EXHIBIT 15.2
UNAUDITED BALANCE SHEETS AND INCOME STATEMENTS OF
COTTONWOOD RESIDENTIAL, INC.
The following table sets forth selected consolidated balance sheet and operating results of Cottonwood Residential, Inc., the general partner of Cottonwood Residential O.P, LP for the periods presented (amounts in thousands):
September 30, | December 31, | |||||||||||||||
2015 | 2014 | 2013 | 2012 | |||||||||||||
Summary Consolidated Balance Sheet Data: | ||||||||||||||||
Total Assets (before depreciation) | $ | 864,765 | $ | 520,042 | $ | 417,700 | $ | 255,803 | ||||||||
Total Assets (after depreciation) | 829,998 | 497,162 | 405,508 | 250,697 | ||||||||||||
Liabilities | 655,849 | 420,089 | 332,127 | 185,997 | ||||||||||||
Ten Months Ended | Year ended December 31, | |||||||||||||||
October 31, 2015 | 2014 | 2013 | 2012 | |||||||||||||
Summary Consolidated Income Statement Data: | ||||||||||||||||
Gross Revenues | $ | 59,582 | $ | 59,215 | $ | 48,748 | $ | 27,359 | ||||||||
Operating Expenses | (56,211 | ) | (53,077 | ) | (44,198 | ) | (25,553 | ) | ||||||||
Operating Income | 3,371 | 6,138 | 4,550 | 1,806 | ||||||||||||
Interest Expense, net | (18,493 | ) | (19,096 | ) | (13,597 | ) | (7,547 | ) | ||||||||
Net Other | 42,534 | (20,078 | ) | (5,528 | ) | (5,040 | ) | |||||||||
Net Income (Loss) | 27,412 | (33,036 | ) | (14,575 | ) | (10,781 | ) | |||||||||
Summary Cash Flows Data(1): | ||||||||||||||||
Cash Generated from Operating Activities | $ | 7,100 | $ | 5,115 | $ | 968 | ||||||||||
Cash Used in Investing Activities | (46,225 | ) | (27,852 | ) | (45,705 | ) | ||||||||||
Cash Provided by Financing Activities | 37,614 | 29,417 | 48,596 | |||||||||||||
Net Increase (Decrease) in Cash | (1,511 | ) | 6,680 | 3,859 | ||||||||||||
Amount and Source of Distributions | ||||||||||||||||
Cash Distributions to Controlling and Non-Controlling Interests | $ | 11,293 | $ | 10,637 | $ | 8,497 | $ | 7,578 |
(1) | Interim cash flow data not available, will be updated as of December 31, 2015. |
A summary of the experience of Cottonwood Residential, Inc. and its operating partnership Cottonwood Residential O.P., LP is summarized in this offering circular. See “Prior Performance Summary.”