Stony Brook University - Student Affairs

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FINANCIAL ANALYSISOperating Pro FormasUsing the assumptions detailed above, the following charts document the anticipatedperformance of the proposed graduate and professional student housing complex. The first fiveyears of performance are shown for the South Campus site as this site has the highestdevelopment costs. The full 30-year operating pro forma can be found in the financial modelexhibit in this report.Operating Pro Forma – South Campus SiteOperating Year Year 1 Year 2 Year 3 Year 4 Year 5Total Beds 400 400 400 400 400Total Square Footage 209,093 209,093 209,093 209,093 209,093Rental Revenues:Unit Type A - Studio Apartment $0 $0 $0 $0 $0Unit Type A - One-Bedroom ApartmentSingle Occupancy $1,712,000 $1,903,000 $2,110,000 $2,216,000 $2,327,000Unit Type B - Two-Bedroom ApartmentSingle Occupancy $3,542,000 $3,938,000 $4,365,000 $4,583,000 $4,812,000Sub-Total $5,254,000 $5,841,000 $6,475,000 $6,799,000 $7,139,000Other Revenues:Damages $0 $0 $0 $0 $0Vending/Laundry $0 $0 $0 $0 $0Sub-Total $0 $0 $0 $0 $0Total Revenues: $5,254,000 $5,841,000 $6,475,000 $6,799,000 $7,139,000Personnel ExpensesGeneral Manager $0 $0 $0 $0 $0Associate Mgr. - Programs (Hall Director) $50,000 $52,500 $55,100 $57,900 $60,800Business Manager $0 $0 $0 $0 $0Admin. Assistant $35,000 $36,800 $38,600 $40,500 $42,500Custodian* $0 $0 $0 $0 $0Maintenance $45,000 $47,300 $49,700 $52,200 $54,800Security Officer $0 $0 $0 $0 $0Personnel Benefits $50,000 $51,000 $52,000 $53,000 $54,100Sub-Total $180,000 $188,000 $195,000 $204,000 $212,000Non-Personnel ExpensesDivision Administration $263,000 $274,000 $285,000 $296,000 $308,000Programs $99,000 $103,000 $107,000 $111,000 $115,000Operations $628,000 $653,000 $679,000 $706,000 $734,000Utilities $500,000 $535,000 $572,000 $612,000 $655,000Financial Services $31,000 $32,000 $33,000 $34,000 $35,000Admin - Others $143,000 $149,000 $155,000 $161,000 $167,000RA Rent Waivers $31,000 $33,000 $35,000 $37,000 $39,000Sub-Total $1,695,000 $1,779,000 $1,866,000 $1,957,000 $2,053,000Total Expenses $1,875,000 $1,967,000 $2,061,000 $2,161,000 $2,265,000Net Operating Income (NOI) $3,379,000 $3,874,000 $4,414,000 $4,638,000 $4,874,000Annual Debt Service $2,401,000 $4,801,000 $4,801,000 $4,801,000 $4,801,000Capital Reserves (@ 5% of NOI in yr 3) $0 $0 $221,000 $232,000 $244,000Ending Cash Balance $978,000 ($927,000) ($608,000) ($395,000) ($171,000)Cumulative Cash Flow $978,000 $51,000 ($557,000) ($952,000) ($1,123,000)Debt Coverage Ratio 1.41 0.81 0.92 0.97 1.02Stony Brook UniversityGraduate & Professional Student Housing StudyPage 6
FINANCIAL ANALYSISConclusionAs evident from the operating pro forma above, the proposed project does not meet the desireddebt coverage ratio level of 1.10 and is not financially feasible. Based on the current financialmodel, a financially viable project could support a total project cost of $61.5M and meet thepreferred debt coverage ratio of 1.10 by Year 3.Based on this outcome, B&D, Sasaki Associates, Inc. and Vermuelens Cost Consultants outlinedrecommendations that would allow the proposed project to “break even.” Theserecommendations are outlined in the Executive Summary section of this report.Stony Brook UniversityGraduate & Professional Student Housing StudyPage 7
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Stony Brook UniversityGraduate & Pr
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TABLE OF CONTENTSSection1. Executiv
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EXECUTIVE SUMMARYEXECUTIVE SUMMARYI
Page 11 and 12: EXECUTIVE SUMMARYA benchmark analys
Page 13 and 14: EXECUTIVE SUMMARYB&D further analyz
Page 15: EXECUTIVE SUMMARYRental Rate Sensit
Page 19 and 20: MARKET ANALYSISFOCUS GROUP SUMMARYO
Page 21 and 22: MARKET ANALYSISOFF-CAMPUS MARKET AN
Page 23 and 24: MARKET ANALYSISAlthough prices vari
Page 25 and 26: MARKET ANALYSISPEER INSTITUTION AND
Page 27 and 28: MARKET ANALYSISBOSTON UNIVERSITY SC
Page 29 and 30: MARKET ANALYSISTEMPLE UNIVERSITY -
Page 31 and 32: MARKET ANALYSISUNIVERSITY AT BUFFAL
Page 33 and 34: MARKET ANALYSISEMORY UNIVERSITY - A
Page 35 and 36: MARKET ANALYSISSURVEY ANALYSISObjec
Page 37 and 38: MARKET ANALYSISrespondents lived in
Page 39 and 40: MARKET ANALYSISQ35. With whom do yo
Page 41 and 42: MARKET ANALYSISTop five determinant
Page 43 and 44: MARKET ANALYSISTop five desired fea
Page 45 and 46: MARKET ANALYSISDEMAND ANALYSISObjec
Page 47 and 48: MARKET ANALYSISB. One-bedroom / One
Page 49 and 50: MARKET ANALYSISD. Four-bedroom / Tw
Page 51 and 52: MARKET ANALYSISDefinition of Demand
Page 53: MARKET ANALYSISTarget MarketFall 20
Page 57 and 58: FINANCIAL ANALYSISObjectivesB&D dev
Page 59 and 60: FINANCIAL ANALYSISThe financial mod
Page 61: FINANCIAL ANALYSISSouth CampusThe S
Page 67 and 68: SUNY Stony Brook page 1Survey of Se
Page 69 and 70: SUNY Stony Brook page 3Unit Cost an
Page 71 and 72: SUNY Stony Brook page 5Unit Cost an
Page 73 and 74: SUNY Stony Brook page 7Suffolk Coun
Page 75 and 76: SUNY Stony Brook page 9Residential
Page 77: SUNY Stony Brook page 11Suffolk Cou
Page 81: SUNY Stony Brook page 1Benchmarking
Page 85 and 86: Stony Brook University Graduate and
Page 87 and 88: Q11. Please rate each of the follow
Page 91 and 92: Q31. What type of living arrangemen
Page 93 and 94: Q38. Do you have a single bedroom?
Page 101 and 102: Q75. In order to help us understand
Page 103 and 104: Q85. In order to help us understand
Page 105 and 106: Q94. If new student housing were of
Page 107 and 108: Q104. If new student housing were o
Page 109 and 110: Q113. What is your classification a
Page 111 and 112: Q121. What is your age? SELECT ONEC
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Exhibit D
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STONY BROOK UNIVERSITYGraduate & Pr
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STONY BROOK UNIVERSITY Site Locatio
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STONY BROOK UNIVERSITYStudent Housi
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Stony Brook University - Student Affairs

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