westgate january 2011 management report[1]

8/6/2019 Westgate January 2011 Management Report[1]

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WESTGATE CORPORATE CENTER I

MONTHLY MANAGEMENT REPORT JANUARY 20


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EXECUTIVE SUMMARY

FINANCIAL SUMMARY

MARKET &LEASING INFORMATION

LEASING SUMMARY REPORT

RENT ROLL

FINANCIAL REPORTS

INCOME STATEMENT

VARIANCE ANALYSIS BUDGET TO ACTUALSBALANCE SHEET

AGED TENANT RECEIVABLES

DEBT SUMMARY

CAPITAL EXPENDITURE REPORTS

BUILDING IMPROVEMENTS

TENANT IMPROVEMENTS

LEASE COMMISSIONS

MISCELLANEOUS REPORTS

BANK INFORMATION

CHECK REGISTERS

TABLE OF CONTENTS


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General Information: Other Financial Information:Acquisition Date 12/23/2010

Square Footage 230,518 Cash per Balance Sheet:

Percentage Occupied 100% Operating Account $Percentage Leased 100% Security Deposit Account Number of Tenants 1 LockBox Account

Lender Reserve

Financial Performance:

Net Operating IncomeCurrent Month Actual Budget Variance $

Income 632,992$ 662,735$ (29,743)$ U

Expense 252,239 259,820 7,580$ F TCurrent Month NOI 380,753$ 402,916$ (37,323)$ U Aging Category R

Current $Year-to-Date 30

Income 632,992$ 662,735$ (29,743)$ U 60

Expense 252,239 259,820 7,580$ F 90

Year to Date NOI 380,753$ 402,916$ (37,323)$ U >120 Total $

Loan Information:

Primary Lender UBS Real Estate Securities Equity:

Principal Balance 44,000,000$ REUS Equity Maturity Date 1/6/2021 AREP Equity

Interest Rate Information Actual/360 Contributions

Current Interest Rate 6.81% Distributions Monthly Payment : Current Earnings

Principal Paydown -$ Retained Earnings Escrow Payment - Total $

Interest Payment -

Total -$

Date Paid Pmnt due 2/6/11


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LEASING SUMMARY

N/A

CAPITAL EXPENDITURES

N/A

SIGNIFICANT ISSUES

N/A

EXECUTIVESUMMARY-LEASINGANDSIGNIFICANTISSUES


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nt Roll - Lease Charges

erty :AREP Westgate I LLC (nj0477) Lease Type :All Selected Lease Types Lease :All Selected Leases As of Date :01/31/2011 Amounts :Annual

All Amounts = Annual

Lease ID

Lease

From

Lease

To

Charge Amount

Per SqftAmount

Total

Square FeetUnit

Date

From

Date

To

Annual Base

Rent

Annual

Per Sqft

141,94112/23 /10 12/31/20Everest Reinsurance

(t0000147)

5.08720,414.00100 Base Rent 01/1/11 06/30/11 720,414.00 5.08

29.444,178,184.00Base Rent 07/1/11 12/31/11 4,178,184.00 29.44

31.254,435,383.96Base Rent 01/1/12 12/31/12 4,435,383.96 31.25

31.444,462,065.96Base Rent 01/1/13 12/31/13 4,462,065.96 31.44

31.624,488,747.96Base Rent 01/1/14 12/31/14 4,488,747.96 31.62

33.444,745,948.04Base Rent 01/1/15 12/31/15 4,745,948.04 33.44

33.624,772,630.04Base Rent 01/1/16 12/31/16 4,772,630.04 33.62

33.814,799,312.04Base Rent 01/1/17 12/31/17 4,799,312.04 33.81

35.625,056,512.00Base Rent 01/1/18 12/31/18 5,056,512.00 35.62

35.815,083,194.00Base Rent 01/1/19 12/31/19 5,083,194.00 35.81

36.005,109,876.00Base Rent 01/1/20 12/31/20 5,109,876.00 36.00

0.2637,553.76Operating Expenses 03/1/11 12/31/20 37,553.76 0.26

0.2130,154.68R.E Taxes 03/1/11 12/31/20 30,154.68 0.21


(t0000148)

27.00846,099.00200 Base Rent 01/1/11 12/31/11 846,099.00 27.00

28.00877,436.04Base Rent 01/1/12 12/31/12 877,436.04 28.00

29.00908,772.96Base Rent 01/1/13 12/31/13 908,772.96 29.00

30.00940,110.00Base Rent 01/1/14 12/31/14 940,110.00 30.00

31.00971,447.04Base Rent 01/1/15 12/31/15 971,447.04 31.00

32.001,002,783.96Base Rent 01/1/16 12/31/16 1,002,783.96 32.00

33.001,034,121.00Base Rent 01/1/17 12/31/17 1,034,121.00 33.00

34.001,065,458.04Base Rent 01/1/18 12/31/18 1,065,458.04 34.00

35.001,096,794.96Base Rent 01/1/19 12/31/19 1,096,794.96 35.00

36.001,128,132.00Base Rent 01/1/20 12/31/20 1,128,132.00 36.00


0.216,657.36R.E Taxes 03/1/11 12/31/20 6,657.36 0.21


(t0000149)

30.00917,970.00300 Base Rent 01/1/11 06/30/11 917,970.00 30.00

30.00917,970.00Base Rent 07/1/11 12/31/11 917,970.00 30.00

32.00979,168.08Base Rent 01/1/12 12/31/14 979,168.08 32.00

34.001,040,366.04Base Rent 01/1/15 12/31/17 1,040,366.04 34.00

36.001,101,564.00Base Rent 01/1/18 12/31/20 1,101,564.00 36.00

(30.00)(917,970.00)Rent Concession 01/1/11 06/30/11 -917,970.00 -30.00


0.216,500.64R.E Taxes 03/1/11 12/31/20 6,500.64 0.21

Thursday, February 17, 2011


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erty :AREP Westgate I LLC (nj0477) Lease Type :All Selected Lease Types Lease :All Selected Leases As of Date :01/31/2011 Amounts :Annual

All Amounts = Annual

Lease ID

Lease

From

Lease

To

Charge Amount

Per SqftAmount

Total

Square FeetUnit

Date

From

Date

To

Annual Base

Rent

Annual

Per Sqft


(t0000150)

30.00799,230.00400 Base Rent 01/1/11 06/30/11 799,230.00 30.00

30.00799,230.00Base Rent 07/1/11 12/31/11 799,230.00 30.00

32.00852,512.04Base Rent 01/1/12 12/31/14 852,512.04 32.00

34.00905,794.08Base Rent 01/1/15 12/31/17 905,794.08 34.00

36.00959,076.00Base Rent 01/1/18 12/31/20 959,076.00 36.00

(30.00)(799,230.00)Rent Concession 01/1/11 06/30/11 -799,230.00 -30.00


0.215,659.80R.E Taxes 03/1/11 12/31/20 5,659.80 0.21

6.80otals:

mmary of Charges by Charge Code

Total Units

Occupied

Vacant

Total

4

0

4

SQFT SQFT

Percentage

0

230,518 100.00%

230,518

0.00%

230,518 6.801,566,513.00 1,566,513.00

Amount

rnt 3,283,713.00

frn -1,717,200.00

Total 1,566,513.00

0.00 1,566,513.00

nd Total:

6.80

Total SQFT: Total Deposit Total Amount Total Per Sqft

230,518

Amount

rnt 3,283,713.00

frn -1,717,200.00

Total 1,566,513.00

Thursday, February 17, 2011Roll - Lease Charges


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Westgate Corporate Center I

Significant Aged Tenant Delinquencies Report

as of January 31, 2011

Suite Tenant Amount 0-30 31-60 61-90 over 90

Totals for Westgate Corp Ctr I 0 0 0 0 0


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MTD Actual MTD Budget $ Var. % Var. YTD Actual YTD Budget $ Var. % Var. Annual

REVENUE

RENTAL INCOMEBase Rent Income 273,642.75 561,790.00 (288,147.25) (51.29) 273,642.75 561,790.00 (288,147.25) (51.29) 6,741,480.00Rent Concession/Abatement (143,100.00) (431,248.00) 288,148.00 (66.82) (143,100.00) (431,248.00) 288,148.00 (66.82) (2,587,488.00)Opex/CAM - CY 10,164.80 49,163.00 (38,998.20) (79.32) 10,164.80 49,163.00 (38,998.20) (79.32) 649,956.00Opex/CAM - RETax CY 8,162.07 0.00 8,162.07 0.00 8,162.07 0.00 8,162.07 0.00 0.00GAAP S/L Rent Adjustment 483,030.30 483,030.00 0.30 0.00 483,030.30 483,030.00 0.30 0.00 3,208,878.00

TOTAL RENTAL INCOME 631,899.92 662,735.00 (30,835.08) (4.65) 631,899.92 662,735.00 (30,835.08) (4.65) 8,012,826.00

OTHER INCOMEInterest Income Other 1,092.07 0.00 1,092.07 0.00 1,092.07 0.00 1,092.07 0.00 0.00

TOTAL OTHER INCOME 1,092.07 0.00 1,092.07 0.00 1,092.07 0.00 1,092.07 0.00 0.00

TOTAL REVENUE 632,991.99 662,735.00 (29,743.01) (4.49) 632,991.99 662,735.00 (29,743.01) (4.49) 8,012,826.00

OPERATING EXPENSES

CLEANINGCleaning - Contract 19,938.00 19,938.00 0.00 0.00 19,938.00 19,938.00 0.00 0.00 239,256.00Cleaning - Supplies 2,680.06 3,500.00 819.94 23.43 2,680.06 3,500.00 819.94 23.43 42,000.00Cleaning - Windows 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 8,800.00Cleaning - Day Porter 3,699.00 3,699.00 0.00 0.00 3,699.00 3,699.00 0.00 0.00 44,388.00

TOTAL CLEANING 26,317.06 27,137.00 819.94 3.02 26,317.06 27,137.00 819.94 3.02 334,444.00

LANDSCAPINGLandscaping - Contract 7,115.50 7,335.00 219.50 2.99 7,115.50 7,335.00 219.50 2.99 88,020.00Landscaping - General Repairs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3,032.00Landscaping - Plant Maint. 466.67 446.67 (20.00) (4.48) 466.67 446.67 (20.00) (4.48) 5,360.04Landscaping - Supplies 0.00 600.00 600.00 100.00 0.00 600.00 600.00 100.00 7,200.00Landscaping - Fountain Maintenance 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,866.00Landscaping - Holiday Decorations 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 8,500.00

TOTAL LANDSCAPING 7,582.17 8,381.67 799.50 9.54 7,582.17 8,381.67 799.50 9.54 114,978.04

SECURITYSecurity - Contract 5,443.37 5,468.00 24.63 0.45 5,443.37 5,468.00 24.63 0.45 54,801.00Security - Building Operations Phones 55.53 130.00 74.47 57.28 55.53 130.00 74.47 57.28 1,560.00

TOTAL SECURITY 5,498.90 5,598.00 99.10 1.77 5,498.90 5,598.00 99.10 1.77 56,361.00

REPAIRS & MAINTENANCE

R&M - PAYROLL & RELATED EXPSPayroll 11,666.67 11,666.67 0.00 0.00 11,666.67 11,666.67 0.00 0.00 140,000.04Uniforms 0.00 36.60 36.60 100.00 0.00 36.60 36.60 100.00 439.20

TOTAL R&M - PAYROLL & RELATED EXPS 11,666.67 11,703.27 36.60 0.31 11,666.67 11,703.27 36.60 0.31 140,439.24

ELEVATORElevator - Contract 1,144.53 0.00 (1,144.53) 0.00 1,144.53 0.00 (1,144.53) 0.00 16,736.00Elevator - Testing 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,208.00

TOTAL ELEVATOR 1,144.53 0.00 (1,144.53) 0.00 1,144.53 0.00 (1,144.53) 0.00 18,944.00

HVACHVAC - Contract 5,781.00 781.00 (5,000.00) (640.20) 5,781.00 781.00 (5,000.00) (640.20) 29,280.00HVAC - Repair 6,650.88 5,000.00 (1,650.88) (33.02) 6,650.88 5,000.00 (1,650.88) (33.02) 66,680.00

TOTAL HVAC 12,431.88 5,781.00 (6,650.88) (115.05) 12,431.88 5,781.00 (6,650.88) (115.05) 95,960.00

ELECTRICAL/GENERATORElectrical - Repair 854.40 667.00 (187.40) (28.10) 854.40 667.00 (187.40) (28.10) 14,304.00Electrical - Supplies 606.69 350.00 (256.69) (73.34) 606.69 350.00 (256.69) (73.34) 5,878.00

TOTAL ELECTRICAL/GENERATOR 1,461.09 1,017.00 (444.09) (43.67) 1,461.09 1,017.00 (444.09) (43.67) 20,182.00

STRUCTURAL/ROOFStructural/Roof - Repair 375.00 0.00 (375.00) 0.00 375.00 0.00 (375.00) 0.00 2,750.00

TOTAL STRUCTURAL/ROOF 375.00 0.00 (375.00) 0.00 375.00 0.00 (375.00) 0.00 2,750.00

PLUMBINGPlumbing - Repair 0.00 500.00 500.00 100.00 0.00 500.00 500.00 100.00 6,000.00

TOTAL PLUMBING 0.00 500.00 500.00 100.00 0.00 500.00 500.00 100.00 6,000.00

FIRE/LIFE SAFETYFire/Life Safety - Contract 318.33 1,092.00 773.67 70.85 318.33 1,092.00 773.67 70.85 4,024.00Fire/Life Safety - Repair 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3,000.00Fire/Life Safety - Testing 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,200.00

TOTAL FIRE/LIFE SAFETY 318.33 1,092.00 773.67 70.85 318.33 1,092.00 773.67 70.85 8,224.00

R&M - OTHERCommon Area - Interior 0.00 1,667.00 1,667.00 100.00 0.00 1,667.00 1,667.00 100.00 20,004.00Wood/Metal/Stone Refinish 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,000.00Rubbish Removal 2,700.00 2,700.00 0.00 0.00 2,700.00 2,700.00 0.00 0.00 32,400.00Exterminating 1,065.48 898.00 (167.48) (18.65) 1,065.48 898.00 (167.48) (18.65) 11,864.00Painting 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 22,792.00Supplies 10.58 167.00 156.42 93.66 10.58 167.00 156.42 93.66 2,004.00Miscellaneous 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3,500.00

TOTAL R&M - OTHER 3,776.06 5,432.00 1,655.94 30.48 3,776.06 5,432.00 1,655.94 30.48 94,564.00

TOTAL REPAIRS & MAINTENANCE 31,173.56 25,525.27 (5,648.29) (22.13) 31,173.56 25,525.27 (5,648.29) (22.13) 387,063.24

PARKINGParking - R&M 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 80,000.00Snow Removal 38,357.90 30,000.00 (8,357.90) (27.86) 38,357.90 30,000.00 (8,357.90) (27.86) 87,000.00

TOTAL PARKING 38,357.90 30,000.00 (8,357.90) (27.86) 38,357.90 30,000.00 (8,357.90) (27.86) 167,000.00

UTILITIESElectric 50,000.00 50,000.00 0.00 0.00 50,000.00 50,000.00 0.00 0.00 675,000.00Gas 17,500.00 17,500.00 0.00 0.00 17,500.00 17,500.00 0.00 0.00 109,200.00Water 6,873.67 6,850.00 (23.67) (0.35) 6,873.67 6,850.00 (23.67) (0.35) 82,200.00

Budget Comparison Cash Flow (Accrual,GAAP)AREP Westgate I LLC - (nj0477)

Months: Jan 2011

Page 1


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2/18/2011 10:30 AM

MTD Actual MTD Budget $ Var. % Var. YTD Actual YTD Budget $ Var. % Var. Annual

Budget Comparison Cash Flow (Accrual,GAAP)AREP Westgate I LLC - (nj0477)

Months: Jan 2011

TOTAL UTILITIES 74,373.67 74,350.00 (23.67) (0.03) 74,373.67 74,350.00 (23.67) (0.03) 866,400.00

ADMINISTRATIVE EXPENSES

ADMIN PAYROLL EXPENSESSalary/Wages 9,167.09 9,167.00 (0.09) 0.00 9,167.09 9,167.00 (0.09) 0.00 110,004.00Temporary Admin Help 0.00 400.00 400.00 100.00 0.00 400.00 400.00 100.00 4,800.00

TOTAL ADMIN PAYROLL EXPENSES 9,167.09 9,567.00 399.91 4.18 9,167.09 9,567.00 399.91 4.18 114,804.00

ADMINISTRATIVE - OTHER

Property Management Fees 5,221.71 24,438.15 19,216.44 78.63 5,221.71 24,438.15 19,216.44 78.63 295,657.80Data Management 1,548.37 1,818.00 269.63 14.83 1,548.37 1,818.00 269.63 14.83 21,816.00Data Proc Equip. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,200.00Equipment Rental 82.96 33.00 (49.96) (151.39) 82.96 33.00 (49.96) (151.39) 396.00Dues/Subscriptions 0.00 50.00 50.00 100.00 0.00 50.00 50.00 100.00 600.00Office Supplies 239.41 150.00 (89.41) (59.61) 239.41 150.00 (89.41) (59.61) 1,800.00Postage 470.49 97.00 (373.49) (385.04) 470.49 97.00 (373.49) (385.04) 1,164.00Telephone 422.02 487.00 64.98 13.34 422.02 487.00 64.98 13.34 5,844.00Cell Phones 705.58 529.00 (176.58) (33.38) 705.58 529.00 (176.58) (33.38) 6,348.00Travel 0.00 500.00 500.00 100.00 0.00 500.00 500.00 100.00 6,000.00General Office Expense 5.86 86.00 80.14 93.19 5.86 86.00 80.14 93.19 1,032.00

TOTAL ADMINISTRATIVE - OTHER 8,696.40 28,188.15 19,491.75 69.15 8,696.40 28,188.15 19,491.75 69.15 341,857.80

TOTAL ADMINISTRATIVE EXPENSES 17,863.49 37,755.15 19,891.66 52.69 17,863.49 37,755.15 19,891.66 52.69 456,661.80

TAXES AND INSURANCEReal Estate Taxes 46,089.33 46,089.33 0.00 0.00 46,089.33 46,089.33 0.00 0.00 553,071.96Building Insurance 4,983.08 4,983.08 0.00 0.00 4,983.08 4,983.08 0.00 0.00 63,501.99

TOTAL TAXES AND INSURANCE 51,072.41 51,072.41 0.00 0.00 51,072.41 51,072.41 0.00 0.00 616,573.95

TOTAL OPERATING EXPENSES 252,239.16 259,819.50 7,580.34 2.92 252,239.16 259,819.50 7,580.34 2.92 2,999,482.03

NET OPERATING INCOME 380,752.83 402,915.50 (22,162.67) (5.50) 380,752.83 402,915.50 (22,162.67) (5.50) 5,013,343.97

NON-PASSTHRU COSTS

TENANT RECOV/VACANT SPACETenant Bill Backs 149.80 0.00 (149.80) 0.00 149.80 0.00 (149.80) 0.00 0.00Tenant Relations 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 10,000.00

TOTAL TENANT RECOV/VACANT SPACE 149.80 0.00 (149.80) 0.00 149.80 0.00 (149.80) 0.00 10,000.00

OTHER NON-PASSTHRU EXPSBank Fees 263.59 0.00 (263.59) 0.00 263.59 0.00 (263.59) 0.00 0.00Meals/Entertainment 0.00 250.00 250.00 100.00 0.00 250.00 250.00 100.00 3,000.00Express Mail/Courier 204.09 96.00 (108.09) (112.59) 204.09 96.00 (108.09) (112.59) 1,152.00

TOTAL OTHER NON-PASSTHRU EXPS 467.68 346.00 (121.68) (35.17) 467.68 346.00 (121.68) (35.17) 4,152.00

OWNERS EXPENSES

PROFESSIONAL SERVICESProf Fees Other Non-Op 336.60 0.00 (336.60) 0.00 336.60 0.00 (336.60) 0.00 1,000.00Accounting/Audit/Tax Service Non-Op 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 28,000.00

TOTAL PROFESSIONAL SERVICES 336.60 0.00 (336.60) 0.00 336.60 0.00 (336.60) 0.00 29,000.00

DEBT COSTS

Interest Expense 208,010.00 208,010.00 0.00 0.00 208,010.00 208,010.00 0.00 0.00 2,434,643.00

TOTAL DEBT COSTS 208,010.00 208,010.00 0.00 0.00 208,010.00 208,010.00 0.00 0.00 2,434,643.00

TOTAL OWNER EXPENSES 208,346.60 208,010.00 (336.60) (0.16) 208,346.60 208,010.00 (336.60) (0.16) 2,463,643.00

DEPR AND AMORT EXPENSEDepreciation - Building 74,165.96 76,068.00 1,902.04 2.50 74,165.96 76,068.00 1,902.04 2.50 912,816.00Depreciation - TI 63,864.66 64,019.00 154.34 0.24 63,864.66 64,019.00 154.34 0.24 768,228.00Amortization - Lease Comm 29,963.36 30,036.00 72.64 0.24 29,963.36 30,036.00 72.64 0.24 360,432.00Amortization - Capitalized Mortgage Cost 3,081.89 3,768.00 686.11 18.21 3,081.89 3,768.00 686.11 18.21 45,216.00Amortization - In Place Leases 54,342.81 54,474.00 131.19 0.24 54,342.81 54,474.00 131.19 0.24 653,688.00

TOTAL DEPR AND AMORT EXPENSE 225,418.68 228,365.00 2,946.32 1.29 225,418.68 228,365.00 2,946.32 1.29 2,740,380.00

TOTAL NON-PASSTHRU COSTS 434,382.76 436,721.00 2,338.24 0.54 434,382.76 436,721.00 2,338.24 0.54 5,218,175.00

NET INCOME (53,629.93) (33,805.50) (19,824.43) 58.64 (53,629.93) (33,805.50) (19,824.43) 58.64 (204,831.03)

ADJUSTMENTSA/R - Other (17,181.37) 0.00 (17,181.37) 0.00 (17,181.37) 0.00 (17,181.37) 0.00 0.00Deferred Rent - GAAP S/L Adj. (483,030.30) 0.00 (483,030.30) 0.00 (483,030.30) 0.00 (483,030.30) 0.00 0.00Building Improvements 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (18,375.00)Tenant Improvements 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (1,000,765.00)AD - Building 95,293.44 0.00 95,293.44 0.00 95,293.44 0.00 95,293.44 0.00 0.00

AD - Building - FAS141 (21,127.48) 0.00 (21,127.48) 0.00 (21,127.48) 0.00 (21,127.48) 0.00 0.00AD - Tenant Improvement 63,864.66 0.00 63,864.66 0.00 63,864.66 0.00 63,864.66 0.00 0.00AA - Lease Commission - FAS141 29,963.36 0.00 29,963.36 0.00 29,963.36 0.00 29,963.36 0.00 0.00AA - Capitalized Mortgage Costs 3,081.89 0.00 3,081.89 0.00 3,081.89 0.00 3,081.89 0.00 0.00AA - In Place Leases 54,342.81 0.00 54,342.81 0.00 54,342.81 0.00 54,342.81 0.00 0.00PPD Expenses (2,470.34) 0.00 (2,470.34) 0.00 (2,470.34) 0.00 (2,470.34) 0.00 0.00Accounts Payable 295.04 0.00 295.04 0.00 295.04 0.00 295.04 0.00 0.00Accrued Expenses 132,102.70 0.00 132,102.70 0.00 132,102.70 0.00 132,102.70 0.00 0.00Accrued Mgnt Fees 5,221.71 0.00 5,221.71 0.00 5,221.71 0.00 5,221.71 0.00 0.00Accrued Insurance 4,983.08 0.00 4,983.08 0.00 4,983.08 0.00 4,983.08 0.00 0.00Accrued RETax 46,089.33 0.00 46,089.33 0.00 46,089.33 0.00 46,089.33 0.00 0.00Accrued Mortgage Interest 208,010.00 0.00 208,010.00 0.00 208,010.00 0.00 208,010.00 0.00 0.00

TOTAL ADJUSTMENTS 119,438.53 0.00 119,438.53 0.00 119,438.53 0.00 119,438.53 0.00 (1,019,140.00)

CASH FLOW 65,808.60 (33,805.50) 99,614.10 (294.67) 65,808.60 (33,805.50) 99,614.10 (294.67) (1,223,971.03)

Beginning Cash 375,254.77

Ending Balance 310,683.62

Page 2


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ASSETS LIABILITIES

CASH ACCOUNTS PAYABLE

OPERATING ACCOUNT 310,684$ ACCOUNTS PAYABLE

LOCKBOX ACCOUNT 130,380 ACCRUED EXPENSES

UTILITY DEPOSIT 37,532 OUTSTANDING TI PAYABLELENDER RESERVE 8,437,178

TOTAL CASH 8,915,773 TOTAL PAYABLES

ACCOUNTS RECEIVABLE

A/R OTHER 18,327 MORTGAGE PAYABLE 1

TOTAL RECEIVABLES 18,327 LOAN TERM DEBT

DEFERRED RENT

DEF RENT-GAAP S/L ADJ 502,429

TOTAL DEFERRED RENT 502,429

PREPAID INSURANCE 2,470

TOTAL PREPAIDS 2,470

TOTAL CURRENT ASSETS 9,438,999 TOTAL LIABILITIES

LONG TERM ASSETS

ABOVE/BELOW MARKET LEASES - MEMBERS' EQUITY

IN PLACE LEASES 6,466,777 OWNERS' EQUITY

LAND 5,500,000 ACP EQUITY

BUILDING, NET 35,503,964 OWNERS' DISTRIBUTIONS

BUILDING IMPROVEMENTS, NET - CURRENT YEAR EARNINGS

TENANT IMPROVEMENTS, NET 12,865,458 RETAINED EARNINGS

LEASING COMMISSIONS, NET 3,565,631 TOTAL EQUITY

LOAN COSTS,NET 365,850CLOSING COST, NET -

TOTAL LONG TERM ASSETS 64,267,680

TOTAL ASSETS 73,706,680$ TOTAL LIABILITIES & EQUIT

BALANCE SHEET AS OF JANUARY 2011


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LENDER LOAN BALANCE

as of January 2011

UBS REAL ESTATE SECURTIES $44,000,000

INTEREST RATE FIXED

MONTH RATE MONTHLY

INTEREST

PRINCIPAL

AMORTIZATI

Jan-11 6.81% 208,010.00

Feb-11 6.81% -

Mar-11 6.81% -

Apr-11 6.81% -

May-11 6.81% -

Jun-11 6.81% -

Jul-11 6.81% - Aug-11 6.81% -

Sep-11 6.81% -

Oct-11 6.81% -

Nov-11 6.81% -

Dec-11 6.81% -

Total $ 208,010 $

DEBT SERVICE COVERAGE

Net Operating Income $380,753Debt Service $ 208,010

Debt Service Coverage 1.83


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M-T-D M-T-D Y-T-D Y-T-

Actual Budget Variance % * Actual Budg

Building Improvements $ - $ - $ -


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REP Westgate I LLC (nj0477)

anuary 2011

ooks = Accrual, GAAP

Pa

PostMonth

Tran DateCtrl Refer Payee/Description Debit Credit Balance Notes/Remarks

10110--0000.00 == Beginning Balance ==

0477 01/11 01/04/11 60,034.50R-10491 1/4/11 Everest Reinsurance 60,034.50

0477 01/11 01/04/11 130,542.75R-10499 1/4/11 Everest Reinsurance 70,508.25

0477 01/11 01/26/11 130,379.75J-13087 sw-Ban (sw) maint fee163.00

== Ending Balance ==130,379.75NetChange=130,379.75

130,542.75 163.00

Friday, February 18, 2011
http://idata.asp/?WCI=begin&Action=D&iType=16&sJump=13087http://idata.asp/?WCI=begin&Action=E&iType=3&sTableName=PROJ&hProperty=96http://idata.asp/?WCI=begin&Action=D&iType=15&sJump=10499http://idata.asp/?WCI=begin&Action=E&iType=3&sTableName=PROJ&hProperty=96http://idata.asp/?WCI=begin&Action=D&iType=15&sJump=10491http://idata.asp/?WCI=begin&Action=E&iType=3&sTableName=PROJ&hProperty=96


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Account Code - Name Invoice Check Vendor Code - Name Control Property Invoice # Date Period Amount Check # Date Remarks

14035000 - Due Diligence - Westgate Corp Ctr

fedex467 - Fedex P-22297 nj0477 7-294-37821 11/16/2010 01/2011 204.09 1010 1/6/2011 FEDEX COURIER

Total 14035000 - Due Diligence - Westgate Corp Ctr 204.09

60105000 - Security - Contract

essengin - ESS LLC P-22776 nj0477 SRVC0006029 1/1/2011 01/2011 327.42 1033 1/25/2011 Elev phone monitoring

essengin - ESS LLC P-22777 nj0477 SRVC0006030 1/1/2011 01/2011 347.75 1033 1/25/2011 Fire detection

essengin - ESS LLC P-22794 nj0477 SRVC0006031 1/1/2011 01/2011 385.20 1033 1/25/2011 HVAC MonitoringTotal 60105000 - Security - Contract 1,060.37

60115000 - Security - Building Operations Phones

veriz833 - Verizon P-22838 nj0477 1213-011211-294Y 12/13/2010 01/2011 55.53 1029 1/24/2011 12/13-1/12 #908-580-0636

Total 60115000 - Security - Building Operations Phones 55.53

60210000 - Payroll

arepnewj - Amer. Real Estate Ptnrs P -22320 nj0477 PRJAN2011 WTG 12/30/2010 01/2011 11,666.67 11011308 1/13/2011 1/11 PAYROLL

arepnewj - Amer. Real Estate Ptnrs P -22321 nj0477 PRDEC2010 WTG 12/30/2010 01/2011 3,387.10 11011307 1/13/2011 12/10 PAYROLL

Total 60210000 - Payroll 15,053.77

60505000 - Elevator - Contract

libertye - Liberty Elevator Corporatio P-22793 nj0477 122906 1/1/2011 01/2011 3,433.61 1035 1/25/2011 1/1-3/31/11 elev contract

Total 60505000 - Elevator - Contract 3,433.61

60555000 - HVAC - Contract

veriz833 - Verizon P-22836 nj0477 1228-012711-677Y 12/28/2010 01/2011 32.82 1027 1/24/2011 12/28-1/27 #908-647-3281 DSL

Total 60555000 - HVAC - Contract 32.82

60610000 - Electrical - Repair

visionel - Vision Electrical ContractorP-22415 nj0477 48672 1/7/2011 01/2011 854.40 1038 1/25/2011 REPLACE LAMPS w/ lift

Total 60610000 - Electrical - Repair 854.40

60620000 - Electrical - Supplies

denville - Denville Hardware & Paint P-22779 nj0477 332520 12/29/2010 01/2011 606.69 1031 1/25/2011 12/29 light bulbs

Total 60620000 - Electrical - Supplies 606.69

60705000 - Structural/Roof - Repair

roofcoin - Roofco Inc P-22798 nj0477 6680 1/7/2011 01/2011 375.00 1037 1/25/2011 12/30 roof rprs

Total 60705000 - Structural/Roof - Repair 375.00

60755000 - Fire/Life Safety - Contract

kistlero - Kistler O'Brien Fire Protecti P-22418 nj0477 412012 12/27/2010 01/2011 318.33 1012 1/11/2011 QRTLY STANDPIPE/SPRINKLER INSP

Total 60755000 - Fire/Life Safety - Contract 318.33

60830000 - Exterminating

cooperpe - Cooper Pest Solutions, I P-22397 nj0477 625720 12/13/2010 01/2011 271.89 1011 1/11/2011 1st QRTLY SERVICEcooperpe - Cooper Pest Solutions, I P-22775 nj0477 626829 12/27/2010 01/2011 77.04 1030 1/25/2011 12/27 ext pest control

cooperpe - Cooper Pest Solutions, I P-22774 nj0477 628908 1/4/2011 01/2011 77.04 1030 1/25/2011 1/11 exterior pest control

Total 60830000 - Exterminating 425.97

60870000 - Supplies

denville - Denville Hardware & Paint P-22780 nj0477 K43697 12/23/2010 01/2011 10.58 1031 1/25/2011 PLUMBERS WRENCH

Total 60870000 - Supplies 10.58

60920000 - Snow Removal

dubrowss - DuBrow's Nurseries, Inc. P-22842 nj0477 1394960 12/31/2010 01/2011 21,678.20 1032 1/25/2011 SNOW REMOVAL 12/28-12/31

dubrowss - DuBrow's Nurseries, Inc.P-22834 nj0477 1394765 1/8/2011 01/2011 6,437.12 1032 1/25/2011 1/3-1/8 snow removal

Total 60920000 - Snow Removal 28,115.32

61015000 - Water

newjamer - New Jersey American W P-22432 nj0477 1127-122810-3282 12/31/2010 01/2011 23.67 1013 1/11/2011 11/27-12/28 #18-0961328-2

Total 61015000 - Water 23.67

62010000 - Salary/Wages

arepnewj - Amer. Real Estate Ptnrs P-22320 nj0477 PRJAN2011 WTG 12/30/2010 01/2011 9,167.00 11011308 1/13/2011 1/11 PAYROLLarepnewj - Amer. Real Estate Ptnrs P -22321 nj0477 PRDEC2010 WTG 12/30/2010 01/2011 2,661.38 11011307 1/13/2011 12/10 PAYROLL

Total 62010000 - Salary/Wages 11,828.38

63025000 - Data Proc Equip.

ricohame - Ricoh Americas CorporatiP-22768 nj0477 507611045 1/6/2011 01/2011 2.52 1059 2/2/2011 EQUIPMENT RENTAL

argussof - ARGUS Software P-22772 nj0477 QU317248 1/11/2011 01/2011 1,545.85 1017 1/19/2011 PROPERTY BUDGET

arepmgmt - American Real Estate P P-22966 nj0477 DD-JAN2011 WTG 1/20/2011 01/2011 379.41 11012801 1/28/2011 CDW VQS5200 (printer)

Total 63025000 - Data Proc Equip. 1,927.78

63030000 - Equipment Rental

pitneybo - Pitney Bowes Inc P-22773 nj0477 395752 1/3/2011 01/2011 82.96 1036 1/25/2011 2/1-4/30 MAILSTATION METER

Total 63030000 - Equipment Rental 82.96

63035000 - Dues/Subscriptions

wbmasonc - W.B. Mason Co P-22781 nj0477 SYB958-000 1/4/2011 01/2011 78.59 1039 1/25/2011 1/14 office supplies

Total 63035000 - Dues/Subscriptions 78.59

Expense Distribution (Paid Only)Property=nj0477

mm/yy=01/2011 - 01/2011

Page 1


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2/18/2011 11:08 AM

Account Code - Name Invoice Check Vendor Code - Name Control Property Invoice # Date Period Amount Check # Date Remarks

Expense Distribution (Paid Only)Property=nj0477

mm/yy=01/2011 - 01/2011

63040000 - Office Supplies

safegubu - Safeguard Business Syst P-22540 nj0477 26557549 12/9/2010 01/2011 17.38 1022 1/19/2011 CHECK STOCK

filtcoff - Filterfresh Coffee Corp P-22539 nj0477 55447912 12/13/2010 01/2011 2.88 1023 1/19/2011 KEURIP MACHINE MAINTENANCE

Total 63040000 - Office Supplies 20.26

63045000 - Postage


fedex467 - Fedex P-22533 nj0477 7-341-27083 12/28/2010 01/2011 130.42 1018 1/19/2011 FEDEX COURIER deerpapa - Deer Park P-22339 nj0477 00L0427673280 12/29/2010 01/2011 8.49 1014 1/13/2011 OFFICE SUPPLIES

gueroffi - Guernsey Office Products P-22543 nj0477 27430-S 1/1/2011 01/2011 132.07 1020 1/19/2011 OFFICE SUPPLIES



fedex489 - Fedex P-22766 nj0477 7-354-14001 1/10/2011 01/2011 (3.34) 1019 1/19/2011 FEDEX COURIER


Total 63045000 - Postage 524.37

63075000 - Telephone

veriz833 - Verizon P-22837 nj0477 1213-011211-101Y 12/13/2010 01/2011 198.10 1028 1/24/2011 12/13-1/12 #908-580-0023

broadvie - Broadview Networks Inc P-22108 nj0477 13477250 12/18/2010 01/2011 112.37 1009 1/5/2011 11/18-12/17 #703 435 AAAD

veriz833 - Verizon P-22835 nj0477 1228-012711-428Y 12/28/2010 01/2011 78.73 1026 1/24/2011 12/28-1/27 #908-647-2357 ATM

Total 63075000 - Telephone 389.20

63080000 - Cell Phones

veriz239 - Verizon Wireless P-22769 nj0477 6524228936 1/6/2011 01/2011 352.79 1021 1/19/2011 12/7-1/6 #621606239-00001

Total 63080000 - Cell Phones 352.79

63130000 - General Office Expense

guarante - Guarantee Records Mana P-22596 nj0477 45344 1/6/2011 01/2011 5.86 1058 2/2/2011 1/11 ARCHIVE STORAGE

Total 63130000 - General Office Expense 5.86

70240000 - Tenant Bill Backs

hanovers - Hanover Sewer Drain Cle P-22827 nj0477 31871 1/4/2011 01/2011 149.80 1034 1/25/2011 1/4 Everest cleared drains

Total 70240000 - Tenant Bill Backs 149.80

70375000 - Express Mail/Courier



fedex489 - Fedex P-22766 nj0477 7-354-14001 1/10/2011 01/2011 (67.43) 1019 1/19/2011 FEDEX COURIER


arepmgmt - American Real Estate P P-22966 nj0477 DD-JAN2011 WTG 1/20/2011 01/2011 32.17 11012801 1/28/2011 Reimb Fed Ex 7-302-33781

arepmgmt - American Real Estate P P-22966 nj0477 DD-JAN2011 WTG 1/20/2011 01/2011 18.36 11012801 1/28/2011 Reimb Fed Ex 7-278-39348

Total 70375000 - Express Mail/Courier 137.21

70420000 - Prof Fees Other Non-Op

ctcorpor - CT Corporation System P-22451 nj0477 6502803-RI 12/27/2010 01/2011 168.30 1015 1/18/2011 122710-122611 DERepresentationctcorpor - CT Corporation System P-22452 nj0477 6509082-RI 12/29/2010 01/2011 168.30 1015 1/18/2011 AREP Westgate LLC

Total 70420000 - Prof Fees Other Non-Op 336.60

70435000 - Professional Services Non-Op

arepmgmt - American Real Estate P P-22966 nj0477 DD-JAN2011 WTG 1/20/2011 01/2011 105.00 11012801 1/28/2011 TCN #271519 (empl. drug test)

Total 70435000 - Professional Services Non-Op 105.00

70510000 - Filing Fees

arepmgmt - American Real Estate P P-22966 nj0477 DD-JAN2011 WTG 1/20/2011 01/2011 164.74 11012801 1/28/2011 Filing fee AREP Westgate LLC

arepmgmt - American Real Estate P P-22966 nj0477 DD-JAN2011 WTG 1/20/2011 01/2011 164.74 11012801 1/28/2011 Filing fee AREP Westgate I

arepmgmt - American Real Estate P P-22966 nj0477 DD-JAN2011 WTG 1/20/2011 01/2011 164.74 11012801 1/28/2011 Filing fee AREP Westgate II

Total 70510000 - Filing Fees 494.22

Grand Total 67,003.17

westgate january 2011 management report[1]

Documents