RubinBrown Apartment Stats 2011

Government Assisted - By Region

North

East/Northeast

Midwest

Total Number of Projects

15

55

205

Average Project Age In Years

10.2

10.6

9.0

Average Number of Units

113

128

103

Averages Per Unit: Monthly Rent

$661

$800

$625

Square Feet

1,024

954

933

Rooms

4.51

4.59

4.33

Economic Occupancy

91.5%

88.2%

86.0%

Net Operating Income Before Debt Service & Depreciation as a Percentage of Total Income

30.4%

41.6%

39.0%

A

B

C

A

B

C

A B

C

REVENUES

Gross Potential Rent

$7,935 $7.75 100.0%

$9,600 $10.06 100.0%

$7,503 $8.05 100.0%

Less: Vacancies and Delinquencies

(470)

(0.46)

-5.9%

(926)

(0.97)

-9.6%

(832)

(0.89)

-11.1%

Collection Loss

(178)

(0.17)

-2.2%

(146)

(0.15)

-1.5%

(109)

(0.12)

-1.4%

Concession Loss

(31)

(0.03)

-0.4%

(68)

(0.07)

-0.7%

(113)

(0.12)

-1.5%

Rent Collected

7,256 7.09 91.5%

8,460 8.87 88.2%

6,449 6.92 86.0%

Other Income

603 0.59 7.6%

397 0.41 4.1%

427 0.46 5.7%

Total Income

$7,589 $7.68 99.1% $8,857 $9.28 92.3% $6,876 $7.38 91.7%

EXPENSES

Salaries and Personnel

$791 $0.77 10.0%

$877 $0.92 9.1%

$794 $0.85 10.6%

Administrative

449 0.44 5.7%

353 0.37 3.7%

413 0.44 5.5%

Marketing

90 0.09 1.1%

121 0.13 1.3%

83 0.09 1.1%

Management Fees

411 0.40 5.2%

461 0.48 4.8%

375 0.40 5.0%

Utilities

832 0.81 10.5%

871 0.91 9.1%

597 0.64 8.0%

Contract Services

777 0.76 9.8%

586 0.61 6.1%

714 0.77 9.5%

Repair and Maintenance

686 0.67 8.6%

796 0.83 8.3%

457 0.49 6.1%

Insurance

279 0.27 3.5%

258 0.27 2.7%

298 0.32 4.0%

Real Estate Taxes

967 0.94 12.2%

752 0.79 7.8%

386 0.41 5.1%

Other Taxes

185 0.18 2.3%

99 0.10 1.0%

74 0.08 1.0%

Total Expenses

$5,467 $5.33 68.9% $5,174 $5.41 53.9% $4,191 $4.49 55.9%

Net Operating Income Before Debt Service and Depreciation

$2,392 $2.35 30.2% $3,683 $3.87 38.4% $2,685 $2.89 35.8%

A = Dollars per unit, per year

B = Dollars per square foot, per year

C = Percent of gross potential rent

9 | Raise Your Expectations