QUESTION / ANSWERS / RECAP

• Is there a contract falling into the ‘Office Supplies & Software’ gl account? That account has the same charge every month.

o Brookwood, College Crest, Reading, Vernon, and Westwood all have consistent charges through the 12 months. Is this your Property software?

o Yes. Property and Accounting Software.

• What is the ‘Lender Repair Reimbursement’ gl account?

o Brookwood had a 1 time negative expense of almost $14k in Sep21 o This is not an operational line item. Money is withheld by lender and disbursed once repairs and turns are done. The negative means the lender has paid out. Please ignore this line in when assessing operational P&L.

• What is the gl account ‘Unapplied Cash Bi o It is how accounting software accounts for pre-payment of certain bills. Again, this is not an operational expense. These are typically utilities bills that are pre-paid/ reimbursed. Ignore this line item to avoid double counting as these are going to picked up in the actual utilities lines. o Bulk of expenses were last summer o Almost all of it CAPEX o Lots of units being turned over so we can change over tenants and leases to higher market rents. This is a good thing. They should be one-time and will be much lower once stabilized. o Turnover related. Should be lower and comparable to other properties as it stabilizes.

• Roof repair on Vernon was over $12k for the LTM, any CAPEX in there?

Payroll: Reason for labor being high at Brookwood?

They had high labor expenses for the last 7 months.

• Pest control: Higher expenses for LTMs at Brookwood and College Crest. Reason for higher expenses?

• What is bonus income?

All properties but College Crest had income through the LTMs o Brookwood, Reading, Vernon had small dollars in the ‘Insurance’ gl code o “Insurance escrow” is the actual insurance expense. It is escrowed and then paid out at the end of the year. Use this as the expense. “Insurance” number is small and one-time additional expenses, not related to on-going operations.

• Additional income from Cincinnati Housing Authority given as incentives to landlords to accept Section 8 tenants.

• Difference between “insurance escrow” and “insurance”? Seems like insurance escrow is the actual insurance expense.