Year to date
4 quarters reported, months 37 to 48. Variances are actual against plan.| Line | Plan, $ | Actual, $ | Variance |
|---|---|---|---|
| Occupancy | 94.6% | 94.5% | (0.0 pts) |
| Effective gross income | 5,756,463 | 5,755,969 | (494) |
| Operating expenses | (1,561,286) | (1,605,664) | (44,379) |
| Property tax | (408,000) | (422,600) | (14,600) |
| Net operating income | 3,787,177 | 3,727,705 | (59,473) |
| Debt service | (2,374,000) | (2,374,000) | On plan |
| Cash to equity | 1,313,177 | 1,253,705 | (59,473) |
By quarter
Months 37 to 39 after closing.
| Line | Plan, $ | Actual, $ | Variance |
|---|---|---|---|
| Occupancy | 94.6% | 93.4% | (1.2 pts) |
| Effective gross income | 1,439,116 | 1,420,812 | (18,304) |
| Operating expenses | (390,321) | (394,188) | (3,866) |
| Property tax | (102,000) | (102,000) | On plan |
| Net operating income | 946,794 | 924,625 | (22,170) |
| Debt service | (593,500) | (593,500) | On plan |
| Cash to equity | 328,294 | 306,125 | (22,170) |
Lease expirations from the first lease-up cohort re-leased slowly. Occupancy averaged 1.2 points under plan for the quarter and effective gross income followed it down; turnover painting and cleaning ran operating expenses slightly over.
Months 40 to 42 after closing.
| Line | Plan, $ | Actual, $ | Variance |
|---|---|---|---|
| Occupancy | 94.6% | 95.1% | +0.5 pts |
| Effective gross income | 1,439,116 | 1,445,201 | +6,085 |
| Operating expenses | (390,321) | (388,780) | +1,542 |
| Property tax | (102,000) | (102,000) | On plan |
| Net operating income | 946,794 | 954,421 | +7,627 |
| Debt service | (593,500) | (593,500) | On plan |
| Cash to equity | 328,294 | 335,921 | +7,627 |
Leasing caught up. Occupancy finished above the plan rate, income came in ahead of plan for the quarter, and expenses ran slightly under.
Months 43 to 45 after closing.
| Line | Plan, $ | Actual, $ | Variance |
|---|---|---|---|
| Occupancy | 94.6% | 94.8% | +0.2 pts |
| Effective gross income | 1,439,116 | 1,442,084 | +2,968 |
| Operating expenses | (390,321) | (431,597) | (41,275) |
| Property tax | (102,000) | (102,000) | On plan |
| Net operating income | 946,794 | 908,487 | (38,308) |
| Debt service | (593,500) | (593,500) | On plan |
| Cash to equity | 328,294 | 289,987 | (38,308) |
A roof membrane failure put the repairs and maintenance line well over plan: roof repairs, interior water damage and the insurance deductible all landed in this quarter. Income held above plan.
Months 46 to 48 after closing.
| Line | Plan, $ | Actual, $ | Variance |
|---|---|---|---|
| Occupancy | 94.6% | 94.9% | +0.3 pts |
| Effective gross income | 1,439,116 | 1,447,872 | +8,756 |
| Operating expenses | (390,321) | (391,100) | (779) |
| Property tax | (102,000) | (116,600) | (14,600) |
| Net operating income | 946,794 | 940,172 | (6,622) |
| Debt service | (593,500) | (593,500) | On plan |
| Cash to equity | 328,294 | 321,672 | (6,622) |
The county's first assessment of the stabilized building came in above the underwritten value, and the property tax true-up for the year landed in this quarter.
How the cash line foots
Cash to equity is net operating income less debt service and the capital reserve contribution of $25,000 a quarter, funded as planned in every quarter reported. The reserve is stated here rather than carried as a table row so the cash line still foots for a reader with a calculator. Apolis formats the record; the sponsor owns every figure in it.