1441 Montiel Road, Escondido

FINANCIAL ANALYSIS

ASSUMPTIONS - OPERATING DISBURSEMENTS

1441 Montiel OM

Analysis Date: 2/6/2019

Assumptions - Operating Disbursements

FYE 2020 FYE 2020 Projected Projected

FYE 2020 FYE 2020

FYE 2020 FYE 2020 Adjusted Adjusted

Adjusted

Adjusted

Square Feet

Total

Total [1] Adjustments Total [1]

Fixed/RSF Variable/RSF Total/RSF Fixed % Variable %

Operating Disbursements Recoverable Operating Disbursements Operating Expenses Utilities

49,990 49,990 49,990 49,990 49,990

$0.47 $23,327

$0 $23,327

$0.47

$0.00

$0.47 100.00% 0.00% 0.09 100.00% 0.00% 0.09 100.00% 0.00% 0.12 100.00% 0.00%

Repairs & Maintenance

0.09 0.09

4,705 4,602 6,000 38,634

0

4,705

0.09 0.09

0.00 0.00 0.00 0.00

Landscaping

0 4,602 0 6,000 0 38,634

Insurance

0.12

0.12

Total Operating Expenses

0.77

0.77

0.77 100.00% 0.00%

Management Fee

Management Fee [2]

49,990 49,990

0.10 0.10

5,000 5,000

17,584 22,584 17,584 22,584

0.00 0.00

0.45 0.45

0.45 0.45

0.00% 100.00% 0.00% 100.00%

Total Management Fee

Property Taxes

Property Taxes [3]

49,990 49,990 49,990

0.80 40,154

43,047

83,201

1.66

0.00 0.00 0.00

1.66 100.00% 0.00% 0.00 100.00% 0.00%

Fixed Charge Special Assessments

0.00

0

123

123

0.00

Total Property Taxes

0.80 40,154

43,170 83,324

1.67

1.67 100.00% 0.00%

Total Recoverable Operating Disbursements

49,990

1.68

83,788

60,754 144,542

2.44

0.45

2.89

84.38% 15.62%

Non-Recoverable Operating Disbursements Non-Recoverable Vacant Suite Utilities

49,990 49,990

0.00 0.00

0 0

9,998 9,998

9,998 9,998

0.00 0.00

0.20 0.20

0.20 0.20

0.00% 100.00% 0.00% 100.00%

Total Non-Recoverable

Capital Reserves

Capital Reserves

49,990 49,990 49,990 49,990

0.00 0.00 0.00

0 0 0

7,499 7,499 17,497 $78,251

7,499 7,499 17,497

0.15 0.15 0.15

0.00 0.00

0.15 100.00% 0.00% 0.15 100.00% 0.00%

Total Capital Reserves

Total Non-Recoverable Operating Disbursements

0.20

0.35

42.86% 57.14%

Total Operating Disbursements

$1.68 $83,788

$162,039

$2.59

$0.65

$3.24 79.89%

20.11%

[1] Unless noted otherwise, the projections have been estimated based on the "12 Month Income Statement - December 31, 2017." [2] Management Fee disbursements are calculated at 3.00% of Total Operating Receipts for FYE 2020 that are projected to equal $752,802. [3] Property Taxes were assessed based on a value of $197 per rentable square foot and a tax millage rate of 1.14060%

1441 MONTIEL ROAD, ESCONDIDO

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