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2017-2018 Denton Budget
Ridge at North Texas Denton, TX 2017-2018 Ridge at North Texas Budget 288 = Units $0 876 = Beds 278,928 = Sq Ft G/L 2017-2018 Cost per Cost per Codes Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Forecast Bed Unit Projected Beds-->861 861 861 861 849 849 849 849 849 849 849 849 OCCUPANCY %98.29%98.29%98.29%98.29%96.92%96.92%96.92%96.92%96.92%96.92%96.92%96.92%97.37% OPERATING INCOME Gross Potential Rent Gross Market Rent 5005-0000 473,400 473,400 473,400 473,400 473,400 473,400 473,400 473,400 473,400 473,400 473,400 473,400 5,680,800 6,485 19,725 Contract Gain (Loss) to Lease 5010-0000 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 Total Gross Potential Rent 485,400 485,400 485,400 485,400 485,400 485,400 485,400 485,400 485,400 485,400 485,400 485,400 5,824,800 6,649 20,225 Economic Variances Concessions - New Leases 5030-0200 - - - - - - - - - - - - - - - Concessions - Renewals 5030-0400 (9,000) (9,000) (9,000) (9,000) (9,000) (9,000) (9,000) (9,000) (9,000) (9,000) (9,000) (9,000) (108,000) (123) (375) Employee Units 5045-0000 (3,242) (3,242) (3,242) (3,242) (3,242) (3,242) (3,242) (3,242) (3,242) (3,242) (3,242) (3,242) (38,910) (44) (135) Courtesy Officer Discount 5050-0000 (1,250) (1,250) (1,250) (1,250) (1,250) (1,250) (1,250) (1,250) (1,250) (1,250) (1,250) (1,250) (15,000) (17) (52) Model Units 5055-0000 - - - - - - - - - - - - - - - Bad Debt 5025-0000 (3,551) (3,551) (3,551) (3,551) (3,551) (3,551) (3,551) (3,551) (3,551) (3,551) (3,551) (3,551) (42,606) (49) (148) TSHA Incremental Scholarship 5064-0000 (6,500) (6,500) (6,500) (6,500) (6,500) (6,500) (6,500) (6,500) (6,500) (6,500) (6,500) (6,500) (78,000) (89) (271) Vacancy Loss 5065-0000 (8,106) (8,106) (8,106) (8,106) (14,591) (14,591) (14,591) (14,591) (14,591) (14,591) (14,591) (14,591) (149,153) (170) (518) Total Economic Variances (31,649) (31,649) (31,649) (31,649) (38,134) (38,134) (38,134) (38,134) (38,134) (38,134) (38,134) (38,134) (431,669) (493) (1,499) 93.31%93.31%93.31%93.31%91.94%91.94%91.94%91.94%91.94%91.94%91.94%91.94%92.40% NET RENTAL INCOME 453,751 453,751 453,751 453,751 447,266 447,266 447,266 447,266 447,266 447,266 447,266 $447,266 $5,393,131 $6,157 $18,726 92.6% 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 1,750 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 Clubhouse Rental 5240-0000 - - - - - - - - - - - - - - - Damages Income 5260-0000 1,500 150 150 700 1,000 1,000 1,000 400 700 200 150 3,050 10,000 11 35 Deposit Forfeitures 5265-0000 - - - - - - - - - - - - - - - Carport/Garages/Parking Income 5235-0000 1,600 1,600 1,600 1,600 1,600 1,600 1,600 1,600 1,600 1,600 1,600 1,600 19,200 22 67 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 5,000 3,750 3,750 3,750 3,750 3,750 3,750 3,750 3,750 5,000 5,000 5,000 50,000 57 174 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 1,200 3,600 6,600 3,000 1,200 - 3,000 3,000 1,200 12,000 39,000 45 135 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 11,606 11,606 11,096 15,596 17,596 990 8,008 21,225 143,537 164 498 RUBS Income - Water 5370-0300 - - - - - - - - - - - - - - - Interest Income 5285-0000 - - - - - - - - - - - - - - - Total Other Operating Income 28,395 21,339 22,779 20,251 27,576 23,936 21,666 24,326 29,666 13,670 18,878 55,930 308,412 352 1,071 5.3% EFFECTIVE GROSS INCOME 482,146 475,090 476,530 474,002 474,842 471,202 468,932 471,592 476,932 460,936 466,144 503,196 5,701,543 6,509 19,797 Account Descriptions 7/27/2017 7/27/2017 Page 1of7 Ridge at North Texas Denton, TX 2017-2018 Ridge at North Texas Budget 288 = Units $0 876 = Beds 278,928 = Sq Ft G/L 2017-2018 Cost per Cost per Codes Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Forecast Bed UnitAccount Descriptions 7/27/2017 97.9% OPERATING EXPENSES General & Administrative Audit 6002-0200 - - - - 13,385 - - - - - - - 13,385 15 46 Legal 6002-0300 100 500 750 2,000 1,000 100 100 100 100 500 100 100 5,450 6 19 Bank Charges/Fees 6005-0000 595 595 595 595 595 595 595 595 595 595 595 595 7,144 8 25 Data Processing/Computer Expense 6030-0000 975 725 525 725 525 725 525 945 525 725 525 725 8,165 9 28 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 120 120 120 120 120 120 120 120 120 120 120 120 1,440 2 5 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 6,846 5,471 5,171 6,121 21,831 4,571 4,571 6,316 6,221 6,121 6,071 6,021 85,327 97 296 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 8.5% Contract Services Contract-Alarm/Monitoring-Intrusion/Fire 6305-0000 225 225 225 225 225 225 225 225 225 225 225 225 2,700 3 9 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 725 725 725 725 725 725 725 725 725 725 725 725 8,700 10 30 Contract-Parking 6348-0000 - - - - - - - - - - - - - - - Contract-Security/Patrol/Courtesy Officer 6365-0000 - - - - - - - - - - - - - - - Contract-Pest Control 6350-0000 800 800 800 800 800 800 800 800 800 800 800 800 9,600 11 33 Contract-Pool 6360-0000 - - - - - - - - - - - - - - - Contract-Snow Removal 6370-0000 - - - - - - - - - - - - - - - Contract-Trash Removal 6375-0000 10,350 4,350 4,350 4,350 4,350 4,350 4,350 4,350 4,350 4,350 4,350 4,350 58,200 66 202 Total Contract Services 15,100 9,100 9,100 9,100 9,100 9,100 9,100 9,100 11,100 9,100 9,100 9,100 117,200 134 407 7/27/2017 Page 2of7 Ridge at North Texas Denton, TX 2017-2018 Ridge at North Texas Budget 288 = Units $0 876 = Beds 278,928 = Sq Ft G/L 2017-2018 Cost per Cost per Codes Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Forecast Bed UnitAccount Descriptions 7/27/2017 2.1% Repairs & Maintenance Appliances 6410-0000 4,000 3,500 3,500 3,500 3,500 3,000 3,000 3,000 3,000 3,000 3,000 4,000 40,000 46 139 Blind/Drapes 6415-0000 - - - - - - - - - - 3,000 250 3,250 4 11 Boilers 6420-0000 - - - - - - - - - - - - - - - Building - Interior 6425-0100 100 100 100 2,500 100 100 100 100 100 100 100 100 3,600 4 13 Building - Exterior 6425-0200 200 200 200 200 200 200 200 200 200 200 200 200 2,400 3 8 Common Areas 6440-0000 2,000 - - 500 500 - - - - - - 2,000 5,000 6 17 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 - 400 - 400 - 400 - 400 - 400 - 2,400 4,400 5 15 Fire/Safety 6475-0000 500 3,000 5,000 100 100 100 100 650 100 100 500 2,000 12,250 14 43 Generator 6483-0000 - - - - - - - - - - - - - - - Glass/Mirrors/Screens 6485-0000 175 175 175 175 175 175 175 175 175 175 175 175 2,100 2 7 Golf Carts 6490-0000 4,000 250 - 250 - 250 - 250 - 250 - 250 5,500 6 19 HVAC 6495-0000 4,000 2,000 2,000 2,000 2,000 2,000 2,500 2,500 2,000 3,000 3,000 4,000 31,000 35 108 Keys & Locks 6500-0000 500 100 100 100 100 100 100 100 100 100 2,000 1,000 4,400 5 15 Landscaping 6510-0000 - - - - - - - - - - - - - - - Lights, Fixtures, Light Bulbs 6520-0000 250 250 250 1,000 250 250 250 250 250 250 1,000 4,500 8,750 10 30 Miscellaneous 6525-0000 9,560 - - 9,560 - - 9,561 - - - - - 28,681 33 100 Painting 6530-0000 - 150 - 150 - 150 - 150 - 150 - 150 900 1 3 Parking Lots & Sidewalks 6535-0000 - - - - 1,500 - - - - - - - 1,500 2 5 Plumbing 6540-0000 1,500 1,000 1,000 1,000 1,250 1,500 1,500 1,000 1,000 1,000 2,000 1,500 15,250 17 53 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 200 200 200 200 200 200 200 200 200 200 200 200 2,400 3 8 Signs 6560-0000 - - - 300 - - - - - - - - 300 0 1 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 29,885 13,250 13,300 22,910 15,700 9,550 18,811 10,250 8,100 10,500 16,750 24,475 193,481 221 672 3.4% Make-Ready Maintenance Contract Services Carpet Cleaning/Repairs 6610-0000 12,000 35,000 1,500 1,000 1,500 2,000 1,000 1,000 1,600 2,000 750 - 59,350 68 206 Cleaning 6615-0000 14,525 14,525 - - 1,600 - - - 1,600 - - - 32,250 37 112 Painting 6635-0000 20,250 20,250 - - 1,250 - - - 2,275 - - - 44,025 50 153 Total Make-Ready Contract Services 46,775 69,775 1,500 1,000 4,350 2,000 1,000 1,000 5,475 2,000 750 - 135,625 155 471 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 89,275 76,275 1,500 1,000 4,350 2,000 1,000 34,000 5,475 2,000 5,750 3,500 226,125 258 785 7/27/2017 Page 3of7 Ridge at North Texas Denton, TX 2017-2018 Ridge at North Texas Budget 288 = Units $0 876 = Beds 278,928 = Sq Ft G/L 2017-2018 Cost per Cost per Codes Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Forecast Bed UnitAccount Descriptions 7/27/2017 4.0% Marketing Advertising Print 6705-0200 150 150 150 150 150 150 150 150 150 150 150 150 1,800 2 6 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 2,356 1,556 1,661 2,356 1,556 1,556 2,356 1,556 1,556 2,356 1,756 22,173 25 77 Other 6748-0000 - - - - - - - - - - - - - - - Total Advertising 3,206 4,006 3,206 3,311 4,306 6,706 3,206 4,006 3,506 4,706 4,006 3,406 47,573 54 165 Other Marketing Brochures 6750-0000 - - - - 3,000 - 2,000 - 2,000 - - - 7,000 8 24 Locator Fees 6760-0000 1,650 - - - - - - - - - - - 1,650 2 6 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 18,000 - - - - - - 1,000 - - - - 19,000 22 66 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 21,800 1,650 1,400 1,150 4,150 1,400 3,150 2,400 3,150 1,150 900 900 43,200 49 150 Total Marketing 25,006 5,656 4,606 4,461 8,456 8,106 6,356 6,406 6,656 5,856 4,906 4,306 90,773 104 315 1.6% Cable & Internet Cable TV 6805-0000 7,472 7,472 7,472 7,472 7,472 7,472 7,472 7,472 7,472 7,472 7,472 7,472 89,664 102 311 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 19,272 19,272 19,272 19,272 19,272 19,272 19,272 19,272 19,272 19,272 19,272 19,272 231,261 264 803 4.1% 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 32,831 32,831 32,831 36,821 36,821 29,715 39,733 42,450 422,947 483 1,469 Elec-Vacant Units 6910-0900 - - - - - - - - - - - - - - - Total Electricity 46,050 35,234 35,234 33,596 35,431 35,431 35,031 38,821 39,321 32,215 42,233 44,950 453,547 518 1,575 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 20,664 21,525 21,439 20,750 19,952 19,994 20,376 21,225 21,055 21,437 21,072 21,225 250,714 286 871 Utility Billing Fee 6950-0000 - - - - - - - - - - - - - - - Total Other Utilities 20,789 21,750 21,664 21,300 20,502 20,194 20,576 21,425 21,255 21,587 21,172 21,325 253,539 289 880 Total Utilities 66,839 56,984 56,898 54,896 55,932 55,625 55,607 60,246 60,576 53,802 63,405 66,275 707,086 807 2,455 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 9,643 9,502 9,531 9,480 9,497 9,424 9,379 9,432 9,539 9,219 9,323 10,064 114,031 130 396 Total Management Fees 18,143 18,002 18,031 17,980 17,997 17,924 17,879 17,932 18,039 17,719 17,823 18,564 216,031 8,500 8,500 7/27/2017 Page 4of7 Ridge at North Texas Denton, TX 2017-2018 Ridge at North Texas Budget 288 = Units $0 876 = Beds 278,928 = Sq Ft G/L 2017-2018 Cost per Cost per Codes Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Forecast Bed UnitAccount Descriptions 7/27/2017 3.8% 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 - - - - - - - - 57,464 - - - 57,464 66 200 Total Insurance - - - - - - - - 57,464 - - - 57,464 66 200 1.0% TOTAL OPERATING EXPENSES 331,204 247,571 161,620 169,483 202,378 159,891 166,338 197,265 226,986 158,453 193,328 194,678 2,409,195 11,004 16,115 42.3% 150,942 227,519 314,910 304,518 272,464 311,311 302,594 274,327 249,946 302,482 272,816 308,518 3,292,348 3,758 11,432 57.7% 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 7/27/2017 Page 5of7 Ridge at North Texas Denton, TX 2017-2018 Ridge at North Texas Budget 288 = Units $0 876 = Beds 278,928 = Sq Ft G/L 2017-2018 Cost per Cost per Codes Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Forecast Bed UnitAccount Descriptions 7/27/2017 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 - - - - - - - - - - - - - - - 7/27/2017 Page 6of7 Ridge at North Texas Denton, TX 2017-2018 Ridge at North Texas Budget 288 = Units $0 876 = Beds 278,928 = Sq Ft G/L 2017-2018 Cost per Cost per Codes Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Forecast Bed UnitAccount Descriptions 7/27/2017 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 150,942 227,519 314,910 304,518 272,464 311,311 302,594 274,327 249,946 302,482 272,816 308,518 3,292,348 3,758 11,432 Distribution Payments 4201-0000 - - - - - - - - - - - - - - - 0.0% MONTHLY CASH FLOW 150,942 227,519 314,910 304,518 272,464 311,311 302,594 274,327 249,946 302,482 272,816 308,518 3,292,348 3,758 11,432 57.7% Cumulative Cash Flow Estimate 150,942 378,461 693,371 997,889 1,270,353 1,581,664 1,884,258 2,158,586 2,408,531 2,711,014 2,983,830 3,292,348 3,292,348 7/27/2017 Page 7of7