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HomeMy WebLinkAbout2015-2016 Cambridge Budget FinalCambridge at CS College Station, TX 77840 2015-2016 Cambridge at CS Budget 176 = Units $0 530 = Beds 131,164 = Sq Ft G/L 2015-2016 Cost per Cost per Codes Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Forecast Bed Unit Projected Beds-->432 432 432 432 432 432 432 432 432 5 5 477 OCCUPANCY %81.50%81.50%81.50%81.50%81.50%81.50%81.50%81.50%81.50%1.00%1.00%90.00%68.79% OPERATING INCOME Gross Potential Rent Gross Market Rent 5005-0000 444,148 444,148 444,148 444,148 444,148 444,148 444,148 444,148 444,148 444,148 444,148 444,148 5,329,781 10,056 30,283 Food Revenue 5005-0100 188,542 188,542 188,542 188,542 188,542 188,542 188,542 188,542 188,542 188,542 188,542 188,542 2,262,499 4,269 12,855 Contract Gain (Loss) to Lease 5010-0000 (31,805) (31,805) (31,805) (31,805) (31,805) (31,805) (31,805) (31,805) (31,805) - - (31,805) (318,054) (600) (1,807) Total Gross Potential Rent 600,885 600,885 600,885 600,885 600,885 600,885 600,885 600,885 600,885 632,690 632,690 600,885 7,274,226 13,725 41,331 Economic Variances Concessions - New Leases 5030-0200 (15,000) (15,000) (15,000) (15,000) (15,000) (15,000) (15,000) (15,000) (15,000) - - (13,050) (148,050) (279) (841) Bad Debt 5025-0000 (1,777) (1,777) (1,777) (1,777) (1,777) (1,777) (1,777) (1,777) (1,777) - - (1,777) (17,766) (34) (101) TSHA Incremental Scholarship 5064-0000 (14,250) (14,250) (14,250) (14,250) (14,250) (14,250) (14,250) (14,250) (14,250) - - (14,250) (142,500) (269) (810) Vacancy Loss 5065-0000 (138,048) (138,048) (138,048) (138,048) (138,048) (138,048) (138,048) (138,048) (138,048) (626,363) (626,363) (77,779) (2,572,934) (4,855) (14,619) Total Economic Variances (169,074) (169,074) (169,074) (169,074) (169,074) (169,074) (169,074) (169,074) (169,074) (626,363) (626,363) (106,855) (2,881,250) (5,436) (16,371) 61.93%61.93%61.93%61.93%61.93%61.93%61.93%61.93%61.93%-41.03%-41.03%75.94%45.94% NET RENTAL INCOME 431,810 431,810 431,810 431,810 431,810 431,810 431,810 431,810 431,810 6,327 6,327 $494,029 $4,392,976 $8,289 $24,960 60.4% Other Operating Income Application Fees 5220-0000 - - - 500 500 1,000 2,000 5,000 5,000 - - - 14,000 26 80 Banquet/Catering Income 5227-0000 - - - - - - - - - - - - - - - Camp - Food 5231-0100 - - - - - - - - - 101,500 101,500 - 203,000 383 1,153 Camp - Room 5231-0200 - - - - - - - - - 103,500 103,500 - 207,000 391 1,176 Cancellation Fees 5232-0000 - - - - - - - - - - - - - - - Damages Income 5260-0000 350 350 350 250 350 350 350 300 4,500 2,500 1,000 350 11,000 21 63 Carport/Garages/Parking Income 5235-0000 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 - - 3,500 35,000 66 199 Key & Access Card Income 5290-0000 - - - - - - - - - - - - - - - Laundry Income 5300-0000 1,200 1,200 820 720 800 1,000 720 600 400 - - 1,440 8,900 17 51 Legal & Collections 5310-0000 - - - - - - - - - - - - - - - Late Charges 5295-0000 275 275 275 275 275 275 275 275 - - 275 275 2,750 5 16 Meals - Transient 5312-0000 2,000 1,250 1,250 1,250 1,250 1,250 1,250 1,250 2,000 250 100 20,000 33,100 62 188 Meals - Others 5313-0000 - - - - - - - - - - - - - - - NSF Check Fees 5325-0000 25 25 25 25 25 25 25 25 - - 25 25 250 0 1 Outside Board Sales 5327-0000 - - - - - - - - - - - - - - - Premium Fees 5335-0000 - - - - - - - - - - - - - - - Relet/Cancellation Fees 5340-0000 - - - 2,250 1,500 - - - - - 1,500 6,750 12,000 23 68 Storage Income 5365-0000 - - - - - - - - - - - - - - - Transfer Fees 5375-0000 - - - - - - - - - - - - - - - Vending Income 5390-0000 - - - - - - - - - - - - - - - Miscellaneous Income 5315-0000 - - - - - - - - - - - - - - - RUBS Income - Electric 5370-0100 - - - - - - - - - - - - - - - RUBS Income - Water 5370-0300 - - - - - - - - - (0) (0) - (0) (0) (0) Telephone Income 5372-0000 - - - - - - - - - - - - - - - Transient Income 5374-0000 - - - - - - - - - - - - - - - Interest Income 5285-0000 90 200 190 140 - - - 100 100 100 100 - 1,020 2 6 Total Other Operating Income 7,440 6,800 6,410 8,910 8,200 7,400 8,120 11,050 15,500 207,850 208,000 32,340 528,020 996 3,000 7.3% EFFECTIVE GROSS INCOME 439,250 438,610 438,220 440,720 440,010 439,210 439,930 442,860 447,310 214,177 214,327 526,369 4,920,996 9,285 27,960 Account Descriptions 7/16/2015 7/16/2015 Page 1of8 Cambridge at CS College Station, TX 77840 2015-2016 Cambridge at CS Budget 176 = Units $0 530 = Beds 131,164 = Sq Ft G/L 2015-2016 Cost per Cost per Codes Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Forecast Bed UnitAccount Descriptions 7/16/2015 67.6% OPERATING EXPENSES General & Administrative Audit 6002-0200 - - 7,000 3,000 - - - - - - - - 10,000 19 57 Legal 6002-0300 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 36,000 68 205 Bank Charges/Fees 6005-0000 332 332 332 332 332 332 332 332 332 332 332 332 3,983 8 23 Data Processing/Computer Expense 6030-0000 667 667 667 667 667 1,217 667 887 667 667 667 667 8,774 17 50 Collection & Eviction Processing 6020-0000 - - - - - - - - - - - - - - - Resident Screening 6095-0000 - - - 400 400 500 500 500 500 500 500 500 4,300 8 24 Dues & Subscriptions 6035-0000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 2 7 Equipment & Supplies 6045-0000 750 750 750 750 500 500 750 750 750 750 750 750 8,500 16 48 Postage & Delivery 6070-0000 150 150 400 400 400 400 400 400 400 400 400 300 4,200 8 24 Licenses, Fees & Permits 6060-0000 - - - 500 125 125 125 125 125 125 125 125 1,500 3 9 Professional Fees 6080-0000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 2 7 Rent Refunds - Residents 6090-0000 1,000 - - - - - - - - 1,000 1,000 3,000 6 17 Telephone 6105-0000 1,200 1,200 1,200 1,200 1,200 1,300 1,400 1,400 1,400 1,300 1,400 1,300 15,500 29 88 Telephone-Answering Service 6110-0000 - - - - - - - - - - - - - - - Training 6115-0000 649 199 49 49 699 49 49 199 649 49 199 49 2,891 5 16 Travel 6120-0000 500 150 500 150 500 500 150 500 150 150 150 500 3,900 7 22 Uniforms 6135-0000 - - - - 400 - - - - - - 3,900 4,300 8 24 Miscellaneous 6065-0000 175 175 175 175 175 175 175 175 175 175 175 175 2,100 4 12 Total General & Administrative 8,623 6,823 14,273 10,823 8,598 8,298 7,748 8,468 8,348 7,648 8,898 12,798 111,349 210 633 2.3% Food Department Accompaniments 6155-0000 8,312 7,270 6,954 4,188 4,364 6,896 5,714 7,059 3,905 5,450 5,619 4,308 70,038 132 398 Baked Goods 6156-0000 2,246 1,965 1,879 1,132 1,179 1,864 1,544 1,908 1,055 1,473 1,518 1,164 18,927 36 108 Beverages 6157-0000 4,043 3,537 3,383 2,038 2,123 3,355 2,780 3,434 1,900 2,651 2,734 2,096 34,074 64 194 Dairy 6158-0000 3,819 3,340 3,195 1,924 2,005 3,169 2,626 3,243 1,794 2,504 2,582 1,979 32,180 61 183 Food Cost 6159-0000 - - - - - - - - - - - - - - - Frozen Goods 6160-0000 4,852 4,244 4,059 2,445 2,548 4,026 3,335 4,121 2,280 3,182 3,280 2,515 40,887 77 232 Ice Cream 6161-0000 - - - - - - - - - - - - - - - Meats 6162-0000 15,725 13,753 13,156 7,924 8,257 13,047 10,810 13,355 7,388 10,310 10,630 8,150 132,505 250 753 Milk 6163-0000 1,573 1,375 1,315 792 826 1,305 1,081 1,335 739 1,031 1,063 815 13,250 25 75 Produce 6164-0000 4,358 3,811 3,646 2,196 2,288 3,616 2,996 3,702 2,047 2,858 2,946 2,258 36,722 69 209 China/Glass/Silver 6171-0000 750 - - - 350 - - - - - - 750 1,850 3 11 Contract Cleaning 6172-0000 - - - - 1,000 - - - - - - 1,350 2,350 4 13 Decorations 6173-0000 80 80 80 80 80 80 80 80 80 80 80 80 960 2 5 Equipment Rental 6174-0000 150 150 150 150 150 150 150 150 150 150 150 150 1,800 3 10 Kitchen Equipment Repair 6175-0000 1,300 1,300 1,300 1,300 1,300 1,300 1,300 1,300 1,300 1,300 1,300 1,300 15,600 29 89 Linen Laundry/Rental 6176-0000 370 370 370 270 190 370 370 370 270 370 370 275 3,965 7 23 Other Expense 6178-0000 405 405 405 405 730 405 405 405 405 405 730 405 5,510 10 31 Linen Replacement 6177-0000 - - - - - - - - - - - - - - - Paper 6179-0000 400 400 400 150 150 400 400 400 350 400 400 250 4,100 8 23 Supplies 6180-0000 - - - - - - - - - - - - - - - Supplies - Cleaning 6180-0100 1,000 1,000 1,000 500 935 700 700 700 1,000 700 700 900 9,835 19 56 Supplies - Dining Room 6180-0200 1,200 150 150 150 150 150 150 150 150 150 150 650 3,350 6 19 Supplies - Kitchen 6180-0300 600 450 450 100 600 450 300 450 100 450 450 400 4,800 9 27 Uniforms 6185-0000 75 75 75 75 825 75 75 75 75 75 75 825 2,400 5 14 Supplies - Laundry 6190-0000 - - - - - - - - - - - - - - - Total Food Department 51,258 43,675 41,967 25,819 30,050 41,358 34,816 42,237 24,988 33,539 34,777 30,620 435,104 821 2,472 8.8% Payroll & Benefits Office Salaries 6205-0000 13,140 13,140 13,140 19,711 13,140 13,140 13,140 13,140 13,140 19,711 13,140 13,230 170,915 322 971 Commissions 6265-0000 - - - - - - - - - - - - - - - Bonuses 6260-0000 - - - - - - - - - - - - - - - 7/16/2015 Page 2of8 Cambridge at CS College Station, TX 77840 2015-2016 Cambridge at CS Budget 176 = Units $0 530 = Beds 131,164 = Sq Ft G/L 2015-2016 Cost per Cost per Codes Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Forecast Bed UnitAccount Descriptions 7/16/2015 Maintenance 6225-0000 7,969 7,969 7,969 11,954 7,969 7,969 7,969 7,969 8,969 12,954 8,969 10,949 109,580 207 623 Food Service 6225-0700 29,818 28,218 28,714 35,950 14,658 28,690 32,842 28,628 29,837 32,426 30,258 23,718 343,753 649 1,953 Payroll Taxes 6270-0100 6,111 5,919 5,979 8,114 4,292 5,976 6,474 5,968 6,234 7,811 6,284 5,748 74,910 141 426 Worker's Compensation 6270-0200 3,458 3,349 3,383 4,591 2,429 3,381 3,663 3,377 3,527 4,420 3,556 3,252 42,386 80 241 Group Insurance 6280-0000 5,250 5,250 5,250 5,250 5,250 5,250 5,250 5,250 5,250 5,250 5,250 5,250 63,000 119 358 Employee Recruiting 6290-0000 - - - - - - - - - - - - - - - Employee Relations 6295-0000 - - - - - - - - - - - - - - - Total Payroll & Benefits 65,746 63,846 64,435 85,570 47,738 64,406 69,339 64,333 66,957 82,571 67,457 62,146 804,543 1,518 4,571 16.3% Contract Services Contract-Alarm/Monitoring-Intrusion/Fire 6305-0000 - - - - - - - - - - - - - - - Contract-Bus Service 6310-0000 135,000 - - - - - - - - - - - 135,000 255 767 Contract-Cleaning 6315-0000 9,425 8,925 8,925 8,925 8,925 8,925 8,925 8,925 8,925 8,925 8,925 9,425 108,100 204 614 Contract-Elevator 6325-0000 1,500 625 625 1,500 625 625 1,500 625 625 1,500 625 625 11,000 21 63 Contract - HVAC 6335-0000 - - - - - - - - - - - - - - - Contract - Fire/Safety 6327-0000 - - - - - - - - - - - - - - - Contract-Landscape Maintenance 6340-0000 1,900 1,900 1,900 1,900 1,900 2,900 1,900 1,900 1,900 1,900 1,900 2,400 24,300 46 138 Contract-Other Contract Services 6345-0000 1,000 750 1,250 1,000 1,250 750 1,250 1,250 1,250 750 750 1,250 12,500 24 71 Contract-Parking 6348-0000 - - - - - - - - - - - - - - - Contract-Security/Patrol/Courtesy Officer 6365-0000 3,900 3,900 3,900 4,800 4,400 3,900 3,900 3,900 4,700 4,100 4,100 4,100 49,600 94 282 Contract-Pest Control 6350-0000 350 350 350 350 350 350 350 350 350 350 350 350 4,200 8 24 Contract-Pool 6360-0000 - - - - - - - - - - - - - - - Contract-Snow Removal 6370-0000 - - - - - - - - - - - - - - - Contract-Trash Removal 6375-0000 1,330 1,330 1,330 1,330 1,330 1,330 1,330 1,330 1,830 1,330 1,330 1,830 16,960 32 96 Total Contract Services 154,405 17,780 18,280 19,805 18,780 18,780 19,155 18,280 19,580 18,855 17,980 19,980 361,660 682 2,055 7/16/2015 Page 3of8 Cambridge at CS College Station, TX 77840 2015-2016 Cambridge at CS Budget 176 = Units $0 530 = Beds 131,164 = Sq Ft G/L 2015-2016 Cost per Cost per Codes Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Forecast Bed UnitAccount Descriptions 7/16/2015 7.3% Repairs & Maintenance Appliances 6410-0000 200 400 200 400 200 400 200 400 200 400 200 400 3,600 7 20 Blind/Drapes 6415-0000 - - - - - - - - - - - - - - - Boilers 6420-0000 500 500 500 - - 500 500 500 - - 500 500 4,000 8 23 Building - Interior 6425-0100 3,000 150 150 150 150 150 150 150 3,000 2,000 750 150 9,950 19 57 Building - Exterior 6425-0200 - - - - - - - - - - - - - - - Common Areas 6440-0000 - - - - - - - - - - - - - - - Doors/Windows 6450-0000 - - - - - - - - - - - - - - - Electrical 6455-0000 - - - - - - - - - - - - - - - Elevators 6460-0000 - - - - - - - - - - - - - - - Fencing & Gates 6470-0000 - - - - - - - - - - - - - - - Fire/Safety 6475-0000 2,000 150 150 150 150 150 150 2,400 150 150 150 150 5,900 11 34 Furniture 6478-0000 - - - - - - - - - - - - - - - Generator 6483-0000 - - - - - - - - - - - - - - - Glass/Mirrors/Screens 6485-0000 - 150 - - 150 - - 150 - - 150 - 600 1 3 HVAC 6495-0000 4,500 2,500 1,250 1,250 1,205 2,000 1,600 1,600 3,000 3,600 3,600 4,200 30,305 57 172 Keys & Locks 6500-0000 100 100 100 100 100 100 100 100 850 100 100 100 1,950 4 11 Landscaping 6510-0000 - - - - - - - - - - - - - - - Lights, Fixtures, Light Bulbs 6520-0000 650 250 250 250 250 250 250 250 650 650 650 550 4,900 9 28 Miscellaneous 6525-0000 40 40 40 40 40 40 40 40 40 40 40 40 480 1 3 Painting 6530-0000 100 100 100 100 100 100 100 100 3,500 3,500 3,500 100 11,400 22 65 Parking Lots & Sidewalks 6535-0000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 2 7 Plumbing 6540-0000 500 500 500 500 500 500 500 500 500 500 500 500 6,000 11 34 Pools 6545-0000 800 500 500 500 500 500 500 500 800 500 500 800 6,900 13 39 Recreation 6550-0000 150 400 150 400 150 400 150 400 150 400 150 400 3,300 6 19 Roofs 6555-0000 350 350 350 350 350 350 350 350 350 350 350 350 4,200 8 24 Signs 6560-0000 - - - - - - - - - - - - - - - Supplies 6570-0000 975 975 975 975 975 975 975 975 975 975 975 975 11,700 22 66 Tools 6575-0000 - 150 - 150 - 150 - 150 - 150 - 150 900 2 5 Water Treatment 6580-0000 - - - - - - - - - - - - - - - Total Repairs & Maintenance 13,965 7,315 5,315 5,415 4,920 6,665 5,665 8,665 14,265 13,415 12,215 9,465 107,285 202 610 2.2% Make-Ready Maintenance Contract Services Carpet Cleaning/Repairs 6610-0000 - - - - - - - - - - 5,000 10,000 15,000 28 85 Cleaning 6615-0000 - - - - - - - - - - - - - - - Painting 6635-0000 - - - - - - - - - - - - - - - Total Make-Ready Contract Services - - - - - - - - - - 5,000 10,000 15,000 28 85 Supplies Interior Repairs 6630-0000 - - - - - - - - - - - - - - - Appliance Supplies 6652-0000 - - - - - - - - - - - - - - - Cleaning Supplies 6655-0000 `900 850 850 850 850 750 850 750 2,000 2,000 2,000 900 13,550 26 77 Paint Supplies 6660-0000 - - - - - - - - - - - - - - - Sheetrock 6665-0000 - - - - - - - - - - - - - - - Total Make-Ready Supplies 900 850 850 850 850 750 850 750 2,000 2,000 2,000 900 13,550 26 77 Total Make-Ready Maintenance 900 850 850 850 850 750 850 750 2,000 2,000 7,000 10,900 28,550 54 162 7/16/2015 Page 4of8 Cambridge at CS College Station, TX 77840 2015-2016 Cambridge at CS Budget 176 = Units $0 530 = Beds 131,164 = Sq Ft G/L 2015-2016 Cost per Cost per Codes Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Forecast Bed UnitAccount Descriptions 7/16/2015 0.6% Marketing Advertising Print 6705-0200 - - - - - - - - - - - - - - - Publications 6730-0000 - - 1,000 1,000 2,000 3,500 1,500 - - - - - 9,000 17 51 Direct Mail 6715-0000 - - - - - - - 11,000 11,000 11,000 11,000 - 44,000 83 250 Radio 6705-0300 - - - - - 3,000 - - - - - - 3,000 6 17 Signs 6735-0000 - - - - - 750 - - - - - - 750 1 4 Internet Ads 6720-0000 2,276 2,276 2,276 2,382 2,276 2,276 2,276 2,276 2,276 2,276 2,276 2,476 27,618 52 157 Other 6748-0000 - - - - - - - - - - - - - - - Total Advertising 2,276 2,276 3,276 3,382 4,276 9,526 3,776 13,276 13,276 13,276 13,276 2,476 84,368 159 479 Other Marketing Brochures 6750-0000 1,000 - - 15,000 - 1,500 - - - - - - 17,500 33 99 Locator Fees 6760-0000 - - - - - - - - - - - - - - - Portal Expense 6770-0000 - - - - - - - - - - - - - - - Referral Fees 6780-0000 - - - - - - - - - - - - - - - Promotion & Events 6775-0000 70,000 - - - 1,000 9,500 2,250 - - - - - 82,750 156 470 Resident Activities/Tenant Relations 6790-0000 1,800 1,050 1,050 1,700 4,800 1,050 1,050 1,050 1,050 - - 1,800 16,400 31 93 Websites 6740-0000 500 500 500 500 500 500 500 500 500 500 500 500 6,000 11 34 Total Other Marketing 73,300 1,550 1,550 17,200 6,300 12,550 3,800 1,550 1,550 500 500 2,300 122,650 231 697 Total Marketing 75,576 3,826 4,826 20,582 10,576 22,076 7,576 14,826 14,826 13,776 13,776 4,776 207,018 391 1,176 4.2% Cable & Internet Cable TV 6805-0000 5,500 5,500 5,500 5,500 5,500 5,500 5,500 5,600 5,600 5,600 5,600 5,600 66,500 125 378 Internet 6825-0000 5,500 5,500 5,500 5,500 5,500 5,500 5,500 5,500 5,500 5,500 5,500 5,500 66,000 125 375 Total Cable / Internet 11,000 11,000 11,000 11,000 11,000 11,000 11,000 11,100 11,100 11,100 11,100 11,100 132,500 250 753 2.7% Utilities Electricity Elec-Common Area 6910-0100 43,000 33,000 23,000 22,000 12,500 18,750 20,000 26,000 26,000 28,500 33,000 31,000 316,750 598 1,800 Elec-Residential Units 6910-0200 - - - - - - - - - - - - - - - Elec-Vacant Units 6910-0900 - - - - - - - - - - - - - - - Total Electricity 43,000 33,000 23,000 22,000 12,500 18,750 20,000 26,000 26,000 28,500 33,000 31,000 316,750 598 1,800 Other Utilities - - Gas 6920-0000 4,100 4,100 4,100 3,800 2,800 4,800 4,800 3,100 3,100 3,500 3,500 4,200 45,900 87 261 Water / Sewer 6930-0000 4,320 4,320 4,320 4,320 4,320 4,751 4,751 4,751 4,751 6,360 6,360 5,247 58,570 111 333 Utility Billing Fee 6950-0000 - - - - - - - - - - - - - - - Total Other Utilities 8,420 8,420 8,420 8,120 7,120 9,551 9,551 7,851 7,851 9,860 9,860 9,447 104,470 197 594 Total Utilities 51,420 41,420 31,420 30,120 19,620 28,301 29,551 33,851 33,851 38,360 42,860 40,447 421,220 795 2,393 8.6% Property Management Fee 6990-0000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 240,000 453 1,364 Asset Management 8915-0000 10,300 10,300 10,300 10,300 10,300 10,300 10,300 10,300 10,300 10,300 10,300 10,300 123,600 233 702 Total Management Fees 30,300 30,300 30,300 30,300 30,300 30,300 30,300 30,300 30,300 30,300 30,300 30,300 363,600 1,481 4,459 7/16/2015 Page 5of8 Cambridge at CS College Station, TX 77840 2015-2016 Cambridge at CS Budget 176 = Units $0 530 = Beds 131,164 = Sq Ft G/L 2015-2016 Cost per Cost per Codes Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Forecast Bed UnitAccount Descriptions 7/16/2015 7.4% Taxes Property Taxes 7005-0000 - - - - - - - - - - - - - - - Personal Property Taxes 7010-0000 - - - - - - - - - - - - - - - Property Tax Consultant 7020-0000 - - - - - - - - - - - - - - - Franchise Taxes 7060-0000 - - - - - - - - - - - - - - - Total Taxes - - - - - - - - - - - - - - - 0.0% Insurance Ins-Property & Casualty Insurance 7105-0100 7,030 7,030 7,030 - - - - - 21,537 7,030 7,030 7,030 63,719 120 362 Total Insurance 7,030 7,030 7,030 - - - - - 21,537 7,030 7,030 7,030 63,719 120 362 1.3% TOTAL OPERATING EXPENSES 470,224 233,864 229,696 240,283 182,432 231,935 216,000 232,811 247,752 258,594 253,394 239,563 3,036,548 6,524 19,646 61.7% (30,973) 204,746 208,525 200,438 257,579 207,275 223,930 210,050 199,558 (44,418) (39,067) 286,806 1,884,449 3,556 10,707 38.3% Debt Service Interest Expense 7210-0000 - - - - - - - - - - - - - - - Ground Lease 7270-0000 - - - - - - - - - - - - - - - Mortgage Principal 2900-0000 - - - - - - - - - - - - - - - Total Interest / Financing Costs - - - - - - - - - - - - - - - 0.0% Capital Improvements Washer/Dryer 8315-0280 - - - - - - - - - - - - - - - Blinds 8315-0400 - - - - - - - - - - - - - - - Carpet/Vinyl/Tile 8315-1000 - - - - - - - - - - - 4,000 4,000 8 23 Furniture 8315-5000 - - - - - - - - - - - - - - - Total Recurring Capital - - - - - - - - - - - 4,000 4,000 8 23 NET OPERATING INCOME (LOSS) BEFORE DEBT SERVICE & CAPITAL 7/16/2015 Page 6of8 Cambridge at CS College Station, TX 77840 2015-2016 Cambridge at CS Budget 176 = Units $0 530 = Beds 131,164 = Sq Ft G/L 2015-2016 Cost per Cost per Codes Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Forecast Bed UnitAccount Descriptions 7/16/2015 0.1% Capital Improvements - Non Recurring Alarms/Access Systems 8315-0100 - - - - - - - - - - - - - - - Bldg Impr - Bathroom Renovations 8315-0300 - - - - - - - - - - - - - - - Boilers 8315-0500 - - - - - - - - - - - - - - - Building 8315-0600 - - - - - - - - - - - - - - - Building - Exterior 8315-0700 - - - - - - - - - - - - - - - Building - Interior 8315-0800 70,000 - - - - - - - - - - - 70,000 132 398 Building - Structural 8315-0900 - - - - - - - - - - - - - - - Clubhouse/Model 8315-1200 - - - - - - - - - - - - - - - Carports 8315-1100 - - - - - - - - - - - - - - - Computers 8315-4000 - - - - - - - - - - - - - - - Countertop/Sink/Cabinets 8315-1400 - - - - - - - - - - - - - - - Doors & Related Hardware 8315-1500 - - - - - - - - - - - - - - - Electrical 8315-1600 - - - - - - - - - - - - - - - Elevators 8315-1700 - - - - - - - - - - - - - - - Equipment (Office & Maintenance)8315-5100 - - - - - - - - - - - - - - - Fencing & Gates 8315-1800 - - - - - - - - - - - - - - - Fire/Safety 8315-1900 - - - - - - - - - - - - - - - Glass, Mirrors & Screens 8315-2000 - - - - - - - - - - - - - - - Golf Cart 8315-8100 - - - - - - - - - - - - - - - HVAC 8315-2100 - - - - - - - - - - - - - - - Keys & Locks 8315-2200 - - - - - - - - - - - - - - - Landscaping 8315-2300 - - - - - - - - 40,000 - - - 40,000 75 227 Light Fixtures 8315-2500 - - - - - - - - - - - - - - - Miscellaneous 8315-2700 - - - - - - - - - - - - - - - Painting (Exterior)8315-2900 - - - - - - - - - - - - - - - Parking Lot & Sidewalks 8315-3000 - - - - - - - - - - - - - - - Personal Property 8315-8000 - - - - - - - - - - - - - - - Plumbing 8315-3100 - - - - - - - - - - - - - - - Pools 8315-3200 - - - - - - - - - - - - - - - Pool Furniture 8315-5900 - - - - - - - - - - - - - - - Recreation/Amenity Areas 8315-3300 - - - - - - - - - - - - - - - Renovations (Units)8315-3400 - - - - - - - - - - - - - - - Roofs 8315-3600 - - - - - - - - - - - - - - - Signage 8315-3700 - - - - - - - - - - - - - - - Site Improvements 8315-3800 - - - - - - - - - - - - - - - Tenant Improvements 8315-3900 - - - - - - - - - - - - - - - Tubs/Showers 8315-3950 - - - - - - - - - - - - - - - Total Non Recurring Capital 70,000 - - - - - - - 40,000 - - - 110,000 208 625 2.2% Escrow Accounts Tax Reserve 1080-0100 - - - - - - - - - - - - - - - Tax Funding 1080-0100 - - - - - - - - - - - - - - - Insurance Reserve 1080-0300 - - - - - - - - - - - - - - - Insurance Reserve Funding 1080-0300 - - - - - - - - - - - - - - - Replacement Reserve 1080-0400 - 88,485 - - 50,000 - - - - - - - 138,485 261 787 Replacement Reserve Reimb.1080-0400 - - - - - - - - - - - - - - - Net Escrow Activity - 88,485 - - 50,000 - - - - - - - 138,485 261 787 7/16/2015 Page 7of8 Cambridge at CS College Station, TX 77840 2015-2016 Cambridge at CS Budget 176 = Units $0 530 = Beds 131,164 = Sq Ft G/L 2015-2016 Cost per Cost per Codes Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Forecast Bed UnitAccount Descriptions 7/16/2015 2.8% Other Expenses Accounting / Audit / Tax 8905-0000 - - - - - - - - - - - - - - - Administrative Expense 8910-0000 - - - - - - - - - - - - - - - Prior Year Operating Expenses 8965-0000 - - - - - - - - - - - - - - - Legal/LLC fees 8950-0000 - - - - - - - - - - - - - - - Travel 8995-0000 - - - - - - - - - - - - - - - Start Up Cost 8983-0000 - - - - - - - - - - - - - - - Miscellaneous 8960-0000 - - - - - - - - - - - - - - - Total Other Expenses - - - - - - - - - - - - - - - 0.0% INCOME (LOSS) Before Depr / Amort (100,973) 116,261 208,525 200,438 207,579 207,275 223,930 210,050 159,558 (44,418) (39,067) 282,806 1,631,964 3,079 9,273 Distribution Payments 4201-0000 - - - - - - - - - - - - - - - 0.0% MONTHLY CASH FLOW (100,973) 116,261 208,525 200,438 207,579 207,275 223,930 210,050 159,558 (44,418) (39,067) 282,806 1,631,964 3,079 9,273 33.2% Cumulative Cash Flow Estimate (100,973) 15,287 223,812 424,250 631,828 839,104 1,063,034 1,273,084 1,432,642 1,388,224 1,349,157 1,631,964 1,631,964 7/16/2015 Page 8of8