Participant Guide - naahq.org

Financial Bootcamp

Participant Guide

March 2018

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© 2017 National Apartment Association

LIMITS OF LIABILITY AND DISCLAIMER OF WARRANTY © 2017 by the National Apartment Association, 4300 Wilson Boulevard Suite 400 Arlington, VA 22203. All rights reserved. The course materials or any part thereof may not be reproduced, stored in a retrieval system, or transmitted, in any form or by any means—graphic, electronic, or mechanical, including photocopying, recording, or otherwise, without the prior written permission of the National Apartment Association Education Institute (NAAEI). NAA retains copyright to the original materials and to any translation to other languages and any audio or video reproduction, or other electronic means, including reproductions authorized to accommodate individual requests based on religious or medical deferments from classroom participation. DISCLAIMERS Although NAAEI programs provide general information on apartment management practices, NAAEI does not guarantee the information offered in its programs is applicable in all jurisdictions or that programs contain a complete statement of all information essential to proper apartment management in a given area. NAAEI, therefore, encourages attendees to seek competent professional advice with respect to specific problems that may arise. NAAEI, their instructors, agents, and employees assume no responsibility or liability for the consequences of an attendee’s reliance on and application of program contents or materials in specific situations. Though some of the information used in scenarios and examples may resemble true circumstances, the details are fictitious. Any similarity to real properties is purely coincidental. Forms, documents, and other exhibits in the course books are samples only; NAAEI does not necessarily endorse their use. Because of varying state and local laws and company policies, competent advice should be sought in the use of any form, document, or exhibit. POLICY STATEMENT REGARDING THE USE OF RECORDING DEVICES, AUDIO VISUAL EQUIPMENT, AND OTHER MEANS OF REPRODUCTION OR RECORDING OF THE “Financial Bootcamp” MATERIALS All program contents and materials are the property of the National Apartment Association Education Institute, which strictly prohibits reproduction of program contents or materials in any form without the prior written consent. Except as expressly authorized in writing in advance, no video or audio recording of NAAEI programs or photocopying of “Financial Bootcamp” materials is permitted. Authorized recording of programs or duplication of materials may be done only by the instructor on site.

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© 2017 National Apartment Association

SUBJECT MATTER EXPERTS The NAA Education Institute wishes to thank the following apartment industry professionals for contributing their time and expertise to the development of the Financial Bootcamp.

Mindy McCorkle, CAM, CAPS, NAAEI Faculty

Chief Enhancement Officer, Enhancement Talent Development [email protected]

Alexandra Jackiw, CAPS, CPM, NAAEI Faculty

President of Milhaus Management, LLC

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Financial Bootcamp NAA Education Institute

4300 Wilson Blvd, Suite 400 Arlington, VA 22203

(703)-518-6141 [email protected]

www.naahq.org SAMPLE

mailto:[email protected]

© 2017 National Apartment Association 2

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Table of Contents

Section 1: Welcome ...................................................................................................................................... 6

Participant Introductions .......................................................................................................................... 6

Learning Goals and Objectives .................................................................................................................. 6

Section 2: Number Types .............................................................................................................................. 8

Rounding ................................................................................................................................................... 8

Fractions .................................................................................................................................................... 8

Parts of a Fraction ................................................................................................................................. 8

Fractions – Additions (When the Denominator is the same) ............................................................... 9

Fractions – Additions (When the Denominator is different) ................................................................ 9

Simplify or Reduce a Fraction ............................................................................................................. 10

Fractions – Subtraction ....................................................................................................................... 10

Fractions – Multiplication ................................................................................................................... 11

Fractions - Division .............................................................................................................................. 11

When the Numerator is Larger than the Denominator ...................................................................... 11

Decimals .................................................................................................................................................. 12

Changing Decimals to Percentages ..................................................................................................... 12

Changing Fractions to Decimals .......................................................................................................... 13

Percentages ............................................................................................................................................. 14

Section 3: Basic Algebra .............................................................................................................................. 16

Solving for the Unknown (Addition and Subtracting) ......................................................................... 16

Solving for the Unknown (Multiplication and Division) ...................................................................... 16

Section 4: Comparing and Predicting .......................................................................................................... 19

Averages .................................................................................................................................................. 19

Average vs. Median ............................................................................................................................. 21

Annualization versus Extrapolation ....................................................................................................... 22

Annualization ...................................................................................................................................... 23

Extrapolation ....................................................................................................................................... 24

Section 5: Practical Property Management Calculations ............................................................................ 27

Closing Ratio............................................................................................................................................ 27

Resident Turnover Rate .......................................................................................................................... 28

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Physical Occupancy ................................................................................................................................. 29

Economic Occupancy .............................................................................................................................. 29

Variance Percentage ............................................................................................................................... 30

Percentage Change ................................................................................................................................. 31

Rent Increase Percentage ....................................................................................................................... 31

Using Percentages to Change a Number (Where number increases) .................................................... 32

Using Percentages to Change a Number (Rent Increase example where the percentage is known) .... 32

Using Percentages to Change a Number (Where number decreases) ................................................... 33

Using Percentages to Change a Number (Where number decreases – another example) .................... 34

Break-Even Occupancy Ratio .................................................................................................................. 34

Operating Expense Ratio ......................................................................................................................... 35

Loan to Value Ratio ................................................................................................................................. 36

Return on Investment (ROI) .................................................................................................................... 36

Cap Rate .................................................................................................................................................. 37

Section 6: Area, Space, and Volume ........................................................................................................... 39

Calculating Perimeter.............................................................................................................................. 39

Calculating Area ...................................................................................................................................... 39

Calculating Volume ................................................................................................................................. 40

Section 7: Practice ....................................................................................................................................... 42

Rent Per Square Foot .............................................................................................................................. 42

Cost Per Unit ........................................................................................................................................... 43

Pro-Rations .............................................................................................................................................. 44

Payback Period ........................................................................................................................................ 44

Variances ................................................................................................................................................. 45

Operating Expense per Square Foot ....................................................................................................... 46

Action Plan .................................................................................................................................................. 48

Action Plan .............................................................................................................................................. 49

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SECTION 1

Welcome, Introductions,

and Learning Goals

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Section 1: Welcome Welcome to Financial Bootcamp. This half-day workshop has been designed by NAAEI to provide you with an opportunity to refresh and sharpen your math skills in preparation for taking the CAM or CAPS Credential Program. Participant Introductions

A valuable component of a learning experience like this Bootcamp is to meet and learn from other participants. We encourage you to interact with the other participants in attendance before, during, and after this event.

Learning Goals and Objectives This workshop will help you achieve six key learning objectives. These goals are to:

1. Refresh your knowledge of fundamental math functions: fractions, decimals, rounding, and percentages

2. Solve for the unknown using basic algebra

3. Understand averages versus weighted averages

4. Learn the difference between annualization and extrapolation

5. Understand how to calculate area

6. Work with common property management calculations that you will use in the CAM and CAPS programs

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SECTION 2

Number Types

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Section 2: Number Types Rounding In the CAM and CAPS credential courses, you may be instructed to round to the nearest tenth when working with percentages, and to whole numbers when working with dollar amounts. The fundamental rounding technique tells us if the number you are rounding is followed by 5, 6, 7, 8, or 9, round the number up. If it’s followed by 4, 3, 2, or 1, round the number down. Fractions Fractions are a big part of our daily lives, even if we don’t realize it. Perhaps it’s when you split the check at lunch with your friends. Or when you want to make half of that stir fry dish for dinner and you only need ½ of 1/3 cup of olive oil. In property management, sometimes we must allocate expenses across multiple properties or figure our break-even occupancy, so we need to understand fractions. Parts of a Fraction

TOP = NUMERATOR BOTTOM = DENOMINATOR

The denominator tells the total number of parts in the fraction.

This number shows how many equal 'pieces' something has been divided into.

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Fractions – Additions (When the Denominator is the same) When adding fractions with the same denominator, the denominator stays constant. The addition takes place with the numerator only. Fractions – Additions (When the Denominator is different) When adding fractions with different denominators, there are a few steps required. In order to add the fractions, we have to convert the denominator to a common denominator.

Step 1: Multiply both numbers on the first fraction by the bottom number of the second fraction. Step 2: Multiply both numbers on the second fraction by the bottom number of the first fraction. Step 3: Add the numerators of the two fractions together. Step 4: Simplify (or reduce if needed).

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Simplify or Reduce a Fraction To reduce a fraction to its simplest form, divide both the numerator and denominator by the Greatest Common Divisor (GCD). The GCD may be obvious, or it may take several steps to get to the simplest version of the fraction. Fractions – Subtraction When subtracting fractions that have a common denominator, all that is required is to subtract the numerator. If the denominators are different, we’ll use the same steps we used when adding fractions with different denominators.

Step 1: Multiply both numbers on the first fraction by the bottom number of the second fraction. Step 2: Multiply both numbers on the second fraction by the bottom number of the first fraction. Step 3: Add the numerators of the two fractions together. Step 4: Simplify (or reduce if needed).

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Fractions – Multiplication Multiplying fractions is straightforward. You multiply the numerator and the denominator and simplify if needed. Fractions - Division Dividing fractions is a bit more complex. There are three things to remember when dividing fractions.

1. Leave the first fraction as is 2. Change the divide function to multiply 3. Turn the second fraction over or invert the one you are dividing by.

When the Numerator is Larger than the Denominator Sometimes a fraction calculation will result in the numerator being larger than the denominator. In that case, the denominator is divided into the numerator to simplify the fraction, resulting in a whole number/decimal combination. To convert the decimal back into a fraction, leave the whole number as it is. Convert 0.25 to a fraction: 0.25=25/100. Then reduce the fraction to the lowest term, which is 1/4.

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If the decimal goes to the 10th spot, you’d multiply by 10; if it goes to the 1000th spot, you’d multiply by 1000. Decimals Decimals are important because we use them every day in different situations, such as counting money, looking at price tags, calculating miles per gallon, or figuring price per square foot. Changing Decimals to Percentages To convert a decimal to a percent, multiply the decimal by 100, then add the % symbol. A simple way to multiply a decimal by 100 is to move the decimal point two places to the right.

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Changing Fractions to Decimals

This diagram shows the relationships between percentages, decimals, and fractions. To change a fraction to a decimal so we can get to a percentage, divide the top of the fraction (the numerator) by the bottom (the denominator), multiply by 100 and add a "%" sign. If the fraction is 1/10, divide 10 into 1 resulting in 0.1. Then, using the process we looked at earlier, move the decimal point two places to the right and add the % sign resulting in 10%.

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Percentages Many of the Key Performance Indicators (KPI) and benchmark figures your company may use to evaluate performance or achievement are in the form of percentages. Think about closing ratios or work order completions.

This diagram shows the relationship between

fractions, decimals, and percentages and

demonstrates how one number can be expressed

in multiple forms.

3/10 becomes a decimal by dividing the denominator into the numerator. It becomes a % by moving the decimal point.

Fraction3

10

Percentage30%

Decimal.30

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SECTION 3

Basic Algebra

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Section 3: Basic Algebra Algebra is a form of mathematics that uses letters or symbols for unknown numbers so that we can solve for those unknowns. Solving for the Unknown (Addition and Subtracting) We may know that A = B + C, but what if we only have A and C? To find B, subtract the last figure from both sides. Solving for the Unknown (Multiplication and Division) The same principle applies to multiplying and dividing.

If:

A = B x C

Then

B = A/C

And

C = A/B

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SECTION 4

Comparing and Predicting

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Section 4: Comparing and Predicting Averages Many of the Key Performance Indicators used in Property Management are averages. Using an average, or a weighted average, aids in analytical comparison of data from multiple sources. To determine the average of a group of numbers, add all the numbers and divide by the number of figures in the list.

Unit Type Square Footage Rent

Studio 450 $575

1 BR / 1 BA 680 $720

2 BR / 2 BA 1,075 $925

3 BR / 2.5 BA 1,425 $1,250

4 BR / 3 BA 1,650 $1,800

AVERAGE SQUARE FEET 1,056

AVERAGE RENT $1,054 SAMPLE


Average vs. Weighted Average

A weighted average is the average of values which are scaled by importance. The weighted average of values is the sum of weights times values divided by the sum of the weights. To determine the weighted average, calculate the TOTAL square footage and rent first. In this example, we would multiply the # of units x the SF and Rent for each unit type to get the total square footage and total rent. The totals are divided by the total # of units.

Unit Type Total Units Square Footage Rent Studio 40 450 $575

1 BR / 1 BA 65 680 $720

2 BR / 2 BA 75 1,075 $925

3 BR / 2.5 BA 44 1,425 $1,250

4 BR / 3 BA 36 1,650 $1,800

TOTAL 260 264,925 $258,975

WEIGHTED AVERAGE 1,019 $996

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Average vs. Median As we saw earlier, to determine an average, the total of all the numbers is divided by the # of items or numbers in the list. The "median" is the "middle" value in a list of numbers. To find the median, your numbers have to be listed in numerical order from smallest to largest, and then find the middle one. In this example, there are 9 numbers so the middle # (the one in the 5th spot) is the middle or median.

1200

1200

1200

1200

1300

1300

1300

1300

1400 If there were an even number of items on the list, the median would be the midpoint between the figures in the middle 2 spots.

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Unit Type Total Units Square Footage Rent

Studio 40 425 $604

1 BR / 1 BA 65 820 $780

2 BR / 2 BA 75 1,100 $1,015

3 BR / 2.5 BA 44 1,470 $1,350

4 BR / 3 BA 36 1,809 $2,100

TOTAL 260 216,428 $211,596

AVERAGE

WEIGHTED AVERAGE

Annualization versus Extrapolation While we typically think of annualization and extrapolation as being part of the budget process but we can also use them to reforecast financial performance throughout the year. Sometimes these two concepts are used interchangeably but they are different.

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Annualization To annualize a dollar amount, the amounts that are known are added together, and divided by the # of months they represent. This gives us an average monthly amount that is then multiplied by 12 months to give us an annual amount.

MONTH AMOUNT

January $1,200

February $1,500

March $1,300

April $1,800

May $2,200

June $1,700

July $2,300

August $2,150

TOTAL $14,150

Average $14,150 ÷ 8 = $1,768.75

Annualized $1,768.75 x 12 = $21,225

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Extrapolation Extrapolation takes a list of known numbers and extends the list based on what can be predicted from the list of known numbers. In this example, we can see that the monthly amount has increased by $300 each month so we can predict that trend will continue in the coming months.

MONTH

AMOUNT

January

$1,200

February

$1,500

March

$1,800

April

$2,100

May

$2,400

June

July

August

September

Before extrapolating known data, check that the numbers aren’t skewed for some reason, and that you’ve considered seasonal changes or anomalies. Calculate the total for each line item.

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Advertising, Office Supplies, and Landscape Maintenance are extrapolated by using the number trend shown in the diagram. Clubhouse/Amenity Expense and Appliance Repair are annualized.

Clubhouse/Amenity Expense:

Appliance Repair Expense:

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SECTION 5

Property Management

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Section 5: Practical Property Management Calculations There is a long list of important areas of calculations in property management. Many are important Key Performance Indicators, and some are important measurements for lenders and owners. Practical Property Management Calculations

• Closing Ratio • Turnover Rate • Physical Occupancy • Economic Occupancy • Variance Percentage • Rent Increase Percentage • Percent Change

• Calculating Area • Breakeven Occupancy • Operating Expense Ratio • Loan-to-Value • Rate of Return • Cap Rate

Closing Ratio A closing ratio measures the number of leases or closed sales being secured from the number of prospects. It’s a KPI used to determine sales effectiveness of the leasing team. Many companies set a closing ratio goal for the leasing team, usually 35-40%, but it varies. To calculate closing ratio, the number of leases is divided by the number of traffic.

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What happens if a lease (application) is not approved? When we adjust the number of closed sales, and recalculate, what is the NET closing ratio? Resident Turnover Rate Resident Turnover Rate tells us the ratio of move-outs compared to the total number of units. This rate is most often stated as an annual figure. Organizations often set a resident turnover goal for each property or submarket, usually 50-60%, but those goals vary depending on property type and market conditions. In the student housing market, the turnover rate can be as high as 100% or even higher in some cases. To determine resident turnover rate, the number of move-outs is divided by the total number of units.

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Physical Occupancy Physical Occupancy is calculated by dividing the number of occupied units by the total number of units. Economic Occupancy Economic Occupancy represents occupancy after vacancy, bad debt, concessions, and non-revenue units have been factored out. The formula is Total Rent Revenue ÷ Gross Potential Rent. GPR = all occupied units at current leased rate + vacant units at market rate TRR = GPR – (vacancy, bad debt, concessions, and non-revenue units)

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Variance Percentage When there is a variance between actual expenses or income and budgeted expenses or income, the variance is often expressed as a percentage to aid in comparison and analysis. To calculate a variance percentage, the actual amount is subtracted from the budgeted amount to get the dollar variance. The difference is then divided by the budgeted amount. SAMPLE


Percentage Change We are often asked to express changes over time as a percentage. This is done by dividing the change amount by the older or earlier amount. Looking at the amount of the water bill each month for the last 4 months, we see that from April to May, there was an increase of $250. If we divide the increase amount by the earlier amount of $5,000, we see that the percentage change in May is 5.0%. What is the percentage change for June and July?

Rent Increase Percentage We can use that same percentage change process to determine rent increase percentages. The increase amount is divided by the old rate.

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Using Percentages to Change a Number (Where number increases) In the percentage change process we just reviewed, the numbers were known so we used those numbers to calculate the percentage. Sometimes we know the percentage but need to find a number. For example, we know that Bob Brown earns $35,000 per year as a maintenance tech. If we give him a 3% pay increase, what is his new salary? Alternate Solution

Using Percentages to Change a Number (Rent Increase example where the percentage is known) We looked at rent increase percentage earlier when we knew the old and new rate, but if we need to calculate the new rate based on a known percentage, we can do that by multiplying the percentage by the known rate.

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Using Percentages to Change a Number (Where number decreases) If the percentage indicates a reduction, we still use the known number multiplied by the percentage to get the change number. Then we subtract that number from the original known number. Alternate Solution: Like the alternate solution we reviewed, we can subtract the known percentage from whole number 1, and use that percentage to multiply the known dollar amount.

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Using Percentages to Change a Number (Where number decreases – another example) Break-Even Occupancy Ratio Break-Even Occupancy Ratio is an important measurement as it tells us the lowest occupancy percentage a property can maintain and still be able to pay all the necessary bills. When a property’s occupancy falls below the break-even occupancy level, the owner may have to supplement the property financially, which is never a desirable scenario. Break-even occupancy is calculated by adding the expense components the property is responsible for paying - operating expenses, debt service, and replacement reserve (if applicable) – and dividing it by Effective Gross Income (total revenue including other income for the property). Note: You’ll learn more about GPR and EGI in CAM.

(OE + DS + RR) ÷ EGI

(Operating Expenses + Debt Service + Replacement Reserve) ÷ Effective Gross

Income

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Calculate the Break-Even Occupancy Ratio using the following information:

• Operating Expenses are $525,667 • Debt Service is $306,00 • Replacement Reserve is $125,000 • Effective Gross Income is $1,101,660

Operating Expense Ratio Operating expense ratio is an important Key Performance Indicator in property management as it shows the correlation between our operating expenses and our total property revenue. It is calculated by dividing Effective Gross Income into the annual Operating Expenses.

OE/EGI = Operating Expense Ratio Using the following information, calculate the OE Ratio

• Operating Expenses (OE) = $1,411,870 • Gross Potential Rent (GPR) = $2,957,350

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Loan to Value Ratio Another important measurement, Loan to Value Ratio (LTV) is expressed as a percentage, and the lower the LTV, the lower the risk to the lender. It is calculated by dividing the property value into the loan amount. If the loan amount is $35,000,000 and the property value is $48,000,000, what is the loan value? Return on Investment (ROI) Return on Investment measures the rate of return based on a property’s income stream. It’s used to identify the efficiency of an investment. It is calculated by dividing NOI by the property value. If Heavenly Haven’s NOI is $890,000 and the value of the property is $9,000,000, what is the ROI?

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Cap Rate Cap Rate is a rate of return used to measure a property’s value based on its NOI. The lower cap rate = higher value; the higher cap rate = lower value. It’s used to reflect the investor’s desired ROI. The Cap Rate is calculated by dividing NOI by the purchase price. Once you have the Cap Rate, you can find the value by dividing the Cap Rate into NOI. If NOI is $605,875 and the purchase price is $9,000,000, what is the Cap Rate? What is the value of the property? This example show that the property is valued at a higher rate than the price the owner paid for it.

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SECTION 6

Area, Space and

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Section 6: Area, Space, and Volume Knowing how to calculate area, space and volume can allow us to calculate the volume of a swimming pool, the area of a room to be painted, or the size of an apartment unit. Calculating Perimeter The perimeter is the sum of all sides of the area. This may be useful in determining in how many feet of holiday lights you would need to go around the building or how many feet of molding you’ll need to add a chair rail.

Calculating Area Area is the measurement of how much space there is inside a room or space. Area is determined by multiplying width times height. Calculating the area of a space can be useful for determining how much paint to buy to cover a wall or how much grass seed you need for an area of the lawn.

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Calculating Volume In property management, the most common need for calculating volume is for determining how many gallons of water a swimming pool holds. Volume is calculated by multiplying width x height x depth. The result gives us cubic feet. In this example, the swimming pool is _______ cubic feet. If there is 0.134 cubic feet in a gallon, how many gallons will this pool hold?

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SECTION 7

Practice

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Section 7: Practice Property management software does a lot of the calculation for us in today’s world. Software isn’t flawless and there are hundreds of behind-the-scenes settings that may impact the results we see on reports and dashboards. That makes it important for us to be able to manually calculate when needed or to verify the accuracy of what our property management software system tells us. Rent Per Square Foot Rent per square foot can help us more appropriately compare our rental rates with our competition. It expresses the rent rate in a way we can compare apples-to-apples.

What is the Weighted Rent Average?

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What is the AVERAGE Rent Per Square Foot? What is the WEIGHTED AVERAGE Rent Per Square Foot? Cost Per Unit Expenses are often expressed in a cost-per-unit manner. This allows us to be able to compare the results of multiple properties in a meaningful manner. Cost per unit is determined by dividing the number of units into the expense.

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Pro-Rations Aside from dealing with pro-rated rent at move-in and move-out, we sometimes have to allocate a portion of a salary or expense to multiple properties. To determine the portion of Mary’s salary that each property should pay, divide each property’s total units by the total # of units to get an allocation percentage. Then multiply that % by the total salary. To determine how much each property pays for the joint ad, divide $15,000 by 600 to get the cost per unit ($25) and then multiply the cost per unit by the # of units for each property.

Property Total Units

Pro-Ration Salary Advertising

Ashley Acres 200 200/600 = 33.3%

Brice Bend 130 130/600 = 21.7%

Chapel Chase 160 160/600 = 26.7%

Derby Downs 110 110/600 = 18.3%

TOTAL 600 100.0% $40,000 $15,000 Payback Period When recommending upgrades or improvements to your property, one of the critical calculations that will help you get approval is the payback period. The number of units multiplied by the cost of the washers/dryers gives us the total cost of the upgrade. In the example provided, what is the total cost?

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If we know we will be able to charge an extra $50 for the 50 units we upgrade, the monthly additional income would how much? At $2,500 per month, it will take how many months to recoup the total cost of the washers/dryers? Of course, that assumes that each of these units will be occupied every month. The payback period may be slightly longer if these units are vacant for periods of time during the 13.6 months. Variances Application Fees are budgeted to be $165,000 for the year. Actual Application Fees for the year is $153,357. What is the variance % compared to budget?

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Operating Expense per Square Foot Biscayne Bay is a 320-unit apartment community with 353,000 total square feet. For the period ending August 31, the Operating Expenses total $1,237,643. What is annual operating expense per square foot?

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Action Plan

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Action Plan Complete the Action Plan included in this Participant Guide. The purpose of this Action Plan is to identify ways to apply what you learned in this workshop to your day-to-day work. This is your Action Plan; there is no right or wrong action item to include.

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Action Plan I plan to use what I learned in this workshop in the following ways: _______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ I will use the following formulas or calculations:

Calculation or Formula Purpose Result

Ex: Calculate the # of gallons our hot tub holds

To be able to more accurately budget for the cost of

draining/refilling hot tub 302 gallons

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4300 Wilson Blvd., Ste. 400, Arlington, VA 22203 | naahq.org

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Documents

Participant Guide - naahq.org