Annual Property Operating Data
Retail - Office
The APOD is a very useful snapshot of the status of a property investment as of the projected Acquisition Date, showing most of the information relevant to the investment, absent any projections of performance.
|
Purpose |
For Sale |
|
Name |
Retail - Office |
|
Location |
USA |
|
Property Type |
Retail - Office |
|
Date |
18 April 2008 |
|
Square Feet |
20,000 |
|
Price |
$4,000,000 |
|
-Loans |
2,267,138 |
|
Down Payment |
1,732,862 |
|
+Acq Costs |
20,000 |
|
+Loan Points |
22,671 |
|
Investment |
1,775,534 |
|
|
$/SqFt |
% of GI |
Annual $ |
|
Gross Income |
|
|
|
|
201 Office (10,000 sf) |
12.00 |
32.5% |
120,000 |
|
102 Drug Store (7,500 sf) |
12.60 |
25.6% |
94,500 |
|
103 Beauty Salon (2,000 sf) |
14.50 |
7.9% |
29,000 |
|
104 Donuts (2,000 sf) |
14.50 |
7.9% |
29,000 |
|
105 Flowers (1,000 sf) |
14.50 |
3.9% |
14,500 |
|
Base Rental Revenue |
$14.35 |
77.7% |
$287,000 |
|
Percentage Rent |
$0.20 |
1.1% |
$4,000 |
|
Total Reimbursements |
$3.91 |
21.2% |
$78,233 |
|
Total Gross Income |
$18.46 |
100.0% |
$369,233 |
|
- Vacancy & Credit Loss |
0.00 |
0.0% |
0 |
|
Effective Income |
$18.46 |
100.0% |
$369,233 |
|
Less: Operating Expenses |
|
|
|
|
Maintenance |
0.57 |
3.1% |
11,400 |
|
Insurance |
0.23 |
1.2% |
4,600 |
|
Property Taxes |
2.00 |
10.8% |
40,000 |
|
Security |
0.15 |
0.8% |
3,000 |
|
Utilities |
0.17 |
0.9% |
3,400 |
|
Management Fee |
0.70 |
3.8% |
14,000 |
|
Total Operating Expenses |
$3.82 |
20.7% |
$76,400 |
|
Net Operating Income |
$14.64 |
79.3% |
$292,833 |
|
Less: Debt Service |
|
|
|
|
Loan |
11.38 |
61.6% |
227,559 |
|
Total Debt Service |
$11.38 |
61.6% |
$227,559 |
|
Net Operating Cash Flow |
$3.26 |
17.7% |
$65,274 |
|
Capitalization Rate |
7.32% |
|
Gross Income Multiplier |
10.83 |
|
Cash on Cash |
3.68% |
|
Debt Coverage Ratio |
1.287 |
|
Price/SqFt |
$200 |
|
|
|
|
Use of Effective Income at Acquisition (
Retail - Office
|
|
|
|
Source of Gross Income at Acquisition ($
Retail - Office
|
|
|
|
Property Acquisition Report
Retail - Office
This report shows the projected cash requirement for acquisition of the Retail - Office on 1 January 2008.
|
Cost of Property Acquired |
|
|
|
|
Price of Property |
$4,000,000 |
|
|
|
+ Closing Costs (.5%) |
20,000 |
|
|
|
Total Cost of Property Acquired |
|
|
$4,020,000 |
|
|
|
|
|
|
Property Financing |
|
|
|
|
Loan Loan Principal |
$2,267,138 |
|
|
|
- Points (1 Point) |
22,671 |
|
|
|
Loan Loan Proceeds |
|
$2,244,466 |
|
|
Total Net Loan Proceeds |
|
|
2,244,466 |
|
Cash Required at Acquisition |
|
|
$1,775,534 |
|
|
|
|
Source of Acquisition Funds
Retail - Office
|
|
|
|
Retail - Office
Acquisition Annual Gross Income Tenant Rent Roll
|
Tenant Name |
Suite |
RSF |
Start |
End |
Rent/RSF |
Reimb/RSF |
Total/RSF |
Total $ |
|
Office |
201 |
10,000 |
1/08 |
1/10 |
12.00 |
3.58 |
15.58 |
155,789 |
|
Tenant Name |
Suite |
RSF |
Start |
End |
Rent/RSF |
Reimb/RSF |
Total/RSF |
Total $ |
|
Drug Store |
102 |
7,500 |
1/07 |
1/13 |
13.13 |
3.40 |
16.53 |
123,967 |
|
Tenant Name |
Suite |
RSF |
Start |
End |
Rent/RSF |
Reimb/RSF |
Total/RSF |
Total $ |
|
Beauty Salon |
103 |
2,000 |
1/08 |
4/08 |
14.50 |
3.40 |
17.90 |
35,791 |
|
Tenant Name |
Suite |
RSF |
Start |
End |
Rent/RSF |
Reimb/RSF |
Total/RSF |
Total $ |
|
Donuts |
104 |
2,000 |
1/08 |
11/08 |
14.50 |
3.40 |
17.90 |
35,791 |
|
Tenant Name |
Suite |
RSF |
Start |
End |
Rent/RSF |
Reimb/RSF |
Total/RSF |
Total $ |
|
Flowers |
105 |
1,000 |
1/08 |
7/13 |
14.50 |
3.40 |
17.90 |
17,896 |
|
Tenant Name |
Suite |
RSF |
Start |
End |
Rent/RSF |
Reimb/RSF |
Total/RSF |
Total $ |
|
Totals |
|
22,500 |
|
|
12.93 |
3.48 |
16.41 |
369,233 |
|
|
|
|
Rentable Square Feet Distribution
Retail - Office
|
|
|
|
Proforma Income Statement
Retail - Office
This Statement is for the Retail - Office as acquired on 1 January 2008 for a Price of $4,000,000, subject to a Loan of $2,267,138, for a Down Payment of $1,732,862.
|
|
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
2014 |
2015 |
2016 |
2017 |
|
Gross Income |
|
|
|
|
|
|
|
|
|
|
|
201 Office |
120,000 |
123,600 |
141,419 |
145,338 |
149,698 |
154,189 |
158,814 |
163,916 |
168,491 |
173,545 |
|
102 Drug Store |
94,500 |
94,500 |
99,225 |
99,225 |
99,225 |
119,902 |
122,701 |
126,382 |
130,173 |
134,078 |
|
103 Beauty Salon |
31,548 |
32,963 |
33,952 |
34,537 |
34,218 |
35,244 |
36,309 |
37,389 |
38,511 |
39,666 |
|
104 Donuts |
29,366 |
31,313 |
32,252 |
33,220 |
34,215 |
35,242 |
36,299 |
37,473 |
38,511 |
39,666 |
|
105 Flowers |
14,500 |
14,500 |
15,500 |
16,500 |
16,500 |
17,210 |
18,152 |
18,696 |
19,273 |
19,834 |
|
Base Rental Revenue |
$289,914 |
$296,876 |
$322,348 |
$328,820 |
$333,856 |
$361,786 |
$372,275 |
$383,856 |
$394,959 |
$406,791 |
|
Percentage Rent |
$4,000 |
$4,280 |
$4,566 |
$4,857 |
$5,154 |
$5,457 |
$5,766 |
$6,082 |
$6,403 |
$6,731 |
|
Total Reimbursements |
$78,233 |
$80,217 |
$47,812 |
$46,778 |
$48,936 |
$51,155 |
$53,438 |
$51,673 |
$53,266 |
$55,752 |
|
Total Gross Income |
$372,147 |
$381,373 |
$374,725 |
$380,455 |
$387,945 |
$418,398 |
$431,479 |
$441,610 |
$454,628 |
$469,274 |
|
Less: Vacancy & Credit Loss |
22,677 |
0 |
14,890 |
6,897 |
0 |
52,992 |
3,761 |
17,870 |
1,980 |
4,111 |
|
Effective Income |
$349,471 |
$381,373 |
$359,835 |
$373,558 |
$387,945 |
$365,407 |
$427,718 |
$423,740 |
$452,648 |
$465,163 |
|
Less: Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
Maintenance |
11,400 |
11,742 |
12,094 |
12,457 |
12,831 |
13,216 |
13,612 |
14,021 |
14,441 |
14,874 |
|
Insurance |
4,600 |
4,830 |
5,072 |
5,325 |
5,591 |
5,871 |
6,164 |
6,473 |
6,796 |
7,136 |
|
Property Taxes |
40,000 |
40,800 |
41,616 |
42,448 |
43,297 |
44,163 |
45,046 |
45,947 |
46,866 |
47,804 |
|
Security |
3,000 |
3,090 |
3,183 |
3,278 |
3,377 |
3,478 |
3,582 |
3,690 |
3,800 |
3,914 |
|
Utilities |
3,400 |
3,502 |
3,607 |
3,715 |
3,827 |
3,942 |
4,060 |
4,182 |
4,307 |
4,436 |
|
Management Fee |
14,000 |
14,420 |
14,853 |
15,298 |
15,757 |
16,230 |
16,717 |
17,218 |
17,735 |
18,267 |
|
Total Operating Expenses |
$76,400 |
$78,384 |
$80,424 |
$82,522 |
$84,680 |
$86,899 |
$89,182 |
$91,530 |
$93,946 |
$96,432 |
|
Net Operating Income |
$273,071 |
$302,989 |
$279,411 |
$291,035 |
$303,266 |
$278,508 |
$338,536 |
$332,210 |
$358,702 |
$368,732 |
|
Less: Debt Service |
|
|
|
|
|
|
|
|
|
|
|
Loan |
227,559 |
227,559 |
227,559 |
227,559 |
227,559 |
227,559 |
227,559 |
227,559 |
227,559 |
227,559 |
|
Total Debt Service |
$227,559 |
$227,559 |
$227,559 |
$227,559 |
$227,559 |
$227,559 |
$227,559 |
$227,559 |
$227,559 |
$227,559 |
|
Net Operating Cash Flow |
$45,512 |
$75,430 |
$51,852 |
$63,476 |
$75,707 |
$50,949 |
$110,977 |
$104,651 |
$131,143 |
$141,173 |
|
Less: Capital Spending |
|
|
|
|
|
|
|
|
|
|
|
Market TI's |
12,279 |
0 |
101,034 |
2,240 |
2,251 |
62,644 |
2,454 |
119,881 |
1,292 |
0 |
|
Market Commissions |
6,022 |
0 |
11,264 |
1,052 |
1,058 |
22,907 |
1,153 |
14,249 |
607 |
0 |
|
Total Capital Spending |
$18,301 |
$0 |
$112,299 |
$3,292 |
$3,309 |
$85,551 |
$3,606 |
$134,130 |
$1,899 |
$0 |
|
Cash Flow Before Tax |
$27,211 |
$75,430 |
($60,447) |
$60,184 |
$72,398 |
($34,603) |
$107,370 |
($29,479) |
$129,244 |
$141,173 |
|
Taxable Income and Taxes |
|
|
|
|
|
|
|
|
|
|
|
(Losses Taken Currently) |
|
|
|
|
|
|
|
|
|
|
|
Taxable Revenues |
$349,471 |
$381,373 |
$359,835 |
$373,558 |
$387,945 |
$365,407 |
$427,718 |
$423,740 |
$452,648 |
$465,163 |
|
Less: Deducted Expenses |
76,400 |
78,384 |
80,424 |
82,522 |
84,680 |
86,899 |
89,182 |
91,530 |
93,946 |
96,432 |
|
Less: Interest Expense |
179,639 |
175,662 |
171,354 |
166,690 |
161,637 |
156,166 |
150,240 |
143,823 |
136,873 |
129,346 |
|
Less: Amortized Points |
1,134 |
1,134 |
1,134 |
1,134 |
1,134 |
1,134 |
1,134 |
1,134 |
1,134 |
1,134 |
|
Less: Depreciation |
69,157 |
74,621 |
79,115 |
83,442 |
82,353 |
86,999 |
91,423 |
95,829 |
100,028 |
83,538 |
|
Ordinary Income |
$23,141 |
$51,573 |
$27,808 |
$39,771 |
$58,141 |
$34,210 |
$95,739 |
$91,425 |
$120,667 |
$154,714 |
|
Taxable Income |
23,141 |
51,573 |
27,808 |
39,771 |
58,141 |
34,210 |
95,739 |
91,425 |
120,667 |
154,714 |
|
Taxes Due (- = Savings) |
9,604 |
21,403 |
11,540 |
16,505 |
24,129 |
14,197 |
39,731 |
37,941 |
50,077 |
64,206 |
|
Cash Flow After Tax |
$17,607 |
$54,027 |
($71,987) |
$43,679 |
$48,269 |
($48,800) |
$67,639 |
($67,420) |
$79,167 |
$76,967 |
|
Sale Proceeds: |
|
|
|
|
|
|
|
|
|
|
|
Sale Value |
$3,653,530 |
$3,759,804 |
$3,637,943 |
$3,790,821 |
$3,481,345 |
$4,231,700 |
$4,152,626 |
$4,483,773 |
$4,609,147 |
$4,024,231 |
|
Less: Sale Costs (7%) |
255,747 |
263,186 |
254,656 |
265,357 |
243,694 |
296,219 |
290,684 |
313,864 |
322,640 |
281,696 |
|
Less: Loan Repayment |
2,132,531 |
2,082,661 |
2,111,116 |
2,050,247 |
1,984,325 |
1,912,932 |
1,835,614 |
1,751,878 |
1,661,192 |
1,562,979 |
|
Sale Proceeds Before Tax |
1,265,252 |
1,413,957 |
1,272,171 |
1,475,217 |
1,253,326 |
2,022,549 |
2,026,329 |
2,418,031 |
2,625,315 |
2,179,556 |
|
Less: Taxes due to Sale |
(104,296) |
(68,325) |
(90,162) |
(56,926) |
(87,833) |
33,548 |
36,598 |
104,685 |
157,497 |
46,959 |
|
Sale Proceeds After Tax |
1,369,548 |
1,482,281 |
1,362,333 |
1,532,143 |
1,341,159 |
1,989,001 |
1,989,731 |
2,313,347 |
2,467,818 |
2,132,597 |
|
Ratio Analysis: |
|
|
|
|
|
|
|
|
|
|
|
Profitability Ratios |
|
|
|
|
|
|
|
|
|
|
|
Capitalization Rate |
6.83% |
7.57% |
6.99% |
7.28% |
7.58% |
6.96% |
8.46% |
8.31% |
8.97% |
9.22% |
|
Adj. Capitalization Rate |
6.83% |
7.55% |
6.95% |
7.05% |
7.34% |
6.73% |
8.02% |
7.87% |
8.23% |
8.45% |
|
Cash on Cash Before Tax |
2.56% |
4.25% |
2.92% |
3.58% |
4.26% |
2.87% |
6.25% |
5.89% |
7.39% |
7.95% |
|
Adj. Cash on Cash Before Tax |
2.56% |
4.21% |
2.89% |
3.33% |
3.96% |
2.66% |
5.55% |
5.24% |
6.14% |
6.60% |
|
Cash on Cash After Tax |
2.02% |
3.04% |
2.27% |
2.65% |
2.90% |
2.07% |
4.01% |
3.76% |
4.57% |
4.33% |
|
Adj. Cash on Cash After Tax |
2.02% |
3.02% |
2.25% |
2.46% |
2.70% |
1.92% |
3.57% |
3.34% |
3.80% |
3.60% |
|
Risk Ratios |
|
|
|
|
|
|
|
|
|
|
|
Debt Coverage Ratio |
1.200 |
1.331 |
1.228 |
1.279 |
1.333 |
1.224 |
1.488 |
1.460 |
1.576 |
1.620 |
|
Breakeven Occupancy |
81.7% |
80.2% |
82.2% |
81.5% |
80.5% |
75.2% |
73.4% |
72.3% |
70.7% |
69.0% |
|
Loan Balance/Property Value |
58.4% |
55.4% |
58.0% |
54.1% |
57.0% |
45.2% |
44.2% |
39.1% |
36.0% |
38.8% |
|
Assumption Ratios |
|
|
|
|
|
|
|
|
|
|
|
NOI/Property Value |
7.47% |
8.06% |
7.68% |
7.68% |
8.71% |
6.58% |
8.15% |
7.41% |
7.78% |
9.16% |
|
Operating Expense Ratio |
20.5% |
20.6% |
21.5% |
21.7% |
21.8% |
20.8% |
20.7% |
20.7% |
20.7% |
20.5% |
|
Analysis Measures: |
|
|
|
|
|
|
|
|
|
|
|
IRR Before Debt |
|
0.2% |
0.8% |
3.5% |
2.9% |
6.2% |
6.2% |
6.9% |
7.4% |
6.5% |
|
IRR Before Tax |
|
|
|
|
|
3.5% |
3.8% |
5.3% |
6.3% |
4.5% |
|
IRR After Tax |
|
|
|
|
|
2.3% |
2.4% |
3.7% |
4.4% |
2.9% |
|
NPV Before Debt @10.00% |
($697,680) |
($643,376) |
($843,666) |
($771,189) |
($973,498) |
($649,628) |
($708,871) |
($650,600) |
($619,244) |
($845,040) |
|
NPV Before Tax @10.00% |
($688,123) |
($605,974) |
($779,063) |
($683,892) |
($866,213) |
($524,805) |
($568,727) |
($497,142) |
($454,284) |
($670,219) |
|
NPV After Tax @10.00% |
($627,490) |
($575,640) |
($749,049) |
($695,679) |
($877,958) |
($617,895) |
($683,769) |
($660,244) |
($658,391) |
($848,585) |
|
|
|
|
Common Size Income Statement
Retail - Office
This Statement is for the Retail - Office as acquired on 1 January 2008 for a Price of $4,000,000, subject to a Loan of $2,267,138, for a Down Payment of $1,732,862.
|
|
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
2014 |
2015 |
2016 |
2017 |
|
Gross Income |
|
|
|
|
|
|
|
|
|
|
|
201 Office |
32.2% |
32.4% |
37.7% |
38.2% |
38.6% |
36.9% |
36.8% |
37.1% |
37.1% |
37.0% |
|
102 Drug Store |
25.4% |
24.8% |
26.5% |
26.1% |
25.6% |
28.7% |
28.4% |
28.6% |
28.6% |
28.6% |
|
103 Beauty Salon |
8.5% |
8.6% |
9.1% |
9.1% |
8.8% |
8.4% |
8.4% |
8.5% |
8.5% |
8.5% |
|
104 Donuts |
7.9% |
8.2% |
8.6% |
8.7% |
8.8% |
8.4% |
8.4% |
8.5% |
8.5% |
8.5% |
|
105 Flowers |
3.9% |
3.8% |
4.1% |
4.3% |
4.3% |
4.1% |
4.2% |
4.2% |
4.2% |
4.2% |
|
Base Rental Revenue |
77.9% |
77.8% |
86.0% |
86.4% |
86.1% |
86.5% |
86.3% |
86.9% |
86.9% |
86.7% |
|
Percentage Rent |
1.1% |
1.1% |
1.2% |
1.3% |
1.3% |
1.3% |
1.3% |
1.4% |
1.4% |
1.4% |
|
Total Reimbursements |
21.0% |
21.0% |
12.8% |
12.3% |
12.6% |
12.2% |
12.4% |
11.7% |
11.7% |
11.9% |
|
Total Gross Income |
100.0% |
100.0% |
100.0% |
100.0% |
100.0% |
100.0% |
100.0% |
100.0% |
100.0% |
100.0% |
|
Less: Vacancy & Credit Loss |
6.1% |
0.0% |
4.0% |
1.8% |
0.0% |
12.7% |
0.9% |
4.0% |
0.4% |
0.9% |
|
Effective Income |
93.9% |
100.0% |
96.0% |
98.2% |
100.0% |
87.3% |
99.1% |
96.0% |
99.6% |
99.1% |
|
Less: Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
Maintenance |
3.1% |
3.1% |
3.2% |
3.3% |
3.3% |
3.2% |
3.2% |
3.2% |
3.2% |
3.2% |
|
Insurance |
1.2% |
1.3% |
1.4% |
1.4% |
1.4% |
1.4% |
1.4% |
1.5% |
1.5% |
1.5% |
|
Property Taxes |
10.7% |
10.7% |
11.1% |
11.2% |
11.2% |
10.6% |
10.4% |
10.4% |
10.3% |
10.2% |
|
Security |
0.8% |
0.8% |
0.8% |
0.9% |
0.9% |
0.8% |
0.8% |
0.8% |
0.8% |
0.8% |
|
Utilities |
0.9% |
0.9% |
1.0% |
1.0% |
1.0% |
0.9% |
0.9% |
0.9% |
0.9% |
0.9% |
|
Management Fee |
3.8% |
3.8% |
4.0% |
4.0% |
4.1% |
3.9% |
3.9% |
3.9% |
3.9% |
3.9% |
|
Total Operating Expenses |
20.5% |
20.6% |
21.5% |
21.7% |
21.8% |
20.8% |
20.7% |
20.7% |
20.7% |
20.5% |
|
Net Operating Income |
73.4% |
79.4% |
74.6% |
76.5% |
78.2% |
66.6% |
78.5% |
75.2% |
78.9% |
78.6% |
|
Less: Debt Service |
|
|
|
|
|
|
|
|
|
|
|
Loan |
61.1% |
59.7% |
60.7% |
59.8% |
58.7% |
54.4% |
52.7% |
51.5% |
50.1% |
48.5% |
|
Total Debt Service |
61.1% |
59.7% |
60.7% |
59.8% |
58.7% |
54.4% |
52.7% |
51.5% |
50.1% |
48.5% |
|
Net Operating Cash Flow |
12.2% |
19.8% |
13.8% |
16.7% |
19.5% |
12.2% |
25.7% |
23.7% |
28.8% |
30.1% |
|
Less: Capital Spending |
|
|
|
|
|
|
|
|
|
|
|
Market TI's |
3.3% |
0.0% |
27.0% |
0.6% |
0.6% |
15.0% |
0.6% |
27.1% |
0.3% |
0.0% |
|
Market Commissions |
1.6% |
0.0% |
3.0% |
0.3% |
0.3% |
5.5% |
0.3% |
3.2% |
0.1% |
0.0% |
|
Total Capital Spending |
4.9% |
0.0% |
30.0% |
0.9% |
0.9% |
20.4% |
0.8% |
30.4% |
0.4% |
0.0% |
|
Cash Flow Before Tax |
7.3% |
19.8% |
(16.1%) |
15.8% |
18.7% |
(8.3%) |
24.9% |
(6.7%) |
28.4% |
30.1% |
|
|
|
|
Square Footage Income Statement
Retail - Office
This Statement is for the Retail - Office as acquired on 1 January 2008 for a Price of $4,000,000, subject to a Loan of $2,267,138, for a Down Payment of $1,732,862.
|
|
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
2014 |
2015 |
2016 |
2017 |
|
Gross Income |
|
|
|
|
|
|
|
|
|
|
|
201 Office (10,000 sf) |
12.00 |
12.36 |
14.14 |
14.53 |
14.97 |
15.42 |
15.88 |
16.39 |
16.85 |
17.35 |
|
102 Drug Store (7,500 sf) |
12.60 |
12.60 |
13.23 |
13.23 |
13.23 |
15.99 |
16.36 |
16.85 |
17.36 |
17.88 |
|
103 Beauty Salon (2,000 sf) |
15.77 |
16.48 |
16.98 |
17.27 |
17.11 |
17.62 |
18.15 |
18.69 |
19.26 |
19.83 |
|
104 Donuts (2,000 sf) |
14.68 |
15.66 |
16.13 |
16.61 |
17.11 |
17.62 |
18.15 |
18.74 |
19.26 |
19.83 |
|
105 Flowers (1,000 sf) |
14.50 |
14.50 |
15.50 |
16.50 |
16.50 |
17.21 |
18.15 |
18.70 |
19.27 |
19.83 |
|
Base Rental Revenue |
$14.50 |
$14.84 |
$16.12 |
$16.44 |
$16.69 |
$18.09 |
$18.61 |
$19.19 |
$19.75 |
$20.34 |
|
Percentage Rent |
$0.20 |
$0.21 |
$0.23 |
$0.24 |
$0.26 |
$0.27 |
$0.29 |
$0.30 |
$0.32 |
$0.34 |
|
Total Reimbursements |
$3.91 |
$4.01 |
$2.39 |
$2.34 |
$2.45 |
$2.56 |
$2.67 |
$2.58 |
$2.66 |
$2.79 |
|
Total Gross Income |
$18.61 |
$19.07 |
$18.74 |
$19.02 |
$19.40 |
$20.92 |
$21.57 |
$22.08 |
$22.73 |
$23.46 |
|
Less: Vacancy & Credit Loss |
1.13 |
0.00 |
0.74 |
0.34 |
0.00 |
2.65 |
0.19 |
0.89 |
0.10 |
0.21 |
|
Effective Income |
$17.47 |
$19.07 |
$17.99 |
$18.68 |
$19.40 |
$18.27 |
$21.39 |
$21.19 |
$22.63 |
$23.26 |
|
Less: Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
Maintenance |
0.57 |
0.59 |
0.60 |
0.62 |
0.64 |
0.66 |
0.68 |
0.70 |
0.72 |
0.74 |
|
Insurance |
0.23 |
0.24 |
0.25 |
0.27 |
0.28 |
0.29 |
0.31 |
0.32 |
0.34 |
0.36 |
|
Property Taxes |
2.00 |
2.04 |
2.08 |
2.12 |
2.16 |
2.21 |
2.25 |
2.30 |
2.34 |
2.39 |
|
Security |
0.15 |
0.15 |
0.16 |
0.16 |
0.17 |
0.17 |
0.18 |
0.18 |
0.19 |
0.20 |
|
Utilities |
0.17 |
0.18 |
0.18 |
0.19 |
0.19 |
0.20 |
0.20 |
0.21 |
0.22 |
0.22 |
|
Management Fee |
0.70 |
0.72 |
0.74 |
0.76 |
0.79 |
0.81 |
0.84 |
0.86 |
0.89 |
0.91 |
|
Total Operating Expenses |
$3.82 |
$3.92 |
$4.02 |
$4.13 |
$4.23 |
$4.34 |
$4.46 |
$4.58 |
$4.70 |
$4.82 |
|
Net Operating Income |
$13.65 |
$15.15 |
$13.97 |
$14.55 |
$15.16 |
$13.93 |
$16.93 |
$16.61 |
$17.94 |
$18.44 |
|
Less: Debt Service |
|
|
|
|
|
|
|
|
|
|
|
Loan |
11.38 |
11.38 |
11.38 |
11.38 |
11.38 |
11.38 |
11.38 |
11.38 |
11.38 |
11.38 |
|
Total Debt Service |
$11.38 |
$11.38 |
$11.38 |
$11.38 |
$11.38 |
$11.38 |
$11.38 |
$11.38 |
$11.38 |
$11.38 |
|
Net Operating Cash Flow |
$2.28 |
$3.77 |
$2.59 |
$3.17 |
$3.79 |
$2.55 |
$5.55 |
$5.23 |
$6.56 |
$7.06 |
|
Less: Capital Spending |
|
|
|
|
|
|
|
|
|
|
|
Market TI's |
0.61 |
0.00 |
5.05 |
0.11 |
0.11 |
3.13 |
0.12 |
5.99 |
0.06 |
0.00 |
|
Market Commissions |
0.30 |
0.00 |
0.56 |
0.05 |
0.05 |
1.15 |
0.06 |
0.71 |
0.03 |
0.00 |
|
Total Capital Spending |
$0.92 |
$0.00 |
$5.61 |
$0.16 |
$0.17 |
$4.28 |
$0.18 |
$6.71 |
$0.09 |
$0.00 |
|
Cash Flow Before Tax |
$1.36 |
$3.77 |
($3.02) |
$3.01 |
$3.62 |
($1.73) |
$5.37 |
($1.47) |
$6.46 |
$7.06 |
|
|
|
|
Base Rental Revenue Detail
Retail - Office
|
|
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
2014 |
2015 |
2016 |
2017 |
|
201 Office |
120.0 |
123.6 |
141.4 |
145.3 |
149.7 |
154.2 |
158.8 |
163.9 |
168.5 |
173.5 |
|
102 Drug Store |
94.5 |
94.5 |
99.2 |
99.2 |
99.2 |
119.9 |
122.7 |
126.4 |
130.2 |
134.1 |
|
103 Beauty Salon |
31.5 |
33.0 |
34.0 |
34.5 |
34.2 |
35.2 |
36.3 |
37.4 |