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SAVANNAH OAKS <br />2005 BUDC~ET NOTES <br /> <br />Revenue <br />_A_ vartment Rent $455,757 <br /> Apartment rent is based on rents effective in 2004 with a 3% increase <br /> at lease renewal in 2005. <br /> <br /> Renewal Rate <br />.Floor Plan Sq.Ft. Total Units Current Rent 2005 <br />1BR 698 18 $633 $652 <br />1BR+den 900 11 $747 $769 <br />1BR+den 942 9 $780 $803 <br />2BR 1020 12 $914 $942 <br /> <br />Parkins Rent <br /> Parking rent is based on 48 stalls at $35 per month <br /> <br />$20,160 <br /> <br />Miscellaneous Income - From guest suite, late fees, etc. <br /> <br />$1,080 <br /> <br />Interest Income - based on 2004 averages <br /> <br />$5,40O <br /> <br />Iql:<A Levv - per proforma <br /> <br />$80,000 <br /> <br />Gross Revenue $562,397 <br /> <br />Rent Concessions ($16,392) <br /> Employee rent concession for resident managers on a two bedroom <br /> apartment at $887 per month With a 3% increase in July, 2005. <br /> Also included is a $455 per month concession for back-up caretaker ' <br /> with a $14 increase on April 1, 2005. <br /> <br />Parking Concessions - One garage space for resident managers. <br /> <br />($420) <br /> <br />._Apartment Vacancy Loss <br /> Apartment vacancy at 3%. <br /> <br />($13,673) <br /> <br />Par'k/n,, Vacancy Loss <br /> Parking vacancy loss based on the industry standard of 5% <br /> <br />($1,008) <br /> <br />Net Revenue $530,904 <br /> <br />Savannah Oak~ of Rumsey <br /> <br />2005 Budget Note~ <br /> <br />April 2, 2004 <br /> <br /> <br />