Any Office, Inc 1234 Any Boulevard Some City USA 12345 Appen… · Any Office, Inc 1234 Any...
Transcript of Any Office, Inc 1234 Any Boulevard Some City USA 12345 Appen… · Any Office, Inc 1234 Any...
Any Office, Inc
1234 Any Boulevard Some City, USA 12345
Monthly Property Review
Period Ended January 31, 2005
PROPERTY MANAGEMENT KEY INFORMATION SUMMARY 1. LEASED AND OCCUPIED SPACE
SF % SF %Total Rentable Area 315,929 315,929 Beginning Total Leased 281,833 89.21% 268,649 85.03%Less: Total Vacated - 0.00% - 0.00%Plus: Total Leased - 0.00% 0.00%
Ending Total Leased 281,833 89.21% 268,649 85.03%
Leased Occupied
NOTE: This schedule includes the Company X space at 12,000 RSF. The tenant has the option to have an architect certify the square footages after the lease commences. We expect the size of the space to be reduced to 11,697 square feet. This schedule includes the Company Y and Company X leases in the Leased category and not in the Occupied category since these leases commenced in February 2005. Explain change from prior month (list tenant names, square footage, etc.) New Leases: Company X. 12,000 square feet on the 2nd Floor (square feet to be verified) Term – 10 years, 3 months at $23.92 per square foot FS Occupancy February 2005
Company Y 1,184 square feet on the 2nd Floor Term – 3 years at $26.50 per square foot FS Occupancy February 2005
Any Office, Inc
1234 Any Boulevard Some City, USA 12345
Monthly Property Review
Period Ended January 31, 2005
2. CHANGES IN ACCOUNTS RECEIVABLE
Description TotalBeginning Accounts Receivable (71 ,531 .27)$
Plus: New Charges 708,797.75$
Less: Collect ions (647,543.86)$
Plus/Less: Adjustments to A/R -$
Prepaid Rent (1 3,453.1 6)$
Accrued A/R -$
Ending Accounts Receivable (23,730.54)$
3. CASH MANAGEMENT
Book balances reduced to $1,000 Yes If no, explain: Not applicable Written authorization to hold by Owner Advisors? Not applicable Funds wired to Owner Advisors? Yes If no, explain: Not applicable Funds received from Owner Advisors? No
Any Office, Inc
1234 Any Boulevard Some City, USA 12345
Monthly Property Review
Period Ended January 31, 2005
4. PROPERTY MANAGEMENT FEE - Show the property management fee calculation
(both monthly and quarterly). If detail available in manager's format, please attach. A property management fee calculation spreadsheet is included in our reporting
packet.
5. AFFILIATES - Explain in detail – by account code, description, and amount – any payments to the property manager, affiliates, or individuals staffed by the property manager.
Vendor Total Account # Description
Building Manager $ 1,234.00 53099000 Reimburse engineer for education expenses.
Property Management Company 9,402.16$ 52060000 Management feeProperty Management Company 424.91$ 52060000 Management feeProperty Management Company 14,661.66$ 50012000 Engineering payrollProperty Management Company 11,733.55$ 52064000 Administrative payrollProperty Management Company 30,933.55$ 15801000 CommissionsProperty Management Company 6,867.65$ 15207000 Construction Management Fee Property Manager Name 27.56$ 50002000 Mileage for PMBusiness Services Group 210.60$ 52065100 Help Desk FeesProperty Management Company 400.00$ 52065100 Email allocationProperty Management Company 10.48$ 52065100 Office suppliesProperty Management Company 44.12$ 52065100 Business cards - Building Manager
Any Office, Inc
1234 Any Boulevard Some City, USA 12345
Monthly Property Review
Period Ended January 31, 2005
Physical Condition and Operations Summary
During this month, Property Management Company:
• Evaluated and repaired failures in the garage dry pipe sprinkler system and obtained bids for system replacement in October 2004. Engaged consultant to evaluate existing system and recommend a course of action for the replacement. Competitively bid project to three vendors. Contract signed in January with Company Z. Repaired several sections of pipe that had leaked in January. Company Z started work on sprinkler and standpipe replacement in February 2005. Work is expected to take 8-12 weeks.
• Engaged consultant to evaluate structural repairs to the parking deck. We are currently working out contracting language with Company 2.
• Received approved 2005 budget from Owner Investment Management. • Continued common area renovation project on the first and second floors. • Completed monthly fire extinguisher inspection • Performed PM on all AHUs • Performed weekly garage dry sprinkler system blow down • Completed tenant utility report • Installed common area signs for the 1st and 2nd floors. • Held monthly Tenant Council Meeting. • Continued painting and cleaning of mechanical rooms • Performed weekly fire pump churn • Completed monthly fire extinguisher inspection • Performed weekly emergency generator test • Managed construction for tenant improvements of the new tenants:
Company X and Company Y• Completed quarterly flow & tamper test on the sprinkler system. • Retrofitted 2x2 light fixtures in lobby and on 2nd floor from T12 to T8 lamps. • Repaired/replaced exit light fixtures in garage • Initiated EPA fluorescent lamp recycling program
Any Office, Inc
1234 Any Boulevard Some City, USA 12345
Monthly Property Review
Period Ended January 31, 2005
Legal Expenses Description Legal expenses this quarter were limited to legal fees associated with new tenant and expansion leases. There were no collection efforts instituted or continued this quarter at Any Office, Inc.
Any Office, Inc
1234 Any Boulevard Some City, USA 12345
Monthly Property Review
Period Ended January 31, 2005
Incidents/Litigation Summary Copies of incident reports for incidents occuring in the most recent quarter are attached.
Any Office, Inc
1234 Any Boulevard Some City, USA 12345
Monthly Property Review
Period Ended January 31, 2005
Property Management Staffing Plan Staffing at the property is as follows:
Team Member Position AllocationName 1 Property Manager 50%Name 2 Assistant Property Manager 100%Name 3 Chief Engineer 100%Name 4 Building Engineer 100%Name 5 Maintenance Technician 100%
Any Office, Inc
1234 Any Boulevard Some City, USA 12345
Monthly Property Review
Period Ended January 31, 2005
Market Conditions Summary
The property is located in Some City, USA.
Some City had 57,430,309 square feet of total space available at the end of December 2004.
Year-to-date net absorption was 2,211,000 square feet through December 2004. Some City had 4,489,655 square feet of vacant space (7.8%) at the
end of December 2004 (excluding sublet space). The vacancy rate including sublet space was 9.6% for the same period.
So
Quarter Supply Absorption Vacancy %
Dece December 2004 57,430,309 2,211,000 4,489,650 8%
Any Office, Inc
1234 Any Boulevard Some City, USA 12345
Monthly Property Review
Period Ended January 31, 2005
Leasing Status Report
Location Square Feet Base Rent Lease ExpirationNot applicableTotals - -$
Lease Expirations
Location Square Feet Base Rent Lease ExpirationLower Level 53 5th Floor 10,754 6th Floor 23,592 Totals 34,399 -$
Vacant Space
Any Office, Inc
1234 Any Boulevard Some City, USA 12345
Monthly Property Review
Period Ended January 31, 2005
PROPERTY DESCRIPTION Any Office, Inc. is a 13 story, Class A office building with a five level parking garage, surface parking areas, entrance drive, and surrounding landscape. The building is constructed of a cast-in-place post-tensioned concrete frame on drilled shaft foundations. Foundation walls are 12-inch cast-in-place concrete. Elevated floor slabs consist of post-tensioned 9-inch thick concrete T-beam slabs. Ground bearing slabs consist of post-tensioned 5-inch thick concrete on a 6-inch compact subgrade. The roof structure and waterproofing consists of a PVC membrane on concrete with 2-inch ridge insulation. Entrance to the building is provided through a main entrance on the south side of the building. There is a 24-hour security desk in the lobby and a two-story atrium located at the south entrance to the building. The interior finishes in the building include glazed marble tile and granite lobby floors with painted drywall walls, fabric-clad walls, wall-papered corridors and suspended 24-inch square lay-in ceiling tiles. Each floor is approximately 23,592 square feet with the lower-level consisting of 15,093 square feet.
Any Office, Inc
1234 Any Boulevard Some City, USA 12345
Monthly Property Review
Period Ended January 31, 2005
COLLECTIONS AND DELINQUENCIES
Tenant Suite
Amount (Combined if
more than one space)
Probability of Collection Narrative
Company A 100 (14,532.03)$ Excellent Prepaid rent. Company B LL000 400.00$ Excellent Paid after the statement closed. Company C 300 -$ Excellent Balance resolved in January. Company C LL005 -$ Excellent Balance resolved in January. Company D 210 (13,545.83)$ Excellent Prepaid rent. Company E 220 3,254.80$ Excellent Paid after the statement closed.
Company H 510 3,307.19$ Excellent
Commencement needs to be processed through Property Management Company. This will be resolved in February.
Company Y 230 (2,614.67)$ Excellent Prepaid rent. Totals (23,730.54)$
BUILDING
Tenant Suite
Amount (Combined if
more than one space)
Probability of Collection Narrative
Hotel Garage -$ Excellent Balance resolved in January.
Totals -$
GARAGE
Any Office, Inc
1234 Any Boulevard Some City, USA 12345
Monthly Property Review
Period Ended January 31, 2005
INSPECTION REPORTS Property inspection reports in the Property Management Company format are included in this Report. A detailed inspection is completed for one floor each week by the property manager, assistant property manager, and chief engineer. Work tickets are then assigned to the responsible party. Follow-up inspections will be performed when the respective floors are inspected next time.
Any Office, Inc
1234 Any Boulevard Some City, USA 12345
Monthly Property Review
Period Ended January 31, 2005
TENANT CORRESPONDENCE
All pertinent tenant correspondence is included in this section.
Any Office, Inc
1234 Any Boulevard Some City, USA 12345
Monthly Property Review
Period Ended January 31, 2005
FLOOR PLANS/STACKING DIAGRAMS The stacking diagram appears on the following page.
Any Office, Inc
1234 Any Boulevard Some City, USA 12345
Monthly Property Review
Period Ended January 31, 2005
TENANT COMPLIANCE SUMMARY The summary of service calls appears on the following page.
Any Office, Inc. 1234 Any Boulevard Some City, USA 12345
Monthly Property Review Period Ended January 31, 2005
Base Rent Revenue Y-T-D Actual Y-T-D Budget Variance Percent$462,656.85 $472,089.89 ($9,433.04) -2.00%
Expense Recovery Revenue Y-T-D Actual Y-T-D Budget Variance Percent$196,545.31 $220,481.28 ($23,935.97) -10.86%
Interest - Short Term Investment Y-T-D Actual Y-T-D Budget Variance Percent
$678.13 $350.00 $328.13 93.75%
Storage Space Rental Y-T-D Actual Y-T-D Budget Variance Percent
$7,184.78 $7,184.78 $0.00 0.00%
Y-T-D Actual Y-T-D Budget Variance Percent$667,065.07 $700,105.95 ($33,040.88) -4.72%
Administrative Expense Y-T-D Actual Y-T-D Budget Variance Percent
$29,050.45 $35,077.99 $6,027.54 17.18%
Real Estate TaxesY-T-D Actual Y-T-D Budget Variance Percent$62,325.22 $62,325.22 $0.00 0.00%
Insurance Y-T-D Actual Y-T-D Budget Variance Percent
$9,914.38 $9,779.00 ($135.38) -1.38%
Security Expense Y-T-D Actual Y-T-D Budget Variance Percent
$23,067.11 $15,666.00 ($7,401.11) -47.24%
Janitorial Y-T-D Actual Y-T-D Budget Variance Percent
$27,902.36 $28,990.48 $1,088.12 3.75%
The reporting that follows reflects activity for the property on a year-to-date basis. Explanations are provided for YTD variances greater than 5% and $5,000.
Total Revenue
2005 operating expense prepayments will be adjusted in March 2004 when the operating expense reconciliations for 2004 have been invoices to the tenants.
On budget
Several leases commenced in January 2005 as opposed to commencing in the 4th quarter of 2004 (as budgeted).
Revenue
Negligible dollar variance.
Recoverable Operating Expenses
Negligible variance
Budget Variances
Negligible variance
Contingency remains for PM and engineering education - $4,354.
Negligible variance
Total payment to Company X includes approximately $7,500 in expenses from December 2004 for security guard services.
Any Office, Inc.
Repairs and Maintenance Y-T-D Actual Y-T-D Budget Variance Percent
$38,171.20 $92,985.26 $54,814.06 58.95%
Utilities Expense Y-T-D Actual Y-T-D Budget Variance Percent
$79,164.01 $60,289.91 ($18,874.10) -31.31%
Y-T-D Actual Y-T-D Budget Variance Percent$269,594.73 $305,113.86 $35,519.13 11.64%
Non-Recoverable Expenses
Y-T-D Actual Y-T-D Budget Variance Percent$40.04 $10,497.56 $10,457.52 99.62%
Y-T-D Actual Y-T-D Budget Variance Percent$40.04 $10,497.56 $10,457.52 99.62%
Building Improvements Y-T-D Actual Y-T-D Budget Variance Percent$148,436.00 $628,900.00 $480,464.00 76.40%
T/I New Leases Y-T-D Actual Y-T-D Budget Variance Percent
$43,045.74 $130,560.00 $87,514.26 67.03%
Leasing Commissions Y-T-D Actual Y-T-D Budget Variance Percent
$4,850.44 $29,330.31 $24,479.87 83.46%
Y-T-D Actual Y-T-D Budget Variance Percent$196,332.18 $788,790.31 $592,458.13 75.11%
Y-T-D Actual Y-T-D Budget Variance Percent$201,098.12 -$404,295.78 $605,393.90 -149.74%
Building improvements and tenant improvements are in progress. Several lease commencements will occur in the first quarter of 2005 instead of the 4th quarter of 2004.
Total Expenses
Annual elevator contract was budgeted to be paid in January 2005, but it was paid in February - $44,415. Several smaller contingencies remain, including: HVAC repairs, landscaping, and snow removal.
Our utility budget was normalized over the year. As a result, the actual figures will be higher than the budget until the energy usage declines later this Spring.
Modified Cash Flow
Non-Operating Expenses
Capital Expenditures
Invoicing for leasing commissions is lagging slightly behind budget. We expect to be caught up by the 2nd quarter.
Total Non-Operating Expenses
Total Capital Expenditures
Building improvements are in progress. We expect that the actual expenses will be more in line with the budget by the 2nd quarter of 2005.
Contingency remains for collection loss and space planning costs for the remainder of the vacancies.