Boutique Hotel Financial Model

Hotel
Financial Summary 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Sales Summary
Sales
Room $492,486 $500,000 $476,125 $537,257 $595,090 $472,410 $490,571 $490,571 $490,571 $1,382,190 $1,672,450 $2,023,664 $2,457,403 $2,732,555
Concierge $0 $0 $0 $0 $0 $0 $0 $1 $2 $0 $0 $0 $0 $0
Other $5,000 $5,000 $12,000 $5,000 $5,000 $6,958 $6,870 $6,870 $6,870 $0 $0 $0 $0 $0
Total $497,486 $505,000 $488,125 $542,257 $600,090 $479,368 $497,441 $497,442 $497,443 $1,382,190 $1,672,450 $2,023,664 $2,457,403 $2,732,555
Gross Profit
Room $492,486 $500,000 $476,125 $537,257 $595,090 $472,410 $490,571 $490,571 $490,571 $24,879 $30,104 $36,426 $44,233 $49,186
Concierge $0 $0 $0 $0 $0 $0 $0 $1 $2 $64,963 $78,605 $95,112 $115,498 $128,430
Other $5,000 $5,000 $0 $5,000 $5,000 $6,958 $6,870 $6,870 $6,870 $80,167 $97,002 $117,373 $142,529 $158,488
Total $497,486 $505,000 $476,125 $542,257 $600,090 $479,368 $497,441 $497,442 $497,443 $170,009 $205,711 $248,911 $302,261 $336,104
Depreciation $14,506 $13,791 $13,146 $13,225 $11,450 $34,013 $58,124 $58,124 $58,124 $96,753 $117,071 $141,657 $172,018 $191,279
% of Revenue 2.9% 2.7% 2.7% 2.4% 1.9% 7.1% 11.7% 11.7% 11.7% 7.0% 7.0% 7.0% 7.0% 7.0%
Income Statement
Total Sales $492,486 $500,000 $476,125 $537,257 $595,090 $472,410 $490,571 $490,571 $490,571 $1,382,190 $1,672,450 $2,023,664 $2,457,403 $2,732,555
Total COGS $0 $0 $0 $0 $0 $0 $0 $0 $0 $770,036 $812,414 $863,691 $927,017 $967,189
Gross Profit $492,486 $500,000 $476,125 $537,257 $595,090 $472,410 $490,571 $490,571 $490,571 $612,154 $860,036 $1,159,973 $1,530,386 $1,765,366
Total Expenses $411,102 $428,615 $365,190 $490,102 $467,523 $421,181 $441,494 $441,494 $441,494 $0 $0 $0 $0 $0
EBITDA $81,384 $71,385 $110,935 $47,155 $127,567 $51,229 $49,077 $49,077 $49,077 $612,154 $860,036 $1,159,973 $1,530,386 $1,765,366
Depreciation and Amortization $14,506 $13,791 $13,146 $13,225 $11,450 $34,013 $58,124 $58,124 $58,124 $96,753 $117,071 $141,657 $172,018 $191,279
EBIT $66,878 $57,594 $97,789 $33,930 $116,117 $17,216 -$9,047 -$9,047 -$9,047 $515,401 $742,965 $1,018,317 $1,358,368 $1,574,087
Interest $0 $0 $0 $0 $0 $0 $0 $1 $2 $0 $0 $0 $0 $0
Pre-Tax Income $66,878 $57,594 $97,789 $33,930 $116,117 $17,216 -$9,047 -$9,048 -$9,049 $515,401 $742,965 $1,018,317 $1,358,368 $1,574,087
Tax $0 $0 $0 $0 $0 $0 $0 $1 $2 $128,850 $185,741 $254,579 $339,592 $393,522
Net Income $66,878 $57,594 $97,789 $33,930 $116,117 $17,216 -$9,047 -$9,049 -$9,051 $386,551 $557,224 $763,738 $1,018,776 $1,180,565
Effective Tax Rate 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25% 25%
Balance Sheet
Cash and Cash Equivalents $471,102 $1,140,576 $2,045,970 $3,236,764 $4,608,608

Receivables $0 $0 $0 $0 $0
Inventory $0 $0 $0 $0 $0
Other $0 $0 $0 $0 $0
Total Current Assets $471,102 $1,140,576 $2,045,970 $3,236,764 $4,608,608
Plant Property & Equipment -$96,753 -$213,825 -$355,481 -$527,500 -$718,778
Goodwill $0 $0 $0 $0 $0
Other $0 $0 $0 $0 $0
Total Assets $374,348 $926,751 $1,690,489 $2,709,265 $3,889,830
Accounts Payable $0 $0 $0 $0 $0
Short Term Debt $0 $0 $0 $0 $0
Total Current Liabilites $0 $0 $0 $0 $0
Retained Earnings $374,348 $926,751 $1,690,489 $2,709,265 $3,889,830
Total Shareholder's Equity and Liabilities $374,348 $926,751 $1,690,489 $2,709,265 $3,889,830
Accounts Receivable % Revenue 0.0% 0.0% 0.0% 0.0% 0.0%

Inventories as % of COGS 0.0% 0.0% 0.0% 0.0% 0.0%
Payables as % of COGS 0.0% 0.0% 0.0% 0.0% 0.0%
Cash Flow
Net Income $386,551 $557,224 $763,738 $1,018,776 $1,180,565

Depreciation & Amortization $96,753 $117,071 $141,657 $172,018 $191,279
Working Capital $0 $0 $0 $0 $0
Accounts Receivable $0 $0 $0 $0 $0
Inventory $0 $0 $0 $0 $0
Accounts Payable $0 $0 $0 $0 $0
Cash Flow from Operations $483,304 $674,295 $905,394 $1,190,794 $1,371,844
Capex $0 $0 $0 $0 $0
Cash Flow from Investing $0 $0 $0 $0 $0
Debt $0 $0 $0 $0 $0
Cash Flow from Financing $0 $0 $0 $0 $0
Beginning Cash Balance $0 $471,102 $1,140,576 $2,045,970 $3,236,764

Change in Cash Flow $471,102 $669,474 $905,394 $1,190,794 $1,371,844
Net Cash Flow $471,102 $1,140,576 $2,045,970 $3,236,764 $4,608,608
Capex as % of Revenue 0.0% 0.0% 0.0% 0.0% 0.0%

Depreciation as % of Revenue 7.0% 7.0% 7.0% 7.0% 7.0%
Hotel
Financial Model Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 2021 Jan-22 Feb-22 Mar-22 Apr-22 May-22
Assumptions
Option Selection
Best Case Option 1 Selected Option 1
Base Case Option 2
Worse Case Option 3
Selected Option
Rooms Occupancy Rate Avg. Occupancy Rate
Room #1 75% 75% 75% 35% 35% 75% 75% 75% 75% 35% 35% 75% 62% 83% 83% 83% 39% 39%
Room #2 75% 75% 75% 35% 35% 75% 75% 75% 75% 35% 35% 75% 62% 83% 83% 83% 39% 39%
Room #3 75% 75% 75% 35% 35% 75% 75% 75% 75% 35% 35% 75% 62% 83% 83% 83% 39% 39%
Room #4 75% 75% 75% 35% 35% 75% 75% 75% 75% 35% 35% 75% 62% 83% 83% 83% 39% 39%
Room #5 75% 75% 75% 35% 35% 75% 75% 75% 75% 35% 35% 75% 62% 83% 83% 83% 39% 39%
Room #6 75% 75% 75% 35% 35% 75% 75% 75% 75% 35% 35% 75% 62% 83% 83% 83% 39% 39%
Room #7 75% 75% 75% 35% 35% 75% 75% 75% 75% 35% 35% 75% 62% 83% 83% 83% 39% 39%
Room #8 75% 75% 75% 35% 35% 75% 75% 75% 75% 35% 35% 75% 62% 83% 83% 83% 39% 39%
Peak Season Rate Low Season Rate
Room #1 $800 $500 $800 $800 $800 $500 $500 $800 $800 $800 $800 $500 $500 $800 $700 $880 $880 $880 $550 $550
Room #2 $700 $400 $700 $700 $700 $400 $400 $700 $700 $700 $700 $400 $400 $700 $600 $770 $770 $770 $440 $440
Room #3 $800 $500 $800 $800 $800 $500 $500 $800 $800 $800 $800 $500 $500 $800 $700 $880 $880 $880 $550 $550
Room #4 $1,200 $800 $1,200 $1,200 $1,200 $800 $800 $1,200 $1,200 $1,200 $1,200 $800 $800 $1,200 $1,067 $1,320 $1,320 $1,320 $880 $880
Room #5 $900 $500 $900 $900 $900 $500 $500 $900 $900 $900 $900 $500 $500 $900 $767 $990 $990 $990 $550 $550
Room #6 $1,000 $700 $1,000 $1,000 $1,000 $700 $700 $1,000 $1,000 $1,000 $1,000 $700 $700 $1,000 $900 $1,100 $1,100 $1,100 $770 $770
Room #7 $600 $400 $600 $600 $600 $400 $400 $600 $600 $600 $600 $400 $400 $600 $533 $660 $660 $660 $440 $440
Room #8 $600 $400 $600 $600 $600 $400 $400 $600 $600 $600 $600 $400 $400 $600 $533 $660 $660 $660 $440 $440
YoY Growth in Room Rate 10%
YoY Growth in Room Occupancy 10%

Days per Period 31 28 31 30 31 30 31 31 30 31 30 31 365 31 28 31 30 31
Variable Expenses (% of Revenue)

Sales Tax 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0%
Advertising-Printing 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6%
Repairs, Cleaning Supplies 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2%
PR/Entertaining 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5%
Credit Card Processing Fees 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3%
Fixed Expenses
Rent per month $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $139,896 $11,658 $11,658 $11,658 $11,658 $11,658
Cable/Internet/Telephone per month $600 $600 $600 $600 $600 $600 $600 $600 $600 $600 $600 $600 $600 $7,200 $600 $600 $600 $600 $600
Insurance per month $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $3,600 $300 $300 $300 $300 $300
Maid per month $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $72,000 $6,000 $6,000 $6,000 $6,000 $6,000
Staff-Office per month $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $6,000 $500 $500 $500 $500 $500
Electric & Water per month $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $6,000 $500 $500 $500 $500 $500
Linens per month $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $2,340 $195 $195 $195 $195 $195
Office Supplies per month $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $1,800 $150 $150 $150 $150 $150
Misc per month $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $12,000 $1,000 $1,000 $1,000 $1,000 $1,000
SG&A Expenses
Salary #1 per month $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $150,000 $12,500 $12,500 $12,500 $12,500 $12,500
Salary #2 per month $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $150,000 $12,500 $12,500 $12,500 $12,500 $12,500
Legal per month $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $8,400 $700 $700 $700 $700 $700
Accounting per month $750 $750 $750 $750 $750 $750 $750 $750 $750 $750 $750 $750 $750 $9,000 $750 $750 $750 $750 $750
Depreciation & Amortization (% of Revenue) 7.0%

Effective Tax Rate 25.0%
Best Case Option

Rooms Occupancy Rate Avg. Occupancy Rate
Room #1 75% 75% 75% 35% 35% 75% 75% 75% 75% 35% 35% 75% 62% 83% 83% 83% 39% 39%
Room #2 75% 75% 75% 35% 35% 75% 75% 75% 75% 35% 35% 75% 62% 83% 83% 83% 39% 39%
Room #3 75% 75% 75% 35% 35% 75% 75% 75% 75% 35% 35% 75% 62% 83% 83% 83% 39% 39%
Room #4 75% 75% 75% 35% 35% 75% 75% 75% 75% 35% 35% 75% 62% 83% 83% 83% 39% 39%
Room #5 75% 75% 75% 35% 35% 75% 75% 75% 75% 35% 35% 75% 62% 83% 83% 83% 39% 39%
Room #6 75% 75% 75% 35% 35% 75% 75% 75% 75% 35% 35% 75% 62% 83% 83% 83% 39% 39%
Room #7 75% 75% 75% 35% 35% 75% 75% 75% 75% 35% 35% 75% 62% 83% 83% 83% 39% 39%
Room #8 75% 75% 75% 35% 35% 75% 75% 75% 75% 35% 35% 75% 62% 83% 83% 83% 39% 39%
Room #1 $800 $500 $800 $800 $800 $500 $500 $800 $800 $800 $800 $500 $500 $800 $700 $880 $880 $880 $550 $550
Room #2 $700 $400 $700 $700 $700 $400 $400 $700 $700 $700 $700 $400 $400 $700 $600 $770 $770 $770 $440 $440
Room #3 $800 $500 $800 $800 $800 $500 $500 $800 $800 $800 $800 $500 $500 $800 $700 $880 $880 $880 $550 $550
Room #4 $1,200 $800 $1,200 $1,200 $1,200 $800 $800 $1,200 $1,200 $1,200 $1,200 $800 $800 $1,200 $1,067 $1,320 $1,320 $1,320 $880 $880
Room #5 $900 $500 $900 $900 $900 $500 $500 $900 $900 $900 $900 $500 $500 $900 $767 $990 $990 $990 $550 $550
Room #6 $1,000 $700 $1,000 $1,000 $1,000 $700 $700 $1,000 $1,000 $1,000 $1,000 $700 $700 $1,000 $900 $1,100 $1,100 $1,100 $770 $770
Room #7 $600 $400 $600 $600 $600 $400 $400 $600 $600 $600 $600 $400 $400 $600 $533 $660 $660 $660 $440 $440
Room #8 $600 $400 $600 $600 $600 $400 $400 $600 $600 $600 $600 $400 $400 $600 $533 $660 $660 $660 $440 $440

Sales Tax 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0%
PR/Entertaining 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5%
Fixed Expenses
Rent per month $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $139,896 $11,658 $11,658 $11,658 $11,658 $11,658
Maid per month $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $72,000 $6,000 $6,000 $6,000 $6,000 $6,000
Linens per month $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $2,340 $195 $195 $195 $195 $195
Misc per month $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $12,000 $1,000 $1,000 $1,000 $1,000 $1,000
SG&A Expenses
Salary #1 per month $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $150,000 $12,500 $12,500 $12,500 $12,500 $12,500
Salary #2 per month $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $150,000 $12,500 $12,500 $12,500 $12,500 $12,500
Legal per month $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $8,400 $700 $700 $700 $700 $700

Base Case Option

Rooms Occupancy Rate Avg.
Room #1 72% 72% 72% 33% 33% 72% 72% 72% 72% 33% 33% 72% 59% 76% 76% 76% 35% 35%
Room #2 72% 72% 72% 33% 33% 72% 72% 72% 72% 33% 33% 72% 59% 76% 76% 76% 35% 35%
Room #3 72% 72% 72% 33% 33% 72% 72% 72% 72% 33% 33% 72% 59% 76% 76% 76% 35% 35%
Room #4 72% 72% 72% 33% 33% 72% 72% 72% 72% 33% 33% 72% 59% 76% 76% 76% 35% 35%
Room #5 72% 72% 72% 33% 33% 72% 72% 72% 72% 33% 33% 72% 59% 76% 76% 76% 35% 35%
Room #6 72% 72% 72% 33% 33% 72% 72% 72% 72% 33% 33% 72% 59% 76% 76% 76% 35% 35%
Room #7 72% 72% 72% 33% 33% 72% 72% 72% 72% 33% 33% 72% 59% 76% 76% 76% 35% 35%
Room #8 72% 72% 72% 33% 33% 72% 72% 72% 72% 33% 33% 72% 59% 76% 76% 76% 35% 35%
Room #1 $800 $500 $800 $800 $800 $500 $500 $800 $800 $800 $800 $500 $500 $800 $700 $840 $840 $840 $525 $525
Room #2 $700 $400 $700 $700 $700 $400 $400 $700 $700 $700 $700 $400 $400 $700 $600 $735 $735 $735 $420 $420
Room #3 $800 $500 $800 $800 $800 $500 $500 $800 $800 $800 $800 $500 $500 $800 $700 $840 $840 $840 $525 $525
Room #4 $1,200 $800 $1,200 $1,200 $1,200 $800 $800 $1,200 $1,200 $1,200 $1,200 $800 $800 $1,200 $1,067 $1,260 $1,260 $1,260 $840 $840
Room #5 $900 $500 $900 $900 $900 $500 $500 $900 $900 $900 $900 $500 $500 $900 $767 $945 $945 $945 $525 $525
Room #6 $1,000 $700 $1,000 $1,000 $1,000 $700 $700 $1,000 $1,000 $1,000 $1,000 $700 $700 $1,000 $900 $1,050 $1,050 $1,050 $735 $735
Room #7 $600 $400 $600 $600 $600 $400 $400 $600 $600 $600 $600 $400 $400 $600 $533 $630 $630 $630 $420 $420
Room #8 $600 $400 $600 $600 $600 $400 $400 $600 $600 $600 $600 $400 $400 $600 $533 $630 $630 $630 $420 $420

Sales Tax 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0%
PR/Entertaining 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5%
Fixed Expenses
Rent per month $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $139,896 $11,658 $11,658 $11,658 $11,658 $11,658
Maid per month $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $72,000 $6,000 $6,000 $6,000 $6,000 $6,000
Linens per month $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $2,340 $195 $195 $195 $195 $195
Misc per month $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $12,000 $1,000 $1,000 $1,000 $1,000 $1,000
SG&A Expenses
Salary #1 per month $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $150,000 $12,500 $12,500 $12,500 $12,500 $12,500
Salary #2 per month $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $150,000 $12,500 $12,500 $12,500 $12,500 $12,500
Legal per month $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $8,400 $700 $700 $700 $700 $700

Worse Case Option

Rooms Occupancy Rate Avg.
Room #1 68% 68% 68% 27% 27% 68% 68% 68% 68% 27% 63% 68% 57% 68% 68% 68% 27% 27%
Room #2 68% 68% 68% 27% 27% 68% 68% 68% 68% 27% 63% 68% 57% 68% 68% 68% 27% 27%
Room #3 68% 68% 68% 27% 27% 68% 68% 68% 68% 27% 63% 68% 57% 68% 68% 68% 27% 27%
Room #4 68% 68% 68% 27% 27% 68% 68% 68% 68% 27% 63% 68% 57% 68% 68% 68% 27% 27%
Room #5 68% 68% 68% 27% 27% 68% 68% 68% 68% 27% 63% 68% 57% 68% 68% 68% 27% 27%
Room #6 68% 68% 68% 27% 27% 68% 68% 68% 68% 27% 63% 68% 57% 68% 68% 68% 27% 27%
Room #7 68% 68% 68% 27% 27% 68% 68% 68% 68% 27% 63% 68% 57% 68% 68% 68% 27% 27%
Room #8 68% 68% 68% 27% 27% 68% 68% 68% 68% 27% 63% 68% 57% 68% 68% 68% 27% 27%
Room #1 $800 $500 $800 $800 $800 $500 $500 $800 $800 $800 $800 $500 $500 $800 $700 $800 $800 $800 $500 $500
Room #2 $700 $400 $700 $700 $700 $400 $400 $700 $700 $700 $700 $400 $400 $700 $600 $700 $700 $700 $400 $400
Room #3 $800 $500 $800 $800 $800 $500 $500 $800 $800 $800 $800 $500 $500 $800 $700 $800 $800 $800 $500 $500
Room #4 $1,200 $800 $1,200 $1,200 $1,200 $800 $800 $1,200 $1,200 $1,200 $1,200 $800 $800 $1,200 $1,067 $1,200 $1,200 $1,200 $800 $800
Room #5 $900 $500 $900 $900 $900 $500 $500 $900 $900 $900 $900 $500 $500 $900 $767 $900 $900 $900 $500 $500
Room #6 $1,000 $700 $1,000 $1,000 $1,000 $700 $700 $1,000 $1,000 $1,000 $1,000 $700 $700 $1,000 $900 $1,000 $1,000 $1,000 $700 $700
Room #7 $600 $400 $600 $600 $600 $400 $400 $600 $600 $600 $600 $400 $400 $600 $533 $600 $600 $600 $400 $400
Room #8 $600 $400 $600 $600 $600 $400 $400 $600 $600 $600 $600 $400 $400 $600 $533 $600 $600 $600 $400 $400

Sales Tax 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0%
PR/Entertaining 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5%
Fixed Expenses
Rent per month $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $139,896 $11,658 $11,658 $11,658 $11,658 $11,658
Maid per month $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $72,000 $6,000 $6,000 $6,000 $6,000 $6,000
Linens per month $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $2,340 $195 $195 $195 $195 $195
Misc per month $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $12,000 $1,000 $1,000 $1,000 $1,000 $1,000
SG&A Expenses
Salary #1 per month $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $150,000 $12,500 $12,500 $12,500 $12,500 $12,500
Salary #2 per month $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $150,000 $12,500 $12,500 $12,500 $12,500 $12,500
Legal per month $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $8,400 $700 $700 $700 $700 $700

Income Statement
Room #1 $18,600 $16,800 $18,600 $5,250 $5,425 $18,000 $18,600 $18,600 $18,000 $5,425 $5,250 $18,600 $167,150 $22,506 $20,328 $22,506 $6,353 $6,564
Room #2 $16,275 $14,700 $16,275 $4,200 $4,340 $15,750 $16,275 $16,275 $15,750 $4,340 $4,200 $16,275 $144,655 $19,693 $17,787 $19,693 $5,082 $5,251
Room #3 $18,600 $16,800 $18,600 $5,250 $5,425 $18,000 $18,600 $18,600 $18,000 $5,425 $5,250 $18,600 $167,150 $22,506 $20,328 $22,506 $6,353 $6,564
Room #4 $27,900 $25,200 $27,900 $8,400 $8,680 $27,000 $27,900 $27,900 $27,000 $8,680 $8,400 $27,900 $252,860 $33,759 $30,492 $33,759 $10,164 $10,503
Room #5 $20,925 $18,900 $20,925 $5,250 $5,425 $20,250 $20,925 $20,925 $20,250 $5,425 $5,250 $20,925 $185,375 $25,319 $22,869 $25,319 $6,353 $6,564
Room #6 $23,250 $21,000 $23,250 $7,350 $7,595 $22,500 $23,250 $23,250 $22,500 $7,595 $7,350 $23,250 $212,140 $28,133 $25,410 $28,133 $8,894 $9,190
Room #7 $13,950 $12,600 $13,950 $4,200 $4,340 $13,500 $13,950 $13,950 $13,500 $4,340 $4,200 $13,950 $126,430 $16,880 $15,246 $16,880 $5,082 $5,251
Room #8 $13,950 $12,600 $13,950 $4,200 $4,340 $13,500 $13,950 $13,950 $13,500 $4,340 $4,200 $13,950 $126,430 $16,880 $15,246 $16,880 $5,082 $5,251
Revenue From Rooms $153,450 $138,600 $153,450 $44,100 $45,570 $148,500 $153,450 $153,450 $148,500 $45,570 $44,100 $153,450 $1,382,190 $185,675 $167,706 $185,675 $53,361 $55,140
Food and Beverage $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Merchandise Sales $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Membership Sales $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Total Revenue $153,450 $138,600 $153,450 $44,100 $45,570 $148,500 $153,450 $153,450 $148,500 $45,570 $44,100 $153,450 $1,382,190 $185,675 $167,706 $185,675 $53,361 $55,140
Sales Tax $10,742 $9,702 $10,742 $3,087 $3,190 $10,395 $10,742 $10,742 $10,395 $3,190 $3,087 $10,742 $96,753 $12,997 $11,739 $12,997 $3,735 $3,860
Advertising-Printing $921 $832 $921 $265 $273 $891 $921 $921 $891 $273 $265 $921 $8,293 $1,114 $1,006 $1,114 $320 $331
Repairs, Cleaning Supplies $1,841 $1,663 $1,841 $529 $547 $1,782 $1,841 $1,841 $1,782 $547 $529 $1,841 $16,586 $2,228 $2,012 $2,228 $640 $662
PR/Entertaining $5,371 $4,851 $5,371 $1,544 $1,595 $5,198 $5,371 $5,371 $5,198 $1,595 $1,544 $5,371 $48,377 $6,499 $5,870 $6,499 $1,868 $1,930
Credit Card Processing Fees $3,529 $3,188 $3,529 $1,014 $1,048 $3,416 $3,529 $3,529 $3,416 $1,048 $1,014 $3,529 $31,790 $4,271 $3,857 $4,271 $1,227 $1,268
Rent $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $139,896 $11,658 $11,658 $11,658 $11,658 $11,658
Cable/Internet/Telephone $600 $600 $600 $600 $600 $600 $600 $600 $600 $600 $600 $600 $7,200 $600 $600 $600 $600 $600
Insurance $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $3,600 $300 $300 $300 $300 $300
Maid $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $72,000 $6,000 $6,000 $6,000 $6,000 $6,000
Staff-Office $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $6,000 $500 $500 $500 $500 $500
Electric & Water $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $6,000 $500 $500 $500 $500 $500
Linens $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $2,340 $195 $195 $195 $195 $195
Office Supplies $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $1,800 $150 $150 $150 $150 $150
Misc $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $12,000 $1,000 $1,000 $1,000 $1,000 $1,000
Salary #1 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $150,000 $12,500 $12,500 $12,500 $12,500 $12,500
Salary #2 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $150,000 $12,500 $12,500 $12,500 $12,500 $12,500
Legal $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $8,400 $700 $700 $700 $700 $700
Accounting $750 $750 $750 $750 $750 $750 $750 $750 $750 $750 $750 $750 $9,000 $750 $750 $750 $750 $750
Total Cost of Goods Sold $69,757 $67,589 $69,757 $53,792 $54,006 $69,034 $69,757 $69,757 $69,034 $54,006 $53,792 $69,757 $770,036 $74,461 $71,838 $74,461 $55,144 $55,403
Gross Profit $83,693 $71,011 $83,693 -$9,692 -$8,436 $79,466 $83,693 $83,693 $79,466 -$8,436 -$9,692 $83,693 $612,154 $111,213 $95,868 $111,213 -$1,783 -$264
Gross Margin 54.5% 51.2% 54.5% -22.0% -18.5% 53.5% 54.5% 54.5% 53.5% -18.5% -22.0% 54.5% 44.3% 59.9% 57.2% 59.9% -3.3% -0.5%
Depreciation & Amortization $10,742 $9,702 $10,742 $3,087 $3,190 $10,395 $10,742 $10,742 $10,395 $3,190 $3,087 $10,742 $96,753 $12,997 $11,739 $12,997 $3,735 $3,860
EBIT $72,952 $61,309 $72,952 -$12,779 -$11,626 $69,071 $72,952 $72,952 $69,071 -$11,626 -$12,779 $72,952 $515,401 $98,216 $84,129 $98,216 -$5,518 -$4,123
Interest $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Taxes $18,238 $15,327 $18,238 $0 $0 $17,268 $18,238 $18,238 $17,268 $0 $0 $18,238 $128,850 $24,554 $21,032 $24,554 $0 $0
Net Income $54,714 $45,982 $54,714 -$12,779 -$11,626 $51,803 $54,714 $54,714 $51,803 -$11,626 -$12,779 $54,714 $386,551 $73,662 $63,096 $73,662 -$5,518 -$4,123
Net Income Margin 35.7% 33.2% 35.7% -29.0% -25.5% 34.9% 35.7% 35.7% 34.9% -25.5% -29.0% 35.7% 28.0% 39.7% 37.6% 39.7% -10.3% -7.5%
Balance Sheet
Cash and Cash Equivalents $65,455 $121,139 $186,595 $176,903 $168,467 $230,665 $296,121 $361,576 $423,774 $415,338 $405,646 $471,102 $471,102 $557,761 $632,597 $719,256 $717,473 $717,209
Receivables $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Inventory $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Other $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 0 $0 $0 $0 $0 $0
Total Current Assets $65,455 $121,139 $186,595 $176,903 $168,467 $230,665 $296,121 $361,576 $423,774 $415,338 $405,646 $471,102 $471,102 $557,761 $632,597 $719,256 $717,473 $717,209
Plant Property & Equipment -$10,742 -$20,444 -$31,185 -$34,272 -$37,462 -$47,857 -$58,598 -$69,340 -$79,735 -$82,925 -$86,012 -$96,753 -$96,753 -$109,751 -$121,490 -$134,487 -$138,222 -$142,082
Goodwill 0 0 0 0 0 0 0 0 0 0 0 0 $0 0 0 0 0 0
Other 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total Assets $54,714 $100,696 $155,410 $142,631 $131,005 $182,808 $237,522 $292,236 $344,039 $332,413 $319,635 $374,348 $374,348 $448,010 $511,107 $584,768 $579,250 $575,127
Accounts Payable $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Short Term Debt $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 0 $0 $0 $0 $0 $0
Total Current Liabilites 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Retained Earnings $54,714 $100,696 $155,410 $142,631 $131,005 $182,808 $237,522 $292,236 $344,039 $332,413 $319,635 $374,348 $374,348 $448,010 $511,107 $584,768 $579,250 $575,127
Total Shareholder's Equity and Liabilities $54,714 $100,696 $155,410 $142,631 $131,005 $182,808 $237,522 $292,236 $344,039 $332,413 $319,635 $374,348 $374,348 $448,010 $511,107 $584,768 $579,250 $575,127
Accounts Receivable % Revenue 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Inventories as % of COGS 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Payables as % of COGS 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Cash Flow
Net Income $54,714 $45,982 $54,714 -$12,779 -$11,626 $51,803 $54,714 $54,714 $51,803 -$11,626 -$12,779 $54,714 $386,551 $73,662 $63,096 $73,662 -$5,518 -$4,123
Depreciation & Amortization $10,742 $9,702 $10,742 $3,087 $3,190 $10,395 $10,742 $10,742 $10,395 $3,190 $3,087 $10,742 $96,753 $12,997 $11,739 $12,997 $3,735 $3,860
Working Capital $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Accounts Receivable $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Inventory $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Accounts Payable $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Cash Flow from Operations $65,455 $55,684 $65,455 -$9,692 -$8,436 $62,198 $65,455 $65,455 $62,198 -$8,436 -$9,692 $65,455 $483,304 $86,659 $74,836 $86,659 -$1,783 -$264
Capex $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Cash Flow from Investing $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Debt $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Cash Flow from Financing $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Beginning Cash Balance $0 $65,455 $121,139 $186,595 $176,903 $168,467 $230,665 $296,121 $361,576 $423,774 $415,338 $405,646 $0 $471,102 $557,761 $632,597 $719,256 $717,473
Change in Cash Flow $65,455 $55,684 $65,455 -$9,692 -$8,436 $62,198 $65,455 $65,455 $62,198 -$8,436 -$9,692 $65,455 $471,102 $86,659 $74,836 $86,659 -$1,783 -$264
Net Cash Flow $65,455 $121,139 $186,595 $176,903 $168,467 $230,665 $296,121 $361,576 $423,774 $415,338 $405,646 $471,102 $471,102 $557,761 $632,597 $719,256 $717,473 $717,209
Capex as % of Revenue 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Depreciation as % of Revenue 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0%
Charts
Cash Flow from Operations $65,455 $55,684 $65,455 -$9,692 -$8,436 $62,198 $65,455 $65,455 $62,198 -$8,436 -$9,692 $65,455 $483,304 $86,659 $74,836 $86,659 -$1,783 -$264
Cash Flow from Investing $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Cash Flow from Financing $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Cash Balance $65,455 $121,139 $186,595 $176,903 $168,467 $230,665 $296,121 $361,576 $423,774 $415,338 $405,646 $471,102 $471,102 $557,761 $632,597 $719,256 $717,473 $717,209
Break-Even Analysis
Cash Flow from Operations Cash Flow from Investing Cash Flow from Financing Cash Balance
$1,150,000
$950,000
$750,000
$550,000
$350,000
$150,000
-$50,000 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22
Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 2022 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 2023 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24
Occupancy Rate Avg. Occupancy Rate Avg. Occupancy Rate

83% 83% 83% 83% 39% 39% 83% 68% 91% 91% 91% 42% 42% 91% 91% 91% 91% 42% 42% 91% 75% 100% 100% 100% 47% 47% 100% 100%
83% 83% 83% 83% 39% 39% 83% 68% 91% 91% 91% 42% 42% 91% 91% 91% 91% 42% 42% 91% 75% 100% 100% 100% 47% 47% 100% 100%
83% 83% 83% 83% 39% 39% 83% 68% 91% 91% 91% 42% 42% 91% 91% 91% 91% 42% 42% 91% 75% 100% 100% 100% 47% 47% 100% 100%
83% 83% 83% 83% 39% 39% 83% 68% 91% 91% 91% 42% 42% 91% 91% 91% 91% 42% 42% 91% 75% 100% 100% 100% 47% 47% 100% 100%
83% 83% 83% 83% 39% 39% 83% 68% 91% 91% 91% 42% 42% 91% 91% 91% 91% 42% 42% 91% 75% 100% 100% 100% 47% 47% 100% 100%
83% 83% 83% 83% 39% 39% 83% 68% 91% 91% 91% 42% 42% 91% 91% 91% 91% 42% 42% 91% 75% 100% 100% 100% 47% 47% 100% 100%
83% 83% 83% 83% 39% 39% 83% 68% 91% 91% 91% 42% 42% 91% 91% 91% 91% 42% 42% 91% 75% 100% 100% 100% 47% 47% 100% 100%
83% 83% 83% 83% 39% 39% 83% 68% 91% 91% 91% 42% 42% 91% 91% 91% 91% 42% 42% 91% 75% 100% 100% 100% 47% 47% 100% 100%
$880 $880 $880 $880 $550 $550 $880 $770 $968 $968 $968 $605 $605 $968 $968 $968 $968 $605 $605 $968 $847 $1,065 $1,065 $1,065 $666 $666 $1,065 $1,065
$770 $770 $770 $770 $440 $440 $770 $660 $847 $847 $847 $484 $484 $847 $847 $847 $847 $484 $484 $847 $726 $932 $932 $932 $532 $532 $932 $932
$880 $880 $880 $880 $550 $550 $880 $770 $968 $968 $968 $605 $605 $968 $968 $968 $968 $605 $605 $968 $847 $1,065 $1,065 $1,065 $666 $666 $1,065 $1,065
$1,320 $1,320 $1,320 $1,320 $880 $880 $1,320 $1,173 $1,452 $1,452 $1,452 $968 $968 $1,452 $1,452 $1,452 $1,452 $968 $968 $1,452 $1,291 $1,597 $1,597 $1,597 $1,065 $1,065 $1,597 $1,597
$990 $990 $990 $990 $550 $550 $990 $843 $1,089 $1,089 $1,089 $605 $605 $1,089 $1,089 $1,089 $1,089 $605 $605 $1,089 $928 $1,198 $1,198 $1,198 $666 $666 $1,198 $1,198
$1,100 $1,100 $1,100 $1,100 $770 $770 $1,100 $990 $1,210 $1,210 $1,210 $847 $847 $1,210 $1,210 $1,210 $1,210 $847 $847 $1,210 $1,089 $1,331 $1,331 $1,331 $932 $932 $1,331 $1,331
$660 $660 $660 $660 $440 $440 $660 $587 $726 $726 $726 $484 $484 $726 $726 $726 $726 $484 $484 $726 $645 $799 $799 $799 $532 $532 $799 $799
$660 $660 $660 $660 $440 $440 $660 $587 $726 $726 $726 $484 $484 $726 $726 $726 $726 $484 $484 $726 $645 $799 $799 $799 $532 $532 $799 $799
30 31 31 30 31 30 31 365 31 28 31 30 31 30 31 31 30 31 30 31 365 31 29 31 30 31 30 31
7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0%
0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6%
1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2%
3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5%
2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3%
$11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $139,896 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $139,896 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658
$600 $600 $600 $600 $600 $600 $600 $7,200 $600 $600 $600 $600 $600 $600 $600 $600 $600 $600 $600 $600 $7,200 $600 $600 $600 $600 $600 $600 $600
$300 $300 $300 $300 $300 $300 $300 $3,600 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $3,600 $300 $300 $300 $300 $300 $300 $300
$6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $72,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $72,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000
$500 $500 $500 $500 $500 $500 $500 $6,000 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $6,000 $500 $500 $500 $500 $500 $500 $500
$500 $500 $500 $500 $500 $500 $500 $6,000 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $6,000 $500 $500 $500 $500 $500 $500 $500
$195 $195 $195 $195 $195 $195 $195 $2,340 $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $2,340 $195 $195 $195 $195 $195 $195 $195
$150 $150 $150 $150 $150 $150 $150 $1,800 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $1,800 $150 $150 $150 $150 $150 $150 $150
$1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $12,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $12,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000
$12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $150,000 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $150,000 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500
$12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $150,000 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $150,000 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500
$700 $700 $700 $700 $700 $700 $700 $8,400 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $8,400 $700 $700 $700 $700 $700 $700 $700
$750 $750 $750 $750 $750 $750 $750 $9,000 $750 $750 $750 $750 $750 $750 $750 $750 $750 $750 $750 $750 $9,000 $750 $750 $750 $750 $750 $750 $750
Occupancy Rate Avg. Occupancy Rate Avg. Occupancy Rate

83% 83% 83% 83% 39% 39% 83% 68% 91% 91% 91% 42% 42% 91% 91% 91% 91% 42% 42% 91% 75% 100% 100% 100% 47% 47% 100% 100%
83% 83% 83% 83% 39% 39% 83% 68% 91% 91% 91% 42% 42% 91% 91% 91% 91% 42% 42% 91% 75% 100% 100% 100% 47% 47% 100% 100%
83% 83% 83% 83% 39% 39% 83% 68% 91% 91% 91% 42% 42% 91% 91% 91% 91% 42% 42% 91% 75% 100% 100% 100% 47% 47% 100% 100%
83% 83% 83% 83% 39% 39% 83% 68% 91% 91% 91% 42% 42% 91% 91% 91% 91% 42% 42% 91% 75% 100% 100% 100% 47% 47% 100% 100%
83% 83% 83% 83% 39% 39% 83% 68% 91% 91% 91% 42% 42% 91% 91% 91% 91% 42% 42% 91% 75% 100% 100% 100% 47% 47% 100% 100%
83% 83% 83% 83% 39% 39% 83% 68% 91% 91% 91% 42% 42% 91% 91% 91% 91% 42% 42% 91% 75% 100% 100% 100% 47% 47% 100% 100%
83% 83% 83% 83% 39% 39% 83% 68% 91% 91% 91% 42% 42% 91% 91% 91% 91% 42% 42% 91% 75% 100% 100% 100% 47% 47% 100% 100%
83% 83% 83% 83% 39% 39% 83% 68% 91% 91% 91% 42% 42% 91% 91% 91% 91% 42% 42% 91% 75% 100% 100% 100% 47% 47% 100% 100%
$880 $880 $880 $880 $550 $550 $880 $770 $968 $968 $968 $605 $605 $968 $968 $968 $968 $605 $605 $968 $847 $1,065 $1,065 $1,065 $666 $666 $1,065 $1,065
$770 $770 $770 $770 $440 $440 $770 $660 $847 $847 $847 $484 $484 $847 $847 $847 $847 $484 $484 $847 $726 $932 $932 $932 $532 $532 $932 $932
$880 $880 $880 $880 $550 $550 $880 $770 $968 $968 $968 $605 $605 $968 $968 $968 $968 $605 $605 $968 $847 $1,065 $1,065 $1,065 $666 $666 $1,065 $1,065
$1,320 $1,320 $1,320 $1,320 $880 $880 $1,320 $1,173 $1,452 $1,452 $1,452 $968 $968 $1,452 $1,452 $1,452 $1,452 $968 $968 $1,452 $1,291 $1,597 $1,597 $1,597 $1,065 $1,065 $1,597 $1,597
$990 $990 $990 $990 $550 $550 $990 $843 $1,089 $1,089 $1,089 $605 $605 $1,089 $1,089 $1,089 $1,089 $605 $605 $1,089 $928 $1,198 $1,198 $1,198 $666 $666 $1,198 $1,198
$1,100 $1,100 $1,100 $1,100 $770 $770 $1,100 $990 $1,210 $1,210 $1,210 $847 $847 $1,210 $1,210 $1,210 $1,210 $847 $847 $1,210 $1,089 $1,331 $1,331 $1,331 $932 $932 $1,331 $1,331
$660 $660 $660 $660 $440 $440 $660 $587 $726 $726 $726 $484 $484 $726 $726 $726 $726 $484 $484 $726 $645 $799 $799 $799 $532 $532 $799 $799
$660 $660 $660 $660 $440 $440 $660 $587 $726 $726 $726 $484 $484 $726 $726 $726 $726 $484 $484 $726 $645 $799 $799 $799 $532 $532 $799 $799
7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0%
0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6%
1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2%
3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5%
2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3%
$11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $139,896 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $139,896 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658
$600 $600 $600 $600 $600 $600 $600 $7,200 $600 $600 $600 $600 $600 $600 $600 $600 $600 $600 $600 $600 $7,200 $600 $600 $600 $600 $600 $600 $600
$300 $300 $300 $300 $300 $300 $300 $3,600 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $3,600 $300 $300 $300 $300 $300 $300 $300
$6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $72,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $72,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000
$500 $500 $500 $500 $500 $500 $500 $6,000 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $6,000 $500 $500 $500 $500 $500 $500 $500
$500 $500 $500 $500 $500 $500 $500 $6,000 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $6,000 $500 $500 $500 $500 $500 $500 $500
$195 $195 $195 $195 $195 $195 $195 $2,340 $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $2,340 $195 $195 $195 $195 $195 $195 $195
$150 $150 $150 $150 $150 $150 $150 $1,800 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $1,800 $150 $150 $150 $150 $150 $150 $150
$1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $12,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $12,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000
$12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $150,000 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $150,000 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500
$12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $150,000 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $150,000 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500
$700 $700 $700 $700 $700 $700 $700 $8,400 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $8,400 $700 $700 $700 $700 $700 $700 $700
$750 $750 $750 $750 $750 $750 $750 $9,000 $750 $750 $750 $750 $750 $750 $750 $750 $750 $750 $750 $750 $9,000 $750 $750 $750 $750 $750 $750 $750
Occupancy Rate Avg. Occupancy Rate Avg.

76% 76% 76% 76% 35% 35% 76% 62% 79% 79% 79% 36% 36% 79% 79% 79% 79% 36% 36% 79% 65% 83% 83% 83% 38% 38% 83% 83%
76% 76% 76% 76% 35% 35% 76% 62% 79% 79% 79% 36% 36% 79% 79% 79% 79% 36% 36% 79% 65% 83% 83% 83% 38% 38% 83% 83%
76% 76% 76% 76% 35% 35% 76% 62% 79% 79% 79% 36% 36% 79% 79% 79% 79% 36% 36% 79% 65% 83% 83% 83% 38% 38% 83% 83%
76% 76% 76% 76% 35% 35% 76% 62% 79% 79% 79% 36% 36% 79% 79% 79% 79% 36% 36% 79% 65% 83% 83% 83% 38% 38% 83% 83%
76% 76% 76% 76% 35% 35% 76% 62% 79% 79% 79% 36% 36% 79% 79% 79% 79% 36% 36% 79% 65% 83% 83% 83% 38% 38% 83% 83%
76% 76% 76% 76% 35% 35% 76% 62% 79% 79% 79% 36% 36% 79% 79% 79% 79% 36% 36% 79% 65% 83% 83% 83% 38% 38% 83% 83%
76% 76% 76% 76% 35% 35% 76% 62% 79% 79% 79% 36% 36% 79% 79% 79% 79% 36% 36% 79% 65% 83% 83% 83% 38% 38% 83% 83%
76% 76% 76% 76% 35% 35% 76% 62% 79% 79% 79% 36% 36% 79% 79% 79% 79% 36% 36% 79% 65% 83% 83% 83% 38% 38% 83% 83%
$840 $840 $840 $840 $525 $525 $840 $735 $882 $882 $882 $551 $551 $882 $882 $882 $882 $551 $551 $882 $772 $926 $926 $926 $579 $579 $926 $926
$735 $735 $735 $735 $420 $420 $735 $630 $772 $772 $772 $441 $441 $772 $772 $772 $772 $441 $441 $772 $662 $810 $810 $810 $463 $463 $810 $810
$840 $840 $840 $840 $525 $525 $840 $735 $882 $882 $882 $551 $551 $882 $882 $882 $882 $551 $551 $882 $772 $926 $926 $926 $579 $579 $926 $926
$1,260 $1,260 $1,260 $1,260 $840 $840 $1,260 $1,120 $1,323 $1,323 $1,323 $882 $882 $1,323 $1,323 $1,323 $1,323 $882 $882 $1,323 $1,176 $1,389 $1,389 $1,389 $926 $926 $1,389 $1,389
$945 $945 $945 $945 $525 $525 $945 $805 $992 $992 $992 $551 $551 $992 $992 $992 $992 $551 $551 $992 $845 $1,042 $1,042 $1,042 $579 $579 $1,042 $1,042
$1,050 $1,050 $1,050 $1,050 $735 $735 $1,050 $945 $1,103 $1,103 $1,103 $772 $772 $1,103 $1,103 $1,103 $1,103 $772 $772 $1,103 $992 $1,158 $1,158 $1,158 $810 $810 $1,158 $1,158
$630 $630 $630 $630 $420 $420 $630 $560 $662 $662 $662 $441 $441 $662 $662 $662 $662 $441 $441 $662 $588 $695 $695 $695 $463 $463 $695 $695
$630 $630 $630 $630 $420 $420 $630 $560 $662 $662 $662 $441 $441 $662 $662 $662 $662 $441 $441 $662 $588 $695 $695 $695 $463 $463 $695 $695
7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0%
0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6%
1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2%
3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5%
2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3%
$11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $139,896 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $139,896 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658
$600 $600 $600 $600 $600 $600 $600 $7,200 $600 $600 $600 $600 $600 $600 $600 $600 $600 $600 $600 $600 $7,200 $600 $600 $600 $600 $600 $600 $600
$300 $300 $300 $300 $300 $300 $300 $3,600 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $3,600 $300 $300 $300 $300 $300 $300 $300
$6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $72,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $72,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000
$500 $500 $500 $500 $500 $500 $500 $6,000 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $6,000 $500 $500 $500 $500 $500 $500 $500
$500 $500 $500 $500 $500 $500 $500 $6,000 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $6,000 $500 $500 $500 $500 $500 $500 $500
$195 $195 $195 $195 $195 $195 $195 $2,340 $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $2,340 $195 $195 $195 $195 $195 $195 $195
$150 $150 $150 $150 $150 $150 $150 $1,800 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $1,800 $150 $150 $150 $150 $150 $150 $150
$1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $12,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $12,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000
$12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $150,000 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $150,000 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500
$12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $150,000 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $150,000 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500
$700 $700 $700 $700 $700 $700 $700 $8,400 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $8,400 $700 $700 $700 $700 $700 $700 $700
$750 $750 $750 $750 $750 $750 $750 $9,000 $750 $750 $750 $750 $750 $750 $750 $750 $750 $750 $750 $750 $9,000 $750 $750 $750 $750 $750 $750 $750

68% 68% 68% 68% 27% 63% 68% 57% 68% 68% 68% 27% 27% 68% 68% 68% 68% 27% 63% 68% 57% 68% 68% 68% 27% 27% 68% 68%
68% 68% 68% 68% 27% 63% 68% 57% 68% 68% 68% 27% 27% 68% 68% 68% 68% 27% 63% 68% 57% 68% 68% 68% 27% 27% 68% 68%
68% 68% 68% 68% 27% 63% 68% 57% 68% 68% 68% 27% 27% 68% 68% 68% 68% 27% 63% 68% 57% 68% 68% 68% 27% 27% 68% 68%
68% 68% 68% 68% 27% 63% 68% 57% 68% 68% 68% 27% 27% 68% 68% 68% 68% 27% 63% 68% 57% 68% 68% 68% 27% 27% 68% 68%
68% 68% 68% 68% 27% 63% 68% 57% 68% 68% 68% 27% 27% 68% 68% 68% 68% 27% 63% 68% 57% 68% 68% 68% 27% 27% 68% 68%
68% 68% 68% 68% 27% 63% 68% 57% 68% 68% 68% 27% 27% 68% 68% 68% 68% 27% 63% 68% 57% 68% 68% 68% 27% 27% 68% 68%
68% 68% 68% 68% 27% 63% 68% 57% 68% 68% 68% 27% 27% 68% 68% 68% 68% 27% 63% 68% 57% 68% 68% 68% 27% 27% 68% 68%
68% 68% 68% 68% 27% 63% 68% 57% 68% 68% 68% 27% 27% 68% 68% 68% 68% 27% 63% 68% 57% 68% 68% 68% 27% 27% 68% 68%
$800 $800 $800 $800 $500 $500 $800 $700 $800 $800 $800 $500 $500 $800 $800 $800 $800 $500 $500 $800 $700 $800 $800 $800 $500 $500 $800 $800
$700 $700 $700 $700 $400 $400 $700 $600 $700 $700 $700 $400 $400 $700 $700 $700 $700 $400 $400 $700 $600 $700 $700 $700 $400 $400 $700 $700
$800 $800 $800 $800 $500 $500 $800 $700 $800 $800 $800 $500 $500 $800 $800 $800 $800 $500 $500 $800 $700 $800 $800 $800 $500 $500 $800 $800
$1,200 $1,200 $1,200 $1,200 $800 $800 $1,200 $1,067 $1,200 $1,200 $1,200 $800 $800 $1,200 $1,200 $1,200 $1,200 $800 $800 $1,200 $1,067 $1,200 $1,200 $1,200 $800 $800 $1,200 $1,200
$900 $900 $900 $900 $500 $500 $900 $767 $900 $900 $900 $500 $500 $900 $900 $900 $900 $500 $500 $900 $767 $900 $900 $900 $500 $500 $900 $900
$1,000 $1,000 $1,000 $1,000 $700 $700 $1,000 $900 $1,000 $1,000 $1,000 $700 $700 $1,000 $1,000 $1,000 $1,000 $700 $700 $1,000 $900 $1,000 $1,000 $1,000 $700 $700 $1,000 $1,000
$600 $600 $600 $600 $400 $400 $600 $533 $600 $600 $600 $400 $400 $600 $600 $600 $600 $400 $400 $600 $533 $600 $600 $600 $400 $400 $600 $600
$600 $600 $600 $600 $400 $400 $600 $533 $600 $600 $600 $400 $400 $600 $600 $600 $600 $400 $400 $600 $533 $600 $600 $600 $400 $400 $600 $600
7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0%
0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6%
1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2%
3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5%
2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3%
$11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $139,896 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $139,896 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658
$600 $600 $600 $600 $600 $600 $600 $7,200 $600 $600 $600 $600 $600 $600 $600 $600 $600 $600 $600 $600 $7,200 $600 $600 $600 $600 $600 $600 $600
$300 $300 $300 $300 $300 $300 $300 $3,600 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $3,600 $300 $300 $300 $300 $300 $300 $300
$6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $72,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $72,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000
$500 $500 $500 $500 $500 $500 $500 $6,000 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $6,000 $500 $500 $500 $500 $500 $500 $500
$500 $500 $500 $500 $500 $500 $500 $6,000 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $6,000 $500 $500 $500 $500 $500 $500 $500
$195 $195 $195 $195 $195 $195 $195 $2,340 $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $2,340 $195 $195 $195 $195 $195 $195 $195
$150 $150 $150 $150 $150 $150 $150 $1,800 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $1,800 $150 $150 $150 $150 $150 $150 $150
$1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $12,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $12,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000
$12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $150,000 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $150,000 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500
$12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $150,000 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $150,000 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500
$700 $700 $700 $700 $700 $700 $700 $8,400 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $8,400 $700 $700 $700 $700 $700 $700 $700
$750 $750 $750 $750 $750 $750 $750 $9,000 $750 $750 $750 $750 $750 $750 $750 $750 $750 $750 $750 $750 $9,000 $750 $750 $750 $750 $750 $750 $750
$21,780 $22,506 $22,506 $21,780 $6,564 $6,353 $22,506 $202,252 $27,232 $24,597 $27,232 $7,687 $7,943 $26,354 $27,232 $27,232 $26,354 $7,943 $7,687 $27,232 $244,724 $32,951 $30,825 $32,951 $9,301 $9,611 $31,888 $32,951
$19,058 $19,693 $19,693 $19,058 $5,251 $5,082 $19,693 $175,033 $23,828 $21,522 $23,828 $6,149 $6,354 $23,060 $23,828 $23,828 $23,060 $6,354 $6,149 $23,828 $211,789 $28,832 $26,972 $28,832 $7,441 $7,689 $27,902 $28,832
$21,780 $22,506 $22,506 $21,780 $6,564 $6,353 $22,506 $202,252 $27,232 $24,597 $27,232 $7,687 $7,943 $26,354 $27,232 $27,232 $26,354 $7,943 $7,687 $27,232 $244,724 $32,951 $30,825 $32,951 $9,301 $9,611 $31,888 $32,951
$32,670 $33,759 $33,759 $32,670 $10,503 $10,164 $33,759 $305,961 $40,848 $36,895 $40,848 $12,298 $12,708 $39,531 $40,848 $40,848 $39,531 $12,708 $12,298 $40,848 $370,212 $49,427 $46,238 $49,427 $14,881 $15,377 $47,832 $49,427
$24,503 $25,319 $25,319 $24,503 $6,564 $6,353 $25,319 $224,304 $30,636 $27,671 $30,636 $7,687 $7,943 $29,648 $30,636 $30,636 $29,648 $7,943 $7,687 $30,636 $271,408 $37,070 $34,678 $37,070 $9,301 $9,611 $35,874 $37,070
$27,225 $28,133 $28,133 $27,225 $9,190 $8,894 $28,133 $256,689 $34,040 $30,746 $34,040 $10,761 $11,120 $32,942 $34,040 $34,040 $32,942 $11,120 $10,761 $34,040 $310,594 $41,189 $38,531 $41,189 $13,021 $13,455 $39,860 $41,189
$16,335 $16,880 $16,880 $16,335 $5,251 $5,082 $16,880 $152,980 $20,424 $18,448 $20,424 $6,149 $6,354 $19,765 $20,424 $20,424 $19,765 $6,354 $6,149 $20,424 $185,106 $24,713 $23,119 $24,713 $7,441 $7,689 $23,916 $24,713
$16,335 $16,880 $16,880 $16,335 $5,251 $5,082 $16,880 $152,980 $20,424 $18,448 $20,424 $6,149 $6,354 $19,765 $20,424 $20,424 $19,765 $6,354 $6,149 $20,424 $185,106 $24,713 $23,119 $24,713 $7,441 $7,689 $23,916 $24,713
$179,685 $185,675 $185,675 $179,685 $55,140 $53,361 $185,675 $1,672,450 $224,666 $202,924 $224,666 $64,567 $66,719 $217,419 $224,666 $224,666 $217,419 $66,719 $64,567 $224,666 $2,023,664 $271,846 $254,308 $271,846 $78,126 $80,730 $263,077 $271,846
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$179,685 $185,675 $185,675 $179,685 $55,140 $53,361 $185,675 $1,672,450 $224,666 $202,924 $224,666 $64,567 $66,719 $217,419 $224,666 $224,666 $217,419 $66,719 $64,567 $224,666 $2,023,664 $271,846 $254,308 $271,846 $78,126 $80,730 $263,077 $271,846
$12,578 $12,997 $12,997 $12,578 $3,860 $3,735 $12,997 $117,071 $15,727 $14,205 $15,727 $4,520 $4,670 $15,219 $15,727 $15,727 $15,219 $4,670 $4,520 $15,727 $141,657 $19,029 $17,802 $19,029 $5,469 $5,651 $18,415 $19,029
$1,078 $1,114 $1,114 $1,078 $331 $320 $1,114 $10,035 $1,348 $1,218 $1,348 $387 $400 $1,305 $1,348 $1,348 $1,305 $400 $387 $1,348 $12,142 $1,631 $1,526 $1,631 $469 $484 $1,578 $1,631
$2,156 $2,228 $2,228 $2,156 $662 $640 $2,228 $20,069 $2,696 $2,435 $2,696 $775 $801 $2,609 $2,696 $2,696 $2,609 $801 $775 $2,696 $24,284 $3,262 $3,052 $3,262 $938 $969 $3,157 $3,262
$6,289 $6,499 $6,499 $6,289 $1,930 $1,868 $6,499 $58,536 $7,863 $7,102 $7,863 $2,260 $2,335 $7,610 $7,863 $7,863 $7,610 $2,335 $2,260 $7,863 $70,828 $9,515 $8,901 $9,515 $2,734 $2,826 $9,208 $9,515
$4,133 $4,271 $4,271 $4,133 $1,268 $1,227 $4,271 $38,466 $5,167 $4,667 $5,167 $1,485 $1,535 $5,001 $5,167 $5,167 $5,001 $1,535 $1,485 $5,167 $46,544 $6,252 $5,849 $6,252 $1,797 $1,857 $6,051 $6,252
$11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $139,896 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $139,896 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658
$600 $600 $600 $600 $600 $600 $600 $7,200 $600 $600 $600 $600 $600 $600 $600 $600 $600 $600 $600 $600 $7,200 $600 $600 $600 $600 $600 $600 $600
$300 $300 $300 $300 $300 $300 $300 $3,600 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $3,600 $300 $300 $300 $300 $300 $300 $300
$6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $72,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $72,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000
$500 $500 $500 $500 $500 $500 $500 $6,000 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $6,000 $500 $500 $500 $500 $500 $500 $500
$500 $500 $500 $500 $500 $500 $500 $6,000 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $6,000 $500 $500 $500 $500 $500 $500 $500
$195 $195 $195 $195 $195 $195 $195 $2,340 $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $2,340 $195 $195 $195 $195 $195 $195 $195
$150 $150 $150 $150 $150 $150 $150 $1,800 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $1,800 $150 $150 $150 $150 $150 $150 $150
$1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $12,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $12,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000
$12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $150,000 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $150,000 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500
$12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $150,000 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $150,000 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500
$700 $700 $700 $700 $700 $700 $700 $8,400 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $8,400 $700 $700 $700 $700 $700 $700 $700
$750 $750 $750 $750 $750 $750 $750 $9,000 $750 $750 $750 $750 $750 $750 $750 $750 $750 $750 $750 $750 $9,000 $750 $750 $750 $750 $750 $750 $750
$73,587 $74,461 $74,461 $73,587 $55,403 $55,144 $74,461 $812,414 $80,154 $76,980 $80,154 $56,780 $57,094 $79,096 $80,154 $80,154 $79,096 $57,094 $56,780 $80,154 $863,691 $87,043 $84,482 $87,043 $58,759 $59,140 $85,762 $87,043
$106,098 $111,213 $111,213 $106,098 -$264 -$1,783 $111,213 $860,036 $144,512 $125,944 $144,512 $7,787 $9,625 $138,323 $144,512 $144,512 $138,323 $9,625 $7,787 $144,512 $1,159,973 $184,804 $169,826 $184,804 $19,366 $21,590 $177,315 $184,804
59.0% 59.9% 59.9% 59.0% -0.5% -3.3% 59.9% 51.4% 64.3% 62.1% 64.3% 12.1% 14.4% 63.6% 64.3% 64.3% 63.6% 14.4% 12.1% 64.3% 57.3% 68.0% 66.8% 68.0% 24.8% 26.7% 67.4% 68.0%
$12,578 $12,997 $12,997 $12,578 $3,860 $3,735 $12,997 $117,071 $15,727 $14,205 $15,727 $4,520 $4,670 $15,219 $15,727 $15,727 $15,219 $4,670 $4,520 $15,727 $141,657 $19,029 $17,802 $19,029 $5,469 $5,651 $18,415 $19,029
$93,520 $98,216 $98,216 $93,520 -$4,123 -$5,518 $98,216 $742,965 $128,785 $111,740 $128,785 $3,267 $4,955 $123,103 $128,785 $128,785 $123,103 $4,955 $3,267 $128,785 $1,018,317 $165,774 $152,024 $165,774 $13,898 $15,939 $158,899 $165,774
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$23,380 $24,554 $24,554 $23,380 $0 $0 $24,554 $185,741 $32,196 $27,935 $32,196 $817 $1,239 $30,776 $32,196 $32,196 $30,776 $1,239 $817 $32,196 $254,579 $41,444 $38,006 $41,444 $3,474 $3,985 $39,725 $41,444
$70,140 $73,662 $73,662 $70,140 -$4,123 -$5,518 $73,662 $557,224 $96,589 $83,805 $96,589 $2,451 $3,716 $92,328 $96,589 $96,589 $92,328 $3,716 $2,451 $96,589 $763,738 $124,331 $114,018 $124,331 $10,423 $11,955 $119,174 $124,331
39.0% 39.7% 39.7% 39.0% -7.5% -10.3% 39.7% 33.3% 43.0% 41.3% 43.0% 3.8% 5.6% 42.5% 43.0% 43.0% 42.5% 5.6% 3.8% 43.0% 37.7% 45.7% 44.8% 45.7% 13.3% 14.8% 45.3% 45.7%
$799,927 $886,586 $973,245 $1,055,963 $1,055,700 $1,053,917 $1,140,576 $1,140,576 $1,252,892 $1,350,901 $1,463,217 $1,470,187 $1,478,573 $1,586,120 $1,698,436 $1,810,751 $1,918,298 $1,926,684 $1,933,655 $2,045,970 $2,045,970 $2,189,330 $2,321,150 $2,464,510 $2,480,402 $2,498,007 $2,635,597 $2,778,957
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 0 $0 $0 $0 $0 $0 $0 $0
$799,927 $886,586 $973,245 ######## $1,055,700 $1,053,917 $1,140,576 $1,140,576 $1,252,892 $1,350,901 $1,463,217 $1,470,187 $1,478,573 $1,586,120 $1,698,436 $1,810,751 $1,918,298 $1,926,684 $1,933,655 $2,045,970 $2,045,970 $2,189,330 $2,321,150 $2,464,510 $2,480,402 $2,498,007 $2,635,597 $2,778,957
-$154,660 -$167,657 -$180,655 -$193,233 -$197,092 -$200,828 -$213,825 -$213,825 -$229,551 -$243,756 -$259,483 -$264,002 -$268,673 -$283,892 -$299,619 -$315,345 -$330,565 -$335,235 -$339,755 -$355,481 -$355,481 -$374,511 -$392,312 -$411,341 -$416,810 -$422,461 -$440,877 -$459,906
0 0 0 0 0 0 0 $0 0 0 0 0 0 0 0 0 0 0 0 0 $0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
$645,267 $718,929 $792,591 $862,731 $858,607 $853,089 $926,751 $926,751 $1,023,340 $1,107,145 $1,203,734 $1,206,184 $1,209,900 $1,302,228 $1,398,817 $1,495,406 $1,587,733 $1,591,449 $1,593,900 $1,690,489 $1,690,489 $1,814,820 $1,928,838 $2,053,168 $2,063,592 $2,075,546 $2,194,721 $2,319,051
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 0 $0 $0 $0 $0 $0 $0 $0
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
$645,267 $718,929 $792,591 $862,731 $858,607 $853,089 $926,751 $926,751 $1,023,340 $1,107,145 $1,203,734 $1,206,184 $1,209,900 $1,302,228 $1,398,817 $1,495,406 $1,587,733 $1,591,449 $1,593,900 $1,690,489 $1,690,489 $1,814,820 $1,928,838 $2,053,168 $2,063,592 $2,075,546 $2,194,721 $2,319,051
$645,267 $718,929 $792,591 $862,731 $858,607 $853,089 $926,751 $926,751 $1,023,340 $1,107,145 $1,203,734 $1,206,184 $1,209,900 $1,302,228 $1,398,817 $1,495,406 $1,587,733 $1,591,449 $1,593,900 $1,690,489 $1,690,489 $1,814,820 $1,928,838 $2,053,168 $2,063,592 $2,075,546 $2,194,721 $2,319,051
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
$70,140 $73,662 $73,662 $70,140 -$4,123 -$5,518 $73,662 $557,224 $96,589 $83,805 $96,589 $2,451 $3,716 $92,328 $96,589 $96,589 $92,328 $3,716 $2,451 $96,589 $763,738 $124,331 $114,018 $124,331 $10,423 $11,955 $119,174 $124,331
$12,578 $12,997 $12,997 $12,578 $3,860 $3,735 $12,997 $117,071 $15,727 $14,205 $15,727 $4,520 $4,670 $15,219 $15,727 $15,727 $15,219 $4,670 $4,520 $15,727 $141,657 $19,029 $17,802 $19,029 $5,469 $5,651 $18,415 $19,029
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$82,718 $86,659 $86,659 $82,718 -$264 -$1,783 $86,659 $674,295 $112,316 $98,009 $112,316 $6,970 $8,386 $107,547 $112,316 $112,316 $107,547 $8,386 $6,970 $112,316 $905,394 $143,360 $131,820 $143,360 $15,892 $17,606 $137,590 $143,360
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$717,209 $799,927 $886,586 $973,245 $1,055,963 $1,055,700 $1,053,917 $471,102 $1,140,576 $1,252,892 $1,350,901 $1,463,217 $1,470,187 $1,478,573 $1,586,120 $1,698,436 $1,810,751 $1,918,298 $1,926,684 $1,933,655 $1,140,576 $2,045,970 $2,189,330 $2,321,150 $2,464,510 $2,480,402 $2,498,007 $2,635,597
$82,718 $86,659 $86,659 $82,718 -$264 -$1,783 $86,659 $669,474 $112,316 $98,009 $112,316 $6,970 $8,386 $107,547 $112,316 $112,316 $107,547 $8,386 $6,970 $112,316 $905,394 $143,360 $131,820 $143,360 $15,892 $17,606 $137,590 $143,360
$799,927 $886,586 $973,245 ######## $1,055,700 $1,053,917 $1,140,576 $1,140,576 $1,252,892 $1,350,901 $1,463,217 $1,470,187 $1,478,573 $1,586,120 $1,698,436 $1,810,751 $1,918,298 $1,926,684 $1,933,655 $2,045,970 $2,045,970 $2,189,330 $2,321,150 $2,464,510 $2,480,402 $2,498,007 $2,635,597 $2,778,957
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0%
$82,718 $86,659 $86,659 $82,718 -$264 -$1,783 $86,659 $674,295 $112,316 $98,009 $112,316 $6,970 $8,386 $107,547 $112,316 $112,316 $107,547 $8,386 $6,970 $112,316 $905,394 $143,360 $131,820 $143,360 $15,892 $17,606 $137,590 $143,360
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$799,927 $886,586 $973,245 $1,055,963 $1,055,700 $1,053,917 $1,140,576 $1,140,576 $1,252,892 $1,350,901 $1,463,217 $1,470,187 $1,478,573 $1,586,120 $1,698,436 $1,810,751 $1,918,298 $1,926,684 $1,933,655 $2,045,970 $2,045,970 $2,189,330 $2,321,150 $2,464,510 $2,480,402 $2,498,007 $2,635,597 $2,778,957
May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22

Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 2024 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 2025
Avg. Occupancy Rate Avg.

100% 100% 47% 47% 100% 82% 100% 100% 100% 51% 51% 100% 100% 100% 100% 51% 51% 100% 84%
100% 100% 47% 47% 100% 82% 100% 100% 100% 51% 51% 100% 100% 100% 100% 51% 51% 100% 84%
100% 100% 47% 47% 100% 82% 100% 100% 100% 51% 51% 100% 100% 100% 100% 51% 51% 100% 84%
100% 100% 47% 47% 100% 82% 100% 100% 100% 51% 51% 100% 100% 100% 100% 51% 51% 100% 84%
100% 100% 47% 47% 100% 82% 100% 100% 100% 51% 51% 100% 100% 100% 100% 51% 51% 100% 84%
100% 100% 47% 47% 100% 82% 100% 100% 100% 51% 51% 100% 100% 100% 100% 51% 51% 100% 84%
100% 100% 47% 47% 100% 82% 100% 100% 100% 51% 51% 100% 100% 100% 100% 51% 51% 100% 84%
100% 100% 47% 47% 100% 82% 100% 100% 100% 51% 51% 100% 100% 100% 100% 51% 51% 100% 84%
$1,065 $1,065 $666 $666 $1,065 $932 $1,171 $1,171 $1,171 $732 $732 $1,171 $1,171 $1,171 $1,171 $732 $732 $1,171 $1,025
$932 $932 $532 $532 $932 $799 $1,025 $1,025 $1,025 $586 $586 $1,025 $1,025 $1,025 $1,025 $586 $586 $1,025 $878
$1,065 $1,065 $666 $666 $1,065 $932 $1,171 $1,171 $1,171 $732 $732 $1,171 $1,171 $1,171 $1,171 $732 $732 $1,171 $1,025
$1,597 $1,597 $1,065 $1,065 $1,597 $1,420 $1,757 $1,757 $1,757 $1,171 $1,171 $1,757 $1,757 $1,757 $1,757 $1,171 $1,171 $1,757 $1,562
$1,198 $1,198 $666 $666 $1,198 $1,020 $1,318 $1,318 $1,318 $732 $732 $1,318 $1,318 $1,318 $1,318 $732 $732 $1,318 $1,122
$1,331 $1,331 $932 $932 $1,331 $1,198 $1,464 $1,464 $1,464 $1,025 $1,025 $1,464 $1,464 $1,464 $1,464 $1,025 $1,025 $1,464 $1,318
$799 $799 $532 $532 $799 $710 $878 $878 $878 $586 $586 $878 $878 $878 $878 $586 $586 $878 $781
$799 $799 $532 $532 $799 $710 $878 $878 $878 $586 $586 $878 $878 $878 $878 $586 $586 $878 $781
31 30 31 30 31 366 31 28 31 30 31 30 31 31 30 31 30 31 365
7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0%
0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6%
1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2%
3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5%
2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3%
$11,658 $11,658 $11,658 $11,658 $11,658 $139,896 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $139,896
$600 $600 $600 $600 $600 $7,200 $600 $600 $600 $600 $600 $600 $600 $600 $600 $600 $600 $600 $7,200
$300 $300 $300 $300 $300 $3,600 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $3,600
$6,000 $6,000 $6,000 $6,000 $6,000 $72,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $72,000
$500 $500 $500 $500 $500 $6,000 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $6,000
$500 $500 $500 $500 $500 $6,000 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $6,000
$195 $195 $195 $195 $195 $2,340 $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $2,340
$150 $150 $150 $150 $150 $1,800 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $1,800
$1,000 $1,000 $1,000 $1,000 $1,000 $12,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $12,000
$12,500 $12,500 $12,500 $12,500 $12,500 $150,000 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $150,000
$12,500 $12,500 $12,500 $12,500 $12,500 $150,000 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $150,000
$700 $700 $700 $700 $700 $8,400 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $8,400
$750 $750 $750 $750 $750 $9,000 $750 $750 $750 $750 $750 $750 $750 $750 $750 $750 $750 $750 $9,000
Avg. Occupancy Rate Avg.

100% 100% 47% 47% 100% 82% 100% 100% 100% 51% 51% 100% 100% 100% 100% 51% 51% 100% 84%
100% 100% 47% 47% 100% 82% 100% 100% 100% 51% 51% 100% 100% 100% 100% 51% 51% 100% 84%
100% 100% 47% 47% 100% 82% 100% 100% 100% 51% 51% 100% 100% 100% 100% 51% 51% 100% 84%
100% 100% 47% 47% 100% 82% 100% 100% 100% 51% 51% 100% 100% 100% 100% 51% 51% 100% 84%
100% 100% 47% 47% 100% 82% 100% 100% 100% 51% 51% 100% 100% 100% 100% 51% 51% 100% 84%
100% 100% 47% 47% 100% 82% 100% 100% 100% 51% 51% 100% 100% 100% 100% 51% 51% 100% 84%
100% 100% 47% 47% 100% 82% 100% 100% 100% 51% 51% 100% 100% 100% 100% 51% 51% 100% 84%
100% 100% 47% 47% 100% 82% 100% 100% 100% 51% 51% 100% 100% 100% 100% 51% 51% 100% 84%
$1,065 $1,065 $666 $666 $1,065 $932 $1,171 $1,171 $1,171 $732 $732 $1,171 $1,171 $1,171 $1,171 $732 $732 $1,171 $1,025
$932 $932 $532 $532 $932 $799 $1,025 $1,025 $1,025 $586 $586 $1,025 $1,025 $1,025 $1,025 $586 $586 $1,025 $878
$1,065 $1,065 $666 $666 $1,065 $932 $1,171 $1,171 $1,171 $732 $732 $1,171 $1,171 $1,171 $1,171 $732 $732 $1,171 $1,025
$1,597 $1,597 $1,065 $1,065 $1,597 $1,420 $1,757 $1,757 $1,757 $1,171 $1,171 $1,757 $1,757 $1,757 $1,757 $1,171 $1,171 $1,757 $1,562
$1,198 $1,198 $666 $666 $1,198 $1,020 $1,318 $1,318 $1,318 $732 $732 $1,318 $1,318 $1,318 $1,318 $732 $732 $1,318 $1,122
$1,331 $1,331 $932 $932 $1,331 $1,198 $1,464 $1,464 $1,464 $1,025 $1,025 $1,464 $1,464 $1,464 $1,464 $1,025 $1,025 $1,464 $1,318
$799 $799 $532 $532 $799 $710 $878 $878 $878 $586 $586 $878 $878 $878 $878 $586 $586 $878 $781
$799 $799 $532 $532 $799 $710 $878 $878 $878 $586 $586 $878 $878 $878 $878 $586 $586 $878 $781
7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0%
0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6%
1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2%
3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5%
2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3%
$11,658 $11,658 $11,658 $11,658 $11,658 $139,896 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $139,896
$600 $600 $600 $600 $600 $7,200 $600 $600 $600 $600 $600 $600 $600 $600 $600 $600 $600 $600 $7,200
$300 $300 $300 $300 $300 $3,600 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $3,600
$6,000 $6,000 $6,000 $6,000 $6,000 $72,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $72,000
$500 $500 $500 $500 $500 $6,000 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $6,000
$500 $500 $500 $500 $500 $6,000 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $6,000
$195 $195 $195 $195 $195 $2,340 $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $2,340
$150 $150 $150 $150 $150 $1,800 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $1,800
$1,000 $1,000 $1,000 $1,000 $1,000 $12,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $12,000
$12,500 $12,500 $12,500 $12,500 $12,500 $150,000 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $150,000
$12,500 $12,500 $12,500 $12,500 $12,500 $150,000 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $150,000
$700 $700 $700 $700 $700 $8,400 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $8,400
$750 $750 $750 $750 $750 $9,000 $750 $750 $750 $750 $750 $750 $750 $750 $750 $750 $750 $750 $9,000

83% 83% 38% 38% 83% 68% 88% 88% 88% 40% 40% 88% 88% 88% 88% 40% 40% 88% 72%
83% 83% 38% 38% 83% 68% 88% 88% 88% 40% 40% 88% 88% 88% 88% 40% 40% 88% 72%
83% 83% 38% 38% 83% 68% 88% 88% 88% 40% 40% 88% 88% 88% 88% 40% 40% 88% 72%
83% 83% 38% 38% 83% 68% 88% 88% 88% 40% 40% 88% 88% 88% 88% 40% 40% 88% 72%
83% 83% 38% 38% 83% 68% 88% 88% 88% 40% 40% 88% 88% 88% 88% 40% 40% 88% 72%
83% 83% 38% 38% 83% 68% 88% 88% 88% 40% 40% 88% 88% 88% 88% 40% 40% 88% 72%
83% 83% 38% 38% 83% 68% 88% 88% 88% 40% 40% 88% 88% 88% 88% 40% 40% 88% 72%
83% 83% 38% 38% 83% 68% 88% 88% 88% 40% 40% 88% 88% 88% 88% 40% 40% 88% 72%
$926 $926 $579 $579 $926 $810 $972 $972 $972 $608 $608 $972 $972 $972 $972 $608 $608 $972 $851
$810 $810 $463 $463 $810 $695 $851 $851 $851 $486 $486 $851 $851 $851 $851 $486 $486 $851 $729
$926 $926 $579 $579 $926 $810 $972 $972 $972 $608 $608 $972 $972 $972 $972 $608 $608 $972 $851
$1,389 $1,389 $926 $926 $1,389 $1,235 $1,459 $1,459 $1,459 $972 $972 $1,459 $1,459 $1,459 $1,459 $972 $972 $1,459 $1,297
$1,042 $1,042 $579 $579 $1,042 $888 $1,094 $1,094 $1,094 $608 $608 $1,094 $1,094 $1,094 $1,094 $608 $608 $1,094 $932
$1,158 $1,158 $810 $810 $1,158 $1,042 $1,216 $1,216 $1,216 $851 $851 $1,216 $1,216 $1,216 $1,216 $851 $851 $1,216 $1,094
$695 $695 $463 $463 $695 $617 $729 $729 $729 $486 $486 $729 $729 $729 $729 $486 $486 $729 $648
$695 $695 $463 $463 $695 $617 $729 $729 $729 $486 $486 $729 $729 $729 $729 $486 $486 $729 $648
7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0%
0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6%
1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2%
3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5%
2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3%
$11,658 $11,658 $11,658 $11,658 $11,658 $139,896 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $139,896
$600 $600 $600 $600 $600 $7,200 $600 $600 $600 $600 $600 $600 $600 $600 $600 $600 $600 $600 $7,200
$300 $300 $300 $300 $300 $3,600 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $3,600
$6,000 $6,000 $6,000 $6,000 $6,000 $72,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $72,000
$500 $500 $500 $500 $500 $6,000 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $6,000
$500 $500 $500 $500 $500 $6,000 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $6,000
$195 $195 $195 $195 $195 $2,340 $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $2,340
$150 $150 $150 $150 $150 $1,800 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $1,800
$1,000 $1,000 $1,000 $1,000 $1,000 $12,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $12,000
$12,500 $12,500 $12,500 $12,500 $12,500 $150,000 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $150,000
$12,500 $12,500 $12,500 $12,500 $12,500 $150,000 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $150,000
$700 $700 $700 $700 $700 $8,400 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $8,400
$750 $750 $750 $750 $750 $9,000 $750 $750 $750 $750 $750 $750 $750 $750 $750 $750 $750 $750 $9,000

68% 68% 27% 63% 68% 57% 68% 68% 68% 27% 27% 68% 68% 68% 68% 27% 63% 68% 57%
68% 68% 27% 63% 68% 57% 68% 68% 68% 27% 27% 68% 68% 68% 68% 27% 63% 68% 57%
68% 68% 27% 63% 68% 57% 68% 68% 68% 27% 27% 68% 68% 68% 68% 27% 63% 68% 57%
68% 68% 27% 63% 68% 57% 68% 68% 68% 27% 27% 68% 68% 68% 68% 27% 63% 68% 57%
68% 68% 27% 63% 68% 57% 68% 68% 68% 27% 27% 68% 68% 68% 68% 27% 63% 68% 57%
68% 68% 27% 63% 68% 57% 68% 68% 68% 27% 27% 68% 68% 68% 68% 27% 63% 68% 57%
68% 68% 27% 63% 68% 57% 68% 68% 68% 27% 27% 68% 68% 68% 68% 27% 63% 68% 57%
68% 68% 27% 63% 68% 57% 68% 68% 68% 27% 27% 68% 68% 68% 68% 27% 63% 68% 57%
$800 $800 $500 $500 $800 $700 $800 $800 $800 $500 $500 $800 $800 $800 $800 $500 $500 $800 $700
$700 $700 $400 $400 $700 $600 $700 $700 $700 $400 $400 $700 $700 $700 $700 $400 $400 $700 $600
$800 $800 $500 $500 $800 $700 $800 $800 $800 $500 $500 $800 $800 $800 $800 $500 $500 $800 $700
$1,200 $1,200 $800 $800 $1,200 $1,067 $1,200 $1,200 $1,200 $800 $800 $1,200 $1,200 $1,200 $1,200 $800 $800 $1,200 $1,067
$900 $900 $500 $500 $900 $767 $900 $900 $900 $500 $500 $900 $900 $900 $900 $500 $500 $900 $767
$1,000 $1,000 $700 $700 $1,000 $900 $1,000 $1,000 $1,000 $700 $700 $1,000 $1,000 $1,000 $1,000 $700 $700 $1,000 $900
$600 $600 $400 $400 $600 $533 $600 $600 $600 $400 $400 $600 $600 $600 $600 $400 $400 $600 $533
$600 $600 $400 $400 $600 $533 $600 $600 $600 $400 $400 $600 $600 $600 $600 $400 $400 $600 $533
7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0%
0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6% 0.6%
1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2%
3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5%
2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3% 2.3%
$11,658 $11,658 $11,658 $11,658 $11,658 $139,896 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $139,896
$600 $600 $600 $600 $600 $7,200 $600 $600 $600 $600 $600 $600 $600 $600 $600 $600 $600 $600 $7,200
$300 $300 $300 $300 $300 $3,600 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $3,600
$6,000 $6,000 $6,000 $6,000 $6,000 $72,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $72,000
$500 $500 $500 $500 $500 $6,000 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $6,000
$500 $500 $500 $500 $500 $6,000 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $6,000
$195 $195 $195 $195 $195 $2,340 $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $2,340
$150 $150 $150 $150 $150 $1,800 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $1,800
$1,000 $1,000 $1,000 $1,000 $1,000 $12,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $12,000
$12,500 $12,500 $12,500 $12,500 $12,500 $150,000 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $150,000
$12,500 $12,500 $12,500 $12,500 $12,500 $150,000 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $150,000
$700 $700 $700 $700 $700 $8,400 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $8,400
$750 $750 $750 $750 $750 $9,000 $750 $750 $750 $750 $750 $750 $750 $750 $750 $750 $750 $750 $9,000
$32,951 $31,888 $9,611 $9,301 $32,951 $297,179 $36,310 $32,796 $36,310 $11,254 $11,629 $35,138 $36,310 $36,310 $35,138 $11,629 $11,254 $36,310 $330,387
$28,832 $27,902 $7,689 $7,441 $28,832 $257,195 $31,771 $28,696 $31,771 $9,003 $9,303 $30,746 $31,771 $31,771 $30,746 $9,303 $9,003 $31,771 $285,656
$32,951 $31,888 $9,611 $9,301 $32,951 $297,179 $36,310 $32,796 $36,310 $11,254 $11,629 $35,138 $36,310 $36,310 $35,138 $11,629 $11,254 $36,310 $330,387
$49,427 $47,832 $15,377 $14,881 $49,427 $449,551 $54,465 $49,194 $54,465 $18,006 $18,606 $52,708 $54,465 $54,465 $52,708 $18,606 $18,006 $54,465 $500,157
$37,070 $35,874 $9,611 $9,301 $37,070 $329,599 $40,848 $36,895 $40,848 $11,254 $11,629 $39,531 $40,848 $40,848 $39,531 $11,629 $11,254 $40,848 $365,964
$41,189 $39,860 $13,455 $13,021 $41,189 $377,148 $45,387 $40,995 $45,387 $15,755 $16,281 $43,923 $45,387 $45,387 $43,923 $16,281 $15,755 $45,387 $419,848
$24,713 $23,916 $7,689 $7,441 $24,713 $224,776 $27,232 $24,597 $27,232 $9,003 $9,303 $26,354 $27,232 $27,232 $26,354 $9,303 $9,003 $27,232 $250,078
$24,713 $23,916 $7,689 $7,441 $24,713 $224,776 $27,232 $24,597 $27,232 $9,003 $9,303 $26,354 $27,232 $27,232 $26,354 $9,303 $9,003 $27,232 $250,078
$271,846 $263,077 $80,730 $78,126 $271,846 $2,457,403 $299,555 $270,566 $299,555 $94,532 $97,683 $289,892 $299,555 $299,555 $289,892 $97,683 $94,532 $299,555 $2,732,555
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$271,846 $263,077 $80,730 $78,126 $271,846 $2,457,403 $299,555 $270,566 $299,555 $94,532 $97,683 $289,892 $299,555 $299,555 $289,892 $97,683 $94,532 $299,555 $2,732,555
$19,029 $18,415 $5,651 $5,469 $19,029 $172,018 $20,969 $18,940 $20,969 $6,617 $6,838 $20,292 $20,969 $20,969 $20,292 $6,838 $6,617 $20,969 $191,279
$1,631 $1,578 $484 $469 $1,631 $14,744 $1,797 $1,623 $1,797 $567 $586 $1,739 $1,797 $1,797 $1,739 $586 $567 $1,797 $16,395
$3,262 $3,157 $969 $938 $3,262 $29,489 $3,595 $3,247 $3,595 $1,134 $1,172 $3,479 $3,595 $3,595 $3,479 $1,172 $1,134 $3,595 $32,791
$9,515 $9,208 $2,826 $2,734 $9,515 $86,009 $10,484 $9,470 $10,484 $3,309 $3,419 $10,146 $10,484 $10,484 $10,146 $3,419 $3,309 $10,484 $95,639
$6,252 $6,051 $1,857 $1,797 $6,252 $56,520 $6,890 $6,223 $6,890 $2,174 $2,247 $6,668 $6,890 $6,890 $6,668 $2,247 $2,174 $6,890 $62,849
$11,658 $11,658 $11,658 $11,658 $11,658 $139,896 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $11,658 $139,896
$600 $600 $600 $600 $600 $7,200 $600 $600 $600 $600 $600 $600 $600 $600 $600 $600 $600 $600 $7,200
$300 $300 $300 $300 $300 $3,600 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $3,600
$6,000 $6,000 $6,000 $6,000 $6,000 $72,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $72,000
$500 $500 $500 $500 $500 $6,000 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $6,000
$500 $500 $500 $500 $500 $6,000 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $6,000
$195 $195 $195 $195 $195 $2,340 $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $195 $2,340
$150 $150 $150 $150 $150 $1,800 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $150 $1,800
$1,000 $1,000 $1,000 $1,000 $1,000 $12,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $12,000
$12,500 $12,500 $12,500 $12,500 $12,500 $150,000 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $150,000
$12,500 $12,500 $12,500 $12,500 $12,500 $150,000 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $12,500 $150,000
$700 $700 $700 $700 $700 $8,400 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $700 $8,400
$750 $750 $750 $750 $750 $9,000 $750 $750 $750 $750 $750 $750 $750 $750 $750 $750 $750 $750 $9,000
$87,043 $85,762 $59,140 $58,759 $87,043 $927,017 $91,088 $86,856 $91,088 $61,155 $61,615 $89,677 $91,088 $91,088 $89,677 $61,615 $61,155 $91,088 $967,189
$184,804 $177,315 $21,590 $19,366 $184,804 $1,530,386 $208,467 $183,710 $208,467 $33,378 $36,069 $200,215 $208,467 $208,467 $200,215 $36,069 $33,378 $208,467 $1,765,366
68.0% 67.4% 26.7% 24.8% 68.0% 62.3% 69.6% 67.9% 69.6% 35.3% 36.9% 69.1% 69.6% 69.6% 69.1% 36.9% 35.3% 69.6% 64.6%
$19,029 $18,415 $5,651 $5,469 $19,029 $172,018 $20,969 $18,940 $20,969 $6,617 $6,838 $20,292 $20,969 $20,969 $20,292 $6,838 $6,617 $20,969 $191,279
$165,774 $158,899 $15,939 $13,898 $165,774 $1,358,368 $187,498 $164,770 $187,498 $26,760 $29,231 $179,922 $187,498 $187,498 $179,922 $29,231 $26,760 $187,498 $1,574,087
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$41,444 $39,725 $3,985 $3,474 $41,444 $339,592 $46,875 $41,193 $46,875 $6,690 $7,308 $44,981 $46,875 $46,875 $44,981 $7,308 $6,690 $46,875 $393,522
$124,331 $119,174 $11,955 $10,423 $124,331 $1,018,776 $140,624 $123,578 $140,624 $20,070 $21,923 $134,942 $140,624 $140,624 $134,942 $21,923 $20,070 $140,624 $1,180,565
45.7% 45.3% 14.8% 13.3% 45.7% 41.5% 46.9% 45.7% 46.9% 21.2% 22.4% 46.5% 46.9% 46.9% 46.5% 22.4% 21.2% 46.9% 43.2%
$2,922,317 $3,059,907 $3,077,512 $3,093,404 $3,236,764 $3,236,764 $3,398,357 $3,540,874 $3,702,467 $3,729,154 $3,757,915 $3,913,149 $4,074,741 $4,236,334 $4,391,568 $4,420,329 $4,447,016 $4,608,608 $4,608,608
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$2,922,317 $3,059,907 $3,077,512 $3,093,404 $3,236,764 $3,236,764 $3,398,357 $3,540,874 $3,702,467 $3,729,154 $3,757,915 $3,913,149 $4,074,741 $4,236,334 $4,391,568 $4,420,329 $4,447,016 $4,608,608 $4,608,608
-$478,935 -$497,350 -$503,001 -$508,470 -$527,500 -$527,500 -$548,468 -$567,408 -$588,377 -$594,994 -$601,832 -$622,124 -$643,093 -$664,062 -$684,354 -$691,192 -$697,810 -$718,778 -$718,778
0 0 0 0 0 $0 0 0 0 0 0 0 0 0 0 0 0 0 $0
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 $0
$2,443,382 $2,562,556 $2,574,511 $2,584,934 $2,709,265 $2,709,265 $2,849,888 $2,973,466 $3,114,090 $3,134,160 $3,156,083 $3,291,025 $3,431,648 $3,572,272 $3,707,213 $3,729,136 $3,749,207 $3,889,830 $3,889,830
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 $0
$2,443,382 $2,562,556 $2,574,511 $2,584,934 $2,709,265 $2,709,265 $2,849,888 $2,973,466 $3,114,090 $3,134,160 $3,156,083 $3,291,025 $3,431,648 $3,572,272 $3,707,213 $3,729,136 $3,749,207 $3,889,830 $3,889,830
$2,443,382 $2,562,556 $2,574,511 $2,584,934 $2,709,265 $2,709,265 $2,849,888 $2,973,466 $3,114,090 $3,134,160 $3,156,083 $3,291,025 $3,431,648 $3,572,272 $3,707,213 $3,729,136 $3,749,207 $3,889,830 $3,889,830
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
$124,331 $119,174 $11,955 $10,423 $124,331 $1,018,776 $140,624 $123,578 $140,624 $20,070 $21,923 $134,942 $140,624 $140,624 $134,942 $21,923 $20,070 $140,624 $1,180,565
$19,029 $18,415 $5,651 $5,469 $19,029 $172,018 $20,969 $18,940 $20,969 $6,617 $6,838 $20,292 $20,969 $20,969 $20,292 $6,838 $6,617 $20,969 $191,279
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$143,360 $137,590 $17,606 $15,892 $143,360 $1,190,794 $161,592 $142,517 $161,592 $26,687 $28,761 $155,234 $161,592 $161,592 $155,234 $28,761 $26,687 $161,592 $1,371,844
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$2,778,957 $2,922,317 $3,059,907 $3,077,512 $3,093,404 $2,045,970 $3,236,764 $3,398,357 $3,540,874 $3,702,467 $3,729,154 $3,757,915 $3,913,149 $4,074,741 $4,236,334 $4,391,568 $4,420,329 $4,447,016 $3,236,764
$143,360 $137,590 $17,606 $15,892 $143,360 $1,190,794 $161,592 $142,517 $161,592 $26,687 $28,761 $155,234 $161,592 $161,592 $155,234 $28,761 $26,687 $161,592 $1,371,844
$2,922,317 $3,059,907 $3,077,512 $3,093,404 $3,236,764 $3,236,764 $3,398,357 $3,540,874 $3,702,467 $3,729,154 $3,757,915 $3,913,149 $4,074,741 $4,236,334 $4,391,568 $4,420,329 $4,447,016 $4,608,608 $4,608,608
0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0% 7.0%
$143,360 $137,590 $17,606 $15,892 $143,360 $1,190,794 $161,592 $142,517 $161,592 $26,687 $28,761 $155,234 $161,592 $161,592 $155,234 $28,761 $26,687 $161,592 $1,371,844
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$2,922,317 $3,059,907 $3,077,512 $3,093,404 $3,236,764 $3,236,764 $3,398,357 $3,540,874 $3,702,467 $3,729,154 $3,757,915 $3,913,149 $4,074,741 $4,236,334 $4,391,568 $4,420,329 $4,447,016 $4,608,608 $4,608,608
Hotel
Financial Model 2012 2013 2014 2015 2016 2017 2018 2019 2020
Income Statement
Gross Sales $492,486 $500,000 $499,058 $585,502 $653,045 $500,205 $541,571 $541,571 $541,571
Return and Allowances $22,933 $48,245 $57,955 $27,795 $51,000 $51,000 $51,000
Net Sales $492,486 $500,000 $476,125 $537,257 $595,090 $472,410 $490,571 $490,571 $490,571
Total Cost of Goods Sold
Gross Profit $492,486 $500,000 $476,125 $537,257 $595,090 $472,410 $490,571 $490,571 $490,571
Net Gain (Loss) $0 $12,000 $0 $0 $0 $0 $0 $0
Other Income $5,000 $5,000 $0 $5,000 $5,000 $6,958 $6,870 $6,870 $6,870
Total Income $497,486 $505,000 $488,125 $542,257 $600,090 $479,368 $497,441 $497,441 $497,441
Compensation of Officers $10,000 $10,000 $10,000 $45,000 $45,000 $30,000 $30,000 $30,000 $30,000
Salaries and Wages $0 $4,000 $26,400 $24,000 $6,150 $5,760 $5,280 $5,280 $5,280
Repairs and Maintenance $9,652 $24,725 $19,474 $21,146 $15,170 $30,104 $57,459 $57,459 $57,459
Bad Debts $0 $0 $0 $0 $0 $0 $0 $0 $0
Rents $139,896 $139,896 $139,899 $139,899 $139,899 $139,896 $139,896 $139,896 $139,896
Taxes and licenses $0 $650 $4,150 $2,277 $977 $695 $1,370 $1,370 $1,370
Interest $2,595 $6,239 $4,557 $2,708 $1,209 $7,466 $12,320 $12,320 $12,320
Depreciation not claimed $14,506 $13,791 $13,146 $13,225 $11,450 $34,013 $58,124 $58,124 $58,124
Depletion $0 $0 $0 $0 $0 $0 $0 $0 $0
Advertising $1,552 $11,449 $6,558 $16,671 $8,436 $8,683 $0 $0 $0
Pension, Profit-sharing $0 $0 $0 $0 $0 $0 $0 $0 $0
Employee Benefit Programs $0 $0 $0 $0 $0 $0 $0 $0 $0
Other Deductions $247,407 $231,656 $154,152 $238,401 $250,682 $198,577 $195,169 $195,169 $195,169
Total Expenses $425,608 $442,406 $378,336 $503,327 $478,973 $455,194 $499,618 $499,618 $499,618
EBIT $71,878 $62,594 $109,789 $38,930 $121,117 $24,174 -$2,177 -$2,177 -$2,177
Interest $0 $0 $0 $0 $0 $0 $0 $0 $0
Taxes $0 $0 $0 $0 $0 $0 $0 $0 $0
Net Income $71,878 $62,594 $109,789 $38,930 $121,117 $24,174 -$2,177 -$2,177 -$2,177
Net Income Margin 14.6% 12.5% 22.0% 6.6% 18.5% 4.8% -0.4% -0.4% -0.4%

Boutique Hotel Financial Model

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Boutique Hotel Financial Model

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Hotel

Cash and Cash Equivalents $471,102 $1,140,576 $2,045,970 $3,236,764 $4,608,608

Accounts Receivable % Revenue 0.0% 0.0% 0.0% 0.0% 0.0%

Net Income $386,551 $557,224 $763,738 $1,018,776 $1,180,565

Beginning Cash Balance $0 $471,102 $1,140,576 $2,045,970 $3,236,764

Capex as % of Revenue 0.0% 0.0% 0.0% 0.0% 0.0%

YoY Growth in Room Rate 10%

YoY Growth in Room Occupancy 10%

Variable Expenses (% of Revenue)

Depreciation & Amortization (% of Revenue) 7.0%

Best Case Option

YoY Growth in Room Rate 10%

YoY Growth in Room Occupancy 10%

Variable Expenses (% of Revenue)

Depreciation & Amortization (% of Revenue) 7.0%

Base Case Option

YoY Growth in Room Rate 5%

YoY Growth in Room Occupancy 5%

Variable Expenses (% of Revenue)

Depreciation & Amortization (% of Revenue) 7.0%

Worse Case Option

YoY Growth in Room Rate 0%

YoY Growth in Room Occupancy 0%

Variable Expenses (% of Revenue)

Depreciation & Amortization (% of Revenue) 7.0%

Occupancy Rate Avg. Occupancy Rate Avg. Occupancy Rate

Occupancy Rate Avg. Occupancy Rate Avg. Occupancy Rate

Occupancy Rate Avg. Occupancy Rate Avg.

Occupancy Rate Avg. Occupancy Rate Avg.

May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22

Avg. Occupancy Rate Avg.

Avg. Occupancy Rate Avg.

Occupancy Rate Avg. Occupancy Rate Avg.

Occupancy Rate Avg. Occupancy Rate Avg.

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