138 $796,138 $796,138 $0
Net Cash Flow $729,044 $810,082 $851,768 $1,029,752 $887,153 $1,040,505 $1,168,969 $1,230,046 $1,292,956 $1,443,915 $1,666,772 $1,936,468 $0
Total Lev. Cash Flow ($18,236,967) $729,044 $810,082 $851,768 $1,029,752 $887,153 $1,040,505 $1,168,969 $1,230,046 $1,292,956 $1,443,915 $1,666,772 $43,720,452 $0
Debt Service Coverage Ratio 2.43 2.59 2.67 3.02 2.11 2.31 2.47 2.55 2.62 2.81 3.09 3.43 0.00

Financial Analysis | 14