Create a 5-year ProForma based on the Exhibit 16 information (current Income Statement). Assume the Income Statement reflects EOY 2012, and occupancy begins August 2014 (20 months growth).

Exhibit 16: Current Income Statement ($) Revenue Gross rental income 428,400.00 Parking income 17,550.00 Vacancy loss (2%) (8,919.00) Credit loss (1%) (4,459.50) Total income 432,571.50

Expenses Real estate tax 86,725.25 Common area electric 3,500.00 Common area gas 2,000.00 Common area cleaning 2,600.00 Security system 860.00 Landscaping maintenance 1,800.00 Landscaping irrigation 696.99 Exterminating 600.00 Snow removal 3,000.00 Garbage service 2,400.00 HVAC service contract 2,100.00 General maintenance 3,000.00 Unit turnover cleaning 7,500.00 Insurance 10,000.00 Management fee 34,605.72 Total expenses 161,387.96 Net operating income 271,183.54