Reserve Analysis Report

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1 Reserve Analysis Report Parkway Towers 1155 Ash St Denver, CO Level I Study with Site Inspection Fiscal Year End Date: 12/31/ Via Mallorca Suite E La Jolla, CA Phone: Fax: brian@mccafferyreserveconsulting.com

2 Section Sections of This Report 1 Preface Written description of a reserve study and the figures in the report Includes glossary, preparer qualifications, and calculation description 2-7 Executive Summary Summarizes key findings of the report. Includes development description and lists the projected balance and percent funded. Summarizes the funding plans Includes category breakdown pie chart 2-8 Percent Funded Describes percent funded calculation and funding levels Includes current percent funded chart and 30 year percent funded projection chart Year Projections Includes 30 year projection charts for annual expenses and reserve balance projections for each of the 3 funding plans 2-10 Category Significance Includes category percentage column charts for fully funded balance and annual depreciation 2-11 Theoretical 30 Year Funding Plan Lists details of each of the 3 funding plans (current, recommended, and threshold) over the next 30 y Charts of the figures in this table are located in the 30 year projections 3 Component Summary & Component Significance Lists all components included in the study in table form Shows Depreciation and Fully Funded Balance Significance including quick glance graph These figures are the basis for all other calculations in the study 4 Annual Expenses by Component Lists all projected expenses for each component over the next 30 years in table form 5 Component Details Lists details of each individual component Includes notes and pictures of selected components if site inspection was conducted

3 Preface A reserve study is a detailed report that assists common interest developments (CID) in planning for long-term common area repair and replacement expenses. These common areas differ for every development. They can include streets, roofs, recreational facilities and many other items. A reserve study estimates the costs of common area repairs and replacements over a 30 year period. Each component is given a useful life, remaining life, and estimated cost. A reserve study then calculates the funds necessary to cover these expenses by creating funding plans. The Big Picture - What are the significant figures to look at in the report? The Component List What are our reserve components and when will they need maintenance Every reserve study must start with a list of the components. The component summary contains the list of all the components, their useful and remaining lives, and their estimated costs. These numbers are the building blocks for most of the figures in the study. Percent Funded - What is our current financial standing Probably the most important number in a reserve study is percent funded. It s almost like a credit score for an association. It tells them the current strength of their reserve fund. Over 70% = Well Funded Between 30-70% = Fairly Funded Below 30% = Poorly Funded The lower your percent funded the higher the risk of a special assessment. A low percent funded also increases the likelihood of deferred maintenance which can cause declining property values. Funding Plans - How much do we need to save for the future The next important part of the study is the theoretical 30 year funding plans. The study contains 3 funding plans. It projects what the percent funded will be over the next 30 years if the CID follows each of these plans. Current Funding Plan This plan is based on what the association is currently contributing to its reserve fund. This information is supplied by the board or management Recommend Funding Plan This is McCaffery s recommendation, if a CID follows the recommended plan they should end up well funded and near the 100% funded level. 5% Threshold Funding Plan - The threshold funding plan is a 30 year cash flow plan that calculates the minimum amount a CID should contribute so their reserve balance won t fall below 5% funded and cause the need for a special assessment. The percent funded will at some point fall into poorly funded levels but will never drop below 5%. If a CID has a funding plan that is below this threshold plan they should also plan on a future special assessment and/or a deferred maintenance. (Following this plan does carry higher risk of a special assessment if a component fails early or costs more than expected) 1-1

4 Why Should a Reserve Study be performed? Certain states, such as California, require that reserve studies be completed and updated annually and that the board of directors inform owners of the reserve status with their annual budget. In addition, the board of directors of a common interest development (CID) has a legal and fiduciary duty to maintain the community in a good state of repair. Property Values are directly affected by the level of maintenance and upkeep of the common area components. Reserve studies create a maintenance plan, which keeps a development in good condition, therefore increasing property appreciation and value. The amount of funds in the reserve account also greatly affects property values. Reserve studies inform CID s how much they should have in their reserve account, which eliminates costly special assessments. Over time each member of a CID should contribute their fair share to the reserve account so when expenses arise the required funds are available. Reserve Studies help board member fulfill their fiduciary duty also help avoid litigation against CID board members. Where do Component Repair/Replacement Cost Estimates Come From? The most accurate cost source is actual bids from contractors or to look at contracts from when the repair/replacement was last performed. In most cases bids or contracts are not available so unit costs for similar work done in the same local area are used. In addition, it is helpful to talk to local vendors who have knowledge of the work and can help with a cost estimate. A third source is to use construction cost estimators such as RS Means. Many times the entire quantity of a component will not need to be replaced or repaired all at once. An example of this is concrete sidewalks. All sidewalks should never have to be replaced, but some sections may experience cracking. In this case an allowance can be created for their partial replacement. The cost source number for each component is provided in the component summary and details. An explanation of each follows: 1. Local Historical Cost Cost based on bids for similar work done in same area. 2. McCaffery Estimate Estimate or Allowance made by McCaffery Staff Member. 3. Board/Manager Direction Cost estimate provided by board member or property manager. 4. Bid/Contract Bid came from actual bid or contract. 5. Cost Manual Cost came from estimating manual. 6. Previous Study Cost came from previous reserve study. 1-2

5 Glossary of Terms: Contingency An allowance for miscellaneous components, unpredictable expenses and/or costs that were higher than expected. (5% of total current cost unless directed otherwise) Current Budgeted Reserve Assessment Amount currently being deposited into reserve account. Provided by Property Manager or Board Member. Depreciation This Year Amount that should be saved for component during current year. Provided for each component and summed for all components. If the association is 100% funded this is the amount they should contribute to the reserve fund annually. =(Total Current Cost / Normal Useful Life) Depreciation Percent A components percentage of the total depreciation of all components. =(Component Depreciation/Total Depreciation of all components) Fully Funded Balance The total depreciation over the life of the component. In other words, the amount that should have been saved during the life of the component. Provided for each component and summed for all components =((Useful Life Remaining Life) * Depreciation This Year) Full Funded Balance Percent A components percentage of the total fully funded balance of all components. =(Component FFB/Total FFB of all Components) Monthly Contribution The amount that should be allocated to each component using the recommend funding plan. =((Component Depreciation/Total Depreciation)*Recommended Monthly Funding) Life Remaining Percent The percentage of life that a component has remaining =(Remaining Live/Useful Life) Normal Useful Life Typical useable life for a component. Percent Funded The percentage of the fully funded balance that the CID has in reserve fund. (Projected Balance/ Fully Funded Balance) Projected Balance Projected balance at fiscal year end with current funding plan. Calculated using current reserve balance, remaining contributions to reserves before year-end, and planned expenses before year-end. Supplied by board or management. Recommended Reserve Contribution Recommended amount that the CID should allocate into reserves to offset future expenses. Remaining Life Expected remaining useable life of component. (0 year remaining life means the component will be serviced in the upcoming fiscal year) 1-3

6 Replacement Year Year that component is projected to be replaced or repaired. Total Cost Total cost to replace or repair component in today s dollars. =(Quantity x Unit Cost) Total Future Cost - Current cost adjusted to future cost taking into account inflation and replacement year. =(Current Cost * (1+ inflation rate)^(replacement Year-Present Year)) Threshold Reserve Contribution Reserve contribution that should be allocated into reserves to keep reserve balance above a minimum amount during the next 30 years. (Minimum amount is 5% funded unless otherwise noted) Under Funded Amount association is short of fully funded balance; also known as a deficit. =(Fully Funded Balance Projected Balance) Unit Cost Cost per Unit. Unit of Measure Unit used to measure component. (Explanations shown below) SF Square Feet SY Square Yard LF Linear Feet Each Per Single Unit Lump Sum - Total cost for component Allowance Allowance for component repair or replacement Contract Cost obtained from actual contract or bid Useful Life Time in years component is expected to last. What Procedures were used for calculation and establishment of reserves? In this study the fully funded reserve balance for a component at a given time was computed using the component method. Using the component method the fully funded reserve balance equals the current cost of replacement or repair multiplied by the number of years the component has been in service divided by the useful life of the component. For example if the cost of a boiler is $10,000, the useful life is 10 years and the remaining life is 3 years. The recommended reserve balance would be: $10,000 x ((10-3)/10) = $7,

7 Preparer Qualifications Brian McCaffery, President and founder of McCaffery Reserve Consulting earned his Bachelor of Science Degree in Architectural Engineering from the University of Colorado in Boulder. His degree program included coursework in Building Exterior, Lighting, Electrical Systems, Heating Ventilating and Air Conditioning, Concrete and Steel Design, Civil Engineering, Structural Engineering, and Estimating. He has worked in the Building Construction/Architectural Engineering industry for 11 years and has been performing reserve studies for the past 9 years. During his professional career, Brian has worked for multiple companies that perform reserve studies. He has performed over 3,000 reserve studies throughout the state of California and the United States. Brian is a certified Reserve Specialist, designated by the Community Associations Institute (CAI). The Reserve Specialist designation is awarded to experienced, qualified reserve specialists, who through years of specialized experience, can help ensure that your community association prepares its reserve budget as accurately as possible. Brian also has a permit to perform reserve studies in the state of Nevada (Reserve study permit #9). McCaffery understands that most homeowners, board members, and property managers can have a difficult time understanding all the numbers in a reserve study. That is why we make it a priority to make our report easy for anyone to understand. The layout of this report is set up with graphs, explanations and figures to make it easy to follow. If you read though the full report you should have a good understanding of the numbers and calculations. We strive to make sure our studies are second to none in the industry. The important figures are summarized in the executive summary and the supporting graphs and figures give a full explanation of how the findings were derived. Further descriptions are provided in the descriptions section. For more useful information on reserve studies please visit: For a quick video that highlights the main sections please see: Or scan QR code below with a smart phone 1-5

8 One Page Description of how we come up with the Numbers in this Report The numbers in this report start with the components listed in the component summary. 1. Every component is given a useful life, remaining life, and at estimated cost We will use a boiler as an example. This boiler is expected to last 10 years and has been in use for 7 years. The estimated cost is $10,000. Component Useful Life Remaining Life Cost Boiler 10 3 $10, The fully funded balance is calculated Fully Funded Balance = (Useful life-remaining Life)/Useful Life * Cost (10-3)/10 * $10,000 = $7,000 The fully funded balance is then summed for all components and this is the total fully funded balance for the development. 3. Fully Funded Balance is then compared to the actual projected year-end balance that the development has saved for reserves This is called the percent funded. For our example let s say the development had $5,000 saved for their boiler. Their percent funded would be: Percent Funded = Projected Year End Reserve Balance/Fully Funded Balance $5,000/$7,000 = 71% 4. Next expenses are projected for each component for the next 30 years using the useful and remaining lives This information is shown in the annual expenses by component section. Inflation is included in these figures. 5. Using the projected expenses for the next 30 years the funding plans are created Funding plans are created so that the development has enough money to offset their projected expenses for the next 30 years. We try to create funding plans that have a uniform contribution over a 30 year period with a slight increase over time for inflation. 1-6

9 Executive Summary Parkway Towers This is a Homeowners Association with 101 Condominium Units. The common area components include: asphalt, pool, and building exterior. A Full Study with an on-site inspection was performed on July 2nd, 2014 Number of Units 101 Year Built 1958 Fiscal Year End December 31, % Percent Funded 100% 6. Poor Fair Well Reserve Fund Balance December 31, 2014 Fully Funded Reserve Balance $ 4,060,277 Projected Balance $ 255,044 Under Funded (Deficiency in Reserve Funding) $ 3,805,233 Deficiency in Reserve Funding Per Unit $ 37, Percent Funded 6.3% Funding Plans Annually Monthly Per Unit Monthly Depreciation of Components in 2014 $ 176,962 $ 14,747 $ Budgeted Reserve Contribution 2014 $ 45,000 $ 3,750 $ % Threshold Reserve Contribution for 2015 $ 1,134,000 $ 94,500 $ Recommended Reserve Contribution for 2015 $ 1,200,000 $ 100,000 $ Funding Plans $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $- Depreciation of Components in 2014 Budgeted Reserve Contribution % Threshold Reserve Contribution for 2015 Recommended Reserve Contribution for

10 Percent Funded Percent Funded is probably the most important number in a reserve study Your current percent funded is: Year End Balance $ 255,044 = 6% Fully Funded Balance $ 4,060,277 Above 70% = Well Funded Between 30% and 70% = Fairly Funded Below 30% = Poorly Funded The higher your percent funded, the lower the risk of special assessments and deferred maintenance. Current Percent Funded $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $- Well Funded > 70% Fairly Funded 30% - 70% Poorly Funded < 30% 100% Funded Actual $255,044 If you follow one of the 3 funding plans in this reserve study this is what your percent funded may look like over the next 30 years. Anytime the Current line drops below 0% a special assessment is likely. Annually Monthly Per Unit Monthly Current Reserve Contribution 2014 $ 45,000 $ 3,750 $ % Threshold Reserve Contribution for 2015 $ 1,134,000 $ 94,500 $ Recommended Reserve Contribution for 2015 $ 1,200,000 $ 100,000 $ % Percent Funded 30 Year Projection Current Recommended Threshold 100% 0% -100% -200% -300% -400% -500% 2-8

11 30 Year Projections Reserve expenses will vary from year to year. A reserve study predicts these expenses and offsets them by creating a uniform funding plan that increases slightly over time to keep up with inflation. Projected Annual Expenses $3,500,000 $3,000,000 $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $- The black 100% funded line shows the ideal balance over the next 30 years. It increases over time due to inflation and depreciation of your components. The 100% funded line will drop after years with large expenses. The recommend funding plan will keep you well funded. The threshold plan will approach $0 dollars, following this plan has a higher risk of special assessments or deferred maintenance. $10,000,000 $8,000, Year Reserve Balance Projection 100% Fully Funded Current Recommended Threshold $6,000,000 $4,000,000 $2,000,000 $- $(2,000,000) $(4,000,000) $(6,000,000) 2-9

12 Category Significance This chart breaks down the total fully funded balance for each category Roofing Fully Funded Balance $ 26,051 = 1% Total Fully Funded Balance $ 4,060,277 Fully Funded Balance 90% 87% 80% 70% 60% 50% 40% 30% 20% 10% 0% 1% 1% 3% 3% 0% 1% 5% This chart breaks down the total annual depreciation for each category Roofing Annual Depreciation $ 3,307 = 2% Total Annual Depreciation $ 176,962 This chart may differ from the chart above because it does not account for remaining life Depreciation This Year 80% 74% 70% 60% 50% 40% 30% 20% 10% 2% 3% 9% 5% 2% 1% 5% 0%

13 Theoretical 30 Year Funding Plans Before Tax Interest Rate 1.5% Parkway Towers Annual Inflation Rate 3.0% Above 70% = Well Funded Between 30% and 70% = Fairly Funded Below 30% = Poorly Funded Annual Funding Increase 3.0% (Low Risk of Special Assessment) (Higher Risk of Special Assessment) Year Annual Fully Funded Current Funding Plan Recommended Funding Plan 5% Threshold Funding Plan End Expenses Balance Contribution Balance % Funded Contribution Balance % Funded Contribution Balance % Funded 2014 $ - $ 4,060,277 $ 45,000 $ 255,044 6% $ - $ 255,044 6% $ - $ 255,044 6% 2015 $ 399,775 $ 3,932,000 $ 46,350 $ (94,555) -2% $ 1,200,000 $ 1,059,095 27% $ 1,134,000 $ 993,095 25% 2016 $ 127,669 $ 4,099,626 $ 47,741 $ (174,483) -4% $ 1,236,000 $ 2,183,313 53% $ 1,168,020 $ 2,048,343 50% 2017 $ 3,232,690 $ 919,832 $ 49,173 $ (3,358,000) -365% $ 1,273,080 $ 256,453 28% $ 1,203,061 $ 49,439 5% 2018 $ 198,833 $ 931,562 $ 50,648 $ (3,506,185) -376% $ 250,000 $ 311,467 33% $ 210,000 $ 61,348 7% 2019 $ 29,854 $ 1,132,369 $ 52,167 $ (3,483,872) -308% $ 257,500 $ 543,785 48% $ 216,300 $ 248,714 22% 2020 $ - $ 1,377,642 $ 53,732 $ (3,430,139) -249% $ 265,225 $ 817,166 59% $ 222,789 $ 475,233 34% 2021 $ 55,165 $ 1,576,951 $ 55,344 $ (3,429,960) -218% $ 273,182 $ 1,047,441 66% $ 229,473 $ 656,669 42% 2022 $ 190,938 $ 1,641,931 $ 57,005 $ (3,563,894) -217% $ 281,377 $ 1,153,591 70% $ 236,357 $ 711,938 43% 2023 $ 28,851 $ 1,890,882 $ 58,715 $ (3,534,029) -187% $ 289,819 $ 1,431,863 76% $ 243,448 $ 937,214 50% 2024 $ 401,348 $ 1,751,372 $ 60,476 $ (3,874,901) -221% $ 298,513 $ 1,350,506 77% $ 250,751 $ 800,675 46% 2025 $ 41,930 $ 2,003,523 $ 62,291 $ (3,854,541) -192% $ 307,468 $ 1,636,302 82% $ 258,274 $ 1,029,029 51% 2026 $ 63,190 $ 2,247,594 $ 64,159 $ (3,853,572) -171% $ 316,693 $ 1,914,349 85% $ 266,022 $ 1,247,296 55% 2027 $ 31,759 $ 2,540,549 $ 66,084 $ (3,819,247) -150% $ 326,193 $ 2,237,498 88% $ 274,002 $ 1,508,249 59% 2028 $ 36,713 $ 2,844,731 $ 68,067 $ (3,787,894) -133% $ 335,979 $ 2,570,326 90% $ 282,222 $ 1,776,381 62% 2029 $ 124,940 $ 3,070,652 $ 70,109 $ (3,842,725) -125% $ 346,058 $ 2,830,000 92% $ 290,689 $ 1,968,776 64% 2030 $ 92,154 $ 3,347,080 $ 72,212 $ (3,862,667) -115% $ 356,440 $ 3,136,736 94% $ 299,410 $ 2,205,564 66% 2031 $ 88,861 $ 3,643,881 $ 74,378 $ (3,877,150) -106% $ 367,133 $ 3,462,060 95% $ 308,392 $ 2,458,179 67% 2032 $ 9,917 $ 4,043,738 $ 76,609 $ (3,810,457) -94% $ 378,147 $ 3,882,221 96% $ 317,644 $ 2,802,778 69% 2033 $ 216,209 $ 4,241,524 $ 78,908 $ (3,947,758) -93% $ 389,492 $ 4,113,738 97% $ 327,173 $ 2,955,784 70% 2034 $ 64,178 $ 4,618,974 $ 81,275 $ (3,930,662) -85% $ 401,177 $ 4,512,442 98% $ 336,988 $ 3,272,931 71% 2035 $ 495,191 $ 4,551,196 $ 83,713 $ (4,342,139) -95% $ 413,212 $ 4,498,150 99% $ 347,098 $ 3,173,932 70% 2036 $ 80,272 $ 4,939,996 $ 86,225 $ (4,336,186) -88% $ 425,608 $ 4,910,959 99% $ 357,511 $ 3,498,781 71% 2037 $ 439,171 $ 4,962,482 $ 88,811 $ (4,686,546) -94% $ 438,377 $ 4,983, % $ 368,236 $ 3,480,328 70% 2038 $ 124,829 $ 5,336,081 $ 91,476 $ (4,719,899) -88% $ 359,727 $ 5,293,484 99% $ 379,283 $ 3,786,987 71% 2039 $ 33,287 $ 5,830,683 $ 94,220 $ (4,658,966) -80% $ 370,519 $ 5,710,119 98% $ 390,662 $ 4,201,166 72% 2040 $ 44,388 $ 6,339,233 $ 97,047 $ (4,606,308) -73% $ 381,635 $ 6,133,018 97% $ 402,382 $ 4,622,177 73% 2041 $ 139,747 $ 6,771,357 $ 99,958 $ (4,646,097) -69% $ 393,084 $ 6,478,350 96% $ 414,453 $ 4,966,216 73% 2042 $ 10,262 $ 7,368,276 $ 102,957 $ (4,553,402) -62% $ 404,876 $ 6,970,139 95% $ 426,887 $ 5,457,334 74% 2043 $ 15,409 $ 7,989,682 $ 106,045 $ (4,462,766) -56% $ 417,023 $ 7,476,305 94% $ 439,693 $ 5,963,478 75% 2044 $ 131,379 $ 8,516,820 $ 109,227 $ (4,484,918) -53% $ 429,533 $ 7,886,604 93% $ 452,884 $ 6,374,436 75% Note: All future projections are theoretical. The estimated lives and costs of components will likely change over time depending on factors such as inflation rates and levels of maintenance. Reserve analysis should be performed annually to account for these factors

14 12/31/2014 Component Summary Parkway Towers Category Approx. Unit of Useful Remaining Unit Total Cost Component Quantity Measure Life Life Cost Cost Source Roofing Roof Reseal 2400 SF 5 4 $ 1.50 $ 3,600 1 Roof Resurface 2400 SF $ 6.00 $ 14,400 1 Pool Deck Reseal 1400 SF 5 1 $ 2.00 $ 2,800 1 Pool Deck Resurface 1400 SF 15 1 $ 7.00 $ 9,800 1 Metal Awning 210 LF 25 2 $ $ 4,620 1 Flat Perimeter Roofing 1 Allowance 16 3 $ 7,500 $ 7,500 1 $ 42,720 Asphalt Slurry Seal & Repair SF 4 0 $ 0.15 $ 2,325 1 Overlay & Replace SF 25 4 $ 1.30 $ 20,150 1 Slurry Seal & Repair 3000 SF 4 0 $ 0.15 $ Overlay & Replace 3000 SF $ 1.30 $ 3,900 1 Parking Reseal Included in Operating Budget Parking Resurface SF $ 5.00 $ 74,000 1 Concrete Repairs 1 Allowance 10 3 $ 5,000 $ 5,000 1 $ 105,825 Common Areas Lobby Furnishings 1 Allowance $ 7,000 $ 7,000 1 Surveillance 1 Allowance 8 7 $ 3,750 $ 3, th Floor Furnishings 1 Allowance 12 1 $ 15,000 $ 15, th Floor Carpet 2000 SF 10 1 $ 5.00 $ 10, th Floor Kitchen 1 Allowance 25 1 $ 14,000 $ 14,000 1 Cardio Equipment 1 Allowance 7 1 $ 8,000 $ 8,000 1 Weight Machine 1 Each 11 1 $ 3,000 $ 3,000 1 Restrooms Refurbish 1 Allowance 25 1 $ 15,000 $ 15,000 1 Hall Carpet 5250 SF 10 1 $ 5.00 $ 26,250 1 Lobby Tile 1200 SF $ $ 19,200 1 Entry Intercom 1 Each $ 3,200 $ 3,200 1 Manager Unit Remodel 1 Allowance 15 8 $ 12,000 $ 12,000 1 Unit 104 Remodel 1 Allowance $ 10,000 $ 10,000 1 Hall Paint 1 Allowance 10 6 $ 25,000 $ 25,000 1 Mailboxes 105 Each 25 6 $ 80 $ 8,400 1 Common Doors & Windows 1 Allowance 10 2 $ 10,000 $ 10,000 1 Rooftop Furnishings 1 Allowance 8 6 $ 5,000 $ 5,000 1 $ 194,800 Exterior Chain Link Fencing 220 LF 25 3 $ $ 3,960 1 Garage Door 1 Each $ 2,000 $ 2,000 1 Garage Door Operator 1 Each $ 2,500 $ 2,500 1 Concrete Spalling Repairs Included in Operating Budget Balcony Wall. Ceiling Paint 1 Allowance 15 3 $ 70,000 $ 70,000 1 Roof Area Paint/Waterproof 1 Allowance 15 1 $ 10,000 $ 10,000 1 Balcony Reseal 1 Allowance 20 3 $ 35,000 $ 35,000 1 Pool Windows 1 Allowance 10 6 $ 5,000 $ 5,000 1 Landscape/Irrigation 1 Allowance 10 3 $ 2,000 $ 2,000 1 $ 130,

15 Category Approx. Unit of Useful Remaining Unit Total Cost Component Quantity Measure Life Life Cost Cost Source Mechanical Elevator Modernization 2 Each 25 9 $ 140,000 $ 280,000 1 Boiler/Domestic Hot Water 1 Allowance 20 0 $ 200,000 $ 200,000 1 Cooling Tower 1 Each 20 0 $ 50,000 $ 50,000 1 Chiller 1 Each 30 0 $ 100,000 $ 100,000 1 Common Area HVAC Units 1 Allowance 15 0 $ 13,000 $ 13,000 1 Garage Exhaust 1 Allowance 12 1 $ 3,000 $ 3,000 1 Plumbing Repairs 1 Allowance 15 7 $ 150,000 $ 150,000 1 Fire Alarm Panel 1 Allowance 20 2 $ 30,000 $ 30,000 1 Roof Exhaust Fan 1 Each 15 2 $ 2,500 $ 2,500 1 Pumps 5 Each 10 0 $ 3,500 $ 17,500 1 Sump Pump 1 Each 12 7 $ 1,500 $ 1,500 1 Sump Pump 1 Each 12 0 $ 1,500 $ 1,500 1 Storage Tanks 115 Gal 2 Each 12 0 $ 2,500 $ 5,000 1 System Controls 1 Allowance 15 0 $ 10,000 $ 10,000 1 Electrical Upgrades 1 Allowance 15 3 $ 25,000 $ 25,000 1 HVAC Repiping/Asbestos/Heat Pumps 1 Allowance 35 2 $ 3,000,000 $ 3,000,000 3 $ 3,889,000 Pool & Spa Area Pool Liner 1 Allowance 10 9 $ 24,000 $ 24,000 1 Pool Heater 1 Each 10 1 $ 3,000 $ 3,000 1 Pool Filter 1 Each 10 1 $ 1,100 $ 1,100 1 Pool Cover 1 Each 7 3 $ 3,500 $ 3,500 1 Restroom Refurbish 1 Allowance 25 1 $ 3,000 $ 3,000 1 $ 34,600 Lighting Repairs & Replacements 1 Allowance 15 3 $ 30,000 $ 30,000 1 $ 30,000 Contingency 5% 1 TOTALS $ 4,427,405 Notes: Any other items not listed are included in operating budget

16 12/31/2014 Component Significance Category Component Roofing Roof Reseal Roof Resurface Pool Deck Reseal Pool Deck Resurface Metal Awning Flat Perimeter Roofing Asphalt Slurry Seal & Repair Overlay & Replace Slurry Seal & Repair Overlay & Replace Parking Reseal Parking Resurface Concrete Repairs Common Areas Lobby Furnishings Surveillance 16th Floor Furnishings 16th Floor Carpet 16th Floor Kitchen Cardio Equipment Weight Machine Restrooms Refurbish Hall Carpet Lobby Tile Entry Intercom Manager Unit Remodel Unit 104 Remodel Hall Paint Mailboxes Common Doors & Windows Rooftop Furnishings Exterior Chain Link Fencing Garage Door Garage Door Operator Concrete Spalling Repairs Balcony Wall. Ceiling Paint Roof Area Paint/Waterproof Balcony Reseal Pool Windows Landscape/Irrigation Fully Funded Balance Depreciation This Year Monthly $ Amount % Quick Glance Graph $ Amount % Quick Glance Graph Contribution $ % $ % $ $ 3, % $ % $ $ 2, % $ % $ $ 9, % $ % $ $ 4, % $ % $ $ 6, % $ % $ $ 26, % $ 3, % $ 1, $ 2, % $ % $ $ 16, % $ % $ $ % $ % $ $ % $ % $ $ 22, % $ 3, % $ 2, $ 3, % $ % $ $ 46, % $ 5, % $ 3, $ 1, % $ % $ $ % $ % $ $ 13, % $ 1, % $ $ 9, % $ 1, % $ $ 13, % $ % $ $ 6, % $ 1, % $ $ 2, % $ % $ $ 14, % $ % $ $ 23, % $ 2, % $ 1, $ 2, % $ % $ $ 1, % $ % $ $ 5, % $ % $ $ % $ % $ $ 10, % $ 2, % $ 1, $ 6, % $ % $ $ 8, % $ 1, % $ $ 1, % $ % $ $ 120, % $ 15, % $ 8, $ 3, % $ % $ $ % $ % $ $ % $ % $ $ 56, % $ 4, % $ 2, $ 9, % $ % $ $ 29, % $ 1, % $ $ 2, % $ % $ $ 1, % $ % $ $ 102, % $ 8, % $ 4,

17 Category Component Mechanical Elevator Modernization Boiler/Domestic Hot Water Cooling Tower Chiller Common Area HVAC Units Garage Exhaust Plumbing Repairs Fire Alarm Panel Roof Exhaust Fan Pumps Sump Pump Sump Pump Storage Tanks 115 Gal System Controls Electrical Upgrades HVAC Repiping/Asbestos/Heat Pumps Pool & Spa Area Pool Liner Pool Heater Pool Filter Pool Cover Restroom Refurbish Lighting Repairs & Replacements Contingency 5% Fully Funded Balance Depreciation This Year Monthly $ Amount % Quick Glance Graph $ Amount % Quick Glance Graph Contribution $ 179, % $ 11, % $ 6, $ 200, % $ 10, % $ 5, $ 50, % $ 2, % $ 1, $ 100, % $ 3, % $ 1, $ 13, % $ % $ $ 2, % $ % $ $ 80, % $ 10, % $ 5, $ 27, % $ 1, % $ $ 2, % $ % $ $ 17, % $ 1, % $ $ % $ % $ $ 1, % $ % $ $ 5, % $ % $ $ 10, % $ % $ $ 20, % $ 1, % $ $ 2,828, % $ 85, % $ 48, $ 3,537, % $ 130, % $ 73, $ 2, % $ 2, % $ 1, $ 2, % $ % $ $ % $ % $ $ 2, % $ % $ $ 2, % $ % $ $ 10, % $ 3, % $ 1, $ 24, % $ 2, % $ 1, $ 24, % $ 2, % $ 1, $ 193, % $ 8, % $ 4, $ 4,060, % 100% $ 176, % 100% $ 100,

18 Roofing Annual Expenses by Component Roof Reseal $ - $ - $ - $ - $ 4,052 $ - $ - $ - $ - $ 4,697 Roof Resurface $ - $ - $ - Pool Deck Reseal $ - $ 2,884 $ - $ - $ - $ - $ 3,343 $ - $ - $ - Pool Deck Resurface $ - $ 10,094 $ - Metal Awning $ - $ - $ 4,901 Flat Perimeter Roofing $ - $ - $ - $ 8,195 $ - $ - $ - $ - $ - $ - Asphalt Slurry Seal & Repair $ 2,325 $ - $ - $ - $ 2,617 $ - $ - $ - $ 2,945 $ - Overlay & Replace $ - $ - $ - $ - $ 22,679 $ - $ - $ - $ - $ - Slurry Seal & Repair $ 450 $ - $ - $ - $ 506 $ - $ - $ - $ 570 $ - Overlay & Replace $ - $ - $ - Parking Reseal $ - $ - $ - Parking Resurface $ - $ - $ - Concrete Repairs $ - $ - $ - $ 5,464 $ - $ - $ - $ - $ - $ - Common Areas Lobby Furnishings $ - $ - $ - Surveillance $ 4,612 $ - $ - 16th Floor Furnishings $ - $ 15,450 $ - 16th Floor Carpet $ - $ 10,300 $ - 16th Floor Kitchen $ - $ 14,420 $ - Cardio Equipment $ - $ 8,240 $ - $ - $ - $ - $ - $ - $ 10,134 $ - Weight Machine $ - $ 3,090 $ - Restrooms Refurbish $ - $ 15,450 $ - Hall Carpet $ - $ 27,038 $ - Lobby Tile $ - $ - $ - Entry Intercom $ - $ - $ - Manager Unit Remodel $ - $ 15,201 $ - Unit 104 Remodel $ - $ - $ - Hall Paint $ - $ - $ - $ - $ - $ - $ 29,851 $ - $ - $ - Mailboxes $ - $ - $ - $ - $ - $ - $ 10,030 $ - $ - $ - Common Doors & Windows $ - $ - $ 10,609 Rooftop Furnishings $ - $ - $ - $ - $ - $ - $ 5,970 $ - $ - $ - Exterior Chain Link Fencing $ - $ - $ - $ 4,327 $ - $ - $ - $ - $ - $ - Garage Door $ - $ - $ - Garage Door Operator $ - $ - $ - Concrete Spalling Repairs $ - $ - $

19 Annual Expenses by Component Balcony Wall. Ceiling Paint $ - $ - $ - $ 76,491 $ - $ - $ - $ - $ - $ - Roof Area Paint/Waterproof $ - $ 10,300 $ - Balcony Reseal $ - $ - $ - $ 38,245 $ - $ - $ - $ - $ - $ - Pool Windows $ - $ - $ - $ - $ - $ - $ 5,970 $ - $ - $ - Landscape/Irrigation $ - $ - $ - $ 2,185 $ - $ - $ - $ - $ - $ - Mechanical Elevator Modernization $ - $ - $ 365,336 Boiler/Domestic Hot Water $ 200,000 $ - $ - Cooling Tower $ 50,000 $ - $ - Chiller $ 100,000 $ - $ - Common Area HVAC Units $ 13,000 $ - $ - Garage Exhaust $ - $ 3,090 $ - Plumbing Repairs $ 184,481 $ - $ - Fire Alarm Panel $ - $ - $ 31,827 Roof Exhaust Fan $ - $ - $ 2,652 Pumps $ 17,500 $ - $ - Sump Pump $ 1,845 $ - $ - Sump Pump $ 1,500 $ - $ - Storage Tanks 115 Gal $ 5,000 $ - $ - System Controls $ 10,000 $ - $ - Electrical Upgrades $ - $ - $ - $ 27,318 $ - $ - $ - $ - $ - $ - HVAC Repiping/Asbestos/Heat Pumps $ - $ - $ 3,182,700 Pool & Spa Area Pool Liner $ - $ - $ 31,315 Pool Heater $ - $ 3,090 $ - Pool Filter $ - $ 1,133 $ - Pool Cover $ - $ - $ - $ 3,825 $ - $ - $ - $ - $ - $ - Restroom Refurbish $ - $ 3,090 $ - Lighting Repairs & Replacements $ - $ - $ - $ 32,782 $ - $ - $ - $ - $ - $ - Totals $ - $ 399,775 $ 127,669 $ 3,232,690 $ 198,833 $ 29,854 $ - $ 55,165 $ 190,938 $ 28,851 $ 401,

20 Annual Expenses by Component Roofing Roof Reseal Roof Resurface Pool Deck Reseal Pool Deck Resurface Metal Awning Flat Perimeter Roofing $ - $ - $ - $ - $ 5,445 $ - $ - $ - $ - $ 6,313 $ - $ - $ - $ - $ - $ - $ - $ - $ 22,435 $ - $ 3,876 $ - $ - $ - $ - $ 4,493 $ - $ - $ - $ - $ 5,209 $ - $ - $ - $ - $ - $ - $ - $ 15,726 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 13,151 $ - $ - $ - Asphalt Slurry Seal & Repair Overlay & Replace Slurry Seal & Repair Overlay & Replace Parking Reseal Parking Resurface Concrete Repairs $ - $ - $ 3,315 $ - $ - $ - $ 3,731 $ - $ - $ - $ 4,199 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 642 $ - $ - $ - $ 722 $ - $ - $ - $ 813 $ - $ - $ - $ - $ - $ 7,044 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 111,932 $ - $ - $ - $ - $ 7,343 $ - $ - Common Areas Lobby Furnishings Surveillance 16th Floor Furnishings 16th Floor Carpet 16th Floor Kitchen Cardio Equipment Weight Machine Restrooms Refurbish Hall Carpet Lobby Tile Entry Intercom Manager Unit Remodel Unit 104 Remodel Hall Paint Mailboxes Common Doors & Windows $ - $ - $ 14,258 $ - $ - $ 19,161 Rooftop Furnishings $ 9,407 $ - $ - $ - $ - $ 13,413 $ - $ - $ - $ - $ - $ 5,842 $ - $ - $ - $ 22,028 $ - $ - $ - $ 13,842 $ - $ - $ 18,603 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 12,464 $ - $ - $ - $ - $ - $ - $ 15,329 $ - $ - $ 4,277 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 36,336 $ - $ - $ 48,833 $ - $ - $ - $ - $ - $ - $ 36,789 $ 4,301 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 15,580 $ - $ - $ - $ - $ - $ - $ 40,118 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 7,563 $ 9,581 Exterior Chain Link Fencing Garage Door Garage Door Operator Concrete Spalling Repairs $ - $ - $ - $ - $ - $ - $ - $ 3,405 $ - $ - $ - $ - $ - $ 3,461 $ - $ - $ - $ - $ - $ - $ - $ - $ - $

21 Balcony Wall. Ceiling Paint Roof Area Paint/Waterproof $ - $ - $ - $ - $ - $ - $ 16,047 $ - $ - $ - $ - $ - $ - Balcony Reseal Pool Windows Landscape/Irrigation Annual Expenses by Component $ - $ 119,170 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 8,024 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 2,937 $ - $ - Mechanical Elevator Modernization Boiler/Domestic Hot Water Cooling Tower Chiller Common Area HVAC Units Garage Exhaust Plumbing Repairs Fire Alarm Panel Roof Exhaust Fan Pumps Sump Pump Sump Pump Storage Tanks 115 Gal System Controls Electrical Upgrades $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 361,222 $ - $ - $ - $ - $ - $ 90,306 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 20,254 $ - $ - $ - $ 4,406 $ - $ - $ - $ - $ - $ - $ - $ 287,416 $ - $ - $ - $ - $ - $ 57,483 $ 4,132 $ - $ - $ - $ - $ - $ 23,519 $ - $ - $ 31,607 $ - $ - $ - $ - $ 2,630 $ - $ - $ - $ - $ - $ 2,139 $ - $ - $ - $ - $ - $ 7,129 $ - $ - $ - $ - $ - $ - $ - $ - $ 15,580 $ - $ 42,561 $ - $ - $ - $ - HVAC Repiping/Asbestos/H $ - $ - $ - $ - $ - $ - Pool & Spa Area Pool Liner Pool Heater Pool Filter Pool Cover Restroom Refurbish $ - $ - $ 42,084 $ - $ - $ - $ - $ 4,153 $ - $ - $ 5,581 $ - $ - $ 1,523 $ - $ - $ 2,046 $ - $ 4,704 $ - $ - $ - $ - $ - $ - $ 5,785 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Lighting Repairs & Replacements $ - $ 51,073 $ - $ - $ - $ - Totals $ 41,930 $ 63,190 $ 31,759 $ 36,713 $ 124,940 $ 92,154 $ 88,861 $ 9,917 $ 216,209 $ 64,178 $ 495,191 $ 80,272 $ 439,

22 Annual Expenses by Component Roofing Roof Reseal Roof Resurface Pool Deck Reseal Pool Deck Resurface Metal Awning Flat Perimeter Roofing $ - $ 7,318 $ - $ - $ - $ - $ 8,484 $ - $ - $ - $ 6,038 $ - $ - $ - $ - $ - $ - $ - $ 10,262 $ - $ - Asphalt Slurry Seal & Repair Overlay & Replace Slurry Seal & Repair Overlay & Replace Parking Reseal Parking Resurface Concrete Repairs $ - $ 4,726 $ - $ - $ - $ 5,319 $ - $ - $ - $ - $ - $ - $ - $ 47,485 $ - $ 915 $ - $ - $ - $ 1,030 $ - $ 9,868 $ - $ - $ - $ - $ - $ - Common Areas Lobby Furnishings Surveillance 16th Floor Furnishings 16th Floor Carpet 16th Floor Kitchen Cardio Equipment Weight Machine Restrooms Refurbish Hall Carpet Lobby Tile Entry Intercom Manager Unit Remodel Unit 104 Remodel Hall Paint Mailboxes Common Doors & Windows Rooftop Furnishings $ 7,401 $ - $ - $ - $ - $ - $ - $ - $ - $ 31,407 $ - $ - $ - $ - $ - $ - $ - $ 30,192 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 18,853 $ 5,921 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 32,349 $ - $ - $ - $ - $ - $ 6,700 $ - $ - $ - $ - $ 23,683 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 53,915 $ - $ - $ - Exterior Chain Link Fencing Garage Door Garage Door Operator Concrete Spalling Repairs $ - $ - $ - $ - $ - $ 9,060 $ - $ 4,934 $ - $ - $ - $ - $ - $

23 Balcony Wall. Ceiling Paint Roof Area Paint/Waterproof Balcony Reseal Pool Windows Landscape/Irrigation Annual Expenses by Component $ 69,076 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 10,783 $ - $ - $ - $ 3,947 $ - $ - $ - $ - $ - $ - Mechanical Elevator Modernization Boiler/Domestic Hot Water Cooling Tower Chiller Common Area HVAC Units Garage Exhaust Plumbing Repairs Fire Alarm Panel Roof Exhaust Fan Pumps Sump Pump Sump Pump Storage Tanks 115 Gal System Controls Electrical Upgrades $ - $ - $ 6,281 $ - $ - $ - $ - $ - $ 3,049 $ - $ - $ - $ - $ - $ - $ 10,164 $ - $ - $ - $ - $ - HVAC Repiping/Asbestos/H Pool & Spa Area Pool Liner Pool Heater Pool Filter Pool Cover Restroom Refurbish $ - $ - $ - $ - $ - $ - $ 56,558 $ - $ 7,115 $ - $ - $ - $ - $ - $ - $ - $ - $ 6,470 $ - $ - $ - Lighting Repairs & Replacements Totals $ 124,829 $ 33,287 $ 44,388 $ 139,747 $ 10,262 $ 15,409 $ 131,

24 Component Details Roofing Roof Reseal Approximate Component Quantity Estimated Current Unit Cost $ 1.50 Unit of Measure - SF Estimated Total Current Cost $ 3,600 Normal Useful Life (Years) - 5 Estimated Total Future Cost $ 4,052 Estimated Remaining Useful Life (Years) - 4 Fully Funded Balance $ 720 Estimated Replacement Year Depreciation This Year $ 720 Cost Source - 1 Monthly Contribution $ Depreciation Percent % Fully Funded Balance Percent 0.02% Life Remainging Percent - 80% Roofing Roof Resurface Approximate Component Quantity Estimated Current Unit Cost $ 6.00 Unit of Measure - SF Estimated Total Current Cost $ 14,400 Normal Useful Life (Years) - 20 Estimated Total Future Cost $ 22,435 Estimated Remaining Useful Life (Years) - 15 Fully Funded Balance $ 3,600 Estimated Replacement Year Depreciation This Year $ 720 Cost Source - 1 Monthly Contribution $ Depreciation Percent % Fully Funded Balance Percent 0.09% Life Remainging Percent - 75% Roofing Pool Deck Reseal Approximate Component Quantity Estimated Current Unit Cost $ 2.00 Unit of Measure - SF Estimated Total Current Cost $ 2,800 Normal Useful Life (Years) - 5 Estimated Total Future Cost $ 2,884 Estimated Remaining Useful Life (Years) - 1 Fully Funded Balance $ 2,240 Estimated Replacement Year Depreciation This Year $ 560 Cost Source - 1 Monthly Contribution $ Depreciation Percent % Fully Funded Balance Percent 0.06% Life Remainging Percent - 20% Roofing Pool Deck Resurface Approximate Component Quantity Estimated Current Unit Cost $ 7.00 Unit of Measure - SF Estimated Total Current Cost $ 9,800 Normal Useful Life (Years) - 15 Estimated Total Future Cost $ 10,094 Estimated Remaining Useful Life (Years) - 1 Fully Funded Balance $ 9,147 Estimated Replacement Year Depreciation This Year $ 653 Cost Source - 1 Monthly Contribution $ Depreciation Percent % Fully Funded Balance Percent 0.23% Life Remainging Percent - 7% Roofing Metal Awning Approximate Component Quantity Estimated Current Unit Cost $ Unit of Measure - LF Estimated Total Current Cost $ 4,620 Normal Useful Life (Years) - 25 Estimated Total Future Cost $ 4,901 Estimated Remaining Useful Life (Years) - 2 Fully Funded Balance $ 4,250 Estimated Replacement Year Depreciation This Year $ 185 Cost Source - 1 Monthly Contribution $ Depreciation Percent % Fully Funded Balance Percent 0.10% Life Remainging Percent - 8%

25 Roofing Flat Perimeter Roofing Approximate Component Quantity - 1 Estimated Current Unit Cost $ 7, Unit of Measure - Allowance Estimated Total Current Cost $ 7,500 Normal Useful Life (Years) - 16 Estimated Total Future Cost $ 8,195 Estimated Remaining Useful Life (Years) - 3 Fully Funded Balance $ 6,094 Estimated Replacement Year Depreciation This Year $ 469 Cost Source - 1 Monthly Contribution $ Depreciation Percent % Fully Funded Balance Percent 0.15% Life Remainging Percent - 19% Asphalt Slurry Seal & Repair Approximate Component Quantity Estimated Current Unit Cost $ 0.15 Unit of Measure - SF Estimated Total Current Cost $ 2,325 Normal Useful Life (Years) - 4 Estimated Total Future Cost $ 2,325 Estimated Remaining Useful Life (Years) - 0 Fully Funded Balance $ 2,325 Estimated Replacement Year Depreciation This Year $ 581 Cost Source - 1 Monthly Contribution $ Depreciation Percent % Fully Funded Balance Percent 0.06% Life Remainging Percent - 0% 43 Asphalt Overlay & Replace Approximate Component Quantity Estimated Current Unit Cost $ 1.30 Unit of Measure - SF Estimated Total Current Cost $ 20,150 Normal Useful Life (Years) - 25 Estimated Total Future Cost $ 22,679 Estimated Remaining Useful Life (Years) - 4 Fully Funded Balance $ 16,926 Estimated Replacement Year Depreciation This Year $ 806 Cost Source - 1 Monthly Contribution $ Depreciation Percent % Fully Funded Balance Percent 0.42% Life Remainging Percent - 16%

26 Asphalt Slurry Seal & Repair Approximate Component Quantity Estimated Current Unit Cost $ 0.15 Unit of Measure - SF Estimated Total Current Cost $ 450 Normal Useful Life (Years) - 4 Estimated Total Future Cost $ 450 Estimated Remaining Useful Life (Years) - 0 Fully Funded Balance $ 450 Estimated Replacement Year Depreciation This Year $ 113 Cost Source - 1 Monthly Contribution $ Depreciation Percent % Fully Funded Balance Percent 0.01% Life Remainging Percent - 0% Asphalt Overlay & Replace Approximate Component Quantity Estimated Current Unit Cost $ 1.30 Unit of Measure - SF Estimated Total Current Cost $ 3,900 Normal Useful Life (Years) - 25 Estimated Total Future Cost $ 7,044 Estimated Remaining Useful Life (Years) - 20 Fully Funded Balance $ 780 Estimated Replacement Year Depreciation This Year $ 156 Cost Source - 1 Monthly Contribution $ Depreciation Percent % Fully Funded Balance Percent 0.02% Life Remainging Percent - 80% Asphalt Parking Resurface Approximate Component Quantity Estimated Current Unit Cost $ 5.00 Unit of Measure - SF Estimated Total Current Cost $ 74,000 Normal Useful Life (Years) - 20 Estimated Total Future Cost $ 111,932 Estimated Remaining Useful Life (Years) - 14 Fully Funded Balance $ 22,200 Estimated Replacement Year Depreciation This Year $ 3,700 Cost Source - 1 Monthly Contribution $ 2, Depreciation Percent % Fully Funded Balance Percent 0.55% Life Remainging Percent - 70%

27 Asphalt Concrete Repairs Approximate Component Quantity - 1 Estimated Current Unit Cost $ 5, Unit of Measure - Allowance Estimated Total Current Cost $ 5,000 Normal Useful Life (Years) - 10 Estimated Total Future Cost $ 5,464 Estimated Remaining Useful Life (Years) - 3 Fully Funded Balance $ 3,500 Estimated Replacement Year Depreciation This Year $ 500 Cost Source - 1 Monthly Contribution $ Depreciation Percent % Fully Funded Balance Percent 0.09% Life Remainging Percent - 30% Common Areas Lobby Furnishings Approximate Component Quantity - 1 Estimated Current Unit Cost $ 7, Unit of Measure - Allowance Estimated Total Current Cost $ 7,000 Normal Useful Life (Years) - 12 Estimated Total Future Cost $ 9,407 Estimated Remaining Useful Life (Years) - 10 Fully Funded Balance $ 1,167 Estimated Replacement Year Depreciation This Year $ 583 Cost Source - 1 Monthly Contribution $ Depreciation Percent % Fully Funded Balance Percent 0.03% Life Remainging Percent - 83% 22 Common Areas Surveillance Approximate Component Quantity - 1 Estimated Current Unit Cost $ 3, Unit of Measure - Allowance Estimated Total Current Cost $ 3,750 Normal Useful Life (Years) - 8 Estimated Total Future Cost $ 4,612 Estimated Remaining Useful Life (Years) - 7 Fully Funded Balance $ 469 Estimated Replacement Year Depreciation This Year $ 469 Cost Source - 1 Monthly Contribution $ Depreciation Percent % Fully Funded Balance Percent 0.01% Life Remainging Percent - 88%

28 Common Areas 16th Floor Furnishings Approximate Component Quantity - 1 Estimated Current Unit Cost $ 15, Unit of Measure - Allowance Estimated Total Current Cost $ 15,000 Normal Useful Life (Years) - 12 Estimated Total Future Cost $ 15,450 Estimated Remaining Useful Life (Years) - 1 Fully Funded Balance $ 13,750 Estimated Replacement Year Depreciation This Year $ 1,250 Cost Source - 1 Monthly Contribution $ Depreciation Percent % Fully Funded Balance Percent 0.34% Life Remainging Percent - 8% 31 Common Areas 16th Floor Carpet Approximate Component Quantity Estimated Current Unit Cost $ 5.00 Unit of Measure - SF Estimated Total Current Cost $ 10,000 Normal Useful Life (Years) - 10 Estimated Total Future Cost $ 10,300 Estimated Remaining Useful Life (Years) - 1 Fully Funded Balance $ 9,000 Estimated Replacement Year Depreciation This Year $ 1,000 Cost Source - 1 Monthly Contribution $ Depreciation Percent % Fully Funded Balance Percent 0.22% Life Remainging Percent - 10% Common Areas 16th Floor Kitchen Approximate Component Quantity - 1 Estimated Current Unit Cost $ 14, Unit of Measure - Allowance Estimated Total Current Cost $ 14,000 Normal Useful Life (Years) - 25 Estimated Total Future Cost $ 14,420 Estimated Remaining Useful Life (Years) - 1 Fully Funded Balance $ 13,440 Estimated Replacement Year Depreciation This Year $ 560 Cost Source - 1 Monthly Contribution $ Depreciation Percent % Fully Funded Balance Percent 0.33% Life Remainging Percent - 4%

29 Common Areas Cardio Equipment Approximate Component Quantity - 1 Estimated Current Unit Cost $ 8, Unit of Measure - Allowance Estimated Total Current Cost $ 8,000 Normal Useful Life (Years) - 7 Estimated Total Future Cost $ 8,240 Estimated Remaining Useful Life (Years) - 1 Fully Funded Balance $ 6,857 Estimated Replacement Year Depreciation This Year $ 1,143 Cost Source - 1 Monthly Contribution $ Depreciation Percent % Fully Funded Balance Percent 0.17% Life Remainging Percent - 14% 28 Common Areas Weight Machine Approximate Component Quantity - 1 Estimated Current Unit Cost $ 3, Unit of Measure - Each Estimated Total Current Cost $ 3,000 Normal Useful Life (Years) - 11 Estimated Total Future Cost $ 3,090 Estimated Remaining Useful Life (Years) - 1 Fully Funded Balance $ 2,727 Estimated Replacement Year Depreciation This Year $ 273 Cost Source - 1 Monthly Contribution $ Depreciation Percent % Fully Funded Balance Percent 0.07% Life Remainging Percent - 9% Common Areas Restrooms Refurbish Approximate Component Quantity - 1 Estimated Current Unit Cost $ 15, Unit of Measure - Allowance Estimated Total Current Cost $ 15,000 Normal Useful Life (Years) - 25 Estimated Total Future Cost $ 15,450 Estimated Remaining Useful Life (Years) - 1 Fully Funded Balance $ 14,400 Estimated Replacement Year Depreciation This Year $ 600 Cost Source - 1 Monthly Contribution $ Depreciation Percent % Fully Funded Balance Percent 0.35% Life Remainging Percent - 4%

30 Common Areas Hall Carpet Approximate Component Quantity Estimated Current Unit Cost $ 5.00 Unit of Measure - SF Estimated Total Current Cost $ 26,250 Normal Useful Life (Years) - 10 Estimated Total Future Cost $ 27,038 Estimated Remaining Useful Life (Years) - 1 Fully Funded Balance $ 23,625 Estimated Replacement Year Depreciation This Year $ 2,625 Cost Source - 1 Monthly Contribution $ 1, Depreciation Percent % Fully Funded Balance Percent 0.58% Life Remainging Percent - 10% Common Areas Lobby Tile Approximate Component Quantity Estimated Current Unit Cost $ Unit of Measure - SF Estimated Total Current Cost $ 19,200 Normal Useful Life (Years) - 25 Estimated Total Future Cost $ 36,789 Estimated Remaining Useful Life (Years) - 22 Fully Funded Balance $ 2,304 Estimated Replacement Year Depreciation This Year $ 768 Cost Source - 1 Monthly Contribution $ Depreciation Percent % Fully Funded Balance Percent 0.06% Life Remainging Percent - 88% Common Areas Entry Intercom Approximate Component Quantity - 1 Estimated Current Unit Cost $ 3, Unit of Measure - Each Estimated Total Current Cost $ 3,200 Normal Useful Life (Years) - 15 Estimated Total Future Cost $ 4,301 Estimated Remaining Useful Life (Years) - 10 Fully Funded Balance $ 1,067 Estimated Replacement Year Depreciation This Year $ 213 Cost Source - 1 Monthly Contribution $ Depreciation Percent % Fully Funded Balance Percent 0.03% Life Remainging Percent - 67%

31 Common Areas Manager Unit Remodel Approximate Component Quantity - 1 Estimated Current Unit Cost $ 12, Unit of Measure - Allowance Estimated Total Current Cost $ 12,000 Normal Useful Life (Years) - 15 Estimated Total Future Cost $ 15,201 Estimated Remaining Useful Life (Years) - 8 Fully Funded Balance $ 5,600 Estimated Replacement Year Depreciation This Year $ 800 Cost Source - 1 Monthly Contribution $ Depreciation Percent % Fully Funded Balance Percent 0.14% Life Remainging Percent - 53% Common Areas Unit 104 Remodel Approximate Component Quantity - 1 Estimated Current Unit Cost $ 10, Unit of Measure - Allowance Estimated Total Current Cost $ 10,000 Normal Useful Life (Years) - 15 Estimated Total Future Cost $ 15,580 Estimated Remaining Useful Life (Years) - 15 Fully Funded Balance $ - Estimated Replacement Year Depreciation This Year $ 667 Cost Source - 1 Monthly Contribution $ Depreciation Percent % Fully Funded Balance Percent 0.00% Life Remainging Percent - 100% Common Areas Hall Paint Approximate Component Quantity - 1 Estimated Current Unit Cost $ 25, Unit of Measure - Allowance Estimated Total Current Cost $ 25,000 Normal Useful Life (Years) - 10 Estimated Total Future Cost $ 29,851 Estimated Remaining Useful Life (Years) - 6 Fully Funded Balance $ 10,000 Estimated Replacement Year Depreciation This Year $ 2,500 Cost Source - 1 Monthly Contribution $ 1, Depreciation Percent % Fully Funded Balance Percent 0.25% Life Remainging Percent - 60%

32 Common Areas Mailboxes Approximate Component Quantity Estimated Current Unit Cost $ Unit of Measure - Each Estimated Total Current Cost $ 8,400 Normal Useful Life (Years) - 25 Estimated Total Future Cost $ 10,030 Estimated Remaining Useful Life (Years) - 6 Fully Funded Balance $ 6,384 Estimated Replacement Year Depreciation This Year $ 336 Cost Source - 1 Monthly Contribution $ Depreciation Percent % Fully Funded Balance Percent 0.16% Life Remainging Percent - 24% Common Areas Common Doors & Windows Approximate Component Quantity - 1 Estimated Current Unit Cost $ 10, Unit of Measure - Allowance Estimated Total Current Cost $ 10,000 Normal Useful Life (Years) - 10 Estimated Total Future Cost $ 10,609 Estimated Remaining Useful Life (Years) - 2 Fully Funded Balance $ 8,000 Estimated Replacement Year Depreciation This Year $ 1,000 Cost Source - 1 Monthly Contribution $ Depreciation Percent % Fully Funded Balance Percent 0.20% Life Remainging Percent - 20% Common Areas Rooftop Furnishings Approximate Component Quantity - 1 Estimated Current Unit Cost $ 5, Unit of Measure - Allowance Estimated Total Current Cost $ 5,000 Normal Useful Life (Years) - 8 Estimated Total Future Cost $ 5,970 Estimated Remaining Useful Life (Years) - 6 Fully Funded Balance $ 1,250 Estimated Replacement Year Depreciation This Year $ 625 Cost Source - 1 Monthly Contribution $ Depreciation Percent % Fully Funded Balance Percent 0.03% Life Remainging Percent - 75%

33 Exterior Chain Link Fencing Approximate Component Quantity Estimated Current Unit Cost $ Unit of Measure - LF Estimated Total Current Cost $ 3,960 Normal Useful Life (Years) - 25 Estimated Total Future Cost $ 4,327 Estimated Remaining Useful Life (Years) - 3 Fully Funded Balance $ 3,485 Estimated Replacement Year Depreciation This Year $ 158 Cost Source - 1 Monthly Contribution $ Depreciation Percent % Fully Funded Balance Percent 0.09% Life Remainging Percent - 12% Exterior Garage Door Approximate Component Quantity - 1 Estimated Current Unit Cost $ 2, Unit of Measure - Each Estimated Total Current Cost $ 2,000 Normal Useful Life (Years) - 20 Estimated Total Future Cost $ 3,405 Estimated Remaining Useful Life (Years) - 18 Fully Funded Balance $ 200 Estimated Replacement Year Depreciation This Year $ 100 Cost Source - 1 Monthly Contribution $ Depreciation Percent % Fully Funded Balance Percent 0.00% Life Remainging Percent - 90%

34 Exterior Garage Door Operator Approximate Component Quantity - 1 Estimated Current Unit Cost $ 2, Unit of Measure - Each Estimated Total Current Cost $ 2,500 Normal Useful Life (Years) - 12 Estimated Total Future Cost $ 3,461 Estimated Remaining Useful Life (Years) - 11 Fully Funded Balance $ 208 Estimated Replacement Year Depreciation This Year $ 208 Cost Source - 1 Monthly Contribution $ Depreciation Percent % Fully Funded Balance Percent 0.01% Life Remainging Percent - 92% 39 Exterior Balcony Wall. Ceiling Paint Approximate Component Quantity - 1 Estimated Current Unit Cost $ 70, Unit of Measure - Allowance Estimated Total Current Cost $ 70,000 Normal Useful Life (Years) - 15 Estimated Total Future Cost $ 76,491 Estimated Remaining Useful Life (Years) - 3 Fully Funded Balance $ 56,000 Estimated Replacement Year Depreciation This Year $ 4,667 Cost Source - 1 Monthly Contribution $ 2, Depreciation Percent % Fully Funded Balance Percent 1.38% Life Remainging Percent - 20% Exterior Roof Area Paint/Waterproof Approximate Component Quantity - 1 Estimated Current Unit Cost $ 10, Unit of Measure - Allowance Estimated Total Current Cost $ 10,000 Normal Useful Life (Years) - 15 Estimated Total Future Cost $ 10,300 Estimated Remaining Useful Life (Years) - 1 Fully Funded Balance $ 9,333 Estimated Replacement Year Depreciation This Year $ 667 Cost Source - 1 Monthly Contribution $ Depreciation Percent % Fully Funded Balance Percent 0.23% Life Remainging Percent - 7%

35 Exterior Balcony Reseal Approximate Component Quantity - 1 Estimated Current Unit Cost $ 35, Unit of Measure - Allowance Estimated Total Current Cost $ 35,000 Normal Useful Life (Years) - 20 Estimated Total Future Cost $ 38,245 Estimated Remaining Useful Life (Years) - 3 Fully Funded Balance $ 29,750 Estimated Replacement Year Depreciation This Year $ 1,750 Cost Source - 1 Monthly Contribution $ Depreciation Percent % Fully Funded Balance Percent 0.73% Life Remainging Percent - 15% Exterior Pool Windows Approximate Component Quantity - 1 Estimated Current Unit Cost $ 5, Unit of Measure - Allowance Estimated Total Current Cost $ 5,000 Normal Useful Life (Years) - 10 Estimated Total Future Cost $ 5,970 Estimated Remaining Useful Life (Years) - 6 Fully Funded Balance $ 2,000 Estimated Replacement Year Depreciation This Year $ 500 Cost Source - 1 Monthly Contribution $ Depreciation Percent % Fully Funded Balance Percent 0.05% Life Remainging Percent - 60% Exterior Landscape/Irrigation Approximate Component Quantity - 1 Estimated Current Unit Cost $ 2, Unit of Measure - Allowance Estimated Total Current Cost $ 2,000 Normal Useful Life (Years) - 10 Estimated Total Future Cost $ 2,185 Estimated Remaining Useful Life (Years) - 3 Fully Funded Balance $ 1,400 Estimated Replacement Year Depreciation This Year $ 200 Cost Source - 1 Monthly Contribution $ Depreciation Percent % Fully Funded Balance Percent 0.03% Life Remainging Percent - 30% Mechanical Elevator Modernization Approximate Component Quantity - 2 Estimated Current Unit Cost $ 140, Unit of Measure - Each Estimated Total Current Cost $ 280,000 Normal Useful Life (Years) - 25 Estimated Total Future Cost $ 365,336 Estimated Remaining Useful Life (Years) - 9 Fully Funded Balance $ 179,200 Estimated Replacement Year Depreciation This Year $ 11,200 Cost Source - 1 Monthly Contribution $ 6, Depreciation Percent % Fully Funded Balance Percent 4.41% Life Remainging Percent - 36%

36 Mechanical Boiler/Domestic Hot Water Approximate Component Quantity - 1 Estimated Current Unit Cost $ 200, Unit of Measure - Allowance Estimated Total Current Cost $ 200,000 Normal Useful Life (Years) - 20 Estimated Total Future Cost $ 200,000 Estimated Remaining Useful Life (Years) - 0 Fully Funded Balance $ 200,000 Estimated Replacement Year Depreciation This Year $ 10,000 Cost Source - 1 Monthly Contribution $ 5, Depreciation Percent % Fully Funded Balance Percent 4.93% Life Remainging Percent - 0% 41 Mechanical Cooling Tower Approximate Component Quantity - 1 Estimated Current Unit Cost $ 50, Unit of Measure - Each Estimated Total Current Cost $ 50,000 Normal Useful Life (Years) - 20 Estimated Total Future Cost $ 50,000 Estimated Remaining Useful Life (Years) - 0 Fully Funded Balance $ 50,000 Estimated Replacement Year Depreciation This Year $ 2,500 Cost Source - 1 Monthly Contribution $ 1, Depreciation Percent % Fully Funded Balance Percent 1.23% Life Remainging Percent - 0%

37 Mechanical Chiller Approximate Component Quantity - 1 Estimated Current Unit Cost $ 100, Unit of Measure - Each Estimated Total Current Cost $ 100,000 Normal Useful Life (Years) - 30 Estimated Total Future Cost $ 100,000 Estimated Remaining Useful Life (Years) - 0 Fully Funded Balance $ 100,000 Estimated Replacement Year Depreciation This Year $ 3,333 Cost Source - 1 Monthly Contribution $ 1, Depreciation Percent % Fully Funded Balance Percent 2.46% Life Remainging Percent - 0% 36 Mechanical Common Area HVAC Units Approximate Component Quantity - 1 Estimated Current Unit Cost $ 13, Unit of Measure - Allowance Estimated Total Current Cost $ 13,000 Normal Useful Life (Years) - 15 Estimated Total Future Cost $ 13,000 Estimated Remaining Useful Life (Years) - 0 Fully Funded Balance $ 13,000 Estimated Replacement Year Depreciation This Year $ 867 Cost Source - 1 Monthly Contribution $ Depreciation Percent % Fully Funded Balance Percent 0.32% Life Remainging Percent - 0% Mechanical Garage Exhaust Approximate Component Quantity - 1 Estimated Current Unit Cost $ 3, Unit of Measure - Allowance Estimated Total Current Cost $ 3,000 Normal Useful Life (Years) - 12 Estimated Total Future Cost $ 3,090 Estimated Remaining Useful Life (Years) - 1 Fully Funded Balance $ 2,750 Estimated Replacement Year Depreciation This Year $ 250 Cost Source - 1 Monthly Contribution $ Depreciation Percent % Fully Funded Balance Percent 0.07% Life Remainging Percent - 8%

38 Mechanical Plumbing Repairs Approximate Component Quantity - 1 Estimated Current Unit Cost $ 150, Unit of Measure - Allowance Estimated Total Current Cost $ 150,000 Normal Useful Life (Years) - 15 Estimated Total Future Cost $ 184,481 Estimated Remaining Useful Life (Years) - 7 Fully Funded Balance $ 80,000 Estimated Replacement Year Depreciation This Year $ 10,000 Cost Source - 1 Monthly Contribution $ 5, Depreciation Percent % Fully Funded Balance Percent 1.97% Life Remainging Percent - 47% Mechanical Fire Alarm Panel Approximate Component Quantity - 1 Estimated Current Unit Cost $ 30, Unit of Measure - Allowance Estimated Total Current Cost $ 30,000 Normal Useful Life (Years) - 20 Estimated Total Future Cost $ 31,827 Estimated Remaining Useful Life (Years) - 2 Fully Funded Balance $ 27,000 Estimated Replacement Year Depreciation This Year $ 1,500 Cost Source - 1 Monthly Contribution $ Depreciation Percent % Fully Funded Balance Percent 0.66% Life Remainging Percent - 10% 23 Mechanical Roof Exhaust Fan Approximate Component Quantity - 1 Estimated Current Unit Cost $ 2, Unit of Measure - Each Estimated Total Current Cost $ 2,500 Normal Useful Life (Years) - 15 Estimated Total Future Cost $ 2,652 Estimated Remaining Useful Life (Years) - 2 Fully Funded Balance $ 2,167 Estimated Replacement Year Depreciation This Year $ 167 Cost Source - 1 Monthly Contribution $ Depreciation Percent % Fully Funded Balance Percent 0.05% Life Remainging Percent - 13%

39 Mechanical Pumps Approximate Component Quantity - 5 Estimated Current Unit Cost $ 3, Unit of Measure - Each Estimated Total Current Cost $ 17,500 Normal Useful Life (Years) - 10 Estimated Total Future Cost $ 17,500 Estimated Remaining Useful Life (Years) - 0 Fully Funded Balance $ 17,500 Estimated Replacement Year Depreciation This Year $ 1,750 Cost Source - 1 Monthly Contribution $ Depreciation Percent % Fully Funded Balance Percent 0.43% Life Remainging Percent - 0% Mechanical Sump Pump Approximate Component Quantity - 1 Estimated Current Unit Cost $ 1, Unit of Measure - Each Estimated Total Current Cost $ 1,500 Normal Useful Life (Years) - 12 Estimated Total Future Cost $ 1,845 Estimated Remaining Useful Life (Years) - 7 Fully Funded Balance $ 625 Estimated Replacement Year Depreciation This Year $ 125 Cost Source - 1 Monthly Contribution $ Depreciation Percent % Fully Funded Balance Percent 0.02% Life Remainging Percent - 58% Mechanical Sump Pump Approximate Component Quantity - 1 Estimated Current Unit Cost $ 1, Unit of Measure - Each Estimated Total Current Cost $ 1,500 Normal Useful Life (Years) - 12 Estimated Total Future Cost $ 1,500 Estimated Remaining Useful Life (Years) - 0 Fully Funded Balance $ 1,500 Estimated Replacement Year Depreciation This Year $ 125 Cost Source - 1 Monthly Contribution $ Depreciation Percent % Fully Funded Balance Percent 0.04% Life Remainging Percent - 0%

40 Mechanical Storage Tanks 115 Gal Approximate Component Quantity - 2 Estimated Current Unit Cost $ 2, Unit of Measure - Each Estimated Total Current Cost $ 5,000 Normal Useful Life (Years) - 12 Estimated Total Future Cost $ 5,000 Estimated Remaining Useful Life (Years) - 0 Fully Funded Balance $ 5,000 Estimated Replacement Year Depreciation This Year $ 417 Cost Source - 1 Monthly Contribution $ Depreciation Percent % Fully Funded Balance Percent 0.12% Life Remainging Percent - 0% 37 Mechanical System Controls Approximate Component Quantity - 1 Estimated Current Unit Cost $ 10, Unit of Measure - Allowance Estimated Total Current Cost $ 10,000 Normal Useful Life (Years) - 15 Estimated Total Future Cost $ 10,000 Estimated Remaining Useful Life (Years) - 0 Fully Funded Balance $ 10,000 Estimated Replacement Year Depreciation This Year $ 667 Cost Source - 1 Monthly Contribution $ Depreciation Percent % Fully Funded Balance Percent 0.25% Life Remainging Percent - 0% Mechanical Electrical Upgrades Approximate Component Quantity - 1 Estimated Current Unit Cost $ 25, Unit of Measure - Allowance Estimated Total Current Cost $ 25,000 Normal Useful Life (Years) - 15 Estimated Total Future Cost $ 27,318 Estimated Remaining Useful Life (Years) - 3 Fully Funded Balance $ 20,000 Estimated Replacement Year Depreciation This Year $ 1,667 Cost Source - 1 Monthly Contribution $ Depreciation Percent % Fully Funded Balance Percent 0.49% Life Remainging Percent - 20%

41 Mechanical HVAC Repiping/Asbestos Approximate Component Quantity - 1 Estimated Current Unit Cost $ 3,000, Unit of Measure - Allowance Estimated Total Current Cost $ 3,000,000 Normal Useful Life (Years) - 35 Estimated Total Future Cost $ 3,182,700 Estimated Remaining Useful Life (Years) - 2 Fully Funded Balance $ 2,828,571 Estimated Replacement Year Depreciation This Year $ 85,714 Cost Source - 3 Monthly Contribution $ 48, Depreciation Percent % Fully Funded Balance Percent 69.66% Life Remainging Percent - 6% Pool & Spa Area Pool Liner Approximate Component Quantity - 1 Estimated Current Unit Cost $ 24, Unit of Measure - Allowance Estimated Total Current Cost $ 24,000 Normal Useful Life (Years) - 10 Estimated Total Future Cost $ 31,315 Estimated Remaining Useful Life (Years) - 9 Fully Funded Balance $ 2,400 Estimated Replacement Year Depreciation This Year $ 2,400 Cost Source - 1 Monthly Contribution $ 1, Depreciation Percent % Fully Funded Balance Percent 0.06% Life Remainging Percent - 90% 26 Pool & Spa Area Pool Heater Approximate Component Quantity - 1 Estimated Current Unit Cost $ 3, Unit of Measure - Each Estimated Total Current Cost $ 3,000 Normal Useful Life (Years) - 10 Estimated Total Future Cost $ 3,090 Estimated Remaining Useful Life (Years) - 1 Fully Funded Balance $ 2,700 Estimated Replacement Year Depreciation This Year $ 300 Cost Source - 1 Monthly Contribution $ Depreciation Percent % Fully Funded Balance Percent 0.07% Life Remainging Percent - 10%

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