RubinBrown Apartment Stats 2019

COMPARISON OF OPERATIONS

Government Assisted

Market Rate

Total Number of Projects

736

33

Average Project Age In Years Average Number of Units

11.63

8.14

107

198

Averages Per Unit: Monthly Rent

$834

$1,383

Square Feet

908

835

Rooms

4.48

4.03

Economic Occupancy

92.0%

89.5%

Net Operating Income Before Debt Service & Depreciation as a Percentage of Total Income

34.9%

50.3%

A

B

C

A

B

C

Revenues Gross Potential Rent Less: Vacancy Loss

$10,010

$11.02 (0.88) (0.15) (0.07)

100.0%

$16,598

$19.88 (2.09) (0.24) (0.10)

100.0% -10.5% -1.2% -0.5% 87.8%

(801) (137)

-8.0% -1.4% -0.7% 89.9%

(1,746)

Collection Loss

(201)

(68)

(81)

Concession Loss

Rent Collected Other Income Total Income

9,004

9.92 0.73

14,570

17.45

667

6.7%

1,123

1.34

6.8%

$9,671

$10.65

96.6%

$15,693

$18.79

94.5%

Expenses Salaries and Personnel

1,117

1.23 0.81 0.09 0.54 1.02 0.10 0.06 0.12 0.08 0.04 0.06 0.05 1.26 0.40 0.77 0.31

11.2% 7.3% 0.8% 4.9% 9.3% 0.9% 0.6% 1.0% 0.7% 0.4% 0.5% 0.4% 3.6% 7.0% 2.8% 11.4% 62.9%

$934

$1.12

5.6% 4.7% 1.8% 3.9% 5.3% 0.6% 0.9% 1.1% 0.3% 0.3% 0.5% 0.2% 7.0% 2.0%

Administrative

735

788 301 648 883

0.94 0.36 0.78 1.06 0.11 0.18 0.23 0.07 0.06 0.09 0.03 1.39 0.39 2.24 0.30

Marketing

82

Management Fees

494 928

Utilities

Carpeting

89 58

93

Painting

143 189

Landscaping

105

HVAC

70 36 50 41

55 33 76 25

Appliances

Plumbing Electrical

Other Repairs and Services

1,146

1,157

Insurance

360 703 283

325

Real Estate Taxes

1,871

11.3%

254

1.5%

Other Taxes

Total Expenses

$6,297

$6.93

$7,795

$9.34

47.0%

Net Operating Income Before Debt Service and Depreciation

$3,374

$3.72

33.7%

$7,898

$9.45

47.6%

Capital Expenditures

$982

$1.08

9.8%

$1,644

$1.97

9.9%

A = Dollars per unit, per year

B = Dollars per square foot, per year

C = Percent of gross potential rent

Comparison of Operations

3