1400 18th Ave

Operating Pro-Forma

1

2

3

4

5

6

7

Year Ending

PSF

Apr-2014

Apr-2015

Apr-2016

Apr-2017

Apr-2018

Apr-2019

Apr-2020

RENTAL INCOME

Base Rental Revenue

$20.56 ($0.53) $20.04

$1,666,451 ($42,566) $1,623,885

$1,724,950

$1,756,173 ($108,282) $1,647,891

$1,941,314 ($248,161) $1,693,153

$1,985,730 ($25,624) $1,960,106

$2,038,302 ($118,323) $1,919,979

$2,107,260 ($207,364) $1,899,896

($8,805)

Absorption & Turnover Vacancy

Total Rental Income

$1,716,145

Per Square Foot

$20.04

$21.18

$20.33

$20.89

$24.19

$23.69

$23.44

OPERATING EXPENSE RECOVERIES

$0.08

$6,609

$19,236

$29,592

$21,434

$44,693

$56,041

$29,029

Per Square Foot

$0.08

$0.24

$0.37

$0.26

$0.55

$0.69

$0.36

MISCELLANEOUS INCOME Parking Total Miscellaneous Income

$1.54 $1.54

$125,000 $125,000

$128,750 $128,750

$132,612 $132,612

$136,591 $136,591

$140,689 $140,689

$144,909 $144,909

$149,257 $149,257

Per Square Foot

$1.54

$1.59

$1.64

$1.69

$1.74

$1.79

$1.84

EFFECTIVE GROSS INCOME

$21.66

$1,755,494

$1,864,131

$1,810,095

$1,851,178

$2,145,488

$2,120,929

$2,078,182

Per Square Foot

$21.66

$23.00

$22.34

$22.84

$26.47

$26.17

$25.64

OPERATING EXPENSES

Repairs and Maintenance

$1.23 $0.40 $0.85 $1.09 $2.18 $0.65 $0.25 $0.44 $2.37 $9.46

$100,000 $32,416 $68,885 $88,725 $176,600 $52,665 $20,000 $35,658 $191,815 $766,764

$103,000 $33,389 $70,951 $91,387 $181,898 $55,924 $20,600 $36,728 $197,569 $791,446

$106,090 $34,391 $73,080 $94,128 $187,355 $54,303 $21,218 $37,830 $203,497 $811,892

$109,273 $35,422 $75,272 $96,952 $192,976 $55,535 $21,855 $38,965 $209,601 $835,851

$112,551 $36,485 $77,531 $99,861 $198,765 $64,365 $22,510 $40,133 $215,889 $868,090

$115,927 $37,579 $79,856 $102,857 $204,728 $63,628 $23,185 $41,337 $222,366 $891,463

$119,405 $38,707 $82,252 $105,942 $210,870 $62,345 $23,881 $42,578 $229,037 $915,017

Landscaping

Cleaning

Security and Safety

Utilities

Management Fee

Administrative Expense

Insurance

Real Estate Taxes

Total Operating Expenses

Per Square Foot

$9.46

$9.77

$10.02

$10.31

$10.71

$11.00

$11.29

NET OPERATING INCOME

$12.20

$988,730

$1,072,685

$998,203

$1,015,327

$1,277,398

$1,229,466

$1,163,165

Per Square Foot

$12.20

$13.24

$12.32

$12.53

$15.76

$15.17

$14.35

CAPITAL EXPENDITURES Tenant Improvements

$0.00 $0.00 $0.35 $0.35

$0 $0

$34,453 $12,186 $29,215 $75,854

$211,856 $74,933 $30,092 $316,881

$428,409 $143,447 $30,994 $602,850

$50,133 $17,732 $31,924 $99,789

$231,501 $81,881 $32,882 $346,264

$405,716 $143,499 $33,869 $583,084

Leasing Commissions

$28,364 $28,364

Capital Reserve

Total Capital Expenditures

Per Square Foot

$0.35

$0.94

$3.91

$7.44

$1.23

$4.27

$7.19

CASH FLOW

$11.85

$960,366

$996,831

$681,322

$412,477

$1,177,609

$883,202

$580,081

$11.85

$12.30

$8.41

$5.09

$14.53

$10.90

$7.16

Per Square Foot

24 | Cassidy Turley