WILLOW WINDS, INC. UNAUDITED FINANCIAL STATEMENTS QUARTER ENDING MARCH 31, 2017

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1 WILLOW WINDS, INC. UNAUDITED FINANCIAL STATEMENTS QUARTER ENDING MARCH 31, 217

2 I Iarris County Cultural Education Facilities Finance Corporation Senior Living Revenue Bonds Series 213 Financial Information Certification Reporting Period: Quarter Ending March 31, 2 17 I have reviewed the unaudited financial statements and financial schedules fo r the reporting period related to Willow Winds, Inc. for the I Iarris County Cultural Education Facilities Finance Corporation Senior Living Revenue Bonds Series 213. To the best of my knowledge, I certify that the unaudited financial statements are prepared in reasonable detail and arc subject to year end adjustments. w~~ 1 ow 111 s, nc.

3 Statement of Activities Unaudited Three months ending March 31, 217 Revenues Rental Income Misc Income Total Revenue Amount 1, 189,3 48,469 1,237,769 Operating Expenses Payroll and Benefits Operating and Direct Utilities Total Operating Expenses Net Assets Before Non Op Exps Non Operating Expenses 285, ,592 99, ,33 599,466 Insurance 5, 16 Third Party Fees 5 1,9 Interest 419,646 Depreciation & Amortization Total Non Operating Expenses 52,896 Net Assets 78,57 Net Operating Income DSCR 599,

4 Cash Flow Statement Unaudited Three months ending March 31, 21 7 OPERATING ACTIVITIES Net Assets Adjustments to reconcile Net Income to net cash provided by operations Accounts Receivable Misc Liabilities Accounts Payable Other Payable Prepaid Rents I Insurance/Deposits Other Accrued Net cash provided by Operating Activities Amount 78,57 1,386 (19,463) 22,78 (23,855) 445, ,74 INVESTING ACTIVITIES Fixed Assets Other Assets Net cash provided by Investing Activities (95,332) (95,332) FINANCING ACTIVITIES Series A Bonds Series A-T Bonds Net cash provided by Financing Activities Net cash increase for period Cash at beginning of period Cash at end of period 418,48 2,356,792. 2,775,2

5 Unaudited Balance Sheet As of March 31, 217 ASSETS Current Assets Unrestricted Funds Restricted Funds Interest Ser A DS Reserve Fund Ser B DS Reserve Fund O&M Fund Ins & Tax Fund Surplus Fund Repair/Replace Fund Admin Fund Total Restricted Funds Accounts Receivable Misc Other Current Assets Total Current Assets Non Current Assets Utility Deposits Property and Equipment Accumulated Depreciation Total Non Current Assets TOT AL ASSETS LIABILITIES AND NET ASSETS Current Liabilities Accounts Payable Other Payable Accrued Expenses Total Current Liabilities Long Term Liabilities Total Liabilities Net Assets TOT AL LIABILITIES AND NET ASSETS Amount 152, ,8 1,562, , ,342 5, ,678 2,622, ,45 24,116 2,952,36 38,411 2,58,31 (2,64,37) 18,32,45 2,984, ,893 34,248 1,289,73 1,592,214 21, 172,294 22,764,58 (1,779,742) 2,984,766

6 Quarterly Occupancy Three months ending March 31, 21 7 Total Units Average Occupied Units Occupancy% lq %

7 Management Discussion and Analysis Statement of Activities Three months ended March 31, 217 Total Revenues were $1,237,769 and 2.7% below budgeted amounts. Rental revenue was at budgeted amounts; however, ancillary revenue was below budgeted amounts due to timing of interest income and less consumption of ancillary services. During the first quarter the property averaged 91.1 % occupancy and ended the quarter with 347 occupied units or 9.8% occupancy. For the quarter, the property moved in 28 new residents while 29 moved out. During March, the weather improved and the property experienced significant leasing inquiries. Given the positive leasing activity during the end of 1Q21 7, management is expecting 9%+ occupancy for the remainder of Total Operating Expenses were $638,33 and 4.3% below budgeted amounts. Payroll and Benefits were below budget 2.%. Operating and Direct expenses were below budget 6.8% due to expense control and timing of invoices. Utilities were below budget 4.5% due to consumption below budgeted amounts. Total Non-Operating Expenses were $52,896 and 5.4% below budgeted amounts due to timing of third party fees. Total Net Assets were $78,57 and the debt service coverage ratio was satisfactory with a 1.43x ratio.