RubinBrown Apartment Stats 2011

Government Assisted

2010

2009

2008

Total Number of Projects

363

226

226

Average Number of Units

115

129

130

Averages Per Unit: Monthly Rent

$673

$662

$637

Square Feet

940

926

937

Rooms

4.34

4.19

4.20

Economic Occupancy

86.9%

86.9%

89.0%

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

37.8%

38.2%

38.2%

A

B

C

A

B

C

A

B

C

REVENUES

Gross Potential Rent

$8,078 $8.59 100.0%

$7,948 $8.58 100.0%

$7,644 $8.16 100.0%

Less: Vacancies and Delinquencies

(826)

(0.88)

-10.2%

(825)

(0.89)

-10.4%

(630)

(0.67)

-8.2%

Collection Loss

(128)

(0.14)

-1.6%

(133)

(0.14)

-1.7%

(111)

(0.12)

-1.4%

Concession Loss

(105)

(0.11)

-1.3%

(82)

(0.09)

-1.0%

(107)

(0.11)

-1.4%

Rent Collected

7,019 7.46 86.9%

6,908

7.46 86.9%

6,796 7.26 89.0%

Other Income

410 0.44 5.1%

331

0.36 4.2%

324 0.35 4.2%

Total Income

$7,429 $7.90 92.0% $7,239 $7.82 91.1%

$7,120 $7.61 93.2%

EXPENSES

Salaries and Personnel

$801 $0.85 9.9%

$781 $0.84 9.8%

$770 $0.82 10.1%

Administrative

422 0.45 5.2%

367

0.40 4.6%

371 0.40 4.8%

Marketing

96 0.10 1.2%

89

0.10 1.1%

84 0.09 1.1%

Management Fees

406 0.43 5.0%

390

0.42 4.9%

388 0.42 5.1%

Utilities

717 0.76 8.9%

726

0.78 9.1%

691 0.74 9.0%

Contract Services

711 0.76 8.8%

744

0.80 9.4%

696 0.74 9.1%

Repair and Maintenance

613 0.65 7.6%

509

0.55 6.4%

492 0.52 6.4%

Insurance

298 0.32 3.7%

283

0.31 3.6%

305 0.33 4.0%

Real Estate Taxes

461 0.49 5.7%

471

0.51 5.9%

495 0.53 6.5%

Other Taxes

95 0.10 1.2%

107

0.12 1.4%

106 0.11 1.4%

Total Expenses

$4,620 $4.91 57.2%

$4,467 $4.83 56.2%

$4,398 $4.70 57.5%

Net Operating Income Before Debt Service and Depreciation

$2,809 $2.99 34.8%

$2,772 $2.99 34.9%

$2,722 $2.91 35.7%

A = Dollars per unit, per year

B = Dollars per square foot, per year

C = Percent of gross potential rent

5 | Raise Your Expectations