ADD EXHB 12 ea029078101ex1-15a.htm UNAUDITED HISTORICAL FINANCIAL PERFORMANCE

Exhibit 1A-15A

 

STATE COLLEGE PROPERTIES
HISTORICAL FINANCIAL PROFORMA

 

   HISTORICAL PERFORMANCE     
   CY2023
1/1/2023
12/31/2023		   CY2024
1/1/2024
12/31/2024		   CY2025
1/1/2025
12/31/2025		   2026 Budget
1/1/2026 12/31/2026		 
Available Rooms   144,540    144,936    144,540    144,540 
Rooms Occupied   108,673    111,464    101,488    

103,776

 
Occupancy %   75.2%   76.9%   70.2%   71.80%
ADR   181.45    195.47    199.77    204.72 
Revpar   136.42    150.33    140.26    146.98 
Operating Revenue                    
Rooms Revenue  $19,712,671   $21,816,472   $20,284,513   $21,255,915 
F&B Revenue  $623,365   $738,339   $825,208   $950,697 
Parking Revenue  $590,081   $638,679   $633,120   $637,701 
Other Operated Departments  $161,420   $183,921   $176,868   $180,459 
Federal Taphouse Rent  $222,722   $231,077   $238,725   $250,572 
Retail Rent  $1,255,886   $1,226,683   $1,278,445   $1,295,015 
Miscellaneous Income  $508,119   $406,704   $354,609   $136,069 
Total Operating Revenue  $23,074,263   $25,241,876   $23,791,488   $24,706,428 
Departmental Expenses                    
Rooms Expenses  $4,336,662   $4,317,486   $4,436,431   $4,188,281 
F & B Expenses  $806,752   $849,223   $897,125   $842,469 
Parking Expenses  $262,887   $285,413   $255,766   $259,542 
Retail Expenses  $424,287   $398,673   $440,884   $450,799 
Other Departmental Expenses  $65,530   $65,148   $65,496   $168,617 
Total Departmental Expenses  $5,896,119   $5,915,942   $6,095,702   $5,909,708 
Total Departmental Income  $17,178,144   $19,325,934   $17,695,787   $18,796,720 
Undistributed Operating Expenses                    
Administrative & General  $1,304,813   $1,476,103   $1,482,882   $1,760,585 
Information & Telecom Systems  $218,990   $238,108   $272,490   $261,629 
Sales & Marketing  $1,117,552   $1,223,185   $1,202,596   $1,389,436 
Franchise Fee  $1,756,750   $1,935,784   $1,915,816   $2,050,792 
Property Operations & Maintenance  $837,604   $879,028   $981,555   $982,751 
Utilities  $694,799   $688,639   $739,731   $742,065 
Total Undistributed Expenses  $5,930,508   $6,440,847   $6,595,070   $7,187,258 
Gross Operating Profit  $11,247,636   $12,885,087   $11,100,716   $11,609,462 
Management Fees  $648,324   $720,381   $675,132   $702,342 
Income Before Non-Operating Expenses  $10,599,313   $12,164,706   $10,425,584   $10,907,120 
Non-Operating Expenses                    
Leases  $12,896   $21,166   $33,928   $26,280 
Property & Other Taxes  $724,288   $750,256   $812,930   $824,122 
Insurance  $278,654   $348,437   $376,419   $395,290 
Total Non-Operating Expenses  $1,015,838   $1,119,859   $1,223,276   $1,245,691 
EBITA  $9,583,475   $11,044,847   $9,202,308   $9,661,428 

 

 

 

 

HYATT PLACE STATE COLLEGE
HISTORICAL FINANCIAL PROFORMA

 

   HISTORICAL PERFORMANCE      
   CY2023
1/1/2023
12/31/2023		   CY2024
1/1/2024
12/31/2024		   CY2025
1/1/2025
12/31/2025		   2026 Budget
1/1/2026
12/31/2026		 
Available Rooms   60,225    60,390    60,225    60,225 
Rooms Occupied   49,398    48,573    41,956    43,257 
Occupancy %   82.0%   80.4%   69.7%   71.83%
ADR   184.02    197.91    208.37    210.31 
Revpar   150.94    159.18    145.16    151.06 
Operating Revenue                    
Rooms Revenue  $9,090,375   $9,613,062   $8,742,379   $9,097,545 
F&B Revenue  $319,419   $310,641   $250,386   $262,387 
Parking Revenue  $434,234   $422,106   $432,255   $432,570 
Other Operated Departments  $66,497   $65,128   $53,929   $55,271 
Federal Taphouse Rent  $222,722   $231,077   $238,725   $250,572 
Miscellaneous Income  $271,433   $161,474   $130,872   $96,000 
Total Operating Revenue  $10,404,680   $10,803,488   $9,848,546   $10,194,345 
Departmental Expenses                    
Rooms Expenses  $1,878,150   $1,751,219   $1,859,866   $1,685,601 
F & B Expenses  $300,049   $330,284   $255,022   $275,428 
Parking Expenses  $133,739   $144,972   $128,640   $129,771 
Other Departmental Expenses  $17,452   $13,882   $16,381   $15,573 
Total Departmental Expenses  $2,329,390   $2,240,356   $2,259,909   $2,106,372 
Total Departmental Income  $8,075,290   $8,563,132   $7,588,637   $8,087,973 
Undistributed Operating Expenses                    
Administrative & General  $535,274   $631,372   $611,896   $713,060 
Information & Telecom Systems  $64,468   $73,382   $78,808   $71,732 
Sales & Marketing  $469,901   $509,840   $499,273   $632,555 
Franchise Fee  $826,240   $884,626   $803,279   $896,108 
Property Operations & Maintenance  $320,724   $348,168   $393,974   $393,983 
Utilities  $292,610   $306,429   $321,681   $317,627 
Total Undistributed Expenses  $2,509,217   $2,753,817   $2,708,911   $3,025,066 
Gross Operating Profit  $5,566,073   $5,809,315   $4,879,726   $5,062,907 
Management Fees  $305,950   $324,070   $295,459   $305,830 
Income Before Non-Operating Expenses  $5,260,123   $5,485,245   $4,584,266   $4,757,077 
Non-Operating Expenses                    
Leases  $1,537   $8,520   $12,442   $12,444 
Property & Other Taxes  $361,481   $368,733   $389,484   $407,407 
Insurance  $109,220   $118,980   $130,080   $122,619 
Total Non-Operating Expenses  $472,239   $496,234   $532,006   $542,469 
EBITA  $4,787,884   $4,989,011   $4,052,260   $4,214,607 

 

2

 

 

FRASER CENTRE RETAIL
HISTORICAL FINANCIAL PROFORMA

 

   HISTORICAL PERFORMANCE     
   CY2023
1/1/2023  
12/31/2023		   CY2024
1/1/2024
12/31/2024		   CY2025
1/1/2025
12/31/2025		   2026 Budget
1/1/2026
12/31/2026		 
Operating Revenue                
Target Rent  $653,994   $653,994   $653,994   $653,994 
Target Reimbursable Expenses  $237,929   $218,842   $243,985   $251,779 
Planet Fitness Rent  $193,973   $204,233   $217,218   $219,687 
Planet Fitness Reimbursable Expenses  $169,990   $149,614   $163,249   $169,555 
Total Retail Revenue  $1,255,886   $1,226,683   $1,278,445   $1,295,015 
Operating Expenses                    
Property Operations & Maintenance  $49,771   $55,058   $53,463   $75,490 
Utilities  $175,243   $139,248   $171,152   $156,600 
Taxes  $159,814   $163,020   $172,195   $173,693 
Insurance  $18,261   $19,890   $22,321   $23,174 
Management Fees  $21,199   $21,456   $21,754   $21,842 
Total Operating Expenses  $424,287   $398,673   $440,884   $450,799 
Net Operating Income  $831,598   $828,011   $837,562   $844,217 

 

3

 

 

SCHOLAR STATE COLLEGE
HISTORICAL FINANCIAL PROFORMA

 

   HISTORICAL PERFORMANCE     
   CY2023
1/1/2023  
12/31/2023		   CY2024
1/1/2024
12/31/2024		   CY2025
1/1/2025
12/31/2025		   2026 Budget 1/1/2026 12/31/2026 
Available Rooms   26,280    26,352    26,280    26,280 
Rooms Occupied   20,296    21,062    19,323    19,352 
Occupancy %   77.2%   79.9%   73.5%   73.64%
ADR   190.55    202.72    208.86    213.73 
Revpar   147.16    162.03    153.57    157.39 
Operating Revenue                    
Rooms Revenue  $3,867,472   $4,269,617   $4,035,707   $4,136,139 
F&B Revenue  $170,671   $258,468   $399,749   $463,235 
Parking Revenue  $155,847   $216,573   $200,865   $205,131 
Other Operated Departments  $33,616   $45,710   $56,148   $53,025 
Miscellaneous Income  $141,426   $87,298   $74,183   $40,069 
Total Operating Revenue  $4,369,032   $4,877,667   $4,766,652   $4,897,599 
Departmental Expenses                    
Rooms Expenses  $835,341   $816,417   $859,795   $795,598 
F & B Expenses  $266,339   $292,002   $433,263   $365,562 
Parking Expenses  $129,148   $140,441   $127,126   $129,771 
Other Departmental Expenses  $13,694   $18,457   $17,448   $132,561 
Total Departmental Expenses  $1,244,522   $1,267,317   $1,437,632   $1,423,492 
Total Departmental Income  $3,124,510   $3,610,350   $3,329,020   $3,474,106 
Undistributed Operating Expenses                    
Administrative & General  $335,637   $384,846   $355,261   $429,015 
Information & Telecom Systems  $51,548   $56,918   $67,542   $68,706 
Sales & Marketing  $318,760   $371,241   $356,742   $368,453 
Franchise Fee  $279,034   $301,068   $360,811   $372,253 
Property Operations & Maintenance  $138,697   $158,855   $182,214   $165,635 
Utilities  $178,488   $142,216   $158,226   $169,973 
Total Undistributed Expenses  $1,302,164   $1,415,143   $1,480,796   $1,574,034 
Gross Operating Profit  $1,822,346   $2,195,207   $1,848,224   $1,900,072 
Management Fees  $131,005   $146,326   $143,005   $146,928 
Income Before Non-Operating Expenses  $1,691,342   $2,048,881   $1,705,219   $1,753,144 
Non-Operating Expenses                    
Leases  $8,745   $7,592   $7,592   $0 
Property & Other Taxes  $121,600   $126,842   $135,572   $144,130 
Insurance  $52,823   $67,180   $74,160   $84,360 
Total Non-Operating Expenses  $183,168   $201,614   $217,323   $228,490 
EBITA  $1,508,174   $1,847,267   $1,487,896   $1,524,654 

 

4

 

 

COURTYARD STATE COLLEGE
HISTORICAL FINANCIAL PROFORMA

 

   HISTORICAL PERFORMANCE     
   CY2023
1/1/2023  
12/31/2023		   CY2024
1/1/2024
12/31/2024		   CY2025
1/1/2025
12/31/2025		   2026 Budget
1/1/2026 12/31/2026		 
Available Rooms   28,470    28,548    28,470    28,470 
Rooms Occupied   17,580    20,540    19,608    20,342 
Occupancy %   61.7%   71.9%   68.9%   71.45%
ADR   192.29    198.28    192.98    199.78 
ADR Growth   0.0%   3.1%   -2.7%   - 
Revpar   118.74    142.66    132.91    142.74 
Operating Revenue                    
Rooms Revenue  $3,380,393   $4,072,704   $3,783,996   $4,063,897 
F&B Revenue  $133,275   $169,230   $175,073   $225,076 
Other Operated Departments  $25,323   $33,184   $28,289   $30,513 
Miscellaneous Income  $31,007   $63,801   $65,370   $0 
Total Operating Revenue  $3,569,997   $4,338,920   $4,052,729   $4,319,485 
Departmental Expenses                    
Rooms Expenses  $682,347   $818,871   $748,577   $750,409 
F & B Expenses  $240,364   $226,937   $208,840   $201,479 
Other Departmental Expenses  $20,875   $17,365   $16,203   $8,239 
Total Departmental Expenses  $943,587   $1,063,173   $973,620   $960,126 
Total Departmental Income  $2,626,411   $3,275,747   $3,079,109   $3,359,359 
Undistributed Operating Expenses                    
Administrative & General  $199,150   $233,710   $248,123   $322,190 
Information & Telecom Systems  $55,937   $56,381   $65,074   $61,070 
Sales & Marketing  $168,979   $176,206   $179,473   $205,158 
Franchise Fee  $346,318   $414,295   $401,839   $406,390 
Property Operations & Maintenance  $152,071   $146,455   $206,594   $209,409 
Utilities  $99,871   $99,885   $111,491   $106,351 
Total Undistributed Expenses  $1,022,325   $1,126,932   $1,212,594   $1,310,567 
Gross Operating Profit  $1,604,085   $2,148,815   $1,866,515   $2,048,792 
Management Fees  $107,089   $130,143   $121,581   $129,585 
Income Before Non-Operating Expenses  $1,496,996   $2,018,672   $1,744,934   $1,919,208 
Non-Operating Expenses                    
Leases  $0   $2,852   $11,407   $11,412 
Property & Other Taxes  $129,557   $131,961   $140,573   $136,293 
Insurance  $56,465   $85,791   $97,726   $90,841 
Total Non-Operating Expenses  $186,022   $220,604   $249,706   $238,546 
EBITA  $1,310,974   $1,798,069   $1,495,228   $1,680,662 

 

5

 

 

RESIDENCE INN STATE COLLEGE
HISTORICAL FINANCIAL PROFORMA

 

   HISTORICAL PERFORMANCE     
   CY2023
1/1/2023
 12/31/2023		   CY2024
1/1/2024
12/31/2024		   CY2025
1/1/2025
12/31/2025		   2026 Budget
1/1/2026
12/31/2026		 
Available Rooms   29,565    29,646    29,565    29,565 
Rooms Occupied   21,399    21,289    20,601    20,825 
Occupancy %   72.4%   71.8%   69.7%   70.4%
ADR   157.69    181.37    180.69    190.08 
ADR Growth   0.0%   15.0%   -0.4%   - 
Revpar   114.14    130.24    125.91    133.89 
Operating Revenue                    
Rooms Revenue  $3,374,431   $3,861,089   $3,722,431   $3,958,334 
F&B Revenue  $0   $0   $0   $0 
Other Operated Departments  $35,984   $39,899   $38,502   $41,650 
Miscellaneous Income  $64,254   $94,130   $84,183   $0 
Total Operating Revenue  $3,474,668   $3,995,118   $3,845,117   $3,999,984 
Departmental Expenses                    
Rooms Expenses  $940,824   $930,979   $968,193   $956,674 
F & B Expenses  $0   $0   $0   $0 
Other Departmental Expenses  $13,509   $15,444   $15,464   $12,245 
Total Departmental Expenses  $954,333   $946,424   $983,657   $968,919 
Total Departmental Income  $2,520,335   $3,048,695   $2,861,459   $3,031,064 
Undistributed Operating Expenses                    
Administrative & General  $234,752   $226,175   $267,602   $296,321 
Information & Telecom Systems  $47,037   $51,427   $61,066   $60,120 
Sales & Marketing  $159,912   $165,898   $167,108   $183,270 
Franchise Fee  $305,158   $335,795   $349,887   $376,042 
Property Operations & Maintenance  $226,112   $225,550   $198,773   $213,724 
Utilities  $123,831   $140,109   $148,333   $148,114 
Total Undistributed Expenses  $1,096,802   $1,144,955   $1,192,769   $1,277,591 
Gross Operating Profit  $1,423,533   $1,903,740   $1,668,690   $1,753,474 
Management Fees  $104,280   $119,842   $115,087   $120,000 
Income Before Non-Operating Expenses  $1,319,253   $1,783,898   $1,553,603   $1,633,474 
Non-Operating Expenses                    
Leases  $2,614   $2,202   $2,487   $2,424 
Property & Other Taxes  $111,650   $122,720   $147,301   $136,293 
Insurance  $60,146   $76,486   $74,453   $97,470 
Total Non-Operating Expenses  $174,409   $201,408   $224,241   $236,187 
EBITA  $1,144,844   $1,582,490   $1,329,362   $1,397,288 

 

6