Page 13 - GSP_Residences_at_Linden_OM_Equity

PROFORMA STABILIZED

Year Ending 10/31/21 1/31/24 1/31/25 1/31/26 1/31/27 1/31/28
Operating Year Untrended Year 1 Year 2 Year 3 Year 4 Year 5
Apartment Revenue 2,576,400 1,531,806 2,718,102 2,801,835 2,892,009 2,975,742
Rent Premiums 193,230 114,885 203,858 210,138 216,901 223,181
Commercial Revenue 175,500 104,344 185,153 190,856 196,999 202,703
Rent Concessions -- (237,727) -- -- -- --
CAM Recoveries 37,440 22,260 39,499 40,716 42,026 43,243
Other Income 123,000 73,130 129,765 133,763 138,068 142,065
Potential Gross Income 3,105,570 1,608,699 3,276,376 3,377,307 3,486,002 3,586,933
(-) Vacancy Factor (155,279) (80,435) (163,819) (168,865) (174,300) (179,347)
Effective Gross Income $2,950,292 $1,528,264 $3,112,558 $3,208,442 $3,311,702 $3,407,587
Payroll 195,324 149,423 202,486 206,718 211,275 215,507
Advertising 15,908 12,170 16,491 16,836 17,207 17,552
Turnover 8,200 6,273 8,501 8,678 8,870 9,047
Administrative 14,104 10,790 14,621 14,927 15,256 15,561
Utilities 83,066 63,545 86,112 87,912 89,850 91,649
Repairs & Maintenance 41,328 31,616 42,843 43,739 44,703 45,599
Other Maintenance 40,836 31,240 42,333 43,218 44,171 45,056
Contract Services 44,034 33,686 45,649 46,603 47,630 48,584
Management Fee 88,509 51,595 91,552 94,372 97,409 100,230
Property Taxes 282,783 216,329 293,152 299,279 305,877 312,004
Insurance 78,000 59,670 80,860 82,550 84,370 86,060
Commercial Operating Expense 46,800 35,802 48,516 49,530 50,622 51,636
Total Operating Expenses $938,892 $702,138 $973,115 $994,361 $1,017,240 $1,038,486
Net Operating Income $2,011,400 $826,126 $2,139,442 $2,214,081 $2,294,462 $2,369,101
Replacement Reserves 20,500 15,683 21,252 21,696 22,174 22,618
Net Cashflow $1,990,900 $810,444 $2,118,190 $2,192,385 $2,272,288 $2,346,483

THE DAVIES GROUP | 13