ADD EXHB 10 ea161232ex1a15i_multi.htm RESULTS OF PRIOR PROGRAMS

Exhibit 1A-15.1

 

Table I. Experience Raising Funds

Offerings Closed Within the Last Three Years

 

   The Jax
2022		   Aviator
2022		   Chronos   LACH   The Jax
2019		 
   Project One   Project Six   Project Two   Project Three   Project Four 
Date Offering Closed  Apr-22   Mar-22   Feb-20   Oct-19   Sep-19 
Duration of Offering in Months  2   2   2   1   2 
Months to Invest 90% of Amount Raised                    
Total Equity Amount  $17,550,000   $11,775,000   $53,461,435   $5,610,500   $9,950,000 
Amount Offered (and Raised)  $534,500   $1,525,000   $600,000   $4,580,000   $995,000 
Deductions                         
Selling commissions retained by affiliates  $0   $0   $0   $84,000   $0 
Organizational and Offering Expenses  $10,000   $80,000   $145,000   $63,350   $83,315 
Reserves  $0   $0   $0   $0   $0 
Amount Available for Investment  $524,500   $1,445,000   $455,000   $4,432,650   $911,685 
Acquisition Cost                         
Purchase Price of Real Estate  $53,452,000   $48,000,000   $149,650,000   $15,930,000   $40,450,000 
Cost of Renovations and Improvements  $3,249,157   $465,000   $2,178,000   $185,938   $3,240,604 
Acqusition Fees  $534,520   $700,000   $1,496,500   $79,652   $303,375 
Debt  $40,550,000   $33,935,000   $103,338,000   $11,180,000   $35,500,000 
Percent Leverage   76%   70%   69%   70%   88%

 

 

 

 

Table II. Compensation to Sponsor During Last Three Years  

 

   Aviator   Chronos   LACH   The Jax 2019 
   Project One   Project Two   Project Three   Project Four 
Date Offering Closed   Mar-22    Jan-20    Oct-19    Sep-19 
Amount Raised  $11,775,000   $53,461,435   $5,610,500   $9,950,000 
Reg D Offering Amount  $1,525,000   $600,000   $4,580,000   $995,000 
Fees Paid to Sponsor from Offering Proceeds                    
Acquisition Fees  $700,000   $1,496,500   $79,652   $303,375 
Real Estate Commissions   0    0    0    0 
Reimbursement of Expenses  $80,000   $145,000   $63,350   $83,315 
Other                    
Fees Paid to Sponsor from Operations                    
Property Management Fees  $0   $818,162   $143,506   $293,556 
Partnership Management Fees  $0   $398,730   $45,869   $101,859 
Distributions of “Promoted Interest”  $0   $0   $7,452   $0 
Reimbursement of Expenses  $0   $0   $0   $0 
Leasing Commissions  $0   $0   $0   $0 
Other                    
Gross Sales and Refinancings of Property  $0   $94,009,119   $0   $18,560,963 
Fees Paid to Sponsor from Sales and Refinancings                    
Commissions  $0   $0   $0   $0 
Disposition Fees  $0   $0   $0   $133,625 
Distributions of “Promoted Interest”  $0   $9,187,401   $0   $1,596,922 
Reimbursement of Expenses  $0   $20,500   $0   $0 

 

 

 

 

Table III. Operating Results

 

Operating Results for _2021_                
   Project One   Project Two   Project Three   Project Four 
Gross Operating Income   4,979,379    426,997    552,725    867,836 
Tax Deductions   (3,477,120)   708,426    Not yet available    4,723,301 
Taxable Income from operations   5,791,649    (4,537,562)   Not yet available    (13,555,956)
Net Cash From Operations   (97,878,746)   167,069    (131,390)   10,467,061 
Gains from Sales of Property   (4,661,425)   N/A    N/A    N/A 
Net Cash From Property Sales   39,703,475    N/A    N/A    N/A 
Net Cash from Refinancing of Property   N/A    N/A    N/A    874,561 
Distributions to Investors Per $10,000 Invested                    
Return of Capital   15,607    0    0    1,000 
From Operations   553    592    87    697 
From Sales   15,607    N/A    N/A    N/A 
From Refinancings   N/A    N/A    N/A    1,000 

 

Operating Results for _2021_                
   Project Five   Project Six   Project Seven   Project Eight 
Gross Operating Income   721,385    884,951    277,698    36,752 
Tax Deductions   3,476,675    2,616,939    248,915    Not yet available 
Taxable Income from operations   (6,238)   (890,227)   (344,650)   Not yet available 
Net Cash From Operations   395,254    (511,423)   (13,816,887)   (7,915,638)
Gains from Sales of Property   N/A    N/A    (666,671)   Not yet available 
Net Cash From Property Sales   N/A    N/A    5,944,082    2,185,058 
Net Cash from Refinancing of Property   N/A    N/A    N/A    N/A 
Distributions to Investors Per $10,000 Invested                    
Return of Capital   0    0    18,846    10,000 
From Operations   826    126    0    0 
From Sales   N/A    N/A    18,846    10,000 
From Refinancings   N/A    N/A    N/A    N/A 

 

Operating Results for _2021_    
   Project Nine 
Gross Operating Income   (44,641)
Tax Deductions   1,979,643 
Taxable Income from operations   (445,681)
Net Cash From Operations   (10,155,122)
Gains from Sales of Property   4,779,883 
Net Cash From Property Sales   3,817,986 
Net Cash from Refinancing of Property   N/A 
Distributions to Investors Per $10,000 Invested     
Return of Capital   15,672 
From Operations   0 
From Sales   15,672 
From Refinancings   N/A 

 

 

 

 

Operating Results for _2020_                
   Project One   Project Two   Project Three   Project Four 
Gross Operating Income   151,141    309,528    858,506    1,505,558 
Tax Deductions   159,473    Not yet available    2,710,967    1,533,200 
Taxable Income from operations   30,237    (257,490)   (951,914)   (54,812)
Net Cash From Operations   11,307,393    32,346,096    (766,919)   3,842,677 
Gains from Sales of Property   N/A    N/A    N/A    N/A 
Net Cash From Property Sales   N/A    N/A    N/A    N/A 
Net Cash from Refinancing of Property   N/A    N/A    N/A    N/A 
Distributions to Investors Per $10,000 Invested                    
Return of Capital   0    0    0    5,477 
From Operations   61    123    86    819 
From Sales   N/A    N/A    N/A    N/A 
From Refinancings   N/A    N/A    N/A    5,477 

 

Operating Results for _2020_                
   Project Five   Project Six   Project Seven   Project Eight 
Gross Operating Income   951,814    100,171    45,878    490,008 
Tax Deductions   2,556,821    1,311,637    1,318,831    1,236,017 
Taxable Income from operations   (540,832)   (551,733)   (547,042)   (282,624)
Net Cash From Operations   30,783,272    139,616    (303,093)   396,814 
Gains from Sales of Property   N/A    N/A    N/A    N/A 
Net Cash From Property Sales   N/A    N/A    N/A    N/A 
Net Cash from Refinancing of Property   N/A    N/A    N/A    N/A 
Distributions to Investors Per $10,000 Invested                    
Return of Capital   0    0    0    0 
From Operations   520    36    0    407 
From Sales   N/A    N/A    N/A    N/A 
From Refinancings   N/A    N/A    N/A    N/A 

 

Operating Results for _2020_    
   Project Nine 
Gross Operating Income   382,055 
Tax Deductions   1,188,733 
Taxable Income from operations   (377,265)
Net Cash From Operations   681,746 
Gains from Sales of Property   N/A 
Net Cash From Property Sales   N/A 
Net Cash from Refinancing of Property   N/A 
Distributions to Investors Per $10,000 Invested     
Return of Capital   0 
From Operations   0 
From Sales   N/A 
From Refinancings   N/A 

 

 

 

 

Operating Results for _2019_                
   Project Two   Project Three   Project Four   Project Five 
Gross Operating Income   151,141    309,528    858,506    1,505,558 
Tax Deductions   159,473    Not yet available    2,710,967    1,533,200 
Taxable Income from operations   30,237    (257,490)   (951,914)   (54,812)
Net Cash From Operations   11,307,393    32,346,096    (766,919)   3,842,677 
Gains from Sales of Property   N/A    N/A    N/A    N/A 
Net Cash From Property Sales   N/A    N/A    N/A    N/A 
Net Cash from Refinancing of Property   N/A    N/A    N/A    N/A 
Distributions to Investors Per $10,000 Invested                    
Return of Capital   0    0    0    5,477 
From Operations   61    123    86    819 
From Sales   N/A    N/A    N/A    N/A 
From Refinancings   N/A    N/A    N/A    5,477 

 

Operating Results for _2019_                
   Project Six   Project Seven   Project Eight   Project Nine 
Gross Operating Income   951,814    100,171    45,878    490,008 
Tax Deductions   2,556,821    1,311,637    1,318,831    1,236,017 
Taxable Income from operations   (540,832)   (551,733)   (547,042)   (282,624)
Net Cash From Operations   30,783,272    139,616    (303,093)   396,814 
Gains from Sales of Property   N/A    N/A    N/A    N/A 
Net Cash From Property Sales   N/A    N/A    N/A    N/A 
Net Cash from Refinancing of Property   N/A    N/A    N/A    N/A 
Distributions to Investors Per $10,000 Invested                    
Return of Capital   0    0    0    0 
From Operations   520    36    0    407 
From Sales   N/A    N/A    N/A    N/A 
From Refinancings   N/A    N/A    N/A    N/A 

 

Operating Results for _2018_                
   Project Four   Project Five   Project Six   Project Seven 
Gross Operating Income   442,993    921,770    (795,300)   113,748 
Tax Deductions   1,173,994    1,520,524    3,706,073    428,893 
Taxable Income from operations   (385,376)   100,706    (2,327,968)   (122,288)
Net Cash From Operations   22,739,795    (132,004)   (1,843,654)   12,549,972 
Gains from Sales of Property   N/A    N/A    N/A    N/A 
Net Cash From Property Sales   N/A    N/A    N/A    N/A 
Net Cash from Refinancing of Property   N/A    N/A    N/A    N/A 
Distributions to Investors Per $10,000 Invested                    
Return of Capital   0    0    0    0 
From Operations   238    1,212    0    79 
From Sales   N/A    N/A    N/A    N/A 
From Refinancings   N/A    N/A    N/A    N/A 

 

 

 

 

Operating Results for _2018_        
   Project Eight   Project Nine 
Gross Operating Income   5,621    453,948 
Tax Deductions   1,360,517    1,483,312 
Taxable Income from operations   (683,435)   (624,692)
Net Cash From Operations   (822,687)   (164,021)
Gains from Sales of Property   N/A      
Net Cash From Property Sales   N/A    N/A 
Net Cash from Refinancing of Property   N/A    N/A 
Distributions to Investors Per $10,000 Invested          
Return of Capital   0    0 
From Operations   27    258 
From Sales   N/A    N/A 
From Refinancings   N/A    N/A 

 

Operating Results for _2017_                
   Project Five   Project Six   Project Eight   Project Nine 
Gross Operating Income   478,935    (490)   (64,351)   172,900 
Tax Deductions   688,538    2,466,609    1,061,332    2,235,336 
Taxable Income from operations   23,633    (1,094,362)   (707,646)   (1,616,832)
Net Cash From Operations   13,245,516    29,421,830    8,691,088    (1,088,548)
Gains from Sales of Property   N/A    N/A    N/A    N/A 
Net Cash From Property Sales   N/A    N/A    N/A    N/A 
Net Cash from Refinancing of Property   N/A    N/A    N/A    N/A 
Distributions to Investors Per $10,000 Invested                    
Return of Capital   0    0    0    0 
From Operations   683    0    178    368 
From Sales   N/A    N/A    N/A    N/A 
From Refinancings   N/A    N/A    N/A    N/A 

 

 

 

 

Table IV. Completed Programs

Programs that Have Completed Operations Within the Last Five Years

 

   Chronos
Porfolio		   5 Fifty   Highland
Cross		   Cypress
Ridge		   Midcrown   Club
Creek		   Arlington
Farms		 
   Project One   Project Two   Project Three   Project Four   Project Five   Project Six   Project Seven 
Date Offering Closed   Jan-20    Sep-18    Apr-17    Oct-16    Oct-14    Nov-15    Oct-08 
Amount Offered and Raised  $53,461,000   $4,150,000   $5,050,000   $5,650,000   $2,505,000   $3,700,000   $1,215,000 
Reg D Offering Amount  $600,000   $830,000        $565,000   $1,950,000   $2,712,000      
Cost of Real Estate Purchased  $149,650,000   $15,950,000   $11,700,000   $13,050,000   $6,702,000   $11,000,000   $5,605,000 
Cost of Renovations  $2,178,000   $1,280,000   $1,936,200   $1,484,700   $2,223,800   $1,050,000   $130,000 
Date Property Was Sold   Nov-21    Jul-21    Jul-21    Jul-21    Sep-19    Jul-18    Dec-17 
Net Proceeds of Sale  $94,009,119   $7,931,118   $2,017,347   $7,749,040   $4,193,130   $7,111,000   $2,711,190 
Total Distributions to Investors Per $10,000 Invested  $16,800   $18,900   $10,500   $16,900   $15,000   $17,500   $18,000 
IRR To Investors Over Life of Program   37%   24%   1%   13%   10%   25%   8%

 

 

 

 

Table V. Sales of Property Within Last Three Years

 

   Chronos
Porfolio		   5 Fifty   411 Highland
Cross		   Cypress
Ridge		   Midcrown 
   Project One   Project Two   Project Three   Project Four   Project Five 
Date Property Purchased  Jan-20   Sep-18   Apr-17   Oct-16   Oct-14 
Date Property Sold  Nov-21   Jul-21   Jul-21   Jul-21   Sep-19 
Sold to Related Party  No   No   No   No   No 
Total Cost of Property, Including Improvements  $159,135,626   $17,230,000   $14,750,000   $5,650,000   $8,925,800 
Gross Selling Price of Property  $202,446,927   $22,750,000   $17,300,000   $18,000,000   $13,050,000 
Net Proceeds After Costs  $94,009,119   $7,931,118   $2,017,347   $7,749,040   $4,193,130 
Original Mortgage Financing  $103,338,000   $14,040,000   $9,700,000   $9,787,500   $8,160,000 
Mortgage Balance At Time of Sale  $100,512,236   $14,040,000   $9,555,005   $8,954,210   $7,383,680 
Mortgage Taken Back by Seller   N/A    N/A    N/A    N/A    N/A 

 

 

 

 

Table VI. Purchases of Property Within Last Three Years

 

   Chronos
Porfolio		   The Jax   Metra
Portfolio		 
   Project One   Project Two   Project Three 
Date Property Purchased  Feb-20   Sep-19   Jun-19 
Type of Property  Garden Style   Garden Style   Garden Style 
Gross Leaseable Square Feet   992,692    329,218    506,684 
Total Cost of Property, Including Improvements  $159,135,626   $45,514,465   $56,595,627 
Mortgage Financing  $103,338,000   $35,500,000   $39,021,000