RubinBrown Apartment Stats 2011

Market Rate

2010

2009

2008

Total Number of Projects

20

14

13

Average Number of Units

238

169

186

Averages Per Unit: Monthly Rent

$763

$809

$728

Square Feet

932

823

862

Rooms

4.30

4.37

4.40

Economic Occupancy

82.8%

87.7%

90.2%

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

45.5%

47.5%

49.3%

A

B

C

A

B

C

A

B

C

REVENUES

Gross Potential Rent

$ 9,153 $9.82 100.0% $ 9,707 $ 11.80 100.0% $ 8,738 $ 10.13 100.0%

Less: Vacancies and Delinquencies

(942)

(1.01)

-10.3%

(902)

(1.02)

-9.3%

(583)

(0.68)

-6.7%

Collection Loss

(113)

(0.12)

-1.2%

(52)

(0.06)

-0.5%

(93)

(0.11)

-1.1%

Concession Loss

(520)

(0.56)

-5.7%

(220)

(0.27)

-2.5%

(174)

(0.20)

-2.0%

Rent Collected

7,578

8.13 82.8%

8,533 10.45 87.7%

7,888 9.14 90.2%

Other Income

692

0.74 7.6%

502 0.61 5.2%

667 0.77 7.6%

Total Income

$8,270 $8.87 90.4% $9,035 $11.06 92.9% $8,555 $9.91 97.8%

EXPENSES

Salaries and Personnel

$794 $0.85 8.7%

$837 $1.02 8.6%

$861 $1.00 9.9%

Administrative

323

0.35 3.5%

465 0.57 4.8%

364 0.42 4.2%

Marketing

141

0.15 1.5%

126 0.15 1.3%

149 0.17 1.7%

Management Fees

330

0.35 3.6%

357 0.43 3.7%

379 0.44 4.3%

Utilities

645

0.69 7.1%

778 0.95 8.0%

616 0.72 7.1%

Contract Services

662

0.71 7.2%

619 0.75 6.4%

603 0.70 6.9%

Repair and Maintenance

475

0.51 5.2%

519 0.63 5.3%

489 0.57 5.6%

Insurance

319

0.34 3.5%

297 0.36 3.1%

334 0.39 3.8%

Real Estate Taxes

673

0.72 7.3%

602 0.73 6.2%

458 0.53 5.2%

Other Taxes

145

0.15 1.6%

139 0.17 1.4%

81 0.09 0.9%

Total Expenses

$4,507 $4.82 49.2% $4,739 $5.76 48.8% $4,334 $5.03 49.6%

Net Operating Income Before Debt Service and Depreciation

$3,763 $4.05 41.2% $4,296 $5.20 44.1% $4,221 $4.88 48.2%

A = Dollars per unit, per year

B = Dollars per square foot, per year

C = Percent of gross potential rent

15 | Raise Your Expectations