1
$70,000,000*
CALIFORNIA SCHOOL FINANCE AUTHORITY (CSFA)
REVENUE BONDS
(JOHN ADAMS ACADEMIES OBLIGATED GROUP)
SERIES 2022A $68,000,000 (TAX-EXEMPT) AND 2022B $2,000,000 (TAXABLE)
ITEM # RESOLUTION 22-10
STAFF SUMMARY
EXECUTIVE SUMMARY
Applicant/Borrower: JAA Facilities, LLC Par Amount Requested:
Not-to-Exceed *
$70,000,000
Financing Term:
40-year tax-exempt bonds, maturing in 2062 (10-year
call provision); 4-year taxable bonds, maturing in 2025
Projected Interest Rate:
4.50% on the Tax-Exempt; 5.00% on the Taxable
Applicant Description: JAA Facilities, LLC is a limited liability company, formerly known as JAA El Dorado
Hills Holdings, LLC, formed for the single purpose of supporting its sole member, John Adams Academies,
Inc., a 501(c)(3) nonprofit public benefit corporation.
Type of Financing: Tax-Exempt and Taxable Revenue Bonds
Project User:
John Adams Academies El Dorado &
John Adams Academies Roseville
County Served:
El Dorado County &
Placer County
District in Which
Project is Located:
El Dorado Unified High School
District/Latrobe School District &
Roseville Joint Union High School
District
Charter Authorizer:
El Dorado County
Office of Education
& Roseville Joint
Union High School
District
Project Description: Refinance California Municipal Finance Authority Series 2014, 2015, 2017, 2018 and
finance the acquisition and construction, improvement, renovation and furnishing of new facilities for the
operation of John Adams Academies.
Project Site: 1102 Investment Boulevard El Dorado Hills, California; APN#: 117-720-007 and 117-720-009,
El Dorado Hills, California, and 1 Sierra Gate Plaza, Roseville, California 95678
Financing Team:
Bond Counsel: Kutak Rock LLP
Underwriter:
RBC Capital Markets
Borrower’s Counsel: Procopio
Disclosure Counsel: Ice Miller LLP
Issuer’s Counsel:
A
ttorney General’s Office
Issuer: California School Finance
A
uthority
Financial Advisor: Campanile Group
Bond/ Trustee: U.S. Bank Trust
Company, N
A
Financing Details:
Type of Issue: Charter School Revenue
Bonds
Tax Status: Tax-Exempt & Taxable
Maturity: 2025 (Taxable) & 2062
(Tax-Exempt)
Credit
Enhancement:
Yes
Credit Rating: BB/BB+
Fees: See Costs of Issuance
Table
CSFA Analyst: Robby Biegler Date of Board Meeting: March 4, 2022
Staff Recommendation: Staff recommends the California School Finance Authority Board approve
Resolution Number 22-10 authorizing the issuance of Revenue Bonds in an amount not to exceed
$70,000,000 to finance and/or refinance the acquisition, construction, expansion, remodeling, renovation,
furnishing, and/or equipping of certain educational facilities located in El Dorado and Placer Counties for
John Adams Academies.
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BACKGROUND AND HISTORY
John Adams Academies, Inc. (JAA) was founded in 2010, serving students in the lower foothill region
of greater Sacramento, specifically in El Dorado and Placer Counties, with a focus on TK-12 American
Classical Education. JAA operates three separate schools, John Adams Academy - Roseville (JAAR
or John Adams Academies Roseville), which opened in 2011, John Adams Academy - El Dorado Hills
(JAAED or John Adams Academies El Dorado) and John Adams Academy - Lincoln (JAAL or or John
Adams Academies Lincoln), both of which opened in 2017. JAAR and JAAED received WASC
accreditation status, and JAAL is currently participating in the WASC accreditation process. For
purposes of this financing, only JAAR and JAAED are included. Charter terms for those campuses
are:
Charter Terms and Authorizers
School Address Authorizer Charter Term
John Adams Academy-
Roseville
1 Sierra Gate Plaza
Roseville, CA 95678
Roseville Joint
Union High School
School District
7/1/2019-6/30/2026*
John Adams Academy-
El Dorado Hills
1102 Investment Blvd
El Dorado Hills, CA 95762
El Dorado County
Office of Education
7/1/2020-6/30/2027*
Thanks to the passage of Assembly Bill 130, each school received a 2-year extension on their charter
term, hence seven-year terms vs. the customary five years.
The combined demographics for the schools include:
2020-21 Demographics
JAAR JAAED
American Indian/Alaska Native
0.2% 0.0%
Asian/Pacific Islander/Filipino
5.6% 7.2%
Black/African American 1.6% 1.8%
Hispanic
16.9% 10.3%
White 70.4% 72.4%
Multiracial/Unspecified
5.3% 8.3%
2020-21 Demographics JAAR JAAED
English Learners 8.9% 2.4%
Students with Disabilities 7.6% 10.2%
Socioeconomically Disadvantaged 29.8% 11.0%
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Enrollment projections for the obligated group schools (JAAR and JAAED) include:
Historical Current Projected
Waitlist
FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 Current
TK/K 245 277 254 294 281 311 311 311 305
1st 183 196 212 223 238 208 238 238 419
2nd 169 206 209 226 236 236 206 236 442
3rd 172 195 209 216 236 236 236 206 295
4th 190 203 210 217 230 235 235 235 363
5th 167 223 207 228 245 240 245 245 530
6th 168 206 239 218 244 244 239 244 318
7th 188 197 209 247 243 245 245 240 164
8th 155 183 214 241 248 245 245 245 102
9th 105 120 157 176 220 215 215 215 92
10th 83 94 120 140 188 192 198 198 1
11th 86 69 80 98 125 132 144 154 1
12th 46 63 57 70 114 120 130 142 38
Total 1957 2232 2377 2594 2848 2859 2887 2909 3070
While enrollment projections over the life of the charter-terms are high, the Obligated Group Schools
have a robust wait list that actually exceeds the projected growth.
JAAED Charter Status and Proposed Staff Recommendation
JAAED originally applied for their charter with the Buckeye Union School District (BUSD) in 2016.
That application was denied by BUSD. The charter was subsequently approved by the El Dorado
County Board of Education (EDCBE) in 2017 for a 3-year term of July 1, 2017 through June 30, 2020.
JAAED initially operated in portables located within the boundaries of BUSD, however the school had
heavy student demand and with limited space, enrollment was capped. In February 2018, JAAED
submitted a material revision to their charter changing JAAED’s location from their current space
within BUSD to a new facility located in the Latrobe Elementary School District (LESD) and El Dorado
Union High School District (EDUHSD) as they could not find sufficient space within BUSD. On May 1,
2018 EDCBE approved that material revision. EDCBE subsequently approved renewal of the JAAED
charter for a term of July 1, 2020-June 30, 2025. Subsequently, owed to Assembly Bill 130, JAAED’s
charter was automatically renewed for two additional years, expiring June 30, 2027.
In December 2021 JAAED requested a material revision to their charter, to allow them to increase
enrollment from 940 students to 1,700. EDCBE is scheduled to make a decision with respect to the
requested material revision on April 5, 2022. If approved, the Borrower will seek to finance the
acquisition of an adjacent facility to support the enrollment growth with proceeds of a subsequent
issue of bonds.
On February 24, 2022 CSFA received a letter from Jackie McHaney, Assistant Superintendent of
BUSD, that included a letter from the law-firm of Fagen, Friedman & Fulfrost, to EDCBE, opposing the
most recent material revision. BUSD articulated their concerns with the initial relocation of JAAED
from BUSD to LESD/EDUHSD, as well as the subsequent charter renewal. Specific to the charter
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renewal, BUSD posited that JAAED’s timing for submission and approval of the 2020 renewal, days
before Assembly Bill 1507 (which prohibits school sites from being located outside of the district
where the charter was approved) became law, was suspect. BUSD notes in their letter that JAAED
can operate at the current site until at least June 30, 2027 and has options to continue operations
after this date.
BUSD also contends that the adjacent facility at the current site is a new site, not an expansion of the
existing site, and EDCBE is prohibited from approving an additional site outside of the boundaries of
BUSD under the law.
Additionally, Treasurer Ma received a letter dated February 23
rd
from the California Teacher’s
Association (CTA) and California School Employees’ Association (CSEA) informing the Treasurer of
their collective opposition to any new facility acquisition portion of the proposed financing until
approval by EDCBE. Similar to BUSD, CTA and CSEA contend that the additional facility acquisition
that is part of the material revision would be illegal as it is a new site, not an adjacent facility on the
existing site.
EDCBE made several requests of JAAED specific to this requested material revision. Acknowledging
EDCBE’s requests, the information received from Superintendent McHaney, and information that was
also submitted to EDCBE as part of their evaluation process, the current proposed financing includes
only those portions (around $70,000,000 not-to-exceed) not impacted by the pending EDCBE
decision. Subsequent to EDCBE’s decision regarding the material revision, the Borrower may return
to the CSFA Board for an approval of a subsequent financing with respect to the expansion facilities.
PROJECT DESCRIPTION
The proceeds of the bonds will be used to: (i) (a) finance and/or refinance the costs of the acquisition,
construction, expansion, remodeling, renovation, improvement, furnishing and equipping of
educational facilities,
located at 1102 Investment Boulevard, El Dorado Hills, California which
includes updates to bathrooms, creating reading rooms, and construction of a lecture hall and
acquire two approximately 3 acre parcels identified as APN 117-710-007 and -009, El Dorado
Hills, California, including property that the school is current leasing, for use as for athletic fields
and playground area;
(b) finance and/or refinance the costs of the acquisition, construction,
expansion, remodeling, renovation, improvement, furnishing and equipping of educational facilities
comprising approximately 112,630 square feet on an approximately 9.96 acre site located at 1 Sierra
Gate Plaza, Roseville, California 95678 comprising JAA’s Roseville Campus (collectively, the
“Project”); (ii) pay certain expenses incurred in connection with the issuance of the bonds; (iii) pay
capitalized interest on the bonds; and (iv) fund a debt service reserve fund and/or related working
capital with respect to the bonds.
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Facilities Information
Site Landlord Location Purpose Amount
John Adams
Academy - El
Dorado Hills
JAA
Facilities,
LLC
1102 Investment
Blvd,; APN 117-
720-007 and -009
Acquisition;
Improvements;
Athletic Fields
$4,300,000
John Adams
Academy -
Roseville
JAA
Facilities,
LLC
1 Sierra Gate
Plaza
Improvements;
Athletic Facilities
$13,000,000
John Adams
Academy – El
Dorado Hills and
John Adams
Academy –
Roseville
JAA
Facilities,
LLC
1102 Investment
Blvd.; 1 Sierra
Gate Plaza
Refinancing All
CMFA Debt
Related to the
Obligated Group
Schools
$43,702,400
Total Estimated Project Costs $61,002,400
The proposed new facility cost uses include:
JAAR:
Improving existing facilities, including: construction of a new soccer field facility; replacing
HVAC; remodeling school balconies; updates to school entrances; and installing siding to
building exteriors.
JAAEDH:
Acquire approximately six acres of vacant land to serve as athletic fields; outdoor playgrounds;
restrooms; concession stands; and recreation areas and allow for better vehicular and
pedestrian access within the campus;
Improve existing facilities, including: updates to bathrooms; reading rooms; and construction of
a lecture hall.
JAA issued four series of bonds through California Municipal Finance Authority (CMFA) from 2014-
2018. The amount of the individual issuances being refinanced and proceeds uses includes:
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Issue School
Amount
Refinanced Address Project Description
2014 Roseville $8,041,700
1 Sierra Gate
Plaza
Acquire approx 4.5 acres of real property and school
facilities. The facility consists of approx. 51,000 sq ft
with 34 classrooms, a MPR, library, computer lab,
copy room, administrative offices, and staff lounge.
2015 Roseville $10,879,400
1 Sierra Gate
Plaza & 7
Sierra Gate
Plaza*
1. Expand and improve Sierra Gate Plaza campus
and acquire approx. 5.46 acres of real property
(formerly utilized by Heald College) and approx.
50,000 sq ft, two-story educational building.
Improvements include construction of 9,6000 sq ft
MPR with two classrooms, a stage and a basketball
court, the conversion of existing space into
classrooms and an art room, and outdoor
play/exercise area.
2017 Roseville $4,418,700
1 Sierra Gate
Plaza
Construction of 11,600 sq ft MPR building which
included a band/orchestra classroom, a drama/visual
and performing arts classroom, a stage, and a
basketball court.
2018
El
Dorado
Hills
$20,362,600
1102
Investment
Blvd.
1. Acquire of a 1.4-acre site and construction of a 2-
story educational building with 36 classrooms, multi-
purpose room, library, cafeteria, special education
rooms, staff lounge, outdoor play areas, and
visitor/teacher parking and 2. acquire 3-acre site for a
proposed outdoor recreational area.
Total $43,702,400
*1 Sierra Gate and 7 Sierra Gate were subsequently merged into one parcel.
FINANCING
The bonds will be issued in one or more series. The tax-exempt series will be issued to finance items
eligible for use of tax-exempt bond proceeds. If necessary, the taxable series will be used to finance
the costs of issuance in excess of 2% of the tax-exempt series. The tax-exempt series is expected to
consist of three term bonds maturing on April 1, 2042, April 1, 2052, and April 1, 2062. The taxable
series, if necessary, is expected to be issued as one term bond maturing on April 1, 2026.
The facilities that will be financed or refinanced with Bond proceeds will be leased to JAA, a nonprofit
public benefit corporation, pursuant to one or more leases with JAA Facilities, LLC. The facilities will
be used by the lessee to operate the JAAED and JAAR campuses. This is the first CSFA issuance for
JAA Facilities, LLC, and any future issuances will be issued as additional obligations under a Master
Trust Indenture.
The corresponding resolution to this financing (22-10) accounts for as many as four series within this
issuance (Series A, Series B, Series C and Series D) which depend on call-dates related to the
outstanding debt. White it may only require a Series A and Series B issuance the resolution allows for
the flexibility of all four.
The first two series (tax exempt and taxable A & B), would likely look something like:
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Bond
Series School
Estimated
Pro
j
ect Costs Address Pro
j
ect Description
1st
Roseville/El
Dorado
Hills
$43,702,400
1 Sierra
Gate/1102
Investment
Blvd.
Refinancing of CMFA
Series 2014, 2015, 2017 &
2018 Bonds
1st Roseville $13,000,000 1 Sierra Gate
Improve existing facilities
which includes constructing
a soccer field sports
complex, replacing an
HVAC system, remodeling
the balconies, updates to
the entrance, and installing
sidin
g
to exterior buildin
g
s
1st
El Dorado
Hills
$3,000,000
1102
Investment
Blvd.
Improve existing facilities
which includes updates to
bathrooms, creating
reading rooms, and
construction of a lecture
hall.
1st
El Dorado
Hills
$1,300,000
APNs: 117-
720-007 and -
009
Acquire two approximately
3-acre sites, including a
portion that the school is
current leasing, for use as
athletic fields and
pla
yg
round area
1
st
Total
$61,002,400
Borrower: JAA Facilities, LLC, is a limited liability company formed for the single purpose of
supporting its sole member, JAA, a 501(c)(3) nonprofit public benefit corporation that operates the
JAA schools, including JAAED and JAAR.
Security and Source of Payment
The Bonds will be secured by lease payments made by lessee (i.e. JAA) to JAA Facilities, LLC, and a
deed of trust on the financed and refinanced properties. The lease payments will be paid directly to
the Bond Trustee via the intercept mechanism set forth in Education Code section 17199.4. As
additional security and in connection with the issuance of the Bonds, the lessee will provide
instructions to the State Controller’s Office (SCO) to make an apportionment to the Trustee with
respect to JAAR and JAAED in the amounts and on the dates provided in a written notice sufficient in
the aggregate to repay the Bonds and pay necessary and incidental costs. Funds received by the
Trustee pursuant to such Intercept will be held in trust and will be disbursed, allocated and applied
solely for the uses and purposes set forth in the Indenture, including the payment of debt service on
the Bonds. Under the laws of the State of California, no party, including the lessee, the Borrower or
any of their respective creditors will have any claim to the money apportioned or to be apportioned to
the Trustee by the SCO pursuant to the Intercept.
Preliminary Sources and Uses and Preliminary Costs of Issuance
Below are the preliminary estimated sources and uses, and detailed information about the expected
8
costs of issuance for board consideration. Please note these figures are subject to change between
the time the board packets are distributed and the time the board meets and are further subject to
final pricing. Members will be provided updated figures should significant changes occur before the
board meeting date.
Sources:
Series 2022A
(Tax-Exempt)
Bond Proceeds:
Par Amount $61,630,000.00
Premium $3,179,246.80
Prior Funds on Hand $3,000,343.71
Total: $67,809,590.51
Uses:
Series 2022A
(Tax-Exempt)
Project Fund Deposits:
Roseville Site - Renovation $13,000,000.00
El Dorado Hills – Renovation $3,000,000.00
El Dorado Hills - Acquisition #2 $1,300,000.00
Refinancing $43,702,400.00
$61,002,400.00
Other Fund Deposits:
Capitalized Interest Fund $2,415,000.00
Debt Service Reserve Fund $3,154,600.00
$5,569,600.00
Delivery Date Expenses:
Cost of Issuance $770,315.00
Underwriter's Discount $462,225.00
$1,232,540.00
Other Uses of Funds:
Contingency $5,050.51
Total: $67,809,590.51
Total Costs of Issuance
Expense Amount
Issuer Fee $40,815
Issuer Application fee $1,500
Public Finance Department $8,000
S&P Rating Fee $77,000
CDIAC $5,000
Issuer's Counsel $15,000
Financial Advisor $75,000
Bond Counsel $150,000
Borrower's Counsel $130,000
Underwriter's Counsel $95,000
Trustee $10,000
Trustee's Counsel $3,000
Printer $10,000
Real Estate $100,000
Contingency $50,000
Underwriter’s Discount $462,225
Total $1,232,540
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As mentioned previously in the staff summary, this financing may include more than a Series A
and Series B and may be more than one issuance. As such if there are consequent adjustments
to the above estimated Cost of Issuance informational updates will be provided to the Board at
their March meeting.
Credit Enhancement - There will be a not-to-exceed $2,000,000 credit enhancement award
application jointly for JAAED and JAAR for this financing that will be before the CSFA Board as a
subsequent agenda item at the March 4, 2022 meeting. If approved, the enhancement award will
fund $2,000,000 of the financing’s debt service reserve fund, reducing the overall borrowing cost
for JAAED and JAAR.
SALES RESTRICTIONS
The following sales restrictions will apply to the financing given the expected below-investment
grade rating. The Authority’s sales restrictions may be viewed at:
http://treasurer.ca.gov/csfa/financings/guidelines.pdf.
1. Bonds will be in minimum denominations of $250,000;
2. Bonds will be privately placed or publicly offered initially to Qualified Institutional Buyers
(QIBs) and Accredited Investors (AIs).
3. Initial Bond purchasers will be required to execute an Investor Letter;
4. Subsequent transfers of Bonds will be limited to QIBs and AIs;
5. Sales restrictions will be conspicuously noted on bond and described in detail in offering
materials, if any, as well as in the bond documents;
6. One or more of the following will be required depending on the transaction, as requested
by the financing team and approved by the Authority:
a. Traveling Investor Letter; or
b. Higher minimum denominations of $250,000; or
c. Physical Delivery; or
d. Limited initial sale to QIBs, with subsequent transfers limited to QIBs as well; or
e. Other investor protection measures
7. Bond payments will be made via the intercept mechanism outlined in Section 17199.4 of
the Education Code.
OTHER PROJECT DATA
Tax Equity and Fiscal Responsibility Act (TEFRA): The TEFRA Notice was published on the
CSFA Webpage on February 17, 2022. The TEFRA hearing took place on Thursday,
February 24, 2022. Comments received during the TEFRA were similar to those referenced above
from BUSD, CTA and CSEA. Those comments, provided by Cassie Mancini of CSEA, were specific to
the acquisition portions incumbent on EDCBE approval, which are not part of the proposed financing.
Due Diligence Undertaken to Date: The financial, operating and other information concerning the
Borrower, the Project and related matters presented in this Staff Summary was provided by the
Borrower, Lessee, and Underwriter. The analysis contained herein was prepared by Authority Staff for
the limited purpose of determining financial feasibility pursuant to Section 17183.5 of the CSFA Act
and providing the Authority Board with information concerning certain aspects of the Project. The
review undertaken by Authority staff, the recommendation of Authority Staff to the Authority Board to
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approve the financing, or any approval by the Authority Board are not intended to, and did not, include
all of the due diligence activities and other investigations necessary or desirable for the purpose of
making an investment decision relating to the making of the financing by the Lender, and should not
be relied on by any party for such purpose.
Borrower Financial Data: The Borrower is a California Limited Liability Company (LLC) formed as a
support organization for charter schools formed and controlled by JAA, its sole member (the Sole
Member). The Sole Member has received a determination letter from the Internal Revenue Service
recognizing it as an entity described in Section 501(c)(3) of the Code. For federal tax purposes, the
Borrower is treated as a “disregarded entity” of the Sole Member.
The LLC is a single purpose entity with no assets other than the applicable Facility and its rights under
the Lease, which will be assigned to the Trustee. The LLC was formed for the purpose of owning
facilities and is not expected to have any other assets or revenue available to it to make payments
due under the Loan Agreement.
STAFF RECOMMENDATION
Staff recommends the California School Finance Authority’s (CSFA) Board approve Resolution
Number 22-10 authorizing the issuance of Revenue Bonds in an amount not to exceed $70,000,000
to finance and/or refinance the acquisition, construction, expansion, remodeling, renovation,
furnishing, and/or equipping of certain educational facilities located in El Dorado Hills & Roseville,
California for use by John Adams Academies El Dorado Hills Campus & John Adams Academies
Roseville Campus.
1. Applicant / Borrower: JAA Facilities, LLC
2. Project: Acquisition and Construction
3. Amount of Financing: Not to exceed $70,000,000
4. Maturity: July 1, 2062
5. Repayment/Security: Intercept of Lease Payments and Deed of Trust on Real Property
6. Preliminary Interest Rate: 4.5% on tax-exempt bonds and 5% on taxable bonds
7. Preliminary Cost of Issuance: $1,232,540 is the total estimated Costs of Issuance.
8. Not an Unconditional Commitment: The CSFA resolution shall not be construed as
unconditional commitment to finance the Project, but rather CSFA’s approval pursuant to the
resolution conditioned upon entry by CSFA and the Borrower into a loan agreement, in form
and substance satisfactory to CSFA and its counsel.
9. Limited Time: The Board’s approval expires 12 months from the date of its adoption. Thus,
CSFA must issue the bonds no later than 12 months from such date. Once the approval has
expired, the item must return to the Board for new approval.
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APPENDIX A:
SCHOOL GOVERNANCE
Board of Directors (John Adams Academies, Inc.)
Dr. Dean Forman President
Tricia Nielsen Board Member
Roy Braatz Board Member
John Brennan Board Member
Tamara Bennett Board Member
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APPENDIX B:
ESTIMATED BUDGET PROJECTIONS AND ENROLLMENT
Five Year Projections
Year Ending Year Ending Year Ending Year Ending Year Ending
6/30/2022 6/30/2023 6/30/2024 6/30/2025 6/30/2026
Projected Enrollment
2594 2848 2859 2887 2909
Revenues
Federal Revenues 1,295,971$ 1,331,880$ 644,401$ 662,268$ 692,395$
LCFF Revenues 22,662,222 26,538,495 27,488,178 28,778,240 29,751,754
Other State Revenues 2,799,751 2,660,912 2,792,621 2,894,138 2,976,235
Local Revenues 859,290 1,002,955 1,041,341 1,070,380 1,093,368
Total Revenues 27,617,234 31,534,242 31,966,541 33,405,026 34,513,751
Expenses
Certificated Salaries 10,857,377 11,141,507 11,502,548 11,913,087 12,235,052
Classified Salaries 3,070,141 3,195,178 3,218,781 3,250,746 3,329,622
Employee benefits 3,160,613 3,529,406 3,932,007 4,203,445 4,379,066
Books and supplies 1,238,389 1,354,048 1,416,686 1,475,784 1,522,856
Services and other operating expenses 3,065,460 3,577,417 3,719,482 3,855,011 3,957,714
Base Rent Payments 2,805,844 2,114,167 2,112,598 2,344,718 3,038,861
Depreciation 235,516 216,392 198,197
171,014 115,810
NSD Funding 2,606,566 3,051,616 3,161,154 3,310,354 3,419,193
Total Expenses 27,039,906 28,179,731 29,261,452 30,524,158 31,998,175
CHANGE IN NET ASSETS 577,328$ 3,354,510$ 2,705,089$ 2,880,867$ 2,515,576$
Add Back: Base Rent Payments
2,805,844 2,114,167 2,112,598 2,344,718 3,038,861
Add Bak: Depreciation
235,516 216,392 198,197 171,014 115,810
Net Operating Revenues Available 3,618,687$ 5,685,069$ 5,015,884$ 5,396,599$ 5,670,248$
Base Rent Coverage 1.29 2.69 2.37 2.30 1.87
Projected Ending Cash Balance 5,869,905$ 7,883,882$ 9,283,033$ 10,750,692$ 11,743,691$
Days Cash On Hand 79.9 102.9 116.6 129.3 134.4
