THE FINANCIALS

S E C T I O N 03

THE FINANCIALS

THE FINANCIALS

BARREL OAKS - FINANCIALS UNIX MIX SUMMARY

UNIT TYPE

SUMMARY One Bedroom Two Bedroom Three Bedroom Totals / Wtd. Averages

AVERAGE EFFECTIVE MARKET

PROJECTED NO. OF UNITS RENTABLE SF TOTAL SF RENT/UNIT RENT/SF TOTAL RENT POTENTIAL RENT/UNIT RENT/SF TOTAL RENT POTENTIAL RENT/UNIT RENT/SF TOTAL RENT POTENTIAL

54 Units 678 SF 36,600 SF $724.72 $1.07 $39,135 $792.04 $1.17 SF $42,770 $1,003.70 $1.48 SF $54,200 82 Units 923 SF 75,680 SF $815.48 $0.88 $66,869 $1,050.61 $1.14 SF $86,150 $1,246.34 $1.35 SF $102,200 24 Units 1,054 SF 25,300 SF $1,006.42 $0.95 $24,154 $1,247.92 $1.18 SF $29,950 $1,375.00 $1.30 SF $33,000 160 Units 860 SF 137,580 SF $813.49 $0.95 SF $130,158 $992.94 $1.15 SF $158,870 $1,183.75 $1.38 SF $189,400

9% 9%

BARREL OAKS - FINANCIALS UNIX MIX BREAKDOWN

UNIT TYPE

ONE BEDROOM 1BR/1BA 1BR/1BA Totals / Wtd. Averages

AVERAGE EFFECTIVE MARKET

PROJECTED NO. OF UNITS RENTABLE SF TOTAL SF RENT/UNIT RENT/SF TOTAL RENT POTENTIAL RENT/UNIT RENT/SF TOTAL RENT POTENTIAL RENT/UNIT RENT/SF TOTAL RENT POTENTIAL

46 Units 660 SF 30,360 SF $721.00 $1.09 SF $33,166 $795.00 $1.20 SF $36,570 $1,000.00 $1.52 SF $46,000 8 Units 780 SF 6,240 SF $746.13 $0.96 SF $5,969 $775.00 $0.99 SF $6,200 $1,025.00 $1.31 SF $8,200 54 Units 678 SF 36,600 SF $724.72 $1.07 SF $39,135 $792.04 $1.17 SF $42,770 $1,003.70 $1.48 SF $54,200

TWO BEDROOM 2BR/1BA 2BR/1.5BA 2BR/1.5BA Totals / Wtd. Averages 6 Units 920 SF 5,520 SF $776.50 $0.84 SF $4,659 $875.00 $0.95 SF $5,250 $1,200.00 $1.30 SF $7,200 72 Units 920 SF 66,240 SF $817.95 $0.89 SF $58,892 $1,075.00 $1.17 SF $77,400 $1,250.00 $1.36 SF $90,000 4 Units 980 SF 3,920 SF $829.50 $0.85 SF $3,318 $875.00 $0.89 SF $3,500 $1,250.00 $1.28 SF $5,000 82 Units 923 SF 75,680 SF $815.48 $0.88 SF $66,869 $1,050.61 $1.14 SF $86,150 $1,246.34 $1.35 SF $102,200

THREE BEDROOM 3BR/2BA 3BR/2BA Totals / Wtd. Averages 19 Units 1,050 SF 19,950 SF $999.95 $0.95 SF $18,999 $1,275.00 $1.21 SF $24,225 $1,375.00 $1.31 SF $26,125 5 Units 1,070 SF 5,350 SF $1,031.00 $0.96 SF $5,155 $1,145.00 $1.07 SF $5,725 $1,375.00 $1.29 SF $6,875 24 Units 1,054 SF 25,300 SF $1,006.42 $0.95 SF $24,154 $1,247.92 $1.18 SF $29,950 $1,375.00 $1.30 SF $33,000

INCOME & EXPENSES

BARREL OAKS - FINANCIALS INCOME

EXPENSE

GROSS POTENTIAL RENT All Units at Market Rent Gain (Loss) to Lease GROSS SCHEDULED RENT Other Income Utility Income

Late Fee Application Fee Income Monthly Pet Rent Pet Fee-Non Refundable Lease Breakage Fee Administration Fee (Lease Modification) Laundry Income

Total Other Income GROSS POTENTIAL INCOME Physical Vacancy Bad Debt Concessions Allowance EFFECTIVE GROSS INCOME NON-CONTROLLABLE Real Estate Taxes 2021 Taxes Paid Adjustment for Sale Total Real Estate Taxes Insurance Utilities Electric Gas Water & Sewage

Trash Removal Total Utilities Total Non-Controllable CONTROLLABLE Contract Services Security Expense Snow Removal

Landscaping/Grounds Pest Control Total Contract Services Repairs & Maintenance Marketing & Promotion On-Site Payroll Payroll Taxes & Benefits General & Administrative Management Fee Telephone & Cable Replacement & Reserves Total Controllable TOTAL EXPENSES NET OPERATING INCOME $1,906,440 RR ($321,168) $1,585,272 RR $196,507 T3

$24,705 T3 $23,100 T3 $18,406 T3 $13,950 T3 $12,856 T3 $12,800 T3 $11,764 T3

$352,348 $1,937,620 ($329,434) T3 Economic

$0 ($6,180) T3 $1,602,006

$82,326 Auditor $0 $82,326 $66,532 T12 $89,863 T12 $55,026 T12 $138,089 T12

$20,235 T12 $303,213 $452,071

$6,020 T12 $3,876 T12

$14,384 T12 $9,225 T12 $33,505 $193,068 T12 $23,552 T12 $174,787 T12 $17,617 T12 $38,042 T12 $33,947 T12 $2,523 T12 $40,800 Note 1 $557,841 $1,009,912 $592,094 % of GPR Per Unit 11,915 16.85% (2,007) 9,908 $2,272,800 ($340,920) $1,931,880 YEAR 1 % of GPR

15.00%

12.40% 1,228

1.56% 154

1.46% 144

1.16% 115

0.88% 87 $202,402 10.48%

$25,446 1.32% $23,793 1.23% $18,959 0.98% $14,369 0.74%

0.81% 80 $13,242 0.69%

0.81% 80

0.74% 74

22.23% 2,202 $13,184 0.68% $12,117 0.63%

$362,919 18.79% 12,110 $2,294,799 20.78% (2,059) 0.00% 0 0.39% (39) 61.98% 10,013 ($96,594) 5.00% ($28,978) 1.50% $0 0.00% $2,169,226 78.50%

% of EGI Per Unit 5.14% 515 0.00% 0 5.14% 515 4.15% 416 5.61% 562 3.43% 344 8.62% 863

1.26% 126 18.93% 1,895 28.22% 2,825 $82,326 3.80% $106,926 4.93% $189,252 8.72% $56,000 2.58% $91,660 4.23% $56,127 2.59% $140,851 6.49%

$20,640 0.95% $309,277 14.26% $554,529 25.56%

0.38% 0.24%

0.90% 0.58% 38 24

90 58 2.09% 209 12.05% 1,207 1.47% 147 10.91% 1,092 1.10% 110 2.37% 238 2.12% 212 0.16% 16 2.55% 255 34.82% 3,487 63.04% 6,312 36.96% 3,701 $6,400 0.30% $4,000 0.18%

$16,000 0.74% $6,400 0.30% $32,800 1.51% $104,000 4.79% $16,000 0.74% $176,000 8.11% $24,000 1.11% $24,000 1.11% $86,769 4.00% $2,400 0.11% $41,616 1.92% $507,585 23.40% $1,062,114 48.96% $1,107,112 51.04%

% of GPR Per Unit

% of GPR Per Unit $2,340,984 14,631 $2,411,214 15,070 ($187,279) 8.00% (1,170) ($48,224) 2.00% (301) $2,153,705 13,461 $2,362,989 14,769 $208,474 9.68% 1,303 $214,728 9.09% 1,342 $26,210 1.22% 164 $26,996 1.14% 169 $24,507 1.14% 153 $25,242 1.07% 158 $19,527 0.91% 122 $20,113 0.85% 126 $14,800 0.69% 92 $15,244 0.65% 95 $13,639 0.63% 85 $14,048 0.59% 88 $13,580 0.63% 85 $13,987 0.59% 87 $12,480 0.58% 78 $12,855 0.54% 80 $373,757 17.35% 2,336 $384,920 16.29% 2,406 $2,527,462 15,797 $2,747,910 17,174 ($107,685) 5.00% (673) ($118,149) 5.00% (738) ($32,306) 1.50% (202) ($35,445) 1.50% (222) $0 0.00% 0 $0 0.00% 0 $2,387,471 85.50% 14,922 $2,594,315 91.50% 16,214

% of EGI Per Unit % of EGI Per Unit $82,326 3.45% 515 $82,326 3.45% 515 $106,926 4.48% 668 $106,926 4.48% 668 $189,252 7.93% 1,183 $189,252 7.93% 1,183 $57,120 2.39% 357 $58,262 2.44% 364 $93,493 3.92% 584 $95,363 3.99% 596

$57,249 2.40% 358 $58,394 2.45% $143,668 6.02% 898 $146,541 6.14% 365 916

$21,052 0.88% 132 $21,474 0.90% 134 $315,463 13.21% 1,972 $321,772 13.48% 2,011 $561,834 23.53% 3,511 $569,286 23.84% 3,558

$6,528 0.27% 41 $4,080 0.17% 26 $6,659 0.28% $4,162 0.17%

$16,320 0.68% 102 $16,646 0.70% $6,528 0.27% 41 $6,659 0.28% 42 26

104 42

$33,456 1.40% 209 $34,125 1.43% 213

$106,080 4.44% 663 $108,202 4.53%

676 $16,320 0.68% 102 $16,646 0.70% 104 $179,520 7.52% 1,122 $183,110 7.67% 1,144 $24,480 1.03% 153 $24,970 1.05% 156 $24,480 1.03% 153 $24,970 1.05% 156 $95,499 4.00% 597 $103,773 4.00% 597 $2,448 0.10% 15 $2,497 0.10% 16 $42,448 1.78% 265 $43,297 1.81% 271 $524,731 21.98% 3,280 $541,590 22.34% 3,333 $1,086,566 45.51% 6,791 $1,110,876 46.53% 6,943 $1,300,906 54.49% 8,131 $1,483,440 62.13% 9,271

CASH FLOW

BARREL OAKS - FINANCIALS

INCOME

EXPENSE

GROSS POTENTIAL RENT All Units at Market Rent Gain (Loss) to Lease GROSS SCHEDULED RENT

GROSS POTENTIAL INCOME Physical Vacancy Bad Debt EFFECTIVE GROSS INCOME

Real Estate Taxes Insurance Utilities Contract Services Repairs & Maintenance Marketing & Promotion On-Site Payroll Payroll Taxes & Benefits General & Administrative Management Fee

Telephone & Cable Replacement & Reserves TOTAL EXPENSES

NET OPERATING INCOME CURRENT

YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 YE JUL-2023 YE JUN-2024 YE JUN-2025 YE JUN-2026 YE JUN-2027 YE JUN-2028 YE JUN-2029 YE JUN-2030 YE JUN-2031 YE JUN-2032

$1,906,440 $2,272,800 $2,340,984 $2,411,214 $2,483,550 $2,558,056 $2,634,798 $2,713,842 $2,795,257 $2,879,115 $2,965,488 ($321,168) ($340,920) ($187,279) ($48,224) ($49,671) ($51,161) ($52,696) ($54,277) ($55,905) ($57,582) ($59,310) $1,585,272 $1,931,880 $2,153,705 $2,362,989 $2,433,879 $2,506,895 $2,582,102 $2,659,565 $2,739,352 $2,821,533 $2,906,179

$1,937,620 $2,294,799 $2,527,462 $2,747,910 $2,826,498 $2,907,366 $2,990,583 $3,076,215 $3,164,335 $3,255,015 $3,348,331 ($329,434) ($96,594) ($107,685) ($118,149) ($121,694) ($125,345) ($129,105) ($132,978) ($136,968) ($141,077) ($145,309) $0 ($28,978) ($32,306) ($35,445) ($36,508) ($37,603) ($38,732) ($39,893) ($41,090) ($42,323) ($43,593) $1,602,006 $2,169,226 $2,387,471 $2,594,315 $2,668,295 $2,744,418 $2,822,746 $2,903,344 $2,986,277 $3,071,616 $3,159,430

$82,326 $189,252 $189,252 $189,252 $193,037 $196,897 $200,835 $204,852 $208,949 $213,128 $217,391 $66,532 $56,000 $57,120 $58,262 $59,428 $60,616 $61,829 $63,065 $64,326 $65,613 $66,925 $303,213 $309,277 $315,463 $321,772 $328,208 $334,772 $341,467 $348,296 $355,262 $362,368 $369,615 $33,505 $32,800 $33,456 $34,125 $34,808 $35,504 $36,214 $36,938 $37,677 $38,430 $39,199 $193,068 $104,000 $106,080 $108,202 $110,366 $112,573 $114,824 $117,121 $119,463 $121,853 $124,290 $23,552 $16,000 $16,320 $16,646 $16,979 $17,319 $17,665 $18,019 $18,379 $18,747 $19,121 $174,787 $176,000 $179,520 $183,110 $186,773 $190,508 $194,318 $198,205 $202,169 $206,212 $210,336 $17,617 $24,000 $24,480 $24,970 $25,469 $25,978 $26,498 $27,028 $27,568 $28,120 $28,682 $38,042 $24,000 $24,480 $24,970 $25,469 $25,978 $26,498 $27,028 $27,568 $28,120 $28,682 $33,947 $86,769 $95,499 $103,773 $106,732 $109,777 $112,910 $116,134 $119,451 $122,865 $126,377 $2,523 $2,400 $2,448 $2,497 $2,547 $2,598 $2,650 $2,703 $2,757 $2,812 $2,868 $40,800 $41,616 $42,448 $43,297 $44,163 $45,046 $45,947 $46,866 $47,804 $48,760 $49,735 $1,009,912 $1,062,114 $1,086,566 $1,110,876 $1,133,977 $1,157,567 $1,181,656 $1,206,254 $1,231,374 $1,257,026 $1,283,222

$592,094 $1,107,112 $1,300,906 $1,483,440 $1,534,319 $1,586,851 $1,641,090 $1,697,089 $1,754,903 $1,814,590 $1,876,207

Income CASH FLOW PROJECTION GROWTH RATE ASSUMPTIONS

YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10

Gross Potential Rent 19.22% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% (Loss) / Gain to Lease* 15.00% 8.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%

Other Income 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%

Expenses Expenses Management Fee** 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00%

Physical Vacancy Non-Revenue Units CASH FLOW PROJECTION GROWTH RATE ASSUMPTIONS

YR 1 YR 2 YR 3 YR 4 YR 5 YR 6 YR 7 YR 8 YR 9 YR 10 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Bad Debt 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% Concessions Allowance 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Total Economic Loss 6.50% 6.50% 6.50% 6.50% 6.50% 6.50% 6.50% 6.50% 6.50% 6.50%

*Calculated as a percentage of Gross Potential Rent | **Calculated as a percentage of Effective Gross Income