Tuesday, August 06, 2013

June 2013 Apartment Results

Things continue to look good at the apartment complex in Houston. Occupancy climbed 1 percent to 96%. Total rent collected was almost $165,000 - the highest total since 2009. Total income stayed around $192,000, the amount it's been hovering around since April. Expenses were normal and there were no large, unexpected expenses during the month. The best part is that the net operating income was almost $87,000 for the month and the highest figure year to date. Total cash flow was $19,000 - also a highest year to date figure.

Digging into the details of the financials, I can see rent concessions dropped by $6,000 over May, although write offs of bad debt increased by a similar amount, so that was a wash. Administration expenses dropped by $2,000 and utilities expenses dropped by $3,000. Everything else stayed pretty much the same as in May.

Compared to the budgeted numbers, we are looking good. Our income numbers for the year are $11,000 over budget, expenses are $36,000 under budget, resulting in a net $25,000 income over budget for the year.

Things are looking good and I'm becoming more hopeful that we will be able to sell the property at a significant profit towards the end of this year or beginning of next year.

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