Page 30 - Willa Rawls

WILLA RAWLS MANOR

FINANCIAL ANALYSIS

Senior Unit Mix Num. of Units Unit Size Rent/Sf Allowance Contract Rents
1 Bed / 1 Bath 117 750 sqf. $1.99 $70 $1,493
2 Bed / 1 Bath 6 1000 sqf. $1.73 $73 $1,734

Total & Average 123 875 sqf. $1.86 $72 $1,613

Annual Income 2015 Actual 2016 Actual ProForma
Gross Rent Potential $2,115,100 $2,145,577 $2,145,577
Laundry Income $4,680 $5,825 $5,825
Vacancy -$29,271 -$30,440 -$30,440
Tenant Charges -$742 -$1,236 -$1,236
Effective Gross Income $2,089,767 $2,119,726 $2,119,726

Annual Operating Expenses Per Unit 2015 Actual Per Unit 2016 Actual Per Unit ProForma
Property Insurance $315 $38,792 $315 $38,750 $250 $30,750
Water/Sewer $509 $62,579 $345 $42,390 $345 $42,390
Electricity $396 $48,727 $295 $36,265 $295 $36,265
Gas $114 $13,971 $134 $16,463 $134 $16,463
Operating and Maintenance $701 $86,250 $723 $88,950 $528 $65,000
Salaries & Wages $1,829 $224,984 $1,829 $224,984 $1,309 $161,050
Off Site Management $680 $83,620 $690 $84,838 $690 $84,838
On Site Management $957 $117,659 $998 $122,806 $935 $115,000

Security $1,675 $206,073 $1,559 $191,813 $528 $65,000
Miscellaneous $407 $50,000 $407 $50,000 $407 $50,000
Total Expenses $7,176 $882,655 $7,295 $897,259 $5,014 $616,756
Net Operating Income $1,207,112 $1,222,467 $1,502,970
Reserves $32,825 $30,825 $30,825
NOTES
> Proforma Income is based on current Contract Rents > Off site management 4% EGI
Notes & Assumptions: > Proforma reserves are equal to 2016 actual
> Proforma is based on the 2016 actual
1.Current contract rent expires x 4. Off Site Management 4% EGI
30 Colliers International
30 Colliers International