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EXHIBIT 99.5
ART FLORIDA PORTFOLIO III, LTD.
COMBINED STATEMENT OF REVENUES AND DIRECT OPERATING EXPENSES
FOR THE QUARTER ENDED MARCH, 1998
PROPERTIES
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CARRIAGE CROSSINGS FALCON LAKE
ASHFORD PARK AT CHURCH HOUSE GEORGETOWN GREENBRIAR CHATEAU LANDING
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REVENUES:
Net Rental Revenues $81,045 $75,615 $75,219 $117,109 $55,889 $63,754 $93,392 $59,801
Other Revenues 2,424 1,223 1,847 2,818 1,648 1,574 2,133 10,496
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Total Revenues 83,469 76,838 77,066 119,927 57,537 65,328 95,525 70,297
DIRECT OPERATING EXPENSES:
Personnel Expense 4,808 6,490 6,603 11,419 6,462 6,722 10,254 9,981
Property Management Fee 3,336 3,073 3,083 4,793 2,301 2,611 3,821 2,812
Administrative Expense 1,297 868 1,273 1,809 1,671 872 1,746 1,017
Leasing Expense 986 648 874 785 797 1,145 383 463
Utility Expense 3,087 4,673 3,133 4,299 2,266 835 3,849 2,714
Service Expense 3,762 3,469 3,372 3,910 3,093 3,834 3,905 2,848
Cleaning and Decorating Expense 1,318 1,077 2,082 1,406 1,098 1,849 1,462 568
Repairs and Maintenance Expense 1,040 710 922 2,560 972 2,430 1,514 526
Property Taxes 8,529 6,420 6,912 6,441 4,164 4,593 2,847 2,931
Property Insurance 2,254 993 1,121 1,851 1,436 930 1,664 1,639
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Total Direct Operating Expense 30,417 28,421 29,375 39,273 24,260 25,821 31,445 25,499
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REVENUES IN EXCESS OF
DIRECT OPERATING EXPENSES $53,052 $448,417 $47,691 $ 80,654 $33,277 $39,507 $64,080 $44,798
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PROPERTIES
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NORTHSIDE ROLLING WESTWOOD
VILLAS REGENCY HILLS SEVILLE VALLEY HI WESTWOOD PARC TOTAL
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REVENUES:
Net Rental Revenues $194,682 $119,306 $192,625 $94,054 $45,711 $153,700 $110,075 $1,531,977
Other Revenues 10,395 5,248 5,439 2,218 4,042 11,476 3,401 66,382
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Total Revenues 205,077 124,554 198,064 96,272 49,753 165,176 113,476 1,598,359
DIRECT OPERATING EXPENSES:
Personnel Expense 24,628 10,514 14,458 11,989 5,323 19,058 13,796 162,505
Property Management Fee 8,114 4,978 7,905 3,851 1,981 6,593 4,540 63,792
Administrative Expense 3,356 2,892 2,565 2,270 1,008 2,724 1,899 27,267
Leasing Expense 2,064 1,032 1,909 979 693 1,311 930 14,999
Utility Expense 12,742 4,774 9,124 4,092 1,898 9,583 4,197 71,266
Service Expense 6,928 5,591 5,646 1,889 4,442 6,668 3,435 62,792
Cleaning and Decorating Expense 2,531 2,700 1,396 317 1,518 3,818 963 24,103
Repairs and Maintenance Expense 3,806 1,343 2,144 1,200 390 3,128 1,852 24,537
Property Taxes 16,056 12,162 16,275 6,738 4,488 9,777 7,665 115,998
Property Insurance 3,748 2,401 4,100 1,624 952 3,073 1,718 29,504
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Total Direct Operating Expense 83,973 48,387 65,522 34,949 22,693 65,733 40,995 596,763
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REVENUES IN EXCESS OF
DIRECT OPERATING EXPENSES $121,104 $76,167 $132,542 $61,323 $27,060 $99,443 $72,481 $1,001,596
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