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PROFORMA SUMMARY STABILIZED
Year Ending 12/31/21 12/31/23 12/31/24 12/31/25 12/31/26 12/31/27 12/31/28 12/31/29 12/31/30
Operating Year Untrended Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8
Apartment Revenue 5,970,210 3,973,322 6,587,132 6,766,238 6,945,344 7,124,451 7,303,557 7,482,663 7,661,770
RUBS Income 135,100 88,634 143,206 145,908 148,610 151,312 154,014 156,716 159,418
Other Income 289,500 192,669 319,415 328,100 336,785 345,470 354,155 362,840 371,525
Potential Gross Income 6,394,810 4,254,625 7,049,753 7,240,246 7,430,739 7,621,233 7,811,726 8,002,219 8,192,713
Vacancy Factor (319,741) (212,731) (352,488) (362,012) (371,537) (381,062) (390,586) (400,111) (409,636)
Effective Gross Income 6,075,070 4,041,894 6,697,265 6,878,234 7,059,202 7,240,171 7,421,140 7,602,108 7,783,077
General & Administrative (62,725) (41,152) (66,489) (67,743) (68,998) (70,252) (71,507) (72,761) (74,016)
Marketing (38,600) (25,324) (40,916) (41,688) (42,460) (43,232) (44,004) (44,776) (45,548)
Repairs & Maintenance (67,550) (44,317) (71,603) (72,954) (74,305) (75,656) (77,007) (78,358) (79,709)
Payroll (289,500) (189,930) (306,870) (312,660) (318,450) (324,240) (330,030) (335,820) (341,610)
Utilities (202,650) (132,951) (214,809) (218,862) (222,915) (226,968) (231,021) (235,074) (239,127)
Turnover (48,250) (31,655) (51,145) (52,110) (53,075) (54,040) (55,005) (55,970) (56,935)
Contract Services (106,150) (69,641) (112,519) (114,642) (116,765) (118,888) (121,011) (123,134) (125,257)
Management Fee (125,194) (83,320) (138,131) (141,887) (145,643) (149,398) (153,154) (156,910) (160,666)
Property Taxes (704,555) (732,737) (746,828) (760,919) (775,010) (789,102) (803,193) (817,284) (831,375)
Insurance (57,900) (37,986) (61,374) (62,532) (63,690) (64,848) (66,006) (67,164) (68,322)
Total Operating Expenses (1,703,074) (1,389,012) (1,810,684) (1,845,997) (1,881,311) (1,916,624) (1,951,937) (1,987,251) (2,022,564)
Net Operating Income 4,371,995 2,652,881 4,886,581 5,032,237 5,177,892 5,323,547 5,469,202 5,614,857 5,760,513
Replacement Reserves (38,600) (25,324) (40,916) (41,688) (42,460) (43,232) (44,004) (44,776) (45,548)
Net Cash Flow $4,333,395 $2,627,557 $4,845,665 $4,990,549 $5,135,432 $5,280,315 $5,425,198 $5,570,081 $5,714,965

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