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2012-2013 Denton revised budget
Ridge at North Texas Denton, TX 76210 2012/2013 Academic Operating Budget Template 288 = Units 876 = Beds 278,928 =Sq Ft G/L 2012/2013 Cost per Cost per Codes Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Forecast Bed Unit 847 847 847 847 822 822 822 822 821 821 821 821 OCCUPANCY %96.69%96.69%96.69%96.69%93.84%93.84%93.84%93.84%93.72%93.72%93.72%93.72%94.75% OPERATING INCOME Gross Potential Rent Gross Market Rent 5005-0000 439,380 439,380 439,380 439,380 439,380 439,380 439,380 439,380 439,380 439,380 439,380 439,380 5,272,560 6,019 18,308 Contract Gain (Loss) to Lease 5010-0000 (400)(400)(400)(400)(400)(400)(400)(400)(400)(400)(12,750)(12,750)(29,500)(34)(102) Total Gross Potential Rent 438,980 438,980 438,980 438,980 438,980 438,980 438,980 438,980 438,980 438,980 426,630 426,630 5,243,060 5,985 18,205 Economic Variances Concessions - Amenity 5030-0050 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Concessions - Misc.5030-0100 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Concessions - New Leases 5030-0200 (11,900)(11,900)(11,900)(11,900)(11,900)(11,900)(11,900)(11,900)(11,900)(11,900)(11,900)(11,900)(142,800)(163)(496) Concessions - Renewals 5030-0400 (9,900)(9,900)(9,900)(9,900)(9,900)(9,900)(9,900)(9,900)(9,900)(9,900)(9,900)(9,900)(118,800)(136)(413) Concessions - Schlrshps/Mstr Lease 5030-0500 (3,750)(3,750)(3,750)(3,750)(3,750)(3,750)(3,750)(3,750)(3,750)(3,750)0 0 (37,500)(43)(130) Down Units 5040-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Employee Units 5045-0000 (12,000)(12,000)(12,000)(12,000)(12,000)(12,000)(12,000)(12,000)(12,000)(12,000)(12,000)(12,000)(144,000)(164)(500) Courtsey Officer Discount 5050-0000 (1,650)(1,650)(1,650)(1,650)(1,650)(1,650)(1,650)(1,650)(1,650)(1,650)(1,650)(1,650)(19,800)(23)(69) Model Units 5055-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Bad Debt 5025-0000 (8,000)(6,200)(6,200)(6,200)(6,200)(6,200)(6,200)(6,200)(6,200)(6,200)(6,200)(9,000)(79,000)(90)(274) Vacancy Loss 5065-0000 (14,546)(14,546)(14,546)(14,546)(27,085)(27,085)(27,085)(27,085)(27,587)(27,587)(27,587)(27,587)(276,870)(316)(961) Total Economic Variances (61,746)(59,946)(59,946)(59,946)(72,485)(72,485)(72,485)(72,485)(72,987)(72,987)(69,237)(72,037)(818,770)(935)(2,843) Econ %85.95%86.36%86.36%86.36%83.50%83.50%83.50%83.50%83.39%83.39%84.24%83.60%84.47% Retail Income Commerical/Retail Income 5102-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 CAM 5115-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Retail Income 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 NET RENTAL INCOME 377,234 379,034 379,034 379,034 366,495 366,495 366,495 366,495 365,993 365,993 357,393 354,593 4,424,290 5,051 15,362 Other Operating Income Accelerated Rent 5205-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Administrative Fees 5210-0000 150 300 50 50 50 100 100 300 300 300 300 500 2,500 3 9 Application Fees 5220-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Damages Income 5260-0000 2,400 7,000 3,200 1,150 1,100 6,486 5,216 800 100 900 100 4,500 32,952 38 114 Deposit Forfeitures 5265-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Carport/Garages/Parking Income 5235-0000 1,125 1,125 1,125 1,125 1,125 1,125 1,125 1,125 1,125 1,125 1,125 1,125 13,500 15 47 Furniture Income 5270-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Key & Access Card Income 5290-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Legal & Collections 5310-0000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 1 4 Late Charges 5295-0000 5,000 6,500 7,500 6,000 8,000 5,500 5,000 4,000 3,500 4,500 5,000 0 60,500 69 210 Month-to-Month Fees 5320-0000 1,000 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,000 0 0 0 10,400 12 36 NSF Check Fees 5325-0000 100 50 100 50 100 50 100 50 100 50 50 100 900 1 3 Pet Fees 5330-0000 2,000 300 300 300 300 300 300 300 300 300 300 2,000 7,000 8 24 Premium Fees 5335-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Relet/Cancellation Fees 5340-0000 300 2,000 600 800 3,200 1,200 500 200 3,500 2,400 2,000 3,200 19,900 23 69 Reservation Fees 5350-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Sales Tax Income 5355-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Shuttle Bus Income 5360-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Storage Income 5365-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Transfer Fees 5375-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Vending Income 5390-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Miscellaneous Income 5315-0000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 1 4 RUBS Income - Electric 5370-0100 5,500 9,500 9,500 7,500 6,500 6,500 7,500 8,500 8,500 10,000 10,000 10,000 99,500 114 345 RUBS Income - Gas 5370-0200 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 RUBS Income - Water 5370-0300 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 RUBS Income -Trash 5370-0400 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Interest Income 5285-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Other Operating Income 17,775 28,175 23,775 18,375 21,775 22,661 21,241 16,675 18,625 19,775 19,075 21,625 249,552 285 867 0 EFFECTIVE GROSS INCOME 395,009 407,209 402,809 397,409 388,270 389,156 387,736 383,170 384,618 385,768 376,468 376,218 4,673,842 5,335 16,229 4/15/2012 Account Descriptions 6/1/2012 Page 1of5 Ridge at North Texas Denton, TX 76210 2012/2013 Academic Operating Budget Template 288 = Units 876 = Beds 278,928 =Sq Ft G/L 2012/2013 Cost per Cost per Codes Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Forecast Bed Unit 4/15/2012 Account Descriptions OPERATING EXPENSES Cable & Internet 0 0 Cable TV 6805-0000 6,315 6,315 6,315 6,315 6,315 6,315 6,315 6,315 6,315 6,315 6,315 6,315 75,780 87 263 Internet 6825-0000 10,600 10,600 10,600 10,600 10,600 10,600 10,600 10,600 10,600 10,600 10,600 10,600 127,200 145 442 Total Cable / Internet 16,915 16,915 16,915 16,915 16,915 16,915 16,915 16,915 16,915 16,915 16,915 16,915 202,980 232 705 General & Administrative Audit 6002-0200 0 0 9,000 0 0 1,600 0 0 0 0 0 0 10,600 12 37 Legal 6002-0300 100 100 100 100 100 100 100 100 100 100 100 100 1,200 1 4 Bank Charges/Fees 6005-0000 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 13,200 15 46 Data Processing/Computer Expense 6030-0000 7,600 100 100 100 100 100 100 100 100 100 100 100 8,700 10 30 Resident Screening 6095-0000 150 50 50 50 950 950 1,000 1,000 1,000 1,000 1,000 700 7,900 9 27 Dues & Subscriptions 6035-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Equipment & Supplies for Equipment 6045-0000 600 400 400 400 400 400 400 400 400 400 400 400 5,000 6 17 Postage & Delivery 6070-0000 650 700 700 600 600 250 250 450 300 500 300 250 5,550 6 19 Licenses, Fees & Permits 6060-0000 0 175 550 0 375 0 0 275 0 0 100 0 1,475 2 5 Portal Expense 6770-0000 0 0 0 0 0 0 2,400 0 0 0 0 0 2,400 3 8 Professional Fees 6080-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Supplies 6100-0000 500 300 300 300 300 300 300 300 300 300 300 300 3,800 4 13 Telephone 6105-0000 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 14,400 16 50 Telephone-Answering Service 6110-0000 165 165 165 165 165 165 165 165 165 165 165 165 1,980 2 7 Telephone-Radios/Pagers/Cell 6107-0000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 1 4 Training 6115-0000 0 250 0 0 1,450 0 0 0 250 0 0 0 1,950 2 7 Travel 6120-0000 150 150 150 150 200 200 200 300 200 550 550 550 3,350 4 12 Travel-Meals 6120-0300 0 0 25 0 0 25 50 50 70 250 100 250 820 1 3 Uniforms 6135-0000 700 0 0 0 400 0 0 0 700 0 0 0 1,800 2 6 Miscellaneous 6065-0000 1,200 1,400 1,400 1,600 1,800 1,800 1,800 1,800 1,600 1,500 1,450 1,200 18,550 21 64 Total General & Administrative 14,215 6,190 15,340 5,865 9,240 8,290 9,165 7,340 7,585 7,265 6,965 6,415 103,875 119 361 Payroll & Benefits Office Salaries 6205-0000 13,045 10,545 10,545 10,545 15,818 10,545 10,545 10,545 10,545 15,818 10,545 16,045 145,090 166 504 Performance 6265-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Leasing 6260-0000 12,000 2,000 8,000 0 0 500 500 500 500 0 0 0 24,000 27 83 Maintenance 6225-0000 10,289 7,289 7,289 7,289 10,934 7,289 7,289 7,289 7,289 10,934 7,289 12,289 102,760 117 357 Contract Labor 6250-0000 2,400 0 0 0 0 0 0 0 0 0 0 4,800 7,200 8 25 Payroll Taxes 6270-0100 4,509 2,370 3,087 2,131 3,197 2,191 2,191 2,191 2,191 3,197 2,131 3,960 33,346 38 116 Worker's Compensation 6270-0200 4,170 2,192 2,855 1,971 2,956 2,026 2,026 2,026 2,026 2,956 1,971 3,661 30,835 35 107 Group Insurance 6280-0000 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,500 18,000 21 63 Employee Recuriting 6290-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Employee Relations 6295-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Payroll & Benefits 47,914 25,897 33,277 23,437 34,405 24,052 24,052 24,052 24,052 34,405 23,437 42,256 361,232 412 1,254 Contract Services Contract-Alarm/Monitoring-Intrusion/Fire 6305-0000 235 235 235 235 235 235 235 235 235 235 235 235 2,820 3 10 Contract-Bus Service 6310-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Contract-Cleaning 6315-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Contract-Elevator 6325-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Contract - HVAC 6335-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Contract - Fire/Saftey 6327-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Contract-Landscape Maintenance 6340-0000 3,750 3,750 3,750 3,750 3,750 3,750 3,750 3,750 3,750 3,750 3,750 3,750 45,000 51 156 Contract-Other Contract Services 6345-0000 500 500 500 500 500 500 500 500 500 500 500 500 6,000 7 21 Contract-Security/Patrol/Courtesy Officer 6365-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Contract-Pest Control 6350-0000 520 520 520 520 520 520 520 520 520 520 520 520 6,240 7 22 Contract-Pool 6360-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Contract-Snow Removal 6370-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Contract-Trash Removal 6375-0000 6,000 3,100 3,100 2,850 2,850 2,850 2,850 2,850 2,850 2,850 2,850 6,500 41,500 47 144 Total Contract Services 11,005 8,105 8,105 7,855 7,855 7,855 7,855 7,855 7,855 7,855 7,855 11,505 101,560 116 353 6/1/2012 Page 2of5 Ridge at North Texas Denton, TX 76210 2012/2013 Academic Operating Budget Template 288 = Units 876 = Beds 278,928 =Sq Ft G/L 2012/2013 Cost per Cost per Codes Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Forecast Bed Unit 4/15/2012 Account Descriptions Repairs & Maintenance Appliances 6410-0000 3,500 3,400 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 26,900 31 93 Blind/Drapes 6415-0000 200 30 30 20 20 20 20 20 20 20 1,500 800 2,700 3 9 Boilers 6420-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Building - Interior 6425-0100 5,000 100 100 5,000 100 100 100 100 100 100 100 100 11,000 13 38 Building - Exterior 6425-0200 100 100 100 100 100 100 100 100 100 100 100 100 1,200 1 4 Common Areas 6440-0000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 1 4 Countertops/Sink 6445-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Doors/Windows 6450-0000 50 50 50 50 50 50 50 50 50 50 50 50 600 1 2 Electrical 6455-0000 200 0 0 200 0 200 0 200 0 200 0 200 1,200 1 4 Elevators 6460-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Fencing & Gates 6470-0000 250 250 250 500 250 250 250 250 250 250 250 2,500 5,500 6 19 Fire/Saftey 6475-0000 100 1,700 100 100 100 100 100 100 100 100 100 100 2,800 3 10 Generator 6483-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Glass/Mirrors/Screens 6485-0000 400 200 200 200 300 200 200 200 400 200 200 200 2,900 3 10 Golf Carts 6490-0000 5,000 0 0 500 0 0 0 0 0 500 0 0 6,000 7 21 HVAC 6495-0000 4,250 3,250 2,750 2,650 2,650 3,650 2,850 2,750 2,350 3,050 2,650 4,150 37,000 42 128 Keys & Locks 6500-0000 1,000 100 100 100 100 100 100 100 100 100 100 1,000 3,000 3 10 Landscaping 6510-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Lights, Fixtures, Light Bulbs 6520-0000 800 500 100 100 400 400 400 200 200 200 200 200 3,700 4 13 Miscellaneous 6525-0000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000 14 42 Painting 6530-0000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 1 4 Parking Lots & Sidewalks 6535-0000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 1 4 Plumbing 6540-0000 1,200 300 200 200 900 1,200 1,000 1,000 600 1,000 600 600 8,800 10 31 Pools 6545-0000 800 300 3,200 100 200 400 600 600 500 500 400 600 8,200 9 28 Recreation 6550-0000 250 0 250 0 250 0 250 0 250 0 250 0 1,500 2 5 Roofs 6555-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Signs 6560-0000 0 200 0 200 0 200 0 200 0 200 0 200 1,200 1 4 Supplies 6570-0000 600 1,000 300 300 400 350 350 300 300 700 500 350 5,450 6 19 Tools 6575-0000 400 100 100 100 100 300 100 100 200 200 200 200 2,100 2 7 Total Repairs & Maintenance 25,400 12,880 11,130 13,720 9,220 10,920 9,770 9,570 8,820 10,770 10,500 14,650 147,350 168 512 Make-Ready Maintenance Carpet Cleaning/Repairs 6610-0000 55,000 14,625 625 0 330 625 0 0 1,285 0 0 625 73,115 83 254 Cleaning 6615-0000 21,125 21,125 0 0 800 0 0 0 1,600 0 0 0 44,650 51 155 Interior Repairs 6630-0000 39,000 2,000 0 0 0 0 0 33,000 0 0 4,000 3,000 81,000 92 281 Painting 6635-0000 30,125 30,125 0 0 2,825 0 0 0 2,825 0 0 0 65,900 75 229 Appliance Supplies 6652-0000 8,500 0 0 0 0 0 0 0 0 0 1,000 6,000 15,500 18 54 Cleaning Supplies 6655-0000 1,000 0 0 0 0 0 0 0 0 0 0 0 1,000 1 3 Paint Supplies 6660-0000 10,000 9,500 0 0 0 0 0 0 0 0 0 0 19,500 22 68 Total Make-Ready Maintenance 164,750 77,375 625 0 3,955 625 0 33,000 5,710 0 5,000 9,625 300,665 343 1,044 Marketing Advertising Print 6705-0200 0 0 500 2,500 0 0 200 500 500 500 300 0 5,000 6 17 Publications 6730-0000 0 3,000 1,500 1,500 1,500 1,500 3,000 1,400 1,200 5,200 3,200 2,000 25,000 29 87 Direct Mail 6715-0000 0 0 0 0 0 0 0 0 4,500 2,000 0 0 6,500 7 23 Radio 6705-0300 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Signs 6735-0000 0 300 0 0 300 0 0 300 0 0 300 0 1,200 1 4 Internet Ads 6720-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other 6748-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Brochures/Promo Items 6750-0000 0 0 0 0 0 3,500 4,500 0 3,500 0 0 0 11,500 13 40 Locator Fees 6760-0000 4,000 4,000 0 0 0 0 0 0 0 0 0 0 8,000 9 28 Referral Fees 6780-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Promotion & Events 6775-0000 13,000 13,000 0 0 0 0 0 1,000 0 0 0 0 27,000 31 94 Resident Activities/Tenant Relations 6790-0000 750 750 500 500 500 750 500 750 500 500 250 250 6,500 7 23 Websites 6740-0000 700 700 700 700 700 700 700 700 700 700 700 700 8,400 10 29 Total Marketing 18,450 21,750 3,200 5,200 3,000 6,450 8,900 4,650 10,900 8,900 4,750 2,950 99,100 113 344 Utilities Electricity Elec-Common Area 6910-0100 2,500 3,500 3,500 3,100 3,500 3,500 3,300 3,500 3,500 3,500 3,500 5,000 41,900 48 145 Elec-Residential Units 6910-0200 39,000 35,000 35,000 26,000 31,000 31,000 31,000 32,000 32,000 43,000 43,000 39,000 417,000 476 1,448 Elec-Vacant Units 6910-0900 0 0 0 0 0 0 0 0 0 0 0 0 0 0 06/1/2012 Page 3of5 Ridge at North Texas Denton, TX 76210 2012/2013 Academic Operating Budget Template 288 = Units 876 = Beds 278,928 =Sq Ft G/L 2012/2013 Cost per Cost per Codes Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Forecast Bed Unit 4/15/2012 Account Descriptions Total Electricity 41,500 38,500 38,500 29,100 34,500 34,500 34,300 35,500 35,500 46,500 46,500 44,000 458,900 524 1,593 Other Utilities Gas 6920-0000 150 500 300 500 600 500 200 200 150 250 180 100 3,630 4 13 Water / Sewer 6930-0000 19,770 19,770 19,770 19,770 19,770 19,770 19,770 19,770 19,770 19,770 19,770 19,770 237,240 271 824 Utility Billing Fee 6950-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Other Utilities 19,920 20,270 20,070 20,270 20,370 20,270 19,970 19,970 19,920 20,020 19,950 19,870 240,870 275 836 Total Utilities 61,420 58,770 58,570 49,370 54,870 54,770 54,270 55,470 55,420 66,520 66,450 63,870 699,770 799 2,430 Management Fees 4.00%6990-0000 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 7,500 90,000 103 313 Asset Management 1.00%3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 42,000 48 146 Taxes Property Taxes 7005-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Personal Property Taxes 7010-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Property Tax Consultant 7020-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Franchise Taxes 7060-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Sales Tax 7085-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Taxes 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Insurance Ins-Property & Casualty Insurance 7105-0100 6,900 6,900 0 0 0 0 0 16,354 6,800 6,800 6,800 6,800 57,354 65 199 General Liability 7105-0500 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Insurance 6,900 6,900 0 0 0 0 0 16,354 6,800 6,800 6,800 6,800 57,354 65 199 TOTAL OPERATING EXPENSES 377,969 245,782 158,162 133,362 150,460 140,877 141,927 186,206 155,057 170,430 159,672 185,986 2,205,886 2,518 7,659 17,041 161,428 244,648 264,048 237,810 248,279 245,809 196,964 229,562 215,338 216,797 190,233 2,467,957 2,817 8,569 Debt Service Interest Expense 7210-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Mortgage Principal 7205-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Interest / Financing Costs 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Capital Improvements Appliances 8315-0200 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Washer/Dryer 8315-0280 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Blinds 8315-0400 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Carpet 8315-1000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Furniture 8315-5000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Vinyl/Tile 8315-1000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Recurring Capital 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Capital Improvements - Non Recurring Alarms/Access Systems 8315-0100 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Boilers 8315-0500 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Building 8315-0600 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Clubhouse/Model 8315-1200 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Carports 8315-1100 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Computers 8315-4000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Countertop/Sink/Cabinets 8315-1400 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Elevators 8315-1700 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Equipment (Office & Maintenance)8315-5100 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Fencing & Gates 8315-1800 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Fire/Saftey 8315-1900 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 HVAC 8315-2100 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Keys & Locks 8315-2200 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Landscaping 8315-2300 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Light Fixtures 8315-2500 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Miscellaneous 8315-2700 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Painting (Exterior)8315-2900 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 NET OPERATING INCOME (LOSS) BEFORE DEBT SERVICE & CAPITAL 6/1/2012 Page 4of5 Ridge at North Texas Denton, TX 76210 2012/2013 Academic Operating Budget Template 288 = Units 876 = Beds 278,928 =Sq Ft G/L 2012/2013 Cost per Cost per Codes Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Forecast Bed Unit 4/15/2012 Account Descriptions Parking Lot & Sidewalks 8315-3000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Pools 8315-3200 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Pool Furniture 8315-5900 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Recreation/Amenity Areas 8315-3300 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Renovations (Units)8315-3400 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Roofs 8315-3600 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Signage 8315-3700 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Tubs/Showers 8315-3950 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Non Recurring Capital 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Escrow Accounts Tax Reserve 1080-0100 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Tax Funding 1080-0100 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Insurance Reserve 1080-0300 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Insurance Reserve Funding 1080-0300 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Replacement Reserve 1080-0400 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Replacement Reserve Reimb.1080-0400 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Net Escrow Activity 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other Expenses Accounting / Audit / Tax 8905-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Administrative Expense 8910-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Legal/LLC fees 8950-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Travel 8995-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Start Up Cost 8983-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Miscellaneous 8960-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Other Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 INCOME (LOSS) Before Depr / Amort 17,041 161,428 244,648 264,048 237,810 248,279 245,809 196,964 229,562 215,338 216,797 190,233 2,467,957 2,817 8,569 Distribution Payments 4201-0000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 MONTHLY CASH FLOW 17,041 161,428 244,648 264,048 237,810 248,279 245,809 196,964 229,562 215,338 216,797 190,233 2,467,957 2,817 8,569 6/1/2012 Page 5of5