RubinBrown Apartment Stats 2011

Low Income - Tax Credit Projects

2010

2009

2008

Total Number of Projects

354

122

130

Average Number of Units

117

125

123

Averages Per Unit: Monthly Rent

$676

$680

$656

Square Feet

947

983

986

Rooms

4.38

4.63

4.62

Economic Occupancy

86.9%

87.1%

89.2%

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

37.8%

37.4%

38.2%

A

B

C

A

B

C

A

B

C

REVENUES

Gross Potential Rent

$8,110 $8.56 100.0% $8,159 $8.30 100.0%

$7,866 $7.98 100.0%

Less: Vacancies and Delinquencies

(828)

(0.87)

-10.2%

(838)

(0.85)

-10.3%

(652)

(0.66)

-8.3%

Collection Loss

(130)

(0.14)

-1.6%

(137)

(0.14)

-1.7%

(129)

(0.13)

-1.6%

Concession Loss

(106)

(0.11)

-1.3%

(77)

(0.08)

-0.9%

(67)

(0.07)

-0.9%

Rent Collected

7,046

7.44 86.9%

7,107

7.23 87.1%

7,018 7.12 89.2%

Other Income

413

0.44 5.1%

342

0.35 4.2%

329 0.33

4.2%

Total Income

$7,459 $7.88 92.0% $7,449 $7.58 91.3% $7,347 $7.45 93.4%

EXPENSES

Salaries and Personnel

$803 $0.85 9.9%

$764 $0.78 9.4%

$706 $0.72

9.0%

Administrative

423

0.45 5.2%

364

0.37 4.5%

380 0.39

4.8%

Marketing

96

0.10 1.2%

87

0.09 1.1%

79 0.08

1.0%

Management Fees

408

0.43 5.0%

390

0.40 4.8%

403 0.41

5.1%

Utilities

720

0.76 8.9%

799

0.81 9.8%

758 0.77

9.6%

Contract Services

714

0.75 8.8%

745

0.76 9.1%

661 0.67

8.4%

Repair and Maintenance

620

0.65 7.6%

606

0.62 7.4%

547 0.55

7.0%

Insurance

298

0.31 3.7%

276

0.28 3.4%

302 0.31

3.8%

Real Estate Taxes

463

0.49 5.7%

523

0.53 6.4%

600 0.61

7.6%

Other Taxes

95

0.10 1.2%

109

0.11 1.3%

107 0.11

1.4%

Total Expenses

$4,640 $4.89 57.2% $4,663 $4.75 57.2% $4,543 $4.62 57.8%

Net Operating Income Before Debt Service and Depreciation

$2,819 $2.99 34.8% $2,786 $2.83 34.1% $2,804 $2.83 35.6%

A = Dollars per unit, per year

B = Dollars per square foot, per year

C = Percent of gross potential rent

17 | Raise Your Expectations