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Delray Central // Page 44
DELRAY CENTRAL | HISTORICAL EXPENSES
A bors Portfolio Valuation - GTM - 32817
4/12/2017 3:51 PM
Square Feet:
175,719
Operating Expenses
Total $
$ PSF
Total $
$ PSF
Total $ $ PSF Total $ $ PSF
EXPENSES
Real Estate Taxes (3)
$240,938
$1.37
$243,036
$1.38
$432,106 $2.46
$441,507
$2.51
Insurance
$57,252
$0.33
$98,439
$0.56
$132,520 $0.75
$132,528
$0.75
Management Fee (4)
$125,103
$0.71
$63,445
$0.36
$103,266 $0.59
$111,371
$0.63
Administrative (5)
$27,546
$0.16
$35,206
$0.20
$35,895 $0.20
$37,579
$0.21
Payroll (6)
$113,385
$0.65
$127,323
$0.72
$97,340 $0.55
$85,000
$0.48
Repairs & Maintenance
$144,421
$0.82
$215,596
$1.23
$139,414 $0.79
$107,497
$0.61
Janitorial
$147,750
$0.84
$102,216
$0.58
$152,828 $0.87
$147,660
$0.84
Landscaping (7)
$119,886
$0.68
$67,582
$0.38
$61,237 $0.35
$55,500
$0.32
Trash Removal
$25,260
$0.14
$18,457
$0.11
$25,058 $0.14
$25,716
$0.15
Contract Services (8)
$43,104
$0.25
$78,779
$0.45
$133,260 $0.76
$126,044
$0.72
Electric
$366,141
$2.08
$238,384
$1.36
$301,910 $1.72
$312,900
$1.78
Water & Sewer
$25,606
$0.15
$27,457
$0.16
$39,482 $0.22
$33,120
$0.19
Non-Recoverable (9)
$0
$0.00
$5,401
$0.03
$7,964 $0.05
$9,060
$0.05
Total Expenses
$1,436,392
$8.17 $1,321,322 $7.52 $1,662,280 $9.46 $1,625,482 $9.25
NOTES:
1) Pro Forma based on 2017 budget expenses unless otherwise noted
2) 2014 Expenses based on previous ownerships's budget
3) Pro Forma taxes equal to 2016 taxes, inflated by 3% (with 4% early payment discount). It is the responsibility of the investor to reassess taxes in accordance with the projected purchase price.
4) Management Fee is 3% of Effective Gross Revenue
5) Administrative expenses include: management office expenses
6) Payroll includes half salary for property manager, assistant property manager, and maintenance engineer.
Historically, payroll also included allocation for accounting and payroll personnel which are now included in the Management Fee above.
7) Landscaping category included some "Contract Services" in 2014 under prior ownership
8) Contract Services includes elevator, HVAC and other maintenance contract services
9) Non-recoverable includes marketing and tenant function expenses
Pro Forma (1)
2014 (2)
2015
2016