Content analysis
?Positive | ||
Negative | ||
Uncertain | ||
Constraining | ||
Legalese | ||
Litigous | ||
Readability |
8th grade Avg
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New words:
ASU, Bluffton, Cellular, charge, clinic, Connection, credit, Indiana, level, life, methodology, performed, recognition, Topic, Update, valuation
Removed:
apply, appraiser, arrangement, Buy, Claire, concession, determine, document, Eau, enforceable, Enid, entity, evaluate, existing, focused, LP, mitigate, modification, Oklahoma, reached, relief, Wisconsin
Financial report summary
?Management Discussion
- For the three months ended March 31, 2023 and 2022, the Company recognized rental income of $40,811 and $132,647, respectively. Rental income decreased due to a sale of one property in 2023 and two properties 2022. This was partially offset by a rent increase for one property in 2023. Based on the scheduled rent for the properties owned as of April 30, 2023, the Company expects to recognize rental income of approximately $154,000 in 2023.
- For the three months ended March 31, 2023 and 2022, the Company incurred LLC administration expenses from affiliated parties of $22,487 and $28,099, respectively. These administration expenses include costs associated with the management of the properties, processing distributions, reporting requirements and communicating with the Limited Members. During the same periods, the Company incurred LLC administration and property management expenses from unrelated parties of $29,686 and $26,436, respectively. These expenses represent direct payments to third parties for legal and filing fees, direct administrative costs, outside audit costs, taxes, insurance and other property costs.
- The Company owned a 40% interest in a former Sports Authority store in Wichita, Kansas. On March 2, 2016, the tenant, TSA Stores, Inc., and its parent company, The Sports Authority, Inc., the guarantor of the lease, filed for Chapter 11 bankruptcy reorganization. In June 2016, the tenant filed a motion with the bankruptcy court to reject the lease for this store effective June 30, 2016, at which time the tenant returned possession of the property to the owners. On March 23, 2021, a motion to dismiss the bankruptcy case was issued by a federal judge to The Sports Authority, Inc. The owners listed the property for lease with a real estate broker in the Wichita area. While the property was vacant, the Company was responsible for its 40% share of real estate taxes and other costs associated with maintaining the property.