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You have been asked to develop a pro forma statement of cash flow for the coming year for Autumn Seasons, a 200-unit suburban garden apartment

You have been asked to develop a pro forma statement of cash flow for the coming year for Autumn Seasons, a 200-unit suburban garden apartment community. This community has a mix of 40 studio, 80 one-, and 80 two-bedroom apartments with current monthly rents of $650, $700, and $900, respectively. Leases with tenants are usually made for 12-month periods. Current rents are expected to remain fixed for the next six months. After that time, monthly rents for each apartment type should increase by $10 per unit and remain at those levels for the remainder of the year. Assume 5% for vacancy and credit loss. Autumn Seasons anticipates that during the coming year, it will earn other income from laundry facilities, the awarding of an exclusive cable TV contract, parking, plus fees from net deposits, late fees, and so on of $200,000 Autumn Seasons expects to pay total turnover and operating expenses of $450 per month, per unit during the next year. However, it expects to recover some of these expenses for heating and central cooling that it provides to tenants in an amount totaling $110 per month, per occupied unit. During the next year, it is also anticipated that $125,000 will be required for recurring, make-ready expenses (carpet, paint, drywall repair, etc.), and another $275,000 will be required as an allowance for nonrecurring items including parking lot repairs, and so on. A total of $15,000 in fees will be paid to Apartment Locator Services, a company that provides marketing services and finds new tenants for Autumn Seasons. They also reserve $250 per unit per year for future capital expense items. Prepare a statement of operating cash flow (NOI) for the coming year

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