Page 13 - GSP_Granary_Gateway_OM_Debt

Proforma Stabilized
Year Ending 11/30/21 9/30/22 9/30/23 9/30/24 9/30/25 9/30/26
Operating Year Untrended Year 1 Year 2 Year 3 Year 4 Year 5
Apartment Revenue 2,515,680 1,975,629 2,591,150 2,668,885 2,748,951 2,831,420
Rent Concessions -- (209,640) -- -- -- --
Community/Flex Fees 563,040 442,170 579,931 597,329 615,249 633,706
Pet Income 16,560 13,005 17,057 17,569 18,096 18,638
Application/Admin Fees 18,500 46,000 18,798 19,361 19,942 20,541
Potential Gross Income 3,113,780 2,267,164 3,206,936 3,303,144 3,402,238 3,504,305
(-) Vacancy Factor (155,689) (113,358) (160,347) (165,157) (170,112) (175,215)
(-) Bad Debt (25,157) (19,756) (25,912) (26,689) (27,490) (28,314)
Effective Gross Income $2,932,934 $2,134,050 $3,020,678 $3,111,298 $3,204,637 $3,300,776
Controllable Operating Expenses (680,100) (534,100) (700,503) (721,518) (743,164) (765,459)
Management Fee (87,988) (68,015) (96,208) (99,094) (102,067) (105,129)
Property Taxes (140,000) (140,000) (144,200) (148,526) (152,982) (157,571)
Insurance (25,000) (25,000) (25,750) (26,523) (27,318) (28,138)
Total Operating Expenses ($933,088) ($767,115) ($966,661) ($995,661) ($1,025,531) ($1,056,297)
Net Operating Income $1,999,846 $1,366,934 $2,054,017 $2,115,637 $2,179,106 $2,244,479
Replacement Reserves (46,000) (36,125) (47,380) (48,801) (50,265) (51,773)
Net Cash Flow $1,953,846 $1,330,809 $2,006,637 $2,066,836 $2,128,841 $2,192,706

THE DAVIES GROUP | 13