The Meadows (meadows) Page 1 REVENUE Rent Income Rent Revenue 375,500.00 375,249.00 251.00 0.07 2,861,791.81 2,852,686.81 9,105.00 0.32 4,357,760.81 Loss to Lease 561.00-1,887.00 2,448.00 129.73-777.00-9,870.00 9,093.00 92.13-16,341.00 Rent Adjustment 0.00 0.00 0.00 N/A -5,865.09 0.00-5,865.09 N/A 0.00 Total Rent Income 376,061.00 373,362.00 2,699.00 0.72 2,855,149.72 2,842,816.81 12,332.91 0.43 4,341,419.81 Rents were increased as well as renewal percentage. Vacancies / Rent Losses Vacancies-Apartments -14,400.09-17,240.00 2,839.91 16.47-108,468.61-120,189.00 11,720.39 9.75-196,908.00 Rental Concessions -2,178.00-2,500.00 322.00 12.88-9,148.38-15,475.00 6,326.62 40.88-21,475.00 Administrative Unit 0.00-1,042.00 1,042.00 100.00 0.00-7,294.00 7,294.00 100.00-11,462.00 Maintenance Unit -164.00 0.00-164.00 N/A -328.00 0.00-328.00 N/A 0.00 Model Unit -2,000.00-2,357.00 357.00 15.15-19,037.00-16,499.00-2,538.00-15.38-24,945.00 Bad Debt Loss-Rent -3,858.65-1,867.00-1,991.65-106.68-9,227.55-13,043.00 3,815.45 29.25-21,474.00 Includes write off of six previous residents. Total Vacancies / Rent Losses -22,600.74-25,006.00 2,405.26 9.62-146,209.54-172,500.00 26,290.46 15.24-276,264.00 Total Rental Revenue 353,460.26 348,356.00 5,104.26 1.47 2,708,940.18 2,670,316.81 38,623.37 1.45 4,065,155.81 Net Rental Revenue 353,460.26 348,356.00 5,104.26 1.47 2,708,940.18 2,670,316.81 38,623.37 1.45 4,065,155.81 Financial Revenue Interest - Replacement Reserve 14.42 0.00 14.42 N/A 127.25 0.00 127.25 N/A 0.00 Total Financial Revenue 14.42 0.00 14.42 N/A 127.25 0.00 127.25 N/A 0.00 Other Revenue Laundry and Vending Revenue 538.63 475.00 63.63 13.40 4,427.72 3,325.00 1,102.72 33.16 5,225.00 Insufficient Funds (NSF) -25.00 60.00-85.00-141.67 100.00 420.00-320.00-76.19 660.00 Damages and Cleaning Charges 0.00 0.00 0.00 N/A 325.00 0.00 325.00 N/A 0.00 Forfeited Security Deposits 0.00 0.00 0.00 N/A 200.00 0.00 200.00 N/A 0.00 Trash Revenue 3,082.55 2,500.00 582.55 23.30 21,955.60 17,650.00 4,305.60 24.39 27,650.00 Utility Service Revenue 550.50 90.00 460.50 511.67 1,981.23 350.00 1,631.23 466.07 950.00 Exterminating Revenue 995.00 405.00 590.00 145.68 6,497.00 2,735.00 3,762.00 137.55 4,465.00 Application Fee 1,325.00 2,500.00-1,175.00-47.00 11,125.90 17,350.90-6,225.00-35.88 23,350.90 Month to Month Fee 426.00 100.00 326.00 326.00 2,040.00 700.00 1,340.00 191.43 1,100.00
The Meadows (meadows) Page 2 Late Fee 1,192.26 1,650.00-457.74-27.74 10,915.90 11,550.00-634.10-5.49 18,150.00 Lease Termination Fee 13,823.00 2,250.00 11,573.00 514.36 59,349.48 17,483.00 41,866.48 239.47 26,483.00 Pet Fee 5,752.00 3,600.00 2,152.00 59.78 26,497.00 25,202.00 1,295.00 5.14 39,602.00 Pet fee dues increased due to 13 new pets. Legal Fees 656.00 100.00 556.00 556.00 1,969.00 700.00 1,269.00 181.29 1,100.00 Lockouts 50.00 0.00 50.00 N/A 125.00 0.00 125.00 N/A 0.00 Unit Transfer Fee 900.00 150.00 750.00 500.00 2,000.00 1,050.00 950.00 90.48 1,650.00 Two residents transferred units this month. Adminstrative / Refurbish Fee 3,100.00 3,920.00-820.00-20.92 12,125.00 27,540.00-15,415.00-55.97 43,220.00 Bad Debt Recovery 1,939.65 0.00 1,939.65 N/A 3,097.25 0.00 3,097.25 N/A 0.00 Appliance Rent Revenue -150.00 0.00-150.00 N/A -150.00 0.00-150.00 N/A 0.00 Short Term Lease Fee 3,795.00 150.00 3,645.00 2,430.00 11,582.00 1,050.00 10,532.00 1,003.05 1,650.00 Corporate Unit / Furnishings 0.00 1,900.00-1,900.00-100.00 550.00 13,300.00-12,750.00-95.86 20,900.00 Bank Card Service Fees 240.00 0.00 240.00 N/A 1,500.00 0.00 1,500.00 N/A 0.00 Cleaning and Damages Charges 4,470.00 1,300.00 3,170.00 243.85 14,392.19 9,100.00 5,292.19 58.16 14,300.00 Bad Debt Loss - Other Revenue -12,626.88-1,000.00-11,626.88-1,162.69-44,913.54-7,000.00-37,913.54-541.62-11,000.00 Corporate Unit Rental 0.00 0.00 0.00 N/A 300.00 0.00 300.00 N/A 0.00 Resident Utility Reimbursement 18,537.15 17,100.00 1,437.15 8.40 121,750.76 119,700.00 2,050.76 1.71 188,100.00 Miscellaneous Revenue 0.00 0.00 0.00 N/A 7,200.00 0.00 7,200.00 N/A 0.00 Total Other Revenue 48,570.86 37,250.00 11,320.86 30.39 276,942.49 262,205.90 14,736.59 5.62 407,555.90 TOTAL REVENUE 402,045.54 385,606.00 16,439.54 4.26 2,986,009.92 2,932,522.71 53,487.21 1.82 4,472,711.71 On Site Admin Costs Office Supplies 866.02 400.00-466.02-116.50 1,831.81 2,800.00 968.19 34.58 4,400.00 Stock WOW fridges in model units. Postage & Printing 71.26 60.00-11.26-18.77 391.06 421.59 30.53 7.24 661.59 Credit Reports 1,814.46 1,274.00-540.46-42.42 8,734.67 8,918.00 183.33 2.06 14,014.00 Telephone and Answering Service 2,058.33 750.00-1,308.33-174.44 9,861.57 6,045.00-3,816.57-63.14 9,045.00 Included AT&T invoice. We have now switched over to Ring Central, which will eliminate AT&T billing. Dues and Subscriptions 336.70 70.00-266.70-381.00 1,901.02 1,112.00-789.02-70.96 1,252.00 Unbudgeted Canon contract assumed at takeover. Training and Education 171.09 250.00 78.91 31.56 1,229.79 2,000.00 770.21 38.51 3,250.00
The Meadows (meadows) Page 3 Office Equipment and Services 697.55 0.00-697.55 N/A 1,834.99 0.00-1,834.99 N/A 0.00 Purchase of new phones for Ring Central service. Bank Charges 259.97 400.00 140.03 35.01 1,908.88 2,800.00 891.12 31.83 4,400.00 Travel Expenses 499.30 300.00-199.30-66.43 3,920.23 3,000.00-920.23-30.67 4,200.00 Misc. Admin 0.00 0.00 0.00 N/A 180.56 492.00 311.44 63.30 738.00 Audit Expense 500.00 0.00-500.00 N/A 3,000.00 0.00-3,000.00 N/A 0.00 Fees & Licenses 0.00 0.00 0.00 N/A 407.00 400.00-7.00-1.75 400.00 Legal and Eviction 758.00 362.00-396.00-109.39 1,546.00 2,534.00 988.00 38.99 3,982.00 Corporate Unit Expense 0.00 0.00 0.00 N/A 38.21 0.00-38.21 N/A 0.00 Cable and Internet 273.13 354.00 80.87 22.84 3,237.47 2,732.29-505.18-18.49 4,148.29 Career Apparel/Uniforms 0.00 0.00 0.00 N/A 1,120.30 569.03-551.27-96.88 569.03 Computer Supplies & Support 1,685.00 1,695.00 10.00 0.59 16,374.66 15,355.00-1,019.66-6.64 22,135.00 Total On Site Admin Costs 9,990.81 5,915.00-4,075.81-68.91 57,518.22 49,178.91-8,339.31-16.96 73,194.91 Advertising and Marketing Signs and Banners 0.00 100.00 100.00 100.00 200.00 700.00 500.00 71.43 1,100.00 Resident Activities/Social Entertainment 190.35 100.00-90.35-90.35 700.16 950.00 249.84 26.30 1,350.00 Back to school party for residents. Collateral Printed Materials 0.00 0.00 0.00 N/A 739.14 600.00-139.14-23.19 1,200.00 Misc. Marketing and Media 330.00 750.00 420.00 56.00 2,416.05 5,250.00 2,833.95 53.98 8,250.00 Internet 2,345.69 2,198.00-147.69-6.72 16,430.14 15,386.00-1,044.14-6.79 24,178.00 Promotional Advertising 0.00 100.00 100.00 100.00 0.00 700.00 700.00 100.00 1,100.00 Total Advertising and Marketing 2,866.04 3,248.00 381.96 11.76 20,485.49 23,586.00 3,100.51 13.15 37,178.00 Payroll Management Payroll 7,696.43 7,342.00-354.43-4.83 54,905.55 54,789.00-116.55-0.21 84,157.00 Leasing Consultants 4,500.14 4,495.00-5.14-0.11 34,603.19 33,699.00-904.19-2.68 51,679.00 Bonus Payroll 6,408.16 2,500.00-3,908.16-156.33 30,109.45 20,500.00-9,609.45-46.88 33,500.00 Leasing commissions were paid. Maintenance Supervisor Payroll 3,869.25 3,852.00-17.25-0.45 29,858.27 28,839.00-1,019.27-3.53 44,247.00 Maintenance Payroll 7,165.47 7,351.00 185.53 2.52 52,113.58 55,470.00 3,356.42 6.05 84,874.00 Misc Payroll 159.37 0.00-159.37 N/A 243.37 0.00-243.37 N/A 0.00 Total Payroll 29,798.82 25,540.00-4,258.82-16.68 201,833.41 193,297.00-8,536.41-4.42 298,457.00 Benefits Payroll Taxes 3,352.70 3,000.00-352.70-11.76 18,825.28 21,000.00 2,174.72 10.36 33,000.00 Worker's Compensation 1,032.97 430.00-602.97-140.23 2,582.03 3,253.00 670.97 20.63 5,023.00 Medical Insurance 2,287.94 4,000.00 1,712.06 42.80 21,370.87 28,000.00 6,629.13 23.68 44,000.00 401K Contributions 0.00 162.00 162.00 100.00 132.36 1,134.00 1,001.64 88.33 1,782.00
The Meadows (meadows) Page 4 Disability Insurance 412.40 300.00-112.40-37.47 1,166.80 2,100.00 933.20 44.44 3,300.00 Total Benefits 7,086.01 7,892.00 805.99 10.21 44,077.34 55,487.00 11,409.66 20.56 87,105.00 Interior Repairs Apt Paint and Painting Supplies 415.82 1,285.00 869.18 67.64 6,812.64 9,960.88 3,148.24 31.61 13,937.88 Apt Painting Labor 6,072.00 3,780.00-2,292.00-60.63 26,307.00 25,920.00-387.00-1.49 37,620.00 We had 31 move outs, but only budgeted 18. Apt Cleaning Labor/Supplies 3,350.48 1,810.00-1,540.48-85.11 15,968.61 12,975.00-2,993.61-23.07 18,770.00 Carpet Cleaning & Repair 1,770.00 1,170.00-600.00-51.28 9,653.50 9,715.00 61.50 0.63 14,190.00 Interior Hardware and Decorating Supplies 902.94 600.00-302.94-50.49 3,408.63 4,200.00 791.37 18.84 6,600.00 Carpentry Int Labor/Supplies 416.41 400.00-16.41-4.10 4,111.08 2,800.00-1,311.08-46.82 4,400.00 Plumbing Parts and Repairs 1,631.06 675.00-956.06-141.64 9,753.54 4,725.00-5,028.54-106.42 7,425.00 Electrical Parts and Repairs 469.78 350.00-119.78-34.22 1,879.26 2,450.00 570.74 23.30 3,850.00 Fire/Safety-Equipment 0.00 100.00 100.00 100.00 147.87 700.00 552.13 78.88 1,100.00 Appliance Parts and Repairs 478.28 575.00 96.72 16.82 3,278.05 4,025.00 746.95 18.56 6,325.00 Other Supplies and Repairs 0.00 600.00 600.00 100.00 341.89 4,200.00 3,858.11 91.86 6,600.00 Doors and Framing 303.97 0.00-303.97 N/A 1,072.18 900.00-172.18-19.13 1,500.00 Keys and Locks 545.94 240.00-305.94-127.48 1,111.59 1,680.00 568.41 33.83 2,640.00 Misc. Interior Repairs 0.00 0.00 0.00 N/A 67.86 0.00-67.86 N/A 0.00 Countertop Resurfacing 1,400.00 0.00-1,400.00 N/A 3,200.00 0.00-3,200.00 N/A 0.00 Six countertops were resurfaced. Tub Resurfacing 0.00 0.00 0.00 N/A 250.00 0.00-250.00 N/A 0.00 Total Interior Repairs 17,756.68 11,585.00-6,171.68-53.27 87,363.70 84,250.88-3,112.82-3.69 124,957.88 Exterior Repairs HVAC 836.73 2,500.00 1,663.27 66.53 7,928.07 12,150.00 4,221.93 34.75 15,750.00 Plumbing-Exterior 0.00 200.00 200.00 100.00 0.00 1,400.00 1,400.00 100.00 2,200.00 Electrical-Exterior 0.00 200.00 200.00 100.00 785.82 1,400.00 614.18 43.87 2,200.00 Bldg Ext Labor/Supplies 0.00 150.00 150.00 100.00 1,250.00 1,050.00-200.00-19.05 1,650.00 Painting Ext Labor/Supplies 0.00 0.00 0.00 N/A 416.44 0.00-416.44 N/A 0.00 Exterior Lights 0.00 0.00 0.00 N/A 622.57 0.00-622.57 N/A 0.00 Grounds Supplies 0.00 150.00 150.00 100.00 94.80 1,050.00 955.20 90.97 1,650.00 Pool Supplies 125.20 320.00 194.80 60.88 2,557.10 2,240.00-317.10-14.16 3,520.00 Pool Repair/Opening 276.06 0.00-276.06 N/A 3,014.86 1,850.00-1,164.86-62.97 1,850.00 Signage 0.00 0.00 0.00 N/A 142.69 100.00-42.69-42.69 200.00 Sewage Lines/Treatment 0.00 0.00 0.00 N/A 0.00 200.00 200.00 100.00 300.00 Equipment and Tool Rental 0.00 0.00 0.00 N/A 52.61 0.00-52.61 N/A 0.00 Irrigation/Drainage/Power Washing 0.00 100.00 100.00 100.00 0.00 700.00 700.00 100.00 1,100.00
The Meadows (meadows) Page 5 Roof and Gutter Repairs/Cleaning 787.17 0.00-787.17 N/A 4,217.17 0.00-4,217.17 N/A 0.00 Roof leak repairs for unit E121 and roof repair to building C. Exterior Fire Safety Equipment 443.45 0.00-443.45 N/A 443.45 0.00-443.45 N/A 0.00 Other Repairs and Maintenance 0.00 300.00 300.00 100.00 0.00 2,100.00 2,100.00 100.00 3,300.00 Gas/Oil/Grease 74.80 0.00-74.80 N/A 215.77 0.00-215.77 N/A 0.00 Glass/Windows/Screens 170.13 300.00 129.87 43.29 665.13 2,000.00 1,334.87 66.74 3,200.00 Total Exterior Repairs 2,713.54 4,220.00 1,506.46 35.70 22,406.48 26,240.00 3,833.52 14.61 36,920.00 Services Waste/Trash Removal 4,460.09 4,090.00-370.09-9.05 30,493.38 28,630.00-1,863.38-6.51 44,990.00 Pest Control 1,501.25 798.00-703.25-88.13 7,606.68 5,947.84-1,658.84-27.89 9,139.84 Flea treatment and bed bug treatments. Lawn Maintenance/Landscaping 0.00 4,000.00 4,000.00 100.00 28,813.82 33,521.82 4,708.00 14.04 49,521.82 We were not billed for services this month as a courtesy due to errors in provided service. Landscaping/Seasonal Color 0.00 0.00 0.00 N/A 6,934.00 9,865.00 2,931.00 29.71 22,865.00 Common Area Cleaning 301.60 250.00-51.60-20.64 1,012.96 1,750.00 737.04 42.12 2,750.00 Fire Protection and Inspections 569.50 0.00-569.50 N/A 1,421.00 350.00-1,071.00-306.00 1,700.00 Vehicle Maintenance and Equipment 0.00 200.00 200.00 100.00 166.43 840.00 673.57 80.19 1,220.00 Security Monitoring 0.00 0.00 0.00 N/A 1,282.90 0.00-1,282.90 N/A 0.00 Total Services 6,832.44 9,338.00 2,505.56 26.83 77,731.17 80,904.66 3,173.49 3.92 132,186.66 Utilities Electric-House 3,236.26 4,071.00 834.74 20.50 20,056.75 28,497.00 8,440.25 29.62 44,781.00 Electric-Office 689.93 500.00-189.93-37.99 3,501.43 3,500.00-1.43-0.04 5,500.00 Electric-Vacant 2,292.39 1,887.00-405.39-21.48 11,616.41 13,209.00 1,592.59 12.06 20,757.00 Electric-Model/Staff 533.42 250.00-283.42-113.37 1,877.23 1,750.00-127.23-7.27 2,750.00 Gas-Common 0.00 400.00 400.00 100.00 2,852.93 2,864.20 11.27 0.39 4,464.20 Water and Sewer 18,333.80 18,235.00-98.80-0.54 117,215.37 127,645.00 10,429.63 8.17 200,585.00 Total Utilities 25,085.80 25,343.00 257.20 1.01 157,120.12 177,465.20 20,345.08 11.46 278,837.20 Management Fee Management Fee 13,286.58 11,568.00-1,718.58-14.86 83,970.80 80,882.00-3,088.80-3.82 127,088.00 Total Management Fees 13,286.58 11,568.00-1,718.58-14.86 83,970.80 80,882.00-3,088.80-3.82 127,088.00 Property Taxes and Insurance Property Taxes 25,347.00 25,347.00 0.00 0.00 177,429.00 177,429.00 0.00 0.00 278,817.00
The Meadows (meadows) Page 6 Property Liability and Casualty Ins 6,003.00 6,533.00 530.00 8.11 44,155.00 45,731.00 1,576.00 3.45 71,863.00 Other Insurance 0.00 0.00 0.00 N/A 545.00 0.00-545.00 N/A 0.00 Total Property Taxes & Ins 31,350.00 31,880.00 530.00 1.66 222,129.00 223,160.00 1,031.00 0.46 350,680.00 Total Expenses 146,766.72 136,529.00-10,237.72-7.50 974,635.73 994,451.65 19,815.92 1.99 1,546,604.65 Net Operating Income (Loss) 255,278.82 249,077.00 6,201.82 2.49 2,011,374.19 1,938,071.06 73,303.13 3.78 2,926,107.06 Other Income/Expense Exterior Maint - Non-Recurring 1,094.42 0.00-1,094.42 N/A 1,094.42 0.00-1,094.42 N/A 0.00 Replacement of emergency and exit lights for compliance with Fire Marshall. Admin - Non-Recurring 0.00 0.00 0.00 N/A 5,535.94 5,035.94-500.00-9.93 5,035.94 Partnership Expenses 2,650.00 0.00-2,650.00 N/A 8,845.79 0.00-8,845.79 N/A 0.00 Mortgage Interest 140,748.61 140,748.61 0.00 0.00 908,055.59 1,066,965.31 158,909.72 14.89 1,629,959.75 Asset Management/GP Fees 9,120.59 9,120.59 0.00 0.00 69,139.96 72,964.72 3,824.76 5.24 109,447.08 Total Other Income/Expense 153,613.62 149,869.20-3,744.42-2.50 992,671.70 1,144,965.97 152,294.27 13.30 1,744,442.77 Net Inc (Loss) Before Repl 101,665.20 99,207.80 2,457.40 2.48 1,018,702.49 793,105.09 225,597.40 28.44 1,181,664.29 Replacements Draperies and Blinds 691.87 0.00-691.87 N/A 2,040.42 0.00-2,040.42 N/A 0.00 Carpet and Vinyl 11,652.36 11,000.00-652.36-5.93 44,427.43 53,400.00 8,972.57 16.80 82,000.00 Replaced carpet in 10 units and vinyl in 5 units. HVAC Replacement 1,023.99 1,978.00 954.01 48.23 8,238.43 9,890.00 1,651.57 16.70 13,846.00 Water Heaters 987.19 380.00-607.19-159.79 2,705.52 2,660.00-45.52-1.71 3,800.00 Replaced 3 water heaters. Ceiling Fans/Fixtures 250.00 0.00-250.00 N/A 759.92 0.00-759.92 N/A 0.00 Range/Ventahood 0.00 0.00 0.00 N/A 987.05 1,200.00 212.95 17.75 2,000.00 Refrigerator/Icemaker 0.00 750.00 750.00 100.00 673.03 5,250.00 4,576.97 87.18 7,500.00 Dishwasher 547.42 295.00-252.42-85.57 2,552.25 2,065.00-487.25-23.60 2,950.00 Disposal 353.04 150.00-203.04-135.36 1,000.33 850.00-150.33-17.69 1,350.00 Sink and Plumbing 0.00 0.00 0.00 N/A 1,874.23 0.00-1,874.23 N/A 0.00 Door and Window 381.43 0.00-381.43 N/A 749.43 0.00-749.43 N/A 0.00 Tools 0.00 100.00 100.00 100.00 417.64 700.00 282.36 40.34 1,100.00
The Meadows (meadows) Page 7 Plumbing 0.00 0.00 0.00 N/A 4,979.26 0.00-4,979.26 N/A 0.00 Total Replacements 15,887.30 14,653.00-1,234.30-8.42 71,404.94 76,015.00 4,610.06 6.06 114,546.00 Major Capital Projects Unit Upgrades 0.00 0.00 0.00 N/A 5,483.42 0.00-5,483.42 N/A 0.00 Exterior Improvements 7,846.18 0.00-7,846.18 N/A 68,324.66 0.00-68,324.66 N/A 0.00 Concrete Improvements 1,640.00 0.00-1,640.00 N/A 15,442.09 0.00-15,442.09 N/A 0.00 Electrical 0.00 0.00 0.00 N/A 131,370.19 0.00-131,370.19 N/A 0.00 Stairwells 0.00 0.00 0.00 N/A 6,820.40 0.00-6,820.40 N/A 0.00 Total Major Capital Projects 9,486.18 0.00-9,486.18 N/A 227,440.76 0.00-227,440.76 N/A 0.00 Net Inc (Loss) Before Dep & Amt 76,291.72 84,554.80-8,263.08-9.77 719,856.79 717,090.09 2,766.70 0.39 1,067,118.29 Net Income (Loss) 76,291.72 84,554.80-8,263.08-9.77 719,856.79 717,090.09 2,766.70 0.39 1,067,118.29