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2018-2019 Cambridge Budget FINALCambridge at CS College Station, TX 77840 2018-2019 Cambridge at CS Budget 176 = Units $0 530 = Beds 131,164 = Sq Ft G/L 2018-2019 Cost per Cost per Codes Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Forecast Bed Unit Projected Beds-->265 265 265 265 265 265 265 265 265 5 5 265 OCCUPANCY %50.00%50.00%50.00%50.00%50.00%50.00%50.00%50.00%50.00%1.00%1.00%50.00%41.83% OPERATING INCOME Gross Potential Rent Gross Market Rent 5005-0000 360,987 360,987 360,987 360,987 360,987 360,987 360,987 360,987 360,987 360,987 360,987 360,987 4,331,848 8,173 24,613 Food Revenue 5005-0100 153,240 153,240 153,240 153,240 153,240 153,240 153,240 153,240 153,240 153,240 153,240 153,240 1,838,876 3,470 10,448 Contract Gain (Loss) to Lease 5010-0000 - - - - - - - - - - - - - - - Total Gross Potential Rent 514,227 514,227 514,227 514,227 514,227 514,227 514,227 514,227 514,227 514,227 514,227 514,227 6,170,724 11,643 35,061 Economic Variances Concessions - New Leases 5030-0200 - - - - - - - - - - - - - - - Bad Debt 5025-0000 (2,707) (2,707) (2,707) (2,707) (2,707) (2,707) (2,707) (2,707) (2,707) (2,707) (2,707) (2,707) (32,489) (61) (185) TSHA Scholarship Program 5064-0000 (14,105) (14,105) (14,105) (14,105) (14,105) (14,105) (14,105) (14,105) (14,105) - - (14,105) (141,050) (266) (801) Vacancy Loss 5065-0000 (246,769) (246,769) (246,769) (246,769) (246,769) (246,769) (246,769) (246,769) (246,769) (509,085) (509,085) (246,769) (3,485,854) (6,577) (19,806) Total Economic Variances (263,581) (263,581) (263,581) (263,581) (263,581) (263,581) (263,581) (263,581) (263,581) (511,792) (511,792) (263,581) (3,659,393) (6,905) (20,792) 26.98%26.98%26.98%26.98%26.98%26.98%26.98%26.98%26.98%-41.78%-41.78%26.98%15.52% NET RENTAL INCOME 250,646 250,646 250,646 250,646 250,646 250,646 250,646 250,646 250,646 2,435 2,435 $250,646 $2,511,331 $4,738 $14,269 40.7% Other Operating Income Application Fees 5220-0000 - - - 500 500 1,000 1,500 1,500 1,500 - - - 6,500 12 37 Banquet/Catering Income 5227-0000 - - - - - - - - - - - - - - - Camp - Food 5231-0100 - - - - - - - - - 110,000 111,000 - 221,000 417 1,256 Camp - Room 5231-0200 - - - - - - - - - 150,000 150,000 - 300,000 566 1,705 Cancellation Fees 5232-0000 - - - - - - - - - - - - - - - Damages Income 5260-0000 350 350 350 250 350 350 350 300 2,500 1,500 1,000 350 8,000 15 45 Carport/Garages/Parking Income 5235-0000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 - - 1,000 10,000 19 57 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 38 38 50 50 50 50 38 38 - - 38 38 425 1 2 Outside Board Sales 5327-0000 - - - - - - - - - - - - - - - Premium Fees 5335-0000 - - - - - - - - - - - - - - - Relet/Cancellation Fees 5340-0000 - - - - - - - - 1,500 1,500 - - 3,000 6 17 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 - - - - - - - - - 662 662 - 1,325 2 8 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 4,953 4,313 3,935 4,185 4,225 4,925 5,133 5,063 9,000 264,013 263,175 23,103 596,020 1,125 3,386 9.7% EFFECTIVE GROSS INCOME 255,599 254,959 254,581 254,831 254,871 255,571 255,779 255,709 259,646 266,447 265,610 273,749 3,107,351 5,863 17,655 50.4% Account Descriptions 8/24/2018 8/24/2018 Page 1of6 Cambridge at CS College Station, TX 77840 2018-2019 Cambridge at CS Budget 176 = Units $0 530 = Beds 131,164 = Sq Ft G/L 2018-2019 Cost per Cost per Codes Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Forecast Bed UnitAccount Descriptions 8/24/2018 OPERATING EXPENSES General & Administrative Audit 6002-0200 - - - 13,385 - - - - - - - - 13,385 25 76 Legal 6002-0300 - 350 - 350 - 350 - 350 - 350 - 350 2,100 4 12 Bank Charges/Fees 6005-0000 287 287 287 287 287 287 287 287 287 287 287 287 3,443 6 20 Data Processing/Computer Expense 6030-0000 772 772 772 772 772 1,072 772 992 772 772 772 772 9,784 18 56 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 24 24 24 24 24 24 24 24 24 24 24 24 288 1 2 Equipment & Supplies 6045-0000 700 700 700 700 600 500 700 700 700 700 700 700 8,100 15 46 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 - - 900 - - - - 300 - - - - 1,200 2 7 Professional Fees 6080-0000 - 100 - 100 - 100 - 100 - 100 - 100 600 1 3 Rent Refunds - Residents 6090-0000 1,000 - - - - - - - - 1,000 1,000 3,000 6 17 Telephone 6105-0000 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 13,200 25 75 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 501 151 500 150 500 500 150 500 150 150 500 500 4,252 8 24 Uniforms 6135-0000 - - - - 400 - - - - - - 2,400 2,800 5 16 Miscellaneous 6065-0000 175 175 175 175 175 175 175 175 175 175 175 175 2,100 4 12 Reversal of Property Tax Liability Reserve - - - Total General & Administrative 5,508 4,158 4,907 17,692 5,157 4,857 3,957 5,427 4,557 4,407 5,457 7,957 74,044 140 421 2.4% Food Department Accompaniments 6155-0000 5,000 5,200 4,500 2,750 3,500 4,000 3,500 3,500 2,750 6,500 6,000 3,000 50,200 95 285 Baked Goods 6156-0000 1,500 1,500 1,100 725 1,000 1,100 1,100 1,000 950 1,750 1,800 950 14,475 27 82 Beverages 6157-0000 2,300 2,700 1,800 1,700 1,000 1,200 1,700 2,000 1,100 4,000 3,500 1,500 24,500 46 139 Dairy 6158-0000 2,500 2,600 1,900 1,100 2,000 2,100 2,100 2,000 1,500 2,975 3,060 1,500 25,335 48 144 Food Cost 6159-0000 - - - - - - - - - - - - - - - Frozen Goods 6160-0000 3,500 2,600 2,500 1,500 2,800 2,900 2,700 2,600 2,000 3,955 4,068 2,000 33,123 62 188 Ice Cream 6161-0000 - - - - - - - - - - - - - - - Meats 6162-0000 11,850 10,600 10,100 5,000 7,200 9,000 8,200 9,200 5,500 12,500 11,000 6,000 106,150 200 603 Milk 6163-0000 650 665 480 290 520 548 520 498 380 700 720 380 6,351 12 36 Produce 6164-0000 3,800 3,200 1,900 1,150 2,200 2,200 2,200 3,000 1,800 3,500 3,000 1,250 29,200 55 166 China/Glass/Silver 6171-0000 400 - - - - - - - 150 - - 450 1,000 2 6 Contract Cleaning 6172-0000 1,200 - - - 800 - - - 1,800 - 800 - 4,600 9 26 Decorations 6173-0000 - 50 - 50 - 50 - 50 - 50 - 50 300 1 2 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 1,500 1,500 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 15,500 29 88 Linen Laundry/Rental 6176-0000 550 500 370 300 300 370 370 370 370 370 370 370 4,610 9 26 Other Expense 6178-0000 250 250 250 150 600 300 150 300 300 250 250 175 3,225 6 18 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 750 800 650 400 500 750 600 900 450 900 750 500 7,950 15 45 Supplies - Dining Room 6180-0200 150 150 150 150 150 150 150 150 150 150 150 300 1,950 4 11 Supplies - Kitchen 6180-0300 250 150 150 150 150 150 150 150 150 150 150 400 2,150 4 12 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 36,725 33,040 27,640 17,005 25,060 26,608 25,230 27,508 21,140 39,540 37,408 21,265 338,169 638 1,921 10.9% Payroll & Benefits Office Salaries 6205-0000 19,407 29,110 19,407 19,407 19,407 19,407 19,407 19,407 29,110 19,407 19,407 20,407 253,288 478 1,439 Commissions 6265-0000 - 5,000 - - - - - - - - - - 5,000 9 28 Bonuses 6260-0000 - - 8,000 - - - - - - - - - 8,000 15 45 Maintenance 6225-0000 7,007 9,260 6,257 6,257 6,257 6,257 6,257 6,257 10,010 7,007 7,007 9,007 86,838 164 493 Food Service 6225-0700 29,453 41,780 27,853 20,437 20,437 27,853 26,853 27,853 27,866 29,453 29,448 23,348 332,634 628 1,890 Payroll Taxes 6270-0100 6,704 10,218 7,382 5,532 5,532 6,422 6,302 6,422 8,038 6,704 6,703 6,331 82,291 155 468 Worker's Compensation 6270-0200 3,793 5,782 4,177 3,130 3,130 3,634 3,566 3,634 4,548 3,793 3,793 3,582 46,563 88 265 Group Insurance 6280-0000 5,160 5,160 5,160 5,160 5,160 5,160 5,160 5,160 5,160 5,160 5,160 5,160 61,920 117 352 Employee Recruiting 6290-0000 - - - - - - - - - - - - - - - Employee Relations 6295-0000 - - - - - - - - - - - - - - - Total Payroll & Benefits 71,524 106,310 78,236 59,922 59,922 68,733 67,545 68,733 84,733 71,524 71,517 67,835 876,534 1,654 4,980 28.2% Contract Services Contract-Alarm/Monitoring-Intrusion/Fire 6305-0000 - - - - - - - - - - - - - - - Contract-Bus Service 6310-0000 - - - - - - - - - - - - - - - 8/24/2018 Page 2of6 Cambridge at CS College Station, TX 77840 2018-2019 Cambridge at CS Budget 176 = Units $0 530 = Beds 131,164 = Sq Ft G/L 2018-2019 Cost per Cost per Codes Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Forecast Bed UnitAccount Descriptions 8/24/2018 Contract-Cleaning 6315-0000 8,442 7,942 7,942 7,942 7,942 7,942 7,942 7,942 7,942 7,942 7,942 8,442 96,304 182 547 Contract-Elevator 6325-0000 1,500 906 906 1,500 906 906 1,500 906 906 1,500 906 906 13,248 25 75 Contract - HVAC 6335-0000 - - - - - - - - - - - - - - - Contract - Fire/Safety 6327-0000 - - - - - - - - - - - - - - - Contract-Landscape Maintenance 6340-0000 1,900 1,900 1,900 1,900 1,900 3,900 1,900 1,900 1,900 1,900 1,900 2,400 25,300 48 144 Contract-Other Contract Services 6345-0000 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 42,600 46,100 1,100 99,700 188 566 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 410 410 410 410 410 410 410 410 410 410 410 410 4,920 9 28 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 18,582 17,488 17,488 18,982 17,988 19,488 18,082 17,488 18,788 59,782 62,688 19,188 306,032 577 1,739 9.8% Repairs & Maintenance Appliances 6410-0000 250 1,250 250 1,250 250 1,250 250 1,250 250 1,250 250 1,250 9,000 17 51 Blind/Drapes 6415-0000 - - - - - - - - - - - - - - - Boilers 6420-0000 1,500 500 500 500 500 1,500 500 500 500 500 1,500 500 9,000 17 51 Building - Interior 6425-0100 4,000 150 150 150 150 150 150 150 4,000 4,000 1,000 150 14,200 27 81 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 750 150 150 150 150 150 150 2,000 150 150 150 150 4,250 8 24 Furniture 6478-0000 - - - - - 2,500 - - - 2,500 - - 5,000 9 28 Generator 6483-0000 - - - - - - - - - - - - - - - Glass/Mirrors/Screens 6485-0000 - 250 - - 250 - - 250 - - 250 - 1,000 2 6 HVAC 6495-0000 6,000 5,000 4,000 3,500 3,500 4,000 5,000 5,000 5,500 6,000 6,000 6,000 59,500 112 338 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 150 150 150 150 150 150 150 150 4,250 4,250 4,250 150 14,100 27 80 Parking Lots & Sidewalks 6535-0000 100 100 100 100 100 100 100 100 100 100 100 1,100 2,200 4 13 Plumbing 6540-0000 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 1,100 13,200 25 75 Pools 6545-0000 1,000 500 500 500 500 500 500 1,000 1,000 500 500 1,000 8,000 15 45 Recreation 6550-0000 150 400 150 400 150 400 150 400 150 400 150 400 3,300 6 19 Roofs 6555-0000 - - - - - - - - - - - - - - - Signs 6560-0000 - - - - - - - - - - - - - - - Supplies 6570-0000 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 15,000 28 85 Tools 6575-0000 - 100 - 100 - 100 - 100 - 100 - 100 600 1 3 Water Treatment 6580-0000 - - - - - - - - - - - - - - - Total Repairs & Maintenance 17,040 11,290 8,690 9,540 8,440 13,540 9,690 13,640 19,790 22,890 17,290 13,840 165,680 313 941 5.3% Make-Ready Maintenance Contract Services Carpet Cleaning/Repairs 6610-0000 - - - - - - - - - - 4,000 12,000 16,000 30 91 Cleaning 6615-0000 - - - - - - - - - - - - - - - Painting 6635-0000 - - - - - - - - - - - - - - - Total Make-Ready Contract Services - - - - - - - - - - 4,000 12,000 16,000 30 91 Supplies Interior Repairs 6630-0000 - - - - - - - - - - - - - - - Appliance Supplies 6652-0000 - - - - - - - - - - - - - - - Cleaning Supplies 6655-0000 `1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 2,000 2,000 2,000 1,600 15,600 29 89 Paint Supplies 6660-0000 - - - - - - - - - - - - - - - Sheetrock 6665-0000 - - - - - - - - - - - - - - - Total Make-Ready Supplies 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 2,000 2,000 2,000 1,600 15,600 29 89 Total Make-Ready Maintenance 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 2,000 2,000 6,000 13,600 31,600 60 180 8/24/2018 Page 3of6 Cambridge at CS College Station, TX 77840 2018-2019 Cambridge at CS Budget 176 = Units $0 530 = Beds 131,164 = Sq Ft G/L 2018-2019 Cost per Cost per Codes Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Forecast Bed UnitAccount Descriptions 8/24/2018 1.0% Marketing Advertising Print 6705-0200 - - - - - - - - - - - - - - - Publications 6730-0000 - - 1,000 2,000 2,000 3,500 1,500 - - - - - 10,000 19 57 Direct Mail 6715-0000 - - - - - - - 7,500 7,500 5,000 - - 20,000 38 114 Radio 6705-0300 3,000 - - - - 3,000 - - - - - - 6,000 11 34 Signs 6735-0000 - - - - - 750 - - - - - - 750 1 4 Internet Ads 6720-0000 4,526 4,526 4,526 4,632 4,526 4,526 4,526 4,526 4,526 4,526 4,526 4,726 54,618 103 310 Other 6748-0000 - - - - - - - - - - - - - - - Total Advertising 7,526 4,526 5,526 6,632 6,526 11,776 6,026 12,026 12,026 9,526 4,526 4,726 91,368 172 519 Other Marketing Brochures 6750-0000 1,000 - - 2,500 - 2,500 - - - - - - 6,000 11 34 Locator Fees 6760-0000 - - - - - - - - - - - - - - - Portal Expense 6770-0000 - - - - - - - - - - - - - - - Referral Fees 6780-0000 - - - - - - - - - - - - - - - Promotion & Events 6775-0000 50,000 - - - 1,000 9,500 2,250 2,250 2,250 2,250 - - 69,500 131 395 Resident Activities/Tenant Relations 6790-0000 1,800 1,550 1,050 1,700 4,800 1,050 800 800 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 53,300 2,050 1,550 4,700 6,300 13,550 3,550 3,550 3,800 2,750 500 2,300 97,900 185 556 Total Marketing 60,826 6,576 7,076 11,332 12,826 25,326 9,576 15,576 15,826 12,276 5,026 7,026 189,268 357 1,075 6.1% Cable & Internet Cable TV 6805-0000 6,195 6,195 6,195 6,195 6,195 6,195 6,195 6,195 6,195 6,195 6,195 6,195 74,340 140 422 Internet 6825-0000 5,829 5,829 5,829 5,829 5,829 5,829 5,829 5,829 5,829 5,829 5,829 5,829 69,948 132 397 Total Cable / Internet 12,024 12,024 12,024 12,024 12,024 12,024 12,024 12,024 12,024 12,024 12,024 12,024 144,288 272 820 4.6% Utilities Electricity Elec-Common Area 6910-0100 32,000 33,000 24,000 19,000 16,000 19,000 21,000 26,000 27,000 33,000 40,000 35,000 325,000 613 1,847 Elec-Residential Units 6910-0200 - - - - - - - - - - - - - - - Elec-Vacant Units 6910-0900 - - - - - - - - - - - - - - - Total Electricity 32,000 33,000 24,000 19,000 16,000 19,000 21,000 26,000 27,000 33,000 40,000 35,000 325,000 613 1,847 Other Utilities - - Gas 6920-0000 4,400 4,100 3,700 3,000 2,500 3,000 3,000 3,300 3,000 3,500 3,500 3,500 40,500 76 230 Water / Sewer 6930-0000 5,698 5,698 5,698 5,698 5,698 5,698 5,698 5,698 5,698 7,287 7,287 5,698 71,550 135 407 Utility Billing Fee 6950-0000 545 545 545 545 545 545 545 545 545 545 545 545 6,540 12 37 Total Other Utilities 10,643 10,343 9,943 9,243 8,743 9,243 9,243 9,543 9,243 11,332 11,332 9,743 118,590 224 674 Total Utilities 42,643 43,343 33,943 28,243 24,743 28,243 30,243 35,543 36,243 44,332 51,332 44,743 443,590 837 2,520 14.3% Property Management Fee 6990-0000 7,668 7,649 7,637 7,645 7,646 7,667 7,673 7,671 7,789 7,993 7,968 8,212 93,221 176 530 Asset Management 8915-0000 5,112 5,099 5,092 5,097 5,097 5,111 5,116 5,114 5,193 5,329 5,312 5,475 62,147 117 353 Total Management Fees 12,780 12,748 12,729 12,742 12,744 12,779 12,789 12,785 12,982 13,322 13,280 13,687 155,368 1,130 3,403 5.0% 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 - - - - - - - - 63,987 - - - 63,987 121 364 Total Insurance - - - - - - - - 63,987 - - - 63,987 121 364 2.1% TOTAL OPERATING EXPENSES 278,652 247,977 203,733 188,481 179,904 212,597 190,135 209,724 292,071 282,098 282,024 221,165 2,788,559 6,098 18,364 89.7% (23,053) 6,982 50,848 66,350 74,968 42,974 65,643 45,985 (32,424) (15,651) (16,414) 52,584 318,791 601 1,811 10.3% NET OPERATING INCOME (LOSS) BEFORE DEBT SERVICE & CAPITAL 8/24/2018 Page 4of6 Cambridge at CS College Station, TX 77840 2018-2019 Cambridge at CS Budget 176 = Units $0 530 = Beds 131,164 = Sq Ft G/L 2018-2019 Cost per Cost per Codes Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Forecast Bed UnitAccount Descriptions 8/24/2018 Debt Service Interest Expense 7210-0000 - - 654,250 - - - - - 633,275 - - - 1,287,525 2,429 7,315 Ground Lease 7270-0000 - - - - - - - - - - - - - - - Mortgage Principal 2900-0000 - - 560,000 - - - - - - - - - 560,000 1,057 3,182 Total Interest / Financing Costs - - 1,214,250 - - - - - 633,275 - - - 1,847,525 3,486 10,497 59.5% Capital Improvements Washer/Dryer 8315-0280 - - - - - - - - - - - - - - - Blinds 8315-0400 - - - - - - - - - - - - - - - Carpet/Vinyl/Tile 8315-1000 - - - - - - - - - - - - - - - Furniture 8315-5000 - - - - - - - - - - - - - - - Total Recurring Capital - - - - - - - - - - - - - - - 0.0% Capital Improvements - Non Recurring Alarms/Access Systems 8315-0100 - - - - - - - - - - - - - - - Bldg Impr - Bathroom Renovations 8315-0300 - - - - - - - - - - - - - - - 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 - - - 70,000 70,000 - - - - - - - 140,000 264 795 4.5% Escrow Accounts Series A Debt Service Reserve - - - Series A Debt Service Funding - - - Series B Debt Service Reserve - - - Series B Debt Service Funding - - - 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 - - 10,419 10,419 10,419 10,419 10,419 10,419 - - - 10,419 72,933 138 414 Replacement Reserve Reimb.1080-0400 - - - - - - - - - - - - - - - Net Escrow Activity - - 10,419 10,419 10,419 10,419 10,419 10,419 - - - 10,419 72,933 138 414 2.3% Other Expenses 8/24/2018 Page 5of6 Cambridge at CS College Station, TX 77840 2018-2019 Cambridge at CS Budget 176 = Units $0 530 = Beds 131,164 = Sq Ft G/L 2018-2019 Cost per Cost per Codes Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Forecast Bed UnitAccount Descriptions 8/24/2018 Accounting / Audit / Tax 8905-0000 - - - - - - - - - - - - - - - Administrative Expense 8910-0000 - - - - - - - - - - - - - - - Prior Year Operating Expenses 8965-0000 - - - - - - - - - - - - - - - Legal/LLC fees 8950-0000 100,000 100,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 600,000 1,132 3,409 Travel 8995-0000 - - - - - - - - - - - - - - - Start Up Cost 8983-0000 - - - - - - - - - - - - - - - Miscellaneous 8960-0000 - - - - - - - - - - - - - - - TSHA Scholarship Program 8996-0000 - - - - - - - - - - - - - - - Total Other Expenses 100,000 100,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 40,000 600,000 1,132 3,409 19.3% INCOME (LOSS) Before Depr / Amort (123,053) (93,018) (1,213,821) (54,069) (45,451) (7,445) 15,224 (4,434) (705,699) (55,651) (56,414) 2,165 (2,341,667) (4,418) (13,305) Distribution Payments 4201-0000 - - - - - - - - - - - - - - - 0.0% MONTHLY CASH FLOW (123,053) (93,018) (1,213,821) (54,069) (45,451) (7,445) 15,224 (4,434) (705,699) (55,651) (56,414) 2,165 (2,341,667) (4,418) (13,305) -75.4% Cumulative Cash Flow Estimate (123,053) (216,071) (1,429,892) (1,483,961) (1,529,412) (1,536,857) (1,521,633) (1,526,067) (2,231,767) (2,287,418) (2,343,831) (2,341,667) (2,341,667) 8/24/2018 Page 6of6