HomeMy WebLinkAboutColony Budget to Acutal 01-31-01 Texas Student Housing Corporation - Colony
Budget to Actual Comparison
For the Five Months ended January 31, 2001
BUDGET ACTUAL VARIANCE %
OPERATING REVENUES:
Rents: Apartments, Net of old leases $ 411,935 $ 435,202 $ 23,267 5.65%
Extended Stay 94,500 111,921 17,421 18.43%
Four Plex Units to Tower(1) 63,000 63,000 - 0.00%
Property activity, processing and
Maintenance fees and late charges 5,500 10,139 4,639 84.35%
Other 6,500 8,384 1,884 28.98%
581,435 628,646 47,211 8.12%
OPERATING EXPENDITURES:
Property payroll and benefits 31,100 26,045 5,055 16.25%
Make Ready 5,000 17,746 (12,746) -254.92%
Phone expense 7,500 6,798 702 9.36%
General and administrative 17,850 19,651 (1,801) -10.09%
Advertising 25,000 22,637 2,363 9.45%
Maintenance and property operations
(before capitalization of asset costs)(2) 80,325 88,097 (7,772) -9.68%
Energy costs 43,650 46,767 (3,117) -7.14%
Real estate taxes and insurance 57,925 72,963 (15,038) -25.96%
Management fees 13,550 13,550 - 0.00%
Total Expenditures before Minimum installment
obligation payments and capitalized assets 281,900 314,254 (32,354) -11.48%
Net Operating Revenue over(under) Expenditures 299,535 314,392 79,565 26.56%
Minimum Installment Obligation payments (3) 254,368 250,000 (A) 4,368 1.72%
Net Revenue less Expenditures $ 45,167 $ 64,392 $ 75,197 166.49%
Note (1): Four Plex Units are rented to the Tower for$108,000 per year.
Note (2): The budget for capital asset costs represent the amount of additions to the reserve for replacement of
capital improvements account.
Note (3): The budget for minimum installment obligation payment amounts is based on the original Rossco
obligation schedule
$51,724.17 for 4 months plus $57471.00 for 1 month = $254,367.68 budget
Rossco obligation payment amount.
(A) Assumed to be the same as prior year; which was $50,000.00 per month transfer to Colony Lodging,
which was intended to cover the property insurance, real estate taxes and minimum payments on the old
Rossco obligation. Request for verification of amount has been made to Bill Davis at SSRS Management.
Source of above data: SSRS Management,Inc.interim unaudited financial statements for the above property
Texas Student Housing Corporation - Tower
Budget to Actual Comparison
For the Five Months ended January 31,2001
Favorable
(Unfavorable)
OPERATING REVENUES:
BUDGET ACTUAL VARIANCE %
Rent and Property activity,
processing and maintenance fees $ 2,432,675 $ 2,428,036 $ (4,639) -0.19%
Phone service 68,128 50,725 (17,403) -25.54%
Other 13,200 12,123 (1,077) -8.16%
2,514,003 2,490,884 (1) (23,119) -0.92%
OPERATING EXPENDITURES:
Property operations 343,350 387,290 (43,940) -12.80%
Food cost of sales 396,580 486,555 (89,975) -22.69%
Phone expense 77,600 72,522 5,078 6.54%
General and administrative 144,550 133,048 11,502 7.96%
Maintenance and property operations 192,600 254,276 (61,676) -32.02%
(before capitalization of asset costs) (1)
Energy costs 165,300 181,510 (16,210) -9.81%
Real estate taxes and insurance 108,050 103,377 4,673 4.32%
Management fees 58,330 58,330 - 0.00%
Total Expenditures before Minimum installment
obligation payments and capitalized assets 1,486,360 1,676,908 (190,548) -12.82%
Net Operating Revenue over(under) Expenditures 1,027,643 1,164,721 (213,667) -20.79%
Minimum Installment Obligation payments (2) 1,258,952 - (unk) 1,258,952 100.00%
Net Revenue less Expenditures $ (231,309) $ 1,164,721 $ (1,472,619) 636.65%
Note (1): The budget and actual amounts for maintenance and property operations include all capitalized
assets cost capital improvements account.
Note (2): These minimum installment obligation payments are for Tower and Forum (Lodgeco debt obligations)
$248,275 for 4 months = 993,100 + 275,852 for 1 month + $1,258,952 Budget Amount
(unk): Unknown at this time; there is no line item on the interim financials which clearly defines this amount.
This specific information has been requested from Bill Davis at SSRS management.
Source of above data: SSRS Management,Inc interim unaudited financial statements for the above property