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SOUTH MIAMI INDUSTRIAL PORTFOLIO | HISTORICAL EXPENSES - MAK 3
Square Feet:
56,876
Total $
$ PSF
Total $
$ PSF
Total $
$ PSF
Total $
$ PSF
EXPENSES
(4)
REAL ESTATE TAXES
$53,681
$0.94
$52,641
$0.93
$52,641
$0.93
$54,220
$0.95
INSURANCE
$27,152
$0.48
$15,396
$0.27
$21,787
$0.38
$21,787
$0.38
(5)
MANAGEMENT FEE
$25,022
$0.44
$21,252
$0.37
$23,090
$0.41
$22,809
$0.40
ADMINISTRATIVE
$11,505
$0.20
$7,280
$0.13
$11,400
$0.20
$11,400
$0.20
(6)
REPAIRS & MAINTENANCE
$42,728
$0.75
$41,821
$0.74
$13,720
$0.24
$13,720
$0.24
LANDSCAPING
$5,600
$0.10
$5,600
$0.10
$4,800
$0.08
$4,800
$0.08
TRASH REMOVAL
$0
$0.00
$611
$0.01
$0
$0.00
$0
$0.00
ELECTRIC
$2,102
$0.04
$1,570
$0.03
$1,500
$0.03
$1,500
$0.03
WATER
$16,843
$0.30
$16,177
$0.28
$16,108
$0.28
$16,108
$0.28
Total Expenses
$184,633 $3.25
$162,348 $2.85
$145,046 $2.55
$146,344 $2.57
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.
(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.
Historical and Pro Forma NOI
2015 Actual
2016 Actual (1)
MAK 3
In-Place (3)
2017 Budget (2)
Genet South Miami Ind Analysis_010417.xls
1/23/2017 3:09 PM
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TENANT OVERVIEW