RubinBrown Apartment Stats 2012

Comparison of Operations

Government Assisted

Market Rate

Total Number of Projects

372

35

Average Project Age In Years

10.3

8.8

Average Number of Units

105

246

Averages Per Unit:

Monthly Rent

$721

$674

Square Feet

964

938

Rooms

4.32

4.20

Economic Occupancy

89.4%

88.6%

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

40.0%

49.4%

A

B

C

A

B

C

Revenues

Gross Potential Rent

$8,653

$8.98

100.0%

$8,093

$8.63

100.0%

Less: Vacancy Loss

(704)

(0.73)

-8.1%

(438)

(0.47)

-5.4%

Collection Loss

(130)

(0.13)

-1.5%

(62)

(0.07)

-0.8%

(84)

(0.09)

-1.0%

(420)

(0.45)

-5.2%

Concession Loss

Rent Collected

7,735

8.03

89.4%

7,173

7.64

88.6%

469

0.49

5.4%

630

0.67

7.8%

Other Income

$8,204

$8.52

94.8%

$7,803

$8.31

96.4%

Total Income

Expenses

Salaries and Personnel

$892

$0.93

10.3%

$762

$0.81

9.4%

Administrative

454

0.47

5.2%

339

0.36

4.2%

Marketing

102

0.11

1.2%

104

0.11

1.3%

Management Fees

444

0.46

5.1%

319

0.34

4.0%

Utilities

831

0.86

9.6%

584

0.62

7.2%

Contract Services

958

0.99

11.1%

329

0.35

4.1%

Repair and Maintenance

517

0.54

6.0%

554

0.59

6.8%

Insurance

350

0.36

4.0%

233

0.25

2.9%

Real Estate Taxes

514

0.53

5.9%

647

0.69

8.0%

110

0.11

1.3%

76

0.08

0.9%

Other Taxes

Total Expenses

$5,172

$5.36

59.7%

$3,947

$4.20

48.8%

Net Operating Income Before Debt Service and Depreciation

$3,032

$3.16

35.1%

$3,856

$4.11

47.6%

Capital Expenditures

$285

$0.30

3.3%

$555

$0.59

6.9%

A = Dollars per unit, per year

B = Dollars per square foot, per year

C = Percent of gross potential rent

RubinBrown Apartment Stats 2012 | 3