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HomeMy WebLinkAbout2016-2017 Denton Budget - 08-18-16-RevisedRidge at North Texas Denton, TX 2016-2017 Ridge at North Texas Budget 288 = Units $0 876 = Beds 278,928 = Sq Ft G/L 2016-2017 Cost per Cost per Codes Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Forecast Bed Unit Projected Beds-->861 861 861 861 841 841 841 841 841 841 841 841 OCCUPANCY %98.29%98.29%98.29%98.29%96.00%96.00%96.00%96.00%96.00%96.00%96.00%96.00%96.77% OPERATING INCOME Gross Potential Rent Gross Market Rent 5005-0000 457,200 457,200 457,200 457,200 457,200 457,200 457,200 457,200 457,200 457,200 457,200 457,200 5,486,400 6,263 19,050 Contract Gain (Loss) to Lease 5010-0000 - - - - - - - - - - - - - - - Total Gross Potential Rent 457,200 457,200 457,200 457,200 457,200 457,200 457,200 457,200 457,200 457,200 457,200 457,200 5,486,400 6,263 19,050 Economic Variances Concessions - New Leases 5030-0200 (5,513) (5,513) (5,513) (5,513) (5,513) (5,513) (5,513) (5,513) (5,513) (5,513) (5,513) (5,513) (66,150) (76) (230) Concessions - Renewals 5030-0400 (14,658) (14,658) (14,658) (14,658) (14,658) (14,658) (14,658) (14,658) (14,658) (14,658) (14,658) (14,658) (175,890) (201) (611) Employee Units 5045-0000 (3,132) (3,132) (3,132) (3,132) (3,132) (3,132) (3,132) (3,132) (3,132) (3,132) (3,132) (3,132) (37,578) (43) (130) Courtesy 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 - - - - - - - - - - - - - - - Bad Debt 5025-0000 (3,429) (3,429) (3,429) (3,429) (3,429) (3,429) (3,429) (3,429) (3,429) (3,429) (3,429) (3,429) (41,148) (47) (143) TSHA Incremental Scholarship 5064-0000 (7,000) (7,000) (7,000) (7,000) (7,000) (7,000) (7,000) (7,000) (7,000) (7,000) (7,000) (7,000) (84,000) (96) (292) Vacancy Loss 5065-0000 (7,829) (7,829) (7,829) (7,829) (18,267) (18,267) (18,267) (18,267) (18,267) (18,267) (18,267) (18,267) (177,452) (203) (616) Total Economic Variances (43,209) (43,209) (43,209) (43,209) (53,648) (53,648) (53,648) (53,648) (53,648) (53,648) (53,648) (53,648) (602,018) (687) (2,090) 90.55%90.55%90.55%90.55%88.27%88.27%88.27%88.27%88.27%88.27%88.27%88.27%89.03% NET RENTAL INCOME 413,991 413,991 413,991 413,991 403,552 403,552 403,552 403,552 403,552 403,552 403,552 $403,552 $4,884,382 $5,576 $16,960 89.0% Other Operating Income Accelerated Rent 5205-0000 - - - - - - - - - - - - - - - Administrative Fees 5210-0000 - - - - - - - - - - - 4,125 4,125 5 14 Application Fees 5220-0000 - - - - - - - - - - - - - - - Bad Debt Recovery 5225-0000 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 Clubhouse Rental 5240-0000 - - - - - - - - - - - - - - - Damages Income 5260-0000 1,600 100 50 700 1,250 2,500 5,000 400 700 150 100 2,500 15,050 17 52 Deposit Forfeitures 5265-0000 - - - - - - - - - - - - - - - Carport/Garages/Parking Income 5235-0000 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 Key & Access Card Income 5290-0000 250 50 50 50 50 50 50 50 50 50 50 600 1,350 2 5 Legal & Collections 5310-0000 - - - - - - - - - - - - - - - Late Charges 5295-0000 6,250 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 3,750 3,750 3,750 57,500 66 200 Month-to-Month Fees 5320-0000 500 500 500 500 350 350 350 350 350 250 250 250 4,500 5 16 NSF Check Fees 5325-0000 320 280 320 280 320 280 320 280 320 280 320 280 3,600 4 13 Pet Fees 5330-0000 500 500 500 500 500 500 500 500 500 500 500 6,000 11,500 13 40 Premium Fees 5335-0000 - - - - - - - - - - - - - - - Relet/Cancellation Fees 5340-0000 2,400 1,800 - 2,400 6,000 3,000 1,200 - 2,400 2,400 1,200 10,200 33,000 38 115 Reservation Fees 5350-0000 - - - - - - - - - - - - - - - Sublease Fee 5366-0000 - - - - - - - - - - - - - - - Storage Income 5365-0000 - - - - - - - - - - - - - - - Transfer Fees 5375-0000 - - - - - - - - - - - - - - - Vending Income 5390-0000 - - - - - - - - - - - - - - - Miscellaneous Income 5315-0000 50 50 50 50 50 50 50 50 50 50 50 50 600 1 2 RUBS Income - Electric 5370-0100 14,525 10,909 12,909 7,471 11,496 11,496 10,949 15,449 17,449 910 7,834 21,025 142,423 163 495 RUBS Income - Water 5370-0300 - - - - - - - - - - - - - - - Interest Income 5285-0000 - - - - - - - - - - - - - - - Total Other Operating Income 29,095 21,889 22,079 19,651 27,716 25,926 26,119 24,779 29,519 11,040 16,754 51,480 306,048 349 1,063 5.6% EFFECTIVE GROSS INCOME 443,086 435,880 436,070 433,642 431,269 429,479 429,672 428,332 433,072 414,592 420,306 455,032 5,190,430 5,925 18,022 Account Descriptions 8/18/2016 8/18/2016 Page 1of7 Ridge at North Texas Denton, TX 2016-2017 Ridge at North Texas Budget 288 = Units $0 876 = Beds 278,928 = Sq Ft G/L 2016-2017 Cost per Cost per Codes Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Forecast Bed UnitAccount Descriptions 8/18/2016 94.6% OPERATING EXPENSES General & Administrative Audit 6002-0200 - - - - 11,500 - - - - - - - 11,500 13 40 Legal 6002-0300 100 500 100 100 400 100 100 100 100 500 100 100 2,300 3 8 Bank Charges/Fees 6005-0000 520 520 520 520 520 520 520 520 520 520 520 520 6,244 7 22 Data Processing/Computer Expense 6030-0000 975 625 525 625 525 625 525 845 525 625 525 625 7,565 9 26 Collection & Eviction Processing 6020-0000 - - - - - - - - - - - - - - - Resident Screening 6095-0000 150 50 50 50 400 400 600 700 1,000 1,200 1,200 1,200 7,000 8 24 Dues & Subscriptions 6035-0000 - - - - - - - - - - - - - - - Equipment & Supplies 6045-0000 725 650 550 650 550 650 550 650 550 650 550 650 7,375 8 26 Postage & Delivery 6070-0000 650 350 350 250 250 250 350 350 250 350 300 250 3,950 5 14 Licenses, Fees & Permits 6060-0000 - - 500 - 375 - - 275 - - 100 - 1,250 1 4 Professional Fees 6080-0000 - 600 - - 600 - - 600 - - 600 - 2,400 3 8 Telephone 6105-0000 1,400 1,400 1,400 1,400 1,400 1,400 1,400 1,400 1,400 1,400 1,400 1,400 16,800 19 58 Telephone-Answering Service 6110-0000 140 140 140 140 140 140 140 140 140 140 140 140 1,680 2 6 Training 6115-0000 1,181 231 81 81 1,981 81 81 231 931 81 231 81 5,268 6 18 Travel 6120-0000 150 150 150 150 150 150 150 250 250 400 250 400 2,600 3 9 Uniforms 6135-0000 700 - - - 400 - - - 400 - - - 1,500 2 5 Miscellaneous 6065-0000 100 100 100 100 100 100 100 100 100 100 100 500 1,600 2 6 Total General & Administrative 6,791 5,316 4,466 4,066 19,291 4,416 4,516 6,161 6,166 5,966 6,016 5,866 79,032 90 274 1.5% Payroll & Benefits Office Salaries 6205-0000 16,491 16,814 16,814 16,814 25,221 16,814 16,814 16,814 16,814 16,814 25,221 16,814 218,257 249 758 Commissions 6265-0000 17,000 - - - - - - - - - - - 17,000 19 59 Bonuses 6260-0000 - 8,000 - - - - - - - - - - 8,000 9 28 Maintenance 6225-0000 14,655 9,255 9,255 9,255 13,882 9,255 9,255 9,255 9,532 9,532 14,298 16,932 134,359 153 467 Payroll Taxes 6270-0100 5,753 4,071 3,115 3,115 4,673 3,115 3,115 3,115 3,148 3,148 4,723 4,033 45,125 52 157 Worker's Compensation 6270-0200 5,190 3,673 2,810 2,810 4,215 2,810 2,810 2,810 2,840 2,840 4,260 3,638 40,707 46 141 Group Insurance 6280-0000 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 21,000 24 73 Employee Recruiting 6290-0000 - - - - - - - - - - - - - - - Employee Relations 6295-0000 - - - - - - - - - - - - - - - Total Payroll & Benefits 60,839 43,562 33,744 33,744 49,741 33,744 33,744 33,744 34,085 34,085 50,252 43,167 484,448 553 1,682 9.3% 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 - - - - - - - - - - - - - - - Contract-Cleaning 6315-0000 - - - - - - - - - - - - - - - Contract-Elevator 6325-0000 - - - - - - - - - - - - - - - Contract - HVAC 6335-0000 - - - - - - - - - - - - - - - Contract - Fire/Safety 6327-0000 - - - - - - - - - - - - - - - Contract-Landscape Maintenance 6340-0000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 5,000 3,000 3,000 3,000 38,000 43 132 Contract-Other Contract Services 6345-0000 515 515 515 515 515 515 515 515 515 515 515 515 6,180 7 21 Contract-Parking 6348-0000 - - - - - - - - - - - - - - - Contract-Security/Patrol/Courtesy Officer 6365-0000 - - - - - - - - - - - - - - - Contract-Pest Control 6350-0000 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 18 54 Contract-Pool 6360-0000 - - - - - - - - - - - - - - - Contract-Snow Removal 6370-0000 - - - - - - - - - - - - - - - Contract-Trash Removal 6375-0000 4,050 4,050 4,050 4,050 4,050 4,050 4,050 4,050 4,050 4,050 4,050 10,050 54,600 62 190 Total Contract Services 9,100 9,100 9,100 9,100 9,100 9,100 9,100 9,100 11,100 9,100 9,100 15,100 117,200 134 407 8/18/2016 Page 2of7 Ridge at North Texas Denton, TX 2016-2017 Ridge at North Texas Budget 288 = Units $0 876 = Beds 278,928 = Sq Ft G/L 2016-2017 Cost per Cost per Codes Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Forecast Bed UnitAccount Descriptions 8/18/2016 2.3% Repairs & Maintenance Appliances 6410-0000 4,000 3,500 3,500 3,500 3,500 2,500 2,500 2,500 2,500 2,500 2,500 4,000 37,000 42 128 Blind/Drapes 6415-0000 - - - - - - - - - - 4,000 250 4,250 5 15 Boilers 6420-0000 - - - - - - - - - - - - - - - Building - Interior 6425-0100 100 100 100 5,000 100 100 100 100 100 100 100 100 6,100 7 21 Building - Exterior 6425-0200 200 200 200 200 200 200 200 200 200 200 200 200 2,400 3 8 Common Areas 6440-0000 1,500 - - 500 500 - - - - - - 1,500 4,000 5 14 Doors/Windows 6450-0000 1,000 1,000 50 50 50 50 50 50 50 50 50 200 2,650 3 9 Electrical 6455-0000 200 - - 200 - 200 - 200 - 200 - 200 1,200 1 4 Elevators 6460-0000 - - - - - - - - - - - - - - - Fencing & Gates 6470-0000 - 500 - 500 - 500 - 500 - 500 - 3,500 6,000 7 21 Fire/Safety 6475-0000 500 3,000 2,000 100 100 100 100 650 100 100 500 2,000 9,250 11 32 Generator 6483-0000 - - - - - - - - - - - - - - - Glass/Mirrors/Screens 6485-0000 250 250 250 250 250 250 250 250 250 250 250 250 3,000 3 10 Golf Carts 6490-0000 4,000 700 - 700 - 700 - 700 - 700 - 700 8,200 9 28 HVAC 6495-0000 4,250 2,250 2,000 2,000 2,000 2,000 2,850 2,750 2,350 3,250 3,250 4,150 33,100 38 115 Keys & Locks 6500-0000 500 100 100 100 100 100 100 100 100 100 2,250 1,000 4,650 5 16 Landscaping 6510-0000 - - - - - - - - - - - - - - - Lights, Fixtures, Light Bulbs 6520-0000 250 250 200 1,000 250 250 250 250 250 250 3,250 500 6,950 8 24 Miscellaneous 6525-0000 400 400 400 400 400 400 400 400 400 400 400 400 4,800 5 17 Painting 6530-0000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 1 4 Parking Lots & Sidewalks 6535-0000 - - - 1,500 100 100 100 100 100 100 100 - 2,200 3 8 Plumbing 6540-0000 1,500 750 750 750 1,250 1,500 1,500 1,000 1,000 1,000 2,000 750 13,750 16 48 Pools 6545-0000 350 300 300 300 300 400 600 600 500 500 400 600 5,150 6 18 Recreation 6550-0000 500 50 50 50 5,000 50 50 50 50 50 50 50 6,000 7 21 Roofs 6555-0000 400 400 400 400 400 400 400 400 400 400 400 400 4,800 5 17 Signs 6560-0000 - - - 500 - - - - - - - - 500 1 2 Supplies 6570-0000 500 500 300 300 400 350 350 300 300 700 1,000 350 5,350 6 19 Tools 6575-0000 350 75 75 75 75 75 75 75 75 75 75 350 1,450 2 5 Water Treatment 6580-0000 - - - - - - - - - - - - - - - Total Repairs & Maintenance 20,850 14,425 10,775 18,475 15,075 10,325 9,975 11,275 8,825 11,525 20,875 21,550 173,950 199 604 3.4% Make-Ready Maintenance Contract Services Carpet Cleaning/Repairs 6610-0000 18,000 25,000 1,500 1,000 1,500 2,000 1,000 1,000 1,600 2,000 750 - 55,350 63 192 Cleaning 6615-0000 12,525 12,525 - - 1,600 - - - 1,600 - - - 28,250 32 98 Painting 6635-0000 19,500 19,500 - - 4,350 - - - 4,450 - - - 47,800 55 166 Total Make-Ready Contract Services 50,025 57,025 1,500 1,000 7,450 2,000 1,000 1,000 7,650 2,000 750 - 131,400 150 456 Supplies Interior Repairs 6630-0000 33,000 2,000 - - - - - 33,000 - - 4,000 - 72,000 82 250 Appliance Supplies 6652-0000 3,500 - - - - - - - - - 1,000 3,500 8,000 9 28 Cleaning Supplies 6655-0000 `1,500 - - - - - - - - - - - 1,500 2 5 Paint Supplies 6660-0000 4,500 4,500 - - - - - - - - - - 9,000 10 31 Sheetrock 6665-0000 - - - - - - - - - - - - - - - Total Make-Ready Supplies 42,500 6,500 - - - - - 33,000 - - 5,000 3,500 90,500 103 314 Total Make-Ready Maintenance 92,525 63,525 1,500 1,000 7,450 2,000 1,000 34,000 7,650 2,000 5,750 3,500 221,900 253 770 8/18/2016 Page 3of7 Ridge at North Texas Denton, TX 2016-2017 Ridge at North Texas Budget 288 = Units $0 876 = Beds 278,928 = Sq Ft G/L 2016-2017 Cost per Cost per Codes Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Forecast Bed UnitAccount Descriptions 8/18/2016 4.3% Marketing Advertising Print 6705-0200 200 200 200 250 250 250 250 500 500 500 200 200 3,500 4 12 Publications 6730-0000 1,500 1,500 1,500 1,500 1,500 5,000 1,500 1,500 1,500 3,000 1,500 1,500 23,000 26 80 Direct Mail 6715-0000 - - - - - - - - - - - - - - - Radio 6705-0300 - - - - - - - - - - - - - - - Signs 6735-0000 - - - - 300 - - - 300 - - - 600 1 2 Internet Ads 6720-0000 1,556 2,231 1,556 1,661 2,231 1,556 1,556 2,231 1,556 1,556 2,231 1,756 21,673 25 75 Other 6748-0000 - - - - - - - - - - - - - - - Total Advertising 3,256 3,931 3,256 3,411 4,281 6,806 3,306 4,231 3,856 5,056 3,931 3,456 48,773 56 169 Other Marketing Brochures 6750-0000 - - - - 3,000 - 2,000 - 2,000 - - - 7,000 8 24 Locator Fees 6760-0000 1,200 200 200 200 200 200 200 200 200 200 200 200 3,400 4 12 Portal Expense 6770-0000 150 150 150 150 150 150 150 150 150 150 150 150 1,800 2 6 Referral Fees 6780-0000 - - - - - - - - - - - - - - - Promotion & Events 6775-0000 12,000 - - - - - - 1,000 - - - - 13,000 15 45 Resident Activities/Tenant Relations 6790-0000 1,500 1,000 750 500 500 750 500 750 500 500 250 250 7,750 9 27 Websites 6740-0000 500 500 500 500 500 500 500 500 500 500 500 500 6,000 7 21 Total Other Marketing 15,350 1,850 1,600 1,350 4,350 1,600 3,350 2,600 3,350 1,350 1,100 1,100 38,950 44 135 Total Marketing 18,606 5,781 4,856 4,761 8,631 8,406 6,656 6,831 7,206 6,406 5,031 4,556 87,723 100 305 1.7% Cable & Internet Cable TV 6805-0000 6,474 6,474 6,474 6,474 6,474 6,474 6,474 6,474 6,474 6,474 6,474 6,474 77,691 89 270 Internet 6825-0000 11,800 11,800 11,800 11,800 11,800 11,800 11,800 11,800 11,800 11,800 11,800 11,800 141,597 162 492 Total Cable / Internet 18,274 18,274 18,274 18,274 18,274 18,274 18,274 18,274 18,274 18,274 18,274 18,274 219,288 250 761 4.2% Utilities Electricity Elec-Common Area 6910-0100 3,000 2,800 2,800 2,600 2,600 2,600 2,200 2,000 2,500 2,500 2,500 2,500 30,600 35 106 Elec-Residential Units 6910-0200 43,050 32,434 32,434 30,996 32,521 32,521 32,521 36,474 36,474 29,435 39,359 42,050 420,270 480 1,459 Elec-Vacant Units 6910-0900 - - - - - - - - - - - - - - - Total Electricity 46,050 35,234 35,234 33,596 35,121 35,121 34,721 38,474 38,974 31,935 41,859 44,550 450,870 515 1,566 Other Utilities - - Gas 6920-0000 125 225 225 550 550 200 200 200 200 150 100 100 2,825 3 10 Water / Sewer 6930-0000 16,790 15,068 15,068 16,790 16,400 16,820 20,184 13,120 13,456 13,120 14,297 20,184 191,294 218 664 Utility Billing Fee 6950-0000 - - - - - - - - - - - - - - - Total Other Utilities 16,915 15,293 15,293 17,340 16,950 17,020 20,384 13,320 13,656 13,270 14,397 20,284 194,119 222 674 Total Utilities 62,965 50,526 50,526 50,936 52,071 52,141 55,105 51,794 52,630 45,205 56,256 64,834 644,989 736 2,240 Property Management Fee 6990-0000 8,500 8,500 8,500 8,500 8,500 8,500 8,500 8,500 8,500 8,500 8,500 8,500 102,000 116 354 Asset Management 8915-0000 4,431 4,359 4,361 4,336 4,313 4,295 4,297 4,283 4,331 4,146 4,203 4,550 51,904 59 180 Total Management Fees 12,931 12,859 12,861 12,836 12,813 12,795 12,797 12,783 12,831 12,646 12,703 13,050 153,904 8,500 8,500 8/18/2016 Page 4of7 Ridge at North Texas Denton, TX 2016-2017 Ridge at North Texas Budget 288 = Units $0 876 = Beds 278,928 = Sq Ft G/L 2016-2017 Cost per Cost per Codes Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Forecast Bed UnitAccount Descriptions 8/18/2016 3.0% 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 - - - - - - - - 56,396 - - - 56,396 64 196 Total Insurance - - - - - - - - 56,396 - - - 56,396 64 196 1.1% TOTAL OPERATING EXPENSES 302,879 223,368 146,101 153,191 192,445 151,200 151,166 183,961 215,162 145,205 184,256 189,896 2,238,830 10,880 15,739 43.1% 140,206 212,512 289,969 280,450 238,824 278,279 278,505 244,370 217,910 269,387 236,050 265,136 2,951,600 3,369 10,249 56.9% Debt Service Interest Expense 7210-0000 - - - - - - - - - - - - - - - Ground Lease 7270-0000 - - - - - - - - - - - - - - - Mortgage Principal 2900-0000 - - - - - - - - - - - - - - - Total Interest / Financing Costs - - - - - - - - - - - - - - - 0.0% Capital Improvements Appliances 8315-0200 - - - - - - - - - - - - - - - Washer/Dryer 8315-0280 - - - - - - - - - - - - - - - Blinds 8315-0400 - - - - - - - - - - - - - - - Carpet/Vinyl/Tile 8315-1000 - - - - - - - - - - - - - - - Furniture 8315-5000 - - - - - - - - - - - - - - - Total Recurring Capital - - - - - - - - - - - - - - - NET OPERATING INCOME (LOSS) BEFORE DEBT SERVICE & CAPITAL 8/18/2016 Page 5of7 Ridge at North Texas Denton, TX 2016-2017 Ridge at North Texas Budget 288 = Units $0 876 = Beds 278,928 = Sq Ft G/L 2016-2017 Cost per Cost per Codes Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Forecast Bed UnitAccount Descriptions 8/18/2016 0.0% 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 - - - - - - - - - - - - - - - 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 - - - - - - - - - - - - - - - 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 - - - - - - - - - - - - - - - 0.0% Escrow Accounts Tax Reserve 1080-0100 - - - - - - - - - - - - - - - Tax Funding 1080-0100 - - - - - - - - - - - - - - - Insurance Reserve 1080-0300 - - - - - - - - - - - - - - - Insurance Reserve Funding 1080-0300 - - - - - - - - - - - - - - - Replacement Reserve 1080-0400 - - - - - - - - - - - - - - - Replacement Reserve Reimb.1080-0400 - - - - - - - - - - - - - - - Net Escrow Activity - - - - - - - - - - - - - - - 8/18/2016 Page 6of7 Ridge at North Texas Denton, TX 2016-2017 Ridge at North Texas Budget 288 = Units $0 876 = Beds 278,928 = Sq Ft G/L 2016-2017 Cost per Cost per Codes Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Forecast Bed UnitAccount Descriptions 8/18/2016 0.0% 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 140,206 212,512 289,969 280,450 238,824 278,279 278,505 244,370 217,910 269,387 236,050 265,136 2,951,600 3,369 10,249 Distribution Payments 4201-0000 - - - - - - - - - - - - - - - 0.0% MONTHLY CASH FLOW 140,206 212,512 289,969 280,450 238,824 278,279 278,505 244,370 217,910 269,387 236,050 265,136 2,951,600 3,369 10,249 56.9% Cumulative Cash Flow Estimate 140,206 352,718 642,687 923,137 1,161,962 1,440,240 1,718,746 1,963,116 2,181,026 2,450,413 2,686,463 2,951,600 2,951,600 8/18/2016 Page 7of7