APARTMENT STATS. A Publication of RubinBrown LLP

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1 14 APARTMENT STATS A Publication of RubinBrown LLP

2 Welcome RubinBrown is pleased to present the 2014 Apartment Statistical Analysis, an annual survey compiled by the Real Estate Services Group. Each year, data is collected from our clients, as well as other contacts and referrals within the industry, to comprise averages in a variety of markets within the United States. The accompanying statistical information includes operational data for 2013 and represents approximately 420 apartment projects in roughly 30 states. While these averages are representative of a smaller pool of projects, the trends are usually consistent with those experienced at the national level. If you have questions about the content of this publication, please contact us (see page 16 for contact information). RubinBrown Real Estate Services Group Contents 1 Executive Summary 3 Comparison of Operations 4 Government Assisted 8 Government Assisted by Region 10 Government Assisted by Project Size 12 Market Rate 14 Low Income Tax Credit Projects 16 RubinBrown Real Estate Services

3 Executive Summary Industry Update The multifamily rental housing industry posted a strong economic position in 2013, remaining consistent with its 2012 performance, if not in many cases, better. Capitalizing on the slowing improving economy, the apartment sector proved itself to be in a much financially different place than it was 4-5 years earlier when it bore the significant burden of foreclosures and housing failures. Much of this improvement over the last few years can be credited to strong demand, which continued to outpace supply in However, according to a multifamily market outlook published by Freddie Mac, the discrepancy between supply and demand is slowly disappearing as multifamily constructions starts rose 20% over 2012 and 80% over As noted in the study, supply could be expected to peak in the coming years, but is currently aligned with the start levels experienced pre-recession. Further, this increase in construction starts has been attributed to steady employment growth experienced in 2013 as the unemployment rate dropped 120 basis points from With demand continuing to exceed supply, growth in rents has been easy to come by as compared to previous years. In fact, as indicated by REIS, the national average for 2013 reflected a 3.6% increase in rents over 2012 vs. a historical measure of roughly 2.8% year over year. Further, vacancies posted a 2013 rate of 4.1% throughout the country vs. a 5.4% rate, historically. Renter demographics continue to play an important role in the apartment market as well. According to Freddie Mac, the number of renters rose by more the 5 million and 15% since Of this increase, 38% or nearly 2 million, are renting multifamily dwellings, defined as two or more units per building. The remaining portion of the increase consists of single family home rental, which currently comprises 37% of the total rental market, per Freddie Mac. However, it is important to note that the portion of single family home rentals is expected to slip back to its historical average of 33% as the for-sale home market steadily improves. This decline in single family home rentals would result in approximately 1 million households that will either turn to multifamily housing rentals or home ownership, if affordable. And, with single-family housing prices and interest rates on the rise, it is expected that home affordability will decline, which will further fuel the multifamily housing industry. Likewise, the Joint Center on Housing Studies of Harvard University reported that the industry could face an increase of 4.7 million more renter households by Additionally, it is not surprising to know that young adults comprise the largest share of all renters in the United States. But, what is more impressive is the fact that the Baby Boomers are starting to move out of the home ownership arena and into renting as they value its flexibility and conveniences available given the aging demographic of that Generation. Market Trends As noted above, 2013 proved to be a great year for the apartment sector. These positive trends are continuing into 2014, as rental growth and occupancy levels expect to remain consistent. Not only have these favorable outcomes led to a stronger financial position for the industry, but they have helped spur property value appreciation to pre-recession levels and have ultimately brought multifamily investors back into the market. According to Freddie Mac, increased investor demand can also be tied to lower risk along with low interest rates and lack of other quality investments that produce higher yields. Of course, coupled with investor appetite is the effect it has on cap rates, which currently hover nationally around 6.4%. Indeed, some markets on the coasts have experienced rates as low as 4%, yet they are anticipated to remain around 7% for years to come. RubinBrown Apartment Stats

4 Executive Summary Perhaps one of the more significant issues facing the industry is its aging housing stock and what its role is in future years. In fact, the 2012 American Community Survey published by the U.S. Census Bureau indicated that roughly 60% of U.S. rental properties with 20 or more units were built prior to It is clearly evident that demand remains strong for multifamily housing and yet supply has lagged behind for quite some time. New construction can only do so much to reduce the gap between supply and demand. And with anticipated increases in rental populations in the future, quality affordable housing could be difficult to find in the future without additional focus on current housing stock through renovations and modernizations. In addition to possible increases in renter population and aging inventory, immigration reform is looming on the horizon for the apartment industry. Again, according to the American Community Survey, most immigrants live in rental housing complexes and they also are key components in building and operating these complexes. Without consideration for all stakeholders, Congressional reform could enact restrictions that create negative consequences for the apartment sector as a whole and result in an inability to meet the country s housing needs. Conclusion Overall, the multifamily housing market is primed to perform strongly into the coming years. Economic and demographic indicators point towards a solid, healthy market with continued demand and investor support. With the industry s success experienced in these last years, it is important not to lose sight of looming threats related to pending legislation not only on immigration reform but, tax reform as a whole that, in the past, has looked to remove key subsidy programs essential to the industry. Despite the strengths of the industry s mission and overall community impact, it cannot be certain that Congressional pressures won t dramatically alter the industry s future outlook. RubinBrown invites you to utilize this study as a development and management tool to compare your financial operations to the operating results of your peers. This study also provides sound comparable data to utilize in formulating an acquisition model. Like all compilations of data, it will be most useful when carefully and properly interpreted. We sincerely thank everyone who took time to participate in RubinBrown s survey. 2 RubinBrown Apartment Stats 2014

5 Comparison of Operations Government Assisted Market Rate Total Number of Projects Average Project Age In Years Average Number of Units Averages Per Unit: Monthly Rent $702 $780 Square Feet Rooms Economic Occupancy 90.8% 85.8% Debt Service & Depreciation as a Percentage of Total Income 36.3% 45.9% A B C A B C Revenues Gross Potential Rent $8,421 $ % $9,358 $ % Less: Vacancy Loss (597) (0.63) -7.1% (908) (1.00) -9.7% Collection Loss (111) (0.12) -1.3% (121) (0.13) -1.3% Concession Loss (67) (0.07) -0.8% (303) (0.33) -3.2% Rent Collected 7,646 $ % 8, % Other Income % 1, % Total Income $8,046 $ % $9,114 $ % Expenses Salaries and Personnel $1,079 $ % $939 $ % Administrative % % Marketing % % Management Fees % % Utilities % % Carpeting % % Painting % % Landscaping % % HVAC % % Appliances % % Plumbing % % Electrical % % Other Repairs and Services % % Insurance % % Real Estate Taxes % % Other Taxes % % Total Expenses $5,125 $ % $4,935 $ % Debt Service and Depreciation $2,921 $ % $4,179 $ % Capital Expenditures $185 $ % $1,025 $ % A = Dollars per unit, per year B = Dollars per square foot, per year C = Percent of gross potential rent RubinBrown Apartment Stats

6 Government Assisted Total Number of Projects Average Number of Units Averages Per Unit: Monthly Rent $702 $699 $721 Square Feet Rooms Economic Occupancy 90.8% 88.6% 89.4% Debt Service & Depreciation as a Percentage of Total Income 36.3% 35.4% 40.0% A B C A B C A B C Revenues Gross Potential Rent $8,421 $ % $8,383 $ % $8,653 $ % Less: Vacancy Loss (597) (0.63) -7.1% (758) (0.81) -9.0% (704) (0.73) -8.1% Collection Loss (111) (0.12) -1.3% (127) (0.14) -1.5% (130) (0.13) -1.5% Concession Loss (67) (0.07) -0.8% (79) (0.08) -0.9% (84) (0.09) -1.0% Rent Collected 7, % 7, % 7, % Other Income % % % Total Income $8,046 $ % $7,794 $ % $8,204 $ % Expenses Salaries and Personnel $1,079 $ % $1,031 $ % $892 $ % Administrative % % % Marketing % % % Management Fees % % % Utilities % % % All Repair, Maintenance and Contract Services 1, % 1, % 1, % Insurance % % % Real Estate Taxes % % % Other Taxes % % % Total Expenses $5,125 $ % $5,033 $ % $5,172 $ % Debt Service and Depreciation $2,921 $ % $2,761 $ % $3,032 $ % A = Dollars per unit, per year B = Dollars per square foot, per year C = Percent of gross potential rent 4 RubinBrown Apartment Stats 2014

7 $673 $ % 86.9% $1,000 $900 $800 $700 $600 $500 $400 $300 $200 Average Monthly Rent per Unit $702 $699 $721 $673 $ % 38.2% $100 $ A B C A B C Economic Occupancy $8,078 $ % $7,948 $ % (826) (0.88) -10.2% (825) (0.89) -10.4% 100% 90% 90.8% 88.6% 89.4% 86.9% 86.9% (128) (0.14) -1.6% (133) (0.14) -1.7% 80% (105) (0.11) -1.3% (82) (0.09) -1.0% 7, % 6, % % % $7,429 $ % $7,239 $ % 70% 60% 50% 40% 30% $801 $ % $781 $ % % % % % % % % % 20% 10% 0% , % 1, % Gross Potential Rent vs. Net Operating Income per Square Foot % % % % % % $4,620 $ % $4,467 $ % $2,809 $ % $2,772 $ % $3.08 $8.85 $2.94 $8.99 $3.16 $8.98 $2.99 $8.59 $2.99 $8.58 Net Operating Income Gross Potential Rent RubinBrown Apartment Stats

8 Government Assisted Expense Trends per Unit $1,079 $1,031 Salaries and Personnel $892 $801 $781 $521 $505 Administrative and Marketing $556 $518 $456 $1,333 Contract Services and Repairs & Maintenance $1,428 $1,475 $1,324 $1,253 $876 $851 Taxes and Insurance $974 $854 $861 $0 $250 $500 $750 $1,000 $1,250 $1, RubinBrown Apartment Stats 2014

9 RubinBrown Apartment Stats

10 Government Assisted by Region North East/Northeast Midwest South/Southeast Total Number of Projects Average Project Age In Years Average Number of Units Averages Per Unit: Monthly Rent $698 $824 $660 $681 Square Feet 1, ,038 Rooms Economic Occupancy 92.4% 90.7% 89.6% 90.8% Debt Service & Depreciation as a Percentage of Total Income 32.5% 43.3% 38.2% 29.5% A B C A B C A B C A B C Revenues Gross Potential Rent $8,370 $ % $9,885 $ % $7,917 $ % $8,177 $ % Less: Vacancy Loss (520) (0.51) -6.2% (713) (0.75) -7.2% (638) (0.68) -8.1% (556) (0.54) -6.8% Collection Loss (83) (0.08) -1.0% (125) (0.13) -1.3% (99) (0.11) -1.3% (127) (0.12) -1.6% Concession Loss (35) (0.03) -0.4% (80) (0.08) -0.8% (76) (0.08) -1.0% (64) (0.06) -0.8% Rent Collected 7, % 8, % 7, % 7, % Other Income % % % % Total Income $8,309 $ % $9,447 $ % $7,528 $ % $7,740 $ % Expenses Salaries and Personnel $1,080 $ % $1,050 $ % $1,035 $ % $1,170 $ % Administrative % % % % Marketing % % % % Management Fees % % % % Utilities % % % % Carpeting % % % % Painting % % % % Landscaping % % % % HVAC % % % % Appliances % % % % Plumbing % % % % Electrical % % % % Other Repairs and Services % % % % Insurance % % % % Real Estate Taxes % % % % Other Taxes % % % % Total Expenses $5,608 $ % $5,361 $ % $4,651 $ % $5,455 $ % Debt Service & Depreciation $2,701 $ % $4,086 $ % $2,877 $ % $2,285 $ % A = Dollars per unit, per year B = Dollars per square foot, per year C = Percent of gross potential rent 8 RubinBrown Apartment Stats 2014

11 South/Southwest West/Northwest Monthly Rent per Unit $777 $ % 94.9% 33.5% 26.6% A B C A B C Net Operating Income per Square Foot $9,326 $ % $9,284 $ % (591) (0.78) -6.3% (384) (0.44) -4.1% (125) (0.17) -1.3% (114) (0.13) -1.2% (50) (0.07) -0.5% (26) % 8, % 8, % % % $8,932 $ % $9,006 $ % $1,235 $ % $1,277 $ % % % % % Economic Occupancy % % 1, % 1, % % % % % % % % % % % % % % % % 1, % % % % % % % $5,943 $ % $6,614 $ % $2,989 $ % $2,392 $ % West/Northwest North East/Northeast South/Southwest Midwest South/Southeast RubinBrown Apartment Stats

12 Government Assisted by Project Size 0-50 Units Units Units Units Over 200 Units Total Number of Projects Average Project Age In Years Average Number of Units Averages Per Unit: Monthly Rent $635 $682 $723 $761 $694 Square Feet 1, Rooms Economic Occupancy 91.9% 91.9% 91.0% 90.3% 89.8% Debt Service & Depreciation as a Percentage of Total Income 30.5% 35.5% 37.5% 32.7% 40.4% A B A B A B A B A B Revenues Gross Potential Rent $7,621 $7.19 $8,185 $9.14 $8,670 $9.56 $9,131 $9.54 $8,333 $8.79 Less: Vacancy Loss (404) (0.38) (490) (0.55) (630) (0.69) (680) (0.71) (666) (0.70) Collection Loss (145) (0.14) (95) (0.11) (94) (0.10) (126) (0.13) (130) (0.14) Concession Loss (70) (0.07) (77) (0.09) (60) (0.07) (79) (0.08) (58) (0.06) Rent Collected 7, , , , , Other Income Total Income $7,472 $7.04 $7,847 $8.75 $8,291 $9.15 $8,625 $9.02 $7,953 $8.39 Expenses Salaries and Personnel $1,029 $0.97 $1,144 $1.28 $1,125 $1.24 $1,181 $1.23 $943 $1.00 Administrative Marketing Management Fees Utilities , Carpeting Painting Landscaping HVAC Appliances Plumbing Electrical Other Repairs and Services Insurance Real Estate Taxes Other Taxes Total Expenses $5,193 $4.92 $5,065 $5.68 $5,186 $5.70 $5,802 $6.06 $4,743 $5.02 Debt Service and Depreciation $2,279 $2.12 $2,782 $3.07 $3,105 $3.45 $2,823 $2.96 $3,210 $3.37 Capital Expenditures $175 $0.17 $190 $0.21 $131 $0.14 $250 $0.26 $143 $0.15 A = Dollars per unit, per year B = Dollars per square foot, per year C = Percent of gross potential rent 10 RubinBrown Apartment Stats 2014

13 RubinBrown Apartment Stats

14 Market Rate Total Number of Projects Average Number of Units Averages Per Unit: Monthly Rent $780 $766 $674 Square Feet Rooms Economic Occupancy 85.8% 85.0% 88.6% Debt Service & Depreciation as a Percentage of Total Income 45.9% 49.0% 49.4% A B C A B C A B C Revenues Gross Potential Rent $9,358 $ % $9,193 $ % $8,093 $ % Less: Vacancy Loss (908) (1.00) -9.7% (824) (0.89) -9.0% (438) (0.47) -5.4% Collection Loss (121) (0.13) -1.3% (116) (0.13) -1.3% (62) (0.07) -0.8% Concession Loss (303) (0.33) -3.2% (435) (0.47) -4.7% (420) (0.45) -5.2% Rent Collected 8, % 7, % 7, % Other Income 1, % % % Total Income $9,114 $ % $8,639 $ % $7,803 $ % Expenses Salaries and Personnel $939 $ % $976 $ % $762 $ % Administrative % % % Marketing % % % Management Fees % % % Utilities % % % All Repairs and Maintenance and Contract Services 1, % 1, % % Insurance % % % Real Estate Taxes % % % Other Taxes % % % Total Expenses $4,935 $ % $4,410 $ % $3,947 $ % Debt Service and Depreciation $4,179 $ % $4,229 $ % $3,856 $ % A = Dollars per unit, per year B = Dollars per square foot, per year C = Percent of gross potential rent 12 RubinBrown Apartment Stats 2014

15 $763 $809 $1,000 $900 $800 $700 Average Monthly Rent per Unit $780 $766 $763 $674 $ $ $ % 87.7% $400 $300 $ % 47.5% $100 $ A B C A B C Economic Occupancy $9,153 $ % $9,707 $ % (942) (1.01) -10.3% (902) (1.02) -9.3% (113) (0.12) -1.2% (52) (0.06) -0.5% (520) (0.56) -5.7% (220) (0.27) -2.5% 7, % 8, % 100% 90% 80% 70% 88.6% 85.8% 85.0% 82.8% 87.7% % % 60% $8,270 $ % $9,035 $ % 50% 40% 30% $794 $ % $837 $ % 20% % % % % % % % % 10% 0% , % 1, % % % Gross Potential Rent vs. Net Operating Income per Square Foot % % % % $4,507 $ % $4,739 $ % $3,763 $ % $4,296 $ % $4.61 $10.30 $4.57 $9.93 $4.11 $8.63 $4.05 $9.82 $5.20 $11.80 Net Operating Income Gross Potential Rent RubinBrown Apartment Stats

16 Low Income Tax Credit Projects Total Number of Projects Average Number of Units Averages Per Unit: Monthly Rent $798 $697 $722 Square Feet Rooms Economic Occupancy 90.6% 88.8% 89.2% Debt Service & Depreciation as a Percentage of Total Income 36.5% 35.4% 36.9% A B C A B C A B C Revenues Gross Potential Rent $8,429 $ % $8,370 $ % $8,665 $ % Less: Vacancy Loss (617) (0.65) -7.3% (748) (0.79) -8.9% (718) (0.75) -8.3% Collection Loss (111) (0.12) -1.3% (129) (0.14) -1.5% (130) (0.14) -1.5% Concession Loss (69) (0.07) -0.8% (67) (0.07) -0.8% (83) (0.09) -1.0% Rent Collected 7, % 7, % 7, % Other Income % % % Total Income $8,036 $ % $7,799 $ % $8,199 $ % Expenses Salaries and Personnel $1,076 $ % $1,031 $ % $890 $ % Administrative % % % Marketing % % % Management Fees % % % Utilities % % % All Repair, Maintenance and Contract Services 1, % 1, % 1, % Insurance % % % Real Estate Taxes % % % Other Taxes % % % Total Expenses $5,100 $ % $5,037 $ % $5,170 $ % Debt Service and Depreciation $2,936 $ % $2,762 $ % $3,029 $ % A = Dollars per unit, per year B = Dollars per square foot, per year C = Percent of gross potential rent 14 RubinBrown Apartment Stats 2014

17 $676 $ % 87.1% 37.8% 37.4% $1,000 $900 $800 $700 $600 $500 $400 $300 $200 $100 $798 Average Monthly Rent per Unit $697 $722 $676 $680 $ A B C A B C Economic Occupancy $8,110 $ % $8,159 $ % (828) (0.87) -10.2% (838) (0.85) -10.3% (130) (0.14) -1.6% (137) (0.14) -1.7% (106) (0.11) -1.3% (77) (0.08) -0.9% 7, % 7, % 100% 90% 80% 70% 90.6% 88.8% 89.2% 86.9% 87.1% % % 60% $7,459 $ % $7,449 $ % 50% 40% 30% $803 $ % $764 $ % 20% % % % % % % % % 10% 0% , % 1, % % % Gross Potential Rent vs. Net Operating Income per Square Foot % % % % $4,640 $ % $4,663 $ % $2,819 $ % $2,786 $ % $3.06 $8.83 $2.90 $8.84 $3.17 $9.11 $2.99 $8.56 $2.83 $8.30 Net Operating Income Gross Potential Rent RubinBrown Apartment Stats

18 RubinBrown Real Estate Services Group For more than 30 years, RubinBrown s Real Estate Services Group has developed a strong reputation nationally as a leader in accounting and advisory services. Today, the group provides specialized services to real estate entities from coast to coast. The RubinBrown Real Estate Services Group provides a full range of assurance, tax, business planning, and consulting services to: Investment funds Real estate partnerships Developers Management companies Governmental agencies Syndicators and investors Financial institutions Construction-related companies RubinBrown Real Estate Services Group s services include: Financial forecasts and projections Cash flow and operational analyses Specialized and complex tax planning Troubled project workouts HOPE VI consulting Senior housing consulting Business valuations Low-income housing tax credit consulting and compliance Affordable housing consulting and compliance Historic rehabilitation tax credit consulting Sales and Use Tax consulting Governmental cost certifications (FHA & state housing agency) NMTC consulting and compliance Renewable energy consulting and compliance Design and evaluation of financial reporting systems and internal control systems Capital asset segregation analysis Construction draw accounting and processing Structured and complex deal structuring Assistance in obtaining debt/equity financing Like-kind exchange consulting Strategic planning Feasibility studies 16 RubinBrown Apartment Stats 2014

19 Through the years, our clients have grown to depend on our expertise in four key areas of the real estate sector: Affordable Housing: This complex and highly regulated industry has been one that RubinBrown has focused on since the early days of HUD and the advent of the federal low-income housing tax credit program. Historic Tax Credit Services: RubinBrown has extensive experience with consulting on historic rehabilitation projects across the country. New Markets Tax Credit Services: In addition to initial program guidance and consulting, RubinBrown experts can help you with NMTC application assistance. Renewable Energy: There are many new financial incentives for companies in the renewable energy sector. We can help you sort through the opportunities and provide financial guidance to move your businesses forward. In addition, the RubinBrown Real Estate Services Group regularly sponsors seminars and roundtables dealing with current topics affecting the real estate industry. Bryan C. Keller, CPA Partner-In Charge Dave Herdlick, CPA Partner & Vice Chair Jeff Cunningham, CPA Partner RubinBrown Apartment Stats

20 RubinBrown Denver Office Kansas City Office St. Louis Office St. Louis Cortex Office th Street Suite 300 Denver, Colorado Grandview Drive Building 27, Suite 600 Overland Park, Kansas One North Brentwood Suite 1100 St. Louis, Missouri Duncan Avenue Suite 200 St. Louis, Missouri ph: fax: ph: fax: ph: fax: ph: fax: For more information, visit 18 RubinBrown Apartment Stats 2014

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