Operating expenses against history
SampleEach pro forma line per unit per year, beside the sponsor's buildings and the comp set.Model v1, worked example, no edits
Sample history and a sample split of the model's one opex line; edits save in this browser.
Edit expenses: Operating expenses
Model v1, worked example, no edits
- Pro forma opex per unit ยท untrended
- $7,410
- Within history
- Sponsor history median
- $7,730
- $7,150 to $8,040
- Lines below history
- 2 of 8
- 1 well below, 1 below
- Comp set total
- $7,670
- 6 sponsor buildings
Each line against the sponsor's buildings
Per unit per year, untrended, property tax excluded. The dot is the pro forma.
Operating expenses by line ยท per unit per year
$7,410
- Pro forma
- Sponsor history, lowest to highest
- Comp median
Payroll
Within historyPro forma $1,853 ยท History $1,780 to $1,990 ยท Comps $1,900
Repairs and maintenance
Below historyPro forma $741 ยท History $780 to $900 ยท Comps $820
Turnover
Within historyPro forma $296 ยท History $260 to $330 ยท Comps $300
Utilities
Within historyPro forma $1,112 ยท History $1,020 to $1,190 ยท Comps $1,120
Insurance
Well below historyPro forma $1,037 ยท History $1,190 to $1,330 ยท Comps $1,220
Management fee
Above historyPro forma $815 ยท History $690 to $760 ยท Comps $740
Administrative and marketing
Within historyPro forma $667 ยท History $610 to $700 ยท Comps $690
Contract services
Within historyPro forma $889 ยท History $820 to $940 ยท Comps $880
Line by line
Open a line for each past building's figure. Select the pencil beside a pro forma figure to change it.
- Payroll$1,853History $1,780 to $1,990, median $1,895, comps $1,900Within history
- Repairs and maintenance$741History $780 to $900, median $835, comps $820Below history
- Turnover$296History $260 to $330, median $305, comps $300Within history
- Utilities$1,112History $1,020 to $1,190, median $1,135, comps $1,120Within history
- Insurance$1,037History $1,190 to $1,330, median $1,270, comps $1,220Well below history
- Management fee$815History $690 to $760, median $735, comps $740Above history
- Administrative and marketing$667History $610 to $700, median $675, comps $690Within history
- Contract services$889History $820 to $940, median $900, comps $880Within history
| Line | Pro forma per unit | Sponsor range | Sponsor median | Comp median | Of median | Status | Details |
|---|---|---|---|---|---|---|---|
| Payroll | $1,853 | $1,780 to $1,990 | $1,895 | $1,900 | 98% | Within history | |
| Repairs and maintenance | $741 | $780 to $900 | $835 | $820 | 89% | Below history | |
| Turnover | $296 | $260 to $330 | $305 | $300 | 97% | Within history | |
| Utilities | $1,112 | $1,020 to $1,190 | $1,135 | $1,120 | 98% | Within history | |
| Insurance | $1,037 | $1,190 to $1,330 | $1,270 | $1,220 | 82% | Well below history | |
| Management fee | $815 | $690 to $760 | $735 | $740 | 111% | Above history | |
| Administrative and marketing | $667 | $610 to $700 | $675 | $690 | 99% | Within history | |
| Contract services | $889 | $820 to $940 | $900 | $880 | 99% | Within history | |
| Total | $7,410 | $7,150 to $8,040 | $7,730 | $7,670 | 96% | Within history |
Payroll
Within history
- Pro forma, per unit per year
- $1,853
- Sample allocation share
- 25%
- Sponsor history, median
- $1,895
- Pro forma against that median
- 98%
- Comp median
- $1,900
Each past building
- Lake Street Flats Sample
- $1,780
- Excelsior Commons Sample
- $1,910
- Como Avenue Lofts Sample
- $1,840
- Nicollet Yards Sample
- $1,960
- Highland Row Sample
- $1,880
- Wayzata Boulevard Sample
- $1,990
Source
Sample row. These slots fill when the real record is attached.
- Sponsor actuals
- [T12 OPERATING STATEMENT]
- Period
- [T12 ENDING]
- Comp benchmark
- [COMP SET OPERATING BENCHMARK]
- Benchmark as of
- [AS OF DATE]
Repairs and maintenance
Below history
- Pro forma, per unit per year
- $741
- Sample allocation share
- 10%
- Sponsor history, median
- $835
- Pro forma against that median
- 89%
- Comp median
- $820
Each past building
- Lake Street Flats Sample
- $780
- Excelsior Commons Sample
- $840
- Como Avenue Lofts Sample
- $810
- Nicollet Yards Sample
- $900
- Highland Row Sample
- $830
- Wayzata Boulevard Sample
- $870
Source
Sample row. These slots fill when the real record is attached.
- Sponsor actuals
- [T12 OPERATING STATEMENT]
- Period
- [T12 ENDING]
- Comp benchmark
- [COMP SET OPERATING BENCHMARK]
- Benchmark as of
- [AS OF DATE]
Turnover
Within history
- Pro forma, per unit per year
- $296
- Sample allocation share
- 4%
- Sponsor history, median
- $305
- Pro forma against that median
- 97%
- Comp median
- $300
Each past building
- Lake Street Flats Sample
- $260
- Excelsior Commons Sample
- $310
- Como Avenue Lofts Sample
- $280
- Nicollet Yards Sample
- $330
- Highland Row Sample
- $300
- Wayzata Boulevard Sample
- $320
Source
Sample row. These slots fill when the real record is attached.
- Sponsor actuals
- [T12 OPERATING STATEMENT]
- Period
- [T12 ENDING]
- Comp benchmark
- [COMP SET OPERATING BENCHMARK]
- Benchmark as of
- [AS OF DATE]
Utilities
Within history
- Pro forma, per unit per year
- $1,112
- Sample allocation share
- 15%
- Sponsor history, median
- $1,135
- Pro forma against that median
- 98%
- Comp median
- $1,120
Each past building
- Lake Street Flats Sample
- $1,020
- Excelsior Commons Sample
- $1,150
- Como Avenue Lofts Sample
- $1,080
- Nicollet Yards Sample
- $1,190
- Highland Row Sample
- $1,120
- Wayzata Boulevard Sample
- $1,170
Source
Sample row. These slots fill when the real record is attached.
- Sponsor actuals
- [T12 OPERATING STATEMENT]
- Period
- [T12 ENDING]
- Comp benchmark
- [COMP SET OPERATING BENCHMARK]
- Benchmark as of
- [AS OF DATE]
Insurance
Well below history
- Pro forma, per unit per year
- $1,037
- Sample allocation share
- 14%
- Sponsor history, median
- $1,270
- Pro forma against that median
- 82%
- Comp median
- $1,220
Each past building
- Lake Street Flats Sample
- $1,190
- Excelsior Commons Sample
- $1,240
- Como Avenue Lofts Sample
- $1,310
- Nicollet Yards Sample
- $1,280
- Highland Row Sample
- $1,260
- Wayzata Boulevard Sample
- $1,330
Source
Sample row. These slots fill when the real record is attached.
- Sponsor actuals
- [T12 OPERATING STATEMENT]
- Period
- [T12 ENDING]
- Comp benchmark
- [COMP SET OPERATING BENCHMARK]
- Benchmark as of
- [AS OF DATE]
Management fee
Above history
- Pro forma, per unit per year
- $815
- Sample allocation share
- 11%
- Sponsor history, median
- $735
- Pro forma against that median
- 111%
- Comp median
- $740
Each past building
- Lake Street Flats Sample
- $690
- Excelsior Commons Sample
- $720
- Como Avenue Lofts Sample
- $760
- Nicollet Yards Sample
- $740
- Highland Row Sample
- $730
- Wayzata Boulevard Sample
- $750
Source
Sample row. These slots fill when the real record is attached.
- Sponsor actuals
- [T12 OPERATING STATEMENT]
- Period
- [T12 ENDING]
- Comp benchmark
- [COMP SET OPERATING BENCHMARK]
- Benchmark as of
- [AS OF DATE]
Administrative and marketing
Within history
- Pro forma, per unit per year
- $667
- Sample allocation share
- 9%
- Sponsor history, median
- $675
- Pro forma against that median
- 99%
- Comp median
- $690
Each past building
- Lake Street Flats Sample
- $610
- Excelsior Commons Sample
- $700
- Como Avenue Lofts Sample
- $650
- Nicollet Yards Sample
- $680
- Highland Row Sample
- $670
- Wayzata Boulevard Sample
- $690
Source
Sample row. These slots fill when the real record is attached.
- Sponsor actuals
- [T12 OPERATING STATEMENT]
- Period
- [T12 ENDING]
- Comp benchmark
- [COMP SET OPERATING BENCHMARK]
- Benchmark as of
- [AS OF DATE]
Contract services
Within history
- Pro forma, per unit per year
- $889
- Sample allocation share
- 12%
- Sponsor history, median
- $900
- Pro forma against that median
- 99%
- Comp median
- $880
Each past building
- Lake Street Flats Sample
- $820
- Excelsior Commons Sample
- $910
- Como Avenue Lofts Sample
- $860
- Nicollet Yards Sample
- $940
- Highland Row Sample
- $890
- Wayzata Boulevard Sample
- $920
Source
Sample row. These slots fill when the real record is attached.
- Sponsor actuals
- [T12 OPERATING STATEMENT]
- Period
- [T12 ENDING]
- Comp benchmark
- [COMP SET OPERATING BENCHMARK]
- Benchmark as of
- [AS OF DATE]
- Lake Street Flats Sample$7,150Completed 2016, 64 units
- Excelsior Commons Sample$7,780Completed 2018, 112 units
- Como Avenue Lofts Sample$7,590Completed 2019, 48 units
- Nicollet Yards Sample$8,020Completed 2021, 156 units
- Highland Row Sample$7,680Completed 2022, 88 units
- Wayzata Boulevard Sample$8,040Completed 2024, 132 units
| Building | Opex per unit | Completed | Units | Details |
|---|---|---|---|---|
| Lake Street Flats Sample | $7,150 | 2016 | 64 | |
| Excelsior Commons Sample | $7,780 | 2018 | 112 | |
| Como Avenue Lofts Sample | $7,590 | 2019 | 48 | |
| Nicollet Yards Sample | $8,020 | 2021 | 156 | |
| Highland Row Sample | $7,680 | 2022 | 88 | |
| Wayzata Boulevard Sample | $8,040 | 2024 | 132 |
Lake Street Flats
Sample
- Payroll
- $1,780
- Repairs and maintenance
- $780
- Turnover
- $260
- Utilities
- $1,020
- Insurance
- $1,190
- Management fee
- $690
- Administrative and marketing
- $610
- Contract services
- $820
- Total per unit
- $7,150
Source
Sample row. These slots fill when the real record is attached.
- Source
- [T12 OPERATING STATEMENT]
- Period
- [T12 ENDING]
Excelsior Commons
Sample
- Payroll
- $1,910
- Repairs and maintenance
- $840
- Turnover
- $310
- Utilities
- $1,150
- Insurance
- $1,240
- Management fee
- $720
- Administrative and marketing
- $700
- Contract services
- $910
- Total per unit
- $7,780
Source
Sample row. These slots fill when the real record is attached.
- Source
- [T12 OPERATING STATEMENT]
- Period
- [T12 ENDING]
Como Avenue Lofts
Sample
- Payroll
- $1,840
- Repairs and maintenance
- $810
- Turnover
- $280
- Utilities
- $1,080
- Insurance
- $1,310
- Management fee
- $760
- Administrative and marketing
- $650
- Contract services
- $860
- Total per unit
- $7,590
Source
Sample row. These slots fill when the real record is attached.
- Source
- [T12 OPERATING STATEMENT]
- Period
- [T12 ENDING]
Nicollet Yards
Sample
- Payroll
- $1,960
- Repairs and maintenance
- $900
- Turnover
- $330
- Utilities
- $1,190
- Insurance
- $1,280
- Management fee
- $740
- Administrative and marketing
- $680
- Contract services
- $940
- Total per unit
- $8,020
Source
Sample row. These slots fill when the real record is attached.
- Source
- [T12 OPERATING STATEMENT]
- Period
- [T12 ENDING]
Highland Row
Sample
- Payroll
- $1,880
- Repairs and maintenance
- $830
- Turnover
- $300
- Utilities
- $1,120
- Insurance
- $1,260
- Management fee
- $730
- Administrative and marketing
- $670
- Contract services
- $890
- Total per unit
- $7,680
Source
Sample row. These slots fill when the real record is attached.
- Source
- [T12 OPERATING STATEMENT]
- Period
- [T12 ENDING]
Wayzata Boulevard
Sample
- Payroll
- $1,990
- Repairs and maintenance
- $870
- Turnover
- $320
- Utilities
- $1,170
- Insurance
- $1,330
- Management fee
- $750
- Administrative and marketing
- $690
- Contract services
- $920
- Total per unit
- $8,040
Source
Sample row. These slots fill when the real record is attached.
- Source
- [T12 OPERATING STATEMENT]
- Period
- [T12 ENDING]
Method and sources the sample allocation, the flags, what replaces the samples
Sample allocation: the model carries operating expenses as one line, split here by stated shares until the model carries each line. The pro forma total is $1,482,000 a year ($7,410 per unit), untrended: Payroll 25%, Repairs and maintenance 10%, Turnover 4%, Utilities 15%, Insurance 14%, Management fee 11%, Administrative and marketing 9%, Contract services 12%.
Each line is flagged against the sponsor's own buildings: within history between the lowest and highest building; below history under the lowest (aggressive); well below history more than 10% under it; above history over the highest (conservative).
The sponsor's buildings are the track record projects. Their figures and the comp benchmark are samples until trailing twelve month statements are attached.