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121712010 Page 4 of 5
<br /> CASH FLOMEXPEI+ESEStAAIA.iDESTa�w
<br /> 0PERATISJ'(3"-
<br /> Community Living 3.649,866 3,806,398 3.922,804 4,040,488 4,161,703
<br /> Reserves 52001Unit 0 0 0 40,400 40.400 Operating Expenses
<br /> Total Office Overhead D 0 0 a 0 $4,380,866
<br /> Employee Benefits 0 0 0 a 0
<br /> Total Utilities a D a 0 a $21,687 Per Unit
<br /> Total Maintenance 0 0 0 0 o
<br /> MANAGEMENT AND OTHER FEES
<br /> Management Fees {57,7341UnitE-5% 339.198 389.287 419,073 431,464 444,237 -
<br /> Property Taxes-$1,96311,11nit 365,978 357.557 409,484 413,579 417,715
<br /> Property Insurance 0 0 0 0 0 -
<br /> LicensesandFees 731,000 0 0 0 0
<br /> Marketing 0 0 0 0 0
<br /> Preopening Cost 0 0 0 0 0
<br /> TOTAL FEES 1,456,176 766 644 828.557 845,043 861,952
<br /> TOTAL EXPENSES 5,106,042 4,593.242 4,751,361 4,925,931 6,064,065
<br /> NET OPERATING INCOME 1,677,948 3,192,501 3,630,098 3,703,352 3,820,687
<br /> TIF PAYMENTS., -A25,626 153,136 :'A55,724,'
<br /> CASH FLOW AVAIL.FOR DEBT SERVICE 1,677,948 3.277,873 3,765 724 3,856.487 3,976,462
<br /> DEBT SERVICE-SedesA 2,410.377 2410.377 2.763,612 2,763,612 2.763.612
<br /> DEBT SERVICE-SedesB 0 D 0 0 a
<br /> 0 D 9 9 0
<br /> CASH FLOW AFTER FINANCING 732.429 867,406 $92.112 1,092,875 1,212,850
<br /> 0 0 0 0 0
<br /> RETi1RNON'dN11ES:`+ANNUALU u. 0.84ti
<br /> RETURN ON INVES,-AVERAGE -9.16% 0.84% 4.70% 6.94% 8.58%
<br /> ANNUACOEBTCOVERAGE ' ar. P_89,81%- 135.99% 135:90%. 139.55%- iA3:89% 1
<br /> bREF2A'fId1GEXP: �-��briv�-.�`:• - -. 5::�,�,�1,2018,f`-.4xaz .:�2'.. �.:wK';�';.2020.,e.,rwr Z.-'1". 2�.22
<br /> Operation 4,286.554 4,415,151 4,547.605 4,684.033 4,824,564
<br /> Reserves 40,400 40,400 40,400 40,400 40,400
<br /> Total Cffice Overhead 0 0 0 0 0
<br /> Employee Benefits 0 0 0 0 0
<br /> Total UIRies 0 0 0 0 0
<br /> Total Maintenance 0 0 0 0 0 _
<br /> MANAGEMENT AND OTHER FEES
<br /> Management Fees 457,404 470.944 484,901 499.277 614.085
<br /> Property Taxes-1%Inflation 421.892 426,111 430,372 434.676 439.022
<br /> Property Insurance 0 0 0 0 0
<br /> Licenses and Fees 0 0 0 0 0
<br /> Marketing 0 0 0 0 0
<br /> DeveloperlAdmlNstrativelContractor Fee 0 0 a 0 0
<br /> TOTALFEES 879.296 897055 915.273 933953 953107
<br /> TOTAL EXPENSES 5,206.250 5,352,605 5,503,278 6,658,386 5,818,061
<br /> NET OPERATING INCOME 3,941,615 4,066,276 4,194,748 4,327,161 4,403,633 _
<br /> TIF-PAYMENTS . _ "'15T332. ,'it: '1589a6 - >:180,495 `-162,a6; `183.7$1i'
<br /> CASH FLOW AVAIL.FOR DEBT SERVICE 4,098,947 4.225,181 4,355,243 4 489,26i 4,627,353
<br /> DEBT SERVICE-Ser[es A 2,763,612 2,763,612 2.763 612 2,763 612 2,763.612
<br /> DEBT SERVICE-Se6es6 0 0 0 0 0 _
<br /> 0 0 0 0 0
<br /> CASH FLOW AFTER FINANCING 1,335,335 1.461,569 1,591,631 1,725 649 1,663.741
<br /> -
<br /> 0 a 0 0 0
<br /> RETUR ANVESANNUAL ::,, s��?;:,> `.`€. 16'.68k:: -: _...1$.27% .. .. -.-.:.38.80% :.:..-, �.. 27.57% ,.. -:33:30%
<br /> RETURN ON INVES:AVERAGE 9.93% 11.12% 12.22% 13.26% 14,26%
<br /> ANNUAL DEBT COVERAGE ----14e32% - `:152.89% `'157.59% - <i162.44% :187:44%
<br /> Operaton 4,969.291 5,118.370 5,271,921 5,430,078 5.592.981% Total Reserves
<br /> Reserves 40,400 40,400 40,400 40,400 40,400 $606,000
<br /> Total Otpce Overhead 0 0 0 0 a
<br /> Employee Benefits 0 0 0 0 0
<br /> Total Utilities 0 tl 0 0 a
<br /> Total Maintenance 0 0 0 0 0
<br /> MANAGEMENT AND OTHER FEES
<br /> Management Fees 629,336 545.045 561,226 677,891 595.057
<br /> Property Taxes-1%inflation 443,412 447,847 452,325 456,848 461,417
<br /> Property Insurance D 0 0 0 0
<br /> licenses and Fees q 0 0 0 0
<br /> Marketing 0 0 0 0 0
<br /> DeveloperlAdministrativelContractorFee 0 0 0 0 0
<br /> TOTAL_FEES 972,749 992.892 1,013,551 1,034 740 1.056,474
<br /> TOTAL EXPENSES 5,982 440 6,151,661 6,32S,871 6 806 218 6,689,855
<br /> NET OPERATING INCOME 4,604 2B5 4,749,246 4,898,64 6,052 611 5,211,289
<br /> TIF PAYMENTS .165 358 J
<br /> CASH FLOW AVAIL.FOR DEBT SERVICE 4,769 643 4,916,256 5,067,324 5,052,611 5 211,289
<br /> DEBT SERVICE-Sedes A 2,763,612 2,763,612 2,763 612 2,763,612 2,763,612
<br /> DEBT SERVICE-SeriesB 0 0 0 0 0
<br /> 0 0 0 0 0
<br /> CASH FLOW AFTER FINANCING 2 008,031 2152 644 2,303,712 2,288.999 2 447 677
<br /> 0 0 0 a 0
<br /> R ETU RNONINVEVARNUAL.., 1;25.08 8'.61 0%
<br /> RETURN ON INVES:AVERAGE 15.25% 16.22% 17.19% 18.00% 18.84%
<br /> ANNUALDESTCOVERAGE 172.69% 177.89% '183.36% -- 182,83% - 188.57%
<br /> Prepared By Ehlers IRR Analysis 1149-10
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