Richard Bienapfl. Richard C. Bienapfl Chief Operating Officer

Transcription

1 I, Richard C. Bienapfl hereby certify that the financial statements and reports as of 12/31/2017 are true and correct, to the best of our ability, in accordance with section 8.07 of the Loan Agreement dated 12/1 /2015. Richard Bienapfl Richard C. Bienapfl Chief Operating Officer Digitally signed by Richard Bienapfl DN: cn=richard Bienapfl, o=tallahassee NHHI, LLC, OU, c=us Date: :58:16-06'00' Tallahassee NHHI, LLC A limited liability company duly organized and existing under t he laws of the state of Florida

2 Tapestry Senior Housing of Tallahassee Tallahassee NHHI, LLC Occupancy Report As of December 31, 2017, 44 assisted living units are occupied (41.9% occupancy of available AL units) and 39 memory care units were occupied (88.6% occupancy of available MC units) for a total of 83 occupied units of the 149 available 57.7% occupancy. There are also 2 assisted living and 1 memory care leases that have been signed for near future occupancy.

3 Balance Sheet As of Sunday, December 31, 2017 ASSETS Current Assets Devel/Const Checking Bank Income Account - SunTrust Bank Expense Account - SunTrust Petty Cash Account - Construction Accounts Receivable Employee Advances Prepaid Expenses Inventory Total Current Assets Escrows and Reserves Debt Service Reserve Fund Unrealized Gain(Loss) CT A-US Bank Acct-2000 Capitalized Interest - Series A Capitalized Interest - Series B Construction Fund Operating Reserve Fund Issuer Fee Fund Administration Fund Sweep Account Total Escrows and Reserves Fixed Assets Land \ >, Building and lmpfi:iye'n1eots \~, Accum.Depr.-Bldg &'if;r;p(<);v~ro,ents :;;;;i,,«. Furniture anqf_ixtures,'..,< ->'.\. Acc1Jm,Depr. -Furn itu re/fix..t1.1.res TofaL l~bced Assets. Q:tter AS.S,~~s'' ;~,,,,. Orfgif!al lssu :~piscoun~,; : <.\. Bond1:filsuranc41cpst "'(,\,, Accum A~ortiz~tiQ;p- Organizational '.:.~Aq:um Amdt':tizati~ifL Other i otal Othef Assets Total A~s et :i;.'... $ 468, , , ,00 350, (228.16) /q,'f:,.32,,210.52, _,.. 1' 9-'"is: '_rn_ ~~~-+.; \:l. ' $.1:~,,i,013'.561:~~~ 68, $ 2,661, $ 2,200,00 21,765, (783,135.00) 5,309, (537,314.92) $ 27,954, $ 366, ,409, (9,955.40) (692,859.14) $ 2,072, $ 33,762,195.30

4 Balance Sheet As of Sunday, December 31, 2017 LIABILITIES AND EQUITY Current Liabilities Accounts Payable Accrued Payroll Accrued Work Comp Ins Accrued Management Fee Accrued Property Taxes Accrued Interest Expense Advance from TISHM Advance from United Equities Total Current Liabilities Long Term Liabilities Deferred Revenue Bonds Payable Development Fee Payable Total Long Term Liabilities Total Liabilities Equity Retained Earnings '. Member's Contribution Net Income Total Stockholder's Equity ~,. Total Liabilities ahi:t ;.&<:iyjty : r......:.. \:. :~~ ~. '... $ 31, $ 163, {902.17) ':,';!:3'94:,, (16:iKt~. 26) 192 os8;;54 I! \ ;.~-:_. 3,000.0'0:'. -~,f ' ',:. 300.oqr. $ 1;. 37Sj' ;~::i> ~:ZQ~S;Ooo. oo.:,.., 1':~49, ~,, }..., :....,.--- "'.(:~ ;;. ~::~~~:~~: : :~ $ {5,457,687.31) 4,173, {660,246.06) {l,944,830.37) s 33,762,195.30,:,,,, ' '.'

5 Income Statement For Month Ending Sunday, December 31, 2017 INCOME Tallahassee AL Rent Income AL Rent 2nd Occupancy AL Room Moving Fee AL Respite AL AL Service Packages Adjustments AL Marketing Concession AL Low Income ADJ Rent AL Other Income/Supplies AL Late Fees/Service Charges AL Community Fee AL Total Tallahassee AL Tallahassee Memory Care Rent Income MC Rent 2nd Occupancy MC Room Moving Fee MC Respite MC MC Service Packages Homemaker MC Adjustments MC Marketing Concession MC Low Income ADJ Rent MC Other Income/Supplies MC Late Fees/Service Charges MC Community Fee MC Total Tallahassee Memory Care Other/Miscellaneous Income Guest Meals Activities Vendor Rent Unrealiz.ed Gains (Loss) Interest Income Other Income Interest Income Total Miscellaneous Income Total Income EXPENSES Tallahassee Payroll - All Depts Regular Overtime Commissions PTO Bonuses Total Payroll - All Depts Payroll Taxes & Benefits - All Depts Work Comp Insurance FICA Taxes FUTA Taxes SUTA Taxes Group Health Insurance ' Group Dental Insurance ".; :. Group Life Insurance :::! ~ Total PR Taxes/Ben - All Depts. Total Payroll rl;>)ll>enses - All Dep!i,'i;;, <. :::~;\;-,, l r( Operating ExpensOS''.,All Depts Management Fee.,!;;\ Contract Service - PT Contract Service - OT Accounting Advertising-Employee Advertising-Facility Automobile Lease Automobile-Gas & Oil Automobile-Repairs & Maint. Bank Charges Trustee Fee Issuer Fee Business Meals & Entertainment Consulting Fees Dues & Subcriptions Education Expense Sales Supplies & Gifts Sales Events & Meals Printing Fonns and Copies CURRENT CURRENT YTD YTD BUDGET BUDGET BUDGET OVER (UNDER) ~~P~E~Rl~O~D::;_~~RA:..::..:.TI~O~--'A~M;;.;;.:;.OUN ""-'T"-~~RA.;:..:..:TI~O::;_ CURPERIOD ~~-YID~~~ CURRENT YTD 207, ,55 25, (12,444.93) 2, ,00 234, , , , (14,463.87) (11,24) ,25 259, , (2,675.00) 7, "/o 5.2% (2.5%) l.8% 47.4% 50.6% 0.3% 5.7% (2.9%) (2.3%) 1.1% 52.5% 484, , , (40,216.04) 6, ,00 546, , , , % 4.0% (2.4%) 1.4% 33.2% 37.5% 0.3% 4.7% (38,363.07) (2.3%) (33, 72) (2.1 %) 15. ~~~E, ;)fi~;, 190, , , (414.79) (19,747.60) (1,270.79) 10 12,00 231, , , , , , (1,117.57) (53,205.93) (3,423.89) 30 24,00 615, , (8,254.64) (371.49) (625.00) (12, ) , , (4.00) (3,00) 2, , , , !~~,i!?,;iiN~!~gi';,... ( 3 iiee~ 13, , :.:. 14, 'J,50 00 '' ;. " 45. ff:.. '/_{2;!z2 94). 2,;i~ l?9:', 0.1 5%'''<;, 2, '9:p; ;,. 0.02% ''" "!. (0 51;,;,«/~}i ;<~q;/~~~?~ uli<~7~5;.j.,~~~j,:~. 1.6%:>.: 16,406.~;. 1.00'>A O.()O~ :: 453, s1%L. n. _;:: (7,571.84) r (1.5%f '\.(t.(>5% '"...,_;f.~53, ,5,9"/o 493, loo:o"(o r,~, IOO<lq!'~ _:. ',;'' ;~1&' % % :350.Z6 1.1% 5010',' ';' 10, '';<. 2.1% ;2~, '"'iso;,., 35I.'Zi!.4J6 71.2'\'{,1' :5030. ~040 50$ , 5200 ' p205 $f06... )$'208 ; ,,:_. 598,159:6~ 36, 38~ ';,;68, ';t.17%. l'z; :'18% ii>\~ % 22 i~~ l /o ",, t,:.:.Q.7% ''\.fi\~.:i :.';:~ , ~ 5 ;;~~%i;\ : 6 f~;. 5 ~'.~~.~~ 4,64;"3c71 9,5i5JJ.o,44o.5;f)(... ::: "411.56f,. 392 ;0~S'.IO 74, , , , , , , , % 1.9% (0.7%) ) 8.2% 79.4% 15.1% 1.3% 15% 1.1% 0.9% 1.4% O.O"lo 7, , (4,073.47) (1, , , , , , , , , , , , , , , "/o 3.21% 0.10% 0.47% l.81% (0.25%) (0.07% 5.88% 49.84% 8.2% 1.5% 1.2% 0.3% DA% 0.6% 0.2% ' \',(9,222.30) ~:2 '.", <-'(ib,84932) ($5\~47.05).,;i,~ ,"(\,817 98) (22,9iii18) d/422 02) '<':~po. oo...,, 3o6pq. i,::59 oo "., ' :; : : ;.. : ;.' ~.. ;'.'."~:?/ " - 12, ,992.0io; :,. 618, , , !',1! , , , , , , , , I ,00 5, , ,00 2, , ,00 2,00 3, <i -';'~ : (:~~~;i ' (815.26) r; , ,243, , , , , , , , , , ,00 15, , ,00D_OO 8, , , ,00 6,00 6,00 2, (275.00) (2,675.00) 7, (7,571.84) (3,424.61) 51, , , , , , ,98 (4,789.82) 11, , (6,758.47) (3,440.51) ( (l,046.02) 169, , (5,476.00) (10) (683.29) (76.62) (2,791.24) (585.57) (115.00) (15) , (2,549.08) , (1,00) 4, (594.26) (578.39) (30) (29,355.00) (21,981.88) (670.90) (1,875.00) (37,796.39) 1, , , (67.00) 10 (I,00) (69,114.82) (16,508.48) (9,713.51) 19 (1,575.00) 36, , , (10,805.62) (141.00) 75 3,75 25, (5,843.81) (856.25) (20,462.50) 16, , ,602.% 400, , , , , , , (12,940.53) 13, (17,769.92) (4,073.47) (1, (21,686.89) 190, , (15,974.00) (30) (376.62) (9,932.56) (584.71) (311.65) (45) , (2,549.58) , , (3,00) 4, (2,996.37) (585.89) (90)

6 Income Stateroent For Month Ending Sunday, December 31, 2017 Employee Meetings/Lunches Employee Gifts Employee Medical Testing Software Computer/Copier Equip Leased Fines & Penalties Insurance-Liability Insurance-Other Legal Expense Licenses Maintenance Equipment Maintenance-Life Safety Maintenance-Decor Maintenance-Plwnbing Maintenance-Electrical Maintenance-RV AC Office Equipment Office Supplies Housekeeping Supplies Housekeeping Equipment Enrichment Supplies Enrichment Equipment Enrichment Events & Entertainment Resident Care Supplies Resident Care Equipment Groundskeeping Pest Control Postage Building Improvements Food Dietary Supplies Dietary Small Equipment Dietary-Linens/Uniforms Travel-Lodging & Meals Travel Expense Travel-Mileage Uniforms Telecom/lnternet Utilities-Elect/Gas/W&S/Garb Computer/Network Support Miscellaneous Expense Property Taxes Total Operating Expenses Total Expenses EBITDA Less Depreciation Amortization Interest Expense Net Income CURRENT PERIOD ,12 3, , , , , , , , , , , CURRENT YTD YID RATIO AMOUNT RATIO 0.0'/o ,32 0.3% 0.8% 9, % 1, '/o '/o 15, '/o 0.0'/o '/o 0.0'/o 0.0'/o 0.0'/o % 3, % 0.0'/o '/o 0.0'/o , % 0.0'/o 0.3% 3, % 3, % 6, '/o BUDGET BUDGET CUR PERIOD YT:...:.:D~ ,61 3, , , , , ,00 1,00 1, , ,80 5,40 1,05 3, , BUDGET OVER (UNDER) CURRENT YID , ,71 (23.58) 1, (13,693.00) (25,145.98) ( ) (2,367.25) (1,00) (l,00) (1,166.67) (3,375.01) (623.84) (1,705.20) (1,05) (2,83933) (139.92) (361.28) , ,70 (90) (2,70) c :. J.,.. ' , , : :~~[6 ;9 7 ;';;!::~ '.:~f,.!,~=!~~ 1,~~~~~ :: ' tp ; (21.80) ;:1\~so.00 < " 61so oo <,(1,933.22) (6,061.26) ~!~! :!~~~! ~!~,(11'.f'.~~~:::; ': /;:::!:~61,; 43' % 3, O.ZZ't >":i ue:: :_ oo: 1;03030>!~;1092;1 (2,505.49) ~:~ 1~ :~~~~: ;>: :- :fot!~ "?~!~.~.:~~" ~:m'~~ ~; ;, :'(4~i~o~~ 1.2~3 :i _;_... o.~. -',. nsas. "...,. 0 u-" 300.oo< oo (352.69) ~. 1, L 3 4s 1 7,659:44..' ;:!.t, ~ ~ % 65,96~\Jii: 4.0%,'.:,Jo 338 so \i:t9::'.~'tht. 3:122:39 36: % 4,949.9~r:. 'i. o.3% '{l;!;gg.~-.,~; I,971.69!~::,,'.~::Ji.,, ::::r0 t~~ "'.~~ :~A!ffi 0: ;.q.o'lo (55.27) (203.37) 0.2% ~<9% I I l, :: i3% 3,5, % lo,boo.oo 30,00 I, s, , ,% 56; Ae<o;. 17,50 52,50 (2,093.96) 3,826.44! '/o 6,130'.84 o.4% 1, , (1,265.58) 2, ,b %» 4,192:1-1,. O:J~ , , , % -~ " :..~::4% -=-"'13"',s;,.;64,.,.;.:..o-=-8---:-:4-::-o,"=6='92:-.z:-4'--...,,-:;(s=4-:::2.:..;4;,9l'-----"(l=",6:;:2;:.1."-47~) 197, ',_;40.0'/o 54;3; " '~3 0"1o.;.I 6::..;lcc,64~1.:..;l::,2 4;.;:8.;.0,'-'4;:.79;..:;. 9:...4; -,..:.35:.:,.;.;74.:..:l..:;.6:::3;...:;62:;,,.:;,844.:..::..:.6~9,; ; '> 589, H9.4% 1,362;8J % ;:.38:,3:",7:-:4,,,2.:-:2'="4 ;1.:.;,l:-:0:,,9,:;;;22::..:9;,;,.2::..:l:---:-:-'2"=05;;.-:,'"'67:,:5c:...6:,:1--.:2::.53'"',;;.,58::..:l,;.;.3~2 281.~~' % , (153,832.42) '{: 1,:: _ l~~ir;~,~ ;07) c1~\~~ 1 ". ' 'i : ;', i ~4~};i~ % :::~ii~~! s i j:.e.!~::~~~~ 3~;~ 1!~:mE!~f~~E 17 7 (:~5~ 17 7 (~~4~ c420:2s8.nr (8s. 1 ~i (660, (40.2% l--12.:.;4:,:8,"'68:,:8.:.;.6:,:s;;., :18;,;,9.:.;, 1::.o'-9_;..:;s:..:21'--...,1-11'""1-.s..i9.::;9_.::.68.:.;l; 1_28-..i86.:.;3;:..46~

7 Tallahassee NHHI LLC Statement of Cash Flow For the Month Ended Sunday, December 31, 2017 Net Income Add: Depreciation Amortization Increase in Unrealized Gain (Loss) Increase in accrued management fee Increase in accrued payroll Decrease in reserves Decrease in Building and Improvements Decrease in Inventory Increase in Deferred Revenues Decrease in Accrued Property Taxesi:~ Decrease in Advance to Walden -.,,~:r~,. Decrease in accrued workers ~q!il.p :,,.. '.';, _ Increase in advance from U~~ted Equitj~~ :.:. Less: Increase in Accouti.~s Receivable Decrease ip accounts payable ' Decrease i~, '\\' i~.~r.µed... '."'; 'd' ' intet~st expen$~. ~. {~,:.- oj.~j. Decrease in aon S,;fa.yable.' ;;...,., /,, Incre~~e in prepaid ~xp~-tj~es ~r 1 '...,~. ~1, 1' : '. ;..r _, Decrease.in Rei~inetfiEahiigs (audit adjustments).:.,; Jnerease i'nfumitutb and Fixtures. N~i -cli&11 ~:Jn Pflsh $ (420,288) 570,450,, ;;;,-;+,. 40,400 «.. ;.. t:~~675 '>'' 124it:2,J.:: :..f ')~- :-. <>,;. l 63:s64:,;,. -';ifl; 137,82J(i~' 4,2e:8,445;r. - 1k3?~ ;'' 24,332. _ ri~ 338 ~: ~t ' \~'};l 4:311 3, $ 5,990,443 $ (73,515) (8,282) (970,193) (240,000) (9,721) (556,256) ( 4,451,360) (318,884) Bas~,~~lanc-e ~{if.6~ember 30, ':: ~-~,;, ~--~{('.>r. \'A\<~~ ' ~:' :; ' Cash 'balance at December 31, 2017 $ 990, ,155.;.,... Unaudited~ For Internal Use Only.