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2016-2017 Cambridge Budget Revised 01-19-17Cambridge at CS College Station, TX 77840 2016-2017 Cambridge at CS Budget 176 = Units $0 530 = Beds 131,164 = Sq Ft G/L 2016-2017 Cost per Cost per Codes Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Forecast Bed Unit Projected Beds-->249 249 249 249 249 249 249 249 249 5 5 249 OCCUPANCY %46.98%46.98%46.98%46.98%46.98%46.98%46.98%46.98%46.98%1.00%1.00%46.98%39.32% OPERATING INCOME Gross Potential Rent Gross Market Rent 5005-0000 416,155 416,155 416,155 416,155 416,155 416,155 416,155 416,155 416,155 416,155 416,155 416,155 4,993,865 9,422 28,374 Food Revenue 5005-0100 176,659 176,659 176,659 176,659 176,659 176,659 176,659 176,659 176,659 176,659 176,659 176,659 2,119,903 4,000 12,045 Contract Gain (Loss) to Lease 5010-0000 - - - - - - - - - - - - - - - Total Gross Potential Rent 592,814 592,814 592,814 592,814 592,814 592,814 592,814 592,814 592,814 592,814 592,814 592,814 7,113,768 13,422 40,419 Economic Variances Concessions - New Leases 5030-0200 (700) (700) (700) (700) (700) (700) (700) (700) (700) - - (700) (7,000) (13) (40) Bad Debt 5025-0000 (1,665) (1,665) (1,665) (1,665) (1,665) (1,665) (1,665) (1,665) (1,665) - - (1,665) (16,646) (31) (95) TSHA Scholarship Program 5064-0000 23,120 23,120 23,120 23,120 23,120 23,120 23,120 23,120 23,120 - - 23,120 231,200 436 1,314 Vacancy Loss 5065-0000 (173,958) (173,958) (334,135) (334,135) (334,135) (334,135) (334,135) (334,135) (334,135) (586,886) (586,886) (334,135) (4,194,768) (7,915) (23,834) Total Economic Variances (153,203) (153,203) (313,380) (313,380) (313,380) (313,380) (313,380) (313,380) (313,380) (586,886) (586,886) (313,380) (3,987,214) (7,523) (22,655) 63.19%63.19%24.70%24.70%24.70%24.70%24.70%24.70%24.70%-41.03%-41.03%24.70%20.16% NET RENTAL INCOME 439,611 439,611 279,434 279,434 279,434 279,434 279,434 279,434 279,434 5,928 5,928 $279,434 $3,126,554 $5,899 $17,765 44.0% Other Operating Income Application Fees 5220-0000 - - - 500 500 1,000 2,000 5,000 5,000 - - - 14,000 26 80 Banquet/Catering Income 5227-0000 - - - - - - - - - - - - - - - Camp - Food 5231-0100 - - - - - - - - - 100,000 100,000 - 200,000 377 1,136 Camp - Room 5231-0200 - - - - - - - - - 165,000 165,000 - 330,000 623 1,875 Cancellation Fees 5232-0000 - - - - - - - - - - - - - - - Damages Income 5260-0000 350 350 350 250 350 350 350 300 4,500 2,500 1,000 350 11,000 21 63 Carport/Garages/Parking Income 5235-0000 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,500 - - 3,500 35,000 66 199 Key & Access Card Income 5290-0000 - - - - - - - - - - - - - - - Laundry Income 5300-0000 1,200 1,200 820 720 800 1,000 720 600 400 - - 1,440 8,900 17 51 Legal & Collections 5310-0000 - - - - - - - - - - - - - - - Late Charges 5295-0000 275 275 275 275 275 275 275 275 - - 275 275 2,750 5 16 Meals - Transient 5312-0000 2,000 1,250 1,250 1,250 1,250 1,250 1,250 1,250 2,000 250 100 20,000 33,100 62 188 Meals - Others 5313-0000 - - - - - - - - - - - - - - - NSF Check Fees 5325-0000 25 25 25 25 25 25 25 25 - - 25 25 250 0 1 Outside Board Sales 5327-0000 - - - - - - - - - - - - - - - Premium Fees 5335-0000 - - - - - - - - - - - - - - - Relet/Cancellation Fees 5340-0000 - - - 2,250 1,500 - - - - - 1,500 6,750 12,000 23 68 Storage Income 5365-0000 - - - - - - - - - - - - - - - Transfer Fees 5375-0000 - - - - - - - - - - - - - - - Vending Income 5390-0000 - - - - - - - - - - - - - - - Miscellaneous Income 5315-0000 - - - - - - - - - - - - - - - RUBS Income - Electric 5370-0100 - - - - - - - - - - - - - - - RUBS Income - Water 5370-0300 - - - - - - - - - (0) (0) - (0) (0) (0) Telephone Income 5372-0000 - - - - - - - - - - - - - - - Transient Income 5374-0000 - - - - - - - - - - - - - - - Interest Income 5285-0000 90 200 190 140 - - - 100 100 100 100 - 1,020 2 6 Total Other Operating Income 7,440 6,800 6,410 8,910 8,200 7,400 8,120 11,050 15,500 267,850 268,000 32,340 648,020 1,223 3,682 9.1% EFFECTIVE GROSS INCOME 447,051 446,411 285,844 288,344 287,634 286,834 287,554 290,484 294,934 273,778 273,928 311,774 3,774,574 7,122 21,446 Account Descriptions 1/19/2017 1/19/2017 Page 1of8 Cambridge at CS College Station, TX 77840 2016-2017 Cambridge at CS Budget 176 = Units $0 530 = Beds 131,164 = Sq Ft G/L 2016-2017 Cost per Cost per Codes Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Forecast Bed UnitAccount Descriptions 1/19/2017 53.1% OPERATING EXPENSES General & Administrative Audit 6002-0200 - - - 10,125 - - - - - - - - 10,125 19 58 Legal 6002-0300 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 1,200,000 2,264 6,818 Bank Charges/Fees 6005-0000 242 242 242 242 242 242 242 242 242 242 242 242 2,903 5 16 Data Processing/Computer Expense 6030-0000 667 667 667 667 667 967 667 887 667 667 667 667 8,524 16 48 Collection & Eviction Processing 6020-0000 - - - - - - - - - - - - - - - Resident Screening 6095-0000 - - - 200 200 300 300 300 300 300 300 200 2,400 5 14 Dues & Subscriptions 6035-0000 50 50 50 50 50 50 50 50 50 50 50 50 600 1 3 Equipment & Supplies 6045-0000 750 750 750 750 600 500 750 750 750 750 750 750 8,600 16 49 Postage & Delivery 6070-0000 300 300 400 400 400 400 400 400 400 400 400 300 4,500 8 26 Licenses, Fees & Permits 6060-0000 - - - 500 - 100 - 100 - - - 100 800 2 5 Professional Fees 6080-0000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 2 7 Rent Refunds - Residents 6090-0000 1,000 - - - - - - - - 1,000 1,000 3,000 6 17 Telephone 6105-0000 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 14,400 27 82 Telephone-Answering Service 6110-0000 - - - - - - - - - - - - - - - Training 6115-0000 649 199 49 49 699 49 49 199 649 49 199 49 2,891 5 16 Travel 6120-0000 501 151 500 150 500 500 150 500 150 150 150 500 3,902 7 22 Uniforms 6135-0000 - - - - 400 - - - - - - 3,900 4,300 8 24 Miscellaneous 6065-0000 175 175 (50,410) 175 175 175 175 175 175 175 175 175 (48,485) (91) (275) Total General & Administrative 105,634 103,834 53,548 114,608 105,233 104,583 104,083 104,903 104,683 104,083 105,233 109,233 1,219,661 2,301 6,930 32.3% Food Department Accompaniments 6155-0000 6,500 6,500 5,000 3,000 4,150 3,735 5,000 5,200 3,325 6,500 6,500 3,000 58,410 110 332 Baked Goods 6156-0000 2,000 1,500 1,300 1,300 1,300 1,040 1,040 1,040 850 2,500 2,000 1,000 16,870 32 96 Beverages 6157-0000 2,600 3,000 2,000 1,900 1,300 1,250 1,900 2,250 1,250 4,000 3,500 1,600 26,550 50 151 Dairy 6158-0000 3,850 3,500 2,500 1,250 1,500 2,250 2,500 2,700 1,900 3,000 3,000 1,250 29,200 55 166 Food Cost 6159-0000 - - - - - - - - - - - - - - - Frozen Goods 6160-0000 5,750 4,500 2,700 1,500 2,300 2,700 3,750 3,350 2,100 5,500 4,500 1,500 40,150 76 228 Ice Cream 6161-0000 - - - - - - - - - - - - - - - Meats 6162-0000 15,500 13,753 10,600 5,000 7,700 7,100 10,000 10,500 6,000 12,500 11,000 6,350 116,003 219 659 Milk 6163-0000 1,250 1,250 850 650 650 650 1,050 1,050 750 1,350 1,150 500 11,150 21 63 Produce 6164-0000 4,750 4,000 3,000 1,700 2,500 2,500 3,000 3,350 1,900 3,500 3,000 1,250 34,450 65 196 China/Glass/Silver 6171-0000 750 - - - 350 - - - - - - 750 1,850 3 11 Contract Cleaning 6172-0000 - 1,300 - - 600 - - - - 1,000 - - 2,900 5 16 Decorations 6173-0000 70 70 55 55 55 55 55 55 55 55 55 55 690 1 4 Equipment Rental 6174-0000 150 150 115 115 115 115 115 115 115 115 115 115 1,450 3 8 Kitchen Equipment Repair 6175-0000 1,400 1,400 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 15,300 29 87 Linen Laundry/Rental 6176-0000 370 370 370 270 190 370 370 370 270 370 370 275 3,965 7 23 Other Expense 6178-0000 405 405 405 205 305 205 305 405 205 405 730 730 4,710 9 27 Linen Replacement 6177-0000 - - - - - - - - - - - - - - - Paper 6179-0000 350 350 350 150 150 350 350 350 350 350 350 250 3,700 7 21 Supplies 6180-0000 - - - - - - - - - - - - - - - Supplies - Cleaning 6180-0100 750 825 650 400 500 775 625 900 450 900 750 500 8,025 15 46 Supplies - Dining Room 6180-0200 1,200 150 150 150 150 150 150 150 150 150 150 650 3,350 6 19 Supplies - Kitchen 6180-0300 600 450 450 100 600 450 300 450 100 450 450 400 4,800 9 27 Uniforms 6185-0000 75 75 75 75 825 75 75 75 75 75 75 825 2,400 5 14 Supplies - Laundry 6190-0000 - - - - - - - - - - - - - - - Total Food Department 48,320 43,548 31,820 19,070 26,490 25,020 31,835 33,560 21,095 43,970 38,945 22,250 385,923 728 2,193 10.2% Payroll & Benefits Office Salaries 6205-0000 22,474 22,474 20,695 31,042 20,695 20,695 20,695 20,695 20,695 31,042 20,695 20,784 272,682 514 1,549 Commissions 6265-0000 - - - - - - - - - - - - - - - Bonuses 6260-0000 - - 9,000 - - - - - - - - - 9,000 17 51 Maintenance 6225-0000 8,155 8,155 8,155 12,233 8,155 8,155 8,155 8,155 9,155 13,233 9,155 11,055 111,916 211 636 Food Service 6225-0700 30,664 29,064 29,560 35,950 14,658 29,536 33,688 29,474 29,837 33,696 30,258 23,718 350,102 661 1,989 1/19/2017 Page 2of8 Cambridge at CS College Station, TX 77840 2016-2017 Cambridge at CS Budget 176 = Units $0 530 = Beds 131,164 = Sq Ft G/L 2016-2017 Cost per Cost per Codes Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Forecast Bed UnitAccount Descriptions 1/19/2017 Payroll Taxes 6270-0100 7,355 7,163 8,089 9,507 5,221 7,006 7,505 6,999 7,162 9,357 7,213 6,667 89,244 168 507 Worker's Compensation 6270-0200 4,162 4,053 4,577 5,379 2,954 3,964 4,246 3,960 4,053 5,294 4,081 3,772 50,497 95 287 Group Insurance 6280-0000 5,250 5,250 5,250 5,250 5,250 5,250 5,250 5,250 5,250 5,250 5,250 5,250 63,000 119 358 Employee Recruiting 6290-0000 - - - - - - - - - - - - - - - Employee Relations 6295-0000 - - - - - - - - - - - - - - - Total Payroll & Benefits 78,060 76,160 85,326 99,362 56,933 74,607 79,539 74,533 76,152 97,872 76,652 71,246 946,441 1,786 5,378 25.1% Contract Services Contract-Alarm/Monitoring-Intrusion/Fire 6305-0000 - - - - - - - - - - - - - - - Contract-Bus Service 6310-0000 - - - - - - - - - - - - - - - Contract-Cleaning 6315-0000 9,425 8,925 8,925 8,925 8,925 8,925 8,925 8,925 8,925 8,925 8,925 9,425 108,100 204 614 Contract-Elevator 6325-0000 1,500 625 625 1,500 625 625 1,500 625 625 1,500 625 625 11,000 21 63 Contract - HVAC 6335-0000 - - - - - - - - - - - - - - - Contract - Fire/Safety 6327-0000 - - - - - - - - - - - - - - - Contract-Landscape Maintenance 6340-0000 1,900 1,900 1,900 1,900 1,900 2,900 1,900 1,900 1,900 1,900 1,900 2,400 24,300 46 138 Contract-Other Contract Services 6345-0000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 31,000 31,000 1,000 72,000 136 409 Contract-Parking 6348-0000 - - - - - - - - - - - - - - - Contract-Security/Patrol/Courtesy Officer 6365-0000 3,900 3,900 3,900 4,800 4,400 3,900 3,900 3,900 4,700 4,100 4,100 4,100 49,600 94 282 Contract-Pest Control 6350-0000 350 350 350 350 350 350 350 350 350 350 350 350 4,200 8 24 Contract-Pool 6360-0000 - - - - - - - - - - - - - - - Contract-Snow Removal 6370-0000 - - - - - - - - - - - - - - - Contract-Trash Removal 6375-0000 1,330 1,330 1,330 1,330 1,330 1,330 1,330 1,330 1,830 1,330 1,330 1,830 16,960 32 96 Total Contract Services 19,405 18,030 18,030 19,805 18,530 19,030 18,905 18,030 19,330 49,105 48,230 19,730 286,160 540 1,626 1/19/2017 Page 3of8 Cambridge at CS College Station, TX 77840 2016-2017 Cambridge at CS Budget 176 = Units $0 530 = Beds 131,164 = Sq Ft G/L 2016-2017 Cost per Cost per Codes Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Forecast Bed UnitAccount Descriptions 1/19/2017 7.6% Repairs & Maintenance Appliances 6410-0000 150 750 150 750 150 750 150 750 150 750 150 750 5,400 10 31 Blind/Drapes 6415-0000 - - - - - - - - - - - - - - - Boilers 6420-0000 500 500 500 - - 500 500 500 - - 500 500 4,000 8 23 Building - Interior 6425-0100 3,000 150 150 150 150 150 150 150 3,000 2,000 750 150 9,950 19 57 Building - Exterior 6425-0200 - - - - - - - - - - - - - - - Common Areas 6440-0000 - - - - - - - - - - - - - - - Doors/Windows 6450-0000 - - - - - - - - - - - - - - - Electrical 6455-0000 - - - - - - - - - - - - - - - Elevators 6460-0000 - - - - - - - - - - - - - - - Fencing & Gates 6470-0000 - - - - - - - - - - - - - - - Fire/Safety 6475-0000 2,000 150 150 150 150 150 150 2,400 150 150 150 150 5,900 11 34 Furniture 6478-0000 - - - - - - 2,000 - - 2,000 - - 4,000 8 23 Generator 6483-0000 - - - - - - - - - - - - - - - Glass/Mirrors/Screens 6485-0000 - 350 - 350 - 350 - 350 - 350 - 350 2,100 4 12 HVAC 6495-0000 4,500 2,500 2,000 2,000 2,000 2,000 2,000 3,500 4,000 4,000 4,000 4,200 36,700 69 209 Keys & Locks 6500-0000 100 100 100 100 100 100 100 100 850 100 100 100 1,950 4 11 Landscaping 6510-0000 - - - - - - - - - - - - - - - Lights, Fixtures, Light Bulbs 6520-0000 650 250 250 250 250 250 250 250 650 650 650 550 4,900 9 28 Miscellaneous 6525-0000 40 40 40 40 40 40 40 40 40 40 40 40 480 1 3 Painting 6530-0000 100 100 100 100 100 100 100 100 4,250 4,250 4,250 100 13,650 26 78 Parking Lots & Sidewalks 6535-0000 100 100 100 100 100 100 100 100 100 100 100 100 1,200 2 7 Plumbing 6540-0000 750 750 750 750 750 750 750 750 750 750 750 750 9,000 17 51 Pools 6545-0000 800 500 500 500 500 500 500 500 800 500 500 800 6,900 13 39 Recreation 6550-0000 150 400 150 400 150 400 150 400 150 400 150 400 3,300 6 19 Roofs 6555-0000 150 150 150 150 150 150 150 150 150 150 150 150 1,800 3 10 Signs 6560-0000 - - - - - - - - - - - - - - - Supplies 6570-0000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000 23 68 Tools 6575-0000 - 150 - 150 - 150 - 150 - 150 - 150 900 2 5 Water Treatment 6580-0000 - - - - - - - - - - - - - - - Total Repairs & Maintenance 13,990 7,940 6,090 6,940 5,590 7,440 8,090 11,190 16,040 17,340 13,240 10,240 124,130 234 705 3.3% Make-Ready Maintenance Contract Services Carpet Cleaning/Repairs 6610-0000 - - - - - - - - - - 6,000 12,000 18,000 34 102 Cleaning 6615-0000 - - - - - - - - - - - - - - - Painting 6635-0000 - - - - - - - - - - - - - - - Total Make-Ready Contract Services - - - - - - - - - - 6,000 12,000 18,000 34 102 Supplies Interior Repairs 6630-0000 - - - - - - - - - - - - - - - Appliance Supplies 6652-0000 - - - - - - - - - - - - - - - Cleaning Supplies 6655-0000 `900 900 900 900 1,000 900 900 1,000 2,000 2,000 2,000 1,600 15,000 28 85 Paint Supplies 6660-0000 - - - - - - - - - - - - - - - Sheetrock 6665-0000 - - - - - - - - - - - - - - - Total Make-Ready Supplies 900 900 900 900 1,000 900 900 1,000 2,000 2,000 2,000 1,600 15,000 28 85 Total Make-Ready Maintenance 900 900 900 900 1,000 900 900 1,000 2,000 2,000 8,000 13,600 33,000 62 188 1/19/2017 Page 4of8 Cambridge at CS College Station, TX 77840 2016-2017 Cambridge at CS Budget 176 = Units $0 530 = Beds 131,164 = Sq Ft G/L 2016-2017 Cost per Cost per Codes Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Forecast Bed UnitAccount Descriptions 1/19/2017 0.9% Marketing Advertising Print 6705-0200 - - - - - - - - - - - - - - - Publications 6730-0000 - - 1,000 1,000 2,000 3,500 1,500 - - - - - 9,000 17 51 Direct Mail 6715-0000 - - - - - - - 5,000 5,000 5,000 5,000 - 20,000 38 114 Radio 6705-0300 - - - - - 3,000 - - - - - - 3,000 6 17 Signs 6735-0000 - - - - - 750 - - - - - - 750 1 4 Internet Ads 6720-0000 2,276 2,276 2,276 2,382 2,276 2,276 2,276 2,276 2,276 2,276 2,276 2,476 27,618 52 157 Other 6748-0000 - - - - - - - - - - - - - - - Total Advertising 2,276 2,276 3,276 3,382 4,276 9,526 3,776 7,276 7,276 7,276 7,276 2,476 60,368 114 343 Other Marketing Brochures 6750-0000 1,000 - - 1,000 - 1,500 - - - - - - 3,500 7 20 Locator Fees 6760-0000 - - - - - - - - - - - - - - - Portal Expense 6770-0000 - - - - - - - - - - - - - - - Referral Fees 6780-0000 - - - - - - - - - - - - - - - Promotion & Events 6775-0000 70,000 - - - 1,000 9,500 2,250 - - - - - 82,750 156 470 Resident Activities/Tenant Relations 6790-0000 1,800 1,050 1,050 1,700 4,800 1,050 1,050 1,050 1,050 - - 1,800 16,400 31 93 Websites 6740-0000 500 500 500 500 500 500 500 500 500 500 500 500 6,000 11 34 Total Other Marketing 73,300 1,550 1,550 3,200 6,300 12,550 3,800 1,550 1,550 500 500 2,300 108,650 205 617 Total Marketing 75,576 3,826 4,826 6,582 10,576 22,076 7,576 8,826 8,826 7,776 7,776 4,776 169,018 319 960 4.5% Cable & Internet Cable TV 6805-0000 5,750 5,750 5,750 5,750 5,750 5,750 5,750 5,750 5,750 5,750 5,750 5,750 69,000 130 392 Internet 6825-0000 5,500 5,500 5,500 5,500 5,500 5,500 5,500 5,500 5,500 5,500 5,500 5,500 66,000 125 375 Total Cable / Internet 11,250 11,250 11,250 11,250 11,250 11,250 11,250 11,250 11,250 11,250 11,250 11,250 135,000 255 767 3.6% Utilities Electricity Elec-Common Area 6910-0100 40,000 33,000 22,650 22,650 11,700 19,500 21,500 24,500 27,750 30,000 33,000 35,500 321,750 607 1,828 Elec-Residential Units 6910-0200 - - - - - - - - - - - - - - - Elec-Vacant Units 6910-0900 - - - - - - - - - - - - - - - Total Electricity 40,000 33,000 22,650 22,650 11,700 19,500 21,500 24,500 27,750 30,000 33,000 35,500 321,750 607 1,828 Other Utilities - - Gas 6920-0000 4,400 4,100 3,700 3,000 1,900 2,500 2,500 3,100 3,000 2,900 2,900 4,200 38,200 72 217 Water / Sewer 6930-0000 4,314 4,314 3,486 3,486 3,486 3,486 3,486 3,486 3,486 6,360 6,360 3,486 49,235 93 280 Utility Billing Fee 6950-0000 - - - - 1,196 1,196 1,196 1,196 1,196 1,196 1,196 1,196 9,565 18 54 Total Other Utilities 8,714 8,414 7,186 6,486 6,582 7,182 7,182 7,782 7,682 10,456 10,456 8,882 97,000 183 551 Total Utilities 48,714 41,414 29,836 29,136 18,282 26,682 28,682 32,282 35,432 40,456 43,456 44,382 418,750 790 2,379 11.1% Property Management Fee 6990-0000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 240,000 453 1,364 Asset Management 8915-0000 8,941 8,928 5,717 5,767 5,753 5,737 5,751 5,810 5,899 5,476 5,479 6,235 75,491 142 429 Total Management Fees 28,941 28,928 25,717 25,767 25,753 25,737 25,751 25,810 25,899 25,476 25,479 26,235 315,491 1,385 4,172 1/19/2017 Page 5of8 Cambridge at CS College Station, TX 77840 2016-2017 Cambridge at CS Budget 176 = Units $0 530 = Beds 131,164 = Sq Ft G/L 2016-2017 Cost per Cost per Codes Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Forecast Bed UnitAccount Descriptions 1/19/2017 8.4% Taxes Property Taxes 7005-0000 - - - - - - - - - - - - - - - Personal Property Taxes 7010-0000 - - - - - - - - - - - - - - - Property Tax Consultant 7020-0000 - - - - - - - - - - - - - - - Franchise Taxes 7060-0000 - - - - - - - - - - - - - - - Total Taxes - - - - - - - - - - - - - - - 0.0% Insurance Ins-Property & Casualty Insurance 7105-0100 - - - - - - - - 57,776 - - - 57,776 109 328 Total Insurance - - - - - - - - 57,776 - - - 57,776 109 328 1.5% TOTAL OPERATING EXPENSES 430,790 335,830 267,343 333,419 279,636 317,324 316,611 321,384 378,482 399,327 378,260 332,942 4,091,350 8,510 25,626 108.4% 16,261 110,581 18,501 (45,075) 7,998 (30,490) (29,056) (30,899) (83,548) (125,549) (104,332) (21,168) (316,776) (598) (1,800) -8.4% Debt Service Interest Expense 7210-0000 - - 692,050 - - - - - 673,900 - - - 1,365,950 2,577 7,761 Ground Lease 7270-0000 - - - - - - - - - - - - - - - Mortgage Principal 2900-0000 - - 485,000 - - - - - - - - - 485,000 915 2,756 Total Interest / Financing Costs - - 1,177,050 - - - - - 673,900 - - - 1,850,950 3,492 10,517 49.0% Capital Improvements Washer/Dryer 8315-0280 - - - - - - - - - - - - - - - Blinds 8315-0400 - - - - - - - - - - - - - - - Carpet/Vinyl/Tile 8315-1000 - - - - - - - - - - - 4,000 4,000 8 23 Furniture 8315-5000 - - - - - - - - - - - - - - - Total Recurring Capital - - - - - - - - - - - 4,000 4,000 8 23 NET OPERATING INCOME (LOSS) BEFORE DEBT SERVICE & CAPITAL 1/19/2017 Page 6of8 Cambridge at CS College Station, TX 77840 2016-2017 Cambridge at CS Budget 176 = Units $0 530 = Beds 131,164 = Sq Ft G/L 2016-2017 Cost per Cost per Codes Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Forecast Bed UnitAccount Descriptions 1/19/2017 0.1% Capital Improvements - Non Recurring Alarms/Access Systems 8315-0100 - - - - - - - - - - - - - - - Bldg Impr - Bathroom Renovations 8315-0300 - - - - - - - - - - - - - - - Boilers 8315-0500 - - - - - - - - - - - - - - - Building 8315-0600 - - - - - - - - - - - - - - - Building - Exterior 8315-0700 - - - - - - - - - - - - - - - Building - Interior 8315-0800 - - - - - - - - - - - - - - - Building - Structural 8315-0900 - - - - - - - - - - - - - - - Clubhouse/Model 8315-1200 - - - - - - - - - - - - - - - Carports 8315-1100 - - - - - - - - - - - - - - - Computers 8315-4000 - - - - - - - - - - - - - - - Countertop/Sink/Cabinets 8315-1400 - - - - - - - - - - - - - - - Doors & Related Hardware 8315-1500 - - - - - - - - - - - - - - - Electrical 8315-1600 - - - - - - - - - - - - - - - Elevators 8315-1700 - - - - - - - - - - - - - - - Equipment (Office & Maintenance)8315-5100 - - - - - - - - - - - - - - - Fencing & Gates 8315-1800 - - - - - - - - - - - - - - - Fire/Safety 8315-1900 - - - - - - - - - - - - - - - Glass, Mirrors & Screens 8315-2000 - - - - - - - - - - - - - - - Golf Cart 8315-8100 - - - - - - - - - - - - - - - HVAC 8315-2100 - - - - - - - - - - - - - - - Keys & Locks 8315-2200 - - - - - - - - - - - - - - - Landscaping 8315-2300 - - - - - - - - - - - - - - - Light Fixtures 8315-2500 - - - - - - - - - - - - - - - Miscellaneous 8315-2700 - - - - - - - - - - - - - - - Painting (Exterior)8315-2900 - - - - - - - - - - - - - - - Parking Lot & Sidewalks 8315-3000 - - - - - - - - - - - - - - - Personal Property 8315-8000 - - - - - - - - - - - - - - - Plumbing 8315-3100 - - - - - - - - - - - - - - - Pools 8315-3200 - - - - - - - - - - - - - - - Pool Furniture 8315-5900 - - - - - - - - - - - - - - - Recreation/Amenity Areas 8315-3300 - - - - - - - - - - - - - - - Renovations (Units)8315-3400 - - - - - - - - - - - - - - - Roofs 8315-3600 - - - - - - - - - - - - - - - Signage 8315-3700 - - - - - - - - - - - - - - - Site Improvements 8315-3800 - - - - - - - - - - - - - - - Tenant Improvements 8315-3900 - - - - - - - - - - - - - - - Tubs/Showers 8315-3950 - - - - - - - - - - - - - - - Total Non Recurring Capital - - - - - - - - - - - - - - - 0.0% Escrow Accounts Series A Debt Service Reserve 113,408 226,817 113,408 113,408 113,408 113,408 113,408 113,408 113,408 113,408 113,408 113,408 1,474,305 2,782 8,377 Series A Debt Service Funding (805,450) (546,700) (1,352,150) (2,551) (7,683) Series B Debt Service Reserve 41,983 83,967 41,983 41,983 41,983 41,983 41,983 41,983 41,983 41,983 41,983 41,983 545,780 1,030 3,101 Series B Debt Service Funding (369,400) (127,200) (496,600) (937) (2,822) Senior Reserve - - - Subordinate Reserve - - - Tax Reserve 1080-0100 - - - - - - - - - - - - - - - Tax Funding 1080-0100 - - - - - - - - - - - - - - - Insurance Reserve 1080-0300 - - - - - - - - - - - - - - - Insurance Reserve Funding 1080-0300 - - - - - - - - - - - - - - - Replacement Reserve 1080-0400 9,923 19,845 10,419 10,419 10,419 10,419 10,419 10,419 10,419 10,419 10,419 10,419 133,958 253 761 Replacement Reserve Reimb.1080-0400 - - - - - - - - - - - - - - - Net Escrow Activity 165,314 330,629 (1,009,040) 165,810 165,810 165,810 165,810 165,810 (508,090) 165,810 165,810 165,810 305,293 576 1,735 1/19/2017 Page 7of8 Cambridge at CS College Station, TX 77840 2016-2017 Cambridge at CS Budget 176 = Units $0 530 = Beds 131,164 = Sq Ft G/L 2016-2017 Cost per Cost per Codes Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Forecast Bed UnitAccount Descriptions 1/19/2017 8.1% Other Expenses Accounting / Audit / Tax 8905-0000 - - - - - - - - - - - - - - - Administrative Expense 8910-0000 - - - - - - - - - - - - - - - Prior Year Operating Expenses 8965-0000 - - - - - - - - - - - - - - - Legal/LLC fees 8950-0000 - - - - - - - - - - - - - - - Travel 8995-0000 - - - - - - - - - - - - - - - Start Up Cost 8983-0000 - - - - - - - - - - - - - - - Miscellaneous 8960-0000 - - - - - - - - - - - - - - - TSHA Scholarship Program 8996-0000 - - - - - - - - - - - - - - - Total Other Expenses - - - - - - - - - - - - - - - 0.0% INCOME (LOSS) Before Depr / Amort (149,053) (220,048) (149,509) (210,885) (157,812) (196,300) (194,866) (196,709) (249,358) (291,359) (270,142) (190,978) (2,477,019) (4,674) (14,074) Distribution Payments 4201-0000 - - - - - - - - - - - - - - - 0.0% MONTHLY CASH FLOW (149,053) (220,048) (149,509) (210,885) (157,812) (196,300) (194,866) (196,709) (249,358) (291,359) (270,142) (190,978) (2,477,019) (4,674) (14,074) -65.6% Cumulative Cash Flow Estimate (149,053) (369,101) (518,610) (729,495) (887,306) (1,083,606) (1,278,473) (1,475,182) (1,724,540) (2,015,899) (2,286,041) (2,477,019) (2,477,019) 1/19/2017 Page 8of8