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<br /> CALLlPPE PRESERVE
<br /> Summary Operating Pro Forma
<br /> TWENTY YEAR
<br /> Y!!L11 Year 12 ~ Year 1. 1Y.L.H ru.r.J! ~ ~ Ym.1! ~
<br /> ROUNDS 64,056 64,696 65,343 65,996 66,666 67,323 67,996 68,676 69,363 70,057
<br /> REVENUE
<br /> Green Fees 2,963,343 3,082,765 3,207,001 3,336,243 3,470,694 3,610,563 3,756,068 3,907,438 4,064,907 4,228,723
<br /> Per Rnd. Avg. 46.26 47.65 49.08 50.55 52.07 53.63 55.24 56.90 58.60 60.36
<br /> Carts 775,789 807,053 839,577 873,412 908,611 945,228 983,320 1,022,948 1,064,173 1,107,059
<br /> 12.11 12.47 12.85 13.23 13.63 14.04 14.46 14.90 15.34 15.80
<br /> Merchandise Sales 468,883 487,779 507,437 527,887 549,160 571,292 594,315 618,265 643,182 669,102
<br /> 7.32 7.54 7.77 8.00 8.24 8.49 8.74 9.00 9.27 9.55
<br /> Food & Beverage 596,761 620,810 645,829 671,856 698,931 727,098 756,400 786,883 818,595 851,584
<br /> 9.32 9.60 9.88 10.18 10.49 10.80 11.12 11.46 11.80 12.16
<br /> Driving Range 182,438 189,791 197,439 205,396 213,673 222,284 231,242 240,561 250,256 260,341
<br /> 2.85 2.93 3.02 3.11 3.21 3.30 3.40 3.50 3.61 3.72
<br /> Other Miscellaneous Rev 85,252 88,687 92,261 95,979 99,847 103,871 108,057 112,412 116,942 121,655
<br /> 1.33 1.37 1.41 1.45 1.50 1.54 1.59 1.64 1.69 1.74
<br /> GROSS OPERATING REVENUE 5,072,465 5,276,886 5,489,544 5,710,773 5,940,917 6,180,336 6,429,403 6,688,508 6,958,055 7,238,465
<br /> REV PER ROUND 79.19 81.56 84.01 86.53 89.13 91.80 94.56 97.39 100.31 103.32
<br /> COST OF GOODS SOLO
<br /> Merchandise 351,663 365,835 380,578 395,915 411,870 428,469 445,736 463,699 482,386 501,826
<br /> Food & Beverage 208,866 217,284 226,040 235,149 244,626 254,484 264,740 275.409 286.508 298.054
<br /> Total Cost of Goods Sold 560,529 583,118 606,618 631,064 656,496 682,953 710,476 739,108 768,894 799,881
<br /> NET OPERATING REVENUE 4,511,936 4,693,767 4,882,926 5,079,708 5,284,421 5,497,383 5,718,927 5,949,400 6,189,161 6,438,584
<br /> OPERATING EXPENSES
<br /> Course Maintenance
<br /> Labor Costs 740,814 763,038 785,929 809,507 833,792 858,806 884,570 911,107 938,441 96'
<br /> Non Labor Costs 838,200 863,346 889,246 915,923 943,401 971,703 1,000,854 1,030,880 1,061,806 1,05
<br /> Mitigation Costs 122 495 126.170 129.955 133,853 137.869 142005 146.265 150 653 155173 15.
<br /> Subtotal 1,579,013 1,626,384 1,675,175 1,725,431 1,777,194 1,830,509 1,885,425 1,941,987 2,000,247 2,060,254
<br /> Goff ODerations
<br /> Labor Costs 430,867 443,793 457,107 470,820 484,945 499,493 514,478 529,912 545,809 562,184
<br /> Non Labor Costs 168.706 173.767 178.980 184,350 189.880 195,577 201.444 207,487 213.712 220.123
<br /> Subtotal 599,573 617,560 636,087 655,170 674,825 695,070 715,922 737,399 759,521 782,307
<br /> Food & Beverage
<br /> Labor Costs 204,766 210,909 217,236 223,753 230,466 237,380 244,501 251,836 259,391 267,173
<br /> Non labor Costs 57,628 59.357 61,138 62.972 64,861 66,807 68,811 70,875 73,001 75,191
<br /> Subtotal 262,394 270,265 278,373 286,725 295,326 304,186 313,312 322,711 332,392 342,364
<br /> General & Administrative
<br /> labor Costs 170,747 175,869 181,145 186,579 192,177 197,942 203,880 209,997 216,297 222,786
<br /> Non Labor Costs 265.443 273.407 281,609 290.057 298.759 307.722 316,953 326.462 336,256 346,343
<br /> Subtotal 436,190 449,276 462,754 476,637 490.936 505,664 520,834 536,459 552,552 569,129
<br /> Total Operating Expense 2,877,170 2,963,485 3,052,390 3,143,962 3,238,280 3,335,429 3,435,492 3,538,556 3,&44,713 3,754,055
<br /> NOI Before Mgmt Fee & Reserve 1,634,766 1,730,282 1,830,536 1.935,747 2,046,140 2.161,954 2.283,435 2,410,843 2,544,448 2,684,529
<br /> Management Fees
<br /> Fixed 103,810 106,925 110,132 113,436 116,839 120,345 123,955 127,673 131,504 135,449
<br /> Incentive 81,003 83,433 85,936 88,514 91,169 93,904 96,721 99,623 102,612 105,690
<br /> Total Management Fees 184,813 190,357 196,068 201,950 208,008 214,249 220.676 227,296 234,115 241,139
<br /> Replacement Reserve 87,108 89,721 92,413 95,185 98,041 100,982 104,011 107,132 110,346 113,656
<br /> NET OPERATING INCOME 1,362,845 1,450,204 1,542,056 1,638,611 1,740,091 1,846,723 1,958,748 2,076,415 2,199,986 2,329,734
<br /> Debt Service 1,600,000 1,600,000 1,600,000 1,600,000 1,600,000 1,600,000 1,600,000 1,600,000 1,600,000 1,600,000
<br /> Net Cash Flow (237,155) (149,796) (57,944) 38,611 140,091 246,723 358,748 476,415 5S9,986 729,734
<br /> 20 Year 08.03.05.XLS SUMMARY
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