Stabilized annual
Pro Forma
What the leased units earn in a normal year at stabilization. Sold units are excluded — they show up on Returns as sale proceeds. NNN means tenants reimburse most operating costs.
| Line item | Building A (2 of 2) | Building B (0 of 10) | Building C (5 of 5) | Building D (10 of 10) | Building E (5 of 5) | Building F (10 of 10) | Project total |
|---|---|---|---|---|---|---|---|
| Leased SF | 18,000 SF | 0 SF | 18,000 SF | 18,000 SF | 18,000 SF | 18,000 SF | 90,000 SF |
| Rent ($/SF NNN) | $18.00/SF | $18.00/SF | $18.00/SF | $18.00/SF | $18.00/SF | $18.00/SF | — |
| Revenue | |||||||
| Gross potential rent | $324,000 | $0 | $324,000 | $324,000 | $324,000 | $324,000 | $1,620,000 |
| Less: vacancy & credit loss | -$8,100 | -$0 | -$16,200 | -$16,200 | -$16,200 | -$16,200 | -$72,900 |
| Net rental income | $315,900 | $0 | $307,800 | $307,800 | $307,800 | $307,800 | $1,547,100 |
| Plus: NNN recoveries (tax/ins/CAM) | $58,140 | $0 | $58,140 | $58,140 | $58,140 | $58,140 | $290,700 |
| Effective gross income (EGI) | $374,040 | $0 | $365,940 | $365,940 | $365,940 | $365,940 | $1,837,800 |
| Operating expenses | |||||||
| Property taxes | -$27,000 | -$0 | -$27,000 | -$27,000 | -$27,000 | -$27,000 | -$135,000 |
| Insurance | -$7,200 | -$0 | -$7,200 | -$7,200 | -$7,200 | -$7,200 | -$36,000 |
| CAM | -$27,000 | -$0 | -$27,000 | -$27,000 | -$27,000 | -$27,000 | -$135,000 |
| Management fee | -$11,221 | -$0 | -$10,978 | -$10,978 | -$10,978 | -$10,978 | -$55,134 |
| Replacement reserves | -$3,600 | -$0 | -$3,600 | -$3,600 | -$3,600 | -$3,600 | -$18,000 |
| Total operating expenses | -$76,021 | -$0 | -$75,778 | -$75,778 | -$75,778 | -$75,778 | -$379,134 |
| Net operating income (NOI) | $298,019 | $0 | $290,162 | $290,162 | $290,162 | $290,162 | $1,458,666 |
| NOI per SF | $16.56/SF | $0.00/SF | $16.12/SF | $16.12/SF | $16.12/SF | $16.12/SF | $16.21/SF |
Stabilized NOI
Annual debt service (perm loan)
Cash flow after debt service