24 | Cassidy Turley
Operating Pro-Forma
1
2
3
4
5
6
7
Year Ending
PSF
Apr-2014
Apr-2015
Apr-2016
Apr-2017
Apr-2018
Apr-2019
Apr-2020
RENTAL INCOME
Base Rental Revenue
$20.56
$1,666,451
$1,724,950
$1,756,173
$1,941,314
$1,985,730
$2,038,302
$2,107,260
Absorption & Turnover Vacancy
($0.53)
($42,566)
($8,805)
($108,282)
($248,161)
($25,624)
($118,323)
($207,364)
Total Rental Income
$20.04
$1,623,885
$1,716,145
$1,647,891
$1,693,153
$1,960,106
$1,919,979
$1,899,896
Per Square Foot
$20.04
$21.18
$20.33
$20.89
$24.19
$23.69
$23.44
OPERATING EXPENSE RECOVERIES
$0.08
$6,609
$19,236
$29,592
$21,434
$44,693
$56,041
$29,029
Per Square Foot
$0.08
$0.24
$0.37
$0.26
$0.55
$0.69
$0.36
MISCELLANEOUS INCOME
Parking
$1.54
$125,000
$128,750
$132,612
$136,591
$140,689
$144,909
$149,257
Total Miscellaneous Income
$1.54
$125,000
$128,750
$132,612
$136,591
$140,689
$144,909
$149,257
Per Square Foot
$1.54
$1.59
$1.64
$1.69
$1.74
$1.79
$1.84
EFFECTIVE GROSS INCOME
$21.66
$1,755,494
$1,864,131
$1,810,095
$1,851,178
$2,145,488
$2,120,929
$2,078,182
Per Square Foot
$21.66
$23.00
$22.34
$22.84
$26.47
$26.17
$25.64
OPERATING EXPENSES
Repairs and Maintenance
$1.23
$100,000
$103,000
$106,090
$109,273
$112,551
$115,927
$119,405
Landscaping
$0.40
$32,416
$33,389
$34,391
$35,422
$36,485
$37,579
$38,707
Cleaning
$0.85
$68,885
$70,951
$73,080
$75,272
$77,531
$79,856
$82,252
Security and Safety
$1.09
$88,725
$91,387
$94,128
$96,952
$99,861
$102,857
$105,942
Utilities
$2.18
$176,600
$181,898
$187,355
$192,976
$198,765
$204,728
$210,870
Management Fee
$0.65
$52,665
$55,924
$54,303
$55,535
$64,365
$63,628
$62,345
Administrative Expense
$0.25
$20,000
$20,600
$21,218
$21,855
$22,510
$23,185
$23,881
Insurance
$0.44
$35,658
$36,728
$37,830
$38,965
$40,133
$41,337
$42,578
Real Estate Taxes
$2.37
$191,815
$197,569
$203,497
$209,601
$215,889
$222,366
$229,037
Total Operating Expenses
$9.46
$766,764
$791,446
$811,892
$835,851
$868,090
$891,463
$915,017
Per Square Foot
$9.46
$9.77
$10.02
$10.31
$10.71
$11.00
$11.29
NET OPERATING INCOME
$12.20
$988,730
$1,072,685
$998,203
$1,015,327
$1,277,398
$1,229,466
$1,163,165
Per Square Foot
$12.20
$13.24
$12.32
$12.53
$15.76
$15.17
$14.35
CAPITAL EXPENDITURES
Tenant Improvements
$0.00
$0
$34,453
$211,856
$428,409
$50,133
$231,501
$405,716
Leasing Commissions
$0.00
$0
$12,186
$74,933
$143,447
$17,732
$81,881
$143,499
Capital Reserve
$0.35
$28,364
$29,215
$30,092
$30,994
$31,924
$32,882
$33,869
Total Capital Expenditures
$0.35
$28,364
$75,854
$316,881
$602,850
$99,789
$346,264
$583,084
Per Square Foot
$0.35
$0.94
$3.91
$7.44
$1.23
$4.27
$7.19
CASH FLOW
$11.85
$960,366
$996,831
$681,322
$412,477
$1,177,609
$883,202
$580,081
Per Square Foot
$11.85
$12.30
$8.41
$5.09
$14.53
$10.90
$7.16
1...,14,15,16,17,18,19,20,21,22,23 25,26,27,28