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SOUTH MIAMI INDUSTRIAL PORTFOLIO | HISTORICAL EXPENSES - MAKSANIM
Square Feet:
218,258
Total $ $ PSF Total $ $ PSF Total $ $ PSF
Total $ $ PSF Total $ $ PSF
(4)
REAL ESTATE TAXES
$183,879
$0.84
$178,751
$0.82
$175,477
$0.80
$175,477
$0.80
$171,003
$0.78
INSURANCE
$39,532
$0.18
$82,003
$0.38
$79,280
$0.36
$71,200
$0.33
$71,200
$0.33
(5)
MANAGEMENT FEE
$80,000
$0.37
$80,000
$0.37
$76,706
$0.35
$81,156
$0.37
$78,983
$0.36
ADMINISTRATIVE
$26,165
$0.12
$41,018
$0.19
$32,315
$0.15
$51,780
$0.24
$51,780
$0.24
(6)
REPAIRS & MAINTENANCE
$163,942
$0.75
$180,117
$0.83
$151,332
$0.69
$44,680
$0.20
$44,680
$0.20
LANDSCAPING
$16,725
$0.08
$15,165
$0.07
$15,240
$0.07
$13,620
$0.06
$13,620
$0.06
TRASH REMOVAL
$157
$0.00
$6,110
$0.03
$6,370
$0.03
$4,800
$0.02
$4,800
$0.02
ELECTRIC
$5,054
$0.02
$11,758
$0.05
$9,249
$0.04
$8,400
$0.04
$8,400
$0.04
WATER
$66,722
$0.31
$93,256
$0.43
$58,927
$0.27
$55,492
$0.25
$55,492
$0.25
Total Expenses
$582,176 $2.67
$688,178 $3.15 $604,896 $2.77
$506,605 $2.32
$499,958 $2.29
NOTES:
(1) Excluded seller's corporate payroll allocations and excess management fee.
(2) Budget reflects reduced labor and property management expenses following a successful lease-up strategy and stabilization of operations.
(3) Based on 2017 Budget, except where noted.
(4) In-Place RE Taxes inflated 2016 discounted taxes by 3%.
(5) Pro Forma is calculated at 4% of Effective Gross Revenue. 2014-2015 expenses reflect the higher of 4% of EGR or minimum charge of $80,000 during repositioning period.
(6) Historically contained property repositioning R&M costs, including labor for both an additional Property Manager (PM) and maintenance engineer during property repositioning.
For 2017/In-Place, PM allocation as been moved to Administrative.
MAKSANIM
In-Place (3)
2014 Actual
2017 Budget (2)
Historical and Pro Forma NOI
2015 Actual
2016 Actual (1)
Genet South Miami Ind Analysis_010417.xls
1/24/2017 3:00 PM
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TENANT OVERVIEW