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Terrace on the Lake (20150)

Comparison between FY16 and FY17


Period = Jan 2017-Dec 2017

Total Total
Budget Actual Variance
FY17 FY16 (FY17-FY16)/FY17

Market Rent 2,020,844.55 1,961,985.00 2.91%


Less: Loss to Lease 50,000.00 74,181.00 -48.36%
GROSS POTENTIAL RENT 2,070,844.55 2,036,166.00 1.67%

RENTAL DEDUCTIONS
Vacancy Loss -140,108.42 -136,027.59 2.91%
Associate Apt Discount -15,318.94 -15,018.57 1.96%
Concessions -20,547.64 -20,966.98 -2.04%
Preferred Resident -25,018.52 -27,798.36 -11.11%
Bad Debt write off - Rent Only -3,000.00 -3,175.58 -5.85%
TOTAL RENTAL DEDUCTIONS -203,993.52 -20298708.00% 0.49%

TOTAL RENTAL REVENUES 1,866,851.03 183317892.00% 1.80%

OTHER PROPERTY REVENUES


Furniture 14,976.02 14,827.74 0.99%
Late Charges 6,836.55 6,637.43 2.91%
Lease Termination Fees 50,034.80 51,055.92 -2.04%
Month-to-Month Fees 8,164.07 8,330.68 -2.04%
Move-in-Fees 15,650.00 15,650.00 0.00%
NSF Fee 833.00 850.00 -2.04%
Pet Fees 39,220.92 39,220.92 0.00%
Damages-Resident Reimbursement 694.17 771.30 -11.11%
Phone and Electric Rebates 80.71 82.36 -2.04%
Move-out-Charges 24,062.42 23,590.61 1.96%
Bad Debt write off - non rent -23,648.03 -23,184.34 1.96%
Bad Debt Collection 13,895.86 13,623.39 1.96%
Other Income 0.00 15.00 100%
TOTAL OTHER PROPERTY REVENUES 150,800.49 151,471.01 -0.44%
TOTAL OPERATING REVENUES 2,017,651.52 1,984,649.93 1.64%

TOTAL REVENUES 2,017,651.52 1,984,649.93 1.64%

PROPERTY LEVEL EXPENSE


PAYROLL:
GROSS WAGES:
TOTAL GROSS WAGES 146,974.10 144,092.25 1.96%

PAYROLL - OTHER CHARGES


Bonus - CD - Service Mgr 3,000.00 3,197.34 -6.58%
Bonus - Other Onsite 2,000.00 1,838.00 8.10%
Bonus - Leasing 300.00 216.56 27.81%
Payroll Taxes 12,592.67 12,225.89 2.91%
Workers Comp 9,580.80 9,301.75 2.91%
Medical Insurance 18,392.30 17,856.60 2.91%
401K Retirement Plan 1,525.90 1,481.46 2.91%
Payroll Processing Fees 1,112.85 1,080.44 2.91%
TOTAL OTHER CHARGES 48,504.52 47,198.04 2.69%
TOTAL PAYROLL 195,478.62 191,290.29 2.14%

UTILITIES:
Electricity 227,499.46 220,873.26 2.91%
Electricity - Chargeback -146,321.49 -142,059.70 2.91%
Water-Sewer 53,321.74 51,768.68 2.91%
Water-Sewer - Chargeback -55,379.98 -53,766.97 2.91%
Garbage 10,983.00 10,663.11 2.91%
Telephone 1,748.98 1,698.04 2.91%
Internet Services 1,064.71 1,033.70 2.91%
Cell Phone 413.57 401.52 2.91%
Cable 24,361.56 23,652.00 2.91%
Cable - Chargeback -33,876.01 -32,889.33 2.91%
Bad Debt write off - utilities 8,886.22 9,067.57 -2.04%
TOTAL UTILITIES 92,701.76 90,441.88 2.44%

MAINTENANCE EXPENSES:
Unit Cleaning-Painting - Turns 13,253.04 12,993.18 1.96%
Unit Repair-Maintenance - Turns 6,845.04 6,710.82 1.96%
Unit Repair-Maintenance - Residents 5,342.57 5,237.81 1.96%
Building Maintenance 3,982.99 3,904.89 1.96%
Exterminator 664.02 651.00 1.96%
Fire Alarm-Security Services 7,261.10 7,118.73 1.96%
Landscape-Grounds-Parking 17,591.62 17,246.69 1.96%
Health Club Supplies 600.00 0.00 100.00%
Furniture-W.D.-Wtr Htr Rental 3,000.00 3,051.39 -1.71%
Vehicles 200.00 167.17 16.42%
TOTAL MAINTENANCE EXPENSE 58,740.38 57,166.68 2.68%

PROPERTY LEVEL ADMIN EXP:


Office Expense 2,479.11 2,430.50 1.96%
Direct Payment Fee 1,119.45 1,097.50 1.96%
Credit Checks 1,518.94 1,489.16 1.96%
Legal and Collection Fees 1,641.69 1,609.50 1.96%
Advertising - Print ads 200.00 0.00 100.00%
Advertising - On-line ads 7,429.65 7,075.86 4.76%
Advertising - Resident Referrals 500.00 400.00 20.00%
Advertising - Signage 400.00 360.95 9.76%
Advertising - Other 5,000.00 4,459.60 10.81%
Resident Activities 600.00 0.00 100.00%
Corporate Units 1,125.92 1,093.13 2.91%
Uniforms 325.97 319.58 1.96%
Drug Testing 0.00 52.50 100.00%
Misc Expense 0.00 0.00 0.00%
TOTAL PROP LEVEL ADMIN EXP 22,340.74 20,388.28 8.74%

REPLACEMENTS:
Furniture 0.00 249.00 100.00%
Hot Water Tanks 3,517.92 3,318.79 5.66%
Appliances 1,267.76 1,196.00 5.66%
Washer-Dryer - units 1,937.48 1,827.81 5.66%
Carpets 9,000.00 8,587.40 4.58%
Vinyl-Tile - Flooring 3,500.00 3,469.89 0.86%
Drapes and Blinds 0.00 62.00 100.00%
Lighting Fixtures and Ceiling Fans 200.00 174.94 12.53%
TOTAL REPLACEMENTS 19,423.16 18,885.83 2.77%

TOTAL PROPERTY LEVEL EXP 388,684.66 378,172.96 2.70%

PROPERTY LEVEL INCOME 1,628,966.86 1,606,476.97 1.38%

GENERAL AND ADMINISTRATION:


Mgmt and Acctg Fees - WIS-WPM 93,273.63 90,556.92 2.91%
Customer Service - Pickle 1,701.31 1,651.76 2.91%
On-site Shop Reports 244.55 237.43 2.91%
Insurance 16,570.87 16,088.22 2.91%
Property Taxes 119,392.63 119,273.36 0.10%
Property Taxes - Other 250.00 250.00 0.00%
Personal Property Taxes 820.97 820.97 0.00%
Software Licensing 1,681.21 1,681.21 0.00%
Software Licensing - Rev Mgmt 1,326.60 1,326.60 0.00%
Late Charges 0.00 2.92 100.00%
TOTAL GENERAL AND ADMIN EXP 235,261.77 231,889.39 1.43%

NOI 1,393,705.09 1,374,587.58 1.37%