current

POTENTIAL GROSS REVENUE

1998

1999

2000

Base Rental Revenue

$1,101,486

$1,085,404

$1,078,372

Absorption & Turnover Vacancy

($292,080)

($85,806)

($3,401)

Base Rent Abatements

($32,978)

($44,600)

($10,739)

Scheduled Base Rental Revenue

$776,428

$954,998

$1,064,232

Base Rental Step Revenue

$1,934

$10,760

$38,266

Porter Wage Revenue

$0

$0

$0

Miscellaneous Rental Revenue

$0

$0

$0

CPI & Other Adjustment Revenue

$0

$1,644

$9,513

Retail Sales percentage rent

$0

$0

$0

Parking revenue

$0

$0

$0

Overtime HVAC

$20,000

$20,600

$21,424

Other

$0

$0

$0

Additional Rent

$21,934

$33,004

$69,203

Repairs & Maintenance

$3,884

$15,310

$23,119

Utilities

$3,997

$15,756

$23,789

Utilities (Variable)

$1,179

$7,807

$12,345

Janitorial/Cleaning

$903

$3,560

$5,375

Janitorial/Cleaning (Variabl

$1,106

$7,322

$11,576

Security

$673

$2,659

$4,009

Personnel

$1,781

$7,019

$10,596

Property Management Fee

$669

$5,340

$8,573

Electric

$119,484

$240,101

$259,134

Real Estate Taxes

$15,154

$16,091

$20,047

Administrative & General

$2,529

$2,720

$3,453

Insurance

$3,903

$4,198

$5,328

Expense Reimbursement Revenue

$155,262

$327,883

$387,344

TOTAL POTENTIAL GROSS REVENUE

$953,624

$1,315,885

$1,520,779

General Vacancy

$0

($27,941)

($118,278)

Collection Loss

($9,419)

($10,517)

($12,134)

EFFECTIVE GROSS REVENUE

$944,205

$1,277,427

$1,390,367

EXPENSES

Repairs & Maintenance

97,000

99,910

103,906

Utilities

125,702

147,580

160,843

Real Estate Taxes

150,000

153,000

156,060

Administrative & General

25,000

25,750

26,780

Insurance

38,570

39,727

41,316

Utilities (Variable)

47,848

94,779

105,016

Janitorial/Cleaning

43,128

44,422

45,755

Janitorial/Cleaning (Variable)

44,857

88,855

98,453

Security

15,000

15,450

16,068

Personnel

84,975

87,524

90,150

Property Management Fee

31,948

66,625

72,955

TOTAL OPERATING EXPENSES

$704,028

$863,622

$917,302

NET OPERATING INCOME

$240,177

$413,805

$473,065