Database: LOCKWOOD Statement of Operations Page: 1 REVENUES RENT PR4010 GPR-RESIDENT 135,240 142,002 (6,762) 135,240 1,622,880 1,704,024 (81,144) 1,623,880 GROSS POTENTIAL RENT 135,240 142,002 (6,762) 135,240 1,622,880 1,704,024 (81,144) 1,623,880 PR4012 GAIN/(LOSS) TO LEASE 6,082 (250) 6,332 861 57,017 (23,400) 80,417 (315) 6,082 (250) 6,332 861 57,017 (23,400) 80,417 (315) NET POTENTIAL RENT 141,322 141,752 (430) 136,101 1,679,897 1,680,624 (727) 1,623,565 PR4110 VACANCY RESIDENTIAL 2,168 (4,000) 6,168 (7,756) 6,242 (55,000) 61,242 (267,966) PR4132 GUEST/SET-ASIDE OR MODEL (3,865) (2,900) (965) (3,865) (44,090) (34,800) (9,290) (46,380) PR4140 CONCESSIONS (2,099) (4,000) 1,901 (8,016) (85,364) (64,000) (21,364) (100,595) PR4142 RENT ADJUSTMENTS 300 0 300 1,155 6,584 0 6,584 6,137 PR4145 RENT WRITE-OFFS 0 0 0 0 0 0 0 629 (3,496) (10,900) 7,404 (18,482) (116,628) (153,800) 37,172 (408,176) NET RENTAL REVENUE 137,826 130,852 6,974 117,620 1,563,269 1,526,824 36,445 1,215,389 OTHER REVENUE PR4817 MONTHLY AND N-R PET FEES 0 300 (300) 300 1,800 2,100 (300) 3,000 PR4820 OTHER CHGES TO RES 50 150 (100) 580 2,540 1,800 740 6,100 PR4821 STORAGE 530 1,200 (670) 420 6,290 14,400 (8,110) 5,630 PR4830 TERMINATION FEES 0 0 0 0 1,340 0 1,340 1,165 PR4835 APPLICATION FEES 4,500 3,000 1,500 2,105 46,785 34,800 11,985 24,525 PR4855 GUEST SUITE RENTAL 600 0 600 150 3,900 0 3,900 6,905 PR4862 HOUSEKEEPING SERVICES 730 750 (20) 705 8,236 7,500 736 7,793 PR4882 ADDITIONAL PERSON FEE 0 0 0 0 0 0 0 35 PR4960 MISCELLANEOUS 3,035 150 2,885 0 23,388 1,800 21,588 4,659 TOTAL-OTHER REVENUE 9,445 5,550 3,895 4,260 94,279 62,400 31,879 59,811 TOTAL REVENUE 147,271 136,402 10,869 121,880 1,657,548 1,589,224 68,324 1,275,201
Database: LOCKWOOD Statement of Operations Page: 2 EXPENSES ADMINISTRATIVE PR5050 MANAGEMENT FEE 10,547 9,548 (999) 8,404 114,504 111,245 (3,259) 88,924 PR5101 WAGES - EXECUTIVE DIRECTOR 0 4,231 4,231 0 0 55,002 55,002 0 PR5103 WAGES - CONCIERGE 1,882 2,450 568 1,049 22,104 31,850 9,746 21,945 PR5104 WAGES - COMMUNITY MANAGER 4,231 0 (4,231) 3,846 43,008 0 (43,008) 49,894 PR5112 WAGES - OFFICE TEMPORARY 0 0 0 2,331 8,903 0 (8,903) 3,684 PR5114 BONUS 0 500 500 0 5,000 10,500 5,500 5,000 PR5115 PAYROLL TAXES 2,006 2,300 294 1,547 24,156 27,600 3,444 21,308 PR5116 HEALTH INS/BENEFITS 3,654 2,500 (1,154) 2,143 30,860 30,000 (860) 23,283 PR5117 WORKERS COMP INSURANCE 403 550 147 323 5,688 6,600 912 4,955 PR5120 CONSULTING FEES 221 0 (221) 172 2,732 3,000 268 2,573 PR5122 WAGES - OVERTIME 151 275 124 228 3,673 2,625 (1,048) 3,936 PR5125 ANSWERING SVC/PAGER 0 0 0 0 182 0 (182) 322 PR5130 TECHNOLOGY SUPPORT 187 50 (137) 0 331 600 269 0 PR5135 LEGAL 0 0 0 0 12,983 0 (12,983) 0 PR5140 EDUCATION/TRAINING/SEMINARS 950 0 (950) 49 1,236 1,900 664 2,671 PR5145 CREDIT/BACKROUND REPORTS 0 0 0 0 0 0 0 180 PR5146 EMPL BACKROUND REPORTS 0 0 0 101 357 180 (177) 368 PR5150 DUES AND SUBSCRIPTIONS 0 0 0 0 5,401 2,829 (2,572) 2,178 PR5155 OFFICE EQUIPMENT RENTAL 1,178 175 (1,003) 547 6,004 2,100 (3,904) 3,843 PR5160 TELEPHONE 752 691 (61) 738 15,483 8,292 (7,191) 8,300 PR5165 LICENSES & PERMITS 0 0 0 0 126 0 (126) 0 PR5170 OFFICE EXPENSE/EQUIPMENT 0 101 101 0 1,263 1,212 (51) (60) PR5172 MEALS & ENTERTAINMENT 526 200 (326) 473 6,863 3,025 (3,838) 4,333 PR5175 AUTO & TRAVEL 1,994 1,400 (594) 874 13,415 16,800 3,385 13,007 PR5180 POSTAGE/SHIPPING 72 400 328 158 2,430 4,800 2,370 2,620 PR5190 OFFICE SUPPLIES 369 310 (59) 324 2,766 3,420 654 2,654 PR5192 BANK FEES 75 70 (5) 75 999 840 (159) 1,278 PR5200 ADVERTISING/HELP WANTED 0 66 66 0 0 792 792 0 PR5210 AUDITING 0 0 0 0 6,070 9,600 3,530 5,950 PR5217 INSPECTION FEES 0 0 0 0 688 0 (688) 234 PR5220 CABLE TV 144 450 306 496 2,041 5,400 3,359 4,307 PR5222 MOVING EXPENSES 0 0 0 0 0 0 0 813
Database: LOCKWOOD Statement of Operations Page: 3 PR5225 UNIFORM 0 90 90 0 623 1,080 457 462 PR5231 ASSOCIATE RELATIONS 0 0 0 634 1,189 2,000 811 1,990 PR5235 MISC ADMINISTRATIVE 0 120 120 0 124 1,440 1,316 0 TOTAL ADMINISTRATIVE EXPENSES 29,342 26,477 (2,865) 24,512 341,202 344,732 3,530 280,951 MARKETING PR5301 WAGES - SALES & MARKETING DI 3,173 3,269 96 2,885 40,832 42,498 1,666 32,971 PR5303 BONUSES-MARKETING 5,950 3,000 (2,950) 2,480 69,194 36,000 (33,194) 46,810 PR5306 MARKETING CONSULTING SVS. 4,335 3,500 (835) 3,250 53,858 42,000 (11,858) 68,659 PR5310 ADVERTISING 3,294 0 (3,294) 1,273 25,944 0 (25,944) 40,999 PR5320 FURNITURE RENTAL UNITS 2 0 (2) 0 2 0 (2) 0 PR5325 MODEL ACCESSORIES 0 0 0 0 3,000 0 (3,000) 0 PR5332 CONTRIBUTIONS 0 0 0 0 1,200 0 (1,200) 375 PR5334 MARKETING EVENTS 0 500 500 0 0 6,000 6,000 158 PR5340 DESIGN/PRODUCTION 894 1,000 106 4,076 8,576 12,000 3,424 35,579 PR5341 NEWSPAPER 1,648 3,000 1,352 3,800 23,021 36,000 12,979 41,892 PR5342 APARTMENT GUIDE 0 0 0 735 4,410 0 (4,410) 7,350 PR5344 INTERNET 0 1,000 1,000 1,010 13,808 12,000 (1,808) 14,760 PR5345 REFERRALS 990 0 (990) 0 2,996 0 (2,996) 1,477 PR5346 DIRECT MAIL 0 0 0 0 220 15,000 14,780 24,424 PR5347 OUTREACH 0 0 0 0 167 0 (167) 0 PR5348 TV/RADIO 0 0 0 0 701 0 (701) 37,559 PR5360 SIGNAGE 3,353 0 (3,353) 0 3,436 0 (3,436) 113 PR5362 CALLSOURCE 367 0 (367) 346 4,310 0 (4,310) 3,978 PR5365 PRINTING/FLYERS (119) 0 119 0 704 0 (704) 6,825 PR5370 MARKETING COSTS-OTHER 6,125 1,000 (5,125) 721 19,736 12,000 (7,736) 21,274 TOTAL MARKETING 30,014 16,269 (13,745) 20,576 276,114 213,498 (62,616) 385,201 ACTIVITIES PR5111 WAGES - ACTIVITIES DIRECTOR 2,723 2,600 (123) 2,580 33,201 34,000 799 28,012 PR5113 WAGES - ACTIVITIES DRIVER 1,313 1,423 110 1,127 15,485 18,476 2,991 13,191 PR5177 RES ACTIV VEHICLE 627 420 (207) 556 5,150 5,140 (10) 4,808 PR5330 RESIDENT EVENTS & RELATIONS 1,283 700 (583) 1,412 17,610 8,950 (8,660) 12,492 TOTAL ACTIVITIES 5,945 5,143 (802) 5,675 71,446 66,566 (4,880) 58,503
Database: LOCKWOOD Statement of Operations Page: 4 DINING PR5233 CATERING EXPENSE 0 0 0 0 1,689 0 (1,689) 0 PR5245 FOOD COST 0 0 0 (100) 0 0 0 (150) TOTAL DINING 0 0 0 (100) 1,689 0 (1,689) (150) HOUSEKEEPING/LAUNDRY PR5502 WAGES - HOUSEKEEPING 2,544 2,880 337 1,713 27,164 37,440 10,276 23,262 PR5504 HOUSEKEEPING CHEMICALS & SU 292 500 208 763 6,740 6,000 (740) 7,309 TOTAL HOUSEKEEPING/LAUNDRY 2,835 3,380 545 2,477 33,905 43,440 9,535 30,571 GROUNDS PR5510 LANDSCAPE MAINTENANCE 1,012 900 (112) 995 13,684 13,600 (84) 11,943 PR5520 LANDSCAPE SUPPLIES 0 0 0 0 52 0 (52) 0 PR5525 IRRIGATION REPAIR/SUPPLY 113 0 (113) 0 113 0 (113) 0 PR5530 SNOW REMOVAL 0 0 0 0 9,500 0 (9,500) 4,413 PR5535 SALT/ICE-MELT 0 0 0 0 0 0 0 636 PR5540 RUBBISH REMOVAL 390 350 (40) 320 4,257 4,200 (57) 4,320 PR5545 POOL REPAIR 0 0 0 0 0 0 0 421 PR5550 POOL SUPPLIES 26 0 (26) 16 26 0 (26) 316 PR5556 PRESSURE WASHING 0 0 0 0 5,435 0 (5,435) 0 TOTAL GROUNDS 1,542 1,250 (292) 1,331 33,067 17,800 (15,267) 22,048 MAINTENANCE PR5601 WAGES - MAINTENANCE SUPERV 3,887 4,040 153 3,816 50,359 52,520 2,161 45,543 PR5602 WAGES - MAINTENANCE TECH 0 1,040 1,040 0 0 13,520 13,520 0 PR5612 WAGES - MAINTENANCE TEMP 0 0 0 0 50 0 (50) 0 PR5615 PLUMBING REPAIRS 0 250 250 574 8,007 3,000 (5,007) 2,590 PR5620 PLUMBING SUPPLIES 279 300 21 103 2,459 3,600 1,141 2,137 PR5625 HVAC REPAIRS/SERVICE 0 525 525 12 1,864 2,100 236 1,873 PR5630 HVAC SUPPLIES 170 125 (45) 0 1,258 500 (758) 0 PR5635 EXTERMINATING 59 59 0 59 767 708 (59) 649 PR5645 ELECTRICAL REPAIRS 0 0 0 55 147 1,200 1,053 1,229
Database: LOCKWOOD Statement of Operations Page: 5 PR5650 ELECTRICAL SUPPLIES 33 100 67 0 79 2,200 2,121 8 PR5651 LIGHT BULB REPLACEMENT 0 215 215 262 1,271 2,580 1,309 2,398 PR5655 APPLIANCE REPAIR/SUPPLY 0 0 0 0 527 420 (107) 335 PR5660 BUILDING REPAIRS 0 50 50 777 7,451 3,100 (4,351) 926 PR5670 ELEVATOR 1,022 606 (416) 505 7,388 7,272 (116) 6,434 PR5675 BULDING REPAIR-SPECIAL 0 0 0 (10,415) 475 0 (475) 0 PR5676 LOCKS & KEYS 38 73 35 38 1,526 1,243 (283) 1,461 PR5680 GENRL MAINT REP/SUP 356 260 (96) 1,033 5,087 3,120 (1,967) 3,983 PR5682 UNIT MOVE-IN UPGRADES (1,000) 0 1,000 10,380 14,678 0 (14,678) 38,817 PR5690 VEHICLE EXPENSE 0 100 100 0 0 1,516 1,516 0 PR5696 APPLIANCE REP-COMMON 0 0 0 0 275 0 (275) 0 PR5700 PAINT-COMMON AREA/EXT 0 0 0 0 0 0 0 122 PR5701 CARPET CLEANING-COMMON 180 0 (180) 0 1,080 0 (1,080) 0 PR5704 REPAIRS/SUPPLIES-COMMON 180 0 (180) 0 2,655 0 (2,655) 0 PR5710 JANITORIAL SUPPLIES 430 300 (130) 0 1,291 3,175 1,884 0 TOTAL MAINTENANCE 5,634 8,043 2,409 7,198 108,692 101,774 (6,918) 108,507 UTILITIES PR5410 VACANT ELECTRIC 58 100 42 547 3,504 1,300 (2,204) 14,357 PR5415 ELECTRIC-CURRENT RESIDENTS 0 0 0 0 (2) 0 2 (396) PR5420 ELECTRIC 2,271 2,310 39 788 28,860 27,720 (1,140) 25,290 PR5450 WATER/SEWER 2,696 2,960 264 2,288 32,186 34,620 2,434 27,284 TOTAL UTILITIES 5,026 5,370 344 3,623 64,548 63,640 (908) 66,536 UNIT TURNOVER PR5810 CARPET CLEANING 0 0 0 95 350 0 (350) 410 PR5815 CARPET/FLOOR REPAIRS 125 175 50 599 3,497 2,100 (1,397) 5,602 PR5820 PAINTING & DECORATING 1,128 0 (1,128) 1,275 14,092 0 (14,092) 5,140 PR5825 PAINTING SUPPLIES 425 50 (375) 682 619 1,050 431 900 PR5835 DRYWALL/PATCHING 0 0 0 0 86 0 (86) 0 PR5840 OTHER TURNOVER COSTS 2 1,500 1,498 0 7 17,000 16,993 735 TOTAL UNIT TURNOVER 1,680 1,725 45 2,651 18,650 20,150 1,500 12,787 OTHER OPERATING
Database: LOCKWOOD Statement of Operations Page: 6 PR5925 FIRE SYSTEM REPAIRS 0 0 0 0 225 0 (225) 397 PR5930 FIRE PANEL INSP/SERVICE 0 0 0 0 3,985 0 (3,985) 0 PR5940 ALARM MONITORING 0 0 0 0 660 880 220 660 PR5950 OTHER SECURITY 0 0 0 0 2,315 760 (1,555) 3,097 PR5960 RECREATION EXPENSES 384 0 (384) 0 384 0 (384) 0 TOTAL OTHER OPERATING 384 0 (384) 0 7,569 1,640 (5,929) 4,154 TAXES & INSURANCE PR6520 PERSONAL PROP TAXES 0 0 0 0 0 0 0 44 PR6560 PROP/LIAB INSURANCE 2,838 2,601 (237) (1,743) 31,449 31,212 (237) 30,163 PR6561 INSURANCE-AUTO 0 0 0 0 1,596 2,200 604 1,790 PR6570 INSURANCE-OTHER 0 0 0 0 0 0 0 513 TOTAL TAXES & INSURANCE 2,838 2,601 (237) (1,743) 33,045 33,412 367 32,509 TOTAL OPERATING EXPENSES 85,239 70,258 (14,981) 66,199 989,927 906,652 (83,275) 1,001,617 NET OPERATING INCOME 62,032 66,144 (4,112) 55,680 667,621 682,572 (14,951) 273,583 OTHER (INCOME)/EXPENSE PR1522 BUILDING IMPROVEMENTS 0 0 0 (840) 774 161,500 160,726 0 PR1540 FURNITURE & FIXTURES 2,754 0 (2,754) 905 2,754 0 (2,754) 905 PR1545 UNIT IMPROVEMENTS 0 0 0 (7,840) 0 0 0 0 PR1551 CARPETING/FLOORING (2,668) 0 2,668 0 5,951 0 (5,951) 0 PR1555 CABINETS & COUNTERTOPS 0 0 0 (777) 0 0 0 0 PR1590 MISC FIXED ASSETS 0 0 0 (8,500) 0 0 0 0 PR7470 INS CLAIMS/PROP DAMAGES 0 0 0 194 0 0 0 194 TOTAL OTHER EXPENSES 86 0 (86) (16,857) 9,479 161,500 152,021 1,099 NET CASH FLOW 61,946 66,144 (4,198) 72,537 658,142 521,072 137,070 272,484