Page 38 - Faber Centre Offering Memorandum_FINAL_singles

F ABER CENTRE

FINANCIAL ANALYSIS

CASH FLOW REPORT FORECAST
4000 Faber (Amounts in USD)
Jan, 2019 through Dec, 2029 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11
For the Years Ending Dec-2019 Dec-2020 Dec-2021 Dec-2022 Dec-2023 Dec-2024 Dec-2025 Dec-2026 Dec-2027 Dec-2028 Dec-2029 Total

Rental Revenue
Potential Base Rent 2,706,400 2,757,339 2,818,824 2,887,395 2,938,475 3,077,671 3,169,053 3,259,680 3,353,977 3,448,332 3,547,939 33,965,085
Absorption & Turnover Vacancy (63,425) (41,902) (15,588) (63,702) (68,543) (31,537) (48,576) (23,088) (83,803) (79,461) (44,695) (564,319)
Scheduled Base Rent 2,642,976 2,715,437 2,803,236 2,823,693 2,869,932 3,046,134 3,120,477 3,236,592 3,270,175 3,368,871 3,503,244 33,400,767
Total Miscellaneous Rent 772 772 772 579 0 0 0 0 0 0 0 2,895
CPI Increases 11,505 21,690 32,078 31,651 27,465 0 0 0 0 0 0 124,389
Total Rental Revenue 2,655,253 2,737,899 2,836,086 2,855,923 2,897,397 3,046,134 3,120,477 3,236,592 3,270,175 3,368,871 3,503,244 33,528,051
Other Tenant Revenue
Total Expense Recoveries 42,419 34,601 40,212 32,595 32,836 42,383 44,302 52,980 46,433 48,932 46,350 464,043

Total Other Tenant Revenue 42,419 34,601 40,212 32,595 32,836 42,383 44,302 52,980 46,433 48,932 46,350 464,043
Total Tenant Revenue 2,697,672 2,772,500 2,876,299 2,888,518 2,930,233 3,088,517 3,164,778 3,289,572 3,316,608 3,417,804 3,549,594 33,992,094

Potential Gross Revenue 2,697,672 2,772,500 2,876,299 2,888,518 2,930,233 3,088,517 3,164,778 3,289,572 3,316,608 3,417,804 3,549,594 33,992,094
Vacancy & Credit Loss
(88,693) (129,093) (129,007) (111,352) (124,590) (124,465) (147,357) (142,545) (121,493) (145,548) (135,020) (1,399,161)
Vacancy Allowance
Total Vacancy & Credit Loss (88,693) (129,093) (129,007) (111,352) (124,590) (124,465) (147,357) (142,545) (121,493) (145,548) (135,020) (1,399,161)
Effective Gross Revenue 2,608,979 2,643,407 2,747,292 2,777,167 2,805,643 2,964,052 3,017,422 3,147,026 3,195,115 3,272,256 3,414,574 32,592,932
Operating Expenses

Site General & Administrative 15,049 15,350 15,657 15,970 16,290 16,615 16,948 17,287 17,632 17,985 18,345 183,127
Building Maintenance 86,664 88,397 90,165 91,969 93,808 95,684 97,598 99,550 101,541 103,572 105,643 1,054,590
Grounds Maintenance 22,879 23,337 23,803 24,279 24,765 25,260 25,765 26,281 26,806 27,343 27,889 278,408
Utilities 174,641 178,899 183,370 185,510 189,127 194,137 197,519 202,300 204,514 208,811 214,100 2,132,928
Janitorial 87,459 89,208 90,992 92,812 94,668 96,562 98,493 100,463 102,472 104,522 106,612 1,064,264
Security 468 477 487 497 507 517 527 538 548 559 570 5,695
Real Estate Taxes 302,482 308,532 314,702 320,996 327,416 333,965 340,644 347,457 354,406 361,494 368,724 3,680,817
Insurance 41,497 42,327 43,173 44,037 44,918 45,816 46,732 47,667 48,620 49,593 50,585 504,965
Property Management Fees 79,658 82,137 85,083 85,678 86,922 91,384 93,614 97,098 98,105 101,066 105,097 1,005,842
Miscellaneous 20,115 20,696 21,318 21,388 21,794 22,516 22,850 23,500 23,543 24,062 24,803 246,586

Total Operating Expenses 830,911 849,360 868,750 883,136 900,214 922,456 940,690 962,140 978,189 999,007 1,022,368 10,157,221

Net Operating Income 1,778,068 1,794,047 1,878,542 1,894,031 1,905,429 2,041,595 2,076,731 2,184,887 2,216,927 2,273,249 2,392,206 22,435,711
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