Database: LOCKWOOD Statement of Operations Page: 1 REVENUES RENT PR4010 GPR-RESIDENT 135,240 149,102 (13,862) 135,240 270,480 298,204 (27,724) 270,480 GROSS POTENTIAL RENT 135,240 149,102 (13,862) 135,240 270,480 298,204 (27,724) 270,480 PR4012 GAIN/(LOSS) TO LEASE 7,108 (7,000) 14,108 2,580 13,605 (14,500) 28,105 3,845 7,108 (7,000) 14,108 2,580 13,605 (14,500) 28,105 3,845 NET POTENTIAL RENT 142,348 142,102 246 137,820 284,085 283,704 381 274,325 PR4110 VACANCY RESIDENTIAL (1,205) (8,200) 6,995 (2,016) (966) (16,400) 15,434 (8,488) PR4132 GUEST/SET-ASIDE OR MODEL (3,865) (1,654) (2,211) (3,865) (7,730) (3,308) (4,422) (7,730) PR4140 CONCESSIONS (2,291) 0 (2,291) (8,846) (9,049) 0 (9,049) (18,386) PR4142 RENT ADJUSTMENTS 0 0 0 0 902 0 902 0 (7,361) (9,854) 2,494 (14,727) (16,843) (19,708) 2,866 (34,604) NET RENTAL REVENUE 134,988 132,248 2,740 123,093 267,243 263,996 3,247 239,721 OTHER REVENUE PR4817 MONTHLY AND N-R PET FEES 0 0 0 0 0 300 (300) 0 PR4820 OTHER CHGES TO RES 0 250 (250) 800 150 500 (350) 2,200 PR4821 STORAGE 700 600 100 470 1,480 1,200 280 1,120 PR4830 TERMINATION FEES 0 0 0 0 0 0 0 1,340 PR4835 APPLICATION FEES 3,000 3,000 0 8,105 9,000 6,000 3,000 14,385 PR4855 GUEST SUITE RENTAL 600 0 600 225 2,475 0 2,475 750 PR4862 HOUSEKEEPING SERVICES 700 750 (50) 830 1,300 1,500 (200) 1,760 PR4960 MISCELLANEOUS 1,277 150 1,127 712 1,387 300 1,087 712 TOTAL-OTHER REVENUE 6,277 4,750 1,527 11,142 15,792 9,800 5,992 22,267 TOTAL REVENUE 141,264 136,998 4,266 134,235 283,034 273,796 9,238 261,988 EXPENSES
Database: LOCKWOOD Statement of Operations Page: 2 ADMINISTRATIVE PR5050 MANAGEMENT FEE 10,132 9,590 (542) 9,050 20,433 19,166 (1,267) 17,623 PR5101 WAGES - EXECUTIVE DIRECTOR 0 6,635 6,635 0 0 11,058 11,058 0 PR5103 WAGES - CONCIERGE 1,540 4,200 2,660 995 4,303 7,000 2,697 2,283 PR5104 WAGES - COMMUNITY MANAGER 4,442 0 (4,442) 4,231 10,979 0 (10,979) 10,365 PR5112 WAGES - OFFICE TEMPORARY 0 0 0 1,991 284 0 (284) 3,613 PR5114 BONUS 0 0 0 0 6,000 7,500 1,500 5,000 PR5115 PAYROLL TAXES 1,974 2,450 476 1,984 5,535 4,900 (635) 4,729 PR5116 HEALTH INS/BENEFITS 3,633 3,850 217 2,143 7,049 7,700 651 4,189 PR5117 WORKERS COMP INSURANCE 401 500 99 1,303 1,023 1,000 (23) 1,797 PR5120 CONSULTING FEES 233 375 142 172 576 750 174 429 PR5122 WAGES - OVERTIME 475 225 (250) 126 1,183 450 (733) 907 PR5130 TECHNOLOGY SUPPORT 0 50 50 0 0 100 100 0 PR5135 LEGAL 0 500 500 0 3,285 1,000 (2,285) 0 PR5140 EDUCATION/TRAINING/SEMINARS 30 0 (30) 0 30 0 (30) 0 PR5146 EMPL BACKROUND REPORTS 162 60 (102) 0 162 60 (102) 0 PR5150 DUES AND SUBSCRIPTIONS 0 0 0 0 1,176 450 (726) 1,176 PR5155 OFFICE EQUIPMENT RENTAL 279 430 151 53 671 860 189 799 PR5160 TELEPHONE 944 1,300 356 735 1,669 2,600 931 1,556 PR5170 OFFICE EXPENSE/EQUIPMENT 0 130 130 0 0 260 260 1,074 PR5172 MEALS & ENTERTAINMENT 515 400 (115) 548 1,221 800 (421) 1,023 PR5175 AUTO & TRAVEL 1,144 1,400 256 1,126 2,486 2,800 314 2,321 PR5180 POSTAGE/SHIPPING 538 200 (338) 576 1,026 400 (626) 1,151 PR5190 OFFICE SUPPLIES 151 270 119 320 247 540 293 560 PR5192 BANK FEES 76 100 24 75 189 200 11 180 PR5195 FORMS 302 0 (302) 0 302 0 (302) 0 PR5200 ADVERTISING/HELP WANTED 0 66 66 0 0 132 132 0 PR5210 AUDITING 0 4,500 4,500 0 0 8,500 8,500 0 PR5220 CABLE TV 140 200 60 255 371 400 30 625 PR5225 UNIFORM 0 50 50 0 200 150 (50) 0 PR5231 ASSOCIATE RELATIONS 0 125 125 94 0 125 125 187 PR5235 MISC ADMINISTRATIVE 167 50 (117) 0 167 100 (67) 0 TOTAL ADMINISTRATIVE EXPENSES 27,279 37,656 10,377 25,776 70,564 79,001 8,437 61,587 MARKETING
Database: LOCKWOOD Statement of Operations Page: 3 PR5301 WAGES - SALES & MARKETING DI 3,300 5,065 1,765 3,188 8,060 8,442 382 7,514 PR5303 BONUSES-MARKETING 5,920 5,000 (920) 8,270 15,360 10,000 (5,360) 11,940 PR5306 MARKETING CONSULTING SVS. 2,286 1,800 (486) 4,215 4,036 3,575 (461) 8,565 PR5310 ADVERTISING 2,480 1,543 (937) 1,565 4,420 2,871 (1,549) 3,280 PR5315 MODEL FURNITURE 0 0 0 0 290 0 (290) 0 PR5334 MARKETING EVENTS 0 0 0 0 0 800 800 0 PR5340 DESIGN/PRODUCTION 0 500 500 0 (10) 1,000 1,010 4,274 PR5341 NEWSPAPER 0 1,800 1,800 4,236 1,602 3,600 1,998 7,951 PR5342 APARTMENT GUIDE 0 0 0 0 0 0 0 1,470 PR5344 INTERNET 1,010 1,510 500 1,010 3,030 3,020 (10) 2,020 PR5346 DIRECT MAIL 0 0 0 0 0 0 0 220 PR5347 OUTREACH 0 100 100 0 270 200 (70) 0 PR5360 SIGNAGE 38 0 (38) 83 38 0 (38) 83 PR5362 CALLSOURCE 371 0 (371) 355 747 0 (747) 703 PR5365 PRINTING/FLYERS 0 0 0 0 0 0 0 119 PR5370 MARKETING COSTS-OTHER 1,220 225 (995) 1,472 1,701 450 (1,251) 2,270 TOTAL MARKETING 16,625 17,543 918 24,392 39,542 33,958 (5,584) 50,409 ACTIVITIES PR5111 WAGES - ACTIVITIES DIRECTOR 2,688 4,200 1,512 2,480 6,829 7,000 171 6,252 PR5113 WAGES - ACTIVITIES DRIVER 1,358 1,771 413 1,290 3,395 2,951 (444) 3,338 PR5177 RES ACTIV VEHICLE 477 0 (477) 489 1,003 0 (1,003) 1,120 PR5330 RESIDENT EVENTS & RELATIONS 1,411 1,300 (111) 1,431 4,466 2,600 (1,866) 2,562 PR5331 ACTIVITIES VEHICLE GAS 0 425 425 0 0 850 850 0 TOTAL ACTIVITIES 5,933 7,696 1,763 5,690 15,693 13,401 (2,292) 13,272 DINING TOTAL DINING 0 0 0 0 0 0 0 0 HOUSEKEEPING/LAUNDRY PR5502 WAGES - HOUSEKEEPING 2,224 3,600 1,376 1,617 6,065 6,000 (65) 4,075 PR5504 HOUSEKEEPING CHEMICALS & SU 0 500 500 816 303 1,000 697 1,679 TOTAL HOUSEKEEPING/LAUNDRY 2,224 4,100 1,876 2,434 6,368 7,000 632 5,754
Database: LOCKWOOD Statement of Operations Page: 4 GROUNDS PR5510 LANDSCAPE MAINTENANCE 1,012 900 (112) 995 2,864 1,800 (1,064) 1,991 PR5520 LANDSCAPE SUPPLIES 0 0 0 0 38 0 (38) 0 PR5540 RUBBISH REMOVAL 390 403 13 320 780 806 26 640 PR5550 POOL SUPPLIES (15) 0 15 0 (15) 0 15 0 TOTAL GROUNDS 1,387 1,303 (84) 1,315 3,666 2,606 (1,060) 2,631 MAINTENANCE PR5601 WAGES - MAINTENANCE SUPERV 4,107 6,060 1,953 3,844 10,257 10,100 (157) 9,769 PR5602 WAGES - MAINTENANCE TECH 0 1,040 1,040 0 0 2,080 2,080 0 PR5615 PLUMBING REPAIRS 216 250 34 4,116 216 500 284 6,891 PR5620 PLUMBING SUPPLIES 337 250 (87) 303 427 500 73 318 PR5625 HVAC REPAIRS/SERVICE 0 900 900 1,059 411 1,800 1,389 1,059 PR5630 HVAC SUPPLIES 0 700 700 0 246 1,400 1,154 444 PR5635 EXTERMINATING 67 59 (8) 0 185 118 (67) 118 PR5645 ELECTRICAL REPAIRS 0 0 0 0 0 100 100 97 PR5650 ELECTRICAL SUPPLIES (584) 45 629 0 (526) 90 616 0 PR5651 LIGHT BULB REPLACEMENT 24 215 191 159 38 430 392 640 PR5655 APPLIANCE REPAIR/SUPPLY 0 85 85 0 0 170 170 0 PR5660 BUILDING REPAIRS 0 1,050 1,050 0 0 1,100 1,100 0 PR5670 ELEVATOR 992 688 (304) 1,133 1,644 1,376 (268) 1,825 PR5675 BULDING REPAIR-SPECIAL 6,605 0 (6,605) 0 6,605 0 (6,605) 475 PR5676 LOCKS & KEYS 38 100 62 115 167 200 33 153 PR5680 GENRL MAINT REP/SUP 29 425 396 238 362 850 488 417 PR5682 UNIT MOVE-IN UPGRADES (1,010) 0 1,010 515 (1,368) 0 1,368 1,536 PR5690 VEHICLE EXPENSE 0 100 100 0 0 300 300 0 PR5696 APPLIANCE REP-COMMON 34 0 (34) 0 34 0 (34) 0 PR5701 CARPET CLEANING-COMMON 265 0 (265) 0 350 100 (250) 0 PR5704 REPAIRS/SUPPLIES-COMMON 198 0 (198) 0 221 500 279 0 PR5710 JANITORIAL SUPPLIES 282 100 (182) 0 461 200 (261) 0 TOTAL MAINTENANCE 11,600 12,067 467 11,484 19,728 21,914 2,186 23,743 UTILITIES PR5410 VACANT ELECTRIC 55 50 (5) 548 116 200 84 1,108 PR5420 ELECTRIC 2,424 3,000 576 2,400 4,915 6,000 1,085 5,087
Database: LOCKWOOD Statement of Operations Page: 5 PR5450 WATER/SEWER 3,124 2,760 (364) 3,383 6,252 5,220 (1,032) 5,966 TOTAL UTILITIES 5,603 5,810 207 6,331 11,282 11,420 138 12,162 UNIT TURNOVER PR5810 CARPET CLEANING 0 0 0 170 340 0 (340) 350 PR5815 CARPET/FLOOR REPAIRS 453 300 (153) 0 453 1,200 747 590 PR5820 PAINTING & DECORATING 750 0 (750) 0 3,475 0 (3,475) 800 PR5825 PAINTING SUPPLIES 471 50 (421) 0 471 550 79 139 PR5830 CLEANING SERVICE 130 0 (130) 0 130 0 (130) 0 PR5835 DRYWALL/PATCHING 0 0 0 35 0 0 0 35 PR5840 OTHER TURNOVER COSTS 0 1,000 1,000 120 (1,455) 2,000 3,455 120 TOTAL UNIT TURNOVER 1,805 1,350 (455) 325 3,415 3,750 335 2,034 OTHER OPERATING PR5925 FIRE SYSTEM REPAIRS 0 0 0 0 0 0 0 225 PR5930 FIRE PANEL INSP/SERVICE 225 0 (225) 0 225 0 (225) 0 TOTAL OTHER OPERATING 225 0 (225) 0 225 0 (225) 225 TAXES & INSURANCE PR6560 PROP/LIAB INSURANCE 3,202 2,800 (402) 2,601 5,804 5,600 (204) 5,202 TOTAL TAXES & INSURANCE 3,202 2,800 (402) 2,601 5,804 5,600 (204) 5,202 TOTAL OPERATING EXPENSES 75,883 90,325 14,442 80,348 176,288 178,650 2,362 177,018 NET OPERATING INCOME 65,381 46,673 18,708 53,886 106,746 95,146 11,600 84,970 OTHER (INCOME)/EXPENSE PR1522 BUILDING IMPROVEMENTS 0 5,000 5,000 0 0 14,000 14,000 0 PR1551 CARPETING/FLOORING 0 0 0 0 327 0 (327) 0
Database: LOCKWOOD Statement of Operations Page: 6 PR1590 MISC FIXED ASSETS 0 4,500 4,500 0 0 4,500 4,500 0 TOTAL OTHER EXPENSES 0 9,500 9,500 0 327 18,500 18,173 0 NET CASH FLOW 65,381 37,173 28,208 53,886 106,419 76,646 29,773 84,970