WEST OAK APARTMENT HOMES FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017 AND INDEPENDENT ACCOUNT ANTS' COMPILATION REPORT

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1 WEST OAK APARTMENT HOMES FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2017 AND INDEPENDENT ACCOUNT ANTS' COMPILATION REPORT

2 WEST OAK APARTMENT HOMES CONTENTS INDEPENDENT ACCOUNT ANTS' COMPILATION REPORT FINANCIAL STATEMENTS Balance Sheet Income Statement Statement of Cash Flows

3 Ahearn Jasco + Company Business and Financial Consultants Certified Public Accountants Chartered 190 Southeast 19th Avenue Pompano Beach, Florida Toll Free Phone Fax INDEPENDENT ACCOUNTANTS' COMPILATION REPORT To the Owners West Oaks Apartment Homes Orlando, Florida Management is responsible for the accompanying financial statements of West Oaks Apartment Homes which comprise the balance sheet as of March 31, 2017 and the related income statement and cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America. We have performed compilation engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the AICPA. We did not audit or review the financial statements nor were we required to perform any procedures to verify the accuracy or completeness of the information provided by management. Accordingly, we do not express an opinion, a conclusion, nor provide any form of assurance on these financial statements. Management has elected to omit substantially all of the disclosures ordinarily required by accounting principles generally accepted in the United States of America. If the omitted disclosures were included in the financial statements, they might influence the user's conclusions about the Company' s financial position, results of operations, and cash flows. Accordingly, the financial statements are not designed for those who are not informed about such matters. AHEARN, Certified Public Accountants Pompano Beach, Florida August 22, American Institute of Certified Public Accountants PCAOB Registered Private Companies Practice Section

4 Balance Sheet As of March 31, 2017 Current Assets Bank Accounts Cash - Security Deposits Cash- Operating Account Petty Cash Total Bank Accounts ASSETS $ 103, , , Other current assets Accounts Receivable Prepaid Insurance Total Other current assets Total Current Assets 2, , , , Fixed Assets Land Structures Building Improvements Accumulated Depreciation Carpet & Vinyl Equipment Office Furniture Total Fixed Assets 2,140, ,286, , (4, 1 08,974.66) 130, , , ,274, Other Assets General Fund Replacement Reserve Operating Reserve Fees Account Insurance Escrow Total Other Assets TOTAL ASSETS $ 114, , , , , , ,474, Liabilities Current Liabilities Accounts Payable Accounts Payable Total Accounts Payable LIABILITIES AND EQUITY 45, , Other Current Liabilities Accrued Bond Interest Accrued Expenses Prepaid Rents Security Deposits Total Other Current Liabilities Total Current Liabilities 61, , , , , , See lndepdendent Account ants' Compilation Report

5 Balance Sheet As of March 31, 2017 Long-Term Liabilities Bond Discount Accumulated Amort. -Discount Bonds Payable Bond Principal Total Long-Term Liabilities Total Liabilities Equity Advance to/from OHA Retained Earnings Net Income Total Equity TOTAL LIABILITIES AND EQUITY $ (121,000.20) 55, ,875, (2,554,999.69) 7,254, ,568, , , , , ,474, See lndepdendent Accountants' Compilation Report

6 Income Statement For The Year Ended March 31, 2017 Income 5120 Rental Income Gross Potential Rental Income Gross Potential Housing Assistance Total Gross Potential Rental Income Vacancies Vacancy Loss Vacancy Loss- Down Units Total Vacancies Rental Allowances Office I Model Total Rental Allowances Change in Delinquncies Change in Prepaid Rent Write Off Uncollectible Total 5120 Rental Income 5190 Miscellaneous Fees Month To Month Leases Laundry Income Cleaning, Damages, Lock Changes Late Fees NSF Check Fees Insufficient Notice Penalty Redecorating Fees Application Fees Escrow Deposit Forfeited Attorney Fees Electric Charge To Tenant Termination Fees Total 5190 Miscellaneous Fees Investment Income Total Income Expenses 6300 Taxes 6325 Personal Property Taxes 6330 Licenses & Permits Total 6300 Taxes 6400 Insurance 6410 Hazard I Liability Total 6400 Insurance $ 1,946, , ,312, (46,860.22) (7,722.32) (54,582.54) (26,470.00) (26,470.00) 3, , (53,769.71) 2,185, , , , , , , , , , , ,282, , , , , See Independent Accountants' Compilation Report

7 Income Statement For The Year Ended March 31, Utilities 6510 Electricity - Common Areas 6520 Gas 6530 Water I Sewer 6540 Trash Removal Total 6500 Utilities 6600 Administrative Expenses 6610 Travel Expense 6620 Legal Fees 6630 Office Supplies 6635 Office Services 6640 Training 6645 Answering Service 6650 Telephone 6655 Bank Fees 6660 Credit Reports 6662 Postage 6666 Licenses & Permits 6670 Miscellaneous 6678 Alarm 6680 Computer License 6690 Professional Fees Total 6600 Administrative Expenses 6700 Marketing 6705 Referrals 6730 Signs I Banners Total 6700 Marketing 6800 Payroll 6745 Commissions 6820 Office Staff 6830 Maintenance Staff 6840 Taxes & Related Expenses Total 6800 Payroll 6900 Maintenance & Services 6905 Appliances Repair 6910 Building Interior 6913 Uniforms 6915 Security 6917 Equipment I Tools 6918 Plumbing 6919 Building Exterior 6921 Electrical 75, , , , , , , , , , , , , , , , , , , , , , , , , , , , See Independent Accountants' Compilation Report

8 Income Statement For The Year Ended March 31, Landscaping I Grounds 6948 Golf Cart I Trucks 6950 HVAC 6955 Pool 6960 Exterminating 6984 Fire Alarm Inspection 6986 Fire Equipment 6987 Maintenance Supplies Total 6900 Maintenance & Services 7000 Unit Turnover Costs 7010 Carpet Cleaning 7020 Interior Cleaning 7030 Interior Painting 7040 Utilities 7130 Appliances 7145 A/C Compressors & Handlers 7150 Carpet/ Vinyl 7152 Tub Resurface 7155 Window Coverings 7160 Counter Tops Total 7000 Unit Turnover Costs 7110 Management Fees Total Expenses Net Operating Income Other Expenses Depreciation Amortization 8600 Debt Service 8610 Bond Interest 8630 Credit Enhancement 8640 Trustee Fees 8650 Servicing Fees Total 8600 Debt Service Total Other Expenses Net Other Expense Net Income 63, , , , , , , , , , , , , ' , , , , , , , ,071, ,211, , , , , , , , , (793,819.24) $ 417, See Independent Accountants' Compilation Report

9 Statement of Cash Flows For The Year Ended March 31, 2017 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 417, Adjustments to reconcile net income to net cash provided by operating activities: Depreciation And Amortization 353, Allowance For Doubtful Accounts (4,015.00) Changes in certain assets and liabilities: Rent Rceivable 7, Prepaid Expenses (548.67) Accounts Payable (36,924.01) Accrued Bond Interest (2, ) Accrued Expenses 54, Security Deposits 14, Prepaid Rents {3,759.13} NET CASH PROVIDED BY OPERATING ACTIVITIES 799, CASH FLOWS FROM INVESTING ACTIVITIES: Acquisition Of Property And Equipment (53,347.90) General Fund 1 ' NET CASH USED IN INVESTING ACTIVITIES {52,221.01} CASH FLOWS FROM FINANCING ACTIVITIES: Principal Payments On Long Term Debt (255,000.00) Repayment of Advance From OHA {1 00,000.00} NET CASH USED IN FINANCING ACTIVITIES {355,000.00} NET CHANGE IN CASH AND CASH EQUIVALENTS 392, CASH AND CASH EQUIVALENTS, Beginning of year 670, CASH AND CASH EQUIVALENTS, End of year $ 1,062, SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid for income taxes $ Cash paid for interest expense $ 379, Cash - Security Deposits $ 103, Cash -Operating Account 363, Petty Cash Replacement Reserve 123, Operating Reserve 364, Fees Account 1, Insurance Escrow 105, CASH AND CASH EQUIVALENTS, End of year 1,062, See Independent Accountants' Compilation Report