Pre-Effective Amendment to Registration Statement for Securities of a Real Estate Company — Form S-11
Filing Table of Contents
Document/Exhibit Description Pages Size
1: S-11/A Pre-Effective Amendment to Registration Statement 259 1.12M
for Securities of a Real Estate Company
2: EX-1.1 Underwriting Agreement 22 82K
3: EX-3.1 Articles of Incorporation/Organization or By-Laws 54 245K
4: EX-5.1 Opinion re: Legality 2 16K
5: EX-8.1 Opinion re: Tax Matters 3 21K
6: EX-10.1 Material Contract 16 69K
14: EX-10.10 Material Contract 31± 178K
15: EX-10.11 Material Contract 20 163K
16: EX-10.13 Material Contract 5 27K
17: EX-10.14 Material Contract 72 372K
18: EX-10.15 Material Contract 61 336K
7: EX-10.2 Material Contract 10 43K
19: EX-10.23 Material Contract 34 106K
20: EX-10.24 Material Contract 1 12K
21: EX-10.25 Material Contract 35 112K
22: EX-10.26 Material Contract 1 13K
23: EX-10.27 Material Contract 2 16K
24: EX-10.28 Material Contract 4 27K
25: EX-10.29 Material Contract 3 19K
8: EX-10.3 Material Contract 9 39K
26: EX-10.30 Material Contract 26 91K
27: EX-10.31 Material Contract 1 12K
28: EX-10.32 Material Contract 2 15K
29: EX-10.33 Material Contract 3 17K
30: EX-10.34 Material Contract 2 15K
31: EX-10.35 Material Contract 1 12K
9: EX-10.4 Material Contract 3 17K
10: EX-10.5 Material Contract 13 65K
11: EX-10.7 Material Contract 18 63K
12: EX-10.8 Material Contract 5 32K
13: EX-10.9 Material Contract 19 151K
32: EX-23.1 Consent of Experts or Counsel 2± 14K
33: EX-99 Miscellaneous Exhibit 12 50K
EX-10.11 — Material Contract
| EX-10.11 | 1st Page of 20 | TOC | ↑Top | Previous | Next | ↓Bottom | Just 1st |
|---|
Exhibit 10.11
PINNACLE WELLINGTON APARTMENTS PINNACLE
OPERATING BUDGET
240 APARTMENTS - STABILIZED BUDGET
PROPERTY: WELLINGTON
BUDGET FOR
YEAR ENDING 2003
DATE: 08-02
REVISION
[Enlarge/Download Table]
MONTH 1 MONTH 2 MONTH 3 MONTH 4 MONTH 5 MONTH 6 MONTH 7
RENTAL REVENUE:
Rent Per Schedule 197513 197513 197513 197513 197513 197513 197513
Loss To Lease -10493 -9948 -9400 -8852 -8302 -7750 -7196
GROSS RENTS 187,020 187,565 188,113 188,661 189,211 189,763 190,317
VACANCY LOSS -9,351 -9,378 -9,406 -9,433 -11,353 -11,386 -11,419
BAD DEBT EXPENSE -935 -938 -941 -943 -946 -949 -952
RENT CREDITS -2,160 -2,160 -2,160 -2,160 -2,880 -2,880 -2,880
---------- ---------- ---------- ---------- ---------- ---------- ----------
RENT COLLECTIONS 174,574 175,089 175,606 176,125 174,033 174,549 175,066
---------- ---------- ---------- ---------- ---------- ---------- ----------
PERCENT OF TOTAL GROSS SCHEDULED
COLLECTED 93.35% 93.35% 93.35% 93.36% 91.98% 91.98% 91.99%
OTHER REVENUE:
FORFEITED DEPOSITS 2664 2664 2664 2664 3108 3552 3552
NON-REFUNDABLE FEES 2556 2556 2556 2556 3408 3408 3408
LAUNDRY 0 0 0 0 0 0 0
CARPORTS 2915 2915 2915 2915 2915 2915 2915
GARAGES 0 0 0 0 0 0 0
LATE FEES 1334 1334 1334 1334 1320 1320 1320
NSF FEES 100 100 100 100 99 99 99
TENANT SCREENING 950 950 950 950 950 950 950
BAD DEBT RECOVERY 1575 1575 1575 1575 1575 1575 1575
UTILITY FEES 6900 6900 6900 6900 6900 6900 6900
MISCELLANEOUS 1702 1702 1702 1702 1702 1702 1702
---------- ---------- ---------- ---------- ---------- ---------- ----------
TOTAL OTHER COLLECTION 20696 20696 20696 20696 21976 22420 22420
---------- ---------- ---------- ---------- ---------- ---------- ----------
TOTAL COLLECTIONS 195269 195785 196302 196820 196009 196969 197487
---------- ---------- ---------- ---------- ---------- ---------- ----------
DIFFERENCE BETWEEN PHYSICAL
AND ECONOMIC VACANCY 1.65% 1.65% 1.65% 1.64% 2.02% 2.02% 2.01%
ANNUAL
MONTH 8 MONTH 9 MONTH 10 MONTH 11 MONTH 12 TOTALS
RENTAL REVENUE:
Rent Per Schedule 197513 197513 197513 197513 197513 2370156
Loss To Lease -6641 -6084 -5526 -4966 -4405 -89562
GROSS RENTS 190,872 191,429 191,987 192,547 193,108 2280594 3110
VACANCY LOSS -11,452 -9,571 -7,679 -7,702 -7,724 -115855 3130
BAD DEBT EXPENSE -954 -957 -960 -963 -966 -11403 3250
RENT CREDITS -3,240 -2,520 -1,800 -1,800 -1,800 -28440 3304
---------- ---------- ---------- ---------- ---------- ----------
RENT COLLECTIONS 175,225 178,380 181,548 182,082 182,619 2,124,896 3460
---------- ---------- ---------- ---------- ---------- ----------
PERCENT OF TOTAL GROSS SCHEDULED
COLLECTED 91.80% 93.18% 94.56% 94.57% 94.57% 93.17%
OTHER REVENUE:
FORFEITED DEPOSITS 3552 3552 2664 2220 2220 35076 3502
NON-REFUNDABLE FEES 3834 2982 2130 2130 2130 33654 3512
LAUNDRY 0 0 0 0 0 0 3520
CARPORTS 2915 2915 2915 2915 2915 34980 3532
GARAGES 0 0 0 0 0 0
LATE FEES 1320 1334 1348 1348 1348 15992 3540
NSF FEES 99 100 101 101 101 1196 3550
TENANT SCREENING 950 950 950 950 950 11400
BAD DEBT RECOVERY 1575 1575 1575 1575 1575 18900 3570
UTILITY FEES 6900 6900 6900 6900 6900 82800
MISCELLANEOUS 1702 1702 1702 1702 1702 20424 3600
---------- ---------- ---------- ---------- ---------- ----------
TOTAL OTHER COLLECTION 22846 22010 20285 19841 19841 254,422 3650
---------- ---------- ---------- ---------- ---------- ----------
TOTAL COLLECTIONS 198072 200390 201832 201923 202459 2,379,317 3700
---------- ---------- ---------- ---------- ---------- ----------
DIFFERENCE BETWEEN PHYSICAL
AND ECONOMIC VACANCY 2.20% 1.82% 1.44% 1.43% 1.43% 1.74%
1
WELLINGTON PAGE 2
[Enlarge/Download Table]
YEAR ENDING 2003 MONTH 1 MONTH 2 MONTH 3 MONTH 4 MONTH 5 MONTH 6 MONTH 7
ADMINISTRATIVE EXPENSES:
ADMINISTRATIVE LABOR 6450 6450 6450 6450 6450 6450 6450
ADMIN. PAYROLL TAXES 2363 2363 2363 2363 2363 2363 2363
ACCOUNTING 261 261 261 261 261 261 261
BANK CHARGES 0 0 0 0 0 0 0
CHARITABLE CONTRIBUTI 0 0 0 0 0 0 0
DUES AND SUBSCRIPTIONS 0 0 0 0 0 0 0
FURNISHED SUITES 0 0 0 0 0 0 0
FURNITURE RENTAL 0 0 0 0 0 0 0
LEGAL 138 138 138 138 138 138 138
TRAINING AND EDUCATIO 50 50 50 50 50 50 50
MANAGEMENT FEE 6834 6852 6871 6889 6860 6894 6912
OFFICE EQUIPMENT 40 40 40 40 40 40 40
OFFICE SUPPLIES 250 250 250 250 250 250 250
SHIPPING AND DELIVERY 60 60 60 60 60 60 60
TELEPHONE 645 645 645 645 645 645 645
OTHER ADMIN. 30 30 30 30 30 30 30
------- ------- ------- ------- ------- ------- -------
TOTAL ADMINISTRATION 17121 17139 17157 17176 17147 17181 17199
MARKETING AND RETENTION EXPENSES:
ADVERTISING 1915 1490 1865 1615 1615 1915 1665
PROMOTIONS 288 288 288 338 348 389 389
DESIGN SERVICES 0 0 0 0 0 0 0
LEASING 504 504 504 504 672 672 672
REFERRALS 250 250 250 250 250 250 250
TENANT SCREENING 0 0 0 0 0 0 0
COLLATERAL SUPPLIES 0 0 0 300 0 0 0
------- ------- ------- ------- ------- ------- -------
TOTAL MARKETING AND RE 2957 2532 2907 3007 2885 3226 2976
ANNUAL % OF
YEAR ENDING 200? MONTH 8 MONTH 9 MONTH 10 MONTH 11 MONTH 12 TOTALS TOT. RE
ADMINISTRATIVE EXPENSES:
ADMINISTRATIVE LABOR 6450 6450 6450 6450 6450 77400 3.25%
ADMIN. PAYROLL TAXES 2363 2363 2363 2363 2363 28354 1.19%
ACCOUNTING 20 20 20 20 20 1927 0.08%
BANK CHARGES 0 0 0 0 0 0 0.00%
CHARITABLE CONTRIBUTI 0 0 0 0 0 0 0.00%
DUES AND SUBSCRIPTIONS 0 0 0 0 0 0 0.00%
FURNISHED SUITES 0 0 0 0 0 0 0.00%
FURNITURE RENTAL 0 0 0 0 0 0 0.00%
LEGAL 138 138 138 138 138 1656 0.07%
TRAINING AND EDUCATIO 0 0 40 0 0 390 0.02%
MANAGEMENT FEE 6933 7014 7064 7067 7086 83276 3.50%
OFFICE EQUIPMENT 40 40 40 40 40 480 0.02%
OFFICE SUPPLIES 250 250 250 250 250 3000 0.13%
SHIPPING AND DELIVERY 60 60 60 60 60 720 0.03%
TELEPHONE 645 645 645 645 645 7740 0.33%
OTHER ADMIN. 30 30 30 30 30 360 0.02%
------- ------- ------- ------- ------- ------- -------
TOTAL ADMINISTRATION 16928 17009 17100 17063 17082 205303 8.63%
MARKETING AND RETENTION EXPENSES:
ADVERTISING 1665 1865 1600 1600 1600 20410 0.86%
PROMOTIONS 389 407 346 300 300 4070 0.17%
DESIGN SERVICES 0 0 0 0 0 0 0.00%
LEASING 756 588 420 420 420 6636 0.28%
REFERRALS 250 250 250 250 250 3000 0.13%
TENANT SCREENING 0 0 0 0 0 0 0.00%
COLLATERAL SUPPLIES 0 0 0 0 0 300 0.01%
------- ------- ------- ------- ------- ------- -------
TOTAL MARKETING AND RE 3060 3110 2616 2570 2570 34416 1.45%
2
WELLINGTON PAGE 3
[Enlarge/Download Table]
YEAR ENDING 2003 MONTH 1 MONTH 2 MONTH 3 MONTH 4 MONTH 5 MONTH 6 MONTH 7
REPAIRS AND MAINTENANCE EXPENSES:
R & M LABOR 4700 4700 4700 4700 4700 4700 4700
R & M PAYROLL TAXES AN 1492 1492 1492 1492 1492 1492 1492
R & M SUPPLIES 820 820 820 820 820 820 820
R & M SERVICES 1160 1160 1160 1160 1160 1160 1160
ELEVATOR 0 0 0 0 0 0 0
LANDSCAPE PAYROLL 0 0 0 0 0 900 900
LANDSCAPE PAYROLL TA 0 0 0 0 0 124 124
LANDSCAPE SERVICES 3085 2760 2760 3260 2760 3260 2760
LANDSCAPE SUPPLIES 0 0 0 0 0 0 0
POOLS AND FOUNTAINS 150 150 150 150 800 600 150
SECURITY PAYROLL 0 0 0 0 0 0 0
SECURITY PAYROLL TAXE 0 0 0 0 0 0 0
SECURITY SUPPLIES 0 0 0 0 0 0 0
SECURITY SERVICES 0 0 275 0 0 950 0
VEHICLE EXPENSE 95 95 95 95 95 95 95
---------- ---------- ---------- ---------- ---------- ---------- ----------
TOTAL REPAIRS AND MAINT 11502 11177 11452 11677 11827 14100 12200
TURNOVER MAINTENANCE EXPENSES:
TURNOVER SUPPLIES 1051 1051 1051 1051 1226 1402 1402
TURNOVER SERVICES 2863 2863 2863 2863 3515 4168 4168
TURNOVER UTILITIES 360 360 360 360 432 432 432
---------- ---------- ---------- ---------- ---------- ---------- ----------
TOTAL TURNOVER MAINT. 4274 4274 4274 4274 5174 6001 6001
ANNUAL % OF
YEAR ENDING 2003 MONTH 8 MONTH 9 MONTH 10 MONTH 11 MONTH 12 TOTALS TOT. RE
REPAIRS AND MAINTENANCE EXPENSES:
R & M LABOR 4700 4700 4700 4700 4700 56400 2.37%
R & M PAYROLL TAXES AN 1492 1492 1492 1492 1492 37901 0.75%
R & M SUPPLIES 820 820 820 820 820 9840 0.41%
R & M SERVICES 1160 1160 1160 1160 1160 13920 0.59%
ELEVATOR 0 0 0 0 0 0 0.00%
LANDSCAPE PAYROLL 900 900 0 0 0 3600 0.15%
LANDSCAPE PAYROLL TA 124 124 0 0 0 495 0.02%
LANDSCAPE SERVICES 2760 3260 2760 2760 2760 34945 1.47%
LANDSCAPE SUPPLIES 0 0 0 0 0 0 0.00%
POOLS AND FOUNTAINS 150 150 150 150 150 2900 0.12%
SECURITY PAYROLL 0 0 0 0 0 0 0.00%
SECURITY PAYROLL TAXE 0 0 0 0 0 0 0.00%
SECURITY SUPPLIES 0 0 0 0 0 0 0.00%
SECURITY SERVICES 250 0 0 0 950 2425 0.10%
VEHICLE EXPENSE 95 95 95 95 95 1140 0.05%
---------- ---------- ---------- ---------- ---------- ---------- ----------
TOTAL REPAIRS AND MAINT 12450 12700 11177 11177 12127 143566 6.03%
TURNOVER MAINTENANCE EXPENSES:
TURNOVER SUPPLIES 1402 1402 1051 876 876 13841 0.58%
TURNOVER SERVICES 4168 4168 2863 2211 2211 38924 1.64%
TURNOVER UTILITIES 432 360 288 288 288 4392 0.18%
---------- ---------- ---------- ---------- ---------- ---------- ----------
TOTAL TURNOVER MAINT. 6001 5929 4202 3375 3375 57157 2.40%
3
WELLINGTON PAGE 4
[Enlarge/Download Table]
YEAR ENDING 2003 MONTH 1 MONTH 2 MONTH 3 MONTH 4 MONTH 5 MONTH 6 MONTH 7
UTILITY EXPENSE:
ELECTRICITY 975 875 875 800 760 745 685
WATER 3600 3600 3600 3600 3600 3600 3600
SEWER 8700 8700 8700 8700 8700 8700 8700
WASTE REMOVAL 1800 1800 1800 1800 1800 1800 1800
NATURAL GAS 0 0 0 0 0 0 0
CABLE/SATELLITE TV 0 0 0 0 0 0 0
---------- ---------- ---------- ---------- ---------- ---------- ----------
TOTAL UTILITIES 15075 14975 14975 14900 14860 14845 14785
TAXES & INSURANCE EXPENSES:
REAL PROPERTY TAXES 14384 14384 14384 14384 14384 14384 14384
PERSONAL PROPERTY TAX 0 0 0 0 0 0 0
MIP INSURANCE 0 0 0 0 0 0 0
LIABILITY AND CASUALTY 3230 3230 3230 3230 3230 3230 3230
SALES TAXES 0 0 0 0 0 0 0
PROPERTY ASSESSMENTS 0 0 0 0 0 0 0
---------- ---------- ---------- ---------- ---------- ---------- ----------
TOTAL TAX & INSURANCE 17614 17614 17614 17614 17614 17614 17614
---------- ---------- ---------- ---------- ---------- ---------- ----------
TOTAL EXPENSES 68543 67711 68380 68648 69507 72967 70775
---------- ---------- ---------- ---------- ---------- ---------- ----------
NET OPERATING INCOME $ 126,726 $ 128,073 $ 127,922 $ 128,173 $ 126,502 $ 124,002 $ 126,711
========== ========== ========== ========== ========== ========== ==========
ANNUAL % OF
YEAR ENDING 2003 MONTH 8 MONTH 9 MONTH 10 MONTH 11 MONTH 12 TOTALS TOT. RE
UTILITY EXPENSE:
ELECTRICITY 685 675 825 875 975 9750 0.41%
WATER 3600 3600 3600 3600 3600 43200 1.82%
SEWER 8700 8700 8700 8700 8700 104400 4.39%
WASTE REMOVAL 1800 1800 1800 1800 1800 21600 0.9?%
NATURAL GAS 0 0 0 0 0 0 0.00%
CABLE/SATELLITE TV 0 0 0 0 0 0 0.00%
---------- ---------- ---------- ---------- ---------- ----------- ----------
TOTAL UTILITIES 14785 14775 14925 14975 15075 178950 7.52%
TAXES & INSURANCE EXPENSES:
REAL PROPERTY TAXES 14384 14384 14384 14384 14384 ?72608 7.25%
PERSONAL PROPERTY TAX 0 0 0 0 0 0 0.00%
MIP INSURANCE 0 0 0 0 0 0
LIABILITY AND CASUALTY 3230 3230 3230 3230 3230 38760 1.63%
SALES TAXES 0 0 0 0 0 0 0.00%
PROPERTY ASSESSMENTS 0 0 0 0 0 0 0.00%
---------- ---------- ---------- ---------- ---------- ----------- ----------
TOTAL TAX & INSURANCE 17614 17614 17614 17614 17614 211368 8.88%
---------- ---------- ---------- ---------- ---------- ----------- ----------
TOTAL EXPENSES 70839 71138 67634 66774 67843 830759 34.92%
---------- ---------- ---------- ---------- ---------- ----------- ----------
NET OPERATING INCOME $ 127,233 $ 129,252 $ 134,198 $ 135,149 $ 134,617 $ 1,548,558 65.08%
========== ========== ========== ========== ========== =========== ==========
4
WELLINGTON PAGE 5
[Enlarge/Download Table]
YEAR ENDING 2003 MONTH 1 MONTH 2 MONTH 3 MONTH 4 MONTH 5 MONTH 6 MONTH 7
PROPERTY REPLACEMENTS
APPLIANCE REPLACEMEN 350 350 350 350 350 350 350
Capital Reimbursement 0 0 0 0 0 0 0
BUILDING IMPROVEMENT 0 0 0 0 0 3500 3500
CARPET/VINYL REPLACEME 3312 3312 3312 3312 3864 4416 4416
DRAPE/BLIND REPLACEM 292 292 292 292 340 389 389
EQUIPMENT PURCHASE 0 0 0 0 0 0 0
FURNITURE PURCHASE 0 0 0 0 0 0 0
CLUBHOUSE REHAB 0 0 0 0 0 0 0
LAND IMPROVEMENTS 0 0 0 0 0 0 0
LANDSCAPE IMPROVEME 0 0 0 0 0 0 0
DOORS/GLASS/HARDWA 0 0 0 0 0 0 0
PERMANENT SIGNAGE 0 0 0 0 0 0 0
---------- ---------- ---------- ---------- ---------- ---------- ----------
TOTAL CAPITAL IMPROVEME 3954 3954 3954 3954 4554 8655 8655
---------- ---------- ---------- ---------- ---------- ---------- ----------
CASH FLOW AFTER CAPITAL $ 122,772 $ 124,120 $ 123,969 $ 124,219 $ 121,948 $ 115,347 $ 118,056
---------- ---------- ---------- ---------- ---------- ---------- ----------
DEBT SERVICE
DEBT SERVICE - 1ST 0 0 0 0 0 0 0
DEBT SERVICE - 2ND 0 0 0 0 0 0 0
---------- ---------- ---------- ---------- ---------- ---------- ----------
TOTAL DEBT SERVICE 0 0 0 0 0 0 0
0 0 0 0 0 0 0
0 0 0 0 0 0 0
---------- ---------- ---------- ---------- ---------- ---------- ----------
OPERATING CASH FLOW 122772 124120 123969 124219 121948 115347 118056
========== ========== ========== ========== ========== ========== ==========
ANNUAL % OF
YEAR ENDING 2003 MONTH 8 MONTH 9 MONTH 10 MONTH 11 MONTH 12 TOTALS TOT.RE
PROPERTY REPLACEMENTS
APPLIANCE REPLACEMEN 350 350 350 350 350 4200 0.18%
Capital Reimbursement 0 0 0 0 0 0
BUILDING IMPROVEMENT 2500 0 0 0 0 9500 0.40%
CARPET/VINYL REPLACEME 4416 4416 3312 2760 2760 43608 1.83%
DRAPE/BLIND REPLACEM 389 389 292 243 243 3839 0.16%
EQUIPMENT PURCHASE 0 0 0 0 0 0 0.00%
FURNITURE PURCHASE 0 0 0 0 0 0 0.00%
CLUBHOUSE REHAB 0 0 0 0 0 0 0.00%
LAND IMPROVEMENTS 0 0 0 0 0 0 0.00%
LANDSCAPE IMPROVEME 0 0 0 0 0 0 0.00%
DOORS/GLASS/HARDWA 0 0 0 0 0 0 0.00%
PERMANENT SIGNAGE 0 0 0 0 0 0 0.00%
---------- ---------- ---------- ---------- ---------- ----------- ----------
TOTAL CAPITAL IMPROVEME 7655 5155 3954 3353 3353 61147 2.57%
---------- ---------- ---------- ---------- ---------- ----------- ----------
CASH FLOW AFTER CAPITAL $ 119,578 $ 124,097 $ 130,244 $ 131,796 $ 131,264 $ 1,487,411 62.51%
---------- ---------- ---------- ---------- ---------- ----------- ----------
DEBT SERVICE
DEBT SERVICE - 1ST 0 0 0 0 0 0 0.00%
DEBT SERVICE - 2ND 0 0 0 0 0 0 0.00%
---------- ---------- ---------- ---------- ---------- ----------- ----------
TOTAL DEBT SERVICE 0 0 0 0 0 0 0.00%
0 0 0 0 0 0 0.00%
0 0 0 0 0 0 0.00%
---------- ---------- ---------- ---------- ---------- ----------- ----------
OPERATING CASH FLOW 119578 124097 130244 131796 131264 1487411 62.51%
========== ========== ========== ========== ========== =========== ==========
THIS INFORMATION IS A PROJECTION OF INCOME AND EXPENSES BASED UPON AN EVALUATION
OF CURRENT MARKET CONDITIONS. IT MAY BE SUBJECT TO ERROR AND OMISSION. THIS
INFORMATION IS VULNERABLE TO ADVERSE CHANGES IN MARKET CONDITIONS AND
OPERATIONAL EXPENSES WHICH ARE NOT PREDICTED HEREIN. THIS BUDGET SHOULD ONLY BE
A PLANNING AND MANAGERIAL TOOL IT SHOULD NOT BE TAKEN AS A GUARANTEE OR
WARRANTY AND THE ACCURACY HEREIN IS SPECIFICALLY DISCLAIMED FOR SUCH PURPOSE.
5
WELLINGTON PAGE 6
YEAR ENDING 2003
PERFORMANCE REVIEW
[Download Table]
1ST 6 MONTHS 2ND 6 MONTHS FOR THE TWELVE
OF BUDGET OF BUDGET MONTHS ENDING
ANNUALIZED EXPENSE PER $ 3,465 $ 3,458 $ 3,461
========== ========== ==========
VARIABLE EXP. $ 299 $ 1,835
FIXED EXP. $ 272 $ 1,626
ANNUALIZED EXPENSES AS
A PERCENTAGE OF INCOME 35.32% 34.52% 34.92%
========== ========== ==========
ANNUALIZED NO 1,522,798 1,574,318 1,548,558
========== ========== ==========
6
BUDGET VARIABLE SECTION
WELLINGTON FOR PAGE 1
[Enlarge/Download Table]
YEAR ENDING 2003
RENTAL REV. BUDGET VARI MONTH 1 MONTH 2 MONTH 3 MONTH 4 MONTH 5 MONTH 6 MONTH 7
*OCCUPANCY PERCENTAGE 95% 95% 95% 95% 94% 94% 94%
UNITS OCCUPIED 228 228 228 228 226 226 226
UNITS VACANT 12 12 12 12 14 14 14
*TURNOVER PERCENT 240 6% 6% 6% 6% 7% 8% 8%
UNITS TURNED OVER 14 14 14 14 17 19 19
UNITS RENTED 14 14 14 14 19 19 19
NET ABSORB. BY 1ST OF FOL 0 0 0 -2 0 0 0
*AVE. RENTAL INCENTIVE PE $ 150.00 $ 150.00 $ 150.00 $ 150.00 $ 150.00 $ 150.00 $ 150.00
*BAD DEBT EXPENSE 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50%
*ANNUALIZED % INCREASE 3.50% 3.50% 3.50% 3.50% 3.50% 3.50% 3.50%
# OF SQ. UNIT
UNITS FT. RENT
*RENT-ST- 0 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
*AVE RENT-1 116 811 $ 690 $ 692 $ 694 $ 696 $ 698 $ 700 $ 702
*AVE RENT-1 0 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
*AVE RENT-1 0 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
*AVE RENT-2 16 976 $ 795 $ 797 $ 800 $ 802 $ 804 $ 807 $ 809
*AVE RENT-2 0 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
*AVE RENT-2 68 1017 $ 835 $ 837 $ 840 $ 842 $ 845 $ 847 $ 850
*AVE RENT-3 40 1210 $ 937 $ 940 $ 942 $ 945 $ 948 $ 951 $ 954
240
RENTAL REVENUE KEY IN ITEMS:
* MODEL RENT CREDITS 0 0 0 0 0 0 0
(CUMULATIVE NEG. TOTAL RENT
OF ALL MODELS)
YEAR ENDING 2003 ANNUAL % OF
RENTAL RE BUDGET VARI MONTH 8 MONTH 9 MONTH 10 MONTH 11 MONTH 12 TOTALS TOT.RE
*OCCUPANCY PERCENTAGE 94% 95% 96% 96% 96% 94.92% (AVERA
UNITS OCCUPIED 226 228 230 230 230 228 (AVERA
UNITS VACANT 14 12 10 10 10 12 (AVERA
*TURNOVER PERCENT 240 8% 8% 6% 5% 5% 79% (TOTAL)
UNITS TURNED OVER 19 19 14 12 12 190 (TOTAL)
UNITS RENTED 22 17 12 12 12 190 (TOTAL)
NET ABSORB. BY 1ST OF FOL 2 2 0 0 0 2 (TOTAL)
*AVE. RENTAL INCENTIVE PE $ 150.00 $ 150.00 $ 150.00 $ 150.00 $ 150.00 $ 150.00 (AVERA
*BAD DEBT EXPENSE 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% (AVERA
*ANNUALIZED % INCREASE 3.50% 3.50% 3.50% 3.50% 3.50% 3.50% (AVERA
# OF SQ.
UNITS FT.
*RENT-ST- 0 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 (AVERA
*AVE RENT-1 116 811 $ 704 $ 706 $ 708 $ 710 $ 712 $ 701 (AVERA
*AVE RENT-1 0 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 (AVERA
*AVE RENT-1 0 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 (AVERA
*AVE RENT-2 16 976 $ 811 $ 814 $ 816 $ 818 $ 821 $ 808 (AVERA
*AVE RENT-2 0 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 (AVERA
*AVE RENT-2 68 1017 $ 852 $ 855 $ 857 $ 860 $ 862 $ 849 (AVERA
*AVE RENT-3 40 1210 $ 956 $ 959 $ 962 $ 965 $ 968 $ 952 (AVERA
240
RENTAL REVENUE KEY IN ITEMS:
* MODEL RENT CREDITS 0 0 0 0 0 0 0
(CUMULATIVE NEG. TOTAL RENT
OF ALL MODELS)
7
WELLINGTON FOR PAGE 1
[Enlarge/Download Table]
YEAR ENDING 2003
OTHER REVENUE BUDGET. MONTH 1 MONTH 2 MONTH 3 MONTH 4 MONTH 5 MONTH 6 MONTH 7
*AVE. FOR. S.D.'S PER UNIT TU $ 135.00 $ 135.00 $ 135.00 $ 135.00 $ 135.00 $ 135.00 $ 135.00
*AVE. FOR PET DEPOSITS PER $ 50.00 $ 50.00 $ 50.00 $ 50.00 $ 50.00 $ 50.00 $ 50.00
*NON-REF ADMIN. FEES PER U $ 125.00 $ 125.00 $ 125.00 $ 125.00 $ 125.00 $ 125.00 $ 125.00
*NON-REF CLEANING FEES PER $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
*NON-REF PET FEES PER UNIT $ 52.50 $ 52.50 $ 52.50 $ 52.50 $ 52.50 $ 52.50 $ 52.50
*TRANSFER FEES PER MONTH $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
*LAUNDRY PER OCCUPIED UN $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
*CARPORT PER MONTH 0 2,915 2,915 2,915 2,915 2,915 2,915 2,915
* 0 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
LATE CHARGES
*PERCENTAGE OF OCCUP. UNIT 18.00% 18.00% 18.00% 18.00% 18.00% 18.00% 18.00%
*LATE FEE CHARGED $ 32.50 $ 32.50 $ 32.50 $ 32.50 $ 32.50 $ 32.50 $ 32.50
LATE CHARGES PER MONTH $ 1,333.80 $ 1,333.80 $ 1,333.80 $ 1,333.80 $ 1,319.76 $ 1,319.76 $ 1,319.76
NSF FEE
*PERCENTAGE OF OCCUP. UNIT 1.75% 1.75% 1.75% 1.75% 1.75% 1.75% 1.75%
*NSF FEE CHARGED $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00
NSF FEES PER MONTH $ 99.75 $ 99.75 $ 99.75 $ 99.75 $ 98.70 $ 98.70 $ 98.70
*TENANT SCREENING - PER $ 950.00 $ 950.00 $ 950.00 $ 950.00 $ 950.00 $ 950.00 $ 950.00
*BAD DEBT RECOVERY PER $ 1,575.00 $ 1,575.00 $ 1,575.00 $ 1,575.00 $ 1,575.00 $ 1,575.00 $ 1,575.00
*VENDING PER MONTH $ 2.00 $ 2.00 $ 2.00 $ 2.00 $ 2.00 $ 2.00 $ 2.00
*PAY PHONE PER MONTH $ 325.00 $ 325.00 $ 325.00 $ 325.00 $ 325.00 $ 325.00 $ 325.00
*TANNING BED PER MONTH $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
*FURNITURE RENTAL INC. $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
*INTEREST PER MONTH $ 75.00 $ 75.00 $ 75.00 $ 75.00 $ 75.00 $ 75.00 $ 75.00
*CABANA RENTAL PER MONTH $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
*UTILITY FEES PER MONTH $ 6,900.00 $ 6,900.00 $ 6,900.00 $ 6,900.00 $ 6,900.00 $ 6,900.00 $ 6,900.00
*INSURANCE RECOVERY PER $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
*STORAGE $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
*OTHER PER MONTH $ 1,300.00 $ 1,300.00 $ 1,300.00 $ 1,300.00 $ 1,300.00 $ 1,300.00 $ 1,300.00
YEAR ENDING 200
OTHER REVENUE BUDGET MONTH 8 MONTH 9 MONTH 10 MONTH 11 MONTH 12
*AVE. FOR. S.D.'S PER UNIT TU $ 135.00 $ 135.00 $ 135.00 $ 135.00 $ 135.00 XX
*AVE. FOR PET DEPOSITS PER $ 50.00 $ 50.00 $ 50.00 $ 50.00 $ 50.00 XX
*NON-REF ADMIN. FEES PER U $ 125.00 $ 125.00 $ 125.00 $ 125.00 $ 125.00 XX
*NON-REF CLEANING FEES PER $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 XX
*NON-REF PET FEES PER UNIT $ 52.50 $ 52.50 $ 52.50 $ 52.50 $ 52.50 XX
*TRANSFER FEES PER MONTH $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 XX
*LAUNDRY PER OCCUPIED UN $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 XX
*CARPORT PER MONTH 0 2,915 2,915 2,915 2,915 2,915 XX
* $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 XX
LATE CHARGES XX
*PERCENTAGE OF OCCUP. UNIT 18.00% 18.00% 18.00% 18.00% 18.00% XX
*LATE FEE CHARGED $ 32.50 $ 32.50 $ 32.50 $ 32.50 $ 32.50 XX
LATE CHARGES PER MONTH $ 1,319.76 $ 1,333.80 $ 1,347.84 $ 1,347.84 $ 1,347.84 XX
NSF FEE XX
*PERCENTAGE OF OCCUP. UNIT 1.75% 1.75% 1.75% 1.75% 1.75% XX
*NSF FEE CHARGED $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00 XX
NSF FEES PER MONTH $ 98.70 $ 99.75 $ 100.80 $ 100.80 $ 100.80 XX
*TENANT SCREENING - PER $ 950.00 $ 950.00 $ 950.00 $ 950.00 $ 950.00 XX
*BAD DEBT RECOVERY PER $ 1,575.00 $ 1,575.00 $ 1,575.00 $ 1,575.00 $ 1,575.00 XX
*VENDING PER MONTH $ 2.00 $ 2.00 $ 2.00 $ 2.00 $ 2.00 XX
*PAY PHONE PER MONTH $ 325.00 $ 325.00 $ 325.00 $ 325.00 $ 325.00 XX
*TANNING BED PER MONTH $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 XX
*FURNITURE RENTAL INC. $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 XX
*INTEREST PER MONTH $ 75.00 $ 75.00 $ 75.00 $ 75.00 $ 75.00 XX
*CABANA RENTAL PER MONTH $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 XX
*UTILITY FEES PER MONTH $ 6,900.00 $ 6,900.00 $ 6,900.00 $ 6,900.00 $ 6,900.00 XX
*INSURANCE RECOVERY PER $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 XX
*STORAGE $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 XX
*OTHER PER MONTH $ 1,300.00 $ 1,300.00 $ 1,300.00 $ 1,300.00 $ 1,300.00 XX
8
WELLLINGTON FOR ALL PAYROLL SUPPORT AND PAGE 2 (ADMIN.)
FOR THE YEAR 2003
EXPENSE BUDGET VARIABLES
TYPICAL PAYROLL MONTH
[Enlarge/Download Table]
ADMINISTRATIVE PAYROLL
------------------------------------------------------------------
ASST.
MANAGER MANAGER LEASING LEASING LEASING
*CASH COMPENSATION 3550 1950 950 0 0
*TOTAL RENT ALLOWANCE 0 0 0 0 0
*TOTAL UTILITY ALLOWANCE 0 0 0 0 0
---------- ---------- ---------- ---------- ----------
TOTAL MONTHLY COMPENS 3550 1950 950 0 0
========== ========== ========== ========== ==========
$ 20.50 $ 12.87 $ 12.19 $ 0.00 $ 0.00
JAN FEB MAR APR MAY
AVE. MONTHLY MANAGER BONUS
*EXCLUDING LEASE COMMIS $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
*AVE. COMMISSION RENTAL $ 35.00 $ 35.00 $ 35.00 $ 35.00 $ 35.00
*COMMISSION PER RENEWAL $ 20.00 $ 20.00 $ 20.00 $ 20.00 $ 20.00
*NUMBER OF RENEWALS PER 0 0 0 0 0
EMPLOYEE MEDICAL INS.
* MONTHLY COST PER EMPLO $ 282.00 $ 282.00 $ 282.00 $ 282.00 $ 282.00
* NO. OF QUALIFIED ADMIN. E 2 2 2 2 2
* NO. OF QUALIFIED R & M EM 3 3 3 3 3
* NO. OF QUALIFIED LANDSCA 0 0 0 0 0
* NO. OF QUALIFIED SECURIT 0 0 0 0 0
ADMINISTRATIVE EXPENSES:
ADMINISTRATIVE LABOR
*ADMINISTRATIVE LABOR R 0.00% 0.00% 0.00% 0.00% 0.00%
MANAGER SALARY 3550 3550 3550 3550 3550
ASST. MANAGER SALARY 1950 1950 1950 1950 1950
LEASING SALARIES 950 950 950 950 950
ADMIN. RENT ALLOWANCE 0 0 0 0 0
ADMIN.UTILITY ALLOWANCE 0 0 0 0 0
ADMIN. INCENTIVES 0 0 0 0 0
R & M PAYROLL
---------------------------------------------------- TURN-
LEAD HSE ASST. ASST. OVER PORTER/ SECURITY
MAINT. KEEP MAINT. MAINT. MAINT. GROUNDS PATROL
*CASH COMPENSATION 2850 0 1850 0 1000 900 0 XX
*TOTAL RENT ALLOWANCE 0 0 0 0 0 0 0 XX
*TOTAL UTILITY ALLOWANCE 0 0 0 0 0 0 0 XX
---------- ---------- ---------- ---------- ---------- ---------- ----------
TOTAL MONTHLY COMPENS 2850 0 1850 0 900 900 0 XX
========== ========== ========== ========== ========== ========== ==========
$ 16.45 $ 0.00 $ 10.68 $ 0.00 $ 5.77 $ 10.39 $ 0.00 XX
JUN JULY AUG SEPT OCT NOV DEC XX
XX
AVE. MONTHLY MANAGER BONUS XX
*EXCLUDING LEASE COMMIS $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 XX
*AVE. COMMISSION RENTAL $ 35.00 $ 35.00 $ 35.00 $ 35.00 $ 35.00 $ 35.00 $ 35.00 XX
*COMMISSION PER RENEWAL $ 20.00 $ 20.00 $ 20.00 $ 20.00 $ 20.00 $ 20.00 $ 20.00 XX
*NUMBER OF RENEWALS PER 0 0 0 0 0 0 0 XX
EMPLOYEE MEDICAL INS. XX
* MONTHLY COST PER EMPLO $ 282.00 $ 282.00 $ 282.00 $ 282.00 $ 282.00 $ 282.00 $ 282.00 XX
* NO. OF QUALIFIED ADMIN. E 2 2 2 2 2 2 2 XX
* NO. OF QUALIFIED R & M EM 3 3 3 3 3 3 3 XX
* NO. OF QUALIFIED LANDSCA 0 0 0 0 0 0 0 XX
* NO. OF QUALIFIED SECURIT 0 0 0 0 0 0 0 XX
XX
ADMINISTRATIVE EXPENSES: XX
ADMINISTRATIVE LABOR XX
*ADMINISTRATIVE LABOR R 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% XX
MANAGER SALARY 3550 3550 3550 3550 3550 3550 3550 XX
ASST. MANAGER SALARY 1950 1950 1950 1950 1950 1950 1950 XX
LEASING SALARIES 950 950 950 950 950 950 950 XX
ADMIN. RENT ALLOWANCE 0 0 0 0 0 0 0 XX
ADMIN.UTILITY ALLOWANCE 0 0 0 0 0 0 0 XX
ADMIN. INCENTIVES 0 0 0 0 0 0 0 XX
9
[Enlarge/Download Table]
YEAR ENDING 2003
EXPENSE BUDGET VARIABLE MONTH 1 MONTH 2 MONTH 3 MONTH 4 MONTH 5 MONTH 6 MONTH 7
PAYROLL TAXES & INSURANCE
FICA @ * 8.50% 548 548 548 548 548 548 548
FUTA @ API * 0.80% 52 52 52 52 52 52 52
SUTA @ API * 3.30% 213 213 213 213 213 213 213
TRI-MET * 0.00% 0 0 0 0 0 0 0
S S * 0.00% 0 0 0 0 0 0 0
WORKMAN 1.1% 986 986 986 986 986 986 986
ADMIN. MEDICAL INS. 564 564 564 564 564 564 564
ACCOUNTING
* OWNERSHIP ACCOUNTING 0 0 0 0 0 0 0
* PAYROLL FEES PER MONTH 261 261 261 261 261 261 261
*BANK CHARGES PER MONTH 0 0 0 0 0 0 0
*CHARITABLE CONTRIBUTION 0 0 0 0 0 0 0
*DUES AND SUBSCRIPTIONS 0 0 0 0 0 0 0
FURNISHED SUITES
* # OF FURNISHED SUITES 0 0 0 0 0 0 0
PER UNIT
COST
ACCESSORI * $0 0 0 0 0 0 0 0
CABLE TV * $0 0 0 0 0 0 0 0
RENTAL FU * $0 0 0 0 0 0 0 0
HOSPITAL * $0 0 0 0 0 0 0 0
MAID SERV * $0 0 0 0 0 0 0 0
TELEPHONE * $0 0 0 0 0 0 0 0
UTILITIES * $0 0 0 0 0 0 0 0
FURNITURE RENTAL
* FURNITURE RENTAL.CA 0 0 0 0 0 0 0
* FURNITURE RENTAL.OFFI 0 0 0 0 0 0 0
LEGAL
* EVICTION PER MONTH 138 138 138 138 138 138 138
* OTHER LEGAL PER MONTH 0 0 0 0 0 0 0
TRAINING AND EDUCATION
* IREM 0 0 0 0 0 0 0
* GFS 50 50 50 50 50 50 50
* OTHER 0 0 0 0 0 0 0
YEAR ENDING 2003
EXPENSE BUDGET VARIABLE MONTH 8 MONTH 9 MONTH 10 MONTH 11 MONTH 12
PAYROLL TAXES & INSURANCE
FICA @ * 8.50% 548 548 548 548 548 XX 4132
FUTA @ API * 0.80% 52 52 52 52 52 XX 4134
SUTA @ API * 3.30% 213 213 213 213 213 XX 4136
TRI-MET * 0.00% 0 0 0 0 0 XX N/A
S S * 0.00% 0 0 0 0 0 XX N/A
WORKMAN 1.1% 986 986 986 986 986 XX 4142
ADMIN. MEDICAL INS. 564 564 564 564 564 XX 4144
ACCOUNTING XX
* OWNERSHIP ACCOUNTING 0 0 0 0 0 XX 4152
* PAYROLL FEES PER MONTH 261 261 261 261 261 XX 4154
*BANK CHARGES PER MONTH 0 0 0 0 0 XX 4156
*CHARITABLE CONTRIBUTION 0 0 0 0 0 XX 4158
*DUES AND SUBSCRIPTIONS 0 0 0 0 0 XX 4160
FURNISHED SUITES XX
* # OF FURNISHED SUITES 0 0 0 0 0 XX
XX
PER UNIT
COST
ACCESSORI * $0 0 0 0 0 0 XX 4164
CABLE TV * $0 0 0 0 0 0 XX 4166
RENTAL FU * $0 0 0 0 0 0 XX 4168
HOSPITAL * $0 0 0 0 0 0 XX 4170
MAID SERV * $0 0 0 0 0 0 XX 4171
TELEPHONE * $0 0 0 0 0 0 XX 4174
UTILITIES * $0 0 0 0 0 0 XX 4176
FURNITURE RENTAL XX
* FURNITURE RENTAL.CA 0 0 0 0 0 XX
* FURNITURE RENTAL.OFFI 0 0 0 0 0 XX 4184
LEGAL XX
* EVICTION PER MONTH 138 138 138 138 138 XX 4192
* OTHER LEGAL PER MONT 0 0 0 0 0 XX 4194
TRAINING AND EDUCATION XX
* IREM 0 0 0 0 0 XX 4196
* GFS 50 50 50 50 50 XX 4196
* OTHER 0 0 0 0 0 XX 4196
10
[Enlarge/Download Table]
YEAR ENDING 2003 MONTH 1 MONTH 2 MONTH 3 MONTH 4 MONTH 5 MONTH 6 MONTH 7
MANAGEMENT FEE
* GFS MANAGEMENT FEE % C 3.50%
* GFS MINIMUM 50
GFS MANAGEMENT FEE 6834 6852 6871 6889 6860 6894 6912
* ASSET MANAGER F 0.00% 0 0 0 0 0 0 0
* PARTNERSHIP FEE I 0.00% 0 0 0 0 0 0 0
OFFICE EQUIPMENT
* EQUIP LEAS PER MONTH 0 0 0 0 0 0 0
* EQUIP REP PER MONTH 40 40 40 40 40 40 40
* EQUIP OTH PER MONTH 0 0 0 0 0 0 0
OFFICE SUPPLIES
* ACCOUNT PER MONTH 75 75 75 75 75 75 75
* PAPER SUPL PER MONTH 50 50 50 50 50 50 50
* PRINTED PER MONTH 80 80 80 80 80 80 80
* OTHER SUP PER MONTH 45 45 45 45 45 45 45
SHIPPING AND DELIVERY
* OVERNIGHT PER MONTH 30 30 30 30 30 30 30
* PACKAGE PER MONTH 0 0 0 0 0 0 0
* POSTAGE PER MONTH 30 30 30 30 30 30 30
TELEPHONE
* ANSWERIN PER MONTH 0 0 0 0 0 0 0
* COMPUTER PER MONTH 0 0 0 0 0 0 0
* FAX MACHI PER MONTH 0 0 0 0 0 0 0
* OFFICE TEL PER MONTH 645 645 645 645 645 645 645
OTHER ADMIN.
* MOVING EX PER MONTH 0 0 0 0 0 0 0
* STORAGE PER MONTH 0 0 0 0 0 0 0
* VEHICLE PER MONTH 25 25 25 25 25 25 25
* OTHER PER MONTH 5 5 5 5 5 5 5
MARKETING AND RETENTION EXPENSES:
ADVERTISING
* RENT NET 245 245 245 245 245 245 245
* APARTMENT GUIDE 795 795 795 795 795 795 795
* APARTMENT MAP 0 0 0 0 0 0 0
* BILLBOARDS/TRANSIT 250 0 250 0 0 250 0
* DIRECT MAIL 0 0 0 0 0 0 0
* FOR RENT 0 0 0 0 0 0 0
* NEWSPAPER 450 450 450 450 450 450 450
* NOW RENTING 0 0 0 0 0 0 0
* RADIO AND TV 0 0 0 0 0 0 0
* SIGNS AND BANNERS 175 0 125 125 125 175 175
* YELLOW PAGES 0 0 0 0 0 0 0
YEAR ENDING 2003 MONTH 8 MONTH 9 MONTH 10 MONTH 11 MONTH 12
MANAGEMENT FEE
* GFS MANAGEMENT FEE % C XX
* GFS MINIMUM XX
GFS MANAGEMENT FEE 6933 7014 7064 7067 7086 XX 4222
* ASSET MANAGER F 0.00% 0 0 0 0 0 XX 4226
* PARTNERSHIP FEE I 0.00% 0 0 0 0 0 XX 4226
OFFICE EQUIPMENT XX
* EQUIP LEAS PER MONTH 0 0 0 0 0 XX 4232
* EQUIP REP PER MONTH 40 40 40 40 40 XX 4234
* EQUIP OTH PER MONTH 0 0 0 0 0 XX 4236
OFFICE SUPPLIES XX
* ACCOUNT PER MONTH 75 75 75 75 75 XX 4242
* PAPER SUPL PER MONTH 50 50 50 50 50 XX 4244
* PRINTED PER MONTH 80 80 80 80 80 XX 4246
* OTHER SUP PER MONTH 45 45 45 45 45 XX 4248
SHIPPING AND DELIVERY XX
* OVERNIGHT PER MONTH 30 30 30 30 30 XX 4252
* PACKAGE PER MONTH 0 0 0 0 0 XX 4252
* POSTAGE PER MONTH 30 30 30 30 30 XX 4256
TELEPHONE XX
* ANSWERIN PER MONTH 0 0 0 0 0 XX 4262
* COMPUTER PER MONTH 0 0 0 0 0 XX 4264
* FAX MACHI PER MONTH 0 0 0 0 0 XX 4266
* OFFICE TEL PER MONTH 645 645 645 645 645 XX 4268
OTHER ADMIN. XX
* MOVING EX PER MONTH 0 0 0 0 0 XX 4272
* STORAGE PER MONTH 0 0 0 0 0 XX 4274
* VEHICLE PER MONTH 25 25 25 25 25 XX 4276
* OTHER PER MONTH 5 5 5 5 5 XX 4278
MARKETING AND RETENTION EXPENSES: XX
ADVERTISING XX
* RENT NET 245 245 245 245 245 XX 4314
* APARTMENT GUIDE 795 795 795 795 795 XX 4304
* APARTMENT MAP 0 0 0 0 0 XX 4302
* BILLBOARDS/TRANSIT 0 250 0 0 0 XX 4306
* DIRECT MAIL 0 0 0 0 0 XX 4308
* FOR RENT 0 0 0 0 0 XX 4310
* NEWSPAPER 450 450 450 450 450 XX 4312
* NOW RENTING 0 0 0 0 0 XX 4343
* RADIO AND TV 0 0 0 0 0 XX 4362
* SIGNS AND BANNERS 175 125 110 110 110 XX 4318
* YELLOW PAGES 0 0 0 0 0 XX 4320
11
[Enlarge/Download Table]
YEAR ENDING 2003 MONTH 1 MONTH 2 MONTH 3 MONTH 4 MONTH 5 MONTH 6 MONTH 7
PROMOTIONS
* ACTIVITIES PER MONTH 35 35 35 85 95 100 100
* HOSPITALI PER MONTH 50 50 50 50 50 50 50
* COST OF MOVE IN GI $8
MOVE-IN GI PER MONTH 108 108 108 108 108 144 144
* NEWSLETTI PER MONTH 95 95 95 95 95 95 95
DESIGN SERVICES
* AD AGENCY PER MONTH 0 0 0 0 0 0 0
* PHOTOGRA PER MONTH 0 0 0 0 0 0 0
* PRINTING PER MONTH 0 0 0 0 0 0 0
LEASING
* NUMBER OF MODELS 0 0 0 0 0 1 0
* EACH MODEL RENTAL PER 0 0 0 0 0 0 0
MODEL FU PER MONTH 0 0 0 0 0 0 0
COMMISSIC PER MOVE IN 504 504 504 504 672 672 672
* SHOPPING PER MONTH 0 0 0 0 0 0 0
* TRAINING PER MONTH 0 0 0 0 0 0 0
REFERRALS
* LOCATORS PER MONTH 150 150 150 150 150 150 150
* MERCHANT PER MONTH 0 0 0 0 0 0 0
* RESIDENT PER MONTH 100 100 100 100 100 100 100
TENANT SCREENING
* COST PER SCREEN $0
* DENIAL RATE 45%
TENANT SCREENING EXPE 0 0 0 0 0 0 0
COLLATERAL SUPPLIES
* BROCHURES 0 0 0 0 0 0 0
* BUSINESS CARDS 0 0 0 0 0 0 0
* GIFTS 0 0 0 0 0 0 0
* NAME BADGES 0 0 0 0 0 0 0
* PRINTED FORMS 0 0 0 0 0 0 0
* UNIFORMS 0 0 0 300 0 0 0
YEAR ENDING 2003 MONTH 8 MONTH 9 MONTH 10 MONTH 11 MONTH 12
PROMOTIONS
* ACTIVITIES PER MONTH 100 100 75 65 65 XX 4332
* HOSPITALI PER MONTH 50 50 50 50 50 XX 4334
* COST OF MOVE IN GI $8 XX
MOVE-IN GI PER MONTH 144 162 126 90 90 XX 4336
* NEWSLETTI PER MONTH 95 95 95 95 95 XX 4338
DESIGN SERVICES XX
* AD AGENCY PER MONTH 0 0 0 0 0 XX 4343
* PHOTOGRA PER MONTH 0 0 0 0 0 XX 4343
* PRINTING PER MONTH 0 0 0 0 0 XX 4343
LEASING XX
* NUMBER OF MODELS 0 0 0 0 0 XX
* EACH MODEL RENTAL PER 0 0 0 0 0 XX 4357
MODEL FU PER MONTH 0 0 0 0 0 XX 4354
COMMISSIC PER MOVE IN 756 588 420 420 420 XX 4352
* SHOPPING PER MONTH 0 0 0 0 0 XX 4356
* TRAINING PER MONTH 0 0 0 0 0 XX 4358
REFERRALS XX
* LOCATORS PER MONTH 150 150 150 150 150 XX 4362
* MERCHANT PER MONTH 0 0 0 0 0 XX 4364
* RESIDENT PER MONTH 100 100 100 100 100 XX 4366
TENANT SCREENING XX
* COST PER SCREEN $0 XX
* DENIAL RATE 45% XX
TENANT SCREENING EXPE 0 0 0 0 0 XX 4370
COLLATERAL SUPPLIES XX
* BROCHURES 0 0 0 0 0 XX 4382
* BUSINESS CARDS 0 0 0 0 0 XX 4384
* GIFTS 0 0 0 0 0 XX 4386
* NAME BADGES 0 0 0 0 0 XX 4388
* PRINTED FORMS 0 0 0 0 0 XX 4390
* UNIFORMS 0 0 0 0 0 XX 4391
12
WELLINGTON FOR PAGE 3
[Enlarge/Download Table]
YEAR ENDING 2003 MONTH 1 MONTH 2 MONTH 3 MONTH 4 MONTH 5 MONTH 6 MONTH 7
REPAIRS AND MAINTENANCE EXPENSES:
R & M LABOR
* R & M LABOR RAISES - YTD 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
MAINTENANCE SUPERVIS 2850 2850 2850 2850 2850 2850 2850
ASST. MAINTENANCE LAB 1850 1850 1850 1850 1850 1850 1850
R & M RENT ALLOWANCE 0 0 0 0 0 0 0
R & M UTILITY ALLOWANC 0 0 0 0 0 0 0
R & M PAYROLL TAXES AND INSURANCE
FICA @ 8.50% 400 400 400 400 400 400 400
FUTA @ APPROX 0.80% 38 38 38 38 38 38 38
SUTA @ APPROX 3.30% 155 155 155 155 155 155 155
TRI-MET 0.00% 0 0 0 0 0 0 0
SIIS 0.00% 0 0 0 0 0 0 0
WORKMANS COMP 1.1% 54 54 54 54 54 54 54
R & M MEDICAL INS. 846 846 846 846 846 846 846
R & M SUPPLIES
* APPLIANCE 75 75 75 75 75 75 75
* CLEANING (NOT TURNOVER) 50 50 50 50 50 50 50
* ELECTRICAL 75 75 75 75 75 75 75
* EQUIPMENT 25 25 25 25 25 25 25
* GLASS AND SCREEN 20 20 20 20 20 20 20
* HARDWARE 125 125 125 125 125 125 125
* HVAC 40 40 40 40 40 40 40
* KEY AND LOCK 35 35 35 35 35 35 35
* PAINT (NOT TURNOVER) 60 60 60 60 60 60 60
* PARKING LOT 60 60 60 60 60 60 60
* PEST CONTROL 75 75 75 75 75 75 75
* PLUMBING 130 130 130 130 130 130 130
* RECREATIONAL 25 25 25 25 25 25 25
* ROOF REPAIRS 25 25 25 25 25 25 25
* UNIFORMS 0 0 0 0 0 0 0
R & M SERVICES
* APPLIANCE REPAIR 145 145 145 145 145 145 145
* CARPET CLEANING (NOT T 0 0 0 0 0 0 0
* CLEANING (NOT TURNOVER) 40 40 40 40 40 40 40
* DRAPE CLEANING (NOT TURNOVER) 0 0 0 0 0 0 0
* DRYWALL 0 0 0 0 0 0 0
* ELECTRICAL 95 95 95 95 95 95 95
* EQUIPMENT 30 30 30 30 30 30 30
* GLASS AND SCREEN 80 80 80 80 80 80 80
YEAR ENDING 2003 MONTH 8 MONTH 9 MONTH 10 MONTH 11 MONTH 12
REPAIRS AND MAINTENANCE EXPENSES: XX
R & M LABOR XX
* R & M LABOR RAISES - YTD 0.00% 0.00% 0.00% 0.00% 0.00% XX
MAINTENANCE SUPERVIS 2850 2850 2850 2850 2850 XX 4402
ASST. MAINTENANCE LAB 1850 1850 1850 1850 1850 XX 4404
R & M RENT ALLOWANCE 0 0 0 0 0 XX 4406
R & M UTILITY ALLOWANC 0 0 0 0 0 XX 4408
R & M PAYROLL TAXES AND INSURANCE XX
FICA @ 8.50% 400 400 400 400 400 XX 4412
FUTA @ APPROX 0.80% 38 38 38 38 38 XX 4414
SUTA @ APPROX 3.30% 155 155 155 155 155 XX 4416
TRI-MET 0.00% 0 0 0 0 0 XX N/A
SIIS 0.00% 0 0 0 0 0 XX N/A
WORKMANS COMP 1.1% 54 54 54 54 54 XX 4422
R & M MEDICAL INS. 846 846 846 846 846 XX 4424
R & M SUPPLIES XX
* APPLIANCE 75 75 75 75 75 XX 4432
* CLEANING (NOT TURNOVER) 50 50 50 50 50 XX 4434
* ELECTRICAL 75 75 75 75 75 XX 4436
* EQUIPMENT 25 25 25 25 25 XX 4438
* GLASS AND SCREEN 20 20 20 20 20 XX 4440
* HARDWARE 125 125 125 125 125 XX 4442
* HVAC 40 40 40 40 40 XX 4444
* KEY AND LOCK 35 35 35 35 35 XX 4446
* PAINT (NOT TURNOVER) 60 60 60 60 60 XX 4448
* PARKING LOT 60 60 60 60 60 XX 4450
* PEST CONTROL 75 75 75 75 75 XX 4452
* PLUMBING 130 130 130 130 130 XX 4454
* RECREATIONAL 25 25 25 25 25 XX 4456
* ROOF REPAIRS 25 25 25 25 25 XX 4458
* UNIFORMS 0 0 0 0 0 XX 4460
R & M SERVICES XX
* APPLIANCE REPAIR 145 145 145 145 145 XX 4472
* CARPET CLEANING (NOT T 0 0 0 0 0 XX 4474
* CLEANING (NOT TURNOVER) 40 40 40 40 40 XX 4476
* DRAPE CLEANING (NOT T ) 0 0 0 0 0 XX 4478
* DRYWALL 0 0 0 0 0 XX 4479
* ELECTRICAL 95 95 95 95 95 XX 4482
* EQUIPMENT 30 30 30 30 30 XX 4484
* GLASS AND SCREEN 80 80 80 80 80 XX 4486
13
[Enlarge/Download Table]
YEAR ENDING 2003 MONTH 1 MONTH 2 MONTH 3 MONTH 4 MONTH 5 MONTH 6 MONTH 7
* HVAC 0 0 0 0 0 0 0
* KEY AND LOCK 90 90 90 90 90 90 90
* PAINT (NOT TURNOVER) 0 0 0 0 0 0 0
* PARKING LOT 0 0 0 0 0 0 0
* PEST CONTROL 135 135 135 135 135 135 135
* PLUMBING 450 450 450 450 450 450 450
* RECREATIONAL 0 0 0 0 0 0 0
* ROOF REPAIRS 45 45 45 45 45 45 45
* UNIFORMS 0 0 0 0 0 0 0
PAGERS 50 50 50 50 50 50 50
* # OF PAGERS 2 2 2 2 2 2 2
* COST PER PAGER PER MONTH $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00
ELEVATOR
* ELEVATOR PER MONTH 0 0 0 0 0 0 0
* ELEVATOR PER MONTH 0 0 0 0 0 0 0
* ELEVATOR PER MONTH 0 0 0 0 0 0 0
* ELEVATOR PER MONTH 0 0 0 0 0 0 0
LANDSCAPE PAYROLL
* LANDSCAPE LABOR RAISES 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
LANDSCAPE LABOR 0 0 0 0 0 900 900
LANDSCAPE RENTAL ALLC 0 0 0 0 0 0 0
LANDSCAPE UTILITY ALLC 0 0 0 0 0 0 0
LANDSCAPE PAYROLL TAXES AND INSURANCE
FICE @ 8.50% 0 0 0 0 0 77 77
FUTA @ APPROX 0.80% 0 0 0 0 0 7 7
SUTA @ APPROX 3.30% 0 0 0 0 0 30 30
TRI-MET 0.00% 0 0 0 0 0 0 0
SIIS 0.00% 0 0 0 0 0 0 0
WORKMANS COMP. 1.14% 0 0 0 0 0 10 10
LANDSCAPE MEDICAL INS. 0 0 0 0 0 0 0
LANDSCAPE SERVICES
* LANDSCAPE SERV. PER DOOR PER MONTH $ 11.50 2760
* LANDSCAPE MONTH CONT 2760 2760 2760 2760 2760 2760 2760
* LANDSCAPE EQUIPMENT ? 0 0 0 0 0 0 0
* LANDSCAPE IRRIGATION ? 0 0 0 0 0 0 0
* LANSCAPE SEASONAL SE 325 0 0 500 0 500 0
*LANDSCAPE SUPPLIES 0 0 0 0 0 0 0
YEAR ENDING 2003 MONTH 8 MONTH 9 MONTH 10 MONTH 11 MONTH 12
* HVAC 0 0 0 0 0 XX 4488
* KEY AND LOCK 90 90 90 90 90 XX 4490
* PAINT (NOT TURNOVER) 0 0 0 0 0 XX 4494
* PARKING LOT 0 0 0 0 0 XX 4496
* PEST CONTROL 135 135 135 135 135 XX 4498
* PLUMBING 450 450 450 450 450 XX 4500
* RECREATIONAL 0 0 0 0 0 XX 4502
* ROOF REPAIRS 45 45 45 45 45 XX 4504
* UNIFORMS 0 0 0 0 0 XX 4460
PAGERS 50 50 50 50 50 XX 4492
* # OF PAGERS 2 2 2 2 2 XX
* COST PER PAGER PER MONTH $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00 XX
ELEVATOR XX
* ELEVATOR PER MONTH 0 0 0 0 0 XX 4512
* ELEVATOR PER MONTH 0 0 0 0 0 XX 4514
* ELEVATOR PER MONTH 0 0 0 0 0 XX 4516
* ELEVATOR PER MONTH 0 0 0 0 0 XX 4518
LANDSCAPE PAYROLL XX
* LANDSCAPE LABOR RAISES 0.00% 0.00% 0.00% 0.00% 0.00% XX
LANDSCAPE LABOR 900 900 0 0 0 XX 4522
LANDSCAPE RENTAL ALLC 0 0 0 0 0 XX 4526
LANDSCAPE UTILITY ALLC 0 0 0 0 0 XX
LANDSCAPE PAYROLL TAXES AND INSURANCE XX
FICE @ 8.50% 77 77 0 0 0 XX 4528
FUTA @ APPROX 0.80% 7 7 0 0 0 XX 4530
SUTA @ APPROX 3.30% 30 30 0 0 0 XX 4536
TRI-MET 0.00% 0 0 0 0 0 XX N/A
SIIS 0.00% 0 0 0 0 0 XX N/A
WORKMANS COMP. 1.14% 10 10 0 0 0 XX 4542
LANDSCAPE MEDICAL INS. 0 0 0 0 0 XX 4544
LANDSCAPE SERVICES XX
* LANDSCAPE SERV. PER DOOR PER MONTH XX
* LANDSCAPE MONTH CONT 2760 2760 2760 2760 2760 XX 4552
* LANDSCAPE EQUIPMENT 0 0 0 0 0 XX 4554
* LANDSCAPE IRRIGATION 0 0 0 0 0 XX 4556
* LANSCAPE SEASONAL SE 0 500 0 0 0 XX 4558
*LANDSCAPE SUPPLIES 0 0 0 0 0 XX 4560
14
[Enlarge/Download Table]
YEAR ENDING 2003 MONTH 1 MONTH 2 MONTH 3 MONTH 4 MONTH 5 MONTH 6 MONTH 7
POOLS AND FOUNTAINS
* NUMBER OF POOLS 1
* POOL/SPA SUPPLIES REQUIRED PER
POOL $ 150.00
POOL SUPPLIES 150 150 150 150 150 150 150
* POOL LICENSES 0 0 0 0 0 450 0
* POOL REPAIR 0 0 0 0 0 0 0
* POOL CONTRACT MAINTE 0 0 0 0 0 0 0
* POOL EQUIPMENT 0 0 0 0 0 0 0
* POOL FURNITURE 0 0 0 0 650 0 0
COURTESY PAYROLL
* COURTESY LABOR RAISES - 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
COURTESY LABOR 0 0 0 0 0 0 0
COURTESY RENT ALLOWA 0 0 0 0 0 0 0
COURTESY UTILITY ALLO 0 0 0 0 0 0 0
RECREATION ATT. PAYROLL TAXES AND
INSURANCE
FICA @ 8.50% 0 0 0 0 0 0 0
FUTA @ APPROX 0.80% 0 0 0 0 0 0 0
SUTA @ APPROX 3.30% 0 0 0 0 0 0 0
TRI-MET 0.00% 0 0 0 0 0 0 0
SIIS 0.00% 0 0 0 0 0 0 0
WORKMANS COMP? 1.1% 0 0 0 0 0 0 0
REC.ATT.. MeDICAL INS. 0 0 0 0 0 0 0
* COURTESY SUPPLIES 0 0 0 0 0 0 0
COURTESY SERVICES
* COURTESY HOURLY WAGE $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00
* COURTESY - # OF HRS IN A 0 0 0 0 0 0 0
COURTESY CONTRACT SE 0 0 0 0 0 0 0
* ALARM SERVICE 0 0 0 0 0 950 0
* EXTINGUISHER MAINTENA 0 0 275 0 0 0 0
VEHICLE EXPENSE (ONLY IF PROPERTY
OWNS A VEHICLE)
* VEHICLE GASOLINE 95 95 95 95 95 95 95
* VEHICLE INSURANCE 0 0 0 0 0 0 0
* VEHICLE LICENSE 0 0 0 0 0 0 0
* VEHICLE OTHER 0 0 0 0 0 0 0
YEAR ENDING 2003 MONTH 8 MONTH 9 MONTH 10 MONTH 11 MONTH 12
POOLS AND FOUNTAINS XX
* NUMBER OF POOLS XX
* POOL/SPA SUPPLIES REQUIRED PER XX
POOL XX
POOL SUPPLIES 150 150 150 150 150 XX 4572
* POOL LICENSES 0 0 0 0 0 XX 4574
* POOL REPAIR 0 0 0 0 0 XX 4576
* POOL CONTRACT MAINTE 0 0 0 0 0 XX 4578
* POOL EQUIPMENT 0 0 0 0 0 XX 4580
* POOL FURNITURE 0 0 0 0 0 XX 4580
COURTESY PAYROLL XX
* COURTESY LABOR RAISES - 0.00% 0.00% 0.00% 0.00% 0.00% XX
COURTESY LABOR 0 0 0 0 0 XX
COURTESY RENT ALLOWA 0 0 0 0 0 XX
COURTESY UTILITY ALLO 0 0 0 0 0 XX
RECREATION ATT. PAYROLL TAXES AND XX
INSURANCE XX
FICA @ 8.50% 0 0 0 0 0 XX 4602
FUTA @ APPROX 0.80% 0 0 0 0 0 XX 4604
SUTA @ APPROX 3.30% 0 0 0 0 0 XX 4606
TRI-MET 0.00% 0 0 0 0 0 XX N/A
SIIS 0.00% 0 0 0 0 0 XX N/A
WORKMANS COMP? 1.1% 0 0 0 0 0 XX 4612
REC.ATT..MEDICAL INS. 0 0 0 0 0 XX 4614
* COURTESY SUPPLIES 0 0 0 0 0 XX 4634
COURTESY SERVICES XX
* COURTESY HOURLY WAGE $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 XX
* COURTESY - # OF HRS IN A 0 0 0 0 0 XX 4634
COURTESY CONTRACT SE 0 0 0 0 0 XX
* ALARM SERVICE 0 0 0 0 950 XX 4632
* EXTINGUISHER MAINTEN 250 0 0 0 0 XX 4636
VEHICLE EXPENSE (ONLY IF PROPERTY XX
OWNS A VEHICLE) XX
* VEHICLE GASOLINE 95 95 95 95 95 XX 4642
* VEHICLE INSURANCE 0 0 0 0 0 XX 4644
* VEHICLE LICENSE 0 0 0 0 0 XX 4646
* VEHICLE OTHER 0 0 0 0 0 XX 4648
15
[Enlarge/Download Table]
YEAR ENDING 2003 MONTH 1 MONTH 2 MONTH 3 MONTH 4 MONTH 5 MONTH 6 MONTH 7
*TURNOVER MAINTENANCE EXPENSES:
TURNOVER SUPPLIES
* *CLEANING SUPPLIE $ 8
TURNOVER CLEANING 115 115 115 115 134 154 154
* PAINT SUPPLIES PER $ 65
TURNOVER PAINTING 936 936 936 936 1092 1248 1248
TURNOVER SERVICES
* CARPET CLEANING PER TURNOVER $ 55.00
* % OF CARPETS REPLACED UPON
TURNOVER 20%
* AVE COST OF NEW CARPET/VINYL
(CAP $ 1,150.0
* DRAPE/BLIND CLEANSING PER
TURNOVER $ 15.00
* % OF DRAPES/BLIND REPLACED UPON
TURNOVER 15%
* AVE COST OF NEW DRAPE/BLIND
(CAP IM $ 135.00
* CONTRACT CLEANING PER TURNOVER $ 65.00
* # OF UNITS CLEANED IN-HOUSE 0
* CONTRACT PAINTING PER TURNOVER $ 150.00
* # OF UNITS PAINTED IN-HOUSE 7
TURNOVER CARPET CLEAN 634 634 634 634 739 845 845
TURNOVER DRAPE CLEAN 184 184 184 184 214 245 245
TURNOVER CONTRACT CL 936 936 936 936 1092 1248 1248
TURNOVER CONTRACT PA 1110 1110 1110 1110 1470 1830 1830
TURNOVER UTILITIES
* AVE. ELEC. EXPENSE PER VACANT
UNIT $ 30.00
* AVE GAS EXPENSE PER VACANT UNIT $ 0.00
TURNOVER ELECTRIC 360 360 360 360 432 432 432
TURNOVER GAS 0 0 0 0 0 0 0
YEAR ENDING 2003 MONTH 8 MONTH 9 MONTH 10 MONTH 11 MONTH 12
*TURNOVER MAINTENANCE EXPENSES: XX
TURNOVER SUPPLIES XX
* *CLEANING SUPPLIE $8 XX
TURNOVER CLEANING 154 154 115 96 96 XX 4702
* PAINT SUPPLIES PER $65 XX
TURNOVER PAINTING 1248 1248 936 780 780 XX 4704
TURNOVER SERVICES XX
* CARPET CLEANING PER TURNOVER XX
* % OF CARPETS REPLACED UPON
TURNOVER XX
* AVE COST OF NEW CARPET/VINYL
(CAP XX
* DRAPE/BLIND CLEANSING PER
TURNOVER XX
* % OF DRAPES/BLIND REPLACED UPON
TURNOVER XX
* AVE COST OF NEW DRAPE/BLIND
(CAP IM XX
* CONTRACT CLEANING PER TURNOVER XX
* # OF UNITS CLEANED IN-HOUSE XX
* CONTRACT PAINTING PER TURNOVER XX
* # OF UNITS PAINTED IN-HOUSE XX
XX
TURNOVER CARPET CLEA 845 845 634 528 528 XX 4712
TURNOVER DRAPE CLEAN 245 245 184 153 153 XX 4714
TURNOVER CONTRACT CL 1248 1248 936 780 780 XX 4716
TURNOVER CONTRACT PA 1830 1830 1110 750 750 XX 4718
XX
TURNOVER UTILITIES XX
* AVE. ELEC. EXPENSE PER VACANT
UNIT XX
* AVE GAS EXPENSE PER VACANT UNIT XX
XX
TURNOVER ELECTRIC 432 360 288 288 288 XX 4722
TURNOVER GAS 0 0 0 0 0 XX 4724
16
WELLINGTON FOR PAGE 4
[Enlarge/Download Table]
YEAR ENDING 2003 MONTH 1 MONTH 2 MONTH 3 MONTH 4 MONTH 5 MONTH 6 MONTH 7
UTILITY EXPENSE:
lease-up factor 0.00 0.00 0.00 0.00 0.00 0.00 0.00
ELECTRICITY
* COMMON AREA ELECTRIC 975 875 875 800 700 685 685
* MODEL ELECTRICITY 0 0 0 0 60 60 0
* OFFICE/CABANA ELECTRIC 0 0 0 0 0 0 0
* POOL AND SPA ELECTRIC 0 0 0 0 0 0 0
WATER
* COMMON AREA WATER 3600 3600 3600 3600 3600 3600 3600
* IRRIGATION WATER 0 0 0 0 0 0 0
*SEWER 8700 8700 8700 8700 8700 8700 8700
*WASTE REMOVAL 1800 1800 1800 1800 1800 1800 1800
NATURAL GAS
* COMMON AREA GAS 0 0 0 0 0 0 0
* POOL AND SPA GAS 0 0 0 0 0 0 0
CABLE/SATELLITE TV
* BULK RATE TV 0 0 0 0 0 0 0
* OFFICE/CABANA TV 0 0 0 0 0 0 0
TAXES & INSURANCE EXPENSES:
*REAL PROPERTY TAXES 14384 14384 14384 14384 14384 14384 14384
MIP INSURANCE 0 0 0 0 0 0 0
*PERSONAL PROPERTY TAXES 0 0 0 0 0 0 0
*LIABILITY AND CASUALITY 3230 3230 3230 3230 3230 3230 3230
*SALES TAX 0 0 0 0 0 0 0
*PROPERTY ASSESSMENTS 0 0 0 0 0 0 0
DEBT SERVICE
* DEBT SERVICE - IST 0 0 0 0 0 0 0
* DEBT SERVICES - 0 0 0 0 0 0 0
YEAR ENDING 2003 MONTH 8 MONTH 9 MONTH 10 MONTH 11 MONTH 12
UTILITY EXPENSE: XX
lease-up factor 0.00 0.00 0.00 0.00 0.00 XX
ELECTRICITY XX
* COMMON AREA ELECTRIC 685 675 825 875 975 XX 4802
* MODEL ELECTRICITY 0 0 0 0 0 XX 4802
* OFFICE/CABANA ELECTRIC 0 0 0 0 0 XX 4802
* POOL AND SPA ELECTRI 0 0 0 0 0 XX 4802
WATER XX
* COMMON AREA WATER 3600 3600 3600 3600 3600 XX 4812
* IRRIGATION WATER 0 0 0 0 0 XX 4812
*SEWER 8700 8700 8700 8700 8700 XX 4820
*WASTE REMOVAL 1800 1800 1800 1800 1800 XX 4830
NATURAL GAS XX
* COMMON AREA GAS 0 0 0 0 0 XX 4842
* POOL AND SPA GAS 0 0 0 0 0 XX 4842
CABLE/SATELLITE TV XX
* BULK RATE TV 0 0 0 0 0 XX 4852
* OFFICE/CABANA TV 0 0 0 0 0 XX 4854
XX
TAXES & INSURANCE EXPENSES: XX
*REAL PROPERTY TAXES 14384 14384 14384 14384 14384 XX 5002
MIP INSURANCE 0 0 0 0 0 5003
*PERSONAL PROPERTY TAXES 0 0 0 0 0 XX 5004
*LIABILITY AND CASUALITY 3230 3230 3230 3230 3230 XX 5006
*SALES TAX 0 0 0 0 0 XX 5008
*PROPERTY ASSESSMENTS 0 0 0 0 0 XX 5010
XX
DEBT SERVICE XX
* DEBT SERVICE - IST 0 0 0 0 0 XX 6502
* DEBT SERVICES - 0 0 0 0 0 XX 6504
17
WELLINGTON FOR PAGE 5
[Enlarge/Download Table]
YEAR ENDING 2003 MONTH 1 MONTH 2 MONTH 3 MONTH 4 MONTH 5 MONTH 6 MONTH 7
PROPERTY REPLACEMENTS
*APPLIANCE REPLACEMENT 350 350 350 350 350 350 350
BUILDING IMPROVEMENTS
Capital reimbursement 0 0 0 0 0 0 0
* INTERIOR DESIGN MODIFI 0 0 0 0 0 0 0
* EXTERIOR LIGHTING 0 0 0 0 0 0 0
* EXTERIOR PAINTING 0 0 0 0 0 0 0
* EXTERIOR REPAIR 0 0 0 0 0 2500 2500
* ROOF REPLACEMENT 0 0 0 0 0 0 0
CARPET/VINYL REPLACEMENT 3312 3312 3312 3312 3864 4416 4416
DRAPE/BLIND REPLACEMENT 292 292 292 292 340 389 389
*EQUIPMENT PURCHASE 0 0 0 0 0 0 0
DECK REPAIR/REPLACE 0 0 0 0 0 1000 1000
*FURNITURE PURCHASE 0 0 0 0 0 0 0
*CLUBHOUSE REHAB 0 0 0 0 0 0 0
LAND IMPROVEMENTS
* CARPORT INSTALLATION 0 0 0 0 0 0 0
* PARKING LOT REPAIRS 0 0 0 0 0 0 0
*LANDSCAPE IMPROVEMENTS 0 0 0 0 0 0 0
*DOORS/GLASS/HARDWARE 0 0 0 0 0 0 0
*PERMANENT SIGNAGE 0 0 0 0 0 0 0
YEAR ENDING 2003 MONTH 8 MONTH 9 MONTH 10 MONTH 11 MONTH 12
PROPERTY REPLACEMENTS XX
* APPLIANCE REPLACEMENT 350 350 350 350 350 XX 6002
BUILDING IMPROVEMENTS XX
Capital reimbursement 0 0 0 0 0 6011
* INTERIOR DESIGN MODIFI 0 0 0 0 0 XX 6012
* EXTERIOR LIGHTING 0 0 0 0 0 XX 6014
* EXTERIOR PAINTING 0 0 0 0 0 XX 6016
* EXTERIOR REPAIR 2500 0 0 0 0 XX 6018
* ROOF REPLACEMENT 0 0 0 0 0 XX 6020
CARPET/VINYL REPLACEMENT 4416 4416 3312 2760 2760 XX 6030
DRAPE/BLIND REPLACEMENT 389 389 292 243 243 XX 6040
*EQUIPMENT PURCHASE 0 0 0 0 0 XX 6050
DECK REPAIR/REPLACE 0 0 0 0 0 6060
*FURNITURE PURCHASE 0 0 0 0 0 XX 6065
*CLUBHOUSE REHAB 0 0 0 0 0 XX
LAND IMPROVEMENTS XX
* CARPORT INSTALLATION 0 0 0 0 0 XX 6082
* PARKING LOT REPAIRS 0 0 0 0 0 XX 6084
*LANDSCAPE IMPROVEMENTS 0 0 0 0 0 XX 6090
*DOORS/GLASS/HARDWARE 0 0 0 0 0 XX 6100
*PERMANENT SIGNAGE 0 0 0 0 0 XX 6110
18
Cell: G480
ent: Craig S. Dwyer:
Hours =40
Days = 5
Cell: H480
ent: Craig S. Dwyer:
Hours =35/wk
days = 4 - 5
Cell: 480
ent: Craig S. Dwyer:
Hours=18/wk
days = 2-3
Cell: L480
ent: Craig S. Dwyer:
Hours=40
Days = 5
Cell: M480
ent: Craig S. Dwyer:
Hours=32/wk
Days=4-5
Cell: 480
ent: Craig S. Dwyer:
Hours=20/wk
days=2-3
19
PINNACLE REALTY MANAGEMENT COMPANY
EXHIBIT C
Reimbursable Employee Expense Schedule
[Enlarge/Download Table]
Company Name: PINNACLE REALTY MANAGEMENT COMPANY PROPERTY NAME: THE WELLILNTON
Total Sq. Ft. 227,224 # of Units 240
STAFFING SCHEDULE AND ESTIMATED PAYROLL
[Enlarge/Download Table]
ESTIMATED PAYROLL BURDEN (PERCENTAGE OF
SALARY & MONTHLY DOLLAR AMOUNT)
------------------------------------------------------
(1)
(FULL OR PART TIME)
POSITION % ALLOCATED FICA UTA/SUTA UNEMPLOYMENT T
--------------------------------------------------------------------------------------------------------------------------
8.?0% 4.10% 1.?0%
Manager 100% $ 3,??0.00 $ 301.75 $ 145.55 $ 67.45
8.50% 4.10% 1.90%
Asst. Mgr. 100% $ 1,950.00 $ 1?5.7? $ 79.9? $ 37.05
8. 0% 4.10% 1.?0%
Leasing Consultant 50% $ 950.00 $ 80.75 $ 38.95 $ 18.05
8.50% 4.10% 1.?0%
Maint. Manager 100% $ 2,??0.00 $ 242.25 $ 116.85 $ 54.15
8.?0% 4.10% 1.90%
Asst. Maint. Manager 100% $ 1,850.00 $ 157.26 $ 7 .85 $ 35.15
8.50% 4.10% 1.90%
Painter 100% $ 1,000.00 $ 8?.00 $ 41.00 $ 19.00
4.10% 1.90%
Porter 50% $ 900.00 $ 68.85 $ 36.90 $ 17.10
8.44% 4.10% 1.?0%
TOTALS $ 13,050.00 $ 1,101.60 $ 535.05 $ 247.95
ESTIMATED PAYROLL BURDEN (PERCENTAGE OF SALARY & MONTHLY DOLLAR AMOUNT)
-----------------------------------------------------------------------
TOTAL MONTHLY
WORKER'S PAYROLL (TOTAL %
COMPENSATION OTHER BENEFI BURDEN &
POSITION PAYROLL PROCESSING FEE MONTHLY PAYROLL)
---------------------------------------------------------------------------------------------------------------------------
5.55% 7.?4% 2.00% 1?% Monthly 20.98%
Manager $ 197.00 $ 282.00 $ 71.00 $ 532.50 $ 5,147.25
10.10% 14.4?% 2.00% 15% Monthly 41.0 %
Asst. Mgr. $ 197.00 $ 282.00 $ 39.00 $ 292.?0 $ 3,043.25
10.32% 2.00% 15% Monthly 26. 2%
Leasing Consultant $ 98.00 $ 19.00 $ 142.50 $ 1,347.25
6. 1% 9.0 % 2.00% 10% Monthly 33.31%
Maint. Manager $ 197.00 $ 282.00 $ 57.00 $ 285.00 $ 4,084.25
10. 5% 15.24% 2.00% 8% Monthly 42.38%
Asst. Maint. Manager $ 197.00 $ 282.00 $ 37.00 $ 148.00 $ 2,782.25
18.70% 2 .20% 2.00% 8% Monthly 84.40%
Painter $ 197.00 $ 282.00 $ 20.00 $ 80.00 $ 1,724.00
10.??% 1 . % 2.00% 8% Monthly
Porter $ 98.00 $ 141.00 $ 1?.00 $ 72.00 $ 1,351.85
9.05% 11.8 % 2.00% 11.90%
TOTALS $ 1,181.00 $ 1,551.00 $ 261.00 $ 1,552.50 $ 19,480.10
/SF/YEAR $ 1.03
/UNIT/YEAR $ 974.01
/UNIT/MONTH $ 81.17
* PLEASE NOTE THE ABOVE PAYROLL PROJECTIONS DO NOT INCLUDE O/T AND/OR CHANGES
TO THE APPROVED BUDGETS.
↑Top
Filing Submission 0001047469-04-011470 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)
Copyright © 2024 Fran Finnegan & Company LLC – All Rights Reserved.
About — Privacy — Redactions — Help —
Sun., Apr. 28, 2:25:49.2am ET 