DRAFT Stabilized Budget - Lake Merritt Apts 09.05.13 LCK

Lake Merritt
Key Statistics
Average Length of Lease (mos.)
Renewal Rate
Turnover Rate
Current Gross Potential (most recent financial statement)
Gross Potential (start position of budget year)
% Increase in GPR (current to start position of budget year)
12.0
50%
50%
$571,420
$770,165
34.78%
Write-offs as % of Gross Potential

Other Rental Income/Unit
Other Income/Unit *
1.00%
$990
$303
*(includes laundry income & cost recovery, but excludes interest income, corporate income & retail income)
Application Fee Per Move In

Redec/Admin. Fee Per Move In
$65
$0
Bonus as % of Total Salary:

Budgeted Taxes / Benefits as % Total Wages:
Reforecasted Current Yr. Taxes/Benefits as % Total Wages
# of Office Associates / Hundred Units
# of Maintenance Associates / Hundred Units
11.9%
32.8%
#DIV/0!
1.21
1.62
Budgeted Controllable Expenses as % of Total Revenue:

Total Expenses as % of Total Revenue:
14%
17%
Average Advertising/Locator Cost per Move-In:

Total Resident Retention per Unit:
Average Cost per Turn (move-out):
% Water/Sewer Recovery
Average Electric $ per Vacant:
$438
$93
$543
92%
$20.00
Change in Revenue (budget yr. over current yr. reforecast)

Change in Expenses (budget yr. over current yr. reforecast)
Change in NOI (budget year over current year)
NA
NA
NA
Management Fee % of Total Income

Minimum Management Fee
2.25%
6,500
Projected Sale Cap Rate

Projected Replacement Reserves per Unit on Sale
4.00%
$200
Value per Unit w/ projected reserves per unit @ various cap rates :
Value
3.50% $215,089,360
4.00% $188,203,190
4.50% $167,291,725
Market Rent (MR)

LTL as % of MR
Gross Potential
Per SF
$1,088
$952
$846
Per Unit
$870,807
$761,956
$677,294
Yr. Begin
Yr. End
% Change
770,165
0.00%
770,165
801,280
1.98%
785,444
4.04%
1.98%
1.98%
Pro Forma
Proposed
Budget
%
Variance
Market Rent
Rental Revenue
Other Rental Income
Other Income
Total Revenue
$0
$0
$0
$0
$0
Month
Average
Occupied Rent
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Average
$
$
$
$
$
$
$
$
$
$
$
$
$
$9,490,281
$8,697,544
$244,553
$74,821
$9,016,918
Economic
Occupancy
3,118
3,118
3,118
3,124
3,129
3,133
3,137
3,147
3,155
3,163
3,170
3,177
3,141
93.4%
93.4%
93.3%
93.3%
93.4%
93.4%
93.3%
93.3%
93.3%
93.3%
93.3%
93.3%
93.3%
0.00%
0.00%
0.00%
0.00%
0.00%
Physical
Occupancy
95.0%
95.0%
95.0%
95.0%
95.0%
95.0%
95.0%
95.0%
95.0%
95.0%
95.0%
95.0%
95.0%
Expense Category
Payroll
Utilities
Redecorating / Make-Ready
Contracted Services
Repairs & Maintenance
Leasing & Marketing
General & Administrative
Management Fees
Insurance
Taxes and Assessments
Non-Routine Maintenance
Capital Improvements
Per Unit
per Year
$1,903
$2,006
$272
$785
$330
$314
$884
$821
$0
$0
$0
$0
Total Controllable Exp. ( per unit/yr.)

Total Non-Controllable Exp. (per unit/yr.)
Total Expenses (per unit/yr.)
$5,206
$821
$6,027
Riverstone Residential Group and its affiliates (collectively, Riverstone) make no representation, warranty or guaranty as to the accuracy or comprehensiveness of the information set forth herein. While Riverstone has used
reasonable efforts to compile data and information from reasonably reliable sources, this information is intended as an estimated projection only and does not guaranty future performance or actual results. Unless and to the extent
otherwise agreed in a written agreement, Riverstone shall have no liability for any shortfall, consequence or other financial loss in the event that the propertys operations fail to meet or achieve the results projected herein.
9/6/20134:10 PM
1 of 17
Lake Merritt
Summary Report
0
Forecast
Revenue Stats:
Economic Occupancy
Physical Occupancy
Annualized Turnover
Gross Market Rent
Potential Rent
2014
Budget
$ Change
Bdgt. vs. Ref.
% Change
Bdgt. vs. Ref.
Total $$ - Budget vs. Forecast
#DIV/0!
#DIV/0!
0.0%
-
93.3%
95.0%
50.0%
9,490,281
9,318,005
9,490,281
9,318,005
#DIV/0!
#DIV/0!
50.0%
NA
NA
Income:
Total Rental Revenue
Total Other Rental Income
Total Other Income
Total Corporate Income
Total Laundry Income
0
0
0
0
0
8,697,544
244,553
74,821
0
0
8,697,544
244,553
74,821
0
0
NA
NA
NA
NA
NA
Total Revenue
9,016,918
9,016,918
NA
Controllable Expenses:
Total Payroll & Benefits
Total Utilities
Total Make-Ready Expense
Total Landscape / Contracts
Total Maintenance/Repair
Total Leasing & Marketing
Total General & Administrative
0
0
0
0
0
0
0
470,093
177,536
67,083
193,840
81,510
77,540
218,307
(470,093)
(177,536)
(67,083)
(193,840)
(81,510)
(77,540)
(218,307)
NA
NA
NA
NA
NA
NA
NA
Subtotal Controllable Expenses
1,285,909
(1,285,909)
NA
Controllable NOI
7,731,008
7,731,008
NA
Noncontrollable Expenses:
Total Management Fees
Total Insurance
Total Property Taxes
Total Retail
Total Bad Debt Expense
0
0
0
0
0
202,881
0
0
0
0
(202,881)
0
0
0
0
NA
NA
NA
NA
NA
Subtotal Noncontrollable Exp
202,881
(202,881)
NA
Total Operating Expenses
1,488,790
(1,488,790)
NA
Net Operating Income
7,528,128
7,528,128
NA
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
NA
NA
NA
NA
NA
NA
NA
7,528,128
7,528,128
NA
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
NA
NA
NA
NA
NA
7,528,128
7,528,128
NA
Total
Total
Total
Total
Total
Total
Total
Interest - Mortgage Encumb

Casualty Loss
Partnership Expenses
Advisor Fees
Depreciation/Amortization
Capital Expenditures (non-balance sheet)
Net Income (Loss)

Add back Total Depreciation/Amortization
Total Capital Improvements (balance sheet)
Total Long Term Liabilities (balance sheet)
Total Restricted Cash (balance sheet)
Total Equity (balance sheet)
Net Cash
Riverstone Residential Group and its affiliates (collectively, Riverstone) make no representation, warranty or guaranty as to the accuracy or
comprehensiveness of the information set forth herein. While Riverstone has used reasonable efforts to compile data and information from reasonably
reliable sources, this information is intended as an estimated projection only and does not guaranty future performance or actual results. Unless and to
the extent otherwise agreed in a written agreement, Riverstone shall have no liability for any shortfall, consequence or other financial loss in the event that
the propertys operations fail to meet or achieve the results projected herein.
9/6/2013 4:10 PM
Page 2 of 17
Lake Merritt
Summary Report
0
Forecast
Revenue Stats:
Economic Occupancy
Physical Occupancy
Annualized Turnover
Gross Market Rent
Potential Rent
2014
Budget
$ Change
Bdgt. vs. Ref.
Per Unit/Year
#DIV/0!
#DIV/0!
0.0%
-
93.3%
95.0%
50.0%
3,202
3,144
% Change
Bdgt. vs. Ref.
3,202
3,144
#DIV/0!
#DIV/0!
50.0%
NA
NA
Income:
Total Other Income
Total Corporate Income
0
0
0
0
0
35,213
990
303
0
0
35,213
990
303
0
0
NA
NA
NA
NA
NA
Total Revenue
36,506
36,506
NA
Controllable Expenses:
Total Payroll & Benefits
Total Utilities
Total Make-Ready Expense
Total Landscape / Contracts
Total Maintenance/Repair
0
0
0
0
0
0
0
1,903
719
272
785
330
314
884
(1,903)
(719)
(272)
(785)
(330)
(314)
(884)
NA
NA
NA
NA
NA
NA
NA
Subtotal Controllable Expenses
5,206
(5,206)
NA
Controllable NOI
31,300
31,300
NA
Noncontrollable Expenses:
Total Insurance
Total Property Taxes
Total Retail
0
0
0
0
0
821
0
0
0
0
(821)
0
0
0
0
NA
NA
NA
NA
NA
Subtotal Noncontrollable Exp
821
(821)
NA
Total Operating Expenses
6,027
(6,027)
NA
Net Operating Income
30,478
30,478
NA
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
NA
NA
NA
NA
NA
NA
NA
30,478
30,478
NA
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
NA
NA
NA
NA
NA
30,478
30,478
NA
Total
Total
Total
Total
Total
Total
Total
Interest - Mortgage Encumb

Casualty Loss
Partnership Expenses
Advisor Fees
Capital Expenditures (non-balance sheet)
Net Income (Loss)

Total Capital Improvements (balance sheet)
Total Long Term Liabilities (balance sheet)
Total Restricted Cash (balance sheet)
Total Equity (balance sheet)
Net Cash
Riverstone Residential Group and its affiliates (collectively, Riverstone) m
comprehensiveness of the information set forth herein. While Riverstone
reliable sources, this information is intended as an estimated projection on
the extent otherwise agreed in a written agreement, Riverstone shall have
the propertys operations fail to meet or achieve the results projected here
9/6/2013 4:10 PM
Page 3 of 17
Lake Merritt
Budget Detail
No. of Units:
Rentable SQFT:
Riverstone Residential Group - Confidential
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Economic Occupancy
Occupied %
Turnover
93.44%
95.00%
50.00%
93.44%
95.00%
50.00%
93.34%
95.00%
50.00%
93.35%
95.00%
50.00%
93.35%
95.00%
50.00%
93.36%
95.00%
50.00%
93.27%
95.00%
50.00%
93.28%
95.00%
50.00%
93.30%
95.00%
50.00%
93.31%
95.00%
50.00%
93.33%
95.00%
50.00%
93.34%
95.00%
50.00%
Total Budgeted
247
197,675
Per Unit
93.34%
95.00%
50.00%
INCOME
Rental Revenue
510050
510100
Gross Mkt Rent Potential

Gain/Loss to Lease
Potential Rent
510200 Vacancy
510300 Models
510350 Employee Units
510950 Write-Offs
510951 Write-Off Rent Recovery
10
11
12
13
14
15
16
770,165
0
770,165
(38,508)
(3,150)
(3,400)
(7,317)
1,829
719,619
770,165
0
770,165
(38,508)
(3,150)
(3,400)
(7,317)
1,829
719,619
785,568
(14,633)
770,935
(39,278)
(3,213)
(3,400)
(7,317)
1,829
719,556
785,568
(13,350)
772,219
(39,278)
(3,213)
(3,400)
(7,329)
1,832
720,830
785,568
(12,179)
773,390
(39,278)
(3,213)
(3,400)
(7,341)
1,835
721,992
785,568
(11,110)
774,458
(39,278)
(3,213)
(3,400)
(7,352)
1,838
723,053
801,280
(25,061)
776,218
(40,064)
(3,277)
(3,400)
(7,362)
1,840
723,955
801,280
(22,863)
778,417
(40,064)
(3,277)
(3,400)
(7,384)
1,846
726,137
801,280
(20,858)
780,422
(40,064)
(3,277)
(3,400)
(7,404)
1,851
728,128
801,280
(19,028)
782,252
(40,064)
(3,277)
(3,400)
(7,422)
1,855
729,943
801,280
(17,359)
783,921
(40,064)
(3,277)
(3,400)
(7,439)
1,860
731,601
801,280
(15,836)
785,444
(40,064)
(3,277)
(3,400)
(7,454)
1,863
733,111
9,490,281
(172,276)
9,318,005
(474,514)
(38,816)
(40,800)
(88,438)
22,107
8,697,544
15,575
1,050
1,408
2,347
20,379
15,575
1,050
1,408
2,347
20,379
15,575
1,050
1,408
2,347
20,379
15,575
1,050
1,408
2,347
20,379
15,575
1,050
1,408
2,347
20,379
15,575
1,050
1,408
2,347
20,379
15,575
1,050
1,408
2,347
20,379
15,575
1,050
1,408
2,347
20,379
15,575
1,050
1,408
2,347
20,379
15,575
1,050
1,408
2,347
20,379
15,575
1,050
1,408
2,347
20,379
15,575
1,050
1,408
2,347
20,379
186,900
12,600
16,895
28,158
244,553
757
51
68
114
990
739,998
739,998
739,935
741,210
742,372
743,432
744,334
746,517
748,507
750,323
751,980
753,491
8,942,097
36,203
672
75
750
375
3,118
2,676
7,665
672
75
750
375
0
2,676
4,547
672
75
750
375
3,118
2,676
7,665
672
75
750
375
0
2,676
4,547
672
75
750
375
3,118
2,676
7,665
672
75
750
375
0
2,676
4,547
672
75
750
375
3,118
2,676
7,665
672
75
750
375
0
2,676
4,547
672
75
750
375
3,118
2,676
7,665
672
75
750
375
0
2,676
4,547
672
75
750
375
3,118
2,676
7,665
672
75
750
375
0
2,676
4,547
8,058
900
9,000
4,500
18,708
32,110
73,277
33
4
36
18
76
130
297
Corporate Apartment Income

Total Corporate Apartment Income
Retail Income
Total Retail Income
Laundry Income
129
129
129
129
129
129
129
129
129
129
129
129
129
129
129
129
129
129
129
129
129
129
129
129
1,544
1,544
6
6
747,792
744,674
747,729
745,886
750,166
748,108
752,128
751,193
756,301
754,999
759,774
758,167
9,016,918
36,506
5,385
3,462
2,560
5,000
2,533
2,147
2,880
3,088
938
598
1,103
228
1,060
530
1,590
530
5,385
3,462
2,560
5,000
2,533
2,147
2,880
3,088
938
598
1,103
228
1,060
530
1,590
530
5,385
3,462
2,560
5,000
2,533
2,147
2,880
3,088
938
598
1,103
228
1,060
530
1,590
530
5,385
3,462
2,560
5,000
2,533
2,147
2,880
3,088
938
598
1,103
228
1,060
530
1,590
530
8,077
5,192
3,840
7,500
3,799
3,221
4,320
3,088
1,406
734
1,656
341
1,060
530
1,590
530
5,385
3,462
2,560
5,000
2,533
2,147
2,880
3,088
938
598
1,103
228
1,060
530
1,590
530
5,385
3,462
2,560
5,000
2,533
2,147
2,880
3,088
938
598
1,103
228
1,060
530
1,590
530
5,385
3,462
2,560
5,000
2,533
2,147
2,880
3,088
938
598
1,103
228
1,060
530
1,590
530
5,385
3,462
2,560
5,000
2,533
2,147
2,880
3,088
938
598
1,103
228
1,060
530
1,590
530
5,385
3,462
2,560
5,000
2,533
2,147
2,880
3,088
938
598
1,103
228
1,060
530
1,590
530
8,077
5,192
3,840
7,500
3,799
3,221
4,320
3,088
1,406
734
1,656
341
1,060
530
1,590
530
5,385
3,462
2,560
5,000
2,533
2,147
2,880
3,088
938
598
1,103
228
1,060
530
1,590
530
70,004
45,004
33,280
65,000
32,928
27,912
37,440
37,050
12,192
7,448
14,342
2,962
12,720
6,360
19,080
6,360
283
182
135
263
133
113
152
150
49
30
58
12
51
26
77
26
Other Rental Income

513050 Garage
513150 Storage
513250 MTM Premium
513300 Pet Premium
Net Rental Revenue
Other Income
520050 Application Fees
520100 NSF Fees
520150 Late Fees
520400 Clubroom Rental
520600 Lease Cancellation Fees
520850 Damages/Cleaning
Total Other Income
Cost Recovery
550250 Other Reimbursed Costs
Total Cost Recovery
TOTAL REVENUE
38,422.19
-697
37,725
-1,921
-157
-165
-358
90
35,213
OPERATING EXPENSES
Payroll
711200
711300
712200
713200
713400
713500
713600
714100
714200
714250
714300
714320
714350
714400
714450
714470
Manager
Assistant Manager
Leasing Consultant
Maintenance Manager
Maintenance Tech
Porter/Grounds Person
Concierge
Bonus - Leasing
Payroll Taxes - Admin
Payroll Taxes - Leasing
Payroll Taxes - Maintenance
Payroll Taxes - Grounds
Insurance Benefits - Admin
Insurance Benefits - Leasing
Insurance Benefits - Maintenance
Insurance Benefits - Grounds
9/6/2013 4:10 PM
Page 6 of 17
Initials __________
__________
Lake Merritt
Budget Detail
No. of Units:
Rentable SQFT:
714500 401K Contribution - Admin
714550 401K Contribution - Leasing
714600 401K Contribution - Maintenance
714620 401K Contribution - Grounds
714650 Workers Compensation - Admin
714700 Workers Compensation - Leasing
714750 Workers Compensation - Maintenance
714770 Workers Compensation - Grounds
714800 Uniform
714900 Other
Total Payroll
Jan-14
88
56
104
21
830
240
977
201
1,100
238
37,489
Feb-14
88
56
104
21
830
240
977
201
100
238
36,489
Mar-14
88
56
104
21
830
240
977
201
100
238
36,489
Apr-14
88
56
104
21
830
240
977
201
100
238
36,489
May-14
133
69
156
32
1,245
360
1,465
302
100
357
51,104
Jun-14
88
56
104
21
830
240
977
201
1,100
238
37,489
Jul-14
88
56
104
21
830
240
977
201
100
238
36,489
Aug-14
88
56
104
21
830
240
977
201
100
238
36,489
Sep-14
88
56
104
21
830
240
977
201
100
238
36,489
Oct-14
88
56
104
21
830
240
977
201
100
238
36,489
Nov-14
133
69
156
32
1,245
360
1,465
302
1,100
357
52,104
Dec-14
88
56
104
21
830
240
977
201
100
238
36,489
Utilities
720050 Electricity-Vacant
720100 Electricity-Common Area
720200 Gas-Common Area
720250 Water
720255 Water Irrigation
720300 Sewer
720350 Trash Removal
720450 Reimbursed Gas
720500 Reimbursed Water
720550 Reimbursed Sewer
720560 Reimbursed Trash
Total Utilities
247
12,844
5,434
2,897
164
2,225
17,900
(5,162)
(2,615)
(2,114)
(17,005)
14,815
247
12,844
5,434
2,897
164
2,225
17,400
(5,162)
(2,615)
(2,114)
(16,530)
14,790
247
12,844
5,434
2,897
164
2,225
17,400
(5,162)
(2,615)
(2,114)
(16,530)
14,790
247
12,844
5,434
2,897
164
2,225
17,400
(5,162)
(2,615)
(2,114)
(16,530)
14,790
247
12,844
5,434
2,897
164
2,225
17,400
(5,162)
(2,615)
(2,114)
(16,530)
14,790
247
12,844
5,434
2,897
164
2,225
17,900
(5,162)
(2,615)
(2,114)
(17,005)
14,815
247
12,844
5,434
2,897
164
2,225
17,400
(5,162)
(2,615)
(2,114)
(16,530)
14,790
247
12,844
5,434
2,897
164
2,225
17,400
(5,162)
(2,615)
(2,114)
(16,530)
14,790
247
12,844
5,434
2,897
164
2,225
17,400
(5,162)
(2,615)
(2,114)
(16,530)
14,790
247
12,844
5,434
2,897
164
2,225
17,400
(5,162)
(2,615)
(2,114)
(16,530)
14,790
247
12,844
5,434
2,897
164
2,225
17,400
(5,162)
(2,615)
(2,114)
(16,530)
14,790
247
12,844
5,434
2,897
164
2,225
17,400
(5,162)
(2,615)
(2,114)
(16,530)
14,790
2,964
154,128
65,208
34,768
1,965
26,706
209,800
(61,944)
(31,380)
(25,368)
(199,310)
177,536
12
624
264
141
8
108
849
-251
-127
-103
-807
719
Redecorating / Make-Ready
725050 Carpet Cleaning
725060 Carpet Repair
725200 Painting
725350 Contract Cleaning
Total Redecorating / Make-Ready
1,222
200
2,882
1,286
5,590
1,222
200
2,882
1,286
5,590
1,222
200
2,882
1,286
5,590
1,222
200
2,882
1,286
5,590
1,222
200
2,882
1,286
5,590
1,222
200
2,882
1,286
5,590
1,222
200
2,882
1,286
5,590
1,222
200
2,882
1,286
5,590
1,222
200
2,882
1,286
5,590
1,222
200
2,882
1,286
5,590
1,222
200
2,882
1,286
5,590
1,222
200
2,882
1,286
5,590
14,666
2,400
34,580
15,438
67,083
59
10
140
63
272
Contracted Services
730050 Landscape Contract
730350 Courtesy Patrol
730400 Alarms & Monitoring
730450 Pest Control
730500 Cable Contract
730600 Elevator Contract
730650 Other Contracted Services
Total Contracted Services
600
9,125
1,200
245
400
3,500
0
15,070
600
9,125
1,200
245
400
3,500
0
15,070
600
9,125
1,200
245
400
3,500
0
15,070
600
9,125
1,200
245
400
3,500
0
15,070
600
9,125
1,200
245
400
3,500
0
15,070
600
9,125
1,200
245
400
3,500
0
15,070
600
9,125
1,200
245
400
3,500
0
15,070
600
9,125
1,200
245
400
3,500
0
15,070
600
9,125
1,200
245
400
3,500
13,000
28,070
600
9,125
1,200
245
400
3,500
0
15,070
600
9,125
1,200
245
400
3,500
0
15,070
600
9,125
1,200
245
400
3,500
0
15,070
7,200
109,500
14,400
2,940
4,800
42,000
13,000
193,840
29
443
58
12
19
170
53
785
Repairs & Maintenance

735040 Electrical Repairs & Maint
735080 Plumbing Repairs & Maint
735120 HVAC Repairs & Maint
735160 Appliance/Equipment
735200 Interior
735240 Exterior Repairs & Maint
735680 Fire / Life Safety
735830 Public Area R&M
735880 Other
Total Repairs & Maintenance
618
741
494
247
247
494
618
618
2,717
6,793
618
741
494
247
247
494
618
618
2,717
6,793
618
741
494
247
247
494
618
618
2,717
6,793
618
741
494
247
247
494
618
618
2,717
6,793
618
741
494
247
247
494
618
618
2,717
6,793
618
741
494
247
247
494
618
618
2,717
6,793
618
741
494
247
247
494
618
618
2,717
6,793
618
741
494
247
247
494
618
618
2,717
6,793
618
741
494
247
247
494
618
618
2,717
6,793
618
741
494
247
247
494
618
618
2,717
6,793
618
741
494
247
247
494
618
618
2,717
6,793
618
741
494
247
247
494
618
618
2,717
6,793
7,410
8,892
5,928
2,964
2,964
5,928
7,410
7,410
32,604
81,510
30
36
24
12
12
24
30
30
132
330
Leasing & Marketing

740100 Apartment Guide/Magazine
740250 Collateral Materials
740550 Prospect Refreshments
740600 Resident Functions/Parties
740650 Resident Referral
740700 Locator / Broker Fees
740750 Market Studies/Shopper Reports
740850 Resident Retention
740900 Other Adv/Internet/Website
740950 Other Marketing
184
1,500
700
200
250
0
170
2,047
1,810
1,176
8,037
184
650
700
200
250
500
25
1,222
1,810
1,176
6,717
184
0
700
200
250
0
0
1,222
1,810
1,176
5,542
184
250
700
200
250
0
25
1,222
1,810
1,176
5,817
184
0
700
200
250
0
0
2,047
1,810
1,176
6,367
184
500
700
1,500
250
500
25
1,222
1,810
1,176
7,867
184
0
700
200
250
0
170
1,222
1,810
1,176
5,712
184
250
700
200
250
0
25
1,222
1,810
1,176
5,817
184
0
700
200
250
0
0
2,047
1,810
1,176
6,367
184
0
700
200
250
500
25
1,222
1,810
1,176
6,067
184
0
700
200
250
0
0
1,222
1,810
1,176
5,542
184
0
700
1,500
250
0
25
2,047
1,810
1,176
7,692
2,208
3,150
8,400
5,000
3,000
1,500
490
17,960
21,720
14,112
77,540
9
13
34
20
12
6
2
73
88
57
314
General & Administrative

745040 Telephone
745050 Cell Phone
1,350
75
1,350
75
1,350
75
1,350
75
1,350
75
1,350
75
1,350
75
1,350
75
1,350
75
1,350
75
1,350
75
1,350
75
16,200
900
66
4
9/6/2013 4:10 PM
Page 7 of 17
Total Budgeted
1,150
703
1,354
279
10,790
3,122
12,700
2,619
4,200
3,094
470,093
247
197,675
Initials __________
Per Unit
5
3
5
1
44
13
51
11
17
13
1,903
__________
Lake Merritt
Budget Detail
No. of Units:
Rentable SQFT:
745080 Answering Service
745160 Employee Recruiting
745200 Training & Education
745240 Employee Travel / Mileage
745260 Meals & Entertainment - Admin
745320 Office Supplies
745360 Postage/Express Mail
745440 Office Equipment
745520 Credit Verification Fees
745560 Eviction Legal Fees
745600 Governmental Licenses Fees/Permits
745640 Banking Fees/Charges
745680 Computer Services & Fees
745720 Apt. Association Dues
745760 Print/Copy/Fax
Jan-14
150
340
211
35
75
250
220
575
371
1,000
14,154
350
646
917
150
20,868
Feb-14
150
0
1,201
35
75
250
220
575
371
0
13,098
350
646
0
150
18,545
Mar-14
150
0
211
35
75
250
220
575
371
0
13,098
350
646
0
150
17,555
Apr-14
150
0
211
35
75
250
220
575
371
1,000
13,098
350
646
0
150
18,555
May-14
150
0
211
35
75
250
220
575
371
0
13,098
350
646
0
150
17,555
Jun-14
150
0
211
35
75
250
220
575
371
0
13,098
350
646
0
150
17,555
Jul-14
150
0
211
35
75
250
220
575
371
1,000
13,098
350
646
0
150
18,555
Aug-14
150
340
211
35
75
250
220
575
371
0
13,098
350
646
0
150
17,895
Sep-14
150
0
211
35
75
250
220
575
371
0
13,098
350
646
0
150
17,555
Oct-14
150
0
211
35
75
250
220
575
371
1,000
13,098
350
646
0
150
18,555
Nov-14
150
0
211
35
75
250
220
575
371
0
13,098
350
646
0
150
17,555
Dec-14
150
0
211
35
75
250
220
575
371
0
13,098
350
646
0
150
17,555
Total Budgeted
1,800
680
3,520
420
900
3,000
2,640
6,900
4,446
4,000
158,232
4,200
7,752
917
1,800
218,307
247
197,675
Per Unit
7
3
14
2
4
12
11
28
18
16
641
17
31
4
7
884
TOTAL CONTROLLABLE OPERATING EXPENSES
108,662
103,994
101,829
103,104
117,269
105,179
102,999
102,444
115,654
103,354
117,444
103,979
1,285,909
5,206
CONTROLLABLE NET OPERATING INCOME
639,130
640,680
645,900
642,782
632,897
642,929
649,130
648,749
640,647
651,645
642,330
654,188
7,731,008
31,300
16,825
16,825
16,755
16,755
16,824
16,824
16,782
16,782
16,879
16,879
16,832
16,832
16,923
16,923
16,902
16,902
17,017
17,017
16,987
16,987
17,095
17,095
17,059
17,059
202,881
202,881
821
821
Insurance
Total Insurance
Taxes and Assessments

Total Taxes and Assessments
Retail Expenses
Total Retail Expenses
Bad Debt Expense

Management Fees
750050 Management Fee
TOTAL NON-CONTROLLABLE EXPENSES
16,825
16,755
16,824
16,782
16,879
16,832
16,923
16,902
17,017
16,987
17,095
17,059
202,881
821
TOTAL OPERATING EXPENSES
125,487
120,749
118,653
119,886
134,148
122,011
119,922
119,346
132,671
120,341
134,539
121,038
1,488,790
6,027
NET OPERATING INCOME
622,305
623,925
629,076
625,999
616,018
626,097
632,207
631,847
623,631
634,658
625,235
637,129
7,528,128
30,478
9/6/2013 4:10 PM
Page 8 of 17
Initials __________
__________
Lake Merritt
Budget Detail
No. of Units:
Rentable SQFT:
Interest - Mort Encumb
Total Interest - Mort Encumb
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Total Budgeted
247
197,675
Per Unit
Total Non-Routine Maintenance
Casualty Loss
Total Casualty Loss
9/6/2013 4:10 PM
Page 9 of 17
Initials __________
__________
Lake Merritt
Budget Detail
No. of Units:
Rentable SQFT:
Professional/Partnership Expenses
Total Professional/Partnership Expenses
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
Total Budgeted
247
197,675
Per Unit
Advisor Fees
Total Advisor Fees
Total Depreciation/Amortization
Capitalized Expenditures (non-Balance Sheet accts)

Total Capitalized Expenditures (non-Balance Sheet)
NET INCOME / (LOSS)
622,305
623,925
629,076
625,999
616,018
626,097
632,207
631,847
623,631
634,658
625,235
637,129
7,528,128
30,478
Restricted Cash
Total Restricted Cash
Capital Improvements
Total Capital Improvements
Long Term Liabilities

Total Long Term Liabilities
Equity (Partner Distributions)

Total Equity (Partner Distributions)
NET CASH
622,305
623,925
629,076
625,999
616,018
626,097
632,207
631,847
623,631
634,658
625,235
637,129
7,528,128
30,478
Riverstone Residential Group and its affiliates (collectively, Riverstone) make no representation, warranty or guaranty as to the accuracy or comprehensiveness of the information set forth herein. While Riverstone has used reasonable efforts
to compile data and information from reasonably reliable sources, this information is intended as an estimated projection only and does not guaranty future performance or actual results. Unless and to the extent otherwise agreed in a written
agreement, Riverstone shall have no liability for any shortfall, consequence or other financial loss in the event that the propertys operations fail to meet or achieve the results projected herein.
9/6/2013 4:10 PM
Page 10 of 17
Initials __________
__________
Lake Merritt
Revenue Worksheet
# of Apartments
247
Pro forma (enter annual values from pro forma if one exists):
Pro forma Market Rent
Pro forma Rental Revenue
Pro forma Other Rental Income
Pro forma Other Income
Pro forma Total Revenue
Gross Market Rent (projected)

Potential Rent (projected)
Projected Starting Occupancy Month 1 Budget Yr
770,165
770,165
95.00%
Write-offs as % of Gross Potential

Write-off Recovery (rent) as % of Gross Potential
1.00%
0.25%
=====>
Jan-14
Feb-14
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
Nov-14
Dec-14
247
247
247
247
247
247
247
247
247
247
247
247
247
21
50%
10
10
10
50.00%
21
50%
10
10
10
50.00%
21
50%
10
10
10
50.00%
21
50%
10
10
10
50.00%
21
50%
10
10
10
50.00%
21
50%
10
10
10
50.00%
21
50%
10
10
10
50.00%
21
50%
10
10
10
50.00%
21
50%
10
10
10
50.00%
21
50%
10
10
10
50.00%
21
50%
10
10
10
50.00%
21
50%
10
10
10
50.00%
247
50%
124
124
124
50.00%
$0.00
0.00%
$0.00
0.00%
$62.36
1.96%
$0.00
0.00%
$0.00
0.00%
$0.00
0.00%
$63.61
1.96%
$0.00
0.00%
$0.00
0.00%
$0.00
0.00%
$0.00
0.00%
$0.00
0.00%
$125.97
3.92%
Write offs expensed as Bad Debt? (Y/N)
Total Revenue:
9,016,918
Revenue Per Unit:
36,506
0
Assumptions/Budget Notes:
Total Number of Delivered Units

Projected Lease Expirations (#)
Projected Renewal Rate (%)
Resulting Lease Renewals
Projected Move-Ins
Total Move Outs
Annualized Turnover %
Monthly Increase/Unit in Market Rents
resulting %
Discount (%) to Market Rent-New Leases
Discount (%) to Market Rent-Renewals
0.0%
0.0%
Resulting Occupancy at Month Begin

Resulting Occupancy at Month End
Occupied Units at Month End
95.00%
95.00%
235
95.00%
95.00%
235
95.00%
95.00%
235
95.00%
95.00%
235
95.00%
95.00%
235
95.00%
95.00%
235
95.00%
95.00%
235
95.00%
95.00%
235
95.00%
95.00%
235
95.00%
95.00%
235
95.00%
95.00%
235
95.00%
95.00%
235
95.0%
95.0%
235
Average Monthly Occupancy

Average Occupied Units
95.00%
235
95.00%
235
95.00%
235
95.00%
235
95.00%
235
95.00%
235
95.00%
235
95.00%
235
95.00%
235
95.00%
235
95.00%
235
95.00%
235
95.0%
235
Average Scheduled Rent per Unit
3118
3118
3180
3180
3180
3180
3244
3244
3244
3244
3244
3244
3,202
Average Monthly Occupied Rent
3,118
3,118
3,118
3,124
3,129
3,133
3,137
3,147
3,155
3,163
3,170
3,177
3,141
Jan-14
770,165
0
0
770,165
Feb-14
770,165
0
0
770,165
Mar-14
785,568
0
(14,633)
770,935
Apr-14
785,568
0
(13,350)
772,219
May-14
785,568
0
(12,179)
773,390
Jun-14
785,568
0
(11,110)
774,458
Jul-14
801,280
0
(25,061)
776,218
Aug-14
801,280
0
(22,863)
778,417
Sep-14
801,280
0
(20,858)
780,422
Oct-14
801,280
0
(19,028)
782,252
Nov-14
801,280
0
(17,359)
783,921
Dec-14
801,280
0
(15,836)
785,444
9,490,281
0
(172,276)
9,318,005
(38,508)
(38,508)
(39,278)
(39,278)
(39,278)
(39,278)
(40,064)
(40,064)
(40,064)
(40,064)
(40,064)
(40,064)
(3,150)
(3,400)
(3,150)
(3,400)
(3,213)
(3,400)
(3,213)
(3,400)
(3,213)
(3,400)
(3,213)
(3,400)
(3,277)
(3,400)
(3,277)
(3,400)
(3,277)
(3,400)
(3,277)
(3,400)
(3,277)
(3,400)
(3,277)
(3,400)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
(7,317)
1,829
719,619
(7,317)
1,829
719,619
(7,317)
1,829
719,556
(7,329)
1,832
720,830
(7,341)
1,835
721,992
(7,352)
1,838
723,053
(7,362)
1,840
723,955
(7,384)
1,846
726,137
(7,404)
1,851
728,128
(7,422)
1,855
729,943
(7,439)
1,860
731,601
(7,454)
1,863
733,111
(474,514)
0
0
0
(38,816)
(40,800)
0
0
0
0
0
0
0
0
0
0
(88,438)
22,107
8,697,544
510050 Gross Market Rent-Market

Renovation/Upgrade Income
510050
510100 Gain/Loss to Lease-Market
POTENTIAL RENT
510200
510200
510250
510280
510300
510350
510360
510380
510410
510420
510430
510450
510500
510510
510550
510600
510950
510951
TOTAL
Dec-13
770,165
0
770,165
Vacancy Loss
Vacancy Adjustment +/Non-Revenue Apts.
Office/Fitness
Models
Employee Units
Government Subsidy Income
CARES Program
Recurring Concessions
Non-recurring Concessions
Bad Debt - Concessions
Previously Collected Rent (-)
Future Rent Collected
Future Rent Collected - Affordable
Current Month's Delinquent Rent (-)
Other Month Rent/Past Due
Write-Offs
Write-Off Rent Recovery
Actual
Forecast
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Other Income
Number of Renewals:
Other Rental Income
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
10
235
235
235
235
235
235
235
235
235
235
235
235
Revenue
Per Item
513050 Covered Parking - 1-Garage

Monthly Revenue
75.00

Monthly Revenue
125.00
9/6/2013 4:10 PM
10
Number of Move-ins:
Total Number of Occupied Units:
Jan-14
Feb-14
181
13575.00
181
13575.00
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
/------------------------------------------------------- # Units per Month --------------------------------------------------------------------------/
181
181
181
181
181
181
181
181
13575.00
13575.00
13575.00
13575.00
13575.00
13575.00
13575.00
13575.00
16
2000.00
16
2000.00
/------------------------------------------------------- # Units per Month --------------------------------------------------------------------------/

16
16
16
16
16
16
16
16
2000.00
2000.00
2000.00
2000.00
2000.00
2000.00
2000.00
2000.00
Page 11 of 17
Nov-14
Dec-14
Total
Budgeted
Actual
Forecast
191 Total single spaces: 95% = 181
181
13575.00
181
13575.00
162900.00
16
2000.00
16
2000.00
24000.00
17 Total tandem spaces: 95% = 16
Lake Merritt
Revenue Worksheet
Monthly Revenue
0.00
513100 Carports
Monthly Revenue
0.00
513150 Storage
Monthly Revenue
50.00
513200 Boat Slips

Monthly Revenue
0.00
0
0.00
0
0.00
/------------------------------------------------------- # Units per Month --------------------------------------------------------------------------/

0
0
0
0
0
0
0
0
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0
0.00
0
0.00
0.00
0
0.00
0
0.00
/------------------------------------------------------- # Units per Month --------------------------------------------------------------------------/

0
0
0
0
0
0
0
0
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0
0.00
0
0.00
0.00
21
1050.00
21
1050.00
/------------------------------------------------------- # Units per Month --------------------------------------------------------------------------/

21
21
21
21
21
21
21
21
1050.00
1050.00
1050.00
1050.00
1050.00
1050.00
1050.00
1050.00
21
1050.00
21
1050.00
12600.00
0
0.00
0
0.00
/------------------------------------------------------- # Units per Month --------------------------------------------------------------------------/

0
0
0
0
0
0
0
0
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0
0.00
0
0.00
0.00
0
3%
7
1407.90
0
3%
7
1407.90
3%
7
1407.90
3%
7
1407.90
16894.80
2346.50
2346.50
28158.00
0
0.00
0
0.00
0.00
/------------------------------------------------------- # Units per Month --------------------------------------------------------------------------/

513250 MTM Premium
200.00
OR by %
Monthly Revenue
3%
7
1407.90
3%
7
1407.90
3%
7
1407.90
3%
7
1407.90
3%
7
1407.90
3%
7
1407.90
3%
7
1407.90
3%
7
1407.90
/------------------------------------------------------- # Units per Month --------------------------------------------------------------------------/

513300 Pet Premium
OR by detail:
Monthly pet premium for cat

Monthly pet premium for dog
50.00
% of occupied units with cat

% of occupied units with dog
20%
Monthly Revenue
513350 Accelerated Rent

Monthly Revenue
0.00
Revenue
Per Item
Other Income
2346.50
2346.50
0
0.00
0
0.00
Jan-14
Feb-14
2346.50
2346.50
2346.50
2346.50
2346.50
2346.50
2346.50
2346.50
/------------------------------------------------------- # Units per Month --------------------------------------------------------------------------/

0
0
0
0
0
0
0
0
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Mar-14
Apr-14
May-14
Jun-14
Jul-14
Aug-14
Sep-14
Oct-14
/------------------------------------------------------- # Move-ins per Month --------------------------------------------------------------------------/
10
10
10
10
10
10
10
10
Nov-14
Dec-14
Total
Budgeted
Actual
Forecast
520050 Application Fee (per move-in)

43.50
Applications per move-in (cancels/denials)
1.50
Monthly Revenue
Are App Fees a Revenue Item ( R) or Contra- Expense (E)?
10
10
10
10
671.53
R
671.53
671.53
671.53
671.53
671.53
8058.38
520100 NSF Fees

Monthly Revenue
3
75.00
3
75.00
/------------------------------------------------------- # Units per Month --------------------------------------------------------------------------/

3
3
3
3
3
3
3
3
75.00
75.00
75.00
75.00
75.00
75.00
75.00
75.00
3
75.00
3
75.00
900.00
15
750.00
15
750.00
9000.00
25.00
671.53
671.53
671.53
671.53
671.53
671.53
/------------------------------------------------------- # Units per Month --------------------------------------------------------------------------/

520150 Late Fees
as percentage of rent?
OR flat late fee
50.00
Monthly Revenue
520155 Notice Service Fees

Monthly Revenue
0.00
520200 Short Term Lease Premium

Monthly Revenue
0.00
520230 Passthrough Income

Monthly Revenue
0.00
520250 Initial Pet Fees

Monthly Revenue
0.00
520350 Redecorating Fee / Move-in

Monthly Revenue
0.00
520360 Administrative Fee / Move-in &/or Renewal

Monthly Revenue
0.00
9/6/2013 4:10 PM
15
750.00
15
750.00
15
750.00
15
750.00
15
750.00
15
750.00
15
750.00
15
750.00
15
750.00
0
0.00
0
0.00
/------------------------------------------------------- # Units per Month --------------------------------------------------------------------------/

0
0
0
0
0
0
0
0
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0
0.00
0
0.00
0.00
0
0.00
0
0.00
/------------------------------------------------------- # Units per Month --------------------------------------------------------------------------/

0
0
0
0
0
0
0
0
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0
0.00
0
0.00
0.00
0
0.00
0
0.00
/------------------------------------------------------- # Units per Month --------------------------------------------------------------------------/

0
0
0
0
0
0
0
0
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0
0.00
0
0.00
0.00
0
0.00
0
0.00
/------------------------------------------------------- # Units per Month --------------------------------------------------------------------------/

0
0
0
0
0
0
0
0
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0
0.00
0
0.00
0.00
0
0.00
0
0.00
/------------------------------------------------------- # Units per Month --------------------------------------------------------------------------/

0
0
0
0
0
0
0
0
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0
0.00
0
0.00
0.00
0
0.00
0
0.00
/------------------------------------------------------- # Units per Month --------------------------------------------------------------------------/

0
0
0
0
0
0
0
0
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0
0.00
0
0.00
0.00
Page 12 of 17
15
750.00
Lake Merritt
Revenue Worksheet
520400 Clubroom Rental
Monthly Revenue
125.00
520450 Vending Income

Monthly Revenue
0.00
520500 Transfer Fees

Monthly Revenue
0.00
520550 Gate Card Income

Monthly Revenue
0.00
520600 Lease Cancellation Fees

Monthly Revenue
3,118.08
520800 Resident Services Income

Monthly Revenue
0.00
520850 Damages-Cleaning Income / Move-out

Monthly Revenue
260.00
520950 Cable Service Income

Monthly Revenue
520960
Monthly Cable Expense (as negative)
0.00
3
375.00
3
375.00
/------------------------------------------------------- # Units per Month --------------------------------------------------------------------------/

3
3
3
3
3
3
3
3
375.00
375.00
375.00
375.00
375.00
375.00
375.00
375.00
3
375.00
3
375.00
0
0.00
0
0.00
/------------------------------------------------------- # Units per Month --------------------------------------------------------------------------/

0
0
0
0
0
0
0
0
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0
0.00
0
0.00
0
0.00
/------------------------------------------------------- # Units per Month --------------------------------------------------------------------------/

0
0
0
0
0
0
0
0
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0
0.00
0
0.00
1
3118.08
4500.00
0
0.00
0.00
0
0.00
0
0.00
0.00
/------------------------------------------------------- # Units per Month --------------------------------------------------------------------------/

0
0
0
0
0
0
0
0
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0
0.00
0
0.00
0.00
0
0.00
/------------------------------------------------------- # Units per Month --------------------------------------------------------------------------/

1
0
1
0
1
0
1
0
3118.08
0.00
3118.08
0.00
3118.08
0.00
3118.08
0.00
1
3118.08
0
0.00
18708.46
0
0.00
0
0.00
/------------------------------------------------------- # Units per Month --------------------------------------------------------------------------/

0
0
0
0
0
0
0
0
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0
0.00
0
0.00
0.00
10
2675.83
10
2675.83
/------------------------------------------------------- # Units per Month --------------------------------------------------------------------------/

10
10
10
10
10
10
10
10
2675.83
2675.83
2675.83
2675.83
2675.83
2675.83
2675.83
2675.83
10
2675.83
10
2675.83
32110.00
0
0.00
0
0
0.00
0
/------------------------------------------------------- # Units per Month --------------------------------------------------------------------------/

0
0
0
0
0
0
0
0
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0
0
0
0
0
0
0
0
0
0.00
0
0
0.00
0
0.00
0.00
0
0
Miscellaneous Other Income

(enter with appropriate sign)
520220
520300
520651
520410
520610
520620
520625
520630
520650
520700
520750
520755
520825
520830
520900
521050
521050
521100
521170
521200
521250
521260
521270
521350
521360
521365
521400
521410
521455
590250
Jan-14
Guest Suite Income

Reletting Fees
Deposit Fee
Other Appliance Rental
Suspended Resident Rent
Liquidated Damages
Bad Debt - Liquidated Damages (-)
Bad Debt - Lease Termination Fees (-)
Write Off Other Income
Bad Debt Recovery-Other Income
Collection Allowance
Utility Allowance
Sure Deposit
Legal Fees to Residents
Interest Income
Miscellaneous
Renter's Insurance (Mandatory Properties Only)
Forfeited Security Deposit
Gym Membership Income
Concession Chargeback
Phone Income
Income Subsidy
Keys/Locks Fees
Credit Report Fees
Alarm Fees
High Speed Internet Service
Other Income Concessions (-)
Other Income - General
Meal Option
Investment Income
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Feb-14
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Mar-14
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Apr-14
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
May-14
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Jun-14
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Jul-14
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Aug-14
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Sep-14
Oct-14
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Nov-14
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Dec-14
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Corporate Apartment Income

530050
530052
530055
530100
530200
530250
530300
Jan-14
Corporate Premium
Corporate Vacancy (-)
Corporate Expense (-)
Corporate Furniture
Corporate Utilities
Corporate Cleaning
Corporate Other
0
0
0
0
0
0
0
Feb-14
0
0
0
0
0
0
0
Mar-14
0
0
0
0
0
0
0
Apr-14
0
0
0
0
0
0
0
May-14
0
0
0
0
0
0
0
Jun-14
0
0
0
0
0
0
0
Jul-14
0
0
0
0
0
0
0
Aug-14
0
0
0
0
0
0
0
Sep-14
Oct-14
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Nov-14
0
0
0
0
0
0
0
Dec-14
Jan-14
540100 Coin-Op Laundry

540110 Coin-Op Laundry - Percentage Rent
540050 Washer / Dryer Rental

9/6/2013 4:10 PM
Feb-14
0
0
0
0
Mar-14
0
0
Apr-14
0
0
May-14
0
0
Jun-14
0
0
Jul-14
0
0
Aug-14
0
0
Sep-14
Oct-14
0
0
/------------------------------------------------------- # Units per Month --------------------------------------------------------------------------/

0
0
0
0
0
0
0
Page 13 of 17
Nov-14
Dec-14
0
0
0
0
0
0
Actual
Forecast
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Total
Budgeted
0
0
0
0
0
0
0
Laundry Income
Total
Budgeted
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Actual
Forecast
0
0
0
0
0
0
0
Total
Budgeted
0
0
0
0
0
0
0
Actual
Forecast
0
0
0
0
Lake Merritt
Revenue Worksheet
Monthly Revenue
540150 Monthly Washer/Dryer Rental Expense (-)
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Cost Recovery
550220 Reimbursed Pest Control
550250 Other Reimbursed Costs
550255 Write off - Reimbursed Utilities (-)
9/6/2013 4:10 PM
Jan-14
0
129
0
Feb-14
0
129
0
Mar-14
0
129
0
Apr-14
0
129
0
May-14
0
129
0
Jun-14
0
129
0
Jul-14
0
129
0
Aug-14
0
129
0
Page 14 of 17
Sep-14
0
129
0
Oct-14
0
129
0
Nov-14
0
129
0
Dec-14
0
129
0
Total
Budgeted
0
1,544
0
0
0
Actual
Forecast
0
0
0
Rock Creek RUBS set up fee, $12.50 per move in
Lake Merritt
Gross Market Rent and Potential Rent Calculation - Market Rate Units only
Current Gross Market Rent
617,710
Current Potential Rent
571,420
# of Exp. Between Now & End of Year
93
Resulting change in gross potential per each expiring lease>>
Unit Type
Studio x 1Ba
1BR x 1Ba
2BR x 2Ba
2BR Den x 2 Ba
1BR Den x 1Ba
TOTAL:
Total Units
Sq Ft
57
520
101
740
76
1,040
8
1,360
5
675
247
Average Rents per Unit:
9/6/20134:10 PM
Potential Rent
Per Unit
2,500
3,150
3,400
4,950
2,303
$2,137.04
Gross Market Rent

Per Unit
2,500
3,150
3,400
4,950
2,303
$3,118
$3,118
15 of 17
Total
Potential Rent
142,500
318,150
258,400
39,600
11,515
770,165
Total
Gross Market Rent
142,500
318,150
258,400
39,600
11,515
770,165
Total Sq. Ft. >>
Total
SQFT
29,640
74,740
79,040
10,880
3,375
0
197,675
Avg. Sq. Ft./Unit >>
800
Lake Merritt
Payroll
Employee Staffing
Total # of Employees=
7.0
470,093
Prior Year:
1,903
Cost Per Unit:
Is Housing Discount to be shown as an offset to Revenue (R) or

as a Payroll Expense (E)?
R
Are Burden & Benefits to be reported on a Detailed (D) or

35 Summary (S) basis?
17.00
D
Ratio of # Units/Employee =
yroll Processing Fees per person/check
Employee Name
Total Payroll:
Cost Per Unit:
Position
Administrative Payroll:
Senior Manager
Manager
Manager
Assistant Manager
Assistant Manager
Assistant Manager
Activity Director
Activity Director
Asst Activity Director
Asst Activity Director
Payroll - Bus Driver
Bookkeeper
Bookkeeper
Other Administrative Salaries
Property
%
100.0%
100.0%
Insurance
Election
Overtime
Hrs/Month
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
Total Admin Payroll
Salary
& Wages
70,000
Do you want to override the leasing commissions and

enter bonuses directly?
N
Leasing Commissions
Lease Renewal Commission
New Lease Commission
Are Bonuses to be reported on a Detailed (D) or Summary

(S) basis?
D
Market Rent
on Employee
Housing
Overtime
Apartment
Discount (%)
Calculation
3,400
100%
45,000
$115,000
Overtime with salary? (Y/N) =

Total
Salary
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
$0
$70,000
$0
$45,000
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
0.00
$115,000
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
$0
$0
$0
$0
$33,280
$0
$0
$0
$0
$0
$0
$0
$0
0.00
$33,280
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
$0
$65,000
$0
$0
$0
$0
$32,926
$0
$0
$0
$0
$0
$0
$0
$27,914
$0
$0
$0
$0
$0
$0
$0
$0
$37,440
$0
$0
$0
$0
$0
$0
$0
$0
$0
Payroll Related Rates

150.00 P/R Tax Rate
150.00
401(k) Rate
Is Work. Comp based
N
Work. Comp. Rate
\
Start
Stop
Month
Month
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
10.60%
1.0%
Y
9.38%
9.38%
Payroll Increase
Increase
Increase
Month #
%
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
Manager
/-----------Quarterly Bonus-----------/
2nd
3rd
1st
Annualized
Pay Rate
per Hour
4th
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Total Admin Quarterly Bonus
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
33.65
21.63
-
Leasing Payroll:
Leasing Manager
Leasing Manager
Leasing Consultant
Leasing Consultant
Leasing Consultant
Leasing Consultant
Leasing Consultant
Leasing Consultant
Leasing Consultant
Leasing Consultant
Leasing Consultant
Leasing Consultant
Other Leasing Salaries
Leasing Bonuses
100.0%
1
1
1
1
1
1
1
1
1
1
1
1
1
Total Leasing Payroll
Maintenance Payroll:
Divisional Maintenance Supervisor
Maintenance Manager
Maintenance Manager
Assistant Maintenance Manager
Maintenance Tech
Maintenance Tech
Maintenance Tech
Maintenance Tech
Maintenance Tech
Maintenance Tech
Maintenance Tech
Maintenance Tech
Payroll - Security
Payroll - Security
Concierge
Concierge
Painter-In-House
Painter-In-House
Painter-In-House
Painter-In-House
Housekeeper
Housekeeper
Housekeeper
Other Maintenance Salaries
9/6/2013 4:10 PM
33,280
$33,280
100.0%
100.0%
100.0%
100.0%
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
65,000
32,926
27,914
37,440
1
1
1
1
1
1
1
1
1
1
1
1
1
12
12
12
12
12
12
12
12
12
12
12
12
12
7
7
7
7
7
7
7
7
7
7
7
7
7
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
$
$
$
$
$
$
$
$
$
$
$
$
$
$
16.00
-
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
12
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
7
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
31.25
15.83
13.42
18.00
-
Total Maintenance Payroll
$163,280
0.00
$163,280
Total Maint Quarterly Bonus
Total
$311,560
$0
$311,560
Total Quarterly Bonus
Page 16 of 17
$0
$0
$0
$0
9/6/2013 4:10 PM
Taxable Compensation (wage + OT + bonus)
$348,618
Worker's Comp Compensation (wage + OT)
$311,568
Page 17 of 17
Total Bonus:
Total Bonus as % of Total Salary:
Total Burden/Benefits as % of Total Salary including Bonus:
$37,050
11.89%
32.75%

DRAFT Stabilized Budget - Lake Merritt Apts 09.05.13 LCK

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Lake Merritt

Write-offs as % of Gross Potential

Application Fee Per Move In

Bonus as % of Total Salary:

Budgeted Controllable Expenses as % of Total Revenue:

Average Advertising/Locator Cost per Move-In:

Change in Revenue (budget yr. over current yr. reforecast)

Management Fee % of Total Income

Projected Sale Cap Rate

Market Rent (MR)

Total Controllable Exp. ( per unit/yr.)

Total $$ - Budget vs. Forecast

Subtotal Controllable Expenses

Subtotal Noncontrollable Exp

Total Operating Expenses

Net Operating Income

Interest - Mortgage Encumb

Net Income (Loss)

Subtotal Controllable Expenses

Subtotal Noncontrollable Exp

Total Operating Expenses

Net Operating Income

Interest - Mortgage Encumb

Net Income (Loss)

Gross Mkt Rent Potential

Corporate Apartment Income

Other Rental Income

Repairs & Maintenance

Leasing & Marketing

General & Administrative

TOTAL CONTROLLABLE OPERATING EXPENSES

CONTROLLABLE NET OPERATING INCOME

Taxes and Assessments

Bad Debt Expense

TOTAL NON-CONTROLLABLE EXPENSES

TOTAL OPERATING EXPENSES

NET OPERATING INCOME

Capitalized Expenditures (non-Balance Sheet accts)

Add back Total Depreciation/Amortization

Long Term Liabilities

Equity (Partner Distributions)

Gross Market Rent (projected)

Write-offs as % of Gross Potential

Write offs expensed as Bad Debt? (Y/N)

Revenue Per Unit:

Total Number of Delivered Units

Resulting Occupancy at Month Begin

Average Monthly Occupancy

Average Scheduled Rent per Unit

Average Monthly Occupied Rent

510050 Gross Market Rent-Market

Other Rental Income

513050 Covered Parking - 1-Garage

513050 Covered Parking - 2-Garage

/------------------------------------------------------- # Units per Month --------------------------------------------------------------------------/

17 Total tandem spaces: 95% = 16

513200 Boat Slips

/------------------------------------------------------- # Units per Month --------------------------------------------------------------------------/

/------------------------------------------------------- # Units per Month --------------------------------------------------------------------------/

/------------------------------------------------------- # Units per Month --------------------------------------------------------------------------/

/------------------------------------------------------- # Units per Month --------------------------------------------------------------------------/

/------------------------------------------------------- # Units per Month --------------------------------------------------------------------------/

/------------------------------------------------------- # Units per Month --------------------------------------------------------------------------/

Monthly pet premium for cat