Exhibit 4: All Market-Rent Properties: Operating Income and Expense Data, 2016

	Total			Garden			Mid and High Rise
	$ Per	$ Per	% of	$ Per	$ Per	% of	$ Per	$ Per	% of
	Unit	Sq. Ft.	GPR	Unit	Sq. Ft.	GPR	Unit	Sq. Ft.	GPR
Revenues
Gross Potential Rent	$13,517	$14.47	100.0%	$12,561	$13.39	100.0%	$19,113	$21.00	100.0%
Rent Revenue Collected	$12,566	$13.45	93.0%	$11,690	$12.46	93.1%	$17,688	$19.43	92.5%
Losses to Vacancy	$726	$0.78	5.4%	$669	$0.71	5.3%	$1,058	$1.16	5.5%
Collection Losses	$82	$0.09	0.6%	$82	$0.09	0.7%	$81	$0.09	0.4%
Losses to Concessions	$143	$0.15	1.1%	$118	$0.13	0.9%	$286	$0.31	1.5%
Other Revenue	$787	$0.84	5.8%	$714	$0.76	5.7%	$1,211	$1.33	6.3%
Total Revenue	$13,353	$14.30	98.8%	$12,405	$13.22	98.8%	$18,899	$20.76	98.9%
Operating Expenses
Salaries and Personnel	$1,284	$1.37	9.5%	$1,240	$1.32	9.9%	$1,540	$1.69	8.1%
Insurance	$259	$0.28	1.9%	$251	$0.27	2.0%	$302	$0.33	1.6%
Taxes	$1,575	$1.69	11.6%	$1,408	$1.50	11.2%	$2,550	$2.80	13.3%
Utilities	$330	$0.35	2.4%	$301	$0.32	2.4%	$502	$0.55	2.6%
Management Fees	$364	$0.39	2.7%	$344	$0.37	2.7%	$483	$0.53	2.5%
Administrative	$265	$0.28	2.0%	$248	$0.26	2.0%	$369	$0.41	1.9%
Marketing	$174	$0.19	1.3%	$157	$0.17	1.2%	$277	$0.30	1.4%
Contract Services	$355	$0.38	2.6%	$324	$0.34	2.6%	$541	$0.59	2.8%
Repair and Maintenance	$487	$0.52	3.6%	$476	$0.51	3.8%	$548	$0.60	2.9%
Total Operating Expenses	$5,094	$5.45	37.7%	$4,748	$5.06	37.8%	$7,112	$7.81	37.2%
Net Operating Income	$8,259	$8.84	61.1%	$7,656	$8.16	61.0%	$11,787	$12.95	61.7%
Capital Expenditures	$1,181	$1.26	8.7%	$1,127	$1.20	9.0%	$1,490	$1.64	7.8%

Exhibit 5: Apartment Operations Metrics, 2016

PROPERTY SIZE	REVENUE / PAYROLL	NET OPERATING INCOME / PAYROLL	# UNITS / FULL-TIME EMPLOYEES	# UNITS / TOTAL EMPLOYEES	PAYROLL / REVENUE	PAYROLL / NET OPERATING INCOME
Less Than 100 Units	$9.09	$5.20	33.5	28.0	11.0%	19.2%
100 to 199 Units	$8.98	$5.26	39.1	35.0	11.1%	19.0%
200 to 299 Units	$9.72	$5.95	41.8	39.7	10.3%	16.8%
300 to 399 Units	$10.35	$6.48	45.6	43.9	9.7%	15.4%
400 to 499 Units	$10.43	$6.60	46.4	45.4	9.6%	15.2%
500 or More Units	$10.78	$6.80	49.2	48.1	9.3%	14.7%
Total	$10.00	$6.17	43.7	41.5	10.0%	16.2%

If John Blatchfords operations are based on the financial metrics in Exhibits 4 and 5, what will be the monthly rent in the proposed development based on the permanent, annual payroll of $150,000? Is the value reasonable?