Pro Forma Cash Flow Statement
Year 2 Mar-25
Year 3 Mar-26
Year 4 Mar-27
Year 5 Mar-28
Investment Period Year Beginning
Year 0
Year 1 Mar-24
Investment Year Cash Flow Years
1 1
2 1
3 1
4 1
5 1
Operating Assumptions Physical Vacancy Total Economic Vacancy
5.0%
5.0%
5.0% 5.5% 2.2%
5.0% 4.6% 3.0%
5.0% 4.6% 2.7%
76.0%
29.1% (6.8%) 128.4%
Rent Growth
– – – –
Controllable Expense Growth
14.9% (9.4%) 75.1%
20.4%
(1.5%)
Expense Growth NOI Growth Rate Operating Income Rental Income
30.9%
8.6% 1.6%
1.1% 3.7%
(6,022.2%)
Gross Potential Rent
$987,515 (409,370)
$919,881
$939,903
$968,194
$994,820
Loss to Lease Concessions
(84,454) (3,186) (182,668)
(18,634)
(10,860)
(11,159)
(316)
–
–
–
Vacancy & Credit Loss Total Rental Income Other Operating Income Other Income
(344,559)
(32,944)
(34,006)
(34,941)
$233,270
$649,573
$888,325
$923,328
$948,719
$6,365
$47,423
$59,910
$60,346
$62,941
Retail Income
–
–
–
–
–
Total Other Operating Income
$6,365
$47,423 $696,996
$59,910 $948,235
$60,346 $983,674
$62,941
Total Operating Income Operating Expenses Controllable Salaries
$239,635
$1,011,661
($20,364)
($37,536) (9,700) (22,376) (13,603) ($83,216) ($34,135) (84,344) (93,221) (27,063) ($238,764) ($321,980)
($41,380) (16,666) (18,478) (19,128) ($95,652) ($35,154) (42,765) (94,394) (23,668) ($195,982) ($291,634)
($41,644) (37,732) (19,643) (16,101)
($44,315) (28,581) (20,184) (20,288)
Administrative
(7,708) (5,253) (3,116)
Leasing/Marketing
Maintenance
Total Controllable Uncontrollable Utilities
($36,441)
($115,120)
($113,368)
($27,941) (96,593) (74,662) (10,331)
($36,075) (45,504) (97,230) (22,832)
($37,067) (46,142) (99,761) (23,980)
Insurance
Property Taxes Management Fee
Total Uncontrollable
($209,527) ($245,968)
($201,641) ($316,761)
($206,950) ($320,319)
Total Expenses Expense Ratio
102.6%
46.2%
30.8%
32.2%
31.7%
Net Operating Income
($6,332)
$375,017
$656,601
$666,912
$691,342
Repl Reserves
–
(1,700)
(4,290)
(4,511)
(4,635)
Gross Operating Cash Flow
($6,332)
$373,317
$652,311
$662,401
$686,707
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