financials
4.1 Financials
pro forma
5-Year Operating Pro Forma
All figures in $ millions
| Line item | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
|---|---|---|---|---|---|
| Rental income | $0.0M | $3.7M | $9.1M | $9.4M | $9.7M |
| Other income | $0.0M | $0.1M | $0.4M | $0.4M | $0.4M |
| Vacancy & credit | ($0.0M) | ($0.2M) | ($0.6M) | ($0.6M) | ($0.6M) |
| Effective gross income | $0.0M | $3.6M | $8.9M | $9.2M | $9.5M |
| Operating expenses | ($0.0M) | ($1.3M) | ($3.3M) | ($3.4M) | ($3.5M) |
| Net operating income | $0.0M | $2.2M | $5.6M | $5.8M | $6.0M |
| Opex ratio | 0.0% | 37.0% | 37.0% | 37.0% | 37.0% |
| Occupancy | 0% | 55% | 94% | 94% | 94% |
| Yield on cost | 0.0% | 2.6% | 6.6% | 6.8% | 7.0% |
| NOI growth | - | - | - | 3.0% | 3.0% |
| NOI margin | 0.0% | 63.0% | 63.0% | 63.0% | 63.0% |
F 01 / 03
pro forma
5-Year Levered Cash Flow
All figures in $ millions
| Line item | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
|---|---|---|---|---|---|
| Net operating income | $0.0M | $2.2M | $5.6M | $5.8M | $6.0M |
| Debt service | ($1.5M) | ($3.0M) | ($4.2M) | ($4.2M) | ($4.2M) |
| Levered cash flow | ($1.5M) | ($0.7M) | $1.5M | $1.6M | $1.8M |
| Refinance proceeds | - | - | $8.0M | - | - |
| Net sale proceeds | - | - | - | - | $60.9M |
| Distributions to equity | - | - | $9.5M | $1.6M | $62.7M |
| Cash-on-cash (LP) | - | - | 5.5% | 5.7% | 5.9% |
F 02 / 03
pro forma
5-Year Position & Returns
All figures in $ millions
| Line item | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
|---|---|---|---|---|---|
| Asset value | $42.9M | $85.8M | $112.4M | $114.7M | $122.8M |
| Debt outstanding | ($25.7M) | ($51.5M) | ($59.4M) | ($59.4M) | ($0.0M) |
| Net equity value | $17.1M | $34.3M | $53.0M | $55.2M | $122.8M |
| Loan to value | 60.0% | 60.0% | 52.9% | 51.9% | 0.0% |
| DSCR | - | - | 1.35x | 1.35x | 1.35x |
| Yield on cost | 0.0% | 2.6% | 6.6% | 6.8% | 7.0% |
| LP equity multiple | 1.00x | 1.05x | 1.35x | 1.55x | 1.95x |
| Distribution yield | - | - | 5.5% | 5.7% | 5.9% |
F 03 / 03