UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 1−SA
☒ SEMIANNUAL REPORT PURSUANT TO REGULATION A
or
☐ SPECIAL FINANCIAL REPORT PURSUANT TO REGULATION A
For the fiscal Semiannual period ended June 30, 2023
Landa App LLC |
(Exact name of issuer as specified in its charter) |
Delaware | 85-1099443 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
20 W. 22nd Street, New York, NY 10010 |
(Full mailing address of principal executive offices) |
(646) 905-0931 |
(Issuer’s telephone number, including area code) |
THIS SEMI-ANNUAL REPORT MAY CONTAIN FORWARD-LOOKING STATEMENTS AND INFORMATION RELATING TO, AMONG OTHER THINGS, THE COMPANY, ITS BUSINESS PLAN AND STRATEGY, AND ITS INDUSTRY. THESE FORWARD-LOOKING STATEMENTS ARE BASED ON THE BELIEFS OF, ASSUMPTIONS MADE BY, AND INFORMATION CURRENTLY AVAILABLE TO THE COMPANY’S MANAGEMENT. WHEN USED HEREIN, THE WORDS “ESTIMATE,” “PROJECT,” “BELIEVE,” “ANTICIPATE,” “INTEND,” “EXPECT” AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY FORWARD-LOOKING STATEMENTS. THESE STATEMENTS REFLECT MANAGEMENT’S CURRENT VIEWS WITH RESPECT TO FUTURE EVENTS AND ARE SUBJECT TO RISKS AND UNCERTAINTIES THAT COULD CAUSE THE COMPANY’S ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE CONTAINED IN THE FORWARD-LOOKING STATEMENTS. INVESTORS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD-LOOKING STATEMENTS, WHICH SPEAK ONLY AS OF THE DATE ON WHICH THEY ARE MADE.
Factors that could cause or contribute to these differences include those contained in the section of THE COMPANY’s latest offering circular (the “Offering Circular”) FILED WITH the Securities and Exchange Commission (“SEC”) entitled “Risk Factors”, which section is incorporated herein by reference.
Item 1. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and the related notes included in this report. The series-level combined supplemental information is presented for purposes of additional analysis of the combined financial statements rather than to present the financial position, results of operations and cash flows of the individual series.
Overview
Landa App LLC (the “Company,” “we”, “us,” or “our”) is a Delaware series limited liability company. The Company was formed on November 25, 2019 as “Landa Properties A LLC”, a Delaware limited liability company pursuant to Section 18-201 of the Delaware Limited Liability Company Act. The Company was subsequently renamed “Landa App LLC” on April 30, 2020, and became a series limited liability company pursuant to Sections 18-215 and 18-218 of the Delaware Limited Liability Company Act on May 22, 2020. The Company was formed for the purpose of creating one or more series (a “Series”) and offering membership interests (“Shares”) in such Series and may form new Series from time to time. Each Series will be governed by the Master Agreement and the Series Designation or Series Operating Agreement for such Series.
The purpose of the Series is to acquire, hold and manage residential rental properties, including a single-family homes and duplexes (each a “Property”) and offer a unique investment opportunity for eligible investors to benefit from the performance of such Properties. The Series’ primary investment objective is to acquire desirable Properties that provide attractive, risk adjusted, returns. We intend to acquire Properties located in “metropolitan statistical areas” that provide economic growth and strong rental demand. Our objective is to manage each of the Properties in an effort to maximize net rental income and the amount of cash flow that is distributed to the holders of the Shares of the applicable Series. To that end, we will target Properties that we believe are in a stable condition as we determine through due diligence during the acquisition process. We will seek to acquire Properties that we believe will provide monthly net income distributions to investors, without holding periods, and without charging asset management fees. Real estate acquisitions will be on an opportunistic basis. However, there is no assurance that our management or acquisition objectives will be realized. We expect that the Company’s, and each Series’, sole source of income will be from rental income and any profits on the appreciation of any Property, if there is a disposition of the Property.
Each Series acquired or will acquire its underlying Property from Landa Properties, LLC (“Landa Properties”), which were financed initially through promissory notes issued to Landa Holdings, Inc. (the “Manager”). Shares of each Series are offered and sold through the Landa mobile application which is available on iOS and Android devices (the “Landa Mobile App”) and the Landa website (www.landa.app) (collectively, the “Landa Platform”). See the Offering Circular under the headings “Description of the Properties and Series” and “Use of Proceeds”, which can be found here and here, respectively, and are incorporated herein by reference, for a description of each of the Properties and information about their acquisition and financing.
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We are a development-stage company, as we are devoting substantially all our efforts to establishing and maintaining our business and planned principal operations. As such, the reported financial information herein will likely not be indicative of future operating results or operating conditions. Because of our corporate structure, we are in large part reliant on the Manager and its employees to grow and support our business. There are a number of key factors that will have large potential impacts on our operating results going forward, including, but not limited to, the Manager’s ability to:
● | operate, lease, and maintain the Properties in a profitable manner; |
● | market the Landa Platform and our offerings in individual Series and attract investors to the Landa Platform; |
● | continue to develop the Landa Platform and provide the information and technology infrastructure to support the issuance of interests; and |
● | continue to build our existing infrastructure to manage the Properties at a decreasing marginal cost per Property. |
Series with Qualified Shares as of June 30, 2023
Shares in two hundred and twenty six (226) Series were qualified under Regulation A (“Regulation A”) of Section 3(6) of the Securities Act of 1933, as amended, as of June 30, 2023. For more information about each Series, please see the “Master Series Table” under “Series Offerings” of our Offering Circular, which can be found here and is incorporated herein by reference and the section entitled “Recent Developments” of this Semiannual Report.
This Semiannual Report only includes reporting on the financial condition and results of operations as of June 30, 2023 for the one and forty (140) Series listed below. The remaining eighty six (86) Series have not yet commenced operations as of June 30, 2023 since title of each respective Property related to each Series had not yet transferred title from Landa Properties. As a result, such Series have been omitted from this report.
Series(1) | Address | |
Landa App LLC - 115 Sardis Street Barnesville GA LLC (2) | 115 Sardis Street, Barnesville, GA 30204 | |
Landa App LLC - 1394 Oakview Circle Forest Park GA LLC | 1394 Oakview Circle, Forest Park, GA 30297 | |
Landa App LLC - 1701 Summerwoods Lane Griffin GA LLC | 1701 Summerwoods Lane, Griffin, GA 30224 | |
Landa App LLC - 1741 Park Lane Griffin GA LLC | 1741 Park Lane, Griffin, GA 30224 | |
Landa App LLC - 209 Timber Wolf Trail Griffin GA LLC (2) | 209 Timber Wolf Trail, Griffin, GA 30224 | |
Landa App LLC - 2505 Oak Circle Ellenwood GA LLC(2) | 2505 Oak Circle, Ellenwood, GA 30294 | |
Landa App LLC - 271 Timber Wolf Trail Griffin GA LLC (2) | 271 Timber Wolf Trail, Griffin, GA, 30224 | |
Landa App LLC - 29 Holly Grove Road Griffin GA LLC (2) | 29 Holly Grove Road, Griffin, GA 30224 | |
Landa App LLC - 1703 Summerwoods Lane Griffin GA LLC | 1703 Summerwoods Lane, Griffin, GA, 30224 | |
Landa App LLC - 1712 Summerwoods Lane Griffin GA LLC | 1712 Summerwoods Lane, Griffin, GA, 30224 | |
Landa App LLC - 1743 Summerwoods Lane Griffin GA LLC | 1743 Summerwoods Lane, Griffin, GA, 30224 |
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Landa App LLC - 1750 Summerwoods Lane Griffin GA LLC | 1750 Summerwoods Lane, Griffin, GA, 30224 | |
Landa App LLC - 4267 High Park Lane East Point GA LLC | 4267 High Park Lane, East Point, GA, 30344 | |
Landa App LLC - 4474 Highwood Park Drive East Point GA LLC | 4474 Highwood Park Drive, Atlanta, GA, 30344 | |
Landa App LLC - 8569 Creekwood Way Jonesboro GA LLC | 8569 Creekwood Way, Jonesboro, GA, 30238 | |
Landa App LLC - 9439 Lakeview Road Union City GA LLC | 9439 Lakeview Road, Union City, GA, 30291 | |
Landa App LLC - 10167 Port Royal Court Jonesboro GA LLC | 10167 Port Royal Court, Jonesboro, GA, 30238 | |
Landa App LLC - 1246 Elgin Way Riverdale GA LLC | 1246 Elgin Way, Riverdale, GA, 30296 | |
Landa App LLC - 1910 Grove Way Hampton GA LLC | 1910 Grove Way, Hampton, GA, 30228 | |
Landa App LLC - 593 Country Lane Jonesboro GA LLC | 593 Country Lane, Jonesboro, GA, 30238 | |
Landa App LLC - 6436 Stone Terrace Morrow GA LLC | 6436 Stone Terrace, Morrow, GA, 30260 | |
Landa App LLC - 6440 Woodstone Terrace Morrow GA LLC | 6440 Woodstone Terrace, Morrow, GA, 30260 | |
Landa App LLC - 6848 Sandy Creek Drive Riverdale GA LLC | 6848 Sandy Creek Drive, Riverdale, GA, 30274 | |
Landa App LLC - 687 Utoy Court Jonesboro GA LLC | 687 Utoy Court, Jonesboro, GA, 30238 | |
Landa App LLC - 729 Winter Lane Jonesboro GA LLC | 729 Winter Lane, Jonesboro, GA, 30238 | |
Landa App LLC - 7349 Exeter Court Riverdale GA LLC | 7349 Exeter Court, Riverdale, GA, 30296 | |
Landa App LLC - 8645 Embrey Drive Jonesboro GA LLC | 8645 Embrey Drive, Jonesboro, GA, 30236 | |
Landa App LLC - 8780 Churchill Place Jonesboro GA LLC | 8780 Churchill Place, Jonesboro, GA, 30238 | |
Landa App LLC - 8796 Parliament Place Jonesboro GA LLC | 8796 Parliament Place, Jonesboro, GA, 30238 | |
Landa App LLC - 8641 Ashley Way Douglasville GA LLC | 8641 Ashley Way, Douglasville, GA, 30134 | |
Landa App LLC - 8651 Ashley Way Douglasville GA LLC | 8651 Ashley Way, Douglasville, GA, 30134 | |
Landa App LLC - 8652 Ashley Way Douglasville GA LLC | 8652 Ashley Way, Douglasville, GA, 30134 | |
Landa App LLC - 8653 Ashley Way Douglasville GA LLC | 8653 Ashley Way, Douglasville, GA, 30134 | |
Landa App LLC - 8654 Ashley Way Douglasville GA LLC | 8654 Ashley Way, Douglasville, GA, 30134 | |
Landa App LLC - 8655 Ashley Way Douglasville GA LLC | 8655 Ashley Way, Douglasville, GA, 30134 | |
Landa App LLC - 8659 Ashley Way Douglasville GA LLC | 8659 Ashley Way, Douglasville, GA, 30134 | |
Landa App LLC - 8662 Ashley Way Douglasville GA LLC | 8662 Ashley Way, Douglasville, GA, 30134 | |
Landa App LLC - 8668 Ashley Way Douglasville GA LLC | 8668 Ashley Way, Douglasville, GA, 30134 | |
Landa App LLC - 8670 Ashley Way Douglasville GA LLC | 8670 Ashley Way, Douglasville, GA, 30134 | |
Landa App LLC - 8674 Ashley Way Douglasville GA LLC | 8674 Ashley Way, Douglasville, GA, 30134 | |
Landa App LLC - 8675 Ashley Way Douglasville GA LLC | 8675 Ashley Way, Douglasville, GA, 30134 | |
Landa App LLC - 8677 Ashley Way Douglasville GA LLC | 8677 Ashley Way, Douglasville, GA, 30134 | |
Landa App LLC - 8678 Ashley Way Douglasville GA LLC | 8678 Ashley Way, Douglasville, GA, 30134 | |
Landa App LLC - 8679 Ashley Way Douglasville GA LLC | 8679 Ashley Way, Douglasville, GA, 30134 | |
Landa App LLC - 8683 Ashley Way Douglasville GA LLC | 8683 Ashley Way, Douglasville, GA, 30134 |
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Landa App LLC - 1007 Leeward Way Jonesboro GA LLC | 1007 Leeward Way, Jonesboro, GA 30238 | |
Landa App LLC - 10121 Morris Drive SW Covington GA LLC | 10121 Morris Drive SW, Covington, GA 30014 | |
Landa App LLC - 10183 Starr Street SW Covington GA LLC | 10183 Starr Street SW, Covington, GA 30014 | |
Landa App LLC - 103 Starlake Drive Jackson GA LLC | 103 Starlake Drive, Jackson, GA 30260 | |
Landa App LLC - 10433 Candlelight Road Jonesboro GA LLC | 10433 Candlelight Road, Jonesboro, GA 30238 | |
Landa App LLC - 107 Oakwood Circle Griffin GA LLC | 107 Oakwood Circle, Griffin, GA 30223 | |
Landa App LLC - 110 Shenandoah Drive Covington GA LLC | 110 Shenandoah Drive, Covington, GA 30016 | |
Landa App LLC - 111 Fir Drive McDonough GA LLC | 111 Fir Drive, McDonough, GA 30253 | |
Landa App LLC - 112 Ridge Street Locust Grove GA LLC | 112 Ridge Street, Locust Grove, GA 30248 | |
Landa App LLC - 11322 Michelle Way Hampton GA LLC | 11322 Michelle Way, Hampton, GA 30228 | |
Landa App LLC - 1147 Village Way Stone Mountain GA LLC | 1147 Village Way, Stone Mountain, GA 30088 | |
Landa App LLC - 1160 Gable Terrace Jonesboro GA LLC | 1160 Gable Terrace, Jonesboro, GA 30236 | |
Landa App LLC - 1201 Kilrush Drive Mableton GA LLC | 1201 Kilrush Drive, Mableton, GA 30126 | |
Landa App LLC - 124 Libby Lane Jonesboro GA LLC | 124 Libby Lane, Jonesboro, GA 30238 | |
Landa App LLC - 1320 Winona Avenue Griffin GA LLC | 1320 Winona Avenue, Griffin, GA 30223 | |
Landa App LLC - 137 Southern Shores Road Jackson GA LLC | 137 Southern Shores Road, Jackson, GA 30233 | |
Landa App LLC - 138 Sandalwood Circle Lawrenceville GA LLC | 138 Sandalwood Circle, Lawrenceville, GA 30046 | |
Landa App LLC - 140 High Ridge Road Covington GA LLC | 140 High Ridge Road, Covington, GA 30014 | |
Landa App LLC - 146 Crystal Brook Griffin GA LLC | 146 Crystal Brook, Griffin, GA 30223 | |
Landa App LLC - 153 Cliffside Court Riverdale GA LLC | 153 Cliffside Court, Riverdale, GA 30274 | |
Landa App LLC - 1666 West Poplar Street Griffin GA LLC | 1666 West Poplar Street, Griffin, GA 30224 | |
Landa App LLC - 168 Brookview Drive Riverdale GA LLC | 168 Brookview Drive, Riverdale, GA 30274 | |
Landa App LLC - 1689 Viceroy Way Riverdale GA LLC | 1689 Viceroy Way, Riverdale, GA 30296 | |
Landa App LLC - 181 Watercress Court Stockbridge GA LLC | 181 Watercress Court, Stockbridge, GA 30281 | |
Landa App LLC - 188 Timberline Road Jackson GA LLC | 188 Timberline Road, Jackson, GA 30233 | |
Landa App LLC - 189 Shenandoah Drive Riverdale GA LLC | 189 Shenandoah Drive, Riverdale, GA 30274 | |
Landa App LLC - 195 Hunters Trace Covington GA LKC | 195 Hunters Trace, Covington, GA 30014 | |
Landa App LLC - 196 Montego Circle Riverdale GA LLC | 196 Montego Circle, Riverdale, GA 30274 | |
Landa App LLC - 20 Chimney Smoke Drive Stockbridge GA LLC | 20 Chimney Smoke Drive, Stockbridge, GA 30281 | |
Landa App LLC - 212 Fleeta Drive Covington GA LLC | 212 Fleeta Drive, Covington, GA 30016 | |
Landa App LLC - 217 Glenloch Court Stockbridge GA LLC | 217 Glenloch Court, Stockbridge, GA 30281 | |
Landa App LLC - 2264 Chestnut Hill Circle Decatur GA LLC | 2264 Chestnut Hill Circle, Decatur, GA 30032 | |
Landa App LLC - 2425 Cornell Circle McDonough GA LLC | 2425 Cornell Circle, McDonough, GA 30253 | |
Landa App LLC - 25 Pleasant Valley Road McDonough GA LLC | 25 Pleasant Valley Road, McDonough, GA 30253 | |
Landa App LLC - 253 Marco Drive Social Circle GA LLC | 253 Marco Drive, Social Circle, GA 30025 | |
Landa App LLC - 258 Rocky Point Road Covington GA LLC | 258 Rocky Point Road, Covington, GA 30016 |
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Landa App LLC - 268 Brookview Drive Riverdale GA LLC | 268 Brookview Drive, Riverdale, GA 30274 | |
Landa App LLC - 270 Mountain Lane Covington GA LLC | 270 Mountain Lane, Covington, GA 30016 | |
Landa App LLC - 270 Pleasant Hills Drive Covington GA LLC | 270 Pleasant Hills Drive, Covington, GA 30016 | |
Landa App LLC - 2813 Vicksburg Court Decatur GA LLC | 2813 Vicksburg Court, Decatur, GA 30034 | |
Landa App LLC - 2933 Coffer Drive Ellenwood GA LLC | 2933 Coffer Drive, Ellenwood, GA 30294 | |
Landa App LLC - 30 High Ridge Road Covington GA LLC | 30 High Ridge Road, Covington, GA 30014 | |
Landa App LLC - 30 Roosevelt Road Covington GA LLC | 30 Roosevelt Road, Covington, GA 30016 | |
Landa App LLC - 3011 Raintree Drive SE Conyers GA LLC | 3011 Raintree Drive SE, Conyers, GA 30013 | |
Landa App LLC - 3043 Highway 81 S Covington GA LLC | 3043 Highway 81 S, Covington, GA 30016 | |
Landa App LLC - 313 Blue Heron Drive Jonesboro GA LLC | 313 Blue Heron Drive, Jonesboro, GA 30236 | |
Landa App LLC - 3202 Chippewa Drive Rex GA LLC | 3202 Chippewa Drive, Rex, GA 30273 | |
Landa App LLC - 35 Clay Court Covington GA LLC | 35 Clay Court, Covington, GA 30016 | |
Landa App LLC - 350 Cadiz Lane S College Park GA LLC | 350 Cadiz Lane S, College Park, GA 30349 | |
Landa App LLC - 351 Wesley Park Drive Jonesboro GA LLC | 351 Wesley Park Drive, Jonesboro, GA 30238 | |
Landa App LLC - 3667 Patti Parkway Decatur GA LLC | 3667 Patti Parkway, Decatur, GA 30034 | |
Landa App LLC - 412 Kendall Lane McDonough GA LLC | 412 Kendall Lane, McDonough, GA 30253 | |
Landa App LLC - 43 Darwin Drive Jonesboro GA LLC | 43 Darwin Drive, Jonesboro, GA 30238 | |
Landa App LLC - 45 Blue Jay Drive Covington GA LLC | 45 Blue Jay Drive, Covington, GA 30016 | |
Landa App LLC - 45 Laurel Way Covington GA LLC | 45 Laurel Way, Covington, GA 30016 | |
Landa App LLC - 4702 Saint James Way Decatur GA LLC | 4702 Saint James Way, Decatur, GA 30035 | |
Landa App LLC - 4732 Pinedale Drive Forest Park GA LLC | 4732 Pinedale Drive, Forest Park, GA 30297 | |
Landa App LLC - 5040 Huntshire Lane Lilburn GA LLC | 5040 Huntshire Lane, Lilburn, GA 30047 | |
Landa App LLC - 513 Jarrett Court McDonough GA LLC | 513 Jarrett Court, McDonough, GA 30253 | |
Landa App LLC - 5143 Pinecrest Drive SW Covington GA LLC | 5143 Pinecrest Drive SW, Covington, GA 30014 | |
Landa App LLC - 540 Cowan Road Covington GA LLC | 540 Cowan Road, Covington, GA 30016 | |
Landa App LLC - 5411 Rocky Pine Drive Lithonia GA LLC | 5411 Rocky Pine Drive, Lithonia, GA 30038 | |
Landa App LLC - 550 Cowan Road Covington GA LLC | 550 Cowan Road, Covington, GA 30016 | |
Landa App LLC - 5581 Fox Glen Circle Lithonia GA LLC | 5581 Fox Glen Circle, Lithonia, GA 30038 | |
Landa App LLC - 565 Mountainview Drive Covington GA LLC | 565 Mountainview Drive, Covington, GA 30016 | |
Landa App LLC - 5801 Strathmoor Manor Circle Lithonia GA LLC | 5801 Strathmoor Manor Circle, Lithonia, GA 30058 | |
Landa App LLC - 6107 Shadow Glen Court Covington GA LLC | 6107 Shadow Glen Court, Covington, GA 30014 | |
Landa App LLC - 6111-6113 Pine Glen Circle SW Covington GA LLC | 6111-6113 Pine Glen Circle SW, Covington, GA 30014 | |
Landa App LLC - 615 Barshay Drive Covington GA LLC | 615 Barshay Drive, Covington, GA 30016 | |
Landa App LLC - 6168 Wheat Street NE Covington GA LLC | 6168 Wheat Street NE, Covington, GA 30014 | |
Landa App LLC - 6178 Green Acres Drive SW Covington GA LLC | 6178 Green Acres Drive SW, Covington, GA 30014 | |
Landa App LLC - 6404 Walnut Way Union City GA LLC | 6404 Walnut Way, Union City, GA 30291 |
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Landa App LLC - 643 Sycamore Drive Jonesboro GA LLC | 643 Sycamore Drive, Jonesboro, GA 30238 | |
Landa App LLC - 65 Freedom Court Covington GA LLC | 65 Freedom Court, Covington, GA 30016 | |
Landa App LLC - 6635 Kimberly Mill Road College Park GA LLC | 6635 Kimberly Mill Road, College Park, GA 30349 | |
Landa App LLC - 6653 Bedford Road Rex GA LLC | 6653 Bedford Road, Rex, GA 30273 | |
Landa App LLC - 6762 Bent Creek Drive Rex GA LLC | 6762 Bent Creek Drive, Rex, GA 30273 | |
Landa App LLC - 709 Georgetown Court Jonesboro GA LLC | 709 Georgetown Court, Jonesboro, GA 30236 | |
Landa App LLC - 7107 Geiger Street NW Covington GA LLC | 7107 Geiger Street NW Covington GA 30016 | |
Landa App LLC - 750 Georgetown Court Jonesboro GA LLC | 750 Georgetown Court, Jonesboro ,GA 30236 | |
Landa App LLC - 752 Chestnut Drive Jackson GA LLC | 752 Chestnut Drive, Jackson, GA 30233 | |
Landa App LLC - 773 Villa Way Jonesboro GA LLC | 773 Villa Way, Jonesboro, GA 30238 | |
Landa App LLC - 7781 Mountain Creek Way Douglasville GA LLC | 7781 Mountain Creek Way, Douglasville, GA 30134 | |
Landa App LLC - 7950 Woodlake Drive Riverdale GA LLC | 7950 Woodlake Drive, Riverdale, GA 30274 | |
Landa App LLC - 80 High Ridge Road Covington GA LLC | 80 High Ridge Road, Covington, GA 30014 | |
Landa App LLC - 808 Hillandale Lane Lithonia GA LLC | 808 Hillandale Lane, Lithonia, GA 30058 | |
Landa App LLC - 8110 Devonshire Drive Jonesboro GA LLC | 8110 Devonshire Drive, Jonesboro, GA 30238 | |
Landa App LLC - 8121 Spillers Drive SW Covington GA LLC | 8121 Spillers Drive SW, Covington, GA 30014 | |
Landa App LLC - 8233 Creekline Court Riverdale GA LLC | 8233 Creekline Court, Riverdale, GA 30274 | |
Landa App LLC - 843 Tramore Drive Stockbridge GA LLC | 843 Tramore Drive, Stockbridge, GA 30281 | |
Landa App LLC - 85 Kirkland Court Covington GA LLC | 85 Kirkland Court, Covington, GA 30016 | |
Landa App LLC - 85 Thorn Thicket Way Rockmart GA LLC | 85 Thorn Thicket Way, Rockmart, GA 30153 | |
Landa App LLC - 8855 Rugby Court Jonesboro GA LLC | 8855 Rugby Court, Jonesboro, GA 30238 | |
Landa App LLC - 9434 Cedar Creek Place Douglasville GA LLC | 9434 Cedar Creek Place, Douglasville, GA 30135 | |
Landa App LLC - 9597 Pintail Trail Jonesboro GA LLC | 9597 Pintail Trail, Jonesboro, GA 30238 |
(1) | Each Series herein is also referred to below in shortened form as “Landa Series” followed by its street address only. |
(2) | This Series withdrew its offering and did not sell any of its Shares. |
The Company, through each Series, commenced operations on July 10, 2020 (Inception).
6
The tables below provide information with respect to recent developments of the Series including dividend payments, lease renewals, vacancies and defaults following the date of the Company’s most recent Offering Circular, which can be found here. These recent developments are incorporated by reference to their respective hyperlinked Form 1-U filed by the Company and incorporated herein by reference.
Form 1-U | Subject | |||||
Filing Date and hyperlink | Leasing Status | Distributions | Other | |||
04/05/2023 | - | X | - | |||
04/05/2023 | X | - | - | |||
04/05/2023 | - | - | Transfer of Title | |||
04/27/2023 | - | - | Promissory Notes | |||
05/04/2023 | - | - | Refinance Notes; Transfer of Title | |||
05/05/2023 | - | X | - | |||
05/05/2023 | - | - | Promissory Notes | |||
05/26/2023 | - | - | Officer Departure | |||
06/09/2023 | - | X | - | |||
06/13/2023 | - | - | Refinance Notes; Transfer of Title | |||
06/16/2023 | - | X | - | |||
07/07/2023 | - | - | Refinance Note; Transfer of Title | |||
07/07/2023 | - | X | - | |||
07/11/2023 | X | - | - | |||
07/20/2023 | - | - | Refinance Notes; Transfer of Title; Property Insurance Expiration | |||
07/26/2023 | - | - | Transfer of Title | |||
08/04/2023 | - | X | - | |||
08/04/2023 | - | X | - | |||
08/22/2023 | - | - | Refinance Notes; Transfer of Title; Property Insurance Expiration | |||
09/12/2023 | - | - | Refinance Notes; Transfer of Title; Property Insurance Expiration; Board Member Resignation | |||
09/13/2023 | - | X | - | |||
09/22/2023 | - | - | Refinance Notes; Transfer of Title |
From the period July 1, 2023 to September 28, 2023, the following Series have acquired title to their respective Properties from Landa Properties LLC and have thus commenced operations:
Series | Address | Acquisition Date | ||
Landa App LLC - 157 Wells Road Jenkinsburg GA LLC | 157 Wells Road, Jenkinsburg, Georgia 30234 | 07/20/23 | ||
Landa App LLC - 1445 Maple Valley Court Union City GA LLC | 1445 Maple Valley Court, Union City, Georgia, 30291 | 07/25/23 | ||
Landa App LLC - 8658 Ashley Way Douglasville GA LLC | 8658 Ashley Way, Douglasville, Georgia 30134 | 08/18/23 | ||
Landa App LLC - 1683 Spoonbill Road Hampton GA LLC | 1683 Spoonbill Road, Hampton, GA 30238 | 09/01/23 | ||
Landa App LLC - 2443 Hodges Farm Road Mansfield GA LLC | 2443 Hodges Farm Road, Mansfield, GA 30055 | 09/01/23 | ||
Landa App LLC - 6710 Sunset Hills Boulevard Rex GA LLC | 6710 Sunset Hills Boulevard, Rex, GA 30273 | 09/01/23 | ||
Landa App LLC - 773 Villa Way Jonesboro GA LLC | 773 Villa Way, Jonesboro, GA 30238 | 09/01/23 | ||
Landa App LLC - 70 Shenandoah Lane Covington GA LLC | 70 Shenandoah Lane, Covington, GA 30016 | 09/14/23 | ||
Landa App LLC - 195 Branchwood Drive Covington GA LLC | 195 Branchwood Drive, Covington, GA 30016 | 09/14/23 | ||
Landa App LLC - 6386 Forester Way Lithonia GA LLC | 6386 Forester Way, Lithonia, GA 30038 | 09/14/23 | ||
Landa App LLC - 440 Freestone Drive Newman GA LLC | 440 Freestone Drive, Newman, GA 30265 | 09/14/23 | ||
Landa App LLC - 5329 Shirewick Lane Lithonia GA LLC | 5329 Shirewick Lane, Lithonia, GA 30058 | 09/14/23 | ||
Landa App LLC - 1903 Old Concord Drive SE Covington GA LLC | 1903 Old Concord Drive SE, Covington, GA 30016 | 09/14/23 | ||
Landa App LLC - 1000 Fox Valley Trail Stone Mountain GA LLC | 1000 Fox Valley Trail, Stone Mountain, GA 30088 | 09/14/23 | ||
Landa App LLC - 1443 Pebble Ridge Lane Hampton GA LLC | 1443 Pebble Ridge Lane, Hampton, GA 30228 | 09/14/23 | ||
Landa App LLC - 141 Longstreet Circle Oxford GA LLC | 141 Longstreet Circle, Oxford, GA 30054 | 09/14/23 |
7
Market Outlook—Real Estate Finance Markets
While the ongoing impact of COVID-19 has created uncertainty about the overall stability of the economic and financial market, we remain encouraged by the fundamentals of the residential housing market and believe there will be an increased demand for residential rental properties, including single-family homes and duplexes. As we look ahead the next three years, we believe improving fundamentals, transactions, and residential real estate lending activities will continue to strengthen in core United States metro markets. We also expect high foreign direct investment in United States markets and real estate assets to continue. Further, the assistance provided by governmental support programs and commitments is expected to support U.S. capital markets over the immediate future.
If markets continue to strengthen, the competition for risk-adjusted yield will become increasingly fierce. We believe that innovative funding options and quicker closing timelines from the Manager allow for greater financing availability in a period of rising competition amongst capital providers.
However, risks related to inflation, interest rate hikes and regulatory uncertainty could adversely affect growth and the values of our investments. In the event market fundamentals deteriorate, our real estate portfolio may be impaired as a result of lower occupancy, lower rental rates, and/or declining values. Further, these circumstances may materially impact the cost and availability of credit to borrowers, hampering the ability of the Manager to acquire new investments with attractive risk-reward dynamics.
Over the short term, we remain cautiously optimistic about the opportunity to acquire investments offering attractive risk-adjusted returns in our targeted investment markets. However, we recognize disruptions in financial markets can occur at any time. By targeting modest leverage and short target investment durations, we believe we will remain well positioned, as compared to our competitors, in the event current market dynamics deteriorate.
Recently, the US experienced the fastest increase in prices since 1981, leading to inflation exceeding nine percent (9%) in June 2022 and six and a half percent (6.5%) in December 2022, according to the U.S. Bureau of Labor Statistics. In response, the Federal Reserve raised interest rates by the largest amount since 1994, ending a near four-decade trend of falling, near-zero interest rates. This shift in interest rates drove mortgage rates to their highest levels in nearly 14 years. We believe that the net result of these increases in interest rates further deter home purchase activity generally, but particularly among millennials who are more likely to require debt, which ultimately may lead to an increase in demand for rentals.
Rising inflation may adversely affect a Series by increasing costs of goods, materials, labor, and fuel, which may increase such Series’ operating expenses. In addition, higher interest rates, may make it difficult or expensive for a Series to refinance any outstanding indebtedness, including the Acquisition Notes (as defined in the Offering Circular), with a new mortgage or other debt financing. As of the date of this Offering Circular, neither the Company nor any of the Series has been materially impacted by inflationary pressures or rising interest rates. The Manager will continue to monitor and assess economic conditions, and intends to take reasonable steps to mitigate any impact on a Series and/or its underlying Property, or the Company in general.
Impact of the COVID-19 Coronavirus Pandemic
The international spread of COVID-19 was declared a global pandemic by the World Health Organization on March 11, 2020. The extent to which this pandemic could continue to affect our financial condition, liquidity, and results of operations is difficult to predict and depends on evolving factors, including, but not limited to, duration, scope, government actions, and other social responses. Beginning in March 2020, many states in the U.S., including Georgia, where our current Properties are located, implemented stay-at-home and shutdown orders for all “non-essential” business and activity in an aggressive effort to mitigate the spread of COVID-19. These orders have continued to evolve resulting in a full or partial lifting of these restrictions at various points over the past two years. Vaccinations for the COVID-19 virus have been widely distributed among the general U.S. population which has resulted in a loosening of previously mandated restrictions. However, the potential emergence of vaccine-resistant variants of COVID-19 could trigger restrictions to be put back in place. Such restrictions may include mandatory business shut-downs, reduced business operations and social distancing requirements.
The pandemic’s duration and severity and the extent of the adverse health impact on the general population and on the local population where our Properties are and will be located are unknown. These, among other items, will likely impact the economy, the unemployment rate and our operations, and could materially affect our future combined results of operations, financial condition, liquidity, investments and overall performance. In addition, our business may be affected by our ability to hire and/or maintain adequate staffing and by disruption in the supply chain for building, construction and related goods and materials. For more information, please see the section entitled “Risk Factors – The COVID-19 pandemic may adversely affect our business” of our Offering Circular, which is incorporated herein by reference.
8
Results of Operations
The following table sets forth key components of our results of operations for the six months ended June 30, 2023 and 2022.
Six months ended June 30, | ||||||||
Category | 2023 | 2022 | ||||||
Rental Income | $ | 457,852 | $ | 253,134 | ||||
Management Fee | 36,273 | 20,098 | ||||||
Professional fees | 4,414 | - | ||||||
Repairs and Maintenance | 98,246 | 26,947 | ||||||
Utilities | 2,156 | - | ||||||
Homeowners Association Fee | 11,143 | 7,737 | ||||||
Insurance Expense | 16,676 | 8,191 | ||||||
Real Estate Taxes | 72,524 | 30,079 | ||||||
Depreciation | 201,981 | 79,318 | ||||||
Interest Expense | 479,489 | 79,602 | ||||||
Net Operating Income (Loss) before income taxes | (465,050 | ) | 1,162 | |||||
Gain on Sale of Real Estate | 62,013 | 142,750 | ||||||
Provision for income taxes | (1,530 | ) | (28,720 | ) | ||||
Net Income/(Loss) | $ | (404,567 | ) | $ | 115,192 |
Revenues
Revenues are generated at the Series level. Each Series generates revenue through rental income earned from its underlying Property. Rental revenues consist of rental amounts collected under the lease agreements related to each Series’ Property, net of any concessions and uncollectible amounts. Each Series enters into a lease agreement with its tenants. We expect each lease agreement to have a term of one year, and in certain cases may extend to a month-to-month lease, and we expect to enter into new lease agreements with one-year terms as well.
The Series generated rental revenues for the six months ended June 30, 2023 and June 30, 2022, of $457,852 and $253,134, respectively. The following table summarizes the rental income by Series:
For the six months ended June 30, | ||||||||
Series | 2023 | 2022 | ||||||
Landa Series 115 Sardis Street | $ | 1,786 | $ | 5,822 | ||||
Landa Series 1394 Oakview Circle | 5,127 | 4,883 | ||||||
Landa Series 1701 Summerwoods Lane | 3,037 | 3,990 | ||||||
Landa Series 1741 Park Lane | 2,398 | 3,273 | ||||||
Landa Series 209 Timber Wolf Trail | 1,275 | 4,650 | ||||||
Landa Series 2505 Oak Circle | 3,875 | 7,500 | ||||||
Landa Series 271 Timber Wolf Trail | - | 6,284 | ||||||
Landa Series 29 Holly Grove Road | 4,548 | 4,331 | ||||||
Landa Series 10167 Port Royal Court | 6,615 | 6,063 | ||||||
Landa Series 1246 Elgin Way | 7,741 | 7,232 | ||||||
Landa Series 1703 Summerwoods Lane | 6,234 | 5,723 | ||||||
Landa Series 1712 Summerwoods Lane | 2,180 | 5,305 | ||||||
Landa Series 1743 Summerwoods Lane | 7,260 | 5,953 | ||||||
Landa Series 1750 Summerwoods Lane | 7,079 | 5,347 | ||||||
Landa Series 1910 Grove Way | 702 | 2,203 | ||||||
Landa Series 4267 High Park Lane | 975 | 6,972 | ||||||
Landa Series 4474 Highwood Park Drive | 7,380 | 6,721 | ||||||
Landa Series 593 Country Lane Drive | 6,221 | 5,705 | ||||||
Landa Series 6436 Stone Terrace | 6,300 | 5,974 | ||||||
Landa Series 6440 Woodstone Terrace | 3,238 | 6,462 | ||||||
Landa Series 6848 Sandy Creek Drive | 5,763 | 6,894 | ||||||
Landa Series 687 Utoy Court | 6,012 | 5,532 | ||||||
Landa Series 729 Winter Lane | 2,046 | 4,001 | ||||||
Landa Series 7349 Exeter Court | 6,977 | 6,301 | ||||||
Landa Series 8569 Creekwood Way | - | 4,820 |
9
Landa Series 8641 Ashley Way | 6,655 | 5,755 | ||||||
Landa Series 8645 Embrey Drive | 7,800 | 6,366 | ||||||
Landa Series 8651 Ashley Way | 6,563 | 5,869 | ||||||
Landa Series 8652 Ashley Way | 6,600 | 4,416 | ||||||
Landa Series 8653 Ashley Way | 6,655 | 5,516 | ||||||
Landa Series 8654 Ashley Way | 6,615 | 6,063 | ||||||
Landa Series 8655 Ashley Way | 6,600 | 5,485 | ||||||
Landa Series 8659 Ashley Way | 8,375 | 4,297 | ||||||
Landa Series 8662 Ashley Way | 5,850 | 5,630 | ||||||
Landa Series 8668 Ashley Way | 6,900 | 5,919 | ||||||
Landa Series 8670 Ashley Way | 6,510 | 5,774 | ||||||
Landa Series 8674 Ashley Way | 3,185 | 6,352 | ||||||
Landa Series 8675 Ashley Way | 6,820 | 4,535 | ||||||
Landa Series 8677 Ashley Way | 6,710 | 6,063 | ||||||
Landa Series 8678 Ashley Way | 6,710 | 5,341 | ||||||
Landa Series 8679 Ashley Way | 6,344 | 5,774 | ||||||
Landa Series 8683 Ashley Way | 5,119 | 5,728 | ||||||
Landa Series 8780 Churchill Place | 3,377 | 7,275 | ||||||
Landa Series 8796 Parliament Place | 8,100 | 6,063 | ||||||
Landa Series 9439 Lakeview Road | 8,400 | 6,972 | ||||||
Landa Series 1007 Leeward Way | 117 | - | ||||||
Landa Series 10121 Morris Drive SW | 3,360 | - | ||||||
Landa Series 10183 Starr Street SW | 2,776 | - | ||||||
Landa Series 103 Starlake Drive | 2,635 | - | ||||||
Landa Series 10433 Candlelight Road | - | - | ||||||
Landa Series 107 Oakwood Circle | 1,005 | - | ||||||
Landa Series 110 Shenandoah Drive | 2,730 | - | ||||||
Landa Series 111 Fir Drive | 2,625 | - | ||||||
Landa Series 112 Ridge Street | 1,950 | - | ||||||
Landa Series 11322 Michelle Way | 2,889 | - | ||||||
Landa Series 1147 Village Way | 3,203 | - | ||||||
Landa Series 1160 Gable Terrace | 3,587 | - | ||||||
Landa Series 1201 Kilrush Drive | 5,078 | - | ||||||
Landa Series 124 Libby Lane | - | - | ||||||
Landa Series 1320 Winona Avenue | - | - | ||||||
Landa Series 137 Southern Shores Road | 2,548 | - | ||||||
Landa Series 138 Sandalwood Circle | 3,570 | - | ||||||
Landa Series 140 High Ridge Road | 3,045 | - | ||||||
Landa Series 146 Crystal Brook | 2,756 | - | ||||||
Landa Series 153 Cliffside Court | 2,100 | - | ||||||
Landa Series 1666 West Poplar Street | 2,474 | - | ||||||
Landa Series 168 Brookview Drive | - | - | ||||||
Landa Series 1689 Viceroy Way | 3,415 | - | ||||||
Landa Series 181 Watercress Court | 3,360 | - | ||||||
Landa Series 188 Timberline Road | - | - |
10
Landa Series 189 Shenandoah Drive | 2,954 | - | ||||||
Landa Series 195 Hunters Trace | 3,696 | - | ||||||
Landa Series 196 Montego Circle | 2,924 | - | ||||||
Landa Series 20 Chimney Smoke Drive | 1,835 | - | ||||||
Landa Series 212 Fleeta Drive | 638 | - | ||||||
Landa Series 217 Glenloch Court | 3,715 | - | ||||||
Landa Series 2264 Chestnut Hill Circle | - | - | ||||||
Landa Series 2425 Cornell Circle | 3,096 | - | ||||||
Landa Series 25 Pleasant Valley Road | 3,528 | - | ||||||
Landa Series 253 Marco Drive | 2,748 | - | ||||||
Landa Series 258 Rocky Point Road | 3,360 | - | ||||||
Landa Series 268 Brookview Drive | - | - | ||||||
Landa Series 270 Mountain Lane | 3,465 | - | ||||||
Landa Series 270 Pleasant Hills Drive | 3,579 | - | ||||||
Landa Series 2813 Vicksburg Court | 3,203 | - | ||||||
Landa Series 2933 Coffer Drive | 1,688 | - | ||||||
Landa Series 30 High Ridge Road | 3,674 | - | ||||||
Landa Series 30 Roosevelt Road | 1,788 | - | ||||||
Landa Series 3011 Raintree Drive SE | - | - | ||||||
Landa Series 3043 Highway 81 S | 899 | - | ||||||
Landa Series 313 Blue Heron Drive | 3,300 | - | ||||||
Landa Series 3202 Chippewa Drive | - | - | ||||||
Landa Series 35 Clay Court | 3,568 | - | ||||||
Landa Series 350 Cadiz Lane S | 1,675 | - | ||||||
Landa Series 351 Wesley Park Drive | 3,344 | - | ||||||
Landa Series 3667 Patti Parkway | 2,839 | - | ||||||
Landa Series 412 Kendall Lane | - | - | ||||||
Landa Series 43 Darwin Drive | - | - | ||||||
Landa Series 45 Blue Jay Drive | 3,674 | - | ||||||
Landa Series 45 Laurel Way | - | - | ||||||
Landa Series 4702 Saint James Way | 2,450 | - | ||||||
Landa Series 4732 Pinedale Drive | 2,690 | - | ||||||
Landa Series 5040 Huntshire Lane | 5,548 | - | ||||||
Landa Series 513 Jarrett Court | 3,358 | - | ||||||
Landa Series 5143 Pinecrest Drive SW | 2,589 | - | ||||||
Landa Series 540 Cowan Road | 3,515 | - | ||||||
Landa Series 5411 Rocky Pine Drive | 2,119 | - | ||||||
Landa Series 550 Cowan Road | 2,094 | - | ||||||
Landa Series 5581 Fox Glen Circle | 3,229 | - | ||||||
Landa Series 565 Mountainview Drive | 3,518 | - | ||||||
Landa Series 5801 Strathmoor Manor Circle | 3,318 | - |
11
Landa Series 6107 Shadow Glen Court | 2,586 | - | ||||||
Landa Series 6111-6113 Pine Glen Circle SW | 2,640 | - | ||||||
Landa Series 615 Barshay Drive | 161 | - | ||||||
Landa Series 6168 Wheat Street NE | - | - | ||||||
Landa Series 6178 Green Acres Drive SW | 3,220 | - | ||||||
Landa Series 6404 Walnut Way | 2,937 | - | ||||||
Landa Series 643 Sycamore Drive | 3,224 | - | ||||||
Landa Series 65 Freedom Court | 3,385 | - | ||||||
Landa Series 6635 Kimberly Mill Road | - | - | ||||||
Landa Series 6653 Bedford Road | 3,098 | - | ||||||
Landa Series 6762 Bent Creek Drive | 3,350 | - | ||||||
Landa Series 709 Georgetown Court | 3,570 | - | ||||||
Landa Series 7107 Geiger Street NW | 2,415 | - | ||||||
Landa Series 750 Georgetown Court | 2,513 | - | ||||||
Landa Series 752 Chestnut Drive | 2,027 | - | ||||||
Landa Series 773 Villa Way | - | - | ||||||
Landa Series 7781 Mountain Creek Way | - | - | ||||||
Landa Series 7950 Woodlake Drive | 2,882 | - | ||||||
Landa Series 80 High Ridge Road | 1,810 | - | ||||||
Landa Series 808 Hillandale Lane | 3,389 | - | ||||||
Landa Series 8110 Devonshire Drive | 3,407 | - | ||||||
Landa Series 8121 Spillers Drive SW | 2,688 | - | ||||||
Landa Series 8233 Creekline Court | 700 | - | ||||||
Landa Series 843 Tramore Drive | 5,430 | - | ||||||
Landa Series 85 Kirkland Court | - | - | ||||||
Landa Series 85 Thorn Thicket Way | 2,772 | - | ||||||
Landa Series 8855 Rugby Court | 3,094 | - | ||||||
Landa Series 9434 Cedar Creek Place | 3,150 | - | ||||||
Landa Series 9597 Pintail Trail | 3,906 | - | ||||||
Total Combined Rental Income | $ | 457,852 | $ | 253,134 |
Operating Expenses
The Operating Expenses incurred by each Series prior to such Series acquiring title to its underlying Property from Landa Properties are paid by the Manager. For more information about the Operating Expenses of the Series and the Properties, please see “Description of our Business – Operating Expenses” of our Offering Circular, which can be found here and is incorporated herein by reference.
Each Series is responsible for its own Operating Expenses after acquiring title to its underlying Property. If the Operating Expenses exceed the amount of revenues generated from a Series and cannot be covered by any Reserves of such Series, the Manager may (a) pay such Operating Expenses and seek reimbursement and/or (b) loan the amount of the Operating Expenses to the applicable Series and be entitled to reimbursement of such amount from future revenues generated by such Series. In the case that the Manager provides a loan to a Series, the Series will be obligated to pay interest on that loan at a rate to be determined solely by the Manager, but which will be no greater than 7%.
12
For the six months ended June 30, 2023 and June 30, 2022, the Series in the aggregate incurred $922,902 and $251,972, respectively, in Operating Expenses (on a total combined basis). The increase in expenses is primarily due to the addition of new Series.
The following table summarizes the Operating Expenses by category:
For the six months ended June 30, | ||||||||
Series | 2023 | 2022 | ||||||
Management fee | $ | 36,273 | $ | 20,098 | ||||
Professional fees | 4,414 | - | ||||||
Repairs & maintenance | 98,246 | 26,947 | ||||||
Utilities | 2,156 | - | ||||||
HOA fee | 11,143 | 7,737 | ||||||
Insurance | 16,676 | 8,191 | ||||||
Real estate taxes | 72,524 | 30,079 | ||||||
Depreciation expense | 201,981 | 79,318 | ||||||
Interest expense | 479,489 | 79,602 | ||||||
Total Operating Expenses | $ | 922,902 | $ | 251,972 |
The following table summarizes the Operating Expenses for each Series:
For the six months ended June 30, | ||||||||
Series | 2023 | 2022 | ||||||
Landa Series 115 Sardis Street (1) | $ | 3,866 | $ | 4,628 | ||||
Landa Series 1394 Oakview Circle | 3,799 | 3,547 | ||||||
Landa Series 1701 Summerwoods Lane (9) | 7,766 | 3,139 | ||||||
Landa Series 1741 Park Lane (9) | 6,979 | 3,294 | ||||||
Landa Series 209 Timber Wolf Trail (2) | 5,340 | 4,357 | ||||||
Landa Series 2505 Oak Circle (3) | 17,335 | 4,760 | ||||||
Landa Series 271 Timber Wolf Trail (4) | 3,758 | 4,644 | ||||||
Landa Series 29 Holly Grove Road | 5,189 | 4,694 | ||||||
Landa Series 1703 Summerwoods Lane | 5,649 | 5,287 | ||||||
Landa Series 1712 Summerwoods Lane | 6,656 | 5,025 | ||||||
Landa Series 1743 Summerwoods Lane | 8,963 | 5,293 | ||||||
Landa Series 1750 Summerwoods Lane | 5,009 | 5,322 | ||||||
Landa Series 4267 High Park Lane | 6,175 | 8,133 | ||||||
Landa Series 4474 Highwood Park Drive | 5,811 | 8,435 | ||||||
Landa Series 8569 Creekwood Way | 5,888 | 4,173 | ||||||
Landa Series 9439 Lakeview Road | 7,974 | 9,707 | ||||||
Landa Series 10167 Port Royal Court | 7,332 | 5,015 | ||||||
Landa Series 1246 Elgin Way | 5,260 | 5,915 | ||||||
Landa Series 1910 Grove Way | 4,752 | 11,718 | ||||||
Landa Series 593 Country Lane Drive | 3,874 | 4,656 | ||||||
Landa Series 6436 Stone Terrace | 5,518 | 4,321 | ||||||
Landa Series 6440 Woodstone Terrace | 7,845 | 10,199 | ||||||
Landa Series 6848 Sandy Creek Drive | 5,450 | 5,872 | ||||||
Landa Series 687 Utoy Court | 5,599 | 8,455 | ||||||
Landa Series 729 Winter Lane | 4,072 | 6,393 | ||||||
Landa Series 7349 Exeter Court | 6,588 | 4,805 | ||||||
Landa Series 8645 Embrey Drive | 6,464 | 5,310 | ||||||
Landa Series 8780 Churchill Place | 6,921 | 6,198 | ||||||
Landa Series 8796 Parliament Place | 5,840 | 4,885 | ||||||
Landa Series 8641 Ashley Way | 5,392 | 5,699 | ||||||
Landa Series 8651 Ashley Way | 6,127 | 4,714 |
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Landa Series 8652 Ashley Way | 5,634 | 4,924 | ||||||
Landa Series 8653 Ashley Way | 6,215 | 4,652 | ||||||
Landa Series 8654 Ashley Way | 6,135 | 5,349 | ||||||
Landa Series 8655 Ashley Way | 6,882 | 4,703 | ||||||
Landa Series 8659 Ashley Way | 6,766 | 5,039 | ||||||
Landa Series 8662 Ashley Way | 6,511 | 5,234 | ||||||
Landa Series 8668 Ashley Way | 6,166 | 5,778 | ||||||
Landa Series 8670 Ashley Way | 5,718 | 5,717 | ||||||
Landa Series 8674 Ashley Way | 7,078 | 5,365 | ||||||
Landa Series 8675 Ashley Way | 6,360 | 5,604 | ||||||
Landa Series 8677 Ashley Way | 5,623 | 4,829 | ||||||
Landa Series 8678 Ashley Way | 10,094 | 6,098 | ||||||
Landa Series 8679 Ashley Way | 5,745 | 5,246 | ||||||
Landa Series 8683 Ashley Way | 8,601 | 4,841 | ||||||
Landa Series 1007 Leeward Way (6) | 174 | - | ||||||
Landa Series 10121 Morris Drive SW (5) | 6,076 | - | ||||||
Landa Series 10183 Starr Street SW (5) | 6,657 | - | ||||||
Landa Series 103 Starlake Drive (5) | 5,937 | - | ||||||
Landa Series 10433 Candlelight Road (5) | 10,009 | - | ||||||
Landa Series 107 Oakwood Circle (7) | 1,234 | - | ||||||
Landa Series 110 Shenandoah Drive (5) | 7,561 | - | ||||||
Landa Series 111 Fir Drive (5) | 5,679 | - | ||||||
Landa Series 112 Ridge Street (5) | 7,145 | - | ||||||
Landa Series 11322 Michelle Way (5) | 5,854 | - | ||||||
Landa Series 1147 Village Way (5) | 7,220 | - | ||||||
Landa Series 1160 Gable Terrace (5) | 7,573 | - | ||||||
Landa Series 1201 Kilrush Drive (5) | 19,502 | - | ||||||
Landa Series 124 Libby Lane (5) | 5,903 | - | ||||||
Landa Series 1320 Winona Avenue (5) | 4,512 | - | ||||||
Landa Series 137 Southern Shores Road (5) | 5,797 | - | ||||||
Landa Series 138 Sandalwood Circle (5) | 6,455 | - | ||||||
Landa Series 140 High Ridge Road (5) | 6,520 | - | ||||||
Landa Series 146 Crystal Brook (5) | 5,338 | - | ||||||
Landa Series 153 Cliffside Court (5) | 3,912 | - | ||||||
Landa Series 1666 West Poplar Street (5) | 6,644 | - | ||||||
Landa Series 168 Brookview Drive (5) | 2,631 | - | ||||||
Landa Series 1689 Viceroy Way (5) | 7,312 | - | ||||||
Landa Series 181 Watercress Court (5) | 6,084 | - | ||||||
Landa Series 188 Timberline Road (5) | 2,906 | - | ||||||
Landa Series 189 Shenandoah Drive (5) | 5,891 | - | ||||||
Landa Series 195 Hunters Trace (5) | 7,150 | - | ||||||
Landa Series 196 Montego Circle (5) | 7,330 | - | ||||||
Landa Series 20 Chimney Smoke Drive (8) | 4,914 | - | ||||||
Landa Series 212 Fleeta Drive (5) | 5,655 | - | ||||||
Landa Series 217 Glenloch Court (5) | 8,019 | - | ||||||
Landa Series 2264 Chestnut Hill Circle (5) | 8,827 | - | ||||||
Landa Series 2425 Cornell Circle (8) | 5,735 | - | ||||||
Landa Series 25 Pleasant Valley Road (5) | 10,682 | - | ||||||
Landa Series 253 Marco Drive (5) | 5,484 | - | ||||||
Landa Series 258 Rocky Point Road (5) | 7,299 | - | ||||||
Landa Series 268 Brookview Drive (5) | 5,771 | - | ||||||
Landa Series 270 Mountain Lane (5) | 7,117 | - | ||||||
Landa Series 270 Pleasant Hills Drive (5) | 6,853 | - | ||||||
Landa Series 2813 Vicksburg Court (5) | 8,165 | - |
14
Landa Series 2933 Coffer Drive (5) | 6,493 | - | ||||||
Landa Series 30 High Ridge Road (5) | 7,182 | - | ||||||
Landa Series 30 Roosevelt Road (5) | 6,671 | - | ||||||
Landa Series 3011 Raintree Drive SE (5) | 7,275 | - | ||||||
Landa Series 3043 Highway 81 S (5) | 12,558 | - | ||||||
Landa Series 313 Blue Heron Drive (5) | 6,996 | - | ||||||
Landa Series 3202 Chippewa Drive (5) | 6,382 | - | ||||||
Landa Series 35 Clay Court (5) | 7,191 | - | ||||||
Landa Series 350 Cadiz Lane S (5) | 6,410 | - | ||||||
Landa Series 351 Wesley Park Drive (5) | 7,753 | - | ||||||
Landa Series 3667 Patti Parkway (8) | 6,467 | - | ||||||
Landa Series 412 Kendall Lane (8) | 6,237 | - | ||||||
Landa Series 43 Darwin Drive (5) | 5,776 | - | ||||||
Landa Series 45 Blue Jay Drive (5) | 9,405 | - | ||||||
Landa Series 45 Laurel Way (8) | 4,618 | - | ||||||
Landa Series 4702 Saint James Way (5) | 11,392 | - | ||||||
Landa Series 4732 Pinedale Drive (5) | 5,437 | - | ||||||
Landa Series 5040 Huntshire Lane (5) | 11,896 | - | ||||||
Landa Series 513 Jarrett Court (5) | 10,229 | - | ||||||
Landa Series 5143 Pinecrest Drive SW (5) | 5,324 | - | ||||||
Landa Series 540 Cowan Road (5) | 7,176 | - | ||||||
Landa Series 5411 Rocky Pine Drive (8) | 5,145 | - | ||||||
Landa Series 550 Cowan Road (8) | 4,447 | - | ||||||
Landa Series 5581 Fox Glen Circle (8) | 7,562 | - | ||||||
Landa Series 565 Mountainview Drive (5) | 7,221 | - | ||||||
Landa Series 5801 Strathmoor Manor Circle (5) | 7,337 | - | ||||||
Landa Series 6107 Shadow Glen Court (5) | 5,031 | - | ||||||
Landa Series 6111-6113 Pine Glen Circle SW (5) | 10,282 | - | ||||||
Landa Series 615 Barshay Drive (5) | 6,498 | - | ||||||
Landa Series 6168 Wheat Street NE (5) | 4,052 | - | ||||||
Landa Series 6178 Green Acres Drive SW (5) | 5,333 | - | ||||||
Landa Series 6404 Walnut Way (5) | 4,842 | - | ||||||
Landa Series 643 Sycamore Drive (5) | 6,588 | - | ||||||
Landa Series 65 Freedom Court (5) | 6,594 | - | ||||||
Landa Series 6635 Kimberly Mill Road (5) | 7,197 | - | ||||||
Landa Series 6653 Bedford Road (5) | 6,769 | - | ||||||
Landa Series 6762 Bent Creek Drive (5) | 7,727 | - | ||||||
Landa Series 709 Georgetown Court (5) | 6,617 | - | ||||||
Landa Series 7107 Geiger Street NW (5) | 3,988 | - | ||||||
Landa Series 750 Georgetown Court (5) | 5,661 | - | ||||||
Landa Series 752 Chestnut Drive (5) | 5,984 | - | ||||||
Landa Series 773 Villa Way (5) | 2,480 | - | ||||||
Landa Series 7781 Mountain Creek Way (5) | 7,237 | - | ||||||
Landa Series 7950 Woodlake Drive (5) | 5,763 | - | ||||||
Landa Series 80 High Ridge Road (5) | 9,821 | - | ||||||
Landa Series 808 Hillandale Lane (5) | 8,416 | - | ||||||
Landa Series 8110 Devonshire Drive (5) | 5,040 | - | ||||||
Landa Series 8121 Spillers Drive SW (5) | 5,261 | - | ||||||
Landa Series 8233 Creekline Court (5) | 6,550 | - | ||||||
Landa Series 843 Tramore Drive (5) | 3,539 | - | ||||||
Landa Series 85 Kirkland Court (5) | 7,738 | - | ||||||
Landa Series 85 Thorn Thicket Way (5) | 6,734 | - | ||||||
Landa Series 8855 Rugby Court (5) | 5,185 | - |
15
Landa Series 9434 Cedar Creek Place (5) | 7,787 | - | ||||||
Landa Series 9597 Pintail Trail (5) | 11,362 | - | ||||||
Total Operating Expenses | $ | 922,902 | $ | 251,972 |
1. | Operating expense shown through March 30, 2023, in connection with the sale of the Property underlying Landa Series 115 Sardis Street, located at 115 Sardis Street, Barnesville, GA 30204. |
2. | Operating expense shown through May 31, 2023, in connection with the sale of the Property. |
3. | Operating expense shown through June 6, 2023, in connection with the sale of the Property underlying Landa Series 2505 Oak Circle, located at 2505 Oak Circle, Ellenwood, GA 30294. |
4. | Operating expense shown through April 14, 2023, in connection with the sale of the Property underlying Landa Series 271 Timber Wolf Trail, located at 271 Timber Wolf Trail, Griffin, GA 30224. |
5. | The series commenced operations on April 28, 2023. |
6. | The Series commenced operations on June 29, 2023. |
7. | The Series commenced operations on June 8, 2023. |
8. | The Series commenced operations on May 19, 2023. |
9. | The Series commenced operations on April 4, 2023. |
Gain/Loss on Sale
In connection with the sale of properties, the following table summarizes the Property underlying the Series:
Series | Property | Date of sale | ||
Landa Series 115 Sardis Street | 115 Sardis Street, Barnesville, GA 30204 | March 30, 2023 | ||
Landa Series 209 Timber Wolf Trail | 209 Timber Wolf Trail, Griffin, GA 30224 | May 31, 2023 | ||
Landa Series 2505 Oak Circle | 2505 Oak Circle, Ellenwood, GA 30294 | June 6, 2023 | ||
Landa Series 271 Timber Wolf Trail | 271 Timber Wolf Trail, Griffin, GA 30224 | April 14, 2023 |
For the six months ended June 30, 2023 and June 30, 2022, the Series in the aggregate recognized a gain on sale of real estate of $62,013 and $142,750.
16
The following table summarizes the gain/(loss) on sale for each Series:
For the Six Months Ended June 30, | ||||||||
Series | 2023 | 2022 | ||||||
Landa Series 115 Sardis Street | $ | 32,421 | $ | - | ||||
Landa Series 1394 Oakview Circle | - | - | ||||||
Landa Series 1701 Summerwoods Lane | - | 70,269 | ||||||
Landa Series 1741 Park Lane | - | 72,481 | ||||||
Landa Series 209 Timber Wolf Trail | (8,208 | ) | - | |||||
Landa Series 2505 Oak Circle | 46,645 | - | ||||||
Landa Series 271 Timber Wolf Trail | (8,845 | ) | - | |||||
Landa Series 29 Holly Grove Road | - | - | ||||||
Landa Series 1703 Summerwoods Lane | - | - | ||||||
Landa Series 1712 Summerwoods Lane | - | - | ||||||
Landa Series 1743 Summerwoods Lane | - | - | ||||||
Landa Series 1750 Summerwoods Lane | - | - | ||||||
Landa Series 4267 High Park Lane | - | - | ||||||
Landa Series 4474 Highwood Park Drive | - | - | ||||||
Landa Series 8569 Creekwood Way | - | - | ||||||
Landa Series 9439 Lakeview Road | - | - | ||||||
Landa Series 10167 Port Royal Court | - | - | ||||||
Landa Series 1246 Elgin Way | - | - | ||||||
Landa Series 1910 Grove Way | - | - | ||||||
Landa Series 593 Country Lane Drive | - | - | ||||||
Landa Series 6436 Stone Terrace | - | - | ||||||
Landa Series 6440 Woodstone Terrace | - | - | ||||||
Landa Series 6848 Sandy Creek Drive | - | - | ||||||
Landa Series 687 Utoy Court | - | - | ||||||
Landa Series 729 Winter Lane | - | - |
17
Landa Series 7349 Exeter Court | - | - | ||||||
Landa Series 8645 Embrey Drive | - | - | ||||||
Landa Series 8780 Churchill Place | - | - | ||||||
Landa Series 8796 Parliament Place | - | - | ||||||
Landa Series 8641 Ashley Way | - | - | ||||||
Landa Series 8651 Ashley Way | - | - | ||||||
Landa Series 8652 Ashley Way | - | - | ||||||
Landa Series 8653 Ashley Way | - | - | ||||||
Landa Series 8654 Ashley Way | - | - | ||||||
Landa Series 8655 Ashley Way | - | - | ||||||
Landa Series 8659 Ashley Way | - | - | ||||||
Landa Series 8662 Ashley Way | - | - | ||||||
Landa Series 8668 Ashley Way | - | - | ||||||
Landa Series 8670 Ashley Way | - | - | ||||||
Landa Series 8674 Ashley Way | - | - | ||||||
Landa Series 8675 Ashley Way | - | - | ||||||
Landa Series 8677 Ashley Way | - | - | ||||||
Landa Series 8678 Ashley Way | - | - | ||||||
Landa Series 8679 Ashley Way | - | - | ||||||
Landa Series 8683 Ashley Way | - | - | ||||||
Landa Series 1007 Leeward Way | - | - | ||||||
Landa Series 10121 Morris Drive SW | - | - | ||||||
Landa Series 10183 Starr Street SW | - | - | ||||||
Landa Series 103 Starlake Drive | - | - | ||||||
Landa Series 10433 Candlelight Road | - | - | ||||||
Landa Series 107 Oakwood Circle | - | - | ||||||
Landa Series 110 Shenandoah Drive | - | - | ||||||
Landa Series 111 Fir Drive | - | - | ||||||
Landa Series 112 Ridge Street | - | - | ||||||
Landa Series 11322 Michelle Way | - | - | ||||||
Landa Series 1147 Village Way | - | - | ||||||
Landa Series 1160 Gable Terrace | - | - | ||||||
Landa Series 1201 Kilrush Drive | - | - | ||||||
Landa Series 124 Libby Lane | - | - | ||||||
Landa Series 1320 Winona Avenue | - | - | ||||||
Landa Series 137 Southern Shores Road | - | - | ||||||
Landa Series 138 Sandalwood Circle | - | - | ||||||
Landa Series 140 High Ridge Road | - | - | ||||||
Landa Series 146 Crystal Brook | - | - | ||||||
Landa Series 153 Cliffside Court | - | - | ||||||
Landa Series 1666 West Poplar Street | - | - | ||||||
Landa Series 168 Brookview Drive | - | - | ||||||
Landa Series 1689 Viceroy Way | - | - | ||||||
Landa Series 181 Watercress Court | - | - | ||||||
Landa Series 188 Timberline Road | - | - | ||||||
Landa Series 189 Shenandoah Drive | - | - | ||||||
Landa Series 195 Hunters Trace | - | - | ||||||
Landa Series 196 Montego Circle | - | - | ||||||
Landa Series 20 Chimney Smoke Drive | - | - | ||||||
Landa Series 212 Fleeta Drive | - | - | ||||||
Landa Series 217 Glenloch Court | - | - | ||||||
Landa Series 2264 Chestnut Hill Circle | - | - | ||||||
Landa Series 2425 Cornell Circle | - | - | ||||||
Landa Series 25 Pleasant Valley Road | - | - |
18
Landa Series 253 Marco Drive | - | - | ||||||
Landa Series 258 Rocky Point Road | - | - | ||||||
Landa Series 268 Brookview Drive | - | - | ||||||
Landa Series 270 Mountain Lane | - | - | ||||||
Landa Series 270 Pleasant Hills Drive | - | - | ||||||
Landa Series 2813 Vicksburg Court | - | - | ||||||
Landa Series 2933 Coffer Drive | - | - | ||||||
Landa Series 30 High Ridge Road | - | - | ||||||
Landa Series 30 Roosevelt Road | - | - | ||||||
Landa Series 3011 Raintree Drive SE | - | - | ||||||
Landa Series 3043 Highway 81 S | - | - | ||||||
Landa Series 313 Blue Heron Drive | - | - | ||||||
Landa Series 3202 Chippewa Drive | - | - | ||||||
Landa Series 35 Clay Court | - | - | ||||||
Landa Series 350 Cadiz Lane S | - | - | ||||||
Landa Series 351 Wesley Park Drive | - | - | ||||||
Landa Series 3667 Patti Parkway | - | - | ||||||
Landa Series 412 Kendall Lane | - | - | ||||||
Landa Series 43 Darwin Drive | - | - | ||||||
Landa Series 45 Blue Jay Drive | - | - | ||||||
Landa Series 45 Laurel Way | - | - | ||||||
Landa Series 4702 Saint James Way | - | - | ||||||
Landa Series 4732 Pinedale Drive | - | - | ||||||
Landa Series 5040 Huntshire Lane | - | - | ||||||
Landa Series 513 Jarrett Court | - | - | ||||||
Landa Series 5143 Pinecrest Drive SW | - | - | ||||||
Landa Series 540 Cowan Road | - | - | ||||||
Landa Series 5411 Rocky Pine Drive | - | - | ||||||
Landa Series 550 Cowan Road | - | - | ||||||
Landa Series 5581 Fox Glen Circle | - | - | ||||||
Landa Series 565 Mountainview Drive | - | - | ||||||
Landa Series 5801 Strathmoor Manor Circle | - | - | ||||||
Landa Series 6107 Shadow Glen Court | - | - | ||||||
Landa Series 6113 Pine Glen Circle SW | - | - | ||||||
Landa Series 615 Barshay Drive | - | - | ||||||
Landa Series 6168 Wheat Street NE | - | - | ||||||
Landa Series 6178 Green Acres Drive SW | - | - | ||||||
Landa Series 6404 Walnut Way | - | - | ||||||
Landa Series 643 Sycamore Drive | - | - | ||||||
Landa Series 65 Freedom Court | - | - | ||||||
Landa Series 6635 Kimberly Mill Road | - | - | ||||||
Landa Series 6653 Bedford Road | - | - | ||||||
Landa Series 6762 Bent Creek Drive | - | - | ||||||
Landa Series 709 Georgetown Court | - | - | ||||||
Landa Series 7107 Geiger Street NW | - | - | ||||||
Landa Series 750 Georgetown Court | - | - | ||||||
Landa Series 752 Chestnut Drive | - | - | ||||||
Landa Series 773 Villa Way | - | - | ||||||
Landa Series 7781 Mountain Creek Way | - | - | ||||||
Landa Series 7950 Woodlake Drive | - | - | ||||||
Landa Series 80 High Ridge Road | - | - | ||||||
Landa Series 808 Hillandale Lane | - | - | ||||||
Landa Series 8110 Devonshire Drive | - | - | ||||||
Landa Series 8121 Spillers Drive SW | - | - |
19
Landa Series 8233 Creekline Court | - | - | ||||||
Landa Series 843 Tramore Drive | - | - | ||||||
Landa Series 85 Kirkland Court | - | - | ||||||
Landa Series 85 Thorn Thicket Way | - | - | ||||||
Landa Series 8855 Rugby Court | - | - | ||||||
Landa Series 9434 Cedar Creek Place | - | - | ||||||
Landa Series 9597 Pintail Trail | - | - | ||||||
Total Gain on Sale | $ | 62,013 | $ | 142,750 |
Net Income/(Loss)
As a result of the cumulative effect of the foregoing factors for the six months ended June 30, 2023 and 2022, the Series generated an aggregate net income (loss) of $(404,567) and $115,192, respectively.
The following table summarizes net income (loss) for each Series:
For the Six Months Ended June 30, | ||||||||
Series | 2023 | 2022 | ||||||
Landa Series 115 Sardis Street (1) | $ | 30,341 | $ | 1,194 | ||||
Landa Series 1394 Oakview Circle | 1,328 | 1,336 | ||||||
Landa Series 1701 Summerwoods Lane (9) | (4,729 | ) | 56,896 | |||||
Landa Series 1741 Park Lane (9) | (4,581 | ) | 57,964 | |||||
Landa Series 209 Timber Wolf Trail (2) | (12,273 | ) | 293 | |||||
Landa Series 2505 Oak Circle (3) | 31,655 | 2,740 | ||||||
Landa Series 271 Timber Wolf Trail (4) | (12,603 | ) | 1,640 | |||||
Landa Series 29 Holly Grove Road | (641 | ) | (363 | ) | ||||
Landa Series 1703 Summerwoods Lane | (2,729 | ) | 436 | |||||
Landa Series 1712 Summerwoods Lane | (2,829 | ) | 280 | |||||
Landa Series 1743 Summerwoods Lane | 1,085 | 660 | ||||||
Landa Series 1750 Summerwoods Lane | 1,268 | 25 | ||||||
Landa Series 4267 High Park Lane | (6,999 | ) | (1,161 | ) | ||||
Landa Series 4474 Highwood Park Drive | 48 | (1,714 | ) | |||||
Landa Series 8569 Creekwood Way | (4,072 | ) | 647 | |||||
Landa Series 9439 Lakeview Road | (201 | ) | (2,735 | ) | ||||
Landa Series 10167 Port Royal Court | 966 | 1,048 | ||||||
Landa Series 1246 Elgin Way | 1,085 | 1,317 | ||||||
Landa Series 1910 Grove Way | (5,186 | ) | (9,515 | ) | ||||
Landa Series 593 Country Lane Drive | 961 | 1,049 | ||||||
Landa Series 6436 Stone Terrace | 1,548 | 1,653 | ||||||
Landa Series 6440 Woodstone Terrace | (636 | ) | (3,737 | ) | ||||
Landa Series 6848 Sandy Creek Drive | 245 | 1,022 | ||||||
Landa Series 687 Utoy Court | (1,833 | ) | (2,923 | ) |
20
Landa Series 729 Winter Lane | (3,404 | ) | (2,392 | ) | ||||
Landa Series 7349 Exeter Court | 1,378 | 1,496 | ||||||
Landa Series 8645 Embrey Drive | 1,336 | 1,056 | ||||||
Landa Series 8780 Churchill Place | (6,717 | ) | 1,077 | |||||
Landa Series 8796 Parliament Place | 2,355 | 1,178 | ||||||
Landa Series 8641 Ashley Way | 67 | 56 | ||||||
Landa Series 8651 Ashley Way | (358 | ) | 1,155 | |||||
Landa Series 8652 Ashley Way | 760 | (508 | ) | |||||
Landa Series 8653 Ashley Way | 1,263 | 864 | ||||||
Landa Series 8654 Ashley Way | 488 | 714 | ||||||
Landa Series 8655 Ashley Way | 966 | 782 | ||||||
Landa Series 8659 Ashley Way | 2,160 | (742 | ) | |||||
Landa Series 8662 Ashley Way | (285 | ) | 396 | |||||
Landa Series 8668 Ashley Way | 18 | 141 | ||||||
Landa Series 8670 Ashley Way | (256 | ) | 57 | |||||
Landa Series 8674 Ashley Way | (3,326 | ) | 987 | |||||
Landa Series 8675 Ashley Way | 654 | (1,069 | ) | |||||
Landa Series 8677 Ashley Way | 992 | 1,234 | ||||||
Landa Series 8678 Ashley Way | (368 | ) | (757 | ) | ||||
Landa Series 8679 Ashley Way | (16 | ) | 528 | |||||
Landa Series 8683 Ashley Way | (504 | ) | 887 | |||||
Landa Series 1007 Leeward Way (6) | (57 | ) | - | |||||
Landa Series 10121 Morris Drive SW (5) | (2,716 | ) | - | |||||
Landa Series 10183 Starr Street SW (5) | (3,881 | ) | - | |||||
Landa Series 103 Starlake Drive (5) | (3,302 | ) | - | |||||
Landa Series 10433 Candlelight Road (5) | (10,009 | ) | - | |||||
Landa Series 107 Oakwood Circle (7) | (229 | ) | - | |||||
Landa Series 110 Shenandoah Drive (5) | (4,831 | ) | - | |||||
Landa Series 111 Fir Drive (5) | (3,054 | ) | - | |||||
Landa Series 112 Ridge Street (5) | (5,195 | ) | - | |||||
Landa Series 11322 Michelle Way (5) | (2,965 | ) | - | |||||
Landa Series 1147 Village Way (5) | (4,017 | ) | - | |||||
Landa Series 1160 Gable Terrace (5) | (3,986 | ) | - | |||||
Landa Series 1201 Kilrush Drive (5) | (14,424 | ) | - | |||||
Landa Series 124 Libby Lane (5) | (5,903 | ) | - | |||||
Landa Series 1320 Winona Avenue (5) | (4,512 | ) | - |
21
Landa Series 137 Southern Shores Road (5) | (3,249 | ) | - | |||||
Landa Series 138 Sandalwood Circle (5) | (2,885 | ) | - | |||||
Landa Series 140 High Ridge Road (5) | (3,475 | ) | - | |||||
Landa Series 146 Crystal Brook (5) | (2,582 | ) | - | |||||
Landa Series 153 Cliffside Court (5) | (1,812 | ) | - | |||||
Landa Series 1666 West Poplar Street (5) | (4,170 | ) | - | |||||
Landa Series 168 Brookview Drive (5) | (2,631 | ) | - | |||||
Landa Series 1689 Viceroy Way (5) | (3,897 | ) | - | |||||
Landa Series 181 Watercress Court (5) | (2,724 | ) | - | |||||
Landa Series 188 Timberline Road (5) | (2,906 | ) | - | |||||
Landa Series 189 Shenandoah Drive (5) | (2,937 | ) | - | |||||
Landa Series 195 Hunters Trace (5) | (3,454 | ) | - | |||||
Landa Series 196 Montego Circle (5) | (4,406 | ) | - | |||||
Landa Series 20 Chimney Smoke Drive (8) | (3,079 | ) | - | |||||
Landa Series 212 Fleeta Drive (5) | (5,017 | ) | - | |||||
Landa Series 217 Glenloch Court (5) | (4,304 | ) | - | |||||
Landa Series 2264 Chestnut Hill Circle (5) | (8,827 | ) | - | |||||
Landa Series 2425 Cornell Circle (8) | (2,639 | ) | - | |||||
Landa Series 25 Pleasant Valley Road (5) | (7,154 | ) | - | |||||
Landa Series 253 Marco Drive (5) | (2,736 | ) | - | |||||
Landa Series 258 Rocky Point Road (5) | (3,939 | ) | - | |||||
Landa Series 268 Brookview Drive (5) | (5,771 | ) | - | |||||
Landa Series 270 Mountain Lane (5) | (3,652 | ) | - | |||||
Landa Series 270 Pleasant Hills Drive (5) | (3,274 | ) | - | |||||
Landa Series 2813 Vicksburg Court (5) | (4,962 | ) | - | |||||
Landa Series 2933 Coffer Drive (5) | (4,805 | ) | - | |||||
Landa Series 30 High Ridge Road (5) | (3,508 | ) | - | |||||
Landa Series 30 Roosevelt Road (5) | (4,883 | ) | - | |||||
Landa Series 3011 Raintree Drive SE (5) | (7,275 | ) | - | |||||
Landa Series 3043 Highway 81 S (5) | (11,659 | ) | - | |||||
Landa Series 313 Blue Heron Drive (5) | (3,696 | ) | - | |||||
Landa Series 3202 Chippewa Drive (5) | (6,382 | ) | - | |||||
Landa Series 35 Clay Court (5) | (3,623 | ) | - |
22
Landa Series 350 Cadiz Lane S (5) | (4,735 | ) | - | |||||
Landa Series 351 Wesley Park Drive (5) | (4,409 | ) | - | |||||
Landa Series 3667 Patti Parkway (8) | (3,628 | ) | - | |||||
Landa Series 412 Kendall Lane (8) | (6,237 | ) | - | |||||
Landa Series 43 Darwin Drive (5) | (5,776 | ) | - | |||||
Landa Series 45 Blue Jay Drive (5) | (5,731 | ) | - | |||||
Landa Series 45 Laurel Way (8) | (4,618 | ) | - | |||||
Landa Series 4702 Saint James Way (5) | (8,942 | ) | - | |||||
Landa Series 4732 Pinedale Drive (5) | (2,747 | ) | - | |||||
Landa Series 5040 Huntshire Lane (5) | (6,348 | ) | - | |||||
Landa Series 513 Jarrett Court (5) | (6,871 | ) | - | |||||
Landa Series 5143 Pinecrest Drive SW (5) | (2,735 | ) | - | |||||
Landa Series 540 Cowan Road (5) | (3,661 | ) | - | |||||
Landa Series 5411 Rocky Pine Drive (8) | (3,026 | ) | - | |||||
Landa Series 550 Cowan Road (8) | (2,353 | ) | - | |||||
Landa Series 5581 Fox Glen Circle (8) | (4,333 | ) | - | |||||
Landa Series 565 Mountainview Drive (5) | (3,703 | ) | - | |||||
Landa Series 5801 Strathmoor Manor Circle (5) | (4,019 | ) | - | |||||
Landa Series 6107 Shadow Glen Court (5) | (2,445 | ) | - | |||||
Landa Series 6111-6113 Pine Glen Circle SW (5) | (7,642 | ) | - | |||||
Landa Series 615 Barshay Drive (5) | (6,337 | ) | - | |||||
Landa Series 6168 Wheat Street NE (5) | (4,052 | ) | - | |||||
Landa Series 6178 Green Acres Drive SW (5) | (2,113 | ) | - | |||||
Landa Series 6404 Walnut Way (5) | (1,905 | ) | - | |||||
Landa Series 643 Sycamore Drive (5) | (3,364 | ) | - | |||||
Landa Series 65 Freedom Court (5) | (3,209 | ) | - | |||||
Landa Series 6635 Kimberly Mill Road (5) | (7,197 | ) | - | |||||
Landa Series 6653 Bedford Road (5) | (3,671 | ) | - | |||||
Landa Series 6762 Bent Creek Drive (5) | (4,377 | ) | - | |||||
Landa Series 709 Georgetown Court (5) | (3,047 | ) | - | |||||
Landa Series 7107 Geiger Street NW (5) | (1,573 | ) | - | |||||
Landa Series 750 Georgetown Court (5) | (3,148 | ) | - |
23
Landa Series 752 Chestnut Drive (5) | (3,957 | ) | - | |||||
Landa Series 773 Villa Way (5) | (2,480 | ) | - | |||||
Landa Series 7781 Mountain Creek Way (5) | (7,237 | ) | - | |||||
Landa Series 7950 Woodlake Drive (5) | (2,881 | ) | - | |||||
Landa Series 80 High Ridge Road (5) | (8,011 | ) | - | |||||
Landa Series 808 Hillandale Lane (5) | (5,027 | ) | - | |||||
Landa Series 8110 Devonshire Drive (5) | (1,633 | ) | - | |||||
Landa Series 8121 Spillers Drive SW (5) | (2,573 | ) | - | |||||
Landa Series 8233 Creekline Court (5) | (5,850 | ) | - | |||||
Landa Series 843 Tramore Drive (5) | 1,891 | - | ||||||
Landa Series 85 Kirkland Court (5) | (7,738 | ) | - | |||||
Landa Series 85 Thorn Thicket Way (5) | (3,962 | ) | - | |||||
Landa Series 8855 Rugby Court (5) | (2,091 | ) | - | |||||
Landa Series 9434 Cedar Creek Place (5) | (4,637 | ) | - | |||||
Landa Series 9597 Pintail Trail (5) | (7,456 | ) | - | |||||
Total Net Income/(Loss) | $ | (404,567 | ) | $ | 115,192 |
1. | Operating expense shown through March 30, 2023, in connection with the sale of the Property underlying Landa Series 115 Sardis Street, located at 115 Sardis Street, Barnesville, GA 30204. |
2. | Operating expense shown through May 31, 2023, in connection with the sale of the Property. |
3. | Operating expense shown through June 6, 2023, in connection with the sale of the Property underlying Landa Series 2505 Oak Circle, located at 2505 Oak Circle, Ellenwood, GA 30294. |
4. | Operating expense shown through April 14, 2023, in connection with the sale of the Property underlying Landa Series 271 Timber Wolf Trail, located at 271 Timber Wolf Trail, Griffin, GA 30224. |
5. | The series commenced operations on April 28, 2023. |
6. | The Series commenced operations on June 29, 2023. |
7. | The Series commenced operations on June 8, 2023. |
8. | The Series commenced operations on May 19, 2023. |
9. | The Series commenced operations on April 4, 2023. |
Liquidity and Capital Resources
The Company commenced operations in December 2021. The Company did not commence its operations prior to the qualification of its initial Offering Statement. In addition, no Series commences its operations prior to the qualification of an offering statement (or amendment) in which such Series is included and the transfer of title of each of the Properties from Landa Properties to the applicable Series. Once a Series commences its planned principal operations, it will incur significant additional expenses. Until such time as a Series has the capacity to generate cash flows from operations, it may seek additional capital, including from the Manager.
24
Cash Balances
As of June 30, 2023, the Company itself had no cash or cash equivalents on hand. Cash is held at the Series level. On a total combined basis, as of June 30, 2023 and December 31, 2022, the Series in the aggregate had $335,182 and $176,729 on hand, respectively. The following table summarizes the cash and restricted cash by Series:
Series | As of June 30, 2023 | As of December 31, 2022 | ||||||
Landa Series 115 Sardis Street | $ | 10 | $ | 583 | ||||
Landa Series 1394 Oakview Circle | 4,020 | 3,259 | ||||||
Landa Series 1701 Summerwoods Lane | 17,106 | 1,930 | ||||||
Landa Series 1741 Park Lane | 3,995 | 1,996 | ||||||
Landa Series 209 Timber Wolf Trail | 641 | 2,379 | ||||||
Landa Series 2505 Oak Circle | 10 | 2,836 | ||||||
Landa Series 271 Timber Wolf Trail | 5 | 7 | ||||||
Landa Series 29 Holly Grove Road | 1,480 | 199 | ||||||
Landa Series 1703 Summerwoods Lane | 52 | 2,886 | ||||||
Landa Series 1712 Summerwoods Lane | 4,973 | 4,253 | ||||||
Landa Series 1743 Summerwoods Lane | 3,766 | 4,285 | ||||||
Landa Series 1750 Summerwoods Lane | 3,213 | 3,560 | ||||||
Landa Series 4267 High Park Lane | 1,066 | 110 | ||||||
Landa Series 4474 Highwood Park Drive | 918 | 366 | ||||||
Landa Series 8569 Creekwood Way | 5,415 | 9,301 | ||||||
Landa Series 9439 Lakeview Road | 3,496 | 5,268 | ||||||
Landa Series 10167 Port Royal Court | 2,660 | 2,227 | ||||||
Landa Series 1246 Elgin Way | 2,945 | 1,974 | ||||||
Landa Series 1910 Grove Way | 1,394 | 8,525 | ||||||
Landa Series 593 Country Lane Drive | 2,506 | 2,528 | ||||||
Landa Series 6436 Stone Terrace | 1,200 | 1,009 | ||||||
Landa Series 6440 Woodstone Terrace | 778 | 1,179 | ||||||
Landa Series 6848 Sandy Creek Drive | 145 | 1,225 | ||||||
Landa Series 687 Utoy Court | 409 | 3,056 | ||||||
Landa Series 729 Winter Lane | 3,092 | 9,547 | ||||||
Landa Series 7349 Exeter Court | 3,060 | 2,756 | ||||||
Landa Series 8645 Embrey Drive | 2,121 | 1,007 | ||||||
Landa Series 8780 Churchill Place | 111 | 1,474 | ||||||
Landa Series 8796 Parliament Place | 5,178 | 4,641 | ||||||
Landa Series 8641 Ashley Way | 5,779 | 6,303 | ||||||
Landa Series 8651 Ashley Way | 3,692 | 5,323 | ||||||
Landa Series 8652 Ashley Way | 3,291 | 3,646 | ||||||
Landa Series 8653 Ashley Way | 5,375 | 4,715 | ||||||
Landa Series 8654 Ashley Way | 4,592 | 5,037 | ||||||
Landa Series 8655 Ashley Way | 9,425 | 10,649 | ||||||
Landa Series 8659 Ashley Way | 8,953 | 8,336 | ||||||
Landa Series 8662 Ashley Way | 6,282 | 7,032 | ||||||
Landa Series 8668 Ashley Way | 12,028 | 12,577 | ||||||
Landa Series 8670 Ashley Way | 3,098 | 1,739 | ||||||
Landa Series 8674 Ashley Way | 852 | 3,025 | ||||||
Landa Series 8675 Ashley Way | 4,002 | 2,573 | ||||||
Landa Series 8677 Ashley Way | 6,384 | 6,789 | ||||||
Landa Series 8678 Ashley Way | 3,578 | 3,761 | ||||||
Landa Series 8679 Ashley Way | 3,612 | 3,717 | ||||||
Landa Series 8683 Ashley Way | 5,663 | 7,141 | ||||||
Landa Series 1007 Leeward Way | 2,161 | - | ||||||
Landa Series 10121 Morris Drive SW | 2,037 | - | ||||||
Landa Series 10183 Starr Street SW | 485 | - | ||||||
Landa Series 103 Starlake Drive | 1,507 | - | ||||||
Landa Series 10433 Candlelight Road | 32 | - |
25
Landa Series 107 Oakwood Circle | 1,987 | - | ||||||
Landa Series 110 Shenandoah Drive | 912 | - | ||||||
Landa Series 111 Fir Drive | 965 | - | ||||||
Landa Series 112 Ridge Street | 1,167 | - | ||||||
Landa Series 11322 Michelle Way | 763 | - | ||||||
Landa Series 1147 Village Way | 1,059 | - | ||||||
Landa Series 1160 Gable Terrace | 3,832 | - | ||||||
Landa Series 1201 Kilrush Drive | 2,367 | - | ||||||
Landa Series 124 Libby Lane | 209 | - | ||||||
Landa Series 1320 Winona Avenue | 140 | - | ||||||
Landa Series 137 Southern Shores Road | 1,724 | - | ||||||
Landa Series 138 Sandalwood Circle | 5,346 | - | ||||||
Landa Series 140 High Ridge Road | 3,371 | - | ||||||
Landa Series 146 Crystal Brook | 4,581 | - | ||||||
Landa Series 153 Cliffside Court | 252 | - | ||||||
Landa Series 1666 West Poplar Street | 3,014 | - | ||||||
Landa Series 168 Brookview Drive | 736 | - | ||||||
Landa Series 1689 Viceroy Way | 1,665 | - | ||||||
Landa Series 181 Watercress Court | 370 | - | ||||||
Landa Series 188 Timberline Road | 1,508 | - | ||||||
Landa Series 189 Shenandoah Drive | 1,175 | - | ||||||
Landa Series 195 Hunters Trace | 3,958 | - | ||||||
Landa Series 196 Montego Circle | 378 | - | ||||||
Landa Series 20 Chimney Smoke Drive | 2,373 | - | ||||||
Landa Series 212 Fleeta Drive | 809 | - | ||||||
Landa Series 217 Glenloch Court | 2,681 | - | ||||||
Landa Series 2264 Chestnut Hill Circle | - | - | ||||||
Landa Series 2425 Cornell Circle | 714 | - | ||||||
Landa Series 25 Pleasant Valley Road | 471 | - | ||||||
Landa Series 253 Marco Drive | 2,760 | - | ||||||
Landa Series 258 Rocky Point Road | 2,259 | - | ||||||
Landa Series 268 Brookview Drive | 61 | - | ||||||
Landa Series 270 Mountain Lane | 5,508 | - | ||||||
Landa Series 270 Pleasant Hills Drive | 2,457 | - | ||||||
Landa Series 2813 Vicksburg Court | 1,635 | - | ||||||
Landa Series 2933 Coffer Drive | 58 | - | ||||||
Landa Series 30 High Ridge Road | 3,676 | - | ||||||
Landa Series 30 Roosevelt Road | 11 | - | ||||||
Landa Series 3011 Raintree Drive SE | 12 | - | ||||||
Landa Series 3043 Highway 81 S | 8,448 | - | ||||||
Landa Series 313 Blue Heron Drive | 3,273 | - | ||||||
Landa Series 3202 Chippewa Drive | 20 | - | ||||||
Landa Series 35 Clay Court | 3,073 | - | ||||||
Landa Series 350 Cadiz Lane S | 737 | - | ||||||
Landa Series 351 Wesley Park Drive | 415 | - | ||||||
Landa Series 3667 Patti Parkway | 380 | - | ||||||
Landa Series 412 Kendall Lane | 1,809 | - | ||||||
Landa Series 43 Darwin Drive | 769 | - | ||||||
Landa Series 45 Blue Jay Drive | 1,816 | - | ||||||
Landa Series 45 Laurel Way | 45 | - | ||||||
Landa Series 4702 Saint James Way | 2,664 | - | ||||||
Landa Series 4732 Pinedale Drive | 3,867 | - | ||||||
Landa Series 5040 Huntshire Lane | 721 | - | ||||||
Landa Series 513 Jarrett Court | 2,139 | - |
26
Landa Series 5143 Pinecrest Drive SW | 1,526 | - | ||||||
Landa Series 540 Cowan Road | 2,084 | - | ||||||
Landa Series 5411 Rocky Pine Drive | 1,807 | - | ||||||
Landa Series 550 Cowan Road | 1,513 | - | ||||||
Landa Series 5581 Fox Glen Circle | 1,696 | - | ||||||
Landa Series 565 Mountainview Drive | 3,587 | - | ||||||
Landa Series 5801 Strathmoor Manor Circle | 4,814 | - | ||||||
Landa Series 6107 Shadow Glen Court | 1,581 | - | ||||||
Landa Series 6111-6113 Pine Glen Circle SW | 67 | - | ||||||
Landa Series 615 Barshay Drive | 12 | - | ||||||
Landa Series 6168 Wheat Street NE | 252 | - | ||||||
Landa Series 6178 Green Acres Drive SW | 803 | - | ||||||
Landa Series 6404 Walnut Way | 6,237 | - | ||||||
Landa Series 643 Sycamore Drive | 5,547 | - | ||||||
Landa Series 65 Freedom Court | 1,662 | - | ||||||
Landa Series 6635 Kimberly Mill Road | 30 | - | ||||||
Landa Series 6653 Bedford Road | 1,078 | - | ||||||
Landa Series 6762 Bent Creek Drive | 2,856 | - | ||||||
Landa Series 709 Georgetown Court | 5,635 | - | ||||||
Landa Series 7107 Geiger Street NW | 3,460 | - | ||||||
Landa Series 750 Georgetown Court | 659 | - | ||||||
Landa Series 752 Chestnut Drive | 63 | - | ||||||
Landa Series 773 Villa Way | 3,609 | - | ||||||
Landa Series 7781 Mountain Creek Way | 51 | - | ||||||
Landa Series 7950 Woodlake Drive | 21 | - | ||||||
Landa Series 80 High Ridge Road | 141 | - | ||||||
Landa Series 808 Hillandale Lane | 6 | - | ||||||
Landa Series 8110 Devonshire Drive | 4,719 | - | ||||||
Landa Series 8121 Spillers Drive SW | 1,290 | - | ||||||
Landa Series 8233 Creekline Court | 2,075 | - | ||||||
Landa Series 843 Tramore Drive | 5,243 | - | ||||||
Landa Series 85 Kirkland Court | 49 | - | ||||||
Landa Series 85 Thorn Thicket Way | 171 | - | ||||||
Landa Series 8855 Rugby Court | 3,290 | - | ||||||
Landa Series 9434 Cedar Creek Place | 347 | - | ||||||
Landa Series 9597 Pintail Trail | 1,468 | - | ||||||
Total Cash and Cash Equivalents | $ | 335,182 | $ | 176,729 |
27
On a total combined basis, as of June 30, 2023 and December 31, 2022, the Series had a restricted cash balance of $139,879 and $40,216, respectively.
The following table summarizes the restricted cash by Series:
Series | As of June 30, 2023 | As of December 31, 2023 | ||||||
Landa Series 115 Sardis Street | $ | - | $ | - | ||||
Landa Series 1394 Oakview Circle | 775 | 775 | ||||||
Landa Series 1701 Summerwoods Lane | - | 925 | ||||||
Landa Series 1741 Park Lane | - | - | ||||||
Landa Series 209 Timber Wolf Trail | - | 500 | ||||||
Landa Series 2505 Oak Circle | - | 1,250 | ||||||
Landa Series 271 Timber Wolf Trail | - | - | ||||||
Landa Series 29 Holly Grove Road | 600 | 600 | ||||||
Landa Series 1703 Summerwoods Lane | 950 | 950 | ||||||
Landa Series 1712 Summerwoods Lane | 1,450 | 875 | ||||||
Landa Series 1743 Summerwoods Lane | 1,225 | 1,225 | ||||||
Landa Series 1750 Summerwoods Lane | - | - | ||||||
Landa Series 4267 High Park Lane | - | 975 | ||||||
Landa Series 4474 Highwood Park Drive | 1,000 | 1,000 | ||||||
Landa Series 8569 Creekwood Way | - | 500 | ||||||
Landa Series 9439 Lakeview Road | 1,050 | 1,050 | ||||||
Landa Series 10167 Port Royal Court | 915 | 915 | ||||||
Landa Series 1246 Elgin Way | 1,150 | 1,150 | ||||||
Landa Series 1910 Grove Way | 1,500 | 1,523 | ||||||
Landa Series 593 Country Lane Drive | 971 | 971 | ||||||
Landa Series 6436 Stone Terrace | 1,000 | 1,000 | ||||||
Landa Series 6440 Woodstone Terrace | 1,295 | - | ||||||
Landa Series 6848 Sandy Creek Drive | 1,475 | 975 | ||||||
Landa Series 687 Utoy Court | 1,157 | 1,157 | ||||||
Landa Series 729 Winter Lane | 1,975 | 500 | ||||||
Landa Series 7349 Exeter Court | 1,000 | 1,000 | ||||||
Landa Series 8645 Embrey Drive | 1,050 | 1,050 | ||||||
Landa Series 8780 Churchill Place | 1,323 | 1,200 | ||||||
Landa Series 8796 Parliament Place | 975 | 975 | ||||||
Landa Series 8641 Ashley Way | 900 | 900 | ||||||
Landa Series 8651 Ashley Way | 800 | 800 | ||||||
Landa Series 8652 Ashley Way | 2,200 | 2,200 | ||||||
Landa Series 8653 Ashley Way | 700 | 700 | ||||||
Landa Series 8654 Ashley Way | 1,350 | 1,350 | ||||||
Landa Series 8655 Ashley Way | - | - | ||||||
Landa Series 8659 Ashley Way | 1,250 | 2,125 | ||||||
Landa Series 8662 Ashley Way | 925 | 925 | ||||||
Landa Series 8668 Ashley Way | 1,000 | 1,000 | ||||||
Landa Series 8670 Ashley Way | 975 | 975 | ||||||
Landa Series 8674 Ashley Way | 1,625 | 1,300 | ||||||
Landa Series 8675 Ashley Way | 1,100 | 1,100 | ||||||
Landa Series 8677 Ashley Way | 1,050 | 1,050 | ||||||
Landa Series 8678 Ashley Way | 900 | 900 | ||||||
Landa Series 8679 Ashley Way | 1,400 | 925 | ||||||
Landa Series 8683 Ashley Way | 925 | 925 | ||||||
Landa Series 1007 Leeward Way | 950 | - | ||||||
Landa Series 10121 Morris Drive SW | 1,600 | - | ||||||
Landa Series 10183 Starr Street SW | 850 | - | ||||||
Landa Series 103 Starlake Drive | 990 | - | ||||||
Landa Series 10433 Candlelight Road | 995 | - | ||||||
Landa Series 107 Oakwood Circle | 825 | - | ||||||
Landa Series 110 Shenandoah Drive | 850 | - | ||||||
Landa Series 111 Fir Drive | 1,250 | - | ||||||
Landa Series 112 Ridge Street | - | - |
28
Landa Series 11322 Michelle Way | 900 | - | ||||||
Landa Series 1147 Village Way | 1,525 | - | ||||||
Landa Series 1160 Gable Terrace | 2,200 | - | ||||||
Landa Series 1201 Kilrush Drive | 2,100 | - | ||||||
Landa Series 124 Libby Lane | 1,550 | - | ||||||
Landa Series 1320 Winona Avenue | - | - | ||||||
Landa Series 137 Southern Shores Road | 500 | - | ||||||
Landa Series 138 Sandalwood Circle | 1,750 | - | ||||||
Landa Series 140 High Ridge Road | 1,450 | - | ||||||
Landa Series 146 Crystal Brook | 975 | - | ||||||
Landa Series 153 Cliffside Court | 820 | - | ||||||
Landa Series 1666 West Poplar Street | 950 | - | ||||||
Landa Series 168 Brookview Drive | - | - | ||||||
Landa Series 1689 Viceroy Way | 1,200 | - | ||||||
Landa Series 181 Watercress Court | 1,600 | - | ||||||
Landa Series 188 Timberline Road | - | - | ||||||
Landa Series 189 Shenandoah Drive | 1,675 | - | ||||||
Landa Series 195 Hunters Trace | - | - | ||||||
Landa Series 196 Montego Circle | 900 | - | ||||||
Landa Series 20 Chimney Smoke Drive | 1,500 | - | ||||||
Landa Series 212 Fleeta Drive | 1,175 | - | ||||||
Landa Series 217 Glenloch Court | 1,400 | - | ||||||
Landa Series 2264 Chestnut Hill Circle | 1,875 | - | ||||||
Landa Series 2425 Cornell Circle | 1,150 | - | ||||||
Landa Series 25 Pleasant Valley Road | 775 | - | ||||||
Landa Series 253 Marco Drive | 600 | - | ||||||
Landa Series 258 Rocky Point Road | 1,600 | - | ||||||
Landa Series 268 Brookview Drive | - | - | ||||||
Landa Series 270 Mountain Lane | 1,650 | - | ||||||
Landa Series 270 Pleasant Hills Drive | 1,623 | - | ||||||
Landa Series 2813 Vicksburg Court | 1,275 | - | ||||||
Landa Series 2933 Coffer Drive | - | - | ||||||
Landa Series 30 High Ridge Road | 935 | - | ||||||
Landa Series 30 Roosevelt Road | 1,625 | - | ||||||
Landa Series 3011 Raintree Drive SE | 995 | - | ||||||
Landa Series 3043 Highway 81 S | 1,180 | - | ||||||
Landa Series 313 Blue Heron Drive | 1,553 | - | ||||||
Landa Series 3202 Chippewa Drive | - | - | ||||||
Landa Series 35 Clay Court | 1,699 | - | ||||||
Landa Series 350 Cadiz Lane S | - | - | ||||||
Landa Series 351 Wesley Park Drive | 900 | - | ||||||
Landa Series 3667 Patti Parkway | - | - | ||||||
Landa Series 412 Kendall Lane | - | - | ||||||
Landa Series 43 Darwin Drive | - | - | ||||||
Landa Series 45 Blue Jay Drive | 1,425 | - |
29
Landa Series 45 Laurel Way | 975 | - | ||||||
Landa Series 4702 Saint James Way | 1,550 | - | ||||||
Landa Series 4732 Pinedale Drive | 800 | - | ||||||
Landa Series 5040 Huntshire Lane | 2,499 | - | ||||||
Landa Series 513 Jarrett Court | 1,599 | - | ||||||
Landa Series 5143 Pinecrest Drive SW | 1,225 | - | ||||||
Landa Series 540 Cowan Road | 995 | - | ||||||
Landa Series 5411 Rocky Pine Drive | 1,775 | - | ||||||
Landa Series 550 Cowan Road | 1,475 | - | ||||||
Landa Series 5581 Fox Glen Circle | 2,275 | - | ||||||
Landa Series 565 Mountainview Drive | 1,675 | - | ||||||
Landa Series 5801 Strathmoor Manor Circle | 1,575 | - | ||||||
Landa Series 6107 Shadow Glen Court | 1,175 | - | ||||||
Landa Series 6111-6113 Pine Glen Circle SW | 500 | - | ||||||
Landa Series 615 Barshay Drive | 1,100 | - | ||||||
Landa Series 6168 Wheat Street NE | - | - | ||||||
Landa Series 6178 Green Acres Drive SW | 1,400 | - | ||||||
Landa Series 6404 Walnut Way | 800 | - | ||||||
Landa Series 643 Sycamore Drive | 1,125 | - | ||||||
Landa Series 65 Freedom Court | 500 | - | ||||||
Landa Series 6635 Kimberly Mill Road | - | - | ||||||
Landa Series 6653 Bedford Road | 1,475 | - | ||||||
Landa Series 6762 Bent Creek Drive | 1,595 | - | ||||||
Landa Series 709 Georgetown Court | 1,700 | - | ||||||
Landa Series 7107 Geiger Street NW | 1,150 | - | ||||||
Landa Series 750 Georgetown Court | 1,190 | - | ||||||
Landa Series 752 Chestnut Drive | 675 | - | ||||||
Landa Series 773 Villa Way | - | - | ||||||
Landa Series 7781 Mountain Creek Way | - | - | ||||||
Landa Series 7950 Woodlake Drive | 1,200 | - | ||||||
Landa Series 80 High Ridge Road | 1,350 | - | ||||||
Landa Series 808 Hillandale Lane | 1,075 | - | ||||||
Landa Series 8110 Devonshire Drive | 2,500 | - | ||||||
Landa Series 8121 Spillers Drive SW | 875 | - | ||||||
Landa Series 8233 Creekline Court | 1,750 | - | ||||||
Landa Series 843 Tramore Drive | - | - | ||||||
Landa Series 85 Kirkland Court | - | - | ||||||
Landa Series 85 Thorn Thicket Way | 1,050 | - | ||||||
Landa Series 8855 Rugby Court | 1,075 | - | ||||||
Landa Series 9434 Cedar Creek Place | 1,150 | - | ||||||
Landa Series 9597 Pintail Trail | 1,775 | - | ||||||
Total Restricted Cash | $ | 139,879 | $ | 40,216 |
30
Loans
Acquisition Notes
Each Series financed 100% of the costs associated with the acquisition of its Property, including an acquisition fee and expenses associated with sourcing its Property, with an Acquisition Note issued by such Series to the Manager, the terms of which are listed in the table below. Each of these Acquisition Notes represents a related-party loan between each respective Series and the Manager. The Acquisition Notes are either interest-bearing or non-interest-bearing (see table below) and are an unsecured obligation of the applicable Series The term of the Acquisition Notes are five (5) years from the Loan date.
The following table sets forth the net amounts of each Acquisition Note as of June 30, 2023:
Series | Principal Amount (1) | Annual Rate | Loan Date (2) | Maturity Date | Current Outstanding Amount | |||||||||||
Landa Series 115 Sardis Street (3) | $ | 117,304 | 0.00 | % | 7/10/2020 | 7/10/2025 | $ | - | ||||||||
Landa Series 1394 Oakview Circle | $ | 80,088 | 0.00 | % | 7/10/2020 | 7/10/2025 | $ | - | ||||||||
Landa Series 1701 Summerwoods Lane | $ | 172,405 | 4.50 | % | 4/4/2023 | 4/4/2028 | $ | 67,646 | ||||||||
Landa Series 1741 Park Lane | $ | 195,085 | 4.50 | % | 4/4/2023 | 4/4/2028 | $ | 121,732 | ||||||||
Landa Series 209 Timber Wolf Trail (3) | $ | 119,827 | 0.00 | % | 7/10/2020 | 7/10/2025 | $ | - | ||||||||
Landa Series 2505 Oak Circle (3) | $ | 98,827 | 0.00 | % | 7/10/2020 | 7/10/2025 | $ | - | ||||||||
Landa Series 271 Timber Wolf Trail (3) | $ | 123,412 | 0.00 | % | 7/10/2020 | 7/10/2025 | $ | - | ||||||||
Landa Series 29 Holly Grove Road (3) | $ | 100,445 | 0.00 | % | 7/10/2020 | 7/10/2025 | $ | - | ||||||||
Landa Series 1703 Summerwoods Lane | $ | 113,697 | 4.50 | % | 7/12/2021 | 7/12/2026 | $ | - | ||||||||
Landa Series 1712 Summerwoods Lane | $ | 113,697 | 4.50 | % | 7/12/2021 | 7/12/2026 | $ | - | ||||||||
Landa Series 1743 Summerwoods Lane | $ | 113,697 | 4.50 | % | 7/12/2021 | 7/12/2026 | $ | - | ||||||||
Landa Series 1750 Summerwoods Lane | $ | 113,697 | 4.50 | % | 7/12/2021 | 7/12/2026 | $ | - | ||||||||
Landa Series 4267 High Park Lane | $ | 151,875 | 4.50 | % | 7/12/2021 | 7/12/2026 | $ | - | ||||||||
Landa Series 4474 Highwood Park Drive | $ | 136,648 | 4.50 | % | 7/12/2021 | 7/12/2026 | $ | - | ||||||||
Landa Series 8569 Creekwood Way | $ | 83,351 | 4.50 | % | 7/12/2021 | 7/12/2026 | $ | - | ||||||||
Landa Series 9439 Lakeview Road | $ | 181,134 | 4.50 | % | 7/12/2021 | 7/12/2026 | $ | - | ||||||||
Landa Series 10167 Port Royal Court | $ | 110,600 | 4.50 | % | 7/12/2021 | 7/12/2026 | $ | - | ||||||||
Landa Series 1246 Elgin Way | $ | 133,535 | 4.50 | % | 7/12/2021 | 7/12/2026 | $ | - | ||||||||
Landa Series 1910 Grove Way | $ | 104,562 | 4.50 | % | 7/12/2021 | 7/12/2026 | $ | - | ||||||||
Landa Series 593 Country Lane Drive | $ | 95,842 | 4.50 | % | 7/12/2021 | 7/12/2026 | $ | - | ||||||||
Landa Series 6436 Stone Terrace | $ | 60,479 | 4.50 | % | 7/12/2021 | 7/12/2026 | $ | - | ||||||||
Landa Series 6440 Woodstone Terrace | $ | 64,744 | 4.50 | % | 7/12/2021 | 7/12/2026 | $ | - | ||||||||
Landa Series 6848 Sandy Creek Drive | $ | 86,367 | 4.50 | % | 7/12/2021 | 7/12/2026 | $ | - | ||||||||
Landa Series 687 Utoy Court | $ | 115,422 | 4.50 | % | 7/12/2021 | 7/12/2026 | $ | - | ||||||||
Landa Series 729 Winter Lane | $ | 113,721 | 4.50 | % | 7/12/2021 | 7/12/2026 | $ | - | ||||||||
Landa Series 7349 Exeter Court | $ | 110,638 | 4.50 | % | 7/12/2021 | 7/12/2026 | $ | - | ||||||||
Landa Series 8645 Embrey Drive | $ | 118,895 | 4.50 | % | 7/12/2021 | 7/12/2026 | $ | - | ||||||||
Landa Series 8780 Churchill Place | $ | 132,557 | 4.50 | % | 7/12/2021 | 7/12/2026 | $ | - | ||||||||
Landa Series 8796 Parliament Place | $ | 109,839 | 4.50 | % | 7/12/2021 | 7/12/2026 | $ | - | ||||||||
Landa Series 8641 Ashley Way | $ | 146,307 | 4.50 | % | 10/1/2021 | 10/1/2026 | $ | - | ||||||||
Landa Series 8651 Ashley Way | $ | 122,325 | 4.50 | % | 10/1/2021 | 10/1/2026 | $ | - | ||||||||
Landa Series 8652 Ashley Way | $ | 136,029 | 4.50 | % | 10/1/2021 | 10/1/2026 | $ | - | ||||||||
Landa Series 8653 Ashley Way | $ | 121,183 | 4.50 | % | 10/1/2021 | 10/1/2026 | $ | - | ||||||||
Landa Series 8654 Ashley Way | $ | 136,029 | 4.50 | % | 10/1/2021 | 10/1/2026 | $ | - | ||||||||
Landa Series 8655 Ashley Way | $ | 132,552 | 4.50 | % | 10/1/2021 | 10/1/2026 | $ | - | ||||||||
Landa Series 8659 Ashley Way | $ | 145,165 | 4.50 | % | 10/1/2021 | 10/1/2026 | $ | - | ||||||||
Landa Series 8662 Ashley Way | $ | 140,597 | 4.50 | % | 10/1/2021 | 10/1/2026 | $ | - | ||||||||
Landa Series 8668 Ashley Way | $ | 157,614 | 4.50 | % | 10/1/2021 | 10/1/2026 | $ | - | ||||||||
Landa Series 8670 Ashley Way | $ | 158,870 | 4.50 | % | 10/1/2021 | 10/1/2026 | $ | - | ||||||||
Landa Series 8674 Ashley Way | $ | 134,887 | 4.50 | % | 10/1/2021 | 10/1/2026 | $ | - |
31
Landa Series 8675 Ashley Way | $ | 132,603 | 4.50 | % | 10/1/2021 | 10/1/2026 | $ | - | ||||||||
Landa Series 8677 Ashley Way | $ | 124,609 | 4.50 | % | 10/1/2021 | 10/1/2026 | $ | - | ||||||||
Landa Series 8678 Ashley Way | $ | 168,006 | 4.50 | % | 10/1/2021 | 10/1/2026 | $ | - | ||||||||
Landa Series 8679 Ashley Way | $ | 134,887 | 4.50 | % | 10/1/2021 | 10/1/2026 | $ | - | ||||||||
Landa Series 8683 Ashley Way | $ | 128,971 | 4.50 | % | 10/1/2021 | 10/1/2026 | $ | - | ||||||||
Landa Series 1007 Leeward Way | $ | 300,157 | 4.50 | % | 6/29/2023 | 6/29/2028 | $ | 158,157 | ||||||||
Landa Series 10121 Morris Drive SW | $ | 278,235 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 114,871 | ||||||||
Landa Series 10183 Starr Street SW | $ | 268,383 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 94,899 | ||||||||
Landa Series 103 Starlake Drive | $ | 267,883 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 122,261 | ||||||||
Landa Series 10433 Candlelight Road | $ | 305,757 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 134,673 | ||||||||
Landa Series 107 Oakwood Circle | $ | 198,781 | 4.50 | % | 6/8/2023 | 6/8/2028 | $ | 69,660 | ||||||||
Landa Series 110 Shenandoah Drive | $ | 310,797 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 118,498 | ||||||||
Landa Series 111 Fir Drive | $ | 240,106 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 90,236 | ||||||||
Landa Series 112 Ridge Street | $ | 309,709 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 130,034 | ||||||||
Landa Series 11322 Michelle Way | $ | 250,982 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 112,559 | ||||||||
Landa Series 1147 Village Way | $ | 301,010 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 151,373 | ||||||||
Landa Series 1160 Gable Terrace | $ | 301,175 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 95,801 | ||||||||
Landa Series 1201 Kilrush Drive | $ | 535,920 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 212,610 | ||||||||
Landa Series 124 Libby Lane | $ | 240,485 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 77,986 | ||||||||
Landa Series 1320 Winona Avenue | $ | 220,795 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 113,008 | ||||||||
Landa Series 137 Southern Shores Road | $ | 240,268 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 80,123 | ||||||||
Landa Series 138 Sandalwood Circle | $ | 253,616 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 84,625 | ||||||||
Landa Series 140 High Ridge Road | $ | 285,784 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 110,800 | ||||||||
Landa Series 146 Crystal Brook | $ | 212,200 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 65,647 | ||||||||
Landa Series 153 Cliffside Court | $ | 185,856 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 64,846 | ||||||||
Landa Series 1666 West Poplar Street | $ | 231,406 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 73,262 | ||||||||
Landa Series 168 Brookview Drive | $ | 132,243 | 4.50 | % | 3/31/2023 | 3/31/2028 | $ | 81,759 | ||||||||
Landa Series 1689 Viceroy Way | $ | 280,628 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 91,129 | ||||||||
Landa Series 181 Watercress Court | $ | 274,908 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 128,065 | ||||||||
Landa Series 188 Timberline Road | $ | 161,802 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 58,641 | ||||||||
Landa Series 189 Shenandoah Drive | $ | 256,420 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 111,731 | ||||||||
Landa Series 195 Hunters Trace | $ | 316,955 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 136,604 | ||||||||
Landa Series 196 Montego Circle | $ | 267,295 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 107,324 | ||||||||
Landa Series 20 Chimney Smoke Drive | $ | 286,873 | 4.50 | % | 5/19/2023 | 5/19/2028 | $ | 83,092 | ||||||||
Landa Series 212 Fleeta Drive | $ | 233,632 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 61,313 | ||||||||
Landa Series 217 Glenloch Court | $ | 308,621 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 74,373 | ||||||||
Landa Series 2264 Chestnut Hill Circle | $ | 379,313 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 151,869 | ||||||||
Landa Series 2425 Cornell Circle | $ | 331,464 | 4.50 | % | 5/19/2023 | 5/19/2028 | $ | 97,415 | ||||||||
Landa Series 25 Pleasant Valley Road | $ | 283,609 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 122,282 | ||||||||
Landa Series 253 Marco Drive | $ | 232,761 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 82,934 | ||||||||
Landa Series 258 Rocky Point Road | $ | 315,147 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 128,986 | ||||||||
Landa Series 268 Brookview Drive | $ | 188,408 | 4.50 | % | 3/31/2023 | 3/31/2028 | $ | 179,551 | ||||||||
Landa Series 270 Mountain Lane | $ | 291,683 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 97,528 | ||||||||
Landa Series 270 Pleasant Hills Drive | $ | 273,208 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 100,461 | ||||||||
Landa Series 2813 Vicksburg Court | $ | 337,986 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 125,869 | ||||||||
Landa Series 2933 Coffer Drive | $ | 281,715 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 107,005 |
32
Landa Series 30 High Ridge Road | $ | 332,846 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 168,815 | ||||||||
Landa Series 30 Roosevelt Road | $ | 284,696 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 98,660 | ||||||||
Landa Series 3011 Raintree Drive SE | $ | 310,013 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 124,319 | ||||||||
Landa Series 3043 Highway 81 S | $ | 216,225 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 54,936 | ||||||||
Landa Series 313 Blue Heron Drive | $ | 271,457 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 89,345 | ||||||||
Landa Series 3202 Chippewa Drive | $ | 298,834 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 145,317 | ||||||||
Landa Series 35 Clay Court | $ | 303,197 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 128,222 | ||||||||
Landa Series 350 Cadiz Lane S | $ | 277,083 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 111,288 | ||||||||
Landa Series 351 Wesley Park Drive | $ | 260,770 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 104,357 | ||||||||
Landa Series 3667 Patti Parkway | $ | 379,317 | 4.50 | % | 5/19/2023 | 5/19/2028 | $ | 133,942 | ||||||||
Landa Series 412 Kendall Lane | $ | 296,763 | 4.50 | % | 5/19/2023 | 5/19/2028 | $ | 132,954 | ||||||||
Landa Series 43 Darwin Drive | $ | 252,069 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 86,352 | ||||||||
Landa Series 45 Blue Jay Drive | $ | 353,211 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 129,958 | ||||||||
Landa Series 45 Laurel Way | $ | 340,100 | 4.50 | % | 5/19/2023 | 5/19/2028 | $ | 176,972 | ||||||||
Landa Series 4702 Saint James Way | $ | 267,453 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 120,626 | ||||||||
Landa Series 4732 Pinedale Drive | $ | 234,719 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 110,746 | ||||||||
Landa Series 5040 Huntshire Lane | $ | 444,985 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 124,062 | ||||||||
Landa Series 513 Jarrett Court | $ | 289,113 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 85,071 | ||||||||
Landa Series 5143 Pinecrest Drive SW | $ | 227,104 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 95,459 | ||||||||
Landa Series 540 Cowan Road | $ | 299,557 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 108,876 | ||||||||
Landa Series 5411 Rocky Pine Drive | $ | 309,885 | 4.50 | % | 5/19/2023 | 5/19/2028 | $ | 126,032 | ||||||||
Landa Series 550 Cowan Road | $ | 250,783 | 4.50 | % | 5/19/2023 | 5/19/2028 | $ | 51,141 | ||||||||
Landa Series 5581 Fox Glen Circle | $ | 434,715 | 4.50 | % | 5/19/2023 | 5/19/2028 | $ | 149,620 | ||||||||
Landa Series 565 Mountainview Drive | $ | 283,236 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 93,694 | ||||||||
Landa Series 5801 Strathmoor Manor Circle | $ | 262,945 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 117,933 | ||||||||
Landa Series 6107 Shadow Glen Court | $ | 212,961 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 78,601 | ||||||||
Landa Series 6111-6111-6113 Pine Glen Circle SW | $ | 456,530 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 269,783 | ||||||||
Landa Series 615 Barshay Drive | $ | 291,964 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 114,904 | ||||||||
Landa Series 6168 Wheat Street NE | $ | 187,898 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 77,291 | ||||||||
Landa Series 6178 Green Acres Drive SW | $ | 223,434 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 90,872 | ||||||||
Landa Series 6404 Walnut Way | $ | 279,261 | 4.50 | % | 5/19/2023 | 5/19/2028 | $ | 76,792 | ||||||||
Landa Series 643 Sycamore Drive | $ | 270,184 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 88,786 | ||||||||
Landa Series 65 Freedom Court | $ | 293,884 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 133,749 | ||||||||
Landa Series 6635 Kimberly Mill Road | $ | 328,712 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 150,905 | ||||||||
Landa Series 6653 Bedford Road | $ | 278,623 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 118,443 | ||||||||
Landa Series 6762 Bent Creek Drive | $ | 279,258 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 84,418 | ||||||||
Landa Series 709 Georgetown Court | $ | 276,058 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 77,203 | ||||||||
Landa Series 7107 Geiger Street NW | $ | 160,714 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | - | ||||||||
Landa Series 750 Georgetown Court | $ | 227,055 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 72,915 | ||||||||
Landa Series 752 Chestnut Drive | $ | 197,731 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 90,791 | ||||||||
Landa Series 773 Villa Way | $ | 119,844 | 4.50 | % | 3/31/2023 | 3/31/2028 | $ | 71,894 | ||||||||
Landa Series 7781 Mountain Creek Way | $ | 301,080 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 97,429 | ||||||||
Landa Series 7950 Woodlake Drive | $ | 250,982 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 108,360 | ||||||||
Landa Series 80 High Ridge Road | $ | 302,097 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 114,660 | ||||||||
Landa Series 808 Hillandale Lane | $ | 285,336 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 112,282 | ||||||||
Landa Series 8110 Devonshire Drive | $ | 212,961 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 56,959 | ||||||||
Landa Series 8121 Spillers Drive SW | $ | 244,946 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 116,228 | ||||||||
Landa Series 8233 Creekline Court | $ | 293,652 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 139,677 | ||||||||
Landa Series 843 Tramore Drive | $ | 195,489 | 4.50 | % | 3/31/2023 | 3/31/2028 | $ | 120,647 | ||||||||
Landa Series 85 Kirkland Court | $ | 331,460 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 121,534 | ||||||||
Landa Series 85 Thorn Thicket Way | $ | 294,552 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 121,093 | ||||||||
Landa Series 8855 Rugby Court | $ | 221,665 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 97,315 | ||||||||
Landa Series 9434 Cedar Creek Place | $ | 331,780 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 133,044 | ||||||||
Landa Series 9597 Pintail Trail | $ | 301,292 | 4.50 | % | 4/28/2023 | 4/28/2028 | $ | 129,380 |
(1) | The principal amount is due and payable by the Series within 30 days after demand by the Manager, as lender, at any time prior to the liquidation, dissolution or winding up of the Series. |
(2) | Each Acquisition Note was entered into on the date set forth in the table above. Interest began to accrue on the Acquisition Notes when title to the Property was transferred to the Series. |
(3) | The Current Outstanding Amount as of June 30, 2023. |
(4) | Before any securities were issued, the Company withdrew this Series. |
(5) | Of the $117,304 Principal Amount shown, $52,515 bears no interest and $64,789 of bears interest at 4.50% per annum. |
33
Refinance Notes
The Series issued a Refinance Note to certain third-party lenders or to Landa Financing LLC, an affiliate of the Company and the Manager, the terms of which are listed in the table below. Each Refinance Note is secured by the Property underlying the respective Series. Each Series paid down, or otherwise discharged, a portion of the outstanding balance of its Acquisition Note with the Refinance Note. Each Refinance Note is secured by the Property underlying the respective Series.
The following table sets forth the terms and the net amounts of the Refinance Notes as of June 30, 2023.
Series | Principal Amount | Annual Interest Rate | Loan Date | Maturity Date | Current Outstanding Amount | |||||||||||
Landa Series 1394 Oakview Circle(4) | $ | 44,015 | 4.80 | % | 01/18/22 | (1) | 44,015 | |||||||||
Landa Series 1701 Summerwoods Lane(4) | 52,703 | 4.80 | % | 01/18/22 | (1) | 52,703 | ||||||||||
Landa Series 1741 Park Lane(4) | 66,476 | 4.80 | % | 01/18/22 | (1) | 66,476 | ||||||||||
Landa Series 209 Timber Wolf Trail(4) | 61,750 | 4.80 | % | 01/18/22 | (1) | - | ||||||||||
Landa Series 2505 Oak Circle(4) | 76,700 | 4.80 | % | 01/18/22 | (1) | - | ||||||||||
Landa Series 271 Timber Wolf Trail(4) | 62,400 | 4.80 | % | 01/18/22 | (1) | - | ||||||||||
Landa Series 29 Holly Grove Road(4) | 84,500 | 4.80 | % | 01/18/22 | (1) | 84,500 | ||||||||||
Landa Series 1703 Summerwoods Lane(4) | 77,925 | 4.80 | % | 01/12/22 | (1) | 77,925 | ||||||||||
Landa Series 1712 Summerwoods Lane(4) | 67,535 | 4.80 | % | 01/12/22 | (1) | 67,535 | ||||||||||
Landa Series 1743 Summerwoods Lane(4) | 77,925 | 4.80 | % | 01/12/22 | (1) | 77,925 | ||||||||||
Landa Series 1750 Summerwoods Lane(4) | 77,925 | 4.80 | % | 01/12/22 | (1) | 77,925 | ||||||||||
Landa Series 4267 High Park Lane(4) | 104,250 | 4.80 | % | 01/12/22 | (1) | 104,250 | ||||||||||
Landa Series 4474 Highwood Park Drive(4) | 93,750 | 4.80 | % | 01/12/22 | (1) | 93,750 | ||||||||||
Landa Series 8569 Creekwood Way(4) | 49,400 | 4.80 | % | 01/12/22 | (1) | 49,400 | ||||||||||
Landa Series 9439 Lakeview Road(4) | 124,425 | 4.80 | % | 01/12/22 | (1) | 124,425 | ||||||||||
Landa Series 10167 Port Royal Court(4) | 82,500 | 4.80 | % | 01/12/22 | (1) | 82,500 | ||||||||||
Landa Series 1246 Elgin Way(4) | 95,250 | 4.80 | % | 01/12/22 | (1) | 95,250 | ||||||||||
Landa Series 1910 Grove Way(4) | 82,500 | 4.80 | % | 01/13/22 | (1) | 82,500 | ||||||||||
Landa Series 593 Country Lane Drive(4) | 71,250 | 4.80 | % | 01/13/22 | (1) | 71,250 | ||||||||||
Landa Series 6436 Stone Terrace(4) | 45,000 | 4.80 | % | 01/13/22 | (1) | 45,000 | ||||||||||
Landa Series 6440 Woodstone Terrace(4) | 46,500 | 4.80 | % | 01/13/22 | (1) | 46,500 | ||||||||||
Landa Series 6848 Sandy Creek Drive(4) | 64,500 | 4.80 | % | 01/13/22 | (1) | 64,500 | ||||||||||
Landa Series 687 Utoy Court(4) | 82,500 | 4.80 | % | 01/13/22 | (1) | 82,500 | ||||||||||
Landa Series 729 Winter Lane(4) | 82,500 | 4.80 | % | 01/12/22 | (1) | 82,500 | ||||||||||
Landa Series 7349 Exeter Court(4) | 71,500 | 4.80 | % | 01/13/22 | (1) | 71,500 | ||||||||||
Landa Series 8645 Embrey Drive(4) | 84,750 | 4.80 | % | 01/13/22 | (1) | 84,750 | ||||||||||
Landa Series 8780 Churchill Place(4) | 94,500 | 4.80 | % | 01/13/22 | (1) | 94,500 | ||||||||||
Landa Series 8796 Parliament Place(4) | 78,750 | 4.80 | % | 01/13/22 | (1) | 78,750 | ||||||||||
Landa Series 8641 Ashley Way(4) | 96,357 | 4.80 | % | 01/13/22 | (1) | 96,357 | ||||||||||
Landa Series 8651 Ashley Way(4) | 80,424 | 4.80 | % | 01/13/22 | (1) | 80,424 | ||||||||||
Landa Series 8652 Ashley Way(4) | 76,700 | 4.80 | % | 01/14/22 | (1) | 76,700 | ||||||||||
Landa Series 8653 Ashley Way(4) | 68,250 | 4.80 | % | 01/14/22 | (1) | 68,250 | ||||||||||
Landa Series 8654 Ashley Way(4) | 89,529 | 4.80 | % | 01/14/22 | (1) | 89,529 | ||||||||||
Landa Series 8655 Ashley Way(4) | 71,500 | 4.80 | % | 01/14/22 | (1) | 71,500 | ||||||||||
Landa Series 8659 Ashley Way(4) | 81,900 | 4.80 | % | 01/14/22 | (1) | 81,900 | ||||||||||
Landa Series 8662 Ashley Way(4) | 84,500 | 4.80 | % | 01/14/22 | (1) | 84,500 | ||||||||||
Landa Series 8668 Ashley Way(4) | 99,392 | 4.80 | % | 01/14/22 | (1) | 99,392 | ||||||||||
Landa Series 8670 Ashley Way(4) | 94,250 | 4.80 | % | 01/14/22 | (1) | 94,250 | ||||||||||
Landa Series 8674 Ashley Way(4) | 87,750 | 4.80 | % | 01/14/22 | (1) | 87,750 | ||||||||||
Landa Series 8675 Ashley Way(4) | 87,253 | 4.80 | % | 01/14/22 | (1) | 87,253 | ||||||||||
Landa Series 8677 Ashley Way(4) | 81,942 | 4.80 | % | 01/14/22 | (1) | 81,942 | ||||||||||
Landa Series 8678 Ashley Way(4) | 104,000 | 4.80 | % | 01/14/22 | (1) | 104,000 | ||||||||||
Landa Series 8679 Ashley Way(4) | 88,770 | 4.80 | % | 01/13/22 | (1) | 88,770 | ||||||||||
Landa Series 8683 Ashley Way(4) | 81,183 | 4.80 | % | 01/12/22 | (1) | 81,183 | ||||||||||
Landa Series 1007 Leeward Way(5) | 142,000 | 11.00 | % | 06/29/23 | 07/01/24 | 142,000 |
34
Landa Series 10121 Morris Drive SW(6) | 160,225 | (2) | 04/28/23 | 05/01/24 | 160,225 | |||||||||||
Landa Series 10183 Starr Street SW(6) | 172,550 | (2) | 04/28/23 | 05/01/24 | 172,550 | |||||||||||
Landa Series 103 Starlake Drive(6) | 145,000 | (2) | 04/28/23 | 05/01/24 | 145,000 | |||||||||||
Landa Series 10433 Candlelight Road(6) | 170,375 | (2) | 04/28/23 | 05/01/24 | 170,375 | |||||||||||
Landa Series 107 Oakwood Circle(7) | 119,269 | (3) | 06/08/23 | 06/08/25 | 119,269 | |||||||||||
Landa Series 110 Shenandoah Drive(6) | 192,125 | (2) | 04/28/23 | 05/01/24 | 192,125 | |||||||||||
Landa Series 111 Fir Drive(6) | 145,000 | (2) | 04/28/23 | 05/01/24 | 145,000 | |||||||||||
Landa Series 112 Ridge Street(6) | 178,350 | (2) | 04/28/23 | 05/01/24 | 178,350 | |||||||||||
Landa Series 11322 Michelle Way(6) | 137,750 | (2) | 04/28/23 | 05/01/24 | 137,750 | |||||||||||
Landa Series 1147 Village Way(6) | 148,625 | (2) | 04/28/23 | 05/01/24 | 148,625 | |||||||||||
Landa Series 1160 Gable Terrace(6) | 203,000 | (2) | 04/28/23 | 05/01/24 | 203,000 | |||||||||||
Landa Series 1201 Kilrush Drive(6) | 322,625 | (2) | 04/28/23 | 05/01/24 | 322,625 | |||||||||||
Landa Series 124 Libby Lane(6) | 160,950 | (2) | 04/28/23 | 05/01/24 | 160,950 | |||||||||||
Landa Series 1320 Winona Avenue(6) | 106,038 | (2) | 04/28/23 | 05/01/24 | 106,038 | |||||||||||
Landa Series 137 Southern Shores Road(6) | 159,500 | (2) | 04/28/23 | 05/01/24 | 159,500 | |||||||||||
Landa Series 138 Sandalwood Circle(6) | 163,125 | (2) | 04/28/23 | 05/01/24 | 163,125 | |||||||||||
Landa Series 140 High Ridge Road(6) | 174,000 | (2) | 04/28/23 | 05/01/24 | 174,000 | |||||||||||
Landa Series 146 Crystal Brook(6) | 141,375 | (2) | 04/28/23 | 05/01/24 | 141,375 | |||||||||||
Landa Series 153 Cliffside Court(6) | 94,250 | (2) | 04/28/23 | 05/01/24 | 94,250 | |||||||||||
Landa Series 1666 West Poplar Street(6) | 155,875 | (2) | 04/28/23 | 05/01/24 | 155,875 | |||||||||||
Landa Series 1689 Viceroy Way(6) | 188,500 | (2) | 04/28/23 | 05/01/24 | 188,500 | |||||||||||
Landa Series 181 Watercress Court(6) | 142,100 | (2) | 04/28/23 | 05/01/24 | 142,100 | |||||||||||
Landa Series 188 Timberline Road(6) | 72,500 | (2) | 04/28/23 | 05/01/24 | 72,500 | |||||||||||
Landa Series 189 Shenandoah Drive(6) | 143,550 | (2) | 04/28/23 | 05/01/24 | 143,550 | |||||||||||
Landa Series 195 Hunters Trace(6) | 177,625 | (2) | 04/28/23 | 05/01/24 | 177,625 | |||||||||||
Landa Series 196 Montego Circle(6) | 159,500 | (2) | 04/28/23 | 05/01/24 | 159,500 | |||||||||||
Landa Series 20 Chimney Smoke Drive(6) | 200,075 | (2) | 05/19/23 | 05/19/24 | 200,075 | |||||||||||
Landa Series 212 Fleeta Drive(6) | 170,375 | (2) | 04/28/23 | 05/01/24 | 170,375 | |||||||||||
Landa Series 217 Glenloch Court(6) | 232,000 | (2) | 04/28/23 | 05/01/24 | 232,000 | |||||||||||
Landa Series 2264 Chestnut Hill Circle(6) | 226,200 | (2) | 04/28/23 | 05/01/24 | 226,200 | |||||||||||
Landa Series 2425 Cornell Circle(6) | 234,050 | (2) | 05/19/23 | 05/19/24 | 234,050 | |||||||||||
Landa Series 25 Pleasant Valley Road(6) | 159,500 | (2) | 04/28/23 | 05/01/24 | 159,500 | |||||||||||
Landa Series 253 Marco Drive(6) | 148,625 | (2) | 04/28/23 | 05/01/24 | 148,625 | |||||||||||
Landa Series 258 Rocky Point Road(6) | 184,875 | (2) | 04/28/23 | 05/01/24 | 184,875 | |||||||||||
Landa Series 270 Mountain Lane(6) | 185,600 | (2) | 04/28/23 | 05/01/24 | 185,600 | |||||||||||
Landa Series 270 Pleasant Hills Drive(6) | 170,375 | (2) | 04/28/23 | 05/01/24 | 170,375 | |||||||||||
Landa Series 2813 Vicksburg Court(6) | 210,250 | (2) | 04/28/23 | 05/01/24 | 210,250 | |||||||||||
Landa Series 2933 Coffer Drive(6) | 174,000 | (2) | 04/28/23 | 05/01/24 | 174,000 |
35
Landa Series 30 High Ridge Road(6) | 163,125 | (2) | 04/28/23 | 05/01/24 | 163,125 | |||||||||||
Landa Series 30 Roosevelt Road(6) | 184,875 | (2) | 04/28/23 | 05/01/24 | 184,875 | |||||||||||
Landa Series 3011 Raintree Drive SE(6) | 184,875 | (2) | 04/28/23 | 05/01/24 | 184,875 | |||||||||||
Landa Series 3043 Highway 81 S(6) | 155,875 | (2) | 04/28/23 | 05/01/24 | 155,875 | |||||||||||
Landa Series 313 Blue Heron Drive(6) | 174,000 | (2) | 04/28/23 | 05/01/24 | 174,000 | |||||||||||
Landa Series 3202 Chippewa Drive(6) | 152,250 | (2) | 04/28/23 | 05/01/24 | 152,250 | |||||||||||
Landa Series 35 Clay Court(6) | 174,000 | (2) | 04/28/23 | 05/01/24 | 174,000 | |||||||||||
Landa Series 350 Cadiz Lane S(6) | 163,125 | (2) | 04/28/23 | 05/01/24 | 163,125 | |||||||||||
Landa Series 351 Wesley Park Drive(6) | 152,250 | (2) | 04/28/23 | 05/01/24 | 152,250 | |||||||||||
Landa Series 3667 Patti Parkway(6) | 245,375 | (2) | 05/19/23 | 05/19/24 | 245,375 | |||||||||||
Landa Series 412 Kendall Lane(6) | 162,325 | (2) | 05/19/23 | 05/19/24 | 162,325 | |||||||||||
Landa Series 43 Darwin Drive(6) | 163,125 | (2) | 04/28/23 | 05/01/24 | 163,125 | |||||||||||
Landa Series 45 Blue Jay Drive(6) | 222,575 | (2) | 04/28/23 | 05/01/24 | 222,575 | |||||||||||
Landa Series 45 Laurel Way(6) | 162,325 | (2) | 05/19/23 | 05/19/24 | 162,325 | |||||||||||
Landa Series 4702 Saint James Way(6) | 145,725 | (2) | 04/28/23 | 05/01/24 | 145,725 | |||||||||||
Landa Series 4732 Pinedale Drive(6) | 123,250 | (2) | 04/28/23 | 05/01/24 | 123,250 | |||||||||||
Landa Series 5040 Huntshire Lane(6) | 308,125 | (2) | 04/28/23 | 05/01/24 | 308,125 | |||||||||||
Landa Series 513 Jarrett Court(6) | 181,250 | (2) | 04/28/23 | 05/01/24 | 181,250 | |||||||||||
Landa Series 5143 Pinecrest Drive SW(6) | 130,500 | (2) | 04/28/23 | 05/01/24 | 130,500 | |||||||||||
Landa Series 540 Cowan Road(6) | 188,500 | (2) | 04/28/23 | 05/01/24 | 188,500 | |||||||||||
Landa Series 5411 Rocky Pine Drive(6) | 181,200 | (2) | 05/19/23 | 05/01924 | 181,200 | |||||||||||
Landa Series 550 Cowan Road(6) | 196,300 | (2) | 05/19/23 | 05/19/24 | 196,300 | |||||||||||
Landa Series 5581 Fox Glen Circle(6) | 284,635 | (2) | 05/19/23 | 05/19/24 | 284,635 | |||||||||||
Landa Series 565 Mountainview Drive(6) | 188,500 | (2) | 04/28/23 | 05/01/24 | 188,500 | |||||||||||
Landa Series 5801 Strathmoor Manor Circle(6) | 143,550 | (2) | 04/28/23 | 05/01/24 | 143,550 | |||||||||||
Landa Series 6107 Shadow Glen Court(6) | 131,225 | (2) | 04/28/23 | 05/01/24 | 131,225 | |||||||||||
Landa Series 6111-6113 Pine Glen Circle SW(6) | 181,250 | (2) | 04/28/23 | 05/01/24 | 181,250 | |||||||||||
Landa Series 615 Barshay Drive(6) | 174,000 | (2) | 04/28/23 | 05/01/24 | 174,000 | |||||||||||
Landa Series 6168 Wheat Street NE(6) | 108,750 | (2) | 04/28/23 | 05/01/24 | 108,750 | |||||||||||
Landa Series 6178 Green Acres Drive SW(6) | 130,500 | (2) | 04/28/23 | 05/01/24 | 130,500 | |||||||||||
Landa Series 6404 Walnut Way(6) | 188,750 | (2) | 05/19/23 | 05/19/24 | 188,750 | |||||||||||
Landa Series 643 Sycamore Drive(6) | 178,350 | (2) | 04/28/23 | 05/01/24 | 178,350 | |||||||||||
Landa Series 65 Freedom Court(6) | 159,500 | (2) | 04/28/23 | 05/01/24 | 159,500 |
36
Landa Series 6635 Kimberly Mill Road(6) | 176,900 | (2) | 04/28/23 | 05/01/24 | 176,900 | |||||||||||
Landa Series 6653 Bedford Road(6) | 159,500 | (2) | 04/28/23 | 05/01/24 | 159,500 | |||||||||||
Landa Series 6762 Bent Creek Drive(6) | 192,125 | (2) | 04/28/23 | 05/01/24 | 192,125 | |||||||||||
Landa Series 709 Georgetown Court(6) | 170,375 | (2) | 04/28/23 | 05/01/24 | 170,375 | |||||||||||
Landa Series 7107 Geiger Street NW(6) | 126,875 | (2) | 04/28/23 | 05/01/24 | 126,875 | |||||||||||
Landa Series 750 Georgetown Court(6) | 152,250 | (2) | 04/28/23 | 05/01/24 | 152,250 | |||||||||||
Landa Series 752 Chestnut Drive(6) | 105,125 | (2) | 04/28/23 | 05/01/24 | 105,125 | |||||||||||
Landa Series 7781 Mountain Creek Way(6) | 202,928 | (2) | 04/28/23 | 05/01/24 | 202,928 | |||||||||||
Landa Series 7950 Woodlake Drive(6) | 142,100 | (2) | 04/28/23 | 05/01/24 | 142,100 | |||||||||||
Landa Series 80 High Ridge Road(6) | 184,875 | (2) | 04/28/23 | 05/01/24 | 184,875 | |||||||||||
Landa Series 808 Hillandale Lane(6) | 171,000 | (2) | 04/28/23 | 05/01/24 | 171,000 | |||||||||||
Landa Series 8110 Devonshire Drive(6) | 134,125 | (2) | 04/28/23 | 05/01/24 | 134,125 | |||||||||||
Landa Series 8121 Spillers Drive SW(6) | 126,875 | (2) | 04/28/23 | 05/01/24 | 126,875 | |||||||||||
Landa Series 8233 Creekline Court(6) | 152,119 | (2) | 04/28/23 | 05/01/24 | 152,119 | |||||||||||
Landa Series 85 Kirkland Court(6) | 206,625 | (2) | 04/28/23 | 05/01/24 | 206,625 | |||||||||||
Landa Series 85 Thorn Thicket Way(6) | 172,550 | (2) | 04/28/23 | 05/01/24 | 172,550 | |||||||||||
Landa Series 8855 Rugby Court(6) | 123,250 | (2) | 04/28/23 | 05/01/24 | 123,250 | |||||||||||
Landa Series 9434 Cedar Creek Place(6) | 195,750 | (2) | 04/28/23 | 05/01/24 | 195,750 | |||||||||||
Landa Series 9597 Pintail Trail(6) | 163,125 | (2) | 04/28/23 | 05/01/24 | 163,125 |
(1) | The Maturity Date is the earlier of (i) January 1, 2027 and (ii) the date on which the unpaid principal balance on the Refinance Note becomes due and payable by acceleration or otherwise or the exercise of any of lender’s rights or remedies. |
(2) | The interest rate is an annual rate equal to the greater of (a) the sum of (i) SOFR and (ii) seven percent (7%); and (b) twelve and a half percent (12.5%). |
(3) | The Refinance Note bears interest at a rate that is equal to Overnight SOFR+2%. |
(4) | Refinance Note issued to LendingOne, LLC |
(5) | Refinance Note issued to FTF Lending, LLC |
(6) | Refinance Note issued to L Finance LLC |
(7) | Refinance Note issued to Landa Financing, which is affiliated with the Company and the Manager. |
Plan of Operations
We plan to launch an as of yet undetermined number of additional Series and related offerings in the next twelve (12) months with properties that we acquire from our affiliates, including Landa Properties. The proceeds from any additional offerings closed during the next twelve (12) months will be used for, among other things, the acquisition of Properties by the Series conducting the Offerings. No investor in any Series will, by virtue of its interest in such Series, including its underlying Property, have any interest in, or rights to acquire an interest in, any other Series.
While each Series intends to hold its Property indefinitely, as each Property reaches what the Manager believes to be its optimum value, the Manager may consider disposing of such Property. Please see “Business – Our Manager – Disposition Policies” for more information about our disposition policy with respect to the Properties.
We expect that the rental income earned from each Series’ Property will satisfy each Series’ cash requirements. Each Series may seek additional capital in the form of debt financing from other financing sources to satisfy any additional cash requirements, including a related-party loan between each Series and the Manager.
Off-Balance Sheet Arrangements
Neither the Company nor any of the Series had during the periods presented, and does not currently have, any off-balance sheet arrangements.
Critical Accounting Policies and Estimates
The preparation of financial statements in conformity with GAAP requires the Manager to make assumptions, estimates and judgments that affect the amounts reported, including the notes thereto, and related disclosures of commitments and contingencies, if any. We have identified certain accounting policies that are significant to the preparation of our financial statements. These accounting policies are important for an understanding of our financial condition and results of operations. Critical accounting policies are those that are most important to the portrayal of our financial condition and results of operations and require management’s difficult, subjective or complex judgment, often as a result of the need to make estimates about the effect of matters that are inherently uncertain and may change in subsequent periods. Certain accounting estimates are particularly sensitive because of their significance to financial statements and because of the possibility that future events affecting the estimate may differ significantly from management’s current judgments.
37
Revenue Recognition
The Company adopted ASU 2014-09, Revenue from Contracts with Customers, and its related amendments, effective July 10, 2020.
We determine revenue recognition through the following steps:
● | identification of a contract with a customer; |
● | identification of the performance obligations in the contract; |
● | determination of the transaction price; |
● | allocation of the transaction price to the performance obligations in the contract; and |
● | recognition of revenue when or as the performance obligations are satisfied. |
Operating Expenses
If the Operating Expenses exceed the amount of revenues generated from a Series and cannot be covered by any Reserves of such Series, the Manager may (a) pay such Operating Expenses and seek reimbursement and/or (b) loan the amount of the Operating Expenses to the applicable Series and be entitled to reimbursement of such amount from future revenues generated by such Series. In the case that the Manager provides a loan to a Series, the Series will be obligated to pay interest on that loan at a rate to be determined solely by the Manager, but which will be no greater than seven percent (7%).
Fees to the Manager
Monthly Management Fee: Each Series pays the Manager a monthly management fee ranging from five percent (5%) to ten percent (10%) of Gross Monthly Rent for each Property.
Acquisition Fee: The Acquisition Notes issued by each Series to the Manager in connection with the acquisition of its Property included amounts attributable to an acquisition fee due to the Manager ranging from five percent (5%) to ten percent (10%) of the purchase price of the Property.
Property Diligence Expenses: The Acquisition Notes issued by each Series to the Manager in connection with the acquisition of its Property included amounts attributable to any and all fees, costs and expenses incurred in connection with the evaluation, discovery, and investigation of such Property incurred prior to such acquisition, including legal fees associated with the title insurance, appraisal costs and inspection costs, and any other expenses associated with the acquisition of a Property.
Brokerage Fee: The broker of record for each Offering is expected to receive a brokerage fee equal to 1% of the amount raised from investors through each Series’ Offering. We comply with the requirements of FASB ASC 340-10-S99-1 with regards to offering costs. Prior to the completion of a Series’ Offering, offering costs are capitalized. The deferred offering costs are charged to members’ equity upon the completion of an Offering or to expense if the Offering is not completed. The broker dealer of record is not affiliated with the Manager.
Administrative Costs: In accordance with FASB ASC 720, administrative costs, including accounting fees and legal fees, are expensed as incurred. See “Item 1. Business – Operating Expenses” for additional information.
For more information about the fees payable to the Manager, please see “Description of our Business – Our Manager – Manager Compensation” of our Offering Circular, which can be found here and is incorporated herein by reference.
38
Fair Value of Financial Instruments
FASB guidance specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are as follows:
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 1 primarily consists of financial instruments whose value is based on quoted market prices such as exchange-traded instruments and listed equities.
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly (e.g., quoted prices of similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active).
Level 3 - Unobservable inputs for the asset or liability. Financial instruments are considered Level 3 when their fair values are determined using pricing models, discounted cash flows or similar techniques and at least one significant model assumption or input is unobservable.
The carrying amounts reported in the balance sheets approximate their fair value.
Earnings (Loss) / Income per Membership Interest
Upon completion of an Offering, each Series intends to comply with accounting and disclosure requirements of ASC Topic 260, Earnings per Share. For each Series, earnings (loss) / income per interest will be computed by dividing net (loss) / income for a particular Series by the weighted average number of outstanding interests in that particular Series during the year.
Recently Issued Accounting Pronouncements
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). This ASU supersedes the previous revenue recognition requirements in ASC Topic 605—Revenue Recognition and most industry-specific guidance throughout the ASC. The core principle within this ASU is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration expected to be received for those goods or services. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers, which deferred the effective date for ASU 2014-09 by one year to fiscal years beginning after December 15, 2017, while providing the option to early adopt for fiscal years beginning after December 15, 2016. Transition methods under ASU 2014-09 must be through either (i) retrospective application to each prior reporting period presented or (ii) retrospective application with a cumulative effect adjustment at the date of initial application. We adopted this new standard upon formation in October 2019. The adoption of this standard did not have a material impact on our financial statements.
In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This ASU requires a lessee to recognize a right-of-use asset and a lease liability under most operating leases in its balance sheet. The ASU is effective for annual and interim periods beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted. We are continuing to evaluate the impact of this new standard on our financial reporting and disclosures.
We do not believe that any other recently issued, but not yet effective, accounting standards could have a material effect on the accompanying consolidated financial statements. As new accounting pronouncements are issued, we will adopt those that are applicable under the circumstances.
39
Item 3. Financial Statements
F-1
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING BALANCE SHEETS
Landa App LLC | Landa Series 115 Sardis Street | Landa Series 1394 Oakview Circle | ||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash | $ | - | $ | - | $ | 10 | $ | 583 | $ | 4,020 | $ | 3,259 | ||||||||||||
Restricted cash | - | - | 775 | 775 | ||||||||||||||||||||
Escrow | - | - | - | - | 1,908 | - | ||||||||||||||||||
Accounts receivable | - | - | - | 851 | - | 367 | ||||||||||||||||||
Due from related party | - | - | 22,046 | 2,255 | 2,293 | 3,706 | ||||||||||||||||||
Investments in single-family residential properties, net of depreciation | - | - | - | 105,330 | 71,820 | 72,931 | ||||||||||||||||||
Total Assets | $ | - | $ | - | $ | 22,056 | $ | 109,019 | $ | 80,816 | $ | 81,038 | ||||||||||||
Liabilities | ||||||||||||||||||||||||
Due to related party | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Other liabilities | - | - | - | - | 1,768 | 986 | ||||||||||||||||||
Security deposit | - | - | - | - | 775 | 775 | ||||||||||||||||||
Promissory note - related party | - | - | - | 64,789 | - | - | ||||||||||||||||||
Notes Payable - related party | - | - | - | 52,515 | - | - | ||||||||||||||||||
Acquisition note payable | - | - | - | - | - | - | ||||||||||||||||||
Mortgage payable | - | - | - | - | 44,015 | 44,015 | ||||||||||||||||||
Total Liabilities | - | - | - | 117,304 | 46,558 | 45,776 | ||||||||||||||||||
Members’ equity (deficit) | - | - | 22,056 | (8,285 | ) | 34,258 | 35,262 | |||||||||||||||||
Total Liabilities and Members’ Equity | $ | - | $ | - | $ | 22,056 | $ | 109,019 | $ | 80,816 | $ | 81,038 |
The accompanying notes are an integral part of these combined and combining financial statements.
F-2
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING BALANCE SHEETS
Landa Series 1701 Summerwoods Lane (2) | Landa Series 1741 Park Lane (2) | Landa Series 209 Timber Wolf Trail | ||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash | $ | 17,106 | $ | 1,930 | $ | 3,995 | $ | 1,996 | $ | 641 | $ | 2,379 | ||||||||||||
Restricted cash | - | 925 | - | - | - | 500 | ||||||||||||||||||
Escrow | 520 | - | 547 | - | 235 | - | ||||||||||||||||||
Accounts receivable | - | - | - | - | - | - | ||||||||||||||||||
Due from related party | 13,236 | 11,369 | 17,117 | 12,500 | 3,382 | 1,216 | ||||||||||||||||||
Investments in single-family residential properties, net of depreciation | 167,877 | - | 189,960 | - | - | 109,600 | ||||||||||||||||||
Total Assets | $ | 198,739 | $ | 14,224 | $ | 211,619 | $ | 14,496 | $ | 4,258 | $ | 113,695 | ||||||||||||
Liabilities and Members’ Equity | ||||||||||||||||||||||||
Due to related party | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Other liabilities | 18,326 | 17,780 | 19,513 | 18,115 | 430 | 1,016 | ||||||||||||||||||
Security deposit | - | - | - | - | - | 500 | ||||||||||||||||||
Promissory note - related party | - | - | - | - | 16,457 | 50,785 | ||||||||||||||||||
Notes Payable - related party | - | - | - | - | - | - | ||||||||||||||||||
Acquisition note payable | 67,646 | - | 121,732 | - | - | - | ||||||||||||||||||
Mortgage payable | 52,703 | - | 66,476 | - | - | 61,750 | ||||||||||||||||||
Total Liabilities | 138,675 | 17,780 | 207,721 | 18,115 | 16,887 | 114,051 | ||||||||||||||||||
Members’ equity (deficit) | 60,064 | (3,556 | ) | 3,898 | (3,619 | ) | (12,629 | ) | (356 | ) | ||||||||||||||
Total Liabilities and Members’ Equity | $ | 198,739 | $ | 14,224 | $ | 211,619 | $ | 14,496 | $ | 4,258 | $ | 113,695 |
The accompanying notes are an integral part of these combined and combining financial statements.
F-3
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING BALANCE SHEETS
Landa Series 2505 Oak Circle | Landa Series 271 Timber Wolf Trail | Landa Series 29 Holly Grove Road | ||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash | $ | 10 | $ | 2,836 | $ | 5 | $ | 7 | $ | 1,480 | $ | 199 | ||||||||||||
Restricted cash | - | 1,250 | - | - | 600 | 600 | ||||||||||||||||||
Escrow | 494 | - | - | 33 | 927 | - | ||||||||||||||||||
Accounts receivable | - | - | - | - | - | - | ||||||||||||||||||
Due from related party | 29,019 | - | - | - | - | - | ||||||||||||||||||
Investments in single-family residential properties, net of depreciation | - | 97,086 | - | 118,018 | 89,958 | 91,494 | ||||||||||||||||||
Total Assets | $ | 29,523 | $ | 101,172 | $ | 5 | $ | 118,058 | $ | 92,965 | $ | 92,293 | ||||||||||||
Liabilities and Members’ Equity | ||||||||||||||||||||||||
Due to related party | $ | - | $ | 14,453 | $ | 5,902 | $ | 8,928 | $ | 1,629 | $ | 1,813 | ||||||||||||
Other liabilities | 683 | 374 | 282 | - | 1,644 | 147 | ||||||||||||||||||
Security deposit | - | 1,250 | - | - | 600 | 600 | ||||||||||||||||||
Promissory note - related party | - | 11,210 | 11,854 | 52,160 | 9,229 | 9,229 | ||||||||||||||||||
Notes Payable - related party | - | - | - | - | - | - | ||||||||||||||||||
Acquisition note payable | - | - | - | - | - | - | ||||||||||||||||||
Mortgage payable | - | 76,700 | - | 62,400 | 84,500 | 84,500 | ||||||||||||||||||
Total Liabilities | 683 | 103,987 | 18,038 | 123,488 | 97,602 | 96,289 | ||||||||||||||||||
Members’ equity (deficit) | 28,840 | (2,815 | ) | (18,033 | ) | (5,430 | ) | (4,637 | ) | (3,996 | ) | |||||||||||||
Total Liabilities and Members’ Equity | $ | 29,523 | $ | 101,172 | $ | 5 | $ | 118,058 | $ | 92,965 | $ | 92,293 |
The accompanying notes are an integral part of these combined and combining financial statements.
F-4
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING BALANCE SHEETS
Landa Series 1703 Summerwoods Lane | Landa Series 1712 Summerwoods Lane | Landa Series 1743 Summerwoods Lane | ||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash | $ | 52 | $ | 2,886 | $ | 4,973 | $ | 4,253 | $ | 3,766 | $ | 4,285 | ||||||||||||
Restricted cash | 950 | 950 | 1,450 | 875 | 1,225 | 1,225 | ||||||||||||||||||
Escrow | 1,418 | 123 | 1,432 | 133 | 1,409 | 117 | ||||||||||||||||||
Accounts receivable | - | - | - | - | - | - | ||||||||||||||||||
Due from related party | - | 629 | - | - | - | - | ||||||||||||||||||
Investments in single-family residential properties, net of depreciation | 106,243 | 108,069 | 106,243 | 108,069 | 106,243 | 108,069 | ||||||||||||||||||
Total Assets | $ | 108,663 | $ | 112,657 | $ | 114,098 | $ | 113,330 | $ | 112,643 | $ | 113,696 | ||||||||||||
Liabilities and Members’ Equity | ||||||||||||||||||||||||
Due to related party | $ | 868 | $ | - | $ | 4,226 | $ | 2,713 | $ | 856 | $ | 550 | ||||||||||||
Other liabilities | 2,046 | 1,532 | 2,556 | - | 1,859 | 680 | ||||||||||||||||||
Security deposit | 950 | 950 | 1,450 | 875 | 1,225 | 1,225 | ||||||||||||||||||
Promissory note - related party | - | - | - | - | - | - | ||||||||||||||||||
Notes Payable - related party | - | - | - | - | - | - | ||||||||||||||||||
Acquisition note payable | - | - | - | - | - | - | ||||||||||||||||||
Mortgage payable | 77,925 | 77,925 | 67,535 | 67,535 | 77,925 | 77,925 | ||||||||||||||||||
Total Liabilities | 81,789 | 80,407 | 75,767 | 71,123 | 81,865 | 80,380 | ||||||||||||||||||
Members’ equity (deficit) | 26,874 | 32,250 | 38,331 | 42,207 | 30,778 | 33,316 | ||||||||||||||||||
Total Liabilities and Members’ Equity | $ | 108,663 | $ | 112,657 | $ | 114,098 | $ | 113,330 | $ | 112,643 | $ | 113,696 |
The accompanying notes are an integral part of these combined and combining financial statements.
F-5
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING BALANCE SHEETS
Landa Series 1750 Summerwoods Lane | Landa Series 4267 High Park Lane | Landa Series 4474 Highwood Park Drive | ||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash | $ | 3,213 | $ | 3,560 | $ | 1,066 | $ | 110 | $ | 918 | $ | 366 | ||||||||||||
Restricted cash | - | - | - | 975 | 1,000 | 1,000 | ||||||||||||||||||
Escrow | 1,579 | 253 | 573 | - | 1,107 | - | ||||||||||||||||||
Accounts receivable | - | - | - | 4,830 | - | - | ||||||||||||||||||
Due from related party | 13 | 223 | - | - | - | - | ||||||||||||||||||
Investments in single-family residential properties, net of depreciation | 106,243 | 108,069 | 150,976 | 144,354 | 127,687 | 129,882 | ||||||||||||||||||
Total Assets | $ | 111,048 | $ | 112,105 | $ | 152,615 | $ | 150,269 | $ | 130,712 | $ | 131,248 | ||||||||||||
Liabilities and Members’ Equity | ||||||||||||||||||||||||
Due to related party | $ | - | $ | - | $ | 15,054 | $ | 3,683 | $ | 6,116 | $ | 6,268 | ||||||||||||
Other liabilities | 1,815 | 566 | 1,137 | 700 | 1,726 | 858 | ||||||||||||||||||
Security deposit | - | - | - | 975 | 1,000 | 1,000 | ||||||||||||||||||
Promissory note - related party | - | - | - | - | - | - | ||||||||||||||||||
Notes Payable - related party | - | - | - | - | - | - | ||||||||||||||||||
Acquisition note payable | - | - | - | - | - | - | ||||||||||||||||||
Mortgage payable | 77,925 | 77,925 | 104,250 | 104,250 | 93,750 | 93,750 | ||||||||||||||||||
Total Liabilities | 79,740 | 78,491 | 120,441 | 109,608 | 102,592 | 101,876 | ||||||||||||||||||
Members’ equity (deficit) | 31,308 | 33,614 | 32,174 | 40,661 | 28,120 | 29,372 | ||||||||||||||||||
Total Liabilities and Members’ Equity | $ | 111,048 | $ | 112,105 | $ | 152,615 | $ | 150,269 | $ | 130,712 | $ | 131,248 |
The accompanying notes are an integral part of these combined and combining financial statements.
F-6
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING BALANCE SHEETS
Landa Series 8569 Creekwood Way | Landa Series 9439 Lakeview Road | Landa Series 10167 Port Royal Court | ||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash | $ | 5,415 | $ | 9,301 | $ | 3,496 | $ | 5,268 | $ | 2,660 | $ | 2,227 | ||||||||||||
Restricted cash | - | 500 | 1,050 | 1,050 | 915 | 915 | ||||||||||||||||||
Escrow | 885 | 252 | 1,308 | 624 | 1,297 | - | ||||||||||||||||||
Accounts receivable | - | - | - | - | - | - | ||||||||||||||||||
Due from related party | - | - | - | - | - | - | ||||||||||||||||||
Investments in single-family residential properties, net of depreciation | 77,890 | 79,229 | 169,252 | 172,161 | 103,350 | 105,126 | ||||||||||||||||||
Total Assets | $ | 84,190 | $ | 89,282 | $ | 175,106 | $ | 179,103 | $ | 108,222 | $ | 108,268 | ||||||||||||
Liabilities and Members’ Equity | ||||||||||||||||||||||||
Due to related party | $ | 10,541 | $ | 9,042 | $ | 6,001 | $ | 5,723 | $ | 927 | $ | 325 | ||||||||||||
Other liabilities | 725 | 81 | (787 | ) | - | 1,533 | 465 | |||||||||||||||||
Security deposit | - | 500 | 1,050 | 1,050 | 915 | 915 | ||||||||||||||||||
Promissory note - related party | - | - | - | - | - | - | ||||||||||||||||||
Notes Payable - related party | - | - | - | - | - | - | ||||||||||||||||||
Acquisition note payable | - | - | - | - | - | - | ||||||||||||||||||
Mortgage payable | 49,400 | 49,400 | 124,425 | 124,425 | 82,500 | 82,500 | ||||||||||||||||||
Total Liabilities | 60,666 | 59,023 | 130,689 | 131,198 | 85,875 | 84,205 | ||||||||||||||||||
Members’ equity (deficit) | 23,524 | 30,259 | 44,417 | 47,905 | 22,347 | 24,063 | ||||||||||||||||||
Total Liabilities and Members’ Equity | $ | 84,190 | $ | 89,282 | $ | 175,106 | $ | 179,103 | $ | 108,222 | $ | 108,268 |
The accompanying notes are an integral part of these combined and combining financial statements.
F-7
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING BALANCE SHEETS
Landa Series 1246 Elgin Way | Landa Series 1910 Grove Way | Landa Series 593 Country Lane Drive | ||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash | $ | 2,945 | $ | 1,974 | $ | 1,394 | $ | 8,525 | $ | 2,506 | $ | 2,528 | ||||||||||||
Restricted cash | 1,150 | 1,150 | 1,500 | 1,523 | 971 | 971 | ||||||||||||||||||
Escrow | 1,600 | - | 1,368 | 66 | 1,464 | - | ||||||||||||||||||
Accounts receivable | - | - | - | 1,523 | - | - | ||||||||||||||||||
Due from related party | - | 305 | - | - | - | 249 | ||||||||||||||||||
Investments in single-family residential properties, net of depreciation | 124,778 | 126,923 | 97,707 | 99,387 | 89,560 | 91,099 | ||||||||||||||||||
Total Assets | $ | 130,473 | $ | 130,352 | $ | 101,969 | $ | 111,024 | $ | 94,501 | $ | 94,847 | ||||||||||||
Liabilities and Members’ Equity | ||||||||||||||||||||||||
Due to related party | $ | 184 | $ | - | $ | 18,427 | $ | 19,770 | $ | 215 | $ | - | ||||||||||||
Other liabilities | 1,444 | 85 | 2,551 | 1,062 | 1,910 | 636 | ||||||||||||||||||
Security deposit | 1,150 | 1,150 | 1,500 | 1,523 | 971 | 971 | ||||||||||||||||||
Promissory note - related party | - | - | - | - | - | - | ||||||||||||||||||
Notes Payable - related party | - | - | - | - | - | - | ||||||||||||||||||
Acquisition note payable | - | - | - | - | - | - | ||||||||||||||||||
Mortgage payable | 95,250 | 95,250 | 82,500 | 82,500 | 71,250 | 71,250 | ||||||||||||||||||
Total Liabilities | 98,028 | 96,485 | 104,978 | 104,855 | 74,346 | 72,857 | ||||||||||||||||||
Members’ equity (deficit) | 32,445 | 33,867 | (3,009 | ) | 6,169 | 20,155 | 21,990 | |||||||||||||||||
Total Liabilities and Members’ Equity | $ | 130,473 | $ | 130,352 | $ | 101,969 | $ | 111,024 | $ | 94,501 | $ | 94,847 |
The accompanying notes are an integral part of these combined and combining financial statements.
F-8
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING BALANCE SHEETS
Landa Series 6436 Stone Terrace | Landa Series 6440 Woodstone Terrace | Landa Series 6848 Sandy Creek Drive | ||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash | $ | 1,200 | $ | 1,009 | $ | 778 | $ | 1,179 | $ | 145 | $ | 1,225 | ||||||||||||
Restricted cash | 1,000 | 1,000 | 1,295 | - | 1,475 | 975 | ||||||||||||||||||
Escrow | 787 | 603 | 668 | - | 578 | - | ||||||||||||||||||
Accounts receivable | - | - | - | - | - | - | ||||||||||||||||||
Due from related party | - | - | - | - | - | 109 | ||||||||||||||||||
Investments in single-family residential properties, net of depreciation | 56,524 | 57,496 | 60,510 | 61,550 | 80,715 | 82,102 | ||||||||||||||||||
Total Assets | $ | 59,511 | $ | 60,108 | $ | 63,251 | $ | 62,729 | $ | 82,913 | $ | 84,411 | ||||||||||||
Liabilities and Members’ Equity | ||||||||||||||||||||||||
Due to related party | $ | 365 | $ | 974 | $ | 17,992 | $ | 17,916 | $ | 467 | $ | - | ||||||||||||
Other liabilities | 1,205 | 526 | 685 | - | 1,753 | 1,597 | ||||||||||||||||||
Security deposit | 1,000 | 1,000 | 1,322 | 27 | 1,475 | 975 | ||||||||||||||||||
Promissory note - related party | - | - | - | - | - | - | ||||||||||||||||||
Notes Payable - related party | - | - | - | - | - | - | ||||||||||||||||||
Acquisition note payable | - | - | - | - | - | - | ||||||||||||||||||
Mortgage payable | 45,000 | 45,000 | 46,500 | 46,500 | 64,500 | 64,500 | ||||||||||||||||||
Total Liabilities | 47,570 | 47,500 | 66,499 | 64,443 | 68,195 | 67,072 | ||||||||||||||||||
Members’ equity (deficit) | 11,941 | 12,608 | (3,248 | ) | (1,714 | ) | 14,718 | 17,339 | ||||||||||||||||
Total Liabilities and Members’ Equity | $ | 59,511 | $ | 60,108 | $ | 63,251 | $ | 62,729 | $ | 82,913 | $ | 84,411 |
The accompanying notes are an integral part of these combined and combining financial statements.
F-9
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING BALANCE SHEETS
Landa Series 687 Utoy Court | Landa Series 729 Winter Lane | Landa Series 7349 Exeter Court | ||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash | $ | 409 | $ | 3,056 | $ | 3,092 | $ | 9,547 | $ | 3,060 | $ | 2,756 | ||||||||||||
Restricted cash | 1,157 | 1,157 | 1,975 | 500 | 1,000 | 1,000 | ||||||||||||||||||
Escrow | 1,151 | 210 | 1,330 | 102 | 1,305 | - | ||||||||||||||||||
Accounts receivable | - | - | - | - | - | - | ||||||||||||||||||
Due from related party | - | - | 1,552 | - | - | 236 | ||||||||||||||||||
Investments in single-family residential properties, net of depreciation | 107,865 | 109,719 | 106,274 | 108,101 | 103,394 | 105,171 | ||||||||||||||||||
Total Assets | $ | 110,582 | $ | 114,142 | $ | 114,223 | $ | 118,250 | $ | 108,759 | $ | 109,163 | ||||||||||||
Liabilities and Members’ Equity | ||||||||||||||||||||||||
Due to related party | $ | 4,435 | $ | 4,175 | $ | 19,011 | $ | 18,613 | $ | 593 | $ | - | ||||||||||||
Other liabilities | 897 | - | 1,383 | 255 | 2,118 | 1,125 | ||||||||||||||||||
Security deposit | 1,157 | 1,157 | 1,975 | 500 | �� | 1,000 | 1,000 | |||||||||||||||||
Promissory note - related party | - | - | - | - | - | - | ||||||||||||||||||
Notes Payable - related party | - | - | - | - | - | - | ||||||||||||||||||
Acquisition note payable | - | - | - | - | - | - | ||||||||||||||||||
Mortgage payable | 82,500 | 82,500 | 82,500 | 82,500 | 71,500 | 71,500 | ||||||||||||||||||
Total Liabilities | 88,989 | 87,832 | 104,869 | 101,868 | 75,211 | 73,625 | ||||||||||||||||||
Members’ equity (deficit) | 21,593 | 26,310 | 9,354 | 16,382 | 33,548 | 35,538 | ||||||||||||||||||
Total Liabilities and Members’ Equity | $ | 110,582 | $ | 114,142 | $ | 114,223 | $ | 118,250 | $ | 108,759 | $ | 109,163 |
The accompanying notes are an integral part of these combined and combining financial statements.
F-10
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING BALANCE SHEETS
Landa Series 8645 Embrey Drive | Landa Series 8780 Churchill Place | Landa Series 8796 Parliament Place | ||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash | $ | 2,121 | $ | 1,007 | $ | 111 | $ | 1,474 | $ | 5,178 | $ | 4,641 | ||||||||||||
Restricted cash | 1,050 | 1,050 | 1,323 | 1,200 | 975 | 975 | ||||||||||||||||||
Escrow | 1,324 | 54 | 1,352 | - | 1,223 | - | ||||||||||||||||||
Accounts receivable | - | - | - | - | - | - | ||||||||||||||||||
Due from related party | - | 34 | - | - | - | - | ||||||||||||||||||
Investments in single-family residential properties, net of depreciation | 111,109 | 113,019 | 123,876 | 126,005 | 102,648 | 104,412 | ||||||||||||||||||
Total Assets | $ | 115,604 | $ | 115,164 | $ | 126,662 | $ | 128,679 | $ | 110,024 | $ | 110,028 | ||||||||||||
Liabilities and Members’ Equity | ||||||||||||||||||||||||
Due to related party | $ | 289 | $ | - | $ | 5,721 | $ | 833 | $ | 2,277 | $ | 1,522 | ||||||||||||
Other liabilities | 2,696 | 174 | 1,541 | 483 | 2,063 | 1,123 | ||||||||||||||||||
Security deposit | 1,050 | 1,050 | 1,323 | 1,200 | 975 | 975 | ||||||||||||||||||
Promissory note - related party | - | - | - | - | - | - | ||||||||||||||||||
Notes Payable - related party | - | - | - | - | - | - | ||||||||||||||||||
Acquisition note payable | - | - | - | - | - | - | ||||||||||||||||||
Mortgage payable | 84,750 | 84,750 | 94,500 | 94,500 | 78,750 | 78,750 | ||||||||||||||||||
Total Liabilities | 88,785 | 85,974 | 103,085 | 97,016 | 84,065 | 82,370 | ||||||||||||||||||
Members’ equity (deficit) | 26,819 | 29,190 | 23,577 | 31,663 | 25,959 | 27,658 | ||||||||||||||||||
Total Liabilities and Members’ Equity | $ | 115,604 | $ | 115,164 | $ | 126,662 | $ | 128,679 | $ | 110,024 | $ | 110,028 |
The accompanying notes are an integral part of these combined and combining financial statements.
F-11
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING BALANCE SHEETS
Landa Series 8641 Ashley Way | Landa Series 8651 Ashley Way | Landa Series 8652 Ashley Way | ||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash | $ | 5,779 | $ | 6,303 | $ | 3,692 | $ | 5,323 | $ | 3,291 | $ | 3,646 | ||||||||||||
Restricted cash | 900 | 900 | 800 | 800 | 2,200 | 2,200 | ||||||||||||||||||
Escrow | 1,172 | 238 | 1,324 | 233 | 1,061 | 217 | ||||||||||||||||||
Accounts receivable | - | - | - | - | - | - | ||||||||||||||||||
Due from related party | - | - | - | - | - | - | ||||||||||||||||||
Investments in single-family residential properties, net of depreciation | 133,072 | 135,359 | 111,269 | 113,181 | 123,728 | 125,855 | ||||||||||||||||||
Total Assets | $ | 140,923 | $ | 142,800 | $ | 117,085 | $ | 119,537 | $ | 130,280 | $ | 131,918 | ||||||||||||
Liabilities and Members’ Equity | ||||||||||||||||||||||||
Due to related party | $ | 113 | $ | 50 | $ | 5,974 | $ | 6,160 | $ | 8,548 | $ | 8,576 | ||||||||||||
Other liabilities | 1,067 | 162 | 808 | 54 | 1,222 | 402 | ||||||||||||||||||
Security deposit | 900 | 900 | 800 | 800 | 2,200 | 2,200 | ||||||||||||||||||
Promissory note - related party | - | - | - | - | - | - | ||||||||||||||||||
Notes Payable - related party | - | - | - | - | - | - | ||||||||||||||||||
Acquisition note payable | - | - | - | - | - | - | ||||||||||||||||||
Mortgage payable | 96,357 | 96,357 | 80,424 | 80,424 | 76,700 | 76,700 | ||||||||||||||||||
Total Liabilities | 98,437 | 97,469 | 88,006 | 87,438 | 88,670 | 87,878 | ||||||||||||||||||
Members’ equity (deficit) | 42,486 | 45,331 | 29,079 | 32,099 | 41,610 | 44,040 | ||||||||||||||||||
Total Liabilities and Members’ Equity | $ | 140,923 | $ | 142,800 | $ | 117,085 | $ | 119,537 | $ | 130,280 | $ | 131,918 |
The accompanying notes are an integral part of these combined and combining financial statements.
F-12
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING BALANCE SHEETS
Landa Series 8653 Ashley Way | Landa Series 8654 Ashley Way | Landa Series 8655 Ashley Way | ||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash | $ | 5,375 | $ | 4,715 | $ | 4,592 | $ | 5,037 | $ | 9,425 | $ | 10,649 | ||||||||||||
Restricted cash | 700 | 700 | 1,350 | 1,350 | - | - | ||||||||||||||||||
Escrow | 856 | 237 | 1,069 | 222 | 1,012 | 244 | ||||||||||||||||||
Accounts receivable | - | - | - | - | 800 | - | ||||||||||||||||||
Due from related party | 4,628 | 4,609 | - | - | - | - | ||||||||||||||||||
Investments in single-family residential properties, net of depreciation | 110,230 | 112,125 | 123,727 | 125,854 | 115,432 | 117,416 | ||||||||||||||||||
Total Assets | $ | 121,789 | $ | 122,386 | $ | 130,738 | $ | 132,463 | $ | 126,669 | $ | 128,309 | ||||||||||||
Liabilities and Members’ Equity | ||||||||||||||||||||||||
Due to related party | $ | - | $ | - | $ | 601 | $ | 446 | $ | 6,969 | $ | 7,388 | ||||||||||||
Other liabilities | 6,716 | 4,844 | 824 | - | 753 | - | ||||||||||||||||||
Security deposit | 700 | 700 | 1,350 | 1,350 | - | - | ||||||||||||||||||
Promissory note - related party | - | - | - | - | - | - | ||||||||||||||||||
Notes Payable - related party | - | - | - | - | - | - | ||||||||||||||||||
Acquisition note payable | - | - | - | - | - | - | ||||||||||||||||||
Mortgage payable | 68,250 | 68,250 | 89,529 | 89,529 | 71,500 | 71,500 | ||||||||||||||||||
Total Liabilities | 75,666 | 73,794 | 92,304 | 91,325 | 79,222 | 78,888 | ||||||||||||||||||
Members’ equity (deficit) | 46,123 | 48,592 | 38,434 | 41,138 | 47,447 | 49,421 | ||||||||||||||||||
Total Liabilities and Members’ Equity | $ | 121,789 | $ | 122,386 | $ | 130,738 | $ | 132,463 | $ | 126,669 | $ | 128,309 |
The accompanying notes are an integral part of these combined and combining financial statements.
F-13
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING BALANCE SHEETS
Landa Series 8659 Ashley Way | Landa Series 8662 Ashley Way | Landa Series 8668 Ashley Way | ||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash | $ | 8,953 | $ | 8,336 | $ | 6,282 | $ | 7,032 | $ | 12,028 | $ | 12,577 | ||||||||||||
Restricted cash | 1,250 | 2,125 | 925 | 925 | 1,000 | 1,000 | ||||||||||||||||||
Escrow | 1,059 | 266 | 1,073 | 227 | 1,236 | 223 | ||||||||||||||||||
Accounts receivable | - | - | - | - | - | - | ||||||||||||||||||
Due from related party | - | - | - | - | 890 | 1,032 | ||||||||||||||||||
Investments in single-family residential properties, net of depreciation | 132,046 | 134,315 | 127,892 | 130,090 | 137,238 | 139,597 | ||||||||||||||||||
Total Assets | $ | 143,308 | $ | 145,042 | $ | 136,172 | $ | 138,274 | $ | 152,392 | $ | 154,429 | ||||||||||||
Liabilities and Members’ Equity | ||||||||||||||||||||||||
Due to related party | $ | 5,501 | $ | 5,313 | $ | 1,997 | $ | 1,843 | $ | - | $ | - | ||||||||||||
Other liabilities | 1,130 | 344 | 658 | 61 | 1,090 | 89 | ||||||||||||||||||
Security deposit | 1,250 | 2,125 | 925 | 925 | 1,000 | 1,000 | ||||||||||||||||||
Promissory note - related party | - | - | - | - | - | - | ||||||||||||||||||
Notes Payable - related party | - | - | - | - | - | - | ||||||||||||||||||
Acquisition note payable | - | - | - | - | - | - | ||||||||||||||||||
Mortgage payable | 81,900 | 81,900 | 84,500 | 84,500 | 99,392 | 99,392 | ||||||||||||||||||
Total Liabilities | 89,781 | 89,682 | 88,080 | 87,329 | 101,482 | 100,481 | ||||||||||||||||||
Members’ equity (deficit) | 53,527 | 55,360 | 48,092 | 50,945 | 50,910 | 53,948 | ||||||||||||||||||
Total Liabilities and Members’ Equity | $ | 143,308 | $ | 145,042 | $ | 136,172 | $ | 138,274 | $ | 152,392 | $ | 154,429 |
The accompanying notes are an integral part of these combined and combining financial statements.
F-14
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING BALANCE SHEETS
Landa Series 8670 Ashley Way | Landa Series 8674 Ashley Way | Landa Series 8675 Ashley Way | ||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash | $ | 3,098 | $ | 1,739 | $ | 852 | $ | 3,025 | $ | 4,002 | $ | 2,573 | ||||||||||||
Restricted cash | 975 | 975 | 1,625 | 1,300 | 1,100 | 1,100 | ||||||||||||||||||
Escrow | 1,169 | 202 | 1,070 | 192 | 1,011 | 237 | ||||||||||||||||||
Accounts receivable | - | - | - | - | - | - | ||||||||||||||||||
Due from related party | 5,126 | 5,325 | - | - | - | - | ||||||||||||||||||
Investments in single-family residential properties, net of depreciation | 144,507 | 146,991 | 122,701 | 124,810 | 120,624 | 122,697 | ||||||||||||||||||
Total Assets | $ | 154,875 | $ | 155,232 | $ | 126,248 | $ | 129,327 | $ | 126,737 | $ | 126,607 | ||||||||||||
Liabilities and Members’ Equity | ||||||||||||||||||||||||
Due to related party | $ | - | $ | - | $ | 3,028 | $ | 1,608 | $ | 4,145 | $ | 3,803 | ||||||||||||
Other liabilities | 2,323 | 344 | 819 | - | 2,106 | 244 | ||||||||||||||||||
Security deposit | 975 | 975 | 1,625 | 1,300 | 1,100 | 1,100 | ||||||||||||||||||
Promissory note - related party | - | - | - | - | - | - | ||||||||||||||||||
Notes Payable - related party | - | - | - | - | - | - | ||||||||||||||||||
Acquisition note payable | - | - | - | - | - | - | ||||||||||||||||||
Mortgage payable | 94,250 | 94,250 | 87,750 | 87,750 | 87,253 | 87,253 | ||||||||||||||||||
Total Liabilities | 97,548 | 95,569 | 93,222 | 90,658 | 94,604 | 92,400 | ||||||||||||||||||
Members’ equity (deficit) | 57,327 | 59,663 | 33,026 | 38,669 | 32,133 | 34,207 | ||||||||||||||||||
Total Liabilities and Members’ Equity | $ | 154,875 | $ | 155,232 | $ | 126,248 | $ | 129,327 | $ | 126,737 | $ | 126,607 |
The accompanying notes are an integral part of these combined and combining financial statements.
F-15
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING BALANCE SHEETS
Landa Series 8677 Ashley Way | Landa Series 8678 Ashley Way | Landa Series 8679 Ashley Way | ||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash | $ | 6,384 | $ | 6,789 | $ | 3,578 | $ | 3,761 | $ | 3,612 | $ | 3,717 | ||||||||||||
Restricted cash | 1,050 | 1,050 | 900 | 900 | 1,400 | 925 | ||||||||||||||||||
Escrow | 974 | 241 | 1,269 | 246 | 1,148 | 159 | ||||||||||||||||||
Accounts receivable | - | - | - | - | - | - | ||||||||||||||||||
Due from related party | - | - | - | - | 148 | 451 | ||||||||||||||||||
Investments in single-family residential properties, net of depreciation | 113,355 | 115,303 | 152,815 | 155,441 | 122,701 | 124,810 | ||||||||||||||||||
Total Assets | $ | 121,763 | $ | 123,383 | $ | 158,562 | $ | 160,348 | $ | 129,009 | $ | 130,062 | ||||||||||||
Liabilities and Members’ Equity | ||||||||||||||||||||||||
Due to related party | $ | 1,695 | $ | 1,582 | $ | 1,676 | $ | 1,417 | $ | - | $ | - | ||||||||||||
Other liabilities | 1,160 | 438 | 989 | - | 2,400 | 64 | ||||||||||||||||||
Security deposit | 1,050 | 1,050 | 900 | 900 | 1,400 | 925 | ||||||||||||||||||
Promissory note - related party | - | - | - | - | - | - | ||||||||||||||||||
Notes Payable - related party | - | - | - | - | - | - | ||||||||||||||||||
Acquisition note payable | - | - | - | - | - | - | ||||||||||||||||||
Mortgage payable | 81,942 | 81,942 | 104,000 | 104,000 | 88,770 | 88,770 | ||||||||||||||||||
Total Liabilities | 85,847 | 85,012 | 107,565 | 106,317 | 92,570 | 89,759 | ||||||||||||||||||
Members’ equity (deficit) | 35,916 | 38,371 | 50,997 | 54,031 | 36,439 | 40,303 | ||||||||||||||||||
Total Liabilities and Members’ Equity | $ | 121,763 | $ | 123,383 | $ | 158,562 | $ | 160,348 | $ | 129,009 | $ | 130,062 |
The accompanying notes are an integral part of these combined and combining financial statements.
F-16
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING BALANCE SHEETS
Landa Series 8683 Ashley Way | Landa Series 1007 Leeward Way (6) | Landa Series 10121 Morris Drive SW (3) | ||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash | $ | 5,663 | $ | 7,141 | $ | 2,161 | $ | - | $ | 2,037 | $ | - | ||||||||||||
Restricted cash | 925 | 925 | 950 | - | 1,600 | - | ||||||||||||||||||
Escrow | 1,018 | 219 | - | - | - | - | ||||||||||||||||||
Accounts receivable | - | - | - | - | - | - | ||||||||||||||||||
Due from related party | - | - | 62,825 | - | 60,116 | - | ||||||||||||||||||
Investments in single-family residential properties, net of depreciation | 112,317 | 114,247 | 236,674 | - | 214,153 | - | ||||||||||||||||||
Total Assets | $ | 119,923 | $ | 122,532 | $ | 302,610 | $ | - | $ | 277,906 | $ | - | ||||||||||||
Liabilities and Members’ Equity | ||||||||||||||||||||||||
Due to related party | $ | 551 | $ | 401 | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Other liabilities | 1,325 | 546 | 1,840 | - | - | - | ||||||||||||||||||
Security deposit | 925 | 925 | 950 | - | 1,600 | - | ||||||||||||||||||
Promissory note - related party | - | - | - | - | - | - | ||||||||||||||||||
Notes Payable - related party | - | - | - | - | - | - | ||||||||||||||||||
Acquisition note payable | - | - | 158,157 | - | 114,871 | - | ||||||||||||||||||
Bridge note payable | - | - | 142,000 | - | 160,225 | - | ||||||||||||||||||
Mortgage payable | 81,183 | 81,183 | - | - | - | - | ||||||||||||||||||
Total Liabilities | 83,984 | 83,055 | 302,947 | - | 276,696 | - | ||||||||||||||||||
Members’ equity (deficit) | 35,939 | 39,477 | (337 | ) | - | 1,210 | - | |||||||||||||||||
Total Liabilities and Members’ Equity | $ | 119,923 | $ | 122,532 | $ | 302,610 | $ | - | $ | 277,906 | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-17
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING BALANCE SHEETS
Landa Series 10183 Starr Street SW (3) | Landa Series 103 Starlake Drive (3) | Landa Series 10433 Candlelight Road (3) | ||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash | $ | 485 | $ | - | $ | 1,507 | $ | - | $ | 32 | $ | - | ||||||||||||
Restricted cash | 850 | - | 990 | - | 995 | - | ||||||||||||||||||
Escrow | - | - | - | - | - | - | ||||||||||||||||||
Accounts receivable | - | - | - | - | - | - | ||||||||||||||||||
Due from related party | 59,775 | - | 60,978 | - | 54,890 | - | ||||||||||||||||||
Investments in single-family residential properties, net of depreciation | 204,539 | - | 202,505 | - | 241,010 | - | ||||||||||||||||||
Total Assets | $ | 265,649 | $ | - | $ | 265,980 | $ | - | $ | 296,927 | $ | - | ||||||||||||
Liabilities and Members’ Equity | ||||||||||||||||||||||||
Due to related party | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Other liabilities | - | - | - | - | - | - | ||||||||||||||||||
Security deposit | 850 | - | 990 | - | 995 | - | ||||||||||||||||||
Promissory note - related party | - | - | - | - | - | - | ||||||||||||||||||
Notes Payable - related party | - | - | - | - | - | - | ||||||||||||||||||
Acquisition note payable | 94,899 | - | 122,261 | - | 134,673 | - | ||||||||||||||||||
Bridge note payable | 172,550 | - | 145,000 | - | 170,375 | - | ||||||||||||||||||
Mortgage payable | - | - | - | - | - | - | ||||||||||||||||||
Total Liabilities | 268,299 | - | 268,251 | - | 306,043 | - | ||||||||||||||||||
Members’ equity (deficit) | (2,650 | ) | - | (2,271 | ) | - | (9,116 | ) | - | |||||||||||||||
Total Liabilities and Members’ Equity | $ | 265,649 | $ | - | $ | 265,980 | $ | - | $ | 296,927 | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-18
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING BALANCE SHEETS
Landa Series 107 Oakwood Circle (5) | Landa Series 110 Shenandoah Drive (3) | Landa Series 111 Fir Drive (3) | ||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash | $ | 1,987 | $ | - | $ | 912 | $ | - | $ | 965 | $ | - | ||||||||||||
Restricted cash | 825 | - | 850 | - | 1,250 | - | ||||||||||||||||||
Escrow | - | - | - | - | - | - | ||||||||||||||||||
Accounts receivable | - | - | - | - | - | - | ||||||||||||||||||
Due from related party | 58,803 | - | 60,296 | - | 32,518 | - | ||||||||||||||||||
Investments in single-family residential properties, net of depreciation | 137,136 | - | 245,927 | - | 204,043 | - | ||||||||||||||||||
Total Assets | $ | 198,751 | $ | - | $ | 307,985 | $ | - | $ | 238,776 | $ | - | ||||||||||||
Liabilities and Members’ Equity | ||||||||||||||||||||||||
Due to related party | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Other liabilities | - | - | - | - | - | - | ||||||||||||||||||
Security deposit | 825 | - | 850 | - | 1,250 | - | ||||||||||||||||||
Promissory note - related party | - | - | - | - | - | - | ||||||||||||||||||
Notes Payable - related party | - | - | - | - | - | - | ||||||||||||||||||
Acquisition note payable | 69,660 | - | 118,498 | - | 90,236 | - | ||||||||||||||||||
Bridge note payable | - | - | 192,125 | - | 145,000 | - | ||||||||||||||||||
Mortgage payable | 119,269 | - | - | - | - | - | ||||||||||||||||||
Total Liabilities | 189,754 | - | 311,473 | - | 236,486 | - | ||||||||||||||||||
Members’ equity (deficit) | 8,997 | - | (3,488 | ) | - | 2,290 | - | |||||||||||||||||
Total Liabilities and Members’ Equity | $ | 198,751 | $ | - | $ | 307,985 | $ | - | $ | 238,776 | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-19
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING BALANCE SHEETS
Landa Series 112 Ridge Street (3) | Landa Series 11322 Michelle Way (3) | Landa Series 1147 Village Way (3) | ||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash | $ | 1,167 | $ | - | $ | 763 | $ | - | $ | 1,059 | $ | - | ||||||||||||
Restricted cash | - | - | 900 | - | 1,525 | - | ||||||||||||||||||
Escrow | - | - | - | - | - | - | ||||||||||||||||||
Accounts receivable | - | - | - | - | - | - | ||||||||||||||||||
Due from related party | 60,027 | - | 60,098 | - | 33,968 | - | ||||||||||||||||||
Investments in single-family residential properties, net of depreciation | 244,866 | - | 187,558 | - | 262,399 | - | ||||||||||||||||||
Total Assets | $ | 306,060 | $ | - | $ | 249,319 | $ | - | $ | 298,951 | $ | - | ||||||||||||
Liabilities and Members’ Equity | ||||||||||||||||||||||||
Due to related party | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Other liabilities | - | - | - | - | - | - | ||||||||||||||||||
Security deposit | - | - | 900 | - | 1,525 | - | ||||||||||||||||||
Promissory note - related party | - | - | - | - | - | - | ||||||||||||||||||
Notes Payable - related party | - | - | - | - | - | - | ||||||||||||||||||
Acquisition note payable | 130,034 | - | 112,559 | - | 151,373 | - | ||||||||||||||||||
Bridge note payable | 178,350 | - | 137,750 | - | 148,625 | - | ||||||||||||||||||
Mortgage payable | - | - | - | - | - | - | ||||||||||||||||||
Total Liabilities | 308,384 | - | 251,209 | - | 301,523 | - | ||||||||||||||||||
Members’ equity (deficit) | (2,324 | ) | - | (1,890 | ) | - | (2,572 | ) | - | |||||||||||||||
Total Liabilities and Members’ Equity | $ | 306,060 | $ | - | $ | 249,319 | $ | - | $ | 298,951 | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-20
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING BALANCE SHEETS
Landa Series 1160 Gable Terrace (3) | Landa Series 1201 Kilrush Drive (3) | Landa Series 124 Libby Lane (3) | ||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash | $ | 3,832 | $ | - | $ | 2,367 | $ | - | $ | 209 | $ | - | ||||||||||||
Restricted cash | 2,200 | - | 2,100 | - | 1,550 | - | ||||||||||||||||||
Escrow | - | - | - | - | - | - | ||||||||||||||||||
Accounts receivable | - | - | - | - | - | - | ||||||||||||||||||
Due from related party | 60,058 | - | 55,790 | - | 20,256 | - | ||||||||||||||||||
Investments in single-family residential properties, net of depreciation | 236,386 | - | 465,609 | - | 215,454 | - | ||||||||||||||||||
Total Assets | $ | 302,476 | $ | - | $ | 525,866 | $ | - | $ | 237,469 | $ | - | ||||||||||||
Liabilities and Members’ Equity | ||||||||||||||||||||||||
Due to related party | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Other liabilities | 1,793 | - | - | - | - | - | ||||||||||||||||||
Security deposit | 2,200 | - | 2,100 | - | 1,550 | - | ||||||||||||||||||
Promissory note - related party | - | - | - | - | - | - | ||||||||||||||||||
Notes Payable - related party | - | - | - | - | - | - | ||||||||||||||||||
Acquisition note payable | 95,801 | - | 212,610 | - | 77,986 | - | ||||||||||||||||||
Bridge note payable | 203,000 | - | 322,625 | - | 160,950 | - | ||||||||||||||||||
Mortgage payable | - | - | - | - | - | - | ||||||||||||||||||
Total Liabilities | 302,794 | - | 537,335 | - | 240,486 | - | ||||||||||||||||||
Members’ equity (deficit) | (318 | ) | - | (11,469 | ) | - | (3,017 | ) | - | |||||||||||||||
Total Liabilities and Members’ Equity | $ | 302,476 | $ | - | $ | 525,866 | $ | - | $ | 237,469 | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-21
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING BALANCE SHEETS
Landa Series 1320 Winona Avenue (3) | Landa Series 137 Southern Shores Road (3) | Landa Series 138 Sandalwood Circle (3) | ||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash | $ | 140 | $ | - | $ | 1,724 | $ | - | $ | 5,346 | $ | - | ||||||||||||
Restricted cash | - | - | 500 | - | 1,750 | - | ||||||||||||||||||
Escrow | - | - | - | - | - | - | ||||||||||||||||||
Accounts receivable | - | - | - | - | - | - | ||||||||||||||||||
Due from related party | 58,356 | - | 60,696 | - | 4,742 | - | ||||||||||||||||||
Investments in single-family residential properties, net of depreciation | 158,101 | - | 177,103 | - | 244,510 | - | ||||||||||||||||||
Total Assets | $ | 216,597 | $ | - | $ | 240,023 | $ | - | $ | 256,348 | $ | - | ||||||||||||
Liabilities and Members’ Equity | ||||||||||||||||||||||||
Due to related party | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Other liabilities | - | - | 1,244 | - | - | - | ||||||||||||||||||
Security deposit | - | - | 500 | - | 1,750 | - | ||||||||||||||||||
Promissory note - related party | - | - | - | - | - | - | ||||||||||||||||||
Notes Payable - related party | - | - | - | - | - | - | ||||||||||||||||||
Acquisition note payable | 113,008 | - | 80,123 | - | 84,625 | - | ||||||||||||||||||
Bridge note payable | 106,038 | - | 159,500 | - | 163,125 | - | ||||||||||||||||||
Mortgage payable | - | - | - | - | - | - | ||||||||||||||||||
Total Liabilities | 219,046 | - | 241,367 | - | 249,500 | - | ||||||||||||||||||
Members’ equity (deficit) | (2,449 | ) | - | (1,344 | ) | - | 6,848 | - | ||||||||||||||||
Total Liabilities and Members’ Equity | $ | 216,597 | $ | - | $ | 240,023 | $ | - | $ | 256,348 | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-22
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING BALANCE SHEETS
Landa Series 140 High Ridge Road (3) | Landa Series 146 Crystal Brook (3) | Landa Series 153 Cliffside Court (3) | ||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash | $ | 3,371 | $ | - | $ | 4,581 | $ | - | $ | 252 | $ | - | ||||||||||||
Restricted cash | 1,450 | - | 975 | - | 820 | - | ||||||||||||||||||
Escrow | - | - | - | - | - | - | ||||||||||||||||||
Accounts receivable | - | - | - | - | - | - | ||||||||||||||||||
Due from related party | 60,237 | - | 59,123 | - | 59,692 | - | ||||||||||||||||||
Investments in single-family residential properties, net of depreciation | 221,519 | - | 149,714 | - | 123,889 | - | ||||||||||||||||||
Total Assets | $ | 286,577 | $ | - | $ | 214,393 | $ | - | $ | 184,653 | $ | - | ||||||||||||
Liabilities and Members’ Equity | ||||||||||||||||||||||||
Due to related party | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Other liabilities | - | - | - | - | - | - | ||||||||||||||||||
Security deposit | 1,450 | - | 975 | - | 820 | - | ||||||||||||||||||
Promissory note - related party | - | - | - | - | - | - | ||||||||||||||||||
Notes Payable - related party | - | - | - | - | - | - | ||||||||||||||||||
Acquisition note payable | 110,800 | - | 65,647 | - | 64,846 | - | ||||||||||||||||||
Bridge note payable | 174,000 | - | 141,375 | - | 94,250 | - | ||||||||||||||||||
Mortgage payable | - | - | - | - | - | - | ||||||||||||||||||
Total Liabilities | 286,250 | - | 207,997 | - | 159,916 | - | ||||||||||||||||||
Members’ equity (deficit) | 327 | - | 6,396 | - | 24,737 | - | ||||||||||||||||||
Total Liabilities and Members’ Equity | $ | 286,577 | $ | - | $ | 214,393 | $ | - | $ | 184,653 | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-23
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING BALANCE SHEETS
Landa Series 1666 West Poplar Street (3) | Landa Series 168 Brookview Drive (1) | Landa Series 1689 Viceroy Way (3) | ||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash | $ | 3,014 | $ | - | $ | 736 | $ | - | $ | 1,665 | $ | - | ||||||||||||
Restricted cash | 950 | - | - | - | 1,200 | - | ||||||||||||||||||
Escrow | - | - | - | - | - | - | ||||||||||||||||||
Accounts receivable | - | - | - | - | - | - | ||||||||||||||||||
Due from related party | 59,924 | - | 5,368 | - | 59,364 | - | ||||||||||||||||||
Investments in single-family residential properties, net of depreciation | 168,455 | - | 125,373 | - | 216,488 | - | ||||||||||||||||||
Total Assets | $ | 232,343 | $ | - | $ | 131,477 | $ | - | $ | 278,717 | $ | - | ||||||||||||
Liabilities and Members’ Equity | ||||||||||||||||||||||||
Due to related party | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Other liabilities | - | - | - | - | - | - | ||||||||||||||||||
Security deposit | 950 | - | - | - | 1,200 | - | ||||||||||||||||||
Promissory note - related party | - | - | - | - | - | - | ||||||||||||||||||
Notes Payable - related party | - | - | - | - | - | - | ||||||||||||||||||
Acquisition note payable | 73,262 | - | 81,759 | - | 91,129 | - | ||||||||||||||||||
Bridge note payable | 155,875 | - | - | - | 188,500 | - | ||||||||||||||||||
Mortgage payable | - | - | - | - | - | - | ||||||||||||||||||
Total Liabilities | 230,087 | - | 81,759 | - | 280,829 | - | ||||||||||||||||||
Members’ equity (deficit) | 2,256 | - | 49,718 | - | (2,112 | ) | - | |||||||||||||||||
Total Liabilities and Members’ Equity | $ | 232,343 | $ | - | $ | 131,477 | $ | - | $ | 278,717 | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-24
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING BALANCE SHEETS
Landa Series 181 Watercress Court (3) | Landa Series 188 Timberline Road (3) | Landa Series 189 Shenandoah Drive (3) | ||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash | $ | 370 | $ | - | $ | 1,508 | $ | - | $ | 1,175 | $ | - | ||||||||||||
Restricted cash | 1,600 | - | - | - | 1,675 | - | ||||||||||||||||||
Escrow | - | - | - | - | - | - | ||||||||||||||||||
Accounts receivable | - | - | - | - | - | - | ||||||||||||||||||
Due from related party | 62,289 | - | 59,497 | - | 60,066 | - | ||||||||||||||||||
Investments in single-family residential properties, net of depreciation | 210,906 | - | 100,534 | - | 192,865 | - | ||||||||||||||||||
Total Assets | $ | 275,165 | $ | - | $ | 161,539 | $ | - | $ | 255,781 | $ | - | ||||||||||||
Liabilities and Members’ Equity | ||||||||||||||||||||||||
Due to related party | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Other liabilities | - | - | - | - | - | - | ||||||||||||||||||
Security deposit | 1,600 | - | - | - | 1,675 | - | ||||||||||||||||||
Promissory note - related party | - | - | - | - | - | - | ||||||||||||||||||
Notes Payable - related party | - | - | - | - | - | - | ||||||||||||||||||
Acquisition note payable | 128,065 | - | 58,641 | - | 111,731 | - | ||||||||||||||||||
Bridge note payable | 142,100 | - | 72,500 | - | 143,550 | - | ||||||||||||||||||
Mortgage payable | - | - | - | - | - | - | ||||||||||||||||||
Total Liabilities | 271,765 | - | 131,141 | - | 256,956 | - | ||||||||||||||||||
Members’ equity (deficit) | 3,400 | - | 30,398 | - | (1,175 | ) | - | |||||||||||||||||
Total Liabilities and Members’ Equity | $ | 275,165 | $ | - | $ | 161,539 | $ | - | $ | 255,781 | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-25
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING BALANCE SHEETS
Landa Series 195 Hunters Trace (3) | Landa Series 196 Montego Circle (3) | Landa Series 20 Chimney Smoke Drive (4) | ||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash | $ | 3,958 | $ | - | $ | 378 | $ | - | $ | 2,373 | $ | - | ||||||||||||
Restricted cash | - | - | 900 | - | 1,500 | - | ||||||||||||||||||
Escrow | - | - | - | - | - | - | ||||||||||||||||||
Accounts receivable | - | - | - | - | - | - | ||||||||||||||||||
Due from related party | 58,054 | - | 60,032 | - | 60,038 | - | ||||||||||||||||||
Investments in single-family residential properties, net of depreciation | 254,155 | - | 203,478 | - | 223,013 | - | ||||||||||||||||||
Total Assets | $ | 316,167 | $ | - | $ | 264,788 | $ | - | $ | 286,924 | $ | - | ||||||||||||
Liabilities and Members’ Equity | ||||||||||||||||||||||||
Due to related party | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Other liabilities | 1,607 | - | - | - | - | - | ||||||||||||||||||
Security deposit | - | - | 900 | - | 1,500 | - | ||||||||||||||||||
Promissory note - related party | - | - | - | - | - | - | ||||||||||||||||||
Notes Payable - related party | - | - | - | - | - | - | ||||||||||||||||||
Acquisition note payable | 136,604 | - | 107,324 | - | 83,092 | - | ||||||||||||||||||
Bridge note payable | 177,625 | - | 159,500 | - | 200,075 | - | ||||||||||||||||||
Mortgage payable | - | - | - | - | - | - | ||||||||||||||||||
Total Liabilities | 315,836 | - | 267,724 | - | 284,667 | - | ||||||||||||||||||
Members’ equity (deficit) | 331 | - | (2,936 | ) | - | 2,257 | - | |||||||||||||||||
Total Liabilities and Members’ Equity | $ | 316,167 | $ | - | $ | 264,788 | $ | - | $ | 286,924 | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-26
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING BALANCE SHEETS
Landa Series 212 Fleeta Drive (3) | Landa Series 217 Glenloch Court (3) | Landa Series 2264 Chestnut Hill Circle (3) | ||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash | $ | 809 | $ | - | $ | 2,681 | $ | - | $ | - | $ | - | ||||||||||||
Restricted cash | 1,175 | - | 1,400 | - | 1,875 | - | ||||||||||||||||||
Escrow | - | - | - | - | - | - | ||||||||||||||||||
Accounts receivable | - | - | - | - | - | - | ||||||||||||||||||
Due from related party | 57,739 | - | 59,691 | - | 57,697 | - | ||||||||||||||||||
Investments in single-family residential properties, net of depreciation | 170,628 | - | 243,805 | - | 312,787 | - | ||||||||||||||||||
Total Assets | $ | 230,351 | $ | - | $ | 307,577 | $ | - | $ | 372,359 | $ | - | ||||||||||||
Liabilities and Members’ Equity | ||||||||||||||||||||||||
Due to related party | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Other liabilities | - | - | - | - | - | - | ||||||||||||||||||
Security deposit | 1,175 | - | 1,400 | - | 1,875 | - | ||||||||||||||||||
Promissory note - related party | - | - | - | - | - | - | ||||||||||||||||||
Notes Payable - related party | - | - | - | - | - | - | ||||||||||||||||||
Acquisition note payable | 61,313 | - | 74,373 | - | 151,869 | - | ||||||||||||||||||
Bridge note payable | 170,375 | - | 232,000 | - | 226,200 | - | ||||||||||||||||||
Mortgage payable | - | - | - | - | - | - | ||||||||||||||||||
Total Liabilities | 232,863 | - | 307,773 | - | 379,944 | - | ||||||||||||||||||
Members’ equity (deficit) | (2,512 | ) | - | (196 | ) | - | (7,585 | ) | - | |||||||||||||||
Total Liabilities and Members’ Equity | $ | 230,351 | $ | - | $ | 307,577 | $ | - | $ | 372,359 | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-27
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING BALANCE SHEETS
Landa Series 2425 Cornell Circle (4) | Landa Series 25 Pleasant Valley Road (3) | Landa Series 253 Marco Drive (3) | ||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash | $ | 714 | $ | - | $ | 471 | $ | - | $ | 2,760 | $ | - | ||||||||||||
Restricted cash | 1,150 | - | 775 | - | 600 | - | ||||||||||||||||||
Escrow | - | - | - | - | - | - | ||||||||||||||||||
Accounts receivable | - | - | - | - | - | - | ||||||||||||||||||
Due from related party | 60,763 | - | 57,578 | - | 59,579 | - | ||||||||||||||||||
Investments in single-family residential properties, net of depreciation | 266,610 | - | 219,396 | - | 169,778 | - | ||||||||||||||||||
Total Assets | $ | 329,237 | $ | - | $ | 278,220 | $ | - | $ | 232,717 | $ | - | ||||||||||||
Liabilities and Members’ Equity | ||||||||||||||||||||||||
Due to related party | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Other liabilities | - | - | - | - | 1,342 | - | ||||||||||||||||||
Security deposit | 1,150 | - | 775 | - | 600 | - | ||||||||||||||||||
Promissory note - related party | - | - | - | - | - | - | ||||||||||||||||||
Notes Payable - related party | - | - | - | - | - | - | ||||||||||||||||||
Acquisition note payable | 97,415 | - | 122,282 | - | 82,934 | - | ||||||||||||||||||
Bridge note payable | 234,050 | - | 159,500 | - | 148,625 | - | ||||||||||||||||||
Mortgage payable | - | - | - | - | - | - | ||||||||||||||||||
Total Liabilities | 332,615 | - | 282,557 | - | 233,501 | - | ||||||||||||||||||
Members’ equity (deficit) | (3,378 | ) | - | (4,337 | ) | - | (784 | ) | - | |||||||||||||||
Total Liabilities and Members’ Equity | $ | 329,237 | $ | - | $ | 278,220 | $ | - | $ | 232,717 | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-28
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING BALANCE SHEETS
Landa Series 258 Rocky Point Road (3) | Landa Series 268 Brookview Drive (1) | Landa Series 270 Mountain Lane (3) | ||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash | $ | 2,259 | $ | - | $ | 61 | $ | - | $ | 5,508 | $ | - | ||||||||||||
Restricted cash | 1,600 | - | - | - | 1,650 | - | ||||||||||||||||||
Escrow | - | - | - | - | - | - | ||||||||||||||||||
Accounts receivable | - | - | - | - | - | - | ||||||||||||||||||
Due from related party | 61,703 | - | 56,023 | - | 29,990 | - | ||||||||||||||||||
Investments in single-family residential properties, net of depreciation | 250,173 | - | 126,171 | - | 257,037 | - | ||||||||||||||||||
Total Assets | $ | 315,735 | $ | - | $ | 182,255 | $ | - | $ | 294,185 | $ | - | ||||||||||||
Liabilities and Members’ Equity | ||||||||||||||||||||||||
Due to related party | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Other liabilities | - | - | - | - | - | - | ||||||||||||||||||
Security deposit | 1,600 | - | - | - | 1,650 | - | ||||||||||||||||||
Promissory note - related party | - | - | - | - | - | - | ||||||||||||||||||
Notes Payable - related party | - | - | - | - | - | - | ||||||||||||||||||
Acquisition note payable | 128,986 | - | 179,551 | - | 97,528 | - | ||||||||||||||||||
Bridge note payable | 184,875 | - | - | - | 185,600 | - | ||||||||||||||||||
Mortgage payable | - | - | - | - | - | - | ||||||||||||||||||
Total Liabilities | 315,461 | - | 179,551 | - | 284,778 | - | ||||||||||||||||||
Members’ equity (deficit) | 274 | - | 2,704 | - | 9,407 | - | ||||||||||||||||||
Total Liabilities and Members’ Equity | $ | 315,735 | $ | - | $ | 182,255 | $ | - | $ | 294,185 | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-29
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING BALANCE SHEETS
Landa Series 270 Pleasant Hills Drive (3) | Landa Series 2813 Vicksburg Court (3) | Landa Series 2933 Coffer Drive (3) | ||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash | $ | 2,457 | $ | - | $ | 1,635 | $ | - | $ | 58 | $ | - | ||||||||||||
Restricted cash | 1,623 | - | 1,275 | - | - | - | ||||||||||||||||||
Escrow | - | - | - | - | - | - | ||||||||||||||||||
Accounts receivable | - | - | - | - | - | - | ||||||||||||||||||
Due from related party | 3,841 | - | 59,225 | - | 60,047 | - | ||||||||||||||||||
Investments in single-family residential properties, net of depreciation | 264,654 | - | 272,459 | - | 217,549 | - | ||||||||||||||||||
Total Assets | $ | 272,575 | $ | - | $ | 334,594 | $ | - | $ | 277,654 | $ | - | ||||||||||||
Liabilities and Members’ Equity | ||||||||||||||||||||||||
Due to related party | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Other liabilities | - | - | - | - | - | - | ||||||||||||||||||
Security deposit | 1,623 | - | 1,275 | - | - | - | ||||||||||||||||||
Promissory note - related party | - | - | - | - | - | - | ||||||||||||||||||
Notes Payable - related party | - | - | - | - | - | - | ||||||||||||||||||
Acquisition note payable | 100,461 | - | 125,869 | - | 107,005 | - | ||||||||||||||||||
Bridge note payable | 170,375 | - | 210,250 | - | 174,000 | - | ||||||||||||||||||
Mortgage payable | - | - | - | - | - | - | ||||||||||||||||||
Total Liabilities | 272,459 | - | 337,394 | - | 281,005 | - | ||||||||||||||||||
Members’ equity (deficit) | 116 | - | (2,800 | ) | - | (3,351 | ) | - | ||||||||||||||||
Total Liabilities and Members’ Equity | $ | 272,575 | $ | - | $ | 334,594 | $ | - | $ | 277,654 | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-30
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING BALANCE SHEETS
Landa Series 30 High Ridge Road (3) | Landa Series 30 Roosevelt Road (3) | Landa Series 3011 Raintree Drive SE (3) | ||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash | $ | 3,676 | $ | - | $ | 11 | $ | - | $ | 12 | $ | - | ||||||||||||
Restricted cash | 935 | - | 1,625 | - | 995 | - | ||||||||||||||||||
Escrow | - | - | - | - | - | - | ||||||||||||||||||
Accounts receivable | - | - | 1,788 | - | - | - | ||||||||||||||||||
Due from related party | 61,061 | - | 57,840 | - | 8,782 | - | ||||||||||||||||||
Investments in single-family residential properties, net of depreciation | 267,444 | - | 220,458 | - | 294,204 | - | ||||||||||||||||||
Total Assets | $ | 333,116 | $ | - | $ | 281,722 | $ | - | $ | 303,993 | $ | - | ||||||||||||
Liabilities and Members’ Equity | ||||||||||||||||||||||||
Due to related party | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Other liabilities | - | - | - | - | - | - | ||||||||||||||||||
Security deposit | 935 | - | 1,625 | - | 995 | - | ||||||||||||||||||
Promissory note - related party | - | - | - | - | - | - | ||||||||||||||||||
Notes Payable - related party | - | - | - | - | - | - | ||||||||||||||||||
Acquisition note payable | 168,815 | - | 98,660 | - | 124,319 | - | ||||||||||||||||||
Bridge note payable | 163,125 | - | 184,875 | - | 184,875 | - | ||||||||||||||||||
Mortgage payable | - | - | - | - | - | - | ||||||||||||||||||
Total Liabilities | 332,875 | - | 285,160 | - | 310,189 | - | ||||||||||||||||||
Members’ equity | 241 | - | (3,438 | ) | - | (6,196 | ) | - | ||||||||||||||||
Total Liabilities and Members’ Equity | $ | 333,116 | $ | - | $ | 281,722 | $ | - | $ | 303,993 | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-31
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING BALANCE SHEETS
Landa Series 3043 Highway 81 S (3) | Landa Series 313 Blue Heron Drive (3) | Landa Series 3202 Chippewa Drive (3) | ||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash | $ | 8,448 | $ | - | $ | 3,273 | $ | - | $ | 20 | $ | - | ||||||||||||
Restricted cash | 1,180 | - | 1,553 | - | - | - | ||||||||||||||||||
Escrow | - | - | - | - | - | - | ||||||||||||||||||
Accounts receivable | - | - | - | - | - | - | ||||||||||||||||||
Due from related party | 33,265 | - | 8,828 | - | 58,277 | - | ||||||||||||||||||
Investments in single-family residential properties, net of depreciation | 162,988 | - | 256,654 | - | 234,254 | - | ||||||||||||||||||
Total Assets | $ | 205,881 | $ | - | $ | 270,308 | $ | - | $ | 292,551 | $ | - | ||||||||||||
Liabilities and Members’ Equity | ||||||||||||||||||||||||
Due to related party | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Other liabilities | - | - | - | - | - | - | ||||||||||||||||||
Security deposit | 1,180 | - | 1,553 | - | - | - | ||||||||||||||||||
Promissory note - related party | - | - | - | - | - | - | ||||||||||||||||||
Notes Payable - related party | - | - | - | - | - | - | ||||||||||||||||||
Acquisition note payable | 54,936 | - | 89,345 | - | 145,317 | - | ||||||||||||||||||
Bridge note payable | 155,875 | - | 174,000 | - | 152,250 | - | ||||||||||||||||||
Mortgage payable | - | - | - | - | - | - | ||||||||||||||||||
Total Liabilities | 211,991 | - | 264,898 | - | 297,567 | - | ||||||||||||||||||
Members’ equity (deficit) | (6,110 | ) | - | 5,410 | - | (5,016 | ) | - | ||||||||||||||||
Total Liabilities and Members’ Equity | $ | 205,881 | $ | - | $ | 270,308 | $ | - | $ | 292,551 | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-32
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING BALANCE SHEETS
Landa Series 35 Clay Court (3) | Landa Series 350 Cadiz Lane S (3) | Landa Series 351 Wesley Park Drive (3) | ||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash | $ | 3,073 | $ | - | $ | 737 | $ | - | $ | 415 | $ | - | ||||||||||||
Restricted cash | 1,699 | - | - | - | 900 | - | ||||||||||||||||||
Escrow | - | - | - | - | - | - | ||||||||||||||||||
Accounts receivable | - | - | - | - | - | - | ||||||||||||||||||
Due from related party | 6,854 | - | 59,144 | - | 59,681 | - | ||||||||||||||||||
Investments in single-family residential properties, net of depreciation | 291,725 | - | 213,029 | - | 197,110 | - | ||||||||||||||||||
Total Assets | $ | 303,351 | $ | - | $ | 272,910 | $ | - | $ | 258,106 | $ | - | ||||||||||||
Liabilities and Members’ Equity | ||||||||||||||||||||||||
Due to related party | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Other liabilities | - | - | 117 | - | - | - | ||||||||||||||||||
Security deposit | 1,699 | - | - | - | 900 | - | ||||||||||||||||||
Promissory note - related party | - | - | - | - | - | - | ||||||||||||||||||
Notes Payable - related party | - | - | - | - | - | - | ||||||||||||||||||
Acquisition note payable | 128,222 | - | 111,288 | - | 104,357 | - | ||||||||||||||||||
Bridge note payable | 174,000 | - | 163,125 | - | 152,250 | - | ||||||||||||||||||
Mortgage payable | - | - | - | - | - | - | ||||||||||||||||||
Total Liabilities | 303,921 | - | 274,530 | - | 257,507 | - | ||||||||||||||||||
Members’ equity (deficit) | (570 | ) | - | (1,620 | ) | - | 599 | - | ||||||||||||||||
Total Liabilities and Members’ Equity | $ | 303,351 | $ | - | $ | 272,910 | $ | - | $ | 258,106 | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-33
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING BALANCE SHEETS
Landa Series 3667 Patti Parkway (4) | Landa Series 412 Kendall Lane (4) | Landa Series 43 Darwin Drive (3) | ||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash | $ | 380 | $ | - | $ | 1,809 | $ | - | $ | 769 | $ | - | ||||||||||||
Restricted cash | - | - | - | - | - | - | ||||||||||||||||||
Escrow | - | - | - | - | - | - | ||||||||||||||||||
Accounts receivable | - | - | - | - | - | - | ||||||||||||||||||
Due from related party | 61,816 | - | 46,590 | - | 56,905 | - | ||||||||||||||||||
Investments in single-family residential properties, net of depreciation | 313,395 | - | 242,364 | - | 188,619 | - | ||||||||||||||||||
Total Assets | $ | 375,591 | $ | - | $ | 290,763 | $ | - | $ | 246,293 | $ | - | ||||||||||||
Liabilities and Members’ Equity | ||||||||||||||||||||||||
Due to related party | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Other liabilities | - | - | - | - | - | - | ||||||||||||||||||
Security deposit | - | - | - | - | - | - | ||||||||||||||||||
Promissory note - related party | - | - | - | - | - | - | ||||||||||||||||||
Notes Payable - related party | - | - | - | - | - | - | ||||||||||||||||||
Acquisition note payable | 133,942 | - | 132,954 | - | 86,352 | - | ||||||||||||||||||
Bridge note payable | 245,375 | - | 162,325 | - | 163,125 | - | ||||||||||||||||||
Mortgage payable | - | - | - | - | - | - | ||||||||||||||||||
Total Liabilities | 379,317 | - | 295,279 | - | 249,477 | - | ||||||||||||||||||
Members’ equity (deficit) | (3,726 | ) | - | (4,516 | ) | - | (3,184 | ) | - | |||||||||||||||
Total Liabilities and Members’ Equity | $ | 375,591 | $ | - | $ | 290,763 | $ | - | $ | 246,293 | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-34
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING BALANCE SHEETS
Landa Series 45 Blue Jay Drive (3) | Landa Series 45 Laurel Way (4) | Landa Series 4702 Saint James Way (3) | ||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash | $ | 1,816 | $ | - | $ | 45 | $ | - | $ | 2,664 | $ | - | ||||||||||||
Restricted cash | 1,425 | - | 975 | - | 1,550 | - | ||||||||||||||||||
Escrow | - | - | - | - | - | - | ||||||||||||||||||
Accounts receivable | - | - | - | - | - | - | ||||||||||||||||||
Due from related party | 60,476 | - | 60,615 | - | 54,820 | - | ||||||||||||||||||
Investments in single-family residential properties, net of depreciation | 287,316 | - | 275,053 | - | 203,486 | - | ||||||||||||||||||
Total Assets | $ | 351,033 | $ | - | $ | 336,688 | $ | - | $ | 262,520 | $ | - | ||||||||||||
Liabilities and Members’ Equity | ||||||||||||||||||||||||
Due to related party | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Other liabilities | 1,750 | - | - | - | 1,550 | - | ||||||||||||||||||
Security deposit | 1,425 | - | 975 | - | 1,550 | - | ||||||||||||||||||
Promissory note - related party | - | - | - | - | - | - | ||||||||||||||||||
Notes Payable - related party | - | - | - | - | - | - | ||||||||||||||||||
Acquisition note payable | 129,958 | - | 176,972 | - | 120,626 | - | ||||||||||||||||||
Bridge note payable | 222,575 | - | 162,325 | - | 145,725 | - | ||||||||||||||||||
Mortgage payable | - | - | - | - | - | - | ||||||||||||||||||
Total Liabilities | 355,708 | - | 340,272 | - | 269,451 | - | ||||||||||||||||||
Members’ equity (deficit) | (4,675 | ) | - | (3,584 | ) | - | (6,931 | ) | - | |||||||||||||||
Total Liabilities and Members’ Equity | $ | 351,033 | $ | - | $ | 336,688 | $ | - | $ | 262,520 | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-35
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING BALANCE SHEETS
Landa Series 4732 Pinedale Drive (3) | Landa Series 5040 Huntshire Lane (3) | Landa Series 513 Jarrett Court (3) | ||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash | $ | 3,867 | $ | - | $ | 721 | $ | - | $ | 2,139 | $ | - | ||||||||||||
Restricted cash | 800 | - | 2,499 | - | 1,599 | - | ||||||||||||||||||
Escrow | - | - | - | - | - | - | ||||||||||||||||||
Accounts receivable | - | - | - | - | - | - | ||||||||||||||||||
Due from related party | 36,496 | - | 3,576 | - | 24,443 | - | ||||||||||||||||||
Investments in single-family residential properties, net of depreciation | 191,759 | - | 433,923 | - | 260,581 | - | ||||||||||||||||||
Total Assets | $ | 232,922 | $ | - | $ | 440,719 | $ | - | $ | 288,762 | $ | - | ||||||||||||
Liabilities and Members’ Equity | ||||||||||||||||||||||||
Due to related party | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Other liabilities | - | - | - | - | - | - | ||||||||||||||||||
Security deposit | 800 | - | 2,499 | - | 1,599 | - | ||||||||||||||||||
Promissory note - related party | - | - | - | - | - | - | ||||||||||||||||||
Notes Payable - related party | - | - | - | - | - | - | ||||||||||||||||||
Acquisition note payable | 110,746 | - | 124,062 | - | 85,071 | - | ||||||||||||||||||
Bridge note payable | 123,250 | - | 308,125 | - | 181,250 | - | ||||||||||||||||||
Mortgage payable | - | - | - | - | - | - | ||||||||||||||||||
Total Liabilities | 234,796 | - | 434,686 | - | 267,920 | - | ||||||||||||||||||
Members’ equity (deficit) | (1,874 | ) | - | 6,033 | - | 20,842 | - | |||||||||||||||||
Total Liabilities and Members’ Equity | $ | 232,922 | $ | - | $ | 440,719 | $ | - | $ | 288,762 | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-36
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING BALANCE SHEETS
Landa Series 5143 Pinecrest Drive SW (3) | Landa Series 540 Cowan Road (3) | Landa Series 5411 Rocky Pine Drive (4) | ||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash | $ | 1,526 | $ | - | $ | 2,084 | $ | - | $ | 1,807 | $ | - | ||||||||||||
Restricted cash | 1,225 | - | 995 | - | 1,775 | - | ||||||||||||||||||
Escrow | - | - | - | - | - | - | ||||||||||||||||||
Accounts receivable | - | - | - | - | - | - | ||||||||||||||||||
Due from related party | 26,764 | - | 59,961 | - | 50,221 | - | ||||||||||||||||||
Investments in single-family residential properties, net of depreciation | 196,854 | - | 234,959 | - | 255,649 | - | ||||||||||||||||||
Total Assets | $ | 226,369 | $ | - | $ | 297,999 | $ | - | $ | 309,452 | $ | - | ||||||||||||
Liabilities and Members’ Equity | ||||||||||||||||||||||||
Due to related party | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Other liabilities | - | - | - | - | - | - | ||||||||||||||||||
Security deposit | 1,225 | - | 995 | - | 1,775 | - | ||||||||||||||||||
Promissory note - related party | - | - | - | - | - | - | ||||||||||||||||||
Notes Payable - related party | - | - | - | - | - | - | ||||||||||||||||||
Acquisition note payable | 95,459 | - | 108,876 | - | 126,032 | - | ||||||||||||||||||
Bridge note payable | 130,500 | - | 188,500 | - | 181,200 | - | ||||||||||||||||||
Mortgage payable | - | - | - | - | - | - | ||||||||||||||||||
Total Liabilities | 227,184 | - | 298,371 | - | 309,007 | - | ||||||||||||||||||
Members’ equity (deficit) | (815 | ) | - | (372 | ) | - | 445 | - | ||||||||||||||||
Total Liabilities and Members’ Equity | $ | 226,369 | $ | - | $ | 297,999 | $ | - | $ | 309,452 | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-37
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING BALANCE SHEETS
Landa Series 550 Cowan Road (4) | Landa Series 5581 Fox Glen Circle (4) | Landa Series 565 Mountainview Drive (3) | ||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash | $ | 1,513 | $ | - | $ | 1,696 | $ | - | $ | 3,587 | $ | - | ||||||||||||
Restricted cash | 1,475 | - | 2,275 | - | 1,675 | - | ||||||||||||||||||
Escrow | - | - | - | - | - | - | ||||||||||||||||||
Accounts receivable | - | - | - | - | - | - | ||||||||||||||||||
Due from related party | 8,906 | - | 31,407 | - | 6,541 | - | ||||||||||||||||||
Investments in single-family residential properties, net of depreciation | 239,479 | - | 398,802 | - | 270,318 | - | ||||||||||||||||||
Total Assets | $ | 251,373 | $ | - | $ | 434,180 | $ | - | $ | 282,121 | $ | - | ||||||||||||
Liabilities and Members’ Equity | ||||||||||||||||||||||||
Due to related party | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Other liabilities | 1,475 | - | 1,615 | - | - | - | ||||||||||||||||||
Security deposit | 1,475 | - | 2,275 | - | 1,675 | - | ||||||||||||||||||
Promissory note - related party | - | - | - | - | - | - | ||||||||||||||||||
Notes Payable - related party | - | - | - | - | - | - | ||||||||||||||||||
Acquisition note payable | 51,141 | - | 149,620 | - | 93,694 | - | ||||||||||||||||||
Bridge note payable | 196,300 | - | 284,635 | - | 188,500 | - | ||||||||||||||||||
Mortgage payable | - | - | - | - | - | - | ||||||||||||||||||
Total Liabilities | 250,391 | - | 438,145 | - | 283,869 | - | ||||||||||||||||||
Members’ equity (deficit) | 982 | - | (3,965 | ) | - | (1,748 | ) | - | ||||||||||||||||
Total Liabilities and Members’ Equity | $ | 251,373 | $ | - | $ | 434,180 | $ | - | $ | 282,121 | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-38
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING BALANCE SHEETS
Landa Series 5801 Strathmoor Manor Circle (3) | Landa Series 6107 Shadow Glen Court (3) | Landa Series 6111-6113 Pine Glen Circle SW (3) | ||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash | $ | 4,814 | $ | - | $ | 1,581 | $ | - | $ | 67 | $ | - | ||||||||||||
Restricted cash | 1,575 | - | 1,175 | - | 500 | - | ||||||||||||||||||
Escrow | - | - | - | - | - | - | ||||||||||||||||||
Accounts receivable | - | - | - | - | - | - | ||||||||||||||||||
Due from related party | 44,539 | - | 21,787 | - | 60,720 | - | ||||||||||||||||||
Investments in single-family residential properties, net of depreciation | 213,061 | - | 187,887 | - | 388,137 | - | ||||||||||||||||||
Total Assets | $ | 263,989 | $ | - | $ | 212,430 | $ | - | $ | 449,424 | $ | - | ||||||||||||
Liabilities and Members’ Equity | ||||||||||||||||||||||||
Due to related party | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Other liabilities | 1,625 | - | - | - | - | - | ||||||||||||||||||
Security deposit | 1,575 | - | 1,175 | - | 500 | - | ||||||||||||||||||
Promissory note - related party | - | - | - | - | - | - | ||||||||||||||||||
Notes Payable - related party | - | - | - | - | - | �� | - | |||||||||||||||||
Acquisition note payable | 117,933 | - | 78,601 | - | 269,783 | - | ||||||||||||||||||
Bridge note payable | 143,550 | - | 131,225 | - | 181,250 | - | ||||||||||||||||||
Mortgage payable | - | - | - | - | - | - | ||||||||||||||||||
Total Liabilities | 264,683 | - | 211,001 | - | 451,533 | - | ||||||||||||||||||
Members’ equity (deficit) | (694 | ) | - | 1,429 | - | (2,109 | ) | - | ||||||||||||||||
Total Liabilities and Members’ Equity | $ | 263,989 | $ | - | $ | 212,430 | $ | - | $ | 449,424 | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-39
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING BALANCE SHEETS
Landa Series 615 Barshay Drive (3) | Landa Series 6168 Wheat Street NE (3) | Landa Series 6178 Green Acres Drive SW (3) | ||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash | $ | 12 | $ | - | $ | 252 | $ | - | $ | 803 | $ | - | ||||||||||||
Restricted cash | 1,100 | - | - | - | 1,400 | - | ||||||||||||||||||
Escrow | - | - | - | - | - | - | ||||||||||||||||||
Accounts receivable | - | - | - | - | - | - | ||||||||||||||||||
Due from related party | 59,887 | - | 59,491 | - | 32,036 | - | ||||||||||||||||||
Investments in single-family residential properties, net of depreciation | 226,865 | - | 125,236 | - | 188,374 | - | ||||||||||||||||||
Total Assets | $ | 287,864 | $ | - | $ | 184,979 | $ | - | $ | 222,613 | $ | - | ||||||||||||
Liabilities and Members’ Equity | ||||||||||||||||||||||||
Due to related party | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Other liabilities | - | - | - | - | - | - | ||||||||||||||||||
Security deposit | 1,100 | - | - | - | 1,400 | - | ||||||||||||||||||
Promissory note - related party | - | - | - | - | - | - | ||||||||||||||||||
Notes Payable - related party | - | - | - | - | - | - | ||||||||||||||||||
Acquisition note payable | 114,904 | - | 77,291 | - | 90,872 | - | ||||||||||||||||||
Bridge note payable | 174,000 | - | 108,750 | - | 130,500 | - | ||||||||||||||||||
Mortgage payable | - | - | - | - | - | - | ||||||||||||||||||
Total Liabilities | 290,004 | - | 186,041 | - | 222,772 | - | ||||||||||||||||||
Members’ equity (deficit) | (2,140 | ) | - | (1,062 | ) | - | (159 | ) | - | |||||||||||||||
Total Liabilities and Members’ Equity | $ | 287,864 | $ | - | $ | 184,979 | $ | - | $ | 222,613 | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-40
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING BALANCE SHEETS
Landa Series 6404 Walnut Way (4) | Landa Series 643 Sycamore Drive (3) | Landa Series 65 Freedom Court (3) | ||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash | $ | 6,237 | $ | - | $ | 5,547 | $ | - | $ | 1,662 | $ | - | ||||||||||||
Restricted cash | 800 | - | 1,125 | - | 500 | - | ||||||||||||||||||
Escrow | - | - | - | - | - | - | ||||||||||||||||||
Accounts receivable | - | - | - | - | - | - | ||||||||||||||||||
Due from related party | 57,991 | - | 59,815 | - | 61,911 | - | ||||||||||||||||||
Investments in single-family residential properties, net of depreciation | 215,570 | - | 206,296 | - | 227,969 | - | ||||||||||||||||||
Total Assets | $ | 280,598 | $ | - | $ | 272,783 | $ | - | $ | 292,042 | $ | - | ||||||||||||
Liabilities and Members’ Equity | ||||||||||||||||||||||||
Due to related party | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Other liabilities | - | - | 1,535 | - | - | - | ||||||||||||||||||
Security deposit | 800 | - | 1,125 | - | 500 | - | ||||||||||||||||||
Promissory note - related party | - | - | - | - | - | - | ||||||||||||||||||
Notes Payable - related party | - | - | - | - | - | - | ||||||||||||||||||
Acquisition note payable | 76,792 | - | 88,786 | - | 133,749 | - | ||||||||||||||||||
Bridge note payable | 188,750 | - | 178,350 | - | 159,500 | - | ||||||||||||||||||
Mortgage payable | - | - | - | - | - | - | ||||||||||||||||||
Total Liabilities | 266,342 | - | 269,796 | - | 293,749 | - | ||||||||||||||||||
Members’ equity | 14,256 | - | 2,987 | - | (1,707 | ) | - | |||||||||||||||||
Total Liabilities and Members’ Equity | $ | 280,598 | $ | - | $ | 272,783 | $ | - | $ | 292,042 | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-41
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING BALANCE SHEETS
Landa Series 6635 Kimberly Mill Road (3) | Landa Series 6653 Bedford Road (3) | Landa Series 6762 Bent Creek Drive (3) | ||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash | $ | 30 | $ | - | $ | 1,078 | $ | - | $ | 2,856 | $ | - | ||||||||||||
Restricted cash | - | - | 1,475 | - | 1,595 | - | ||||||||||||||||||
Escrow | - | - | - | - | - | - | ||||||||||||||||||
Accounts receivable | - | - | - | - | - | - | ||||||||||||||||||
Due from related party | 58,260 | - | - | - | 24,170 | - | ||||||||||||||||||
Investments in single-family residential properties, net of depreciation | 263,409 | - | 280,763 | - | 250,278 | - | ||||||||||||||||||
Total Assets | $ | 321,699 | $ | - | $ | 283,316 | $ | - | $ | 278,899 | $ | - | ||||||||||||
Liabilities and Members’ Equity | ||||||||||||||||||||||||
Due to related party | $ | - | $ | - | $ | 6,514 | $ | - | $ | - | $ | - | ||||||||||||
Other liabilities | - | - | - | - | - | - | ||||||||||||||||||
Security deposit | - | - | 1,475 | - | 1,595 | - | ||||||||||||||||||
Promissory note - related party | - | - | - | - | - | - | ||||||||||||||||||
Notes Payable - related party | - | - | - | - | - | - | ||||||||||||||||||
Acquisition note payable | 150,905 | - | 118,443 | - | 84,418 | - | ||||||||||||||||||
Bridge note payable | 176,900 | - | 159,500 | - | 192,125 | - | ||||||||||||||||||
Mortgage payable | - | - | - | - | - | - | ||||||||||||||||||
Total Liabilities | 327,805 | - | 285,932 | - | 278,138 | - | ||||||||||||||||||
Members’ equity (deficit) | (6,106 | ) | - | (2,616 | ) | - | 761 | - | ||||||||||||||||
Total Liabilities and Members’ Equity | $ | 321,699 | $ | - | $ | 283,316 | $ | - | $ | 278,899 | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-42
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING BALANCE SHEETS
Landa Series 709 Georgetown Court (3) | Landa Series 7107 Geiger Street NW (3) | Landa Series 750 Georgetown Court (3) | ||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash | $ | 5,635 | $ | - | $ | 3,460 | $ | - | $ | 659 | $ | - | ||||||||||||
Restricted cash | 1,700 | - | 1,150 | - | 1,190 | - | ||||||||||||||||||
Escrow | - | - | - | - | - | - | ||||||||||||||||||
Accounts receivable | - | - | - | - | - | - | ||||||||||||||||||
Due from related party | 40,006 | - | 29,543 | - | 59,472 | - | ||||||||||||||||||
Investments in single-family residential properties, net of depreciation | 235,757 | - | 128,818 | - | 164,210 | - | ||||||||||||||||||
Total Assets | $ | 283,098 | $ | - | $ | 162,971 | $ | - | $ | 225,531 | $ | - | ||||||||||||
Liabilities and Members’ Equity | ||||||||||||||||||||||||
Due to related party | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Other liabilities | - | - | - | - | - | - | ||||||||||||||||||
Security deposit | 1,700 | - | 1,150 | - | 1,190 | - | ||||||||||||||||||
Promissory note - related party | - | - | - | - | - | - | ||||||||||||||||||
Notes Payable - related party | - | - | - | - | - | - | ||||||||||||||||||
Acquisition note payable | 77,203 | - | - | - | 72,915 | - | ||||||||||||||||||
Bridge note payable | 170,375 | - | 126,875 | - | 152,250 | - | ||||||||||||||||||
Mortgage payable | - | - | - | - | - | - | ||||||||||||||||||
Total Liabilities | 249,278 | - | 128,025 | - | 226,355 | - | ||||||||||||||||||
Members’ equity (deficit) | 33,820 | - | 34,946 | - | (824 | ) | - | |||||||||||||||||
Total Liabilities and Members’ Equity | $ | 283,098 | $ | - | $ | 162,971 | $ | - | $ | 225,531 | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-43
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING BALANCE SHEETS
Landa Series 752 Chestnut Drive (3) | Landa Series 773 Villa Way (1) | Landa Series 7781 Mountain Creek Way (3) | ||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash | $ | 63 | $ | - | $ | 3,609 | $ | - | $ | 51 | $ | - | ||||||||||||
Restricted cash | 675 | - | - | - | - | - | ||||||||||||||||||
Escrow | - | - | - | - | - | - | ||||||||||||||||||
Accounts receivable | - | - | - | - | - | - | ||||||||||||||||||
Due from related party | 60,397 | - | 25,162 | - | 57,815 | - | ||||||||||||||||||
Investments in single-family residential properties, net of depreciation | 135,595 | - | 87,647 | - | 236,446 | - | ||||||||||||||||||
Total Assets | $ | 196,730 | $ | - | $ | 116,418 | $ | - | $ | 294,312 | $ | - | ||||||||||||
Liabilities and Members’ Equity | ||||||||||||||||||||||||
Due to related party | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Other liabilities | - | - | 12 | - | - | - | ||||||||||||||||||
Security deposit | 675 | - | - | - | - | - | ||||||||||||||||||
Promissory note - related party | - | - | - | - | - | - | ||||||||||||||||||
Notes Payable - related party | - | - | - | - | - | - | ||||||||||||||||||
Acquisition note payable | 90,791 | - | 71,894 | - | 97,429 | - | ||||||||||||||||||
Bridge note payable | 105,125 | - | - | - | 202,928 | - | ||||||||||||||||||
Mortgage payable | - | - | - | - | - | - | ||||||||||||||||||
Total Liabilities | 196,591 | - | 71,906 | - | 300,357 | - | ||||||||||||||||||
Members’ equity (deficit) | 139 | - | 44,512 | - | (6,045 | ) | - | |||||||||||||||||
Total Liabilities and Members’ Equity | $ | 196,730 | $ | - | $ | 116,418 | $ | - | $ | 294,312 | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-44
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING BALANCE SHEETS
Landa Series 7950 Woodlake Drive (3) | Landa Series 80 High Ridge Road (3) | Landa Series 808 Hillandale Lane (3) | ||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash | $ | 21 | $ | - | $ | 141 | $ | - | $ | 6 | $ | - | ||||||||||||
Restricted cash | 1,200 | - | 1,350 | - | 1,075 | - | ||||||||||||||||||
Escrow | - | - | - | - | - | - | ||||||||||||||||||
Accounts receivable | - | - | - | - | - | - | ||||||||||||||||||
Due from related party | 61,140 | - | 57,327 | - | 60,372 | - | ||||||||||||||||||
Investments in single-family residential properties, net of depreciation | 187,558 | - | 237,437 | - | 220,491 | - | ||||||||||||||||||
Total Assets | $ | 249,919 | $ | - | $ | 296,255 | $ | - | $ | 281,944 | $ | - | ||||||||||||
Liabilities and Members’ Equity | ||||||||||||||||||||||||
Due to related party | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Other liabilities | - | - | - | - | - | - | ||||||||||||||||||
Security deposit | 1,200 | - | 1,350 | - | 1,075 | - | ||||||||||||||||||
Promissory note - related party | - | - | - | - | - | - | ||||||||||||||||||
Notes Payable - related party | - | - | - | - | - | - | ||||||||||||||||||
Acquisition note payable | 108,360 | - | 114,660 | - | 112,282 | - | ||||||||||||||||||
Bridge note payable | 142,100 | - | 184,875 | - | 171,000 | - | ||||||||||||||||||
Mortgage payable | - | - | - | - | - | - | ||||||||||||||||||
Total Liabilities | 251,660 | - | 300,885 | - | 284,357 | - | ||||||||||||||||||
Members’ equity (deifict) | (1,741 | ) | - | (4,630 | ) | - | (2,413 | ) | - | |||||||||||||||
Total Liabilities and Members’ Equity | $ | 249,919 | $ | - | $ | 296,255 | $ | - | $ | 281,944 | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-45
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING BALANCE SHEETS
Landa Series 8110 Devonshire Drive (3) | Landa Series 8121 Spillers Drive SW (3) | Landa Series 8233 Creekline Court (3) | ||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash | $ | 4,719 | $ | - | $ | 1,290 | $ | - | $ | 2,075 | $ | - | ||||||||||||
Restricted cash | 2,500 | - | 875 | - | 1,750 | - | ||||||||||||||||||
Escrow | - | - | - | - | - | - | ||||||||||||||||||
Accounts receivable | - | - | - | - | - | - | ||||||||||||||||||
Due from related party | 59,055 | - | 59,965 | - | 50,993 | - | ||||||||||||||||||
Investments in single-family residential properties, net of depreciation | 150,457 | - | 181,668 | - | 236,919 | - | ||||||||||||||||||
Total Assets | $ | 216,731 | $ | - | $ | 243,798 | $ | - | $ | 291,737 | $ | - | ||||||||||||
Liabilities and Members’ Equity | ||||||||||||||||||||||||
Due to related party | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Other liabilities | - | - | - | - | 1,750 | - | ||||||||||||||||||
Security deposit | 2,500 | - | 875 | - | 1,750 | - | ||||||||||||||||||
Promissory note - related party | - | - | - | - | - | - | ||||||||||||||||||
Notes Payable - related party | - | - | - | - | - | - | ||||||||||||||||||
Acquisition note payable | 56,959 | - | 116,228 | - | 139,677 | - | ||||||||||||||||||
Bridge note payable | 134,125 | - | 126,875 | - | 152,119 | - | ||||||||||||||||||
Mortgage payable | - | - | - | - | - | - | ||||||||||||||||||
Total Liabilities | 193,584 | - | 243,978 | - | 295,296 | - | ||||||||||||||||||
Members’ equity (deficit) | 23,147 | - | (180 | ) | - | (3,559 | ) | - | ||||||||||||||||
Total Liabilities and Members’ Equity | $ | 216,731 | $ | - | $ | 243,798 | $ | - | $ | 291,737 | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-46
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING BALANCE SHEETS
Landa Series 843 Tramore Drive (1) | Landa Series 85 Kirkland Court (3) | Landa Series 85 Thorn Thicket Way (3) | ||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash | $ | 5,243 | $ | - | $ | 49 | $ | - | $ | 171 | $ | - | ||||||||||||
Restricted cash | - | - | - | - | 1,050 | - | ||||||||||||||||||
Escrow | - | - | - | - | - | - | ||||||||||||||||||
Accounts receivable | - | - | - | - | - | - | ||||||||||||||||||
Due from related party | 31,606 | - | 36,237 | - | 60,881 | - | ||||||||||||||||||
Investments in single-family residential properties, net of depreciation | 162,811 | - | 287,834 | - | 230,075 | - | ||||||||||||||||||
Total Assets | $ | 199,660 | $ | - | $ | 324,120 | $ | - | $ | 292,177 | $ | - | ||||||||||||
Liabilities and Members’ Equity | ||||||||||||||||||||||||
Due to related party | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Other liabilities | 212 | - | - | - | - | - | ||||||||||||||||||
Security deposit | - | - | - | - | 1,050 | - | ||||||||||||||||||
Promissory note - related party | - | - | - | - | - | - | ||||||||||||||||||
Notes Payable - related party | - | - | - | - | - | - | ||||||||||||||||||
Acquisition note payable | 120,647 | - | 121,534 | - | 121,093 | - | ||||||||||||||||||
Bridge note payable | - | - | 206,625 | - | 172,550 | - | ||||||||||||||||||
Mortgage payable | - | - | - | - | - | - | ||||||||||||||||||
Total Liabilities | 120,859 | - | 328,159 | - | 294,693 | - | ||||||||||||||||||
Members’ equity (deficit) | 78,801 | - | (4,039 | ) | - | (2,516 | ) | - | ||||||||||||||||
Total Liabilities and Members’ Equity | $ | 199,660 | $ | - | $ | 324,120 | $ | - | $ | 292,177 | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-47
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING BALANCE SHEETS
Landa Series 8855 Rugby Court (3) | Landa Series 9434 Cedar Creek Place (3) | Landa Series 9597 Pintail Trail (3) | ||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Cash | $ | 3,290 | $ | - | $ | 347 | $ | - | $ | 1,468 | $ | - | ||||||||||||
Restricted cash | 1,075 | - | 1,150 | - | 1,775 | - | ||||||||||||||||||
Escrow | - | - | - | - | - | - | ||||||||||||||||||
Accounts receivable | - | - | - | - | - | - | ||||||||||||||||||
Due from related party | 58,644 | - | 61,131 | - | 26,212 | - | ||||||||||||||||||
Investments in single-family residential properties, net of depreciation | 158,951 | - | 266,108 | - | 270,588 | - | ||||||||||||||||||
Total Assets | $ | 221,960 | $ | - | $ | 328,736 | $ | - | $ | 300,043 | $ | - | ||||||||||||
Liabilities and Members’ Equity | ||||||||||||||||||||||||
Due to related party | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Other liabilities | - | - | - | - | - | - | ||||||||||||||||||
Security deposit | 1,075 | - | 1,150 | - | 1,775 | - | ||||||||||||||||||
Promissory note - related party | - | - | - | - | - | - | ||||||||||||||||||
Notes Payable - related party | - | - | - | - | - | - | ||||||||||||||||||
Acquisition note payable | 97,315 | - | 133,044 | - | 129,380 | - | ||||||||||||||||||
Bridge note payable | 123,250 | - | 195,750 | - | 163,125 | - | ||||||||||||||||||
Mortgage payable | - | - | - | - | - | - | ||||||||||||||||||
Total Liabilities | 221,640 | - | 329,944 | - | 294,280 | - | ||||||||||||||||||
Members’ equity (deficit) | 320 | - | (1,208 | ) | - | 5,763 | - | |||||||||||||||||
Total Liabilities and Members’ Equity | $ | 221,960 | $ | - | $ | 328,736 | $ | - | $ | 300,043 | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-48
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING BALANCE SHEETS
Total Combined Balance Sheets | ||||||||
June 30, 2023 | December 31, 2022 | |||||||
(Unaudited) | ||||||||
Assets | ||||||||
Cash | $ | 335,182 | $ | 176,729 | ||||
Restricted cash | 139,879 | 40,216 | ||||||
Escrow | 47,310 | 6,173 | ||||||
Accounts receivable | 2,588 | 7,571 | ||||||
Due from related party | 4,631,036 | 44,248 | ||||||
Investments in single-family residential properties, net of depreciation | 26,065,403 | 4,880,562 | ||||||
Total Assets | $ | 31,221,398 | $ | 5,155,499 | ||||
Liabilities and Members’ Equity | ||||||||
Due to related party | $ | 169,408 | $ | 155,888 | ||||
Other liabilities | 120,375 | 57,958 | ||||||
Security deposit | 139,906 | 39,318 | ||||||
Promissory note - related party | 37,540 | 188,173 | ||||||
Notes Payable - related party | - | 52,515 | ||||||
Acquisition note payable | 10,527,890 | - | ||||||
Bridge note payable | 15,294,870 | - | ||||||
Mortgage payable | 3,395,798 | 3,358,200 | ||||||
Total Liabilities | 29,685,787 | 3,852,052 | ||||||
Members’ Equity / (Deficit) | ||||||||
Members’ equity | 1,535,611 | 1,303,447 | ||||||
Total Liabilities and Members’ Equity / (Deficit) | $ | 31,221,398 | $ | 5,155,499 |
The accompanying notes are an integral part of these combined and combining financial statements.
F-49
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF OPERATIONS
(UNAUDITED)
Landa App LLC | Landa Series 115 Sardis Street | Landa Series 1394 Oakview Circle | ||||||||||||||||||||||
Six months ended June 30, | Six months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Rental income | $ | - | $ | - | $ | 1,786 | $ | 5,822 | $ | 5,127 | $ | 4,883 | ||||||||||||
Expenses | ||||||||||||||||||||||||
Management fee | - | - | 136 | 402 | 410 | 390 | ||||||||||||||||||
Professional fees | - | - | - | - | - | - | ||||||||||||||||||
Repairs & maintenance | - | - | - | - | - | - | ||||||||||||||||||
Utilities | - | - | - | - | - | |||||||||||||||||||
HOA fee | - | - | 1,000 | - | - | - | ||||||||||||||||||
Insurance expense | - | - | 97 | 206 | 187 | 193 | ||||||||||||||||||
Real estate taxes | - | - | 276 | 471 | 1,035 | 784 | ||||||||||||||||||
Depreciation expense | - | - | 981 | 1,984 | 1,111 | 1,112 | ||||||||||||||||||
Interest expense | - | - | 1,376 | 1,565 | 1,056 | 1,068 | ||||||||||||||||||
Total expenses | - | - | 3,866 | 4,628 | 3,799 | 3,547 | ||||||||||||||||||
Net operating income (loss) | - | - | (2,080 | ) | 1,194 | 1,328 | 1,336 | |||||||||||||||||
Gain (loss) on sale of real estate | - | - | 32,421 | - | - | - | ||||||||||||||||||
Provision for income taxes | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | $ | - | $ | - | $ | 30,341 | $ | 1,194 | $ | 1,328 | $ | 1,336 |
The accompanying notes are an integral part of these combined and combining financial statements.
F-50
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF OPERATIONS
(UNAUDITED)
Landa Series 1701 Summerwoods Lane (2) | Landa Series 1741 Park Lane (2) | Landa Series 209 Timber Wolf Trail | ||||||||||||||||||||||
Six months ended June 30, | Six months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Rental income | $ | 3,037 | $ | 3,990 | $ | 2,398 | $ | 3,273 | $ | 1,275 | $ | 4,650 | ||||||||||||
Expenses | ||||||||||||||||||||||||
Management fee | 243 | 319 | 185 | 243 | 102 | 372 | ||||||||||||||||||
Professional fees | - | - | - | - | 262 | - | ||||||||||||||||||
Repairs & maintenance | 3,865 | 149 | 2,495 | - | - | - | ||||||||||||||||||
Utilities | - | - | - | - | ||||||||||||||||||||
HOA fee | 160 | 200 | - | - | 703 | 180 | ||||||||||||||||||
Insurance expense | 76 | 108 | 89 | 124 | 128 | 161 | ||||||||||||||||||
Real estate taxes | 493 | 591 | 508 | 605 | 394 | 415 | ||||||||||||||||||
Depreciation expense | 1,348 | 930 | 1,525 | 1,264 | 1,442 | 1,719 | ||||||||||||||||||
Interest expense | 1,581 | 842 | 2,177 | 1,058 | 2,309 | 1,510 | ||||||||||||||||||
Total expenses | 7,766 | 3,139 | 6,979 | 3,294 | 5,340 | 4,357 | ||||||||||||||||||
Net operating income (loss) | (4,729 | ) | 851 | (4,581 | ) | (21 | ) | (4,065 | ) | 293 | ||||||||||||||
Gain (loss) on sale of real estate | - | 70,269 | - | 72,481 | (8,208 | ) | - | |||||||||||||||||
Provision for income taxes | - | (14,224 | ) | - | (14,496 | ) | - | - | ||||||||||||||||
Net income (loss) | $ | (4,729 | ) | $ | 56,896 | $ | (4,581 | ) | $ | 57,964 | $ | (12,273 | ) | $ | 293 |
The accompanying notes are an integral part of these combined and combining financial statements.
F-51
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF OPERATIONS
(UNAUDITED)
Landa Series 2505 Oak Circle | Landa Series 271 Timber Wolf Trail | Landa Series 29 Holly Grove Road | ||||||||||||||||||||||
Six months ended June 30, | Six months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Rental income | $ | 3,875 | $ | 7,500 | $ | - | $ | 6,284 | $ | 4,548 | $ | 4,331 | ||||||||||||
Expenses | ||||||||||||||||||||||||
Management fee | 310 | 600 | - | 479 | 364 | 346 | ||||||||||||||||||
Professional fees | - | - | - | - | 50 | - | ||||||||||||||||||
Repairs & maintenance | 13,097 | 134 | 623 | - | - | - | ||||||||||||||||||
Utilities | - | - | - | - | - | - | ||||||||||||||||||
HOA fee | - | - | - | 180 | - | - | ||||||||||||||||||
Insurance expense | 127 | 155 | 73 | 135 | 221 | 164 | ||||||||||||||||||
Real estate taxes | 653 | 538 | 282 | 431 | 769 | 666 | ||||||||||||||||||
Depreciation expense | 1,330 | 1,525 | 1,093 | 1,891 | 1,536 | 1,537 | ||||||||||||||||||
Interest expense | 1,818 | 1,808 | 1,687 | 1,528 | 2,249 | 1,981 | ||||||||||||||||||
Total expenses | 17,335 | 4,760 | 3,758 | 4,644 | 5,189 | 4,694 | ||||||||||||||||||
Net operating income (loss) | (13,460 | ) | 2,740 | (3,758 | ) | 1,640 | (641 | ) | (363 | ) | ||||||||||||||
Gain (loss) on sale of real estate | 46,645 | - | (8,845 | ) | - | - | - | |||||||||||||||||
Provision for income taxes | (1,530 | ) | - | - | - | - | - | |||||||||||||||||
Net income (loss) | $ | 31,655 | $ | 2,740 | $ | (12,603 | ) | $ | 1,640 | $ | (641 | ) | $ | (363 | ) |
The accompanying notes are an integral part of these combined and combining financial statements.
F-52
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF OPERATIONS
(UNAUDITED)
Landa Series 1703 Summerwoods Lane | Landa Series 1712 Summerwoods Lane | Landa Series 1743 Summerwoods Lane | ||||||||||||||||||||||
Six months ended June 30, | Six months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Rental income | $ | 6,234 | $ | 5,723 | $ | 2,180 | $ | 5,305 | $ | 7,260 | $ | 5,953 | ||||||||||||
Expenses | ||||||||||||||||||||||||
Management fee | 499 | 458 | 174 | 424 | 581 | 468 | ||||||||||||||||||
Professional fees | - | - | - | - | - | - | ||||||||||||||||||
Repairs & maintenance | 2,927 | - | - | - | - | - | ||||||||||||||||||
Utilities | - | - | - | - | - | - | ||||||||||||||||||
HOA fee | 660 | 300 | 150 | 300 | 660 | 300 | ||||||||||||||||||
Insurance expense | 160 | 168 | 217 | 175 | 217 | 164 | ||||||||||||||||||
Real estate taxes | 1,021 | 887 | 1,021 | 887 | 1,021 | 887 | ||||||||||||||||||
Depreciation expense | 1,826 | 1,708 | 1,826 | 1,708 | 1,826 | 1,708 | ||||||||||||||||||
Interest expense | 1,870 | 1,766 | 1,621 | 1,531 | 1,870 | 1,766 | ||||||||||||||||||
Total expenses | 8,963 | 5,287 | 5,009 | 5,025 | 6,175 | 5,293 | ||||||||||||||||||
Net operating income (loss) | (2,729 | ) | 436 | (2,829 | ) | 280 | 1,085 | 660 | ||||||||||||||||
Gain (loss) on sale of real estate | - | - | - | - | - | - | ||||||||||||||||||
Provision for income taxes | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | $ | (2,729 | ) | $ | 436 | $ | (2,829 | ) | $ | 280 | $ | 1,085 | $ | 660 |
The accompanying notes are an integral part of these combined and combining financial statements.
F-53
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF OPERATIONS
(UNAUDITED)
Landa Series 1750 Summerwoods Lane | Landa Series 4267 High Park Lane | Landa Series 4474 Highwood Park Drive | ||||||||||||||||||||||
Six months ended June 30, | Six months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Rental income | $ | 7,079 | $ | 5,347 | $ | 975 | $ | 6,972 | $ | 7,380 | $ | 6,721 | ||||||||||||
Expenses | ||||||||||||||||||||||||
Management fee | 566 | 428 | 78 | 558 | 590 | 538 | ||||||||||||||||||
Professional fees | - | - | 743 | - | - | - | ||||||||||||||||||
Repairs & maintenance | - | - | - | 862 | 90 | 1,647 | ||||||||||||||||||
Utilities | - | - | - | - | - | - | ||||||||||||||||||
HOA fee | 300 | 300 | 900 | 900 | 900 | 900 | ||||||||||||||||||
Insurance expense | 228 | 233 | 187 | 192 | 186 | 192 | ||||||||||||||||||
Real estate taxes | 1,021 | 887 | 951 | 976 | 1,121 | 980 | ||||||||||||||||||
Depreciation expense | 1,826 | 1,708 | 2,613 | 2,282 | 2,195 | 2,053 | ||||||||||||||||||
Interest expense | 1,870 | 1,766 | 2,502 | 2,363 | 2,250 | 2,125 | ||||||||||||||||||
Total expenses | 5,811 | 5,322 | 7,974 | 8,133 | 7,332 | 8,435 | ||||||||||||||||||
Net operating income (loss) | 1,268 | 25 | (6,999 | ) | (1,161 | ) | 48 | (1,714 | ) | |||||||||||||||
Gain (loss) on sale of real estate | - | - | - | - | - | - | ||||||||||||||||||
Provision for income taxes | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | $ | 1,268 | $ | 25 | $ | (6,999 | ) | $ | (1,161 | ) | $ | 48 | $ | (1,714 | ) |
The accompanying notes are an integral part of these combined and combining financial statements.
F-54
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF OPERATIONS
(UNAUDITED)
Landa Series 8569 Creekwood Way | Landa Series 9439 Lakeview Road | Landa Series 10167 Port Royal Court | ||||||||||||||||||||||
Six months ended June 30, | Six months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Rental income | $ | - | $ | 4,820 | $ | 8,400 | $ | 6,972 | $ | 6,615 | $ | 6,063 | ||||||||||||
Expenses | ||||||||||||||||||||||||
Management fee | - | 386 | 672 | 558 | 529 | 485 | ||||||||||||||||||
Professional fees | - | - | - | - | - | - | ||||||||||||||||||
Repairs & maintenance | - | - | - | 1,855 | - | - | ||||||||||||||||||
Utilities | - | - | 12 | - | - | - | ||||||||||||||||||
HOA fee | 900 | 834 | 778 | 478 | - | - | ||||||||||||||||||
Insurance expense | 222 | 226 | 176 | 184 | 193 | 200 | ||||||||||||||||||
Real estate taxes | 425 | 355 | 1,068 | 1,090 | 1,171 | 798 | ||||||||||||||||||
Depreciation expense | 1,339 | 1,252 | 2,909 | 2,722 | 1,776 | 1,662 | ||||||||||||||||||
Interest expense | 1,186 | 1,120 | 2,986 | 2,820 | 1,980 | 1,870 | ||||||||||||||||||
Total expenses | 4,072 | 4,173 | 8,601 | 9,707 | 5,649 | 5,015 | ||||||||||||||||||
Net operating income (loss) | (4,072 | ) | 647 | (201 | ) | (2,735 | ) | 966 | 1,048 | |||||||||||||||
Gain (loss) on sale of real estate | - | - | - | - | - | - | ||||||||||||||||||
Provision for income taxes | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | $ | (4,072 | ) | $ | 647 | $ | (201 | ) | $ | (2,735 | ) | $ | 966 | $ | 1,048 |
The accompanying notes are an integral part of these combined and combining financial statements.
F-55
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF OPERATIONS
(UNAUDITED)
Landa Series 1246 Elgin Way | Landa Series 1910 Grove Way | Landa Series 593 Country Lane Drive | ||||||||||||||||||||||
Six months ended June 30, | Six months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Rental income | $ | 7,741 | $ | 7,232 | $ | 702 | $ | 2,203 | $ | 6,221 | $ | 5,705 | ||||||||||||
Expenses | ||||||||||||||||||||||||
Management fee | 599 | 550 | 44 | 167 | 490 | 484 | ||||||||||||||||||
Professional fees | 137 | - | 238 | - | 137 | - | ||||||||||||||||||
Repairs & maintenance | - | - | 400 | 6,541 | - | - | ||||||||||||||||||
Utilities | - | - | - | - | - | - | ||||||||||||||||||
HOA fee | - | - | 210 | 225 | - | - | ||||||||||||||||||
Insurance expense | 208 | 215 | 188 | 389 | 177 | 184 | ||||||||||||||||||
Real estate taxes | 1,281 | 985 | 1,148 | 955 | 1,207 | 933 | ||||||||||||||||||
Depreciation expense | 2,145 | 2,006 | 1,680 | 1,571 | 1,539 | 1,440 | ||||||||||||||||||
Interest expense | 2,286 | 2,159 | 1,980 | 1,870 | 1,710 | 1,615 | ||||||||||||||||||
Total expenses | 6,656 | 5,915 | 5,888 | 11,718 | 5,260 | 4,656 | ||||||||||||||||||
Net operating income (loss) | 1,085 | 1,317 | (5,186 | ) | (9,515 | ) | 961 | 1,049 | ||||||||||||||||
Gain (loss) on sale of real estate | - | - | - | - | - | - | ||||||||||||||||||
Provision for income taxes | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | $ | 1,085 | $ | 1,317 | $ | (5,186 | ) | $ | (9,515 | ) | $ | 961 | $ | 1,049 |
The accompanying notes are an integral part of these combined and combining financial statements.
F-56
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF OPERATIONS
(UNAUDITED)
Landa Series 6436 Stone Terrace | Landa Series 6440 Woodstone Terrace | Landa Series 6848 Sandy Creek Drive | ||||||||||||||||||||||
Six months ended June 30, | Six months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Rental income | $ | 6,300 | $ | 5,974 | $ | 3,238 | $ | 6,462 | $ | 5,763 | $ | 6,894 | ||||||||||||
Expenses | ||||||||||||||||||||||||
Management fee | 504 | 462 | 259 | 508 | 461 | 551 | ||||||||||||||||||
Professional fees | - | - | - | - | - | - | ||||||||||||||||||
Repairs & maintenance | - | - | - | 5,748 | 950 | 1,555 | ||||||||||||||||||
Utilities | 287 | - | - | - | - | - | ||||||||||||||||||
HOA fee | 1,320 | 1,320 | 880 | 1,320 | - | - | ||||||||||||||||||
Insurance expense | 158 | 166 | 152 | 158 | 194 | 200 | ||||||||||||||||||
Real estate taxes | 431 | 455 | 427 | 450 | 978 | 823 | ||||||||||||||||||
Depreciation expense | 972 | 904 | 1,040 | 967 | 1,387 | 1,290 | ||||||||||||||||||
Interest expense | 1,080 | 1,014 | 1,116 | 1,048 | 1,548 | 1,453 | ||||||||||||||||||
Total expenses | 4,752 | 4,321 | 3,874 | 10,199 | 5,518 | 5,872 | ||||||||||||||||||
Net operating income (loss) | 1,548 | 1,653 | (636 | ) | (3,737 | ) | 245 | 1,022 | ||||||||||||||||
Gain (loss) on sale of real estate | - | - | - | - | - | - | ||||||||||||||||||
Provision for income taxes | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | $ | 1,548 | $ | 1,653 | $ | (636 | ) | $ | (3,737 | ) | $ | 245 | $ | 1,022 |
The accompanying notes are an integral part of these combined and combining financial statements.
F-57
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF OPERATIONS
(UNAUDITED)
Landa Series 687 Utoy Court | Landa Series 729 Winter Lane | Landa Series 7349 Exeter Court | ||||||||||||||||||||||
Six months ended June 30, | Six months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Rental income | $ | 6,012 | $ | 5,532 | $ | 2,046 | $ | 4,001 | $ | 6,977 | $ | 6,301 | ||||||||||||
Expenses | ||||||||||||||||||||||||
Management fee | 481 | 450 | 164 | 320 | 558 | 504 | ||||||||||||||||||
Professional fees | 137 | - | 209 | - | - | - | ||||||||||||||||||
Repairs & maintenance | 2,379 | 3,618 | - | 1,560 | - | - | ||||||||||||||||||
Utilities | - | - | 142 | - | - | - | ||||||||||||||||||
HOA fee | - | - | - | - | - | - | ||||||||||||||||||
Insurance expense | 299 | 188 | 202 | 209 | 203 | 211 | ||||||||||||||||||
Real estate taxes | 715 | 616 | 926 | 746 | 1,345 | 826 | ||||||||||||||||||
Depreciation expense | 1,854 | 1,724 | 1,827 | 1,699 | 1,777 | 1,653 | ||||||||||||||||||
Interest expense | 1,980 | 1,859 | 1,980 | 1,859 | 1,716 | 1,611 | ||||||||||||||||||
Total expenses | 7,845 | 8,455 | 5,450 | 6,393 | 5,599 | 4,805 | ||||||||||||||||||
Net operating income (loss) | (1,833 | ) | (2,923 | ) | (3,404 | ) | (2,392 | ) | 1,378 | 1,496 | ||||||||||||||
Gain (loss) on sale of real estate | - | - | - | - | - | - | ||||||||||||||||||
Provision for income taxes | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | $ | (1,833 | ) | $ | (2,923 | ) | $ | (3,404 | ) | $ | (2,392 | ) | $ | 1,378 | $ | 1,496 |
The accompanying notes are an integral part of these combined and combining financial statements.
F-58
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF OPERATIONS
(UNAUDITED)
Landa Series 8645 Embrey Drive | Landa Series 8780 Churchill Place | Landa Series 8796 Parliament Place | ||||||||||||||||||||||
Six months ended June 30, | Six months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Rental income | $ | 7,800 | $ | 6,366 | $ | 3,377 | $ | 7,275 | $ | 8,100 | $ | 6,063 | ||||||||||||
Expenses | ||||||||||||||||||||||||
Management fee | 624 | 509 | 270 | 582 | 648 | 485 | ||||||||||||||||||
Professional fees | - | - | - | - | - | - | ||||||||||||||||||
Repairs & maintenance | 738 | 161 | 3,349 | 458 | - | - | ||||||||||||||||||
Utilities | - | - | 531 | - | - | - | ||||||||||||||||||
HOA fee | - | - | - | - | - | - | ||||||||||||||||||
Insurance expense | 211 | 217 | 218 | 228 | 199 | 206 | ||||||||||||||||||
Real estate taxes | 947 | 737 | 1,329 | 833 | 1,244 | 778 | ||||||||||||||||||
Depreciation expense | 1,910 | 1,776 | 2,129 | 1,980 | 1,764 | 1,641 | ||||||||||||||||||
Interest expense | 2,034 | 1,910 | 2,268 | 2,117 | 1,890 | 1,775 | ||||||||||||||||||
Total expenses | 6,464 | 5,310 | 10,094 | 6,198 | 5,745 | 4,885 | ||||||||||||||||||
Net operating income (loss) | 1,336 | 1,056 | (6,717 | ) | 1,077 | 2,355 | 1,178 | |||||||||||||||||
Gain (loss) on sale of real estate | - | - | - | - | - | - | ||||||||||||||||||
Provision for income taxes | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | $ | 1,336 | $ | 1,056 | $ | (6,717 | ) | $ | 1,077 | $ | 2,355 | $ | 1,178 |
The accompanying notes are an integral part of these combined and combining financial statements.
F-59
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF OPERATIONS
(UNAUDITED)
Landa Series 8641 Ashley Way | Landa Series 8651 Ashley Way | Landa Series 8652 Ashley Way | ||||||||||||||||||||||
Six months ended June 30, | Six months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Rental income | $ | 6,655 | $ | 5,755 | $ | 6,563 | $ | 5,869 | $ | 6,600 | $ | 4,416 | ||||||||||||
Expenses | ||||||||||||||||||||||||
Management fee | 532 | 460 | 525 | 470 | 528 | 353 | ||||||||||||||||||
Professional fees | - | - | - | - | - | - | ||||||||||||||||||
Repairs & maintenance | 550 | 171 | 1,800 | - | 525 | 171 | ||||||||||||||||||
Utilities | - | - | - | - | - | - | ||||||||||||||||||
HOA fee | - | - | - | - | - | - | ||||||||||||||||||
Insurance expense | 166 | 172 | 143 | 150 | 155 | 163 | ||||||||||||||||||
Real estate taxes | 740 | 598 | 611 | 503 | 664 | 531 | ||||||||||||||||||
Depreciation expense | 2,287 | 2,127 | 1,912 | 1,779 | 2,127 | 1,978 | ||||||||||||||||||
Interest expense | 2,313 | 2,171 | 1,930 | 1,812 | 1,841 | 1,728 | ||||||||||||||||||
Total expenses | 6,588 | 5,699 | 6,921 | 4,714 | 5,840 | 4,924 | ||||||||||||||||||
Net operating income (loss) | 67 | 56 | (358 | ) | 1,155 | 760 | (508 | ) | ||||||||||||||||
�� | ||||||||||||||||||||||||
Gain (loss) on sale of real estate | - | - | - | - | - | - | ||||||||||||||||||
Provision for income taxes | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | $ | 67 | $ | 56 | $ | (358 | ) | $ | 1,155 | $ | 760 | $ | (508 | ) |
The accompanying notes are an integral part of these combined and combining financial statements.
F-60
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF OPERATIONS
(UNAUDITED)
Landa Series 8653 Ashley Way | Landa Series 8654 Ashley Way | Landa Series 8655 Ashley Way | ||||||||||||||||||||||
Six months ended June 30, | Six months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Rental income | $ | 6,655 | $ | 5,516 | $ | 6,615 | $ | 6,063 | $ | 6,600 | $ | 5,485 | ||||||||||||
Expenses | ||||||||||||||||||||||||
Management fee | 532 | 441 | 529 | 485 | 528 | 439 | ||||||||||||||||||
Professional fees | - | - | - | - | 10 | - | ||||||||||||||||||
Repairs & maintenance | 580 | 264 | 500 | 171 | 638 | 171 | ||||||||||||||||||
Utilities | - | - | - | - | - | - | ||||||||||||||||||
HOA fee | - | - | - | - | - | - | ||||||||||||||||||
Insurance expense | 144 | 151 | 156 | 165 | 149 | 156 | ||||||||||||||||||
Real estate taxes | 603 | 496 | 666 | 533 | 609 | 500 | ||||||||||||||||||
Depreciation expense | 1,895 | 1,762 | 2,127 | 1,978 | 1,984 | 1,835 | ||||||||||||||||||
Interest expense | 1,638 | 1,538 | 2,149 | 2,017 | 1,716 | 1,602 | ||||||||||||||||||
Total expenses | 5,392 | 4,652 | 6,127 | 5,349 | 5,634 | 4,703 | ||||||||||||||||||
Net operating income (loss) | 1,263 | 864 | 488 | 714 | 966 | 782 | ||||||||||||||||||
Gain (loss) on sale of real estate | - | - | - | - | - | - | ||||||||||||||||||
Provision for income taxes | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | $ | 1,263 | $ | 864 | $ | 488 | $ | 714 | $ | 966 | $ | 782 |
The accompanying notes are an integral part of these combined and combining financial statements.
F-61
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF OPERATIONS
(UNAUDITED)
Landa Series 8659 Ashley Way | Landa Series 8662 Ashley Way | Landa Series 8668 Ashley Way | ||||||||||||||||||||||
Six months ended June 30, | Six months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Rental income | $ | 8,375 | $ | 4,297 | $ | 5,850 | $ | 5,630 | $ | 6,900 | $ | 5,919 | ||||||||||||
Expenses | ||||||||||||||||||||||||
Management fee | 670 | 344 | 468 | 450 | 552 | 473 | ||||||||||||||||||
Professional fees | - | - | - | - | 113 | - | ||||||||||||||||||
Repairs & maintenance | 525 | 80 | 616 | 160 | 500 | 80 | ||||||||||||||||||
Utilities | - | - | - | - | - | - | ||||||||||||||||||
HOA fee | - | - | - | - | - | - | ||||||||||||||||||
Insurance expense | 162 | 170 | 161 | 167 | 169 | 177 | ||||||||||||||||||
Real estate taxes | 623 | 511 | 664 | 531 | 804 | 641 | ||||||||||||||||||
Depreciation expense | 2,269 | 2,099 | 2,198 | 2,033 | 2,359 | 2,181 | ||||||||||||||||||
Interest expense | 1,966 | 1,835 | 2,028 | 1,893 | 2,385 | 2,226 | ||||||||||||||||||
Total expenses | 6,215 | 5,039 | 6,135 | 5,234 | 6,882 | 5,778 | ||||||||||||||||||
Net operating income (loss) | 2,160 | (742 | ) | (285 | ) | 396 | 18 | 141 | ||||||||||||||||
Gain (loss) on sale of real estate | - | - | - | - | - | - | ||||||||||||||||||
Provision for income taxes | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | $ | 2,160 | $ | (742 | ) | $ | (285 | ) | $ | 396 | $ | 18 | $ | 141 |
The accompanying notes are an integral part of these combined and combining financial statements.
F-62
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF OPERATIONS
(UNAUDITED)
Landa Series 8670 Ashley Way | Landa Series 8674 Ashley Way | Landa Series 8675 Ashley Way | ||||||||||||||||||||||
Six months ended June 30, | Six months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Rental income | $ | 6,510 | $ | 5,774 | $ | 3,185 | $ | 6,352 | $ | 6,820 | $ | 4,535 | ||||||||||||
Expenses | ||||||||||||||||||||||||
Management fee | 504 | 462 | 255 | 508 | 528 | 363 | ||||||||||||||||||
Professional fees | 113 | - | 865 | - | 113 | - | ||||||||||||||||||
Repairs & maintenance | 475 | 80 | 325 | 234 | 550 | 717 | ||||||||||||||||||
Utilities | - | - | - | - | - | - | ||||||||||||||||||
HOA fee | - | - | - | - | - | - | ||||||||||||||||||
Insurance expense | 174 | 183 | 158 | 165 | 200 | 161 | ||||||||||||||||||
Real estate taxes | 754 | 584 | 693 | 542 | 608 | 492 | ||||||||||||||||||
Depreciation expense | 2,484 | 2,297 | 2,109 | 1,950 | 2,073 | 1,917 | ||||||||||||||||||
Interest expense | 2,262 | 2,111 | 2,106 | 1,966 | 2,094 | 1,954 | ||||||||||||||||||
Total expenses | 6,766 | 5,717 | 6,511 | 5,365 | 6,166 | 5,604 | ||||||||||||||||||
Net operating income (loss) | (256 | ) | 57 | (3,326 | ) | 987 | 654 | (1,069 | ) | |||||||||||||||
Gain (loss) on sale of real estate | - | - | - | - | - | - | ||||||||||||||||||
Provision for income taxes | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | $ | (256 | ) | $ | 57 | $ | (3,326 | ) | $ | 987 | $ | 654 | $ | (1,069 | ) |
The accompanying notes are an integral part of these combined and combining financial statements.
F-63
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF OPERATIONS
(UNAUDITED)
Landa Series 8677 Ashley Way | Landa Series 8678 Ashley Way | Landa Series 8679 Ashley Way | ||||||||||||||||||||||
Six months ended June 30, | Six months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Rental income | $ | 6,710 | $ | 6,063 | $ | 6,710 | $ | 5,341 | $ | 6,344 | $ | 5,774 | ||||||||||||
Expenses | ||||||||||||||||||||||||
Management fee | 528 | 485 | 528 | 427 | 508 | 462 | ||||||||||||||||||
Professional fees | - | - | - | - | - | - | ||||||||||||||||||
Repairs & maintenance | 550 | 80 | 375 | 80 | 550 | 80 | ||||||||||||||||||
Utilities | - | - | - | - | 128 | - | ||||||||||||||||||
HOA fee | - | - | - | - | - | - | ||||||||||||||||||
Insurance expense | 147 | 155 | 247 | 189 | 155 | 162 | ||||||||||||||||||
Real estate taxes | 578 | 471 | 806 | 643 | 780 | 604 | ||||||||||||||||||
Depreciation expense | 1,948 | 1,802 | 2,626 | 2,429 | 2,109 | 1,950 | ||||||||||||||||||
Interest expense | 1,967 | 1,836 | 2,496 | 2,330 | 2,130 | 1,988 | ||||||||||||||||||
Total expenses | 5,718 | 4,829 | 7,078 | 6,098 | 6,360 | 5,246 | ||||||||||||||||||
Net operating income (loss) | 992 | 1,234 | (368 | ) | (757 | ) | (16 | ) | 528 | |||||||||||||||
Gain (loss) on sale of real estate | - | - | - | - | - | - | ||||||||||||||||||
Provision for income taxes | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | $ | 992 | $ | 1,234 | $ | (368 | ) | $ | (757 | ) | $ | (16 | ) | $ | 528 |
The accompanying notes are an integral part of these combined and combining financial statements.
F-64
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF OPERATIONS
(UNAUDITED)
Landa Series 8683 Ashley Way | Landa Series 1007 Leeward Way (6) | Landa Series 10121 Morris Drive SW (3) | ||||||||||||||||||||||
Six months ended June 30, | Six months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Rental income | $ | 5,119 | $ | 5,728 | $ | 117 | $ | - | $ | 3,360 | $ | - | ||||||||||||
Expenses | ||||||||||||||||||||||||
Management fee | 410 | 450 | 9 | - | 269 | - | ||||||||||||||||||
Professional fees | - | - | - | - | - | - | ||||||||||||||||||
Repairs & maintenance | 550 | 120 | 90 | - | - | - | ||||||||||||||||||
Utilities | - | - | - | - | - | - | ||||||||||||||||||
HOA fee | - | - | - | - | - | - | ||||||||||||||||||
Insurance expense | 147 | 154 | 3 | - | 32 | - | ||||||||||||||||||
Real estate taxes | 638 | 514 | 10 | - | 151 | - | ||||||||||||||||||
Depreciation expense | 1,930 | 1,785 | 22 | - | 1,243 | - | ||||||||||||||||||
Interest expense | 1,948 | 1,818 | 40 | - | 4,381 | - | ||||||||||||||||||
Total expenses | 5,623 | 4,841 | 174 | - | 6,076 | - | ||||||||||||||||||
Net operating income (loss) | (504 | ) | 887 | (57 | ) | - | (2,716 | ) | - | |||||||||||||||
Gain (loss) on sale of real estate | - | - | - | - | - | - | ||||||||||||||||||
Provision for income taxes | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | $ | (504 | ) | $ | 887 | $ | (57 | ) | $ | - | $ | (2,716 | ) | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-65
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF OPERATIONS
(UNAUDITED)
Landa Series 10183 Starr Street SW (3) | Landa Series 103 Starlake Drive (3) | Landa Series 10433 Candlelight Road (3) | ||||||||||||||||||||||
Six months ended June 30, | Six months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Rental income | $ | 2,776 | $ | - | $ | 2,635 | $ | - | $ | - | $ | - | ||||||||||||
Expenses | ||||||||||||||||||||||||
Management fee | 222 | - | 211 | - | - | - | ||||||||||||||||||
Professional fees | - | - | - | - | 72 | - | ||||||||||||||||||
Repairs & maintenance | 390 | - | 90 | - | 3,220 | - | ||||||||||||||||||
Utilities | - | - | - | - | - | - | ||||||||||||||||||
HOA fee | - | - | - | - | - | - | ||||||||||||||||||
Insurance expense | 86 | - | 85 | - | 84 | - | ||||||||||||||||||
Real estate taxes | 293 | - | 273 | - | 486 | - | ||||||||||||||||||
Depreciation expense | 1,188 | - | 1,175 | - | 1,399 | - | ||||||||||||||||||
Interest expense | 4,478 | - | 4,103 | - | 4,748 | - | ||||||||||||||||||
Total expenses | 6,657 | - | 5,937 | - | 10,009 | - | ||||||||||||||||||
Net operating income (loss) | (3,881 | ) | - | (3,302 | ) | - | (10,009 | ) | - | |||||||||||||||
Gain (loss) on sale of real estate | - | - | - | - | - | - | ||||||||||||||||||
Provision for income taxes | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | $ | (3,881 | ) | $ | - | $ | (3,302 | ) | $ | - | $ | (10,009 | ) | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-66
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF OPERATIONS
(UNAUDITED)
Landa Series 107 Oakwood Circle (5) | Landa Series 110 Shenandoah Drive (3) | Landa Series 111 Fir Drive (3) | ||||||||||||||||||||||
Six months ended June 30, | Six months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Rental income | $ | 1,005 | $ | - | $ | 2,730 | $ | - | $ | 2,625 | $ | - | ||||||||||||
Expenses | ||||||||||||||||||||||||
Management fee | 80 | - | 218 | - | 210 | - | ||||||||||||||||||
Professional fees | - | - | - | - | - | - | ||||||||||||||||||
Repairs & maintenance | 90 | - | 290 | - | - | - | ||||||||||||||||||
Utilities | - | - | - | - | - | - | ||||||||||||||||||
HOA fee | - | - | - | - | - | - | ||||||||||||||||||
Insurance expense | 22 | - | 91 | - | 72 | - | ||||||||||||||||||
Real estate taxes | 72 | - | 449 | - | 330 | - | ||||||||||||||||||
Depreciation expense | 278 | - | 1,428 | - | 1,202 | - | ||||||||||||||||||
Interest expense | 692 | - | 5,085 | - | 3,865 | - | ||||||||||||||||||
Total expenses | 1,234 | - | 7,561 | - | 5,679 | - | ||||||||||||||||||
Net operating income (loss) | (229 | ) | - | (4,831 | ) | - | (3,054 | ) | - | |||||||||||||||
Gain (loss) on sale of real estate | - | - | - | - | - | - | ||||||||||||||||||
Provision for income taxes | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | $ | (229 | ) | $ | - | $ | (4,831 | ) | $ | - | $ | (3,054 | ) | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-67
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF OPERATIONS
(UNAUDITED)
Landa Series 112 Ridge Street (3) | Landa Series 11322 Michelle Way (3) | Landa Series 1147 Village Way (3) | ||||||||||||||||||||||
Six months ended June 30, | Six months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Rental income | $ | 1,950 | $ | - | $ | 2,889 | $ | - | $ | 3,203 | $ | - | ||||||||||||
Expenses | ||||||||||||||||||||||||
Management fee | 156 | - | 231 | - | 256 | - | ||||||||||||||||||
Professional fees | - | - | - | - | - | - | ||||||||||||||||||
Repairs & maintenance | 90 | - | 90 | - | - | - | ||||||||||||||||||
Utilities | - | - | - | - | - | - | ||||||||||||||||||
HOA fee | - | - | 80 | - | 398 | - | ||||||||||||||||||
Insurance expense | 91 | - | 67 | - | 68 | - | ||||||||||||||||||
Real estate taxes | 502 | - | 428 | - | 544 | - | ||||||||||||||||||
Depreciation expense | 1,421 | - | 1,090 | - | 1,539 | - | ||||||||||||||||||
Interest expense | 4,885 | - | 3,868 | - | 4,415 | - | ||||||||||||||||||
Total expenses | 7,145 | - | 5,854 | - | 7,220 | - | ||||||||||||||||||
Net operating income (loss) | (5,195 | ) | - | (2,965 | ) | - | (4,017 | ) | - | |||||||||||||||
Gain (loss) on sale of real estate | - | - | - | - | - | - | ||||||||||||||||||
Provision for income taxes | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | $ | (5,195 | ) | $ | - | $ | (2,965 | ) | $ | - | $ | (4,017 | ) | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-68
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF OPERATIONS
(UNAUDITED)
Landa Series 1160 Gable Terrace (3) | Landa Series 1201 Kilrush Drive (3) | Landa Series 124 Libby Lane (3) | ||||||||||||||||||||||
Six months ended June 30, | Six months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Rental income | $ | 3,587 | $ | - | $ | 5,078 | $ | - | $ | - | $ | - | ||||||||||||
Expenses | ||||||||||||||||||||||||
Management fee | 287 | - | 406 | - | - | - | ||||||||||||||||||
Professional fees | - | - | - | - | 72 | - | ||||||||||||||||||
Repairs & maintenance | 90 | - | 6,735 | - | - | - | ||||||||||||||||||
Utilities | - | - | - | - | - | - | ||||||||||||||||||
HOA fee | 25 | - | - | - | - | - | ||||||||||||||||||
Insurance expense | 99 | - | 177 | - | 71 | - | ||||||||||||||||||
Real estate taxes | 554 | - | 834 | - | 391 | - | ||||||||||||||||||
Depreciation expense | 1,372 | - | 2,701 | - | 1,274 | - | ||||||||||||||||||
Interest expense | 5,146 | - | 8,649 | - | 4,095 | - | ||||||||||||||||||
Total expenses | 7,573 | - | 19,502 | - | 5,903 | - | ||||||||||||||||||
Net operating income (loss) | (3,986 | ) | - | (14,424 | ) | - | (5,903 | ) | - | |||||||||||||||
Gain (loss) on sale of real estate | - | - | - | - | - | - | ||||||||||||||||||
Provision for income taxes | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | $ | (3,986 | ) | $ | - | $ | (14,424 | ) | $ | - | $ | (5,903 | ) | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-69
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF OPERATIONS
(UNAUDITED)
Landa Series 1320 Winona Avenue (3) | Landa Series 137 Southern Shores Road (3) | Landa Series 138 Sandalwood Circle (3) | ||||||||||||||||||||||
Six months ended June 30, | Six months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Rental income | $ | - | $ | - | $ | 2,548 | $ | - | $ | 3,570 | $ | - | ||||||||||||
Expenses | ||||||||||||||||||||||||
Management fee | - | - | 204 | - | 286 | - | ||||||||||||||||||
Professional fees | - | - | - | - | - | - | ||||||||||||||||||
Repairs & maintenance | - | - | 90 | - | - | - | ||||||||||||||||||
Utilities | - | - | - | - | - | - | ||||||||||||||||||
HOA fee | - | - | - | - | 150 | - | ||||||||||||||||||
Insurance expense | 134 | - | 69 | - | 58 | - | ||||||||||||||||||
Real estate taxes | 265 | - | 327 | - | 327 | - | ||||||||||||||||||
Depreciation expense | 919 | - | 1,029 | - | 1,430 | - | ||||||||||||||||||
Interest expense | 3,194 | - | 4,078 | - | 4,204 | - | ||||||||||||||||||
Total expenses | 4,512 | - | 5,797 | - | 6,455 | - | ||||||||||||||||||
Net operating income (loss) | (4,512 | ) | - | (3,249 | ) | - | (2,885 | ) | - | |||||||||||||||
Gain (loss) on sale of real estate | - | - | - | - | - | - | ||||||||||||||||||
Provision for income taxes | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | $ | (4,512 | ) | $ | - | $ | (3,249 | ) | $ | - | $ | (2,885 | ) | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-70
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF OPERATIONS
(UNAUDITED)
Landa Series 140 High Ridge Road (3) | Landa Series 146 Crystal Brook (3) | Landa Series 153 Cliffside Court (3) | ||||||||||||||||||||||
Six months ended June 30, | Six months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Rental income | $ | 3,045 | $ | - | $ | 2,756 | $ | - | $ | 2,100 | $ | - | ||||||||||||
Expenses | ||||||||||||||||||||||||
Management fee | 244 | - | 220 | - | 168 | - | ||||||||||||||||||
Professional fees | - | - | - | - | - | - | ||||||||||||||||||
Repairs & maintenance | - | - | 165 | - | 90 | - | ||||||||||||||||||
Utilities | - | - | - | - | - | - | ||||||||||||||||||
HOA fee | - | - | - | - | - | - | ||||||||||||||||||
Insurance expense | 86 | - | 58 | - | 46 | - | ||||||||||||||||||
Real estate taxes | 267 | 435 | 313 | |||||||||||||||||||||
Depreciation expense | 1,286 | - | 870 | - | 720 | - | ||||||||||||||||||
Interest expense | 4,637 | - | 3,590 | - | 2,575 | - | ||||||||||||||||||
Total expenses | 6,520 | - | 5,338 | - | 3,912 | - | ||||||||||||||||||
Net operating income (loss) | (3,475 | ) | - | (2,582 | ) | - | (1,812 | ) | - | |||||||||||||||
Gain (loss) on sale of real estate | - | - | - | - | - | - | ||||||||||||||||||
Provision for income taxes | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | $ | (3,475 | ) | $ | - | $ | (2,582 | ) | $ | - | $ | (1,812 | ) | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-71
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF OPERATIONS
(UNAUDITED)
Landa Series 1666 West Poplar Street (3) | Landa Series 168 Brookview Drive (1) | Landa Series 1689 Viceroy Way (3) | ||||||||||||||||||||||
Six months ended June 30, | Six months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Rental income | $ | 2,474 | $ | - | $ | - | $ | - | $ | 3,415 | $ | - | ||||||||||||
Expenses | ||||||||||||||||||||||||
Management fee | 198 | - | - | - | 249 | - | ||||||||||||||||||
Professional fees | - | - | 72 | - | - | - | ||||||||||||||||||
Repairs & maintenance | 1,140 | - | 90 | - | 265 | - | ||||||||||||||||||
Utilities | - | - | - | - | - | - | ||||||||||||||||||
HOA fee | - | - | 100 | - | - | - | ||||||||||||||||||
Insurance expense | 65 | - | 98 | - | 92 | - | ||||||||||||||||||
Real estate taxes | 310 | - | 570 | - | 658 | - | ||||||||||||||||||
Depreciation expense | 979 | - | 1,074 | - | 1,257 | - | ||||||||||||||||||
Interest expense | 3,952 | - | 627 | - | 4,791 | - | ||||||||||||||||||
Total expenses | 6,644 | - | 2,631 | - | 7,312 | - | ||||||||||||||||||
Net operating income (loss) | (4,170 | ) | - | (2,631 | ) | - | (3,897 | ) | - | |||||||||||||||
Gain (loss) on sale of real estate | - | - | - | - | - | - | ||||||||||||||||||
Provision for income taxes | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | $ | (4,170 | ) | $ | - | $ | (2,631 | ) | $ | - | $ | (3,897 | ) | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-72
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF OPERATIONS
(UNAUDITED)
Landa Series 181 Watercress Court (3) | Landa Series 188 Timberline Road (3) | Landa Series 189 Shenandoah Drive (3) | ||||||||||||||||||||||
Six months ended June 30, | Six months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Rental income | $ | 3,360 | $ | - | $ | - | $ | - | $ | 2,954 | $ | - | ||||||||||||
Expenses | ||||||||||||||||||||||||
Management fee | 269 | - | - | - | 236 | - | ||||||||||||||||||
Professional fees | - | - | - | - | - | - | ||||||||||||||||||
Repairs & maintenance | - | - | 90 | - | 90 | - | ||||||||||||||||||
Utilities | - | - | - | - | - | - | ||||||||||||||||||
HOA fee | 65 | - | - | - | - | - | ||||||||||||||||||
Insurance expense | 65 | - | 54 | - | 75 | - | ||||||||||||||||||
Real estate taxes | 366 | - | 62 | - | 381 | - | ||||||||||||||||||
Depreciation expense | 1,225 | - | 585 | 1,120 | ||||||||||||||||||||
Interest expense | 4,094 | - | 2,115 | - | 3,989 | - | ||||||||||||||||||
Total expenses | 6,084 | - | 2,906 | - | 5,891 | - | ||||||||||||||||||
Net operating income (loss) | (2,724 | ) | - | (2,906 | ) | - | (2,937 | ) | - | |||||||||||||||
Gain (loss) on sale of real estate | - | - | - | - | - | - | ||||||||||||||||||
Provision for income taxes | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | $ | (2,724 | ) | $ | - | $ | (2,906 | ) | $ | - | $ | (2,937 | ) | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-73
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF OPERATIONS
(UNAUDITED)
Landa Series 195 Hunters Trace (3) | Landa Series 196 Montego Circle (3) | Landa Series 20 Chimney Smoke Drive (3) | ||||||||||||||||||||||
Six months ended June 30, | Six months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Rental income | $ | 3,696 | $ | - | $ | 2,924 | $ | - | $ | 1,835 | $ | - | ||||||||||||
Expenses | ||||||||||||||||||||||||
Management fee | 270 | - | 234 | - | 133 | - | ||||||||||||||||||
Professional fees | - | - | - | - | 118 | - | ||||||||||||||||||
Repairs & maintenance | - | - | 1,184 | - | 90 | - | ||||||||||||||||||
Utilities | - | - | - | - | - | - | ||||||||||||||||||
HOA fee | - | - | - | - | - | - | ||||||||||||||||||
Insurance expense | 84 | - | 79 | - | 69 | - | ||||||||||||||||||
Real estate taxes | 378 | - | 357 | - | 341 | - | ||||||||||||||||||
Depreciation expense | 1,490 | - | 1,181 | - | 862 | - | ||||||||||||||||||
Interest expense | 4,928 | - | 4,295 | - | 3,301 | - | ||||||||||||||||||
Total expenses | 7,150 | - | 7,330 | - | 4,914 | - | ||||||||||||||||||
Net operating income (loss) | (3,454 | ) | - | (4,406 | ) | - | (3,079 | ) | - | |||||||||||||||
Gain (loss) on sale of real estate | - | - | - | - | - | - | ||||||||||||||||||
Provision for income taxes | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | $ | (3,454 | ) | $ | - | $ | (4,406 | ) | $ | - | $ | (3,079 | ) | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-74
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF OPERATIONS
(UNAUDITED)
Landa Series 212 Fleeta Drive (3) | Landa Series 217 Glenloch Court (3) | Landa Series 2264 Chestnut Hill Circle (3) | ||||||||||||||||||||||
Six months ended June 30, | Six months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Rental income | $ | 638 | $ | - | $ | 3,715 | $ | - | $ | - | $ | - | ||||||||||||
Expenses | ||||||||||||||||||||||||
Management fee | 51 | - | 297 | - | - | - | ||||||||||||||||||
Professional fees | - | - | - | - | - | - | ||||||||||||||||||
Repairs & maintenance | 90 | - | 90 | - | - | - | ||||||||||||||||||
Utilities | - | - | - | - | - | - | ||||||||||||||||||
HOA fee | - | - | - | - | - | - | ||||||||||||||||||
Insurance expense | 76 | - | 116 | - | 133 | - | ||||||||||||||||||
Real estate taxes | 280 | - | 502 | - | 789 | - | ||||||||||||||||||
Depreciation expense | 991 | - | 1,415 | - | 1,815 | - | ||||||||||||||||||
Interest expense | 4,167 | - | 5,599 | - | 6,090 | - | ||||||||||||||||||
Total expenses | 5,655 | - | 8,019 | - | 8,827 | - | ||||||||||||||||||
Net operating income (loss) | (5,017 | ) | - | (4,304 | ) | - | (8,827 | ) | - | |||||||||||||||
Gain (loss) on sale of real estate | - | - | - | - | - | - | ||||||||||||||||||
Provision for income taxes | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | $ | (5,017 | ) | $ | - | $ | (4,304 | ) | $ | - | $ | (8,827 | ) | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-75
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF OPERATIONS
(UNAUDITED)
Landa Series 2425 Cornell Circle (4) | Landa Series 25 Pleasant Valley Road (3) | Landa Series 253 Marco Drive (3) | ||||||||||||||||||||||
Six months ended June 30, | Six months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Rental income | $ | 3,096 | $ | - | $ | 3,528 | $ | - | $ | 2,748 | $ | - | ||||||||||||
Expenses | ||||||||||||||||||||||||
Management fee | 248 | - | 282 | - | 220 | - | ||||||||||||||||||
Professional fees | - | - | - | - | - | - | ||||||||||||||||||
Repairs & maintenance | 90 | - | 4,190 | - | 90 | - | ||||||||||||||||||
Utilities | - | - | - | - | - | - | ||||||||||||||||||
HOA fee | - | - | - | - | - | - | ||||||||||||||||||
Insurance expense | 75 | - | 91 | - | 70 | - | ||||||||||||||||||
Real estate taxes | 436 | - | 425 | - | 249 | - | ||||||||||||||||||
Depreciation expense | 1,030 | - | 1,274 | - | 986 | - | ||||||||||||||||||
Interest expense | 3,856 | - | 4,420 | - | 3,869 | - | ||||||||||||||||||
Total expenses | 5,735 | - | 10,682 | - | 5,484 | - | ||||||||||||||||||
Net operating income (loss) | (2,639 | ) | - | (7,154 | ) | - | (2,736 | ) | - | |||||||||||||||
Gain (loss) on sale of real estate | - | - | - | - | - | - | ||||||||||||||||||
Provision for income taxes | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | $ | (2,639 | ) | $ | - | $ | (7,154 | ) | $ | - | $ | (2,736 | ) | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-76
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF OPERATIONS
(UNAUDITED)
Landa Series 258 Rocky Point Road (3) | Landa Series 268 Brookview Drive (1) | Landa Series 270 Mountain Lane (3) | ||||||||||||||||||||||
Six months ended June 30, | Six months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Rental income | $ | 3,360 | $ | - | $ | - | $ | - | $ | 3,465 | $ | - | ||||||||||||
Expenses | ||||||||||||||||||||||||
Management fee | 269 | - | - | - | 277 | - | ||||||||||||||||||
Professional fees | - | - | - | - | - | - | ||||||||||||||||||
Repairs & maintenance | 90 | - | 2,614 | - | 90 | - | ||||||||||||||||||
Utilities | - | - | - | - | - | - | ||||||||||||||||||
HOA fee | - | - | 50 | - | - | - | ||||||||||||||||||
Insurance expense | 100 | - | 95 | - | 95 | - | ||||||||||||||||||
Real estate taxes | 371 | - | 571 | - | 351 | - | ||||||||||||||||||
Depreciation expense | 1,452 | - | 1,062 | - | 1,491 | - | ||||||||||||||||||
Interest expense | 5,017 | - | 1,379 | - | 4,813 | - | ||||||||||||||||||
Total expenses | 7,299 | - | 5,771 | - | 7,117 | - | ||||||||||||||||||
Net operating income (loss) | (3,939 | ) | - | (5,771 | ) | - | (3,652 | ) | - | |||||||||||||||
Gain (loss) on sale of real estate | - | - | - | - | - | - | ||||||||||||||||||
Provision for income taxes | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | $ | (3,939 | ) | $ | - | $ | (5,771 | ) | $ | - | $ | (3,652 | ) | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-77
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF OPERATIONS
(UNAUDITED)
Landa Series 270 Pleasant Hills Drive (3) | Landa Series 2813 Vicksburg Court (3) | Landa Series 2933 Coffer Drive (3) | ||||||||||||||||||||||
Six months ended June 30, | Six months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Rental income | $ | 3,579 | $ | - | $ | 3,203 | $ | - | $ | 1,688 | $ | - | ||||||||||||
Expenses | ||||||||||||||||||||||||
Management fee | 286 | - | 256 | - | 135 | - | ||||||||||||||||||
Professional fees | - | - | - | - | - | - | ||||||||||||||||||
Repairs & maintenance | - | - | 90 | - | 90 | - | ||||||||||||||||||
Utilities | - | - | - | - | - | - | ||||||||||||||||||
HOA fee | - | - | - | - | - | - | ||||||||||||||||||
Insurance expense | 210 | - | 115 | - | 158 | - | ||||||||||||||||||
Real estate taxes | 333 | - | 582 | - | 242 | - | ||||||||||||||||||
Depreciation expense | 1,542 | - | 1,581 | - | 1,263 | - | ||||||||||||||||||
Interest expense | 4,482 | - | 5,541 | 4,605 | ||||||||||||||||||||
Total expenses | 6,853 | - | 8,165 | - | 6,493 | - | ||||||||||||||||||
Net operating income (loss) | (3,274 | ) | - | (4,962 | ) | - | (4,805 | ) | - | |||||||||||||||
Gain (loss) on sale of real estate | - | - | - | - | - | - | ||||||||||||||||||
Provision for income taxes | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | $ | (3,274 | ) | $ | - | $ | (4,962 | ) | $ | - | $ | (4,805 | ) | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-78
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF OPERATIONS
(UNAUDITED)
Landa Series 30 High Ridge Road (3) | Landa Series 30 Roosevelt Road (3) | Landa Series 3011 Raintree Drive SE (3) | ||||||||||||||||||||||
Six months ended June 30, | Six months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Rental income | $ | 3,674 | $ | - | $ | 1,788 | $ | - | $ | - | $ | - | ||||||||||||
Expenses | ||||||||||||||||||||||||
Management fee | 294 | - | 143 | - | - | - | ||||||||||||||||||
Professional fees | - | - | - | - | - | - | ||||||||||||||||||
Repairs & maintenance | 90 | - | - | - | - | - | ||||||||||||||||||
Utilities | - | - | - | - | - | - | ||||||||||||||||||
HOA fee | - | - | - | - | - | - | ||||||||||||||||||
Insurance expense | 85 | - | 99 | - | 80 | - | ||||||||||||||||||
Real estate taxes | 295 | - | 375 | - | 476 | - | ||||||||||||||||||
Depreciation expense | 1,552 | - | 1,280 | - | 1,741 | - | ||||||||||||||||||
Interest expense | 4,866 | - | 4,774 | - | 4,978 | - | ||||||||||||||||||
Total expenses | 7,182 | - | 6,671 | - | 7,275 | - | ||||||||||||||||||
Net operating income (loss) | (3,508 | ) | - | (4,883 | ) | - | (7,275 | ) | - | |||||||||||||||
Gain (loss) on sale of real estate | - | - | - | - | - | - | ||||||||||||||||||
Provision for income taxes | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | $ | (3,508 | ) | $ | - | $ | (4,883 | ) | $ | - | $ | (7,275 | ) | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-79
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF OPERATIONS
(UNAUDITED)
Landa Series 3043 Highway 81 S (3) | Landa Series 313 Blue Heron Drive (3) | Landa Series 3202 Chippewa Drive (3) | ||||||||||||||||||||||
Six months ended June 30, | Six months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Rental income | $ | 899 | $ | - | $ | 3,300 | $ | - | $ | - | $ | - | ||||||||||||
Expenses | ||||||||||||||||||||||||
Management fee | 72 | - | 264 | - | - | - | ||||||||||||||||||
Professional fees | - | - | 164 | - | - | - | ||||||||||||||||||
Repairs & maintenance | 7,420 | - | - | - | - | - | ||||||||||||||||||
Utilities | - | - | - | - | - | - | ||||||||||||||||||
HOA fee | - | - | - | - | - | - | ||||||||||||||||||
Insurance expense | 145 | - | 87 | - | 90 | - | ||||||||||||||||||
Real estate taxes | 152 | - | 465 | - | 486 | - | ||||||||||||||||||
Depreciation expense | 952 | - | 1,521 | - | 1,360 | - | ||||||||||||||||||
Interest expense | 3,817 | - | 4,495 | - | 4,446 | - | ||||||||||||||||||
Total expenses | 12,558 | - | 6,996 | - | 6,382 | - | ||||||||||||||||||
Net operating income (loss) | (11,659 | ) | - | (3,696 | ) | - | (6,382 | ) | - | |||||||||||||||
Gain (loss) on sale of real estate | - | - | - | - | - | - | ||||||||||||||||||
Provision for income taxes | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | $ | (11,659 | ) | $ | - | $ | (3,696 | ) | $ | - | $ | (6,382 | ) | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-80
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF OPERATIONS
(UNAUDITED)
Landa Series 35 Clay Court (3) | Landa Series 350 Cadiz Lane S (3) | Landa Series 351 Wesley Park Drive (3) | ||||||||||||||||||||||
Six months ended June 30, | Six months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Rental income | $ | 3,568 | $ | - | $ | 1,675 | $ | - | $ | 3,344 | $ | - | ||||||||||||
Expenses | ||||||||||||||||||||||||
Management fee | 285 | - | 134 | - | 268 | - | ||||||||||||||||||
Professional fees | - | - | - | - | - | - | ||||||||||||||||||
Repairs & maintenance | - | - | 90 | - | 1,665 | - | ||||||||||||||||||
Utilities | - | - | - | - | - | - | ||||||||||||||||||
HOA fee | - | - | - | - | - | - | ||||||||||||||||||
Insurance expense | 98 | - | 160 | - | 72 | - | ||||||||||||||||||
Real estate taxes | 324 | - | 375 | - | 472 | - | ||||||||||||||||||
Depreciation expense | 1,708 | - | 1,237 | - | 1,145 | - | ||||||||||||||||||
Interest expense | 4,776 | - | 4,414 | - | 4,131 | - | ||||||||||||||||||
Total expenses | 7,191 | - | 6,410 | - | 7,753 | - | ||||||||||||||||||
Net operating income (loss) | (3,623 | ) | - | (4,735 | ) | - | (4,409 | ) | - | |||||||||||||||
Gain (loss) on sale of real estate | - | - | - | - | - | - | ||||||||||||||||||
Provision for income taxes | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | $ | (3,623 | ) | $ | - | $ | (4,735 | ) | $ | - | $ | (4,409 | ) | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-81
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF OPERATIONS
(UNAUDITED)
Landa Series 3667 Patti Parkway (4) | Landa Series 412 Kendall Lane (4) | Landa Series 43 Darwin Drive (3) | ||||||||||||||||||||||
Six months ended June 30, | Six months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Rental income | $ | 2,839 | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Expenses | ||||||||||||||||||||||||
Management fee | 227 | - | - | - | - | - | ||||||||||||||||||
Professional fees | - | - | - | - | - | - | ||||||||||||||||||
Repairs & maintenance | 90 | - | 1,900 | - | 90 | - | ||||||||||||||||||
Utilities | - | - | - | - | - | - | ||||||||||||||||||
HOA fee | - | - | - | - | - | - | ||||||||||||||||||
Insurance expense | 87 | - | 68 | - | 80 | - | ||||||||||||||||||
Real estate taxes | 639 | - | 301 | - | 301 | - | ||||||||||||||||||
Depreciation expense | 1,211 | - | 940 | - | 1,096 | - | ||||||||||||||||||
Interest expense | 4,213 | - | 3,028 | - | 4,209 | - | ||||||||||||||||||
Total expenses | 6,467 | - | 6,237 | - | 5,776 | - | ||||||||||||||||||
Net operating income (loss) | (3,628 | ) | - | (6,237 | ) | - | (5,776 | ) | - | |||||||||||||||
Gain (loss) on sale of real estate | - | - | - | - | - | - | ||||||||||||||||||
Provision for income taxes | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | $ | (3,628 | ) | $ | - | $ | (6,237 | ) | $ | - | $ | (5,776 | ) | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-82
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF OPERATIONS
(UNAUDITED)
Landa Series 45 Blue Jay Drive (3) | Landa Series 45 Laurel Way (4) | Landa Series 4702 Saint James Way (3) | ||||||||||||||||||||||
Six months ended June 30, | Six months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Rental income | $ | 3,674 | $ | - | $ | - | $ | - | $ | 2,450 | $ | - | ||||||||||||
Expenses | ||||||||||||||||||||||||
Management fee | 294 | - | - | - | 196 | - | ||||||||||||||||||
Professional fees | - | - | - | - | - | - | ||||||||||||||||||
Repairs & maintenance | 1,065 | - | - | - | 5,200 | - | ||||||||||||||||||
Utilities | - | - | - | - | - | - | ||||||||||||||||||
HOA fee | - | - | - | - | 92 | - | ||||||||||||||||||
Insurance expense | 121 | - | 79 | - | 81 | - | ||||||||||||||||||
Real estate taxes | 422 | - | 213 | - | 535 | - | ||||||||||||||||||
Depreciation expense | 1,668 | - | 1,062 | - | 1,181 | - | ||||||||||||||||||
Interest expense | 5,835 | - | 3,264 | - | 4,107 | - | ||||||||||||||||||
Total expenses | 9,405 | - | 4,618 | - | 11,392 | - | ||||||||||||||||||
Net operating income (loss) | (5,731 | ) | - | (4,618 | ) | - | (8,942 | ) | - | |||||||||||||||
Gain (loss) on sale of real estate | - | - | - | - | - | - | ||||||||||||||||||
Provision for income taxes | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | $ | (5,731 | ) | $ | - | $ | (4,618 | ) | $ | - | $ | (8,942 | ) | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-83
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF OPERATIONS
(UNAUDITED)
Landa Series 4732 Pinedale Drive (3) | Landa Series 5040 Huntshire Lane (3) | Landa Series 513 Jarrett Court (3) | ||||||||||||||||||||||
Six months ended June 30, | Six months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Rental income | $ | 2,690 | $ | - | $ | 5,548 | $ | - | $ | 3,358 | $ | - | ||||||||||||
Expenses | ||||||||||||||||||||||||
Management fee | 196 | - | 424 | - | 269 | - | ||||||||||||||||||
Professional fees | 164 | - | - | - | - | - | ||||||||||||||||||
Repairs & maintenance | 90 | - | - | - | 3,243 | - | ||||||||||||||||||
Utilities | - | - | - | - | - | - | ||||||||||||||||||
HOA fee | - | - | 88 | - | - | - | ||||||||||||||||||
Insurance expense | 69 | - | 176 | - | 83 | - | ||||||||||||||||||
Real estate taxes | 249 | - | 1,029 | - | 493 | - | ||||||||||||||||||
Depreciation expense | 1,127 | - | 2,535 | - | 1,534 | - | ||||||||||||||||||
Interest expense | 3,542 | - | 7,644 | - | 4,607 | - | ||||||||||||||||||
Total expenses | 5,437 | - | 11,896 | - | 10,229 | - | ||||||||||||||||||
Net operating income (loss) | (2,747 | ) | - | (6,348 | ) | - | (6,871 | ) | - | |||||||||||||||
Gain (loss) on sale of real estate | - | - | - | - | - | - | ||||||||||||||||||
Provision for income taxes | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | $ | (2,747 | ) | $ | - | $ | (6,348 | ) | $ | - | $ | (6,871 | ) | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-84
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF OPERATIONS
(UNAUDITED)
Landa Series 5143 Pinecrest Drive SW (3) | Landa Series 540 Cowan Road (3) | Landa Series 5411 Rocky Pine Drive (4) | ||||||||||||||||||||||
Six months ended June 30, | Six months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Rental income | $ | 2,589 | $ | - | $ | 3,515 | $ | - | $ | 2,119 | $ | - | ||||||||||||
Expenses | ||||||||||||||||||||||||
Management fee | 207 | - | 281 | - | 156 | - | ||||||||||||||||||
Professional fees | - | - | - | - | - | - | ||||||||||||||||||
Repairs & maintenance | 90 | - | 90 | - | 165 | - | ||||||||||||||||||
Utilities | - | - | - | - | - | - | ||||||||||||||||||
HOA fee | - | - | - | - | - | - | ||||||||||||||||||
Insurance expense | 68 | - | 194 | - | 137 | - | ||||||||||||||||||
Real estate taxes | 218 | - | 309 | - | 434 | - | ||||||||||||||||||
Depreciation expense | 1,163 | - | 1,364 | - | 991 | - | ||||||||||||||||||
Interest expense | 3,578 | - | 4,938 | - | 3,262 | - | ||||||||||||||||||
Total expenses | 5,324 | - | 7,176 | - | 5,145 | - | ||||||||||||||||||
Net operating income (loss) | (2,735 | ) | - | (3,661 | ) | - | (3,026 | ) | - | |||||||||||||||
Gain (loss) on sale of real estate | - | - | - | - | - | - | ||||||||||||||||||
Provision for income taxes | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | $ | (2,735 | ) | $ | - | $ | (3,661 | ) | $ | - | $ | (3,026 | ) | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-85
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF OPERATIONS
(UNAUDITED)
Landa Series 550 Cowan Road (4) | Landa Series 5581 Fox Glen Circle (4) | Landa Series 565 Mountainview Drive (3) | ||||||||||||||||||||||
Six months ended June 30, | Six months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Rental income | $ | 2,094 | $ | - | $ | 3,229 | $ | - | $ | 3,518 | $ | - | ||||||||||||
Expenses | ||||||||||||||||||||||||
Management fee | 168 | - | 258 | - | 281 | - | ||||||||||||||||||
Professional fees | - | - | - | - | - | - | ||||||||||||||||||
Repairs & maintenance | - | - | 90 | - | 90 | - | ||||||||||||||||||
Utilities | - | - | - | - | - | - | ||||||||||||||||||
HOA fee | - | - | - | - | - | - | ||||||||||||||||||
Insurance expense | 59 | - | 112 | - | 102 | - | ||||||||||||||||||
Real estate taxes | 203 | - | 706 | - | 354 | - | ||||||||||||||||||
Depreciation expense | 942 | - | 1,539 | - | 1,582 | - | ||||||||||||||||||
Interest expense | 3,075 | - | 4,857 | - | 4,812 | - | ||||||||||||||||||
Total expenses | 4,447 | - | 7,562 | - | 7,221 | - | ||||||||||||||||||
Net operating income (loss) | (2,353 | ) | - | (4,333 | ) | - | (3,703 | ) | - | |||||||||||||||
Gain (loss) on sale of real estate | - | - | - | - | - | - | ||||||||||||||||||
Provision for income taxes | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | $ | (2,353 | ) | $ | - | $ | (4,333 | ) | $ | - | $ | (3,703 | ) | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-86
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF OPERATIONS
(UNAUDITED)
Landa Series 5801 Strathmoor Manor Circle (3) | Landa Series 6107 Shadow Glen Court (3) | Landa Series 6111-6113 Pine Glen Circle SW (3) | ||||||||||||||||||||||
Six months ended June 30, | Six months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Rental income | $ | 3,318 | $ | - | $ | 2,586 | $ | - | $ | 2,640 | $ | - | ||||||||||||
Expenses | ||||||||||||||||||||||||
Management fee | 265 | - | 197 | - | 202 | - | ||||||||||||||||||
Professional fees | - | - | - | - | - | - | ||||||||||||||||||
Repairs & maintenance | 1,127 | - | - | - | 740 | - | ||||||||||||||||||
Utilities | - | - | - | - | 650 | - | ||||||||||||||||||
HOA fee | 87 | - | - | - | - | - | ||||||||||||||||||
Insurance expense | 71 | - | 60 | - | 82 | - | ||||||||||||||||||
Real estate taxes | 501 | - | 193 | - | 288 | - | ||||||||||||||||||
Depreciation expense | 1,246 | - | 1,114 | - | 2,252 | - | ||||||||||||||||||
Interest expense | 4,040 | - | 3,467 | - | 6,068 | - | ||||||||||||||||||
Total expenses | 7,337 | - | 5,031 | - | 10,282 | - | ||||||||||||||||||
Net operating income (loss) | (4,019 | ) | - | (2,445 | ) | - | (7,642 | ) | - | |||||||||||||||
Gain (loss) on sale of real estate | - | - | - | - | - | |||||||||||||||||||
Provision for income taxes | - | - | - | - | - | |||||||||||||||||||
Net income (loss) | $ | (4,019 | ) | $ | - | $ | (2,445 | ) | $ | - | $ | (7,642 | ) | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-87
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF OPERATIONS
(UNAUDITED)
Landa Series 615 Barshay Drive (3) | Landa Series 6168 Wheat Street NE (3) | Landa Series 6178 Green Acres Drive SW (3) | ||||||||||||||||||||||
Six months ended June 30, | Six months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Rental income | $ | 161 | $ | - | $ | - | $ | - | $ | 3,220 | $ | - | ||||||||||||
Expenses | ||||||||||||||||||||||||
Management fee | 13 | - | - | - | 235 | - | ||||||||||||||||||
Professional fees | - | - | - | - | - | - | ||||||||||||||||||
Repairs & maintenance | 90 | - | 90 | - | 90 | - | ||||||||||||||||||
Utilities | - | - | - | - | - | - | ||||||||||||||||||
HOA fee | - | - | - | - | - | - | ||||||||||||||||||
Insurance expense | 87 | - | 113 | - | 75 | - | ||||||||||||||||||
Real estate taxes | 313 | - | 154 | - | 278 | - | ||||||||||||||||||
Depreciation expense | 1,317 | - | 728 | - | 1,111 | - | ||||||||||||||||||
Interest expense | 4,678 | - | 2,967 | - | 3,544 | - | ||||||||||||||||||
Total expenses | 6,498 | - | 4,052 | - | 5,333 | - | ||||||||||||||||||
Net operating income (loss) | (6,337 | ) | - | (4,052 | ) | - | (2,113 | ) | - | |||||||||||||||
Gain (loss) on sale of real estate | - | - | - | - | - | - | ||||||||||||||||||
Provision for income taxes | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | $ | (6,337 | ) | $ | - | $ | (4,052 | ) | $ | - | $ | (2,113 | ) | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-88
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF OPERATIONS
(UNAUDITED)
Landa Series 6404 Walnut Way (4) | Landa Series 643 Sycamore Drive (3) | Landa Series 65 Freedom Court (3) | ||||||||||||||||||||||
Six months ended June 30, | Six months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Rental income | $ | 2,937 | $ | - | $ | 3,224 | $ | - | $ | 3,385 | $ | - | ||||||||||||
Expenses | ||||||||||||||||||||||||
Management fee | 220 | - | 258 | - | 271 | - | ||||||||||||||||||
Professional fees | 233 | - | - | - | - | - | ||||||||||||||||||
Repairs & maintenance | 90 | - | 90 | - | 90 | - | ||||||||||||||||||
Utilities | - | - | - | - | - | - | ||||||||||||||||||
HOA fee | - | - | - | - | - | - | ||||||||||||||||||
Insurance expense | 64 | - | 80 | - | 87 | - | ||||||||||||||||||
Real estate taxes | 280 | - | 400 | - | 315 | - | ||||||||||||||||||
Depreciation expense | 833 | - | 1,198 | - | 1,324 | - | ||||||||||||||||||
Interest expense | 3,122 | - | 4,562 | - | 4,507 | - | ||||||||||||||||||
Total expenses | 4,842 | - | 6,588 | - | 6,594 | - | ||||||||||||||||||
Net operating income (loss) | (1,905 | ) | - | (3,364 | ) | - | (3,209 | ) | - | |||||||||||||||
Gain (loss) on sale of real estate | - | - | - | - | - | - | ||||||||||||||||||
Provision for income taxes | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | $ | (1,905 | ) | $ | - | $ | (3,364 | ) | $ | - | $ | (3,209 | ) | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-89
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF OPERATIONS
(UNAUDITED)
Landa Series 6635 Kimberly Mill Road (3) | Landa Series 6653 Bedford Road (3) | Landa Series 6762 Bent Creek Drive (3) | ||||||||||||||||||||||
Six months ended June 30, | Six months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Rental income | $ | - | $ | - | $ | 3,098 | $ | - | $ | 3,350 | $ | - | ||||||||||||
Expenses | ||||||||||||||||||||||||
Management fee | - | - | 248 | - | 268 | - | ||||||||||||||||||
Professional fees | - | - | - | - | - | - | ||||||||||||||||||
Repairs & maintenance | 75 | - | - | - | 675 | - | ||||||||||||||||||
Utilities | - | - | - | - | - | - | ||||||||||||||||||
HOA fee | - | - | - | - | - | - | ||||||||||||||||||
Insurance expense | 159 | - | 78 | - | 72 | - | ||||||||||||||||||
Real estate taxes | 415 | - | 389 | - | 414 | - | ||||||||||||||||||
Depreciation expense | 1,529 | - | 1,670 | - | 1,475 | - | ||||||||||||||||||
Interest expense | 5,019 | - | 4,384 | - | 4,823 | - | ||||||||||||||||||
Total expenses | 7,197 | - | 6,769 | - | 7,727 | - | ||||||||||||||||||
Net operating income (loss) | (7,197 | ) | - | (3,671 | ) | - | (4,377 | ) | - | |||||||||||||||
Gain (loss) on sale of real estate | - | - | - | - | - | - | ||||||||||||||||||
Provision for income taxes | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | $ | (7,197 | ) | $ | - | $ | (3,671 | ) | $ | - | $ | (4,377 | ) | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-90
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF OPERATIONS
(UNAUDITED)
Landa Series 709 Georgetown Court (3) | Landa Series 7107 Geiger Street NW (3) | Landa Series 750 Georgetown Court (3) | ||||||||||||||||||||||
Six months ended June 30, | Six months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Rental income | $ | 3,570 | $ | - | $ | 2,415 | $ | - | $ | 2,513 | $ | - | ||||||||||||
Expenses | ||||||||||||||||||||||||
Management fee | 286 | - | 193 | - | 201 | - | ||||||||||||||||||
Professional fees | - | - | - | - | - | - | ||||||||||||||||||
Repairs & maintenance | 90 | - | 90 | - | 90 | - | ||||||||||||||||||
Utilities | - | - | - | - | - | - | ||||||||||||||||||
HOA fee | 83 | - | - | - | 83 | - | ||||||||||||||||||
Insurance expense | 82 | - | 53 | - | 78 | - | ||||||||||||||||||
Real estate taxes | 380 | - | 61 | - | 386 | - | ||||||||||||||||||
Depreciation expense | 1,383 | - | 767 | - | 954 | - | ||||||||||||||||||
Interest expense | 4,313 | - | 2,824 | - | 3,869 | - | ||||||||||||||||||
Total expenses | 6,617 | - | 3,988 | - | 5,661 | - | ||||||||||||||||||
Net operating income (loss) | (3,047 | ) | - | (1,573 | ) | - | (3,148 | ) | - | |||||||||||||||
Gain (loss) on sale of real estate | - | - | - | - | - | - | ||||||||||||||||||
Provision for income taxes | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | $ | (3,047 | ) | $ | - | $ | (1,573 | ) | $ | - | $ | (3,148 | ) | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-91
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF OPERATIONS
(UNAUDITED)
Landa Series 752 Chestnut Drive (3) | Landa Series 773 Villa Way (1) | Landa Series 7781 Mountain Creek Way (3) | ||||||||||||||||||||||
Six months ended June 30, | Six months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Rental income | $ | 2,027 | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Expenses | ||||||||||||||||||||||||
Management fee | 162 | - | - | - | - | - | ||||||||||||||||||
Professional fees | - | - | - | - | - | - | ||||||||||||||||||
Repairs & maintenance | 1,817 | - | 90 | - | - | - | ||||||||||||||||||
Utilities | - | - | 199 | - | - | - | ||||||||||||||||||
HOA fee | - | - | 165 | - | - | - | ||||||||||||||||||
Insurance expense | 64 | - | 178 | - | 204 | - | ||||||||||||||||||
Real estate taxes | 156 | - | 562 | - | 509 | - | ||||||||||||||||||
Depreciation expense | 788 | - | 737 | - | 1,372 | - | ||||||||||||||||||
Interest expense | 2,997 | - | 549 | - | 5,152 | - | ||||||||||||||||||
Total expenses | 5,984 | - | 2,480 | - | 7,237 | - | ||||||||||||||||||
Net operating income (loss) | (3,957 | ) | - | (2,480 | ) | - | (7,237 | ) | - | |||||||||||||||
Gain (loss) on sale of real estate | - | - | - | - | - | - | ||||||||||||||||||
Provision for income taxes | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | $ | (3,957 | ) | $ | - | $ | (2,480 | ) | $ | - | $ | (7,237 | ) | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-92
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF OPERATIONS
(UNAUDITED)
Landa Series 7950 Woodlake Drive (3) | Landa Series 80 High Ridge Road (3) | Landa Series 808 Hillandale Lane (3) | ||||||||||||||||||||||
Six months ended June 30, | Six months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Rental income | $ | 2,882 | $ | - | $ | 1,810 | $ | - | $ | 3,389 | $ | - | ||||||||||||
Expenses | ||||||||||||||||||||||||
Management fee | 231 | - | 145 | - | 271 | - | ||||||||||||||||||
Professional fees | - | - | - | - | - | - | ||||||||||||||||||
Repairs & maintenance | - | - | 2,984 | - | 1,479 | - | ||||||||||||||||||
Utilities | - | - | - | - | - | - | ||||||||||||||||||
HOA fee | - | - | - | - | 100 | - | ||||||||||||||||||
Insurance expense | 89 | - | 98 | - | 91 | - | ||||||||||||||||||
Real estate taxes | 425 | - | 307 | - | 606 | - | ||||||||||||||||||
Depreciation expense | 1,090 | - | 1,379 | - | 1,281 | - | ||||||||||||||||||
Interest expense | 3,928 | - | 4,908 | - | 4,588 | - | ||||||||||||||||||
Total expenses | 5,763 | - | 9,821 | - | 8,416 | - | ||||||||||||||||||
Net operating income (loss) | (2,881 | ) | - | (8,011 | ) | - | (5,027 | ) | - | |||||||||||||||
Gain (loss) on sale of real estate | - | - | - | - | - | - | ||||||||||||||||||
Provision for income taxes | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | $ | (2,881 | ) | $ | - | $ | (8,011 | ) | $ | - | $ | (5,027 | ) | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-93
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF OPERATIONS
(UNAUDITED)
Landa Series 8110 Devonshire Drive (3) | Landa Series 8121 Spillers Drive SW (3) | Landa Series 8233 Creekline Court (3) | ||||||||||||||||||||||
Six months ended June 30, | Six months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Rental income | $ | 3,407 | $ | - | $ | 2,688 | $ | - | $ | 700 | $ | - | ||||||||||||
Expenses | ||||||||||||||||||||||||
Management fee | 260 | - | 215 | - | 56 | - | ||||||||||||||||||
Professional fees | - | - | - | - | - | - | ||||||||||||||||||
Repairs & maintenance | 90 | - | 90 | - | 90 | - | ||||||||||||||||||
Utilities | - | - | - | - | - | - | ||||||||||||||||||
HOA fee | - | - | - | - | - | - | ||||||||||||||||||
Insurance expense | 60 | - | 58 | - | 168 | - | ||||||||||||||||||
Real estate taxes | 320 | - | 174 | - | 453 | - | ||||||||||||||||||
Depreciation expense | 874 | - | 1,055 | - | 1,383 | - | ||||||||||||||||||
Interest expense | 3,436 | - | 3,669 | - | 4,400 | - | ||||||||||||||||||
Total expenses | 5,040 | - | 5,261 | - | 6,550 | - | ||||||||||||||||||
Net operating income (loss) | (1,633 | ) | - | (2,573 | ) | - | (5,850 | ) | - | |||||||||||||||
Gain (loss) on sale of real estate | - | - | - | - | - | - | ||||||||||||||||||
Provision for income taxes | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | $ | (1,633 | ) | $ | - | $ | (2,573 | ) | $ | - | $ | (5,850 | ) | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-94
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF OPERATIONS
(UNAUDITED)
Landa Series 843 Tramore Drive (1) | Landa Series 85 Kirkland Court (3) | Landa Series 85 Thorn Thicket Way (3) | ||||||||||||||||||||||
Six months ended June 30, | Six months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Rental income | $ | 5,430 | $ | - | $ | - | $ | - | $ | 2,772 | $ | - | ||||||||||||
Expenses | ||||||||||||||||||||||||
Management fee | 408 | - | - | - | 222 | - | ||||||||||||||||||
Professional fees | 118 | - | - | - | - | - | ||||||||||||||||||
Repairs & maintenance | - | - | 150 | - | - | - | ||||||||||||||||||
Utilities | - | - | - | - | - | - | ||||||||||||||||||
HOA fee | - | - | - | |||||||||||||||||||||
Insurance expense | 86 | - | 116 | - | 99 | - | ||||||||||||||||||
Real estate taxes | 569 | - | 354 | - | 389 | - | ||||||||||||||||||
Depreciation expense | 1,387 | - | 1,684 | - | 1,336 | - | ||||||||||||||||||
Interest expense | 971 | - | 5,434 | - | 4,688 | - | ||||||||||||||||||
Total expenses | 3,539 | - | 7,738 | - | 6,734 | - | ||||||||||||||||||
Net operating income (loss) | 1,891 | - | (7,738 | ) | - | (3,962 | ) | - | ||||||||||||||||
Gain (loss) on sale of real estate | - | - | - | - | - | - | ||||||||||||||||||
Provision for income taxes | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | $ | 1,891 | $ | - | $ | (7,738 | ) | $ | - | $ | (3,962 | ) | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-95
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF OPERATIONS
(UNAUDITED)
Landa Series 8855 Rugby Court (3) | Landa Series 9434 Cedar Creek Place (3) | Landa Series 9597 Pintail Trail (3) | ||||||||||||||||||||||
Six months ended June 30, | Six months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Rental income | $ | 3,094 | $ | - | $ | 3,150 | $ | - | $ | 3,906 | $ | - | ||||||||||||
Expenses | ||||||||||||||||||||||||
Management fee | 226 | - | 252 | - | 298 | - | ||||||||||||||||||
Professional fees | 137 | - | - | - | 137 | - | ||||||||||||||||||
Repairs & maintenance | 90 | - | 90 | - | 3,866 | - | ||||||||||||||||||
Utilities | - | - | - | - | 207 | - | ||||||||||||||||||
HOA fee | - | - | 56 | - | - | - | ||||||||||||||||||
Insurance expense | 71 | - | 102 | - | 179 | - | ||||||||||||||||||
Real estate taxes | 302 | - | 451 | - | 500 | - | ||||||||||||||||||
Depreciation expense | 923 | - | 1,545 | - | 1,591 | - | ||||||||||||||||||
Interest expense | 3,436 | - | 5,291 | - | 4,584 | - | ||||||||||||||||||
Total expenses | 5,185 | - | 7,787 | - | 11,362 | - | ||||||||||||||||||
Net operating income (loss) | (2,091 | ) | - | (4,637 | ) | - | (7,456 | ) | - | |||||||||||||||
Gain (loss) on sale of real estate | - | - | - | - | - | - | ||||||||||||||||||
Provision for income taxes | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | $ | (2,091 | ) | $ | - | $ | (4,637 | ) | $ | - | $ | (7,456 | ) | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-96
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF OPERATIONS
(UNAUDITED)
Total Combined Statements of Operations | ||||||||
Six months ended June 30, | ||||||||
2023 | 2022 | |||||||
Rental income | $ | 457,852 | $ | 253,134 | ||||
Expenses | ||||||||
Management fee | 36,273 | 20,098 | ||||||
Professional fees | 4,414 | - | ||||||
Repairs & maintenance | 98,246 | 26,947 | ||||||
Utilities | 2,156 | - | ||||||
HOA fee | 11,143 | 7,737 | ||||||
Insurance expense | 16,676 | 8,191 | ||||||
Real estate taxes | 72,524 | 30,079 | ||||||
Depreciation expense | 201,981 | 79,318 | ||||||
Interest expense | 479,489 | 79,602 | ||||||
Total expenses | 922,902 | 251,972 | ||||||
Net operating income (loss) | (465,050 | ) | 1,162 | |||||
Gain (loss) on sale of real estate | 62,013 | 142,750 | ||||||
Provision for income taxes | (1,530 | ) | (28,720 | ) | ||||
Net income (loss) | $ | (404,567 | ) | $ | 115,192 |
The accompanying notes are an integral part of these combined and combining financial statements.
F-97
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENT OF MEMBERS’ EQUITY
Landa App LLC | Landa Series 115 Sardis Street | Landa Series 1394 Oakview Circle | Landa Series 1701 Summerwoods Lane (2) | Landa Series 1741 Park Lane (2) | Landa Series 209 Timber Wolf Trail | Landa Series 2505 Oak Circle | ||||||||||||||||||||||
Balance at December 31, 2022 | $ | - | $ | (8,285 | ) | $ | 35,262 | $ | (3,556 | ) | $ | (3,619 | ) | $ | (356 | ) | $ | (2,815 | ) | |||||||||
Proceeds from sales of members’ interest | - | - | - | 68,411 | 12,098 | - | - | |||||||||||||||||||||
Distributions | - | - | (2,332 | ) | (62 | ) | - | - | - | |||||||||||||||||||
Net income (loss) | - | 30,341 | 1,328 | (4,729 | ) | (4,581 | ) | (12,273 | ) | 31,655 | ||||||||||||||||||
Balance at June 30, 2023 (unaudited) | $ | - | $ | 22,056 | $ | 34,258 | $ | 60,064 | $ | 3,898 | $ | (12,629 | ) | $ | 28,840 | |||||||||||||
Balance at December 31, 2021 | $ | - | $ | (6,763 | ) | $ | 38,293 | $ | 34,977 | $ | 16,631 | $ | 1,708 | $ | (6,153 | ) | ||||||||||||
Proceeds from sales of members’ interest | - | - | - | 43 | - | - | - | |||||||||||||||||||||
Distributions | - | - | (2,277 | ) | (1,722 | ) | (818 | ) | - | - | ||||||||||||||||||
Sale distribution | - | - | - | (87,854 | ) | (40,683 | ) | - | - | |||||||||||||||||||
Distribution to manager | - | - | - | (2,340 | ) | (33,094 | ) | - | - | |||||||||||||||||||
Net income (loss) | - | 1,194 | 1,336 | 56,896 | 57,964 | 293 | 2,740 | |||||||||||||||||||||
Balance at June 30, 2022 (unaudited) | $ | - | $ | (5,569 | ) | $ | 37,352 | $ | - | $ | - | $ | 2,001 | $ | (3,413 | ) |
The accompanying notes are an integral part of these combined and combining financial statements.
F-98
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENT OF MEMBERS’ EQUITY
Landa Series 271 Timber Wolf Trail | Landa Series 29 Holly Grove Road | Landa Series 1703 Summerwoods Lane | Landa Series 1712 Summerwoods Lane | Landa Series 1743 Summerwoods Lane | Landa Series 1750 Summerwoods Lane | |||||||||||||||||||
Balance at December 31, 2022 | $ | (5,430 | ) | $ | (3,996 | ) | $ | 32,250 | $ | 42,207 | $ | 33,316 | $ | 33,614 | ||||||||||
Proceeds from sales of members’ interest | - | - | - | - | - | - | ||||||||||||||||||
Distributions | - | - | (2,647 | ) | (1,047 | ) | (3,623 | ) | (3,574 | ) | ||||||||||||||
Net income (loss) | (12,603 | ) | (641 | ) | (2,729 | ) | (2,829 | ) | 1,085 | 1,268 | ||||||||||||||
Balance at June 30, 2023 (unaudited) | $ | (18,033 | ) | $ | (4,637 | ) | $ | 26,874 | $ | 38,331 | $ | 30,778 | $ | 31,308 | ||||||||||
Balance at December 31, 2021 | $ | (2,908 | ) | $ | (1,743 | ) | $ | - | $ | - | $ | - | $ | - | ||||||||||
Proceeds from sales of members’ interest | - | - | 37,293 | 46,207 | 35,846 | 35,840 | ||||||||||||||||||
Distributions | - | - | (1,461 | ) | (1,604 | ) | (1,398 | ) | (957 | ) | ||||||||||||||
Sale distribution | - | - | - | - | - | - | ||||||||||||||||||
Distribution to manager | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | 1,640 | (363 | ) | 436 | 280 | 660 | 25 | |||||||||||||||||
Balance at June 30, 2022 (unaudited) | $ | (1,268 | ) | $ | (2,106 | ) | $ | 36,268 | $ | 44,883 | $ | 35,108 | $ | 34,908 |
The accompanying notes are an integral part of these combined and combining financial statements.
F-99
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENT OF MEMBERS’ EQUITY
Landa Series 4267 High Park Lane | Landa Series 4474 Highwood Park Drive | Landa Series 8569 Creekwood Way | Landa Series 9439 | Landa Series 10167 Port Royal Court | Landa Series 1246 Elgin Way | |||||||||||||||||||
Balance at December 31, 2022 | $ | 40,661 | $ | 29,372 | $ | 30,259 | $ | 47,905 | $ | 24,063 | $ | 33,867 | ||||||||||||
Proceeds from sales of members’ interest | 19 | - | - | 23 | - | - | ||||||||||||||||||
Distributions | (1,507 | ) | (1,300 | ) | (2,663 | ) | (3,310 | ) | (2,682 | ) | (2,507 | ) | ||||||||||||
Net income (loss) | (6,999 | ) | 48 | (4,072 | ) | (201 | ) | 966 | 1,085 | |||||||||||||||
Balance at June 30, 2023 (unaudited) | $ | 32,174 | $ | 28,120 | $ | 23,524 | $ | 44,417 | $ | 22,347 | $ | 32,445 | ||||||||||||
Balance at December 31, 2021 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Proceeds from sales of members’ interest | 47,597 | 43,401 | 34,032 | 54,576 | 28,100 | 38,184 | ||||||||||||||||||
Distributions | (1,442 | ) | (962 | ) | (1,501 | ) | (1,073 | ) | (1,956 | ) | (2,065 | ) | ||||||||||||
Sale distribution | - | - | - | - | - | - | ||||||||||||||||||
Distribution to manager | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | (1,161 | ) | (1,714 | ) | 647 | (2,735 | ) | 1,048 | 1,317 | |||||||||||||||
Balance at June 30, 2022 (unaudited) | $ | 44,994 | $ | 40,725 | $ | 33,178 | $ | 50,768 | $ | 27,192 | $ | 37,436 |
The accompanying notes are an integral part of these combined and combining financial statements.
F-100
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENT OF MEMBERS’ EQUITY
Landa Series 1910 Grove Way | Landa Series 593 Country Lane Drive | Landa Series 6436 Stone Terrace | Landa Series 6440 Woodstone Terrace | Landa Series 6848 Sandy Creek Drive | Landa Series 687 | |||||||||||||||||||
Balance at December 31, 2022 | $ | 6,169 | $ | 21,990 | $ | 12,608 | $ | (1,714 | ) | $ | 17,339 | $ | 26,310 | |||||||||||
Proceeds from sales of members’ interest | - | - | - | - | - | - | ||||||||||||||||||
Distributions | (3,992 | ) | (2,796 | ) | (2,215 | ) | (898 | ) | (2,866 | ) | (2,884 | ) | ||||||||||||
Net income (loss) | (5,186 | ) | 961 | 1,548 | (636 | ) | 245 | (1,833 | ) | |||||||||||||||
Balance at June 30, 2023 (unaudited) | $ | (3,009 | ) | $ | 20,155 | $ | 11,941 | $ | (3,248 | ) | $ | 14,718 | $ | 21,593 | ||||||||||
Balance at December 31, 2021 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Proceeds from sales of members’ interest | 22,062 | 24,592 | 15,481 | 18,243 | 21,867 | 32,865 | ||||||||||||||||||
Distributions | (991 | ) | (1,774 | ) | (1,755 | ) | (1,683 | ) | (2,796 | ) | (1,802 | ) | ||||||||||||
Sale distribution | - | - | - | - | - | - | ||||||||||||||||||
Distribution to manager | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | (9,515 | ) | 1,049 | 1,653 | (3,737 | ) | 1,022 | (2,923 | ) | |||||||||||||||
Balance at June 30, 2022 (unaudited) | $ | 11,556 | $ | 23,867 | $ | 15,379 | $ | 12,823 | $ | 20,093 | $ | 28,140 |
The accompanying notes are an integral part of these combined and combining financial statements.
F-101
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENT OF MEMBERS’ EQUITY
Landa Series 729 | Landa Series 7349 Exeter Court | Landa Series 8645 Embrey Drive | Landa Series 8780 Churchill Place | Landa Series 8796 Parliament Place | Landa Series 8641 Ashley Way | |||||||||||||||||||
Balance at December 31, 2022 | $ | 16,382 | $ | 35,538 | $ | 29,190 | $ | 31,663 | $ | 27,658 | $ | 45,331 | ||||||||||||
Proceeds from sales of members’ interest | - | - | - | - | - | 5 | ||||||||||||||||||
Distributions | (3,624 | ) | (3,368 | ) | (3,707 | ) | (1,369 | ) | (4,054 | ) | (2,917 | ) | ||||||||||||
Net income (loss) | (3,404 | ) | 1,378 | 1,336 | (6,717 | ) | 2,355 | 67 | ||||||||||||||||
Balance at June 30, 2023 (unaudited) | $ | 9,354 | $ | 33,548 | $ | 26,819 | $ | 23,577 | $ | 25,959 | $ | 42,486 | ||||||||||||
Balance at December 31, 2021 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Proceeds from sales of members’ interest | 31,220 | 39,133 | 34,212 | 38,058 | 31,083 | 35,779 | ||||||||||||||||||
Distributions | (1,646 | ) | (2,290 | ) | (2,244 | ) | (2,033 | ) | (2,079 | ) | (1,447 | ) | ||||||||||||
Sale distribution | - | - | - | - | - | - | ||||||||||||||||||
Distribution to manager | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | (2,392 | ) | 1,496 | 1,056 | 1,077 | 1,178 | 56 | |||||||||||||||||
Balance at June 30, 2022 (unaudited) | $ | 27,182 | $ | 38,339 | $ | 33,024 | $ | 37,102 | $ | 30,182 | $ | 34,388 |
The accompanying notes are an integral part of these combined and combining financial statements.
F-102
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENT OF MEMBERS’ EQUITY
Landa Series 8651 Ashley Way | Landa Series 8652 Ashley Way | Landa Series 8653 Ashley Way | Landa Series 8654 Ashley Way | Landa Series 8655 Ashley Way | Landa Series 8659 Ashley Way | |||||||||||||||||||
Balance at December 31, 2022 | $ | 32,099 | $ | 44,040 | $ | 48,592 | $ | 41,138 | $ | 49,421 | $ | 55,360 | ||||||||||||
Proceeds from sales of members’ interest | - | 178 | - | - | 6 | - | ||||||||||||||||||
Distributions | (2,662 | ) | (3,368 | ) | (3,732 | ) | (3,192 | ) | (2,946 | ) | (3,993 | ) | ||||||||||||
Net income (loss) | (358 | ) | 760 | 1,263 | 488 | 966 | 2,160 | |||||||||||||||||
Balance at June 30, 2023 (unaudited) | $ | 29,079 | $ | 41,610 | $ | 46,123 | $ | 38,434 | $ | 47,447 | $ | 53,527 | ||||||||||||
Balance at December 31, 2021 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Proceeds from sales of members’ interest | 41,951 | 24,893 | 57,383 | 46,500 | 33,527 | 18,905 | ||||||||||||||||||
Distributions | (2,231 | ) | (1,699 | ) | (1,895 | ) | (1,975 | ) | (1,934 | ) | (1,631 | ) | ||||||||||||
Sale distribution | - | - | - | - | - | - | ||||||||||||||||||
Distribution to manager | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | 1,155 | (508 | ) | 864 | 714 | 782 | (742 | ) | ||||||||||||||||
Balance at June 30, 2022 (unaudited) | $ | 40,875 | $ | 22,686 | $ | 56,352 | $ | 45,239 | $ | 32,375 | $ | 16,532 |
The accompanying notes are an integral part of these combined and combining financial statements.
F-103
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENT OF MEMBERS’ EQUITY
Landa Series 8662 Ashley Way | Landa Series 8668 Ashley Way | Landa Series 8670 Ashley Way | Landa Series 8674 Ashley Way | Landa Series 8675 Ashley Way | Landa Series 8677 Ashley Way | |||||||||||||||||||
Balance at December 31, 2022 | $ | 50,945 | $ | 53,948 | $ | 59,663 | $ | 38,669 | $ | 34,207 | $ | 38,371 | ||||||||||||
Proceeds from sales of members’ interest | - | - | - | - | 5 | - | ||||||||||||||||||
Distributions | (2,568 | ) | (3,056 | ) | (2,080 | ) | (2,317 | ) | (2,733 | ) | (3,447 | ) | ||||||||||||
Net income (loss) | (285 | ) | 18 | (256 | ) | (3,326 | ) | 654 | 992 | |||||||||||||||
Balance at June 30, 2023 (unaudited) | $ | 48,092 | $ | 50,910 | $ | 57,327 | $ | 33,026 | $ | 32,133 | $ | 35,916 | ||||||||||||
Balance at December 31, 2021 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Proceeds from sales of members’ interest | 35,061 | 7,300 | 9,505 | 47,178 | 44,557 | 42,664 | ||||||||||||||||||
Distributions | (1,803 | ) | (1,607 | ) | (1,666 | ) | (2,265 | ) | (1,654 | ) | (2,231 | ) | ||||||||||||
Sale distribution | - | - | - | - | - | - | ||||||||||||||||||
Distribution to manager | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | 396 | 141 | 57 | 987 | (1,069 | ) | 1,234 | |||||||||||||||||
Balance at June 30, 2022 (unaudited) | $ | 33,654 | $ | 5,834 | $ | 7,896 | $ | 45,900 | $ | 41,834 | $ | 41,667 |
The accompanying notes are an integral part of these combined and combining financial statements.
F-104
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENT OF MEMBERS’ EQUITY
Landa Series 8678 Ashley Way | Landa Series 8679 Ashley Way | Landa Series 8683 Ashley Way | Landa Series 1007 Leeward Way (6) | Landa Series 10121 Morris Drive SW (3) | Landa Series 10183 Starr Street SW (3) | |||||||||||||||||||
Balance at December 31, 2022 | $ | 54,031 | $ | 40,303 | $ | 39,477 | $ | - | $ | - | $ | - | ||||||||||||
Proceeds from sales of members’ interest | - | - | - | - | 4,585 | 1,417 | ||||||||||||||||||
Distributions | (2,666 | ) | (3,848 | ) | (3,034 | ) | (280 | ) | (659 | ) | (186 | ) | ||||||||||||
Net income (loss) | (368 | ) | (16 | ) | (504 | ) | (57 | ) | (2,716 | ) | (3,881 | ) | ||||||||||||
Balance at June 30, 2023 (unaudited) | $ | 50,997 | $ | 36,439 | $ | 35,939 | $ | (337 | ) | $ | 1,210 | $ | (2,650 | ) | ||||||||||
Balance at December 31, 2021 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Proceeds from sales of members’ interest | 10,119 | 46,153 | 47,607 | - | - | - | ||||||||||||||||||
Distributions | (1,094 | ) | (1,700 | ) | (1,882 | ) | - | - | - | |||||||||||||||
Sale distribution | - | - | - | - | - | - | ||||||||||||||||||
Distribution to manager | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | (757 | ) | 528 | 887 | - | - | - | |||||||||||||||||
Balance at June 30, 2022 (unaudited) | $ | 8,268 | $ | 44,981 | $ | 46,612 | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-105
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENT OF MEMBERS’ EQUITY
Landa Series 103 Starlake Drive (3) | Landa Series 10433 Candlelight Road (3) | Landa Series 107 Oakwood Circle (5) | Landa Series 110 Shenandoah Drive (3) | Landa Series 111 Fir Drive (3) | Landa Series 112 Ridge Street (3) | |||||||||||||||||||
Balance at December 31, 2022 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Proceeds from sales of members’ interest | 1,125 | 893 | 9,853 | 1,343 | 5,629 | 3,363 | ||||||||||||||||||
Distributions | (94 | ) | - | (627 | ) | - | (285 | ) | (492 | ) | ||||||||||||||
Net income (loss) | (3,302 | ) | (10,009 | ) | (229 | ) | (4,831 | ) | (3,054 | ) | (5,195 | ) | ||||||||||||
Balance at June 30, 2023 (unaudited) | $ | (2,271 | ) | $ | (9,116 | ) | $ | 8,997 | $ | (3,488 | ) | $ | 2,290 | $ | (2,324 | ) | ||||||||
Balance at December 31, 2021 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Proceeds from sales of members’ interest | - | - | - | - | - | - | ||||||||||||||||||
Distributions | - | - | - | - | - | - | ||||||||||||||||||
Sale distribution | - | - | - | - | - | - | ||||||||||||||||||
Distribution to manager | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | - | - | - | - | - | - | ||||||||||||||||||
Balance at June 30, 2022 (unaudited) | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-106
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENT OF MEMBERS’ EQUITY
Landa Series 11322 Michelle Way (3) | Landa Series 1147 Village Way (3) | Landa Series 1160 Gable Terrace (3) | Landa Series 1201 Kilrush Drive (3) | Landa Series 124 Libby Lane (3) | Landa Series 1320 Winona Avenue (3) | |||||||||||||||||||
Balance at December 31, 2022 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Proceeds from sales of members’ interest | 1,215 | 1,445 | 4,108 | 3,044 | 2,886 | 2,217 | ||||||||||||||||||
Distributions | (140 | ) | - | (440 | ) | (89 | ) | - | (154 | ) | ||||||||||||||
Net income (loss) | (2,965 | ) | (4,017 | ) | (3,986 | ) | (14,424 | ) | (5,903 | ) | (4,512 | ) | ||||||||||||
Balance at June 30, 2023 (unaudited) | $ | (1,890 | ) | $ | (2,572 | ) | $ | (318 | ) | $ | (11,469 | ) | $ | (3,017 | ) | $ | (2,449 | ) | ||||||
Balance at December 31, 2021 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Proceeds from sales of members’ interest | - | - | - | - | - | - | ||||||||||||||||||
Distributions | - | - | - | - | - | - | ||||||||||||||||||
Sale distribution | - | - | - | - | - | - | ||||||||||||||||||
Distribution to manager | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | - | - | - | - | - | - | ||||||||||||||||||
Balance at June 30, 2022 (unaudited) | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-107
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENT OF MEMBERS’ EQUITY
Landa Series 137 Southern Shores Road (3) | Landa Series 138 Sandalwood Circle (3) | Landa Series 140 High Ridge Road (3) | Landa Series 146 Crystal Brook (3) | Landa Series 153 Cliffside Court (3) | Landa Series 1666 West Poplar Street (3) | |||||||||||||||||||
Balance at December 31, 2022 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Proceeds from sales of members’ interest | 2,096 | 10,531 | 4,116 | 9,558 | 26,760 | 6,656 | ||||||||||||||||||
Distributions | (191 | ) | (798 | ) | (314 | ) | (580 | ) | (211 | ) | (230 | ) | ||||||||||||
Net income (loss) | (3,249 | ) | (2,885 | ) | (3,475 | ) | (2,582 | ) | (1,812 | ) | (4,170 | ) | ||||||||||||
Balance at June 30, 2023 (unaudited) | $ | (1,344 | ) | $ | 6,848 | $ | 327 | $ | 6,396 | $ | 24,737 | $ | 2,256 | |||||||||||
Balance at December 31, 2021 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Proceeds from sales of members’ interest | - | - | - | - | - | - | ||||||||||||||||||
Distributions | - | - | - | - | - | - | ||||||||||||||||||
Sale distribution | - | - | - | - | - | - | ||||||||||||||||||
Distribution to manager | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | - | - | - | - | - | - | ||||||||||||||||||
Balance at June 30, 2022 (unaudited) | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-108
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENT OF MEMBERS’ EQUITY
Landa Series 168 Brookview Drive (1) | Landa Series 1689 Viceroy Way (3) | Landa Series 181 Watercress Court (3) | Landa Series 188 Timberline Road (3) | Landa Series 189 Shenandoah Drive (3) | Landa Series 195 Hunters Trace (3) | |||||||||||||||||||
Balance at December 31, 2022 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Proceeds from sales of members’ interest | 52,898 | 1,864 | 6,693 | 33,594 | 2,124 | 4,159 | ||||||||||||||||||
Distributions | (549 | ) | (79 | ) | (569 | ) | (290 | ) | (362 | ) | (374 | ) | ||||||||||||
Net income (loss) | (2,631 | ) | (3,897 | ) | (2,724 | ) | (2,906 | ) | (2,937 | ) | (3,454 | ) | ||||||||||||
Balance at June 30, 2023 (unaudited) | $ | 49,718 | $ | (2,112 | ) | $ | 3,400 | $ | 30,398 | $ | (1,175 | ) | $ | 331 | ||||||||||
Balance at December 31, 2021 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Proceeds from sales of members’ interest | - | - | - | - | - | - | ||||||||||||||||||
Distributions | - | - | - | - | - | - | ||||||||||||||||||
Sale distribution | - | - | - | - | - | - | ||||||||||||||||||
Distribution to manager | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | - | - | - | - | - | - | ||||||||||||||||||
Balance at June 30, 2022 (unaudited) | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-109
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENT OF MEMBERS’ EQUITY
Landa Series 196 Montego Circle (3) | Landa Series 20 Chimney Smoke Drive (4) | Landa Series 212 Fleeta Drive (3) | Landa Series 217 Glenloch Court (3) | Landa Series 2264 Chestnut Hill Circle (3) | Landa Series 2425 Cornell Circle (4) | |||||||||||||||||||
Balance at December 31, 2022 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Proceeds from sales of members’ interest | 1,690 | 6,255 | 2,505 | 4,642 | 1,472 | - | ||||||||||||||||||
Distributions | (220 | ) | (919 | ) | - | (534 | ) | (230 | ) | (739 | ) | |||||||||||||
Net income (loss) | (4,406 | ) | (3,079 | ) | (5,017 | ) | (4,304 | ) | (8,827 | ) | (2,639 | ) | ||||||||||||
Balance at June 30, 2023 (unaudited) | $ | (2,936 | ) | $ | 2,257 | $ | (2,512 | ) | $ | (196 | ) | $ | (7,585 | ) | $ | (3,378 | ) | |||||||
Balance at December 31, 2021 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Proceeds from sales of members’ interest | - | - | - | - | - | - | ||||||||||||||||||
Distributions | - | - | - | - | - | - | ||||||||||||||||||
Sale distribution | - | - | - | - | - | - | ||||||||||||||||||
Distribution to manager | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | - | - | - | - | - | - | ||||||||||||||||||
Balance at June 30, 2022 (unaudited) | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-110
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENT OF MEMBERS’ EQUITY
Landa Series 25 Pleasant Valley Road (3) | Landa Series 253 Marco Drive (3) | Landa Series 258 Rocky Point Road (3) | Landa Series 268 Brookview Drive (1) | Landa Series 270 Mountain Lane (3) | Landa Series 270 Pleasant Hills Drive (3) | |||||||||||||||||||
Balance at December 31, 2022 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Proceeds from sales of members’ interest | 3,404 | 2,375 | 4,425 | 8,857 | 13,920 | 4,000 | ||||||||||||||||||
Distributions | (587 | ) | (423 | ) | (212 | ) | (382 | ) | (861 | ) | (610 | ) | ||||||||||||
Net income (loss) | (7,154 | ) | (2,736 | ) | (3,939 | ) | (5,771 | ) | (3,652 | ) | (3,274 | ) | ||||||||||||
Balance at June 30, 2023 (unaudited) | $ | (4,337 | ) | $ | (784 | ) | $ | 274 | $ | 2,704 | $ | 9,407 | $ | 116 | ||||||||||
Balance at December 31, 2021 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Proceeds from sales of members’ interest | - | - | - | - | - | - | ||||||||||||||||||
Distributions | - | - | - | - | - | - | ||||||||||||||||||
Sale distribution | - | - | - | - | - | - | ||||||||||||||||||
Distribution to manager | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | - | - | - | - | - | - | ||||||||||||||||||
Balance at June 30, 2022 (unaudited) | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-111
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENT OF MEMBERS’ EQUITY
Landa Series 2813 Vicksburg Court (3) | Landa Coffer | Landa Series 30 High Ridge Road (3) | Landa Series 30 Roosevelt Road (3) | Landa Series 3011 Raintree Drive SE (3) | Landa Series 3043 Highway 81 S (3) | |||||||||||||||||||
Balance at December 31, 2022 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Proceeds from sales of members’ interest | 2,258 | 1,454 | 4,301 | 1,777 | 1,079 | 5,838 | ||||||||||||||||||
Distributions | (96 | ) | - | (552 | ) | (332 | ) | - | (289 | ) | ||||||||||||||
Net income (loss) | (4,962 | ) | (4,805 | ) | (3,508 | ) | (4,883 | ) | (7,275 | ) | (11,659 | ) | ||||||||||||
Balance at June 30, 2023 (unaudited) | $ | (2,800 | ) | $ | (3,351 | ) | $ | 241 | $ | (3,438 | ) | $ | (6,196 | ) | $ | (6,110 | ) | |||||||
Balance at December 31, 2021 | ||||||||||||||||||||||||
Proceeds from sales of members’ interest | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Distributions | - | - | - | - | - | - | ||||||||||||||||||
Sale distribution | - | - | - | - | - | - | ||||||||||||||||||
Distribution to manager | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | - | - | - | - | - | - | ||||||||||||||||||
Balance at June 30, 2022 (unaudited) | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-112
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENT OF MEMBERS’ EQUITY
Landa Series 313 Blue Heron Drive (3) | Landa Series 3202 Chippewa Drive (3) | Landa Series 35 Clay Court (3) | Landa Series 350 Cadiz Lane S (3) | Landa Series 351 Wesley Park Drive (3) | Landa Series 3667 Patti Parkway (4) | |||||||||||||||||||
Balance at December 31, 2022 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Proceeds from sales of members’ interest | 9,643 | 1,411 | 3,420 | 3,115 | 5,675 | - | ||||||||||||||||||
Distributions | (537 | ) | (45 | ) | (367 | ) | - | (667 | ) | (98 | ) | |||||||||||||
Net income (loss) | (3,696 | ) | (6,382 | ) | (3,623 | ) | (4,735 | ) | (4,409 | ) | (3,628 | ) | ||||||||||||
Balance at June 30, 2023 (unaudited) | $ | 5,410 | $ | (5,016 | ) | $ | (570 | ) | $ | (1,620 | ) | $ | 599 | $ | (3,726 | ) | ||||||||
Balance at December 31, 2021 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Proceeds from sales of members’ interest | - | - | - | - | - | - | ||||||||||||||||||
Distributions | - | - | - | - | - | - | ||||||||||||||||||
Sale distribution | - | - | - | - | - | - | ||||||||||||||||||
Distribution to manager | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | - | - | - | - | - | - | ||||||||||||||||||
Balance at June 30, 2022 (unaudited) | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-113
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENT OF MEMBERS’ EQUITY
Landa Series 412 Kendall Lane (4) | Landa Series 43 Darwin Drive (3) | Landa Series 45 Blue Jay Drive (3) | Landa Series 45 Laurel Way (4) | Landa Saint | Landa Series 4732 Pinedale Drive (3) | |||||||||||||||||||
Balance at December 31, 2022 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Proceeds from sales of members’ interest | 1,721 | 2,592 | 1,159 | 1,034 | 2,011 | 873 | ||||||||||||||||||
Distributions | - | - | (103 | ) | - | - | - | |||||||||||||||||
Net income (loss) | (6,237 | ) | (5,776 | ) | (5,731 | ) | (4,618 | ) | (8,942 | ) | (2,747 | ) | ||||||||||||
Balance at June 30, 2023 (unaudited) | $ | (4,516 | ) | $ | (3,184 | ) | $ | (4,675 | ) | $ | (3,584 | ) | $ | (6,931 | ) | $ | (1,874 | ) | ||||||
Balance at December 31, 2021 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Proceeds from sales of members’ interest | - | - | - | - | - | - | ||||||||||||||||||
Distributions | - | - | - | - | - | - | ||||||||||||||||||
Sale distribution | - | - | - | - | - | - | ||||||||||||||||||
Distribution to manager | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | - | - | - | - | - | - | ||||||||||||||||||
Balance at June 30, 2022 (unaudited) | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-114
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENT OF MEMBERS’ EQUITY
Landa Series 5040 Huntshire Lane (3) | Landa Series 513 Jarrett Court (3) | Landa Series 5143 Pinecrest Drive SW (3) | Landa Series 540 Cowan Road (3) | Landa Series 5411 Rocky Pine Drive (4) | Landa Series 550 Cowan Road (4) | |||||||||||||||||||
Balance at December 31, 2022 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Proceeds from sales of members’ interest | 12,798 | 28,082 | 2,181 | 3,943 | 3,471 | 3,743 | ||||||||||||||||||
Distributions | (417 | ) | (369 | ) | (261 | ) | (654 | ) | - | (408 | ) | |||||||||||||
Net income (loss) | (6,348 | ) | (6,871 | ) | (2,735 | ) | (3,661 | ) | (3,026 | ) | (2,353 | ) | ||||||||||||
Balance at June 30, 2023 (unaudited) | $ | 6,033 | $ | 20,842 | $ | (815 | ) | $ | (372 | ) | $ | 445 | $ | 982 | ||||||||||
Balance at December 31, 2021 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Proceeds from sales of members’ interest | - | - | - | - | - | - | ||||||||||||||||||
Distributions | - | - | - | - | - | - | ||||||||||||||||||
Sale distribution | - | - | - | - | - | - | ||||||||||||||||||
Distribution to manager | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | - | - | - | - | - | - | ||||||||||||||||||
Balance at June 30, 2022 (unaudited) | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-115
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENT OF MEMBERS’ EQUITY
Landa Series 5581 Fox Glen Circle (4) | Landa Series 565 Mountainview Drive (3) | Landa Series 5801 Strathmoor Manor Circle (3) | Landa Series 6107 Shadow Glen Court (3) | Landa Series 6111-6113 Pine Glen Circle SW (3) | Landa Series 615 Barshay Drive (3) | |||||||||||||||||||
Balance at December 31, 2022 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Proceeds from sales of members’ interest | 470 | 2,402 | 3,892 | 4,140 | 5,533 | 4,426 | ||||||||||||||||||
Distributions | (102 | ) | (447 | ) | (567 | ) | (266 | ) | - | (229 | ) | |||||||||||||
Net income (loss) | (4,333 | ) | (3,703 | ) | (4,019 | ) | (2,445 | ) | (7,642 | ) | (6,337 | ) | ||||||||||||
Balance at June 30, 2023 (unaudited) | $ | (3,965 | ) | $ | (1,748 | ) | $ | (694 | ) | $ | 1,429 | $ | (2,109 | ) | $ | (2,140 | ) | |||||||
Balance at December 31, 2021 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Proceeds from sales of members’ interest | - | - | - | - | - | - | ||||||||||||||||||
Distributions | - | - | - | - | - | - | ||||||||||||||||||
Sale distribution | - | - | - | - | - | - | ||||||||||||||||||
Distribution to manager | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | - | - | - | - | - | - | ||||||||||||||||||
Balance at June 30, 2022 (unaudited) | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-116
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENT OF MEMBERS’ EQUITY
Landa Series 6168 Wheat Street NE (3) | Landa Series 6178 Green Acres Drive SW (3) | Landa Series 6404 Walnut Way (4) | Landa Series 643 Sycamore Drive (3) | Landa Series 65 Freedom Court (3) | Landa Series 6635 Kimberly Mill Road (3) | |||||||||||||||||||
Balance at December 31, 2022 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Proceeds from sales of members’ interest | 3,029 | 2,460 | 17,283 | 6,831 | 1,928 | 1,091 | ||||||||||||||||||
Distributions | (39 | ) | (506 | ) | (1,122 | ) | (480 | ) | (426 | ) | - | |||||||||||||
Net income (loss) | (4,052 | ) | (2,113 | ) | (1,905 | ) | (3,364 | ) | (3,209 | ) | (7,197 | ) | ||||||||||||
Balance at June 30, 2023 (unaudited) | $ | (1,062 | ) | $ | (159 | ) | $ | 14,256 | $ | 2,987 | $ | (1,707 | ) | $ | (6,106 | ) | ||||||||
Balance at December 31, 2021 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Proceeds from sales of members’ interest | - | - | - | - | - | - | ||||||||||||||||||
Distributions | - | - | - | - | - | - | ||||||||||||||||||
Sale distribution | - | - | - | - | - | - | ||||||||||||||||||
Distribution to manager | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | - | - | - | - | - | - | ||||||||||||||||||
Balance at June 30, 2022 (unaudited) | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-117
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENT OF MEMBERS’ EQUITY
Landa Series 6653 Bedford Road (3) | Landa Series 6762 Bent Creek Drive (3) | Landa Series 709 Georgetown Court (3) | Landa Series 7107 Geiger Street NW (3) | Landa Series 750 Georgetown Court (3) | Landa Series 752 Chestnut Drive (3) | |||||||||||||||||||
Balance at December 31, 2022 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Proceeds from sales of members’ interest | 1,304 | 5,474 | 37,482 | 37,320 | 2,462 | 4,311 | ||||||||||||||||||
Distributions | (249 | ) | (336 | ) | (615 | ) | (801 | ) | (138 | ) | (215 | ) | ||||||||||||
Net income (loss) | (3,671 | ) | (4,377 | ) | (3,047 | ) | (1,573 | ) | (3,148 | ) | (3,957 | ) | ||||||||||||
Balance at June 30, 2023 (unaudited) | $ | (2,616 | ) | $ | 761 | $ | 33,820 | $ | 34,946 | $ | (824 | ) | $ | 139 | ||||||||||
Balance at December 31, 2021 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Proceeds from sales of members’ interest | - | - | - | - | - | - | ||||||||||||||||||
Distributions | - | - | - | - | - | - | ||||||||||||||||||
Sale distribution | - | - | - | - | - | - | ||||||||||||||||||
Distribution to manager | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | - | - | - | - | - | - | ||||||||||||||||||
Balance at June 30, 2022 (unaudited) | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-118
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENT OF MEMBERS’ EQUITY
Landa Series 773 Villa Way (1) | Landa Series 7781 Mountain Creek Way (3) | Landa Series 7950 Woodlake Drive (3) | Landa Series 80 High Ridge Road (3) | Landa Series 808 Hillandale Lane (3) | Landa Series 8110 Devonshire Drive (3) | |||||||||||||||||||
Balance at December 31, 2022 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Proceeds from sales of members’ interest | 47,938 | 1,192 | 1,175 | 3,565 | 2,899 | 25,753 | ||||||||||||||||||
Distributions | (946 | ) | - | (35 | ) | (184 | ) | (285 | ) | (973 | ) | |||||||||||||
Net income (loss) | (2,480 | ) | (7,237 | ) | (2,881 | ) | (8,011 | ) | (5,027 | ) | (1,633 | ) | ||||||||||||
Balance at June 30, 2023 (unaudited) | $ | 44,512 | $ | (6,045 | ) | $ | (1,741 | ) | $ | (4,630 | ) | $ | (2,413 | ) | $ | 23,147 | ||||||||
Balance at December 31, 2021 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Proceeds from sales of members’ interest | - | - | - | - | - | - | ||||||||||||||||||
Distributions | - | - | - | - | - | - | ||||||||||||||||||
Sale distribution | - | - | - | - | - | - | ||||||||||||||||||
Distribution to manager | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | - | - | - | - | - | - | ||||||||||||||||||
Balance at June 30, 2022 (unaudited) | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-119
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENT OF MEMBERS’ EQUITY
Landa Series 8121 Spillers Drive SW (3) | Landa Series 8233 Creekline Court (3) | Landa Series 843 Tramore Drive (1) | Landa Series 85 Kirkland Court (3) | Landa Series 85 Thorn Thicket Way (3) | Landa Series 8855 Rugby Court (3) | |||||||||||||||||||
Balance at December 31, 2022 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Proceeds from sales of members’ interest | 2,832 | 2,291 | 78,196 | 3,699 | 1,462 | 2,829 | ||||||||||||||||||
Distributions | (439 | ) | - | (1,286 | ) | - | (16 | ) | (418 | ) | ||||||||||||||
Net income (loss) | (2,573 | ) | (5,850 | ) | 1,891 | (7,738 | ) | (3,962 | ) | (2,091 | ) | |||||||||||||
Balance at June 30, 2023 (unaudited) | $ | (180 | ) | $ | (3,559 | ) | $ | 78,801 | $ | (4,039 | ) | $ | (2,516 | ) | $ | 320 | ||||||||
Balance at December 31, 2021 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Proceeds from sales of members’ interest | - | - | - | - | - | - | ||||||||||||||||||
Distributions | - | - | - | - | - | - | ||||||||||||||||||
Sale distribution | - | - | - | - | - | - | ||||||||||||||||||
Distribution to manager | - | - | - | - | - | - | ||||||||||||||||||
Net income (loss) | - | - | - | - | - | - | ||||||||||||||||||
Balance at June 30, 2022 (unaudited) | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-120
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENT OF MEMBERS’ EQUITY
Landa Series 9434 Cedar Creek Place (3) | Landa Series 9597 Pintail Trail (3) | Total Members’ | ||||||||||
Balance at December 31, 2022 | $ | - | $ | - | $ | 1,303,447 | ||||||
Proceeds from sales of members’ interest | 3,438 | 13,885 | 775,033 | |||||||||
Distributions | (9 | ) | (666 | ) | (138,286 | ) | ||||||
Net income (loss) | (4,637 | ) | (7,456 | ) | (404,567 | ) | ||||||
Balance at June 30, 2023 (unaudited) | $ | (1,208 | ) | $ | 5,763 | $ | 1,535,627 | |||||
Balance at December 31, 2021 | $ | - | $ | - | $ | 74,042 | ||||||
Proceeds from sales of members’ interest | - | - | 1,259,017 | |||||||||
Distributions | - | - | (69,043 | ) | ||||||||
Sale distribution | - | - | (128,537 | ) | ||||||||
Distribution to manager | - | - | (35,434 | ) | ||||||||
Net income (loss) | - | - | 115,192 | |||||||||
Balance at June 30, 2022 (unaudited) | $ | - | $ | - | $ | 1,215,237 |
The accompanying notes are an integral part of these combined and combining financial statements.
F-121
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa App LLC | Landa Series 115 Sardis Street | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | - | $ | - | $ | 30,341 | $ | 1,194 | ||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | - | - | 981 | 1,984 | ||||||||||||
(Gain) loss on sale of real estate | - | - | (32,421 | ) | - | |||||||||||
Changes in assets and liabilities: | ||||||||||||||||
Escrow | - | - | - | - | ||||||||||||
Accounts receivable | - | - | 851 | - | ||||||||||||
Due from related party | - | - | (325 | ) | - | |||||||||||
Due to related party | - | - | - | 101 | ||||||||||||
Other liabilities | - | - | - | (800 | ) | |||||||||||
Security deposit | - | - | - | - | ||||||||||||
Net cash provided by (used in) operating activities | - | - | (573 | ) | 2,479 | |||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | - | - | - | ||||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | - | - | - | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | - | - | - | - | ||||||||||||
Shareholder Dividends | - | - | - | - | ||||||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | - | - | - | - | ||||||||||||
Proceeds from mortgage | - | - | - | - | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | - | - | - | - | ||||||||||||
Net increase (decrease) in cash | - | - | (573 | ) | 2,480 | |||||||||||
Cash and restricted cash at beginning of year | - | - | 583 | 3,270 | ||||||||||||
Cash and restricted cash at end of year | $ | - | $ | - | $ | 10 | $ | 5,750 | ||||||||
- | ||||||||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | - | $ | - | $ | - | $ | 1,458 | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | 136,770 | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | (117,304 | ) | $ | - | |||||||
Acquisition notes payable for property acquisition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Bridge note payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-122
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 1394 Oakview Circle | Landa Series 1701 Summerwoods Lane (2) | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | 1,328 | $ | 1,336 | $ | (4,729 | ) | $ | 56,896 | |||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 1,111 | 1,112 | 1,348 | 930 | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | (70,269 | ) | |||||||||||
Changes in assets and liabilities: | ||||||||||||||||
Escrow | (1,908 | ) | (852 | ) | (520 | ) | - | |||||||||
Accounts receivable | 367 | - | - | - | ||||||||||||
Due from related party | 1,413 | 1,429 | 1,313 | 6,551 | ||||||||||||
Due to related party | - | - | - | 25,356 | ||||||||||||
Other liabilities | 782 | (396 | ) | 546 | 10,105 | |||||||||||
Security deposit | - | - | - | - | ||||||||||||
Net cash provided by (used in) operating activities | 3,093 | 2,629 | (2,042 | ) | 29,569 | |||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | - | - | - | ||||||||||||
Proceeds from sale of real estate investments | - | - | - | 159,000 | ||||||||||||
Net cash provided by (used in) investing activities | - | - | - | 159,000 | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | - | - | 68,411 | 43 | ||||||||||||
Shareholder Dividends | (2,332 | ) | (2,277 | ) | (62 | ) | (91,916 | ) | ||||||||
Repayment of promissory note - related party | - | (44,015 | ) | - | (95,491 | ) | ||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | - | - | (52,056 | ) | - | |||||||||||
Proceeds from mortgage | - | 44,015 | - | 52,703 | ||||||||||||
Repayment of mortgage | - | - | - | (52,703 | ) | |||||||||||
Net cash provided by (used in) financing activities | (2,332 | ) | (2,277 | ) | 16,293 | (187,364 | ) | |||||||||
Net increase (decrease) in cash | 761 | 352 | 14,251 | 1,204 | ||||||||||||
Cash and restricted cash at beginning of year | 4,034 | 3,148 | 2,855 | 38,376 | ||||||||||||
Cash and restricted cash at end of year | $ | 4,795 | $ | 3,500 | $ | 17,106 | $ | 39,580 | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 990 | $ | 990 | $ | 3,934 | $ | 791 | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | - | $ | - | $ | 169,225 | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | - | $ | - | $ | 116,522 | $ | - | ||||||||
Bridge note payable | $ | - | $ | - | $ | 52,703 | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-123
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 1741 Park Lane (2) | Landa Series 209 Timber Wolf Trail | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (4,581 | ) | $ | 57,964 | $ | (12,273 | ) | $ | 293 | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 1,525 | 1,264 | 1,442 | 1,719 | ||||||||||||
(Gain) loss on sale of real estate | - | (72,481 | ) | 8,208 | - | |||||||||||
Changes in assets and liabilities: | ||||||||||||||||
Escrow | (547 | ) | - | (235 | ) | (461 | ) | |||||||||
Accounts receivable | - | - | - | 775 | ||||||||||||
Due from related party | (1,017 | ) | 5,489 | 1,706 | 1,926 | |||||||||||
Due to related party | - | 8,512 | - | - | ||||||||||||
Other liabilities | 1,398 | 11,847 | (586 | ) | (1,084 | ) | ||||||||||
Security deposit | - | - | (500 | ) | - | |||||||||||
Net cash provided by (used in) operating activities | (3,222 | ) | 12,595 | (2,238 | ) | 3,168 | ||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | - | - | - | ||||||||||||
Proceeds from sale of real estate investments | - | 180,000 | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | 180,000 | - | - | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | 12,098 | - | - | - | ||||||||||||
Shareholder Dividends | - | (74,595 | ) | - | - | |||||||||||
Repayment of promissory note - related party | - | (64,359 | ) | - | - | |||||||||||
Repayment of note - related party | - | (52,215 | ) | - | (61,750 | ) | ||||||||||
Repayment of acquisition note - related party | (6,877 | ) | - | - | - | |||||||||||
Proceeds from mortgage | - | 64,359 | - | 61,750 | ||||||||||||
Repayment of mortgage | - | (64,359 | ) | - | - | |||||||||||
Net cash provided by (used in) financing activities | 5,221 | (191,169 | ) | - | - | |||||||||||
Net increase (decrease) in cash | 1,999 | 1,426 | (2,238 | ) | 3,168 | |||||||||||
Cash and restricted cash at beginning of year | 1,996 | 21,582 | 2,879 | 3,148 | ||||||||||||
Cash and restricted cash at end of year | $ | 3,995 | $ | 23,008 | $ | 641 | $ | 6,316 | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 4,368 | $ | 965 | $ | 249 | $ | 1,496 | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | 191,485 | $ | - | $ | - | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | 99,950 | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | (34,328 | ) | $ | - | |||||||
Acquisition notes payable for property acquisition, net | $ | 125,009 | $ | - | $ | - | $ | - | ||||||||
Bridge note payable | $ | 66,476 | $ | - | $ | - | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | (61,750 | ) | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-124
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 2505 Oak Circle | Landa Series 271 Timber Wolf Trail | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | 31,655 | $ | 2,740 | $ | (12,603 | ) | $ | 1,640 | |||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 1,330 | 1,525 | 1,093 | 1,891 | ||||||||||||
(Gain) loss on sale of real estate | (46,645 | ) | - | 8,845 | - | |||||||||||
Changes in assets and liabilities: | ||||||||||||||||
Escrow | (494 | ) | (595 | ) | 33 | (579 | ) | |||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | 25,472 | - | - | 1,101 | ||||||||||||
Due to related party | (14,453 | ) | 1,514 | 2,348 | - | |||||||||||
Other liabilities | 309 | (371 | ) | 282 | (602 | ) | ||||||||||
Security deposit | (1,250 | ) | - | - | - | |||||||||||
Net cash provided by (used in) operating activities | (4,076 | ) | 4,813 | (2 | ) | 3,451 | ||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | - | - | - | ||||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | - | - | - | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | - | - | - | - | ||||||||||||
Shareholder Dividends | - | - | - | - | ||||||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | (76,700 | ) | - | (62,400 | ) | ||||||||||
Repayment of acquisition note - related party | - | - | - | - | ||||||||||||
Proceeds from mortgage | - | 76,700 | - | 62,400 | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | - | - | - | - | ||||||||||||
Net increase (decrease) in cash | (4,076 | ) | 4,813 | (2 | ) | 3,451 | ||||||||||
Cash and restricted cash at beginning of year | 4,086 | 3,723 | 7 | 3,649 | ||||||||||||
Cash and restricted cash at end of year | $ | 10 | $ | 8,536 | $ | 5 | $ | 7,100 | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 280 | $ | 1,231 | $ | - | $ | 1,535 | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Net proceeds from property disposition, net | $ | 142,401 | $ | - | $ | 108,080 | $ | - | ||||||||
Repayment of promissory note - related party | $ | (11,210 | ) | $ | - | $ | (40,306 | ) | $ | - | ||||||
Acquisition notes payable for property acquisition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Bridge note payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | (76,700 | ) | $ | - | $ | (62,400 | ) | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-125
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 29 Holly Grove Road | Landa Series 1703 Summerwoods Lane | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (641 | ) | $ | (363 | ) | $ | (2,729 | ) | $ | 436 | |||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 1,536 | 1,537 | 1,826 | 1,708 | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | ||||||||||||||||
Escrow | (927 | ) | (726 | ) | (1,295 | ) | (1,186 | ) | ||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | - | 2,201 | 629 | (1,597 | ) | |||||||||||
Due to related party | (184 | ) | - | 868 | - | |||||||||||
Other liabilities | 1,497 | (768 | ) | 514 | 1,948 | |||||||||||
Security deposit | - | - | - | - | ||||||||||||
Net cash provided by (used in) operating activities | 1,281 | 1,881 | (187 | ) | 1,309 | |||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | - | - | (111,604 | ) | |||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | - | - | (111,604 | ) | |||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | - | - | - | 37,293 | ||||||||||||
Shareholder Dividends | - | - | (2,647 | ) | (1,461 | ) | ||||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | (84,500 | ) | - | - | |||||||||||
Repayment of acquisition note - related party | - | - | - | - | ||||||||||||
Proceeds from mortgage | - | 84,500 | - | 77,925 | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | - | - | (2,647 | ) | 113,757 | |||||||||||
Net increase (decrease) in cash | 1,281 | 1,880 | (2,834 | ) | 3,462 | |||||||||||
Cash and restricted cash at beginning of year | 799 | 3,001 | 3,836 | 0 | ||||||||||||
Cash and restricted cash at end of year | $ | 2,080 | $ | 4,881 | $ | 1,002 | $ | 3,462 | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 418 | $ | 1,254 | $ | 1,559 | $ | 1,559 | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Bridge note payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-126
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 1712 Summerwoods Lane | Landa Series 1743 Summerwoods Lane | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (2,829 | ) | $ | 280 | $ | 1,085 | $ | 660 | |||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 1,826 | 1,708 | 1,826 | 1,708 | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | ||||||||||||||||
Escrow | (1,299 | ) | (1,193 | ) | (1,292 | ) | (1,183 | ) | ||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | - | - | - | - | ||||||||||||
Due to related party | 1,513 | 46,392 | 306 | 776 | ||||||||||||
Other liabilities | 2,556 | 875 | 1,179 | 975 | ||||||||||||
Security deposit | 575 | - | - | - | ||||||||||||
Net cash provided by (used in) operating activities | 2,342 | 48,062 | 3,104 | 2,936 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | (111,604 | ) | - | (111,604 | ) | ||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | (111,604 | ) | - | (111,604 | ) | ||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | - | 46,207 | - | 35,846 | ||||||||||||
Shareholder Dividends | (1,047 | ) | (1,604 | ) | (3,623 | ) | (1,398 | ) | ||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | - | - | - | - | ||||||||||||
Proceeds from mortgage | - | 67,535 | - | 77,925 | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | (1,047 | ) | 112,138 | (3,623 | ) | 112,373 | ||||||||||
Net increase (decrease) in cash | 1,295 | 48,596 | (519 | ) | 3,705 | |||||||||||
Cash and restricted cash at beginning of year | 5,128 | - | 5,510 | 0 | ||||||||||||
Cash and restricted cash at end of year | $ | 6,423 | $ | 48,596 | $ | 4,991 | $ | 3,705 | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 1,081 | $ | 1,351 | $ | 1,870 | $ | 1,559 | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Bridge note payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-127
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 1750 Summerwoods Lane | Landa Series 4267 High Park Lane | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | 1,268 | $ | 25 | $ | (6,999 | ) | $ | (1,161 | ) | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 1,826 | 1,708 | 2,613 | 2,282 | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | ||||||||||||||||
Escrow | (1,326 | ) | (1,259 | ) | (573 | ) | (794 | ) | ||||||||
Accounts receivable | - | - | 4,830 | - | ||||||||||||
Due from related party | 210 | - | - | - | ||||||||||||
Due to related party | - | 164 | 11,371 | 47,108 | ||||||||||||
Other liabilities | 1,249 | 875 | 437 | 1,207 | ||||||||||||
Security deposit | - | - | (975 | ) | - | |||||||||||
Net cash provided by (used in) operating activities | 3,227 | 1,513 | 10,704 | 48,642 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | (111,604 | ) | (9,235 | ) | (149,075 | ) | |||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | (111,604 | ) | (9,235 | ) | (149,075 | ) | |||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | - | 35,840 | 19 | 47,597 | ||||||||||||
Shareholder Dividends | (3,574 | ) | (957 | ) | (1,507 | ) | (1,442 | ) | ||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | - | - | - | - | ||||||||||||
Proceeds from mortgage | - | 77,925 | - | 104,250 | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | (3,574 | ) | 112,808 | (1,488 | ) | 150,405 | ||||||||||
Net increase (decrease) in cash | (347 | ) | 2,717 | (19 | ) | 49,972 | ||||||||||
Cash and restricted cash at beginning of year | 3,560 | - | 1,085 | 0 | ||||||||||||
Cash and restricted cash at end of year | $ | 3,213 | $ | 2,717 | $ | 1,066 | $ | 49,972 | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 1,870 | $ | 1,559 | $ | 3,230 | $ | 2,097 | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Bridge note payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-128
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 4474 Highwood Park Drive | Landa Series 8569 Creekwood Way | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | 48 | $ | (1,714 | ) | $ | (4,072 | ) | $ | 647 | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 2,195 | 2,053 | 1,339 | 1,252 | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | ||||||||||||||||
Escrow | (1,107 | ) | (1,061 | ) | (633 | ) | (623 | ) | ||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | - | - | - | - | ||||||||||||
Due to related party | (152 | ) | 4,664 | 1,499 | 3,099 | |||||||||||
Other liabilities | 868 | 1,125 | 644 | 835 | ||||||||||||
Security deposit | - | - | (500 | ) | - | |||||||||||
Net cash provided by (used in) operating activities | 1,852 | 5,067 | (1,723 | ) | 5,210 | |||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | (134,130 | ) | - | (81,820 | ) | ||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | (134,130 | ) | - | (81,820 | ) | ||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | - | 43,401 | - | 34,032 | ||||||||||||
Shareholder Dividends | (1,300 | ) | (962 | ) | (2,663 | ) | (1,501 | ) | ||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | - | - | - | - | ||||||||||||
Proceeds from mortgage | - | 93,750 | - | 49,400 | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | (1,300 | ) | 136,189 | (2,663 | ) | 81,931 | ||||||||||
Net increase (decrease) in cash | 552 | 7,126 | (4,386 | ) | 5,321 | |||||||||||
Cash and restricted cash at beginning of year | 1,366 | - | 9,801 | 0 | ||||||||||||
Cash and restricted cash at end of year | $ | 1,918 | $ | 7,126 | $ | 5,415 | $ | 5,321 | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 2,783 | $ | 1,989 | $ | 1,186 | $ | 1,152 | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Bridge note payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-129
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 9439 Lakeview Road | Landa Series 10167 Port Royal Court | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (201 | ) | $ | (2,735 | ) | $ | 966 | $ | 1,048 | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 2,909 | 2,722 | 1,776 | 1,662 | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | ||||||||||||||||
Escrow | (684 | ) | (1,196 | ) | (1,297 | ) | (1,121 | ) | ||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | - | - | - | (872 | ) | |||||||||||
Due to related party | 278 | 57,719 | 602 | - | ||||||||||||
Other liabilities | (787 | ) | 1,307 | 1,068 | 1,050 | |||||||||||
Security deposit | - | - | - | - | ||||||||||||
Net cash provided by (used in) operating activities | 1,515 | 57,817 | 3,115 | 1,767 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | (177,792 | ) | - | (108,564 | ) | ||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | (177,792 | ) | - | (108,564 | ) | ||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | 23 | 54,576 | - | 28,100 | ||||||||||||
Shareholder Dividends | (3,310 | ) | (1,073 | ) | (2,682 | ) | (1,956 | ) | ||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | - | - | - | - | ||||||||||||
Proceeds from mortgage | - | 124,425 | - | 82,500 | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | (3,287 | ) | 177,928 | (2,682 | ) | 108,644 | ||||||||||
Net increase (decrease) in cash | (1,772 | ) | 57,953 | 433 | 1,847 | |||||||||||
Cash and restricted cash at beginning of year | 6,318 | - | 3,142 | - | ||||||||||||
Cash and restricted cash at end of year | $ | 4,546 | $ | 57,953 | $ | 3,575 | $ | 1,847 | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 2,489 | $ | 2,500 | $ | 1,980 | $ | 1,870 | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Bridge note payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-130
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 1246 Elgin Way | Landa Series 1910 Grove Way | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | 1,085 | $ | 1,317 | $ | (5,186 | ) | $ | (9,515 | ) | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 2,145 | 2,006 | 1,680 | 1,571 | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | ||||||||||||||||
Escrow | (1,600 | ) | (1,354 | ) | (1,302 | ) | (1,159 | ) | ||||||||
Accounts receivable | - | - | 1,523 | - | ||||||||||||
Due from related party | 305 | (751 | ) | - | - | |||||||||||
Due to related party | 184 | - | (1,343 | ) | 19,658 | |||||||||||
Other liabilities | 1,359 | 1,150 | 1,489 | 1,265 | ||||||||||||
Security deposit | - | - | (23 | ) | - | |||||||||||
Net cash provided by (used in) operating activities | 3,478 | 2,368 | (3,162 | ) | 11,820 | |||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | (131,074 | ) | - | (102,638 | ) | ||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | (131,074 | ) | - | (102,638 | ) | ||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | - | 38,184 | - | 22,062 | ||||||||||||
Shareholder Dividends | (2,507 | ) | (2,065 | ) | (3,992 | ) | (991 | ) | ||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | - | - | - | - | ||||||||||||
Proceeds from mortgage | - | 95,250 | - | 82,500 | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | (2,507 | ) | 131,369 | (3,992 | ) | 103,571 | ||||||||||
Net increase (decrease) in cash | 971 | 2,663 | (7,154 | ) | 12,753 | |||||||||||
Cash and restricted cash at beginning of year | 3,124 | - | 10,048 | - | ||||||||||||
Cash and restricted cash at end of year | $ | 4,095 | $ | 2,663 | $ | 2,894 | $ | 12,753 | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 2,286 | $ | 2,159 | $ | 3,144 | $ | 1,870 | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Bridge note payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-131
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 593 Country Lane Drive | Landa Series 6436 Stone Terrace | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | 961 | $ | 1,049 | $ | 1,548 | $ | 1,653 | ||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 1,539 | 1,440 | 972 | 904 | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | ||||||||||||||||
Escrow | (1,464 | ) | (1,262 | ) | (184 | ) | (756 | ) | ||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | 249 | (534 | ) | - | (1,063 | ) | ||||||||||
Due to related party | 215 | - | (609 | ) | - | |||||||||||
Other liabilities | 1,274 | 971 | 679 | 1,000 | ||||||||||||
Security deposit | - | - | - | - | ||||||||||||
Net cash provided by (used in) operating activities | 2,774 | 1,664 | 2,406 | 1,738 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | (94,079 | ) | - | (59,371 | ) | ||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | (94,079 | ) | - | (59,371 | ) | ||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | - | 24,592 | - | 15,481 | ||||||||||||
Shareholder Dividends | (2,796 | ) | (1,774 | ) | (2,215 | ) | (1,755 | ) | ||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | - | - | - | - | ||||||||||||
Proceeds from mortgage | - | 71,250 | - | 45,000 | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | (2,796 | ) | 94,068 | (2,215 | ) | 58,726 | ||||||||||
Net increase (decrease) in cash | (22 | ) | 1,653 | 191 | 1,093 | |||||||||||
Cash and restricted cash at beginning of year | 3,499 | - | 2,009 | - | ||||||||||||
Cash and restricted cash at end of year | $ | 3,477 | $ | 1,653 | $ | 2,200 | $ | 1,093 | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 1,710 | $ | 1,615 | $ | 1,080 | $ | 1,014 | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Bridge note payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-132
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 6440 Woodstone Terrace | Landa Series 6848 Sandy Creek Drive | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (636 | ) | $ | (3,737 | ) | $ | 245 | $ | 1,022 | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 1,040 | 967 | 1,387 | �� | 1,290 | |||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | ||||||||||||||||
Escrow | (668 | ) | (546 | ) | (578 | ) | (273 | ) | ||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | - | - | 109 | (195 | ) | |||||||||||
Due to related party | 76 | 4,913 | 467 | - | ||||||||||||
Other liabilities | 685 | 1,320 | 156 | 1,025 | ||||||||||||
Security deposit | 1,295 | - | 500 | - | ||||||||||||
Net cash provided by (used in) operating activities | 1,792 | 2,917 | 2,286 | 2,869 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | (63,557 | ) | - | (84,780 | ) | ||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | (63,557 | ) | - | (84,780 | ) | ||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | - | 18,243 | - | 21,867 | ||||||||||||
Shareholder Dividends | (898 | ) | (1,683 | ) | (2,866 | ) | (2,796 | ) | ||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | - | - | - | - | ||||||||||||
Proceeds from mortgage | - | 46,500 | - | 64,500 | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | (898 | ) | 63,060 | (2,866 | ) | 83,571 | ||||||||||
Net increase (decrease) in cash | 894 | 2,420 | (580 | ) | 1,660 | |||||||||||
Cash and restricted cash at beginning of year | 1,179 | - | 2,200 | - | ||||||||||||
Cash and restricted cash at end of year | $ | 2,073 | $ | 2,420 | $ | 1,620 | $ | 1,660 | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 1,042 | $ | 1,048 | $ | 1,548 | $ | 1,453 | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Bridge note payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-133
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 687 Utoy Court | Landa Series 729 Winter Lane | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (1,833 | ) | $ | (2,923 | ) | $ | (3,404 | ) | $ | (2,392 | ) | ||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 1,854 | 1,724 | 1,827 | 1,699 | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | ||||||||||||||||
Escrow | (941 | ) | (904 | ) | (1,228 | ) | (1,075 | ) | ||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | - | - | (1,552 | ) | - | |||||||||||
Due to related party | 260 | 3,533 | 398 | 578 | ||||||||||||
Other liabilities | 897 | 975 | 1,128 | 1,060 | ||||||||||||
Security deposit | - | - | 1,475 | - | ||||||||||||
Net cash provided by (used in) operating activities | 237 | 2,405 | (1,356 | ) | (130 | ) | ||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | (113,297 | ) | - | (111,627 | ) | ||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | (113,297 | ) | - | (111,627 | ) | ||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | - | 32,865 | - | 31,220 | ||||||||||||
Shareholder Dividends | (2,884 | ) | (1,802 | ) | (3,624 | ) | (1,646 | ) | ||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | - | - | - | - | ||||||||||||
Proceeds from mortgage | - | 82,500 | - | 82,500 | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | (2,884 | ) | 113,563 | (3,624 | ) | 112,074 | ||||||||||
Net increase (decrease) in cash | (2,647 | ) | 2,671 | (4,980 | ) | 317 | ||||||||||
Cash and restricted cash at beginning of year | 4,213 | - | 10,047 | - | ||||||||||||
Cash and restricted cash at end of year | $ | 1,566 | $ | 2,671 | $ | 5,067 | $ | 317 | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 1,980 | $ | 1,859 | $ | 3,531 | $ | 1,859 | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Bridge note payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-134
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 7349 Exeter Court | Landa Series 8645 Embrey Drive | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | 1,378 | $ | 1,496 | $ | 1,336 | $ | 1,056 | ||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 1,777 | 1,653 | 1,910 | 1,776 | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | ||||||||||||||||
Escrow | (1,305 | ) | (1,171 | ) | (1,270 | ) | (1,073 | ) | ||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | 236 | (819 | ) | 34 | (930 | ) | ||||||||||
Due to related party | 593 | - | 289 | - | ||||||||||||
Other liabilities | 993 | 1,060 | 2,522 | 1,103 | ||||||||||||
Security deposit | - | - | - | - | ||||||||||||
Net cash provided by (used in) operating activities | 3,672 | 2,219 | 4,821 | 1,932 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | (108,601 | ) | - | (116,705 | ) | ||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | (108,601 | ) | - | (116,705 | ) | ||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | - | 39,133 | - | 34,212 | ||||||||||||
Shareholder Dividends | (3,368 | ) | (2,290 | ) | (3,707 | ) | (2,244 | ) | ||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | - | - | - | - | ||||||||||||
Proceeds from mortgage | - | 71,500 | - | 84,750 | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | (3,368 | ) | 108,343 | (3,707 | ) | 116,718 | ||||||||||
Net increase (decrease) in cash | 304 | 1,961 | 1,114 | 1,945 | ||||||||||||
Cash and restricted cash at beginning of year | 3,756 | - | 2,057 | - | ||||||||||||
Cash and restricted cash at end of year | $ | 4,060 | $ | 1,961 | $ | 3,171 | $ | 1,945 | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 1,716 | $ | 1,611 | $ | 2,034 | $ | 1,910 | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Bridge note payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-135
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 8780 Churchill Place | Landa Series 8796 Parliament Place | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (6,717 | ) | $ | 1,077 | $ | 2,355 | $ | 1,178 | |||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 2,129 | 1,980 | 1,764 | 1,641 | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | ||||||||||||||||
Escrow | (1,352 | ) | (1,197 | ) | (1,223 | ) | (1,099 | ) | ||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | - | - | - | - | ||||||||||||
Due to related party | 4,888 | 42 | 755 | 30,198 | ||||||||||||
Other liabilities | 1,058 | 1,260 | 940 | 1,050 | ||||||||||||
Security deposit | 123 | - | - | - | ||||||||||||
Net cash provided by (used in) operating activities | 129 | 3,162 | 4,591 | 32,968 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | (130,114 | ) | - | (107,817 | ) | ||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | (130,114 | ) | - | (107,817 | ) | ||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | - | 38,058 | - | 31,083 | ||||||||||||
Shareholder Dividends | (1,369 | ) | (2,033 | ) | (4,054 | ) | (2,079 | ) | ||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | - | - | - | - | ||||||||||||
Proceeds from mortgage | - | 94,500 | - | 78,750 | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | (1,369 | ) | 130,525 | (4,054 | ) | 107,754 | ||||||||||
Net increase (decrease) in cash | (1,240 | ) | 3,573 | 537 | 32,905 | |||||||||||
Cash and restricted cash at beginning of year | 2,674 | - | 5,616 | - | ||||||||||||
Cash and restricted cash at end of year | $ | 1,434 | $ | 3,573 | $ | 6,153 | $ | 32,905 | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 1,582 | $ | 2,117 | $ | 1,890 | $ | 1,775 | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Bridge note payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-136
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 8641 Ashley Way | Landa Series 8651 Ashley Way | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | 67 | $ | 56 | $ | (358 | ) | $ | 1,155 | |||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 2,287 | 2,127 | 1,912 | 1,779 | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | ||||||||||||||||
Escrow | (934 | ) | (1,006 | ) | (1,091 | ) | (854 | ) | ||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | - | - | - | (782 | ) | |||||||||||
Due to related party | 63 | 49,033 | (186 | ) | - | |||||||||||
Other liabilities | 905 | 975 | 754 | 800 | ||||||||||||
Security deposit | - | - | - | - | ||||||||||||
Net cash provided by (used in) operating activities | 2,388 | 51,185 | 1,031 | 2,098 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | (139,774 | ) | - | (116,872 | ) | ||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | (139,774 | ) | - | (116,872 | ) | ||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | 5 | 35,779 | - | 41,951 | ||||||||||||
Shareholder Dividends | (2,917 | ) | (1,447 | ) | (2,662 | ) | (2,231 | ) | ||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | - | - | - | - | ||||||||||||
Proceeds from mortgage | - | 96,357 | - | 80,424 | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | (2,912 | ) | 130,689 | (2,662 | ) | 120,144 | ||||||||||
Net increase (decrease) in cash | (524 | ) | 42,100 | (1,631 | ) | 5,370 | ||||||||||
Cash and restricted cash at beginning of year | 7,203 | - | 6,123 | - | ||||||||||||
Cash and restricted cash at end of year | $ | 6,679 | $ | 42,100 | $ | 4,492 | $ | 5,370 | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 2,313 | $ | 2,171 | $ | 2,560 | $ | 1,812 | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Bridge note payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-137
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 8652 Ashley Way | Landa Series 8653 Ashley Way | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | 760 | $ | (508 | ) | $ | 1,263 | $ | 864 | |||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 2,127 | 1,978 | 1,895 | 1,762 | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | ||||||||||||||||
Escrow | (844 | ) | (907 | ) | (619 | ) | (847 | ) | ||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | - | - | (19 | ) | (5,209 | ) | ||||||||||
Due to related party | (28 | ) | 59,438 | - | - | |||||||||||
Other liabilities | 820 | 925 | 1,872 | 925 | ||||||||||||
Security deposit | - | - | - | - | ||||||||||||
Net cash provided by (used in) operating activities | 2,835 | 60,926 | 4,392 | (2,505 | ) | |||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | (129,960 | ) | - | (115,782 | ) | ||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | (129,960 | ) | - | (115,782 | ) | ||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | 178 | 24,893 | - | 57,383 | ||||||||||||
Shareholder Dividends | (3,368 | ) | (1,699 | ) | (3,732 | ) | (1,895 | ) | ||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | - | - | - | - | ||||||||||||
Proceeds from mortgage | - | 76,700 | - | 68,250 | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | (3,190 | ) | 99,894 | (3,732 | ) | 123,738 | ||||||||||
Net increase (decrease) in cash | (355 | ) | 30,860 | 660 | 5,451 | |||||||||||
Cash and restricted cash at beginning of year | 5,846 | - | 5,415 | - | ||||||||||||
Cash and restricted cash at end of year | $ | 5,491 | $ | 30,860 | $ | 6,075 | $ | 5,451 | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 1,841 | $ | 1,728 | $ | 1,638 | $ | 1,538 | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Bridge note payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-138
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 8654 Ashley Way | Landa Series 8655 Ashley Way | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | 488 | $ | 714 | $ | 966 | $ | 782 | ||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 2,127 | 1,978 | 1,984 | 1,835 | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | ||||||||||||||||
Escrow | (847 | ) | (913 | ) | (768 | ) | (859 | ) | ||||||||
Accounts receivable | - | - | (800 | ) | - | |||||||||||
Due from related party | - | (999 | ) | - | - | |||||||||||
Due to related party | 155 | - | (419 | ) | 60,212 | |||||||||||
Other liabilities | 824 | 1,050 | 753 | 950 | ||||||||||||
Security deposit | - | - | - | - | ||||||||||||
Net cash provided by (used in) operating activities | 2,747 | 1,830 | 1,716 | 62,920 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | (129,959 | ) | - | (121,234 | ) | ||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | (129,959 | ) | - | (121,234 | ) | ||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | - | 46,500 | 6 | 33,527 | ||||||||||||
Shareholder Dividends | (3,192 | ) | (1,975 | ) | (2,946 | ) | (1,934 | ) | ||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | - | - | - | - | ||||||||||||
Proceeds from mortgage | - | 89,529 | - | 71,500 | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | (3,192 | ) | 134,054 | (2,940 | ) | 103,093 | ||||||||||
Net increase (decrease) in cash | (445 | ) | 5,925 | (1,224 | ) | 44,779 | ||||||||||
Cash and restricted cash at beginning of year | 6,387 | - | 10,649 | - | ||||||||||||
Cash and restricted cash at end of year | $ | 5,942 | $ | 5,925 | $ | 9,425 | $ | 44,779 | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 2,149 | $ | 2,017 | $ | 2,346 | $ | 1,602 | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Bridge note payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-139
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 8659 Ashley Way | Landa Series 8662 Ashley Way | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | 2,160 | $ | (742 | ) | $ | (285 | ) | $ | 396 | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 2,269 | 2,099 | 2,198 | 2,033 | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | ||||||||||||||||
Escrow | (793 | ) | (890 | ) | (846 | ) | (914 | ) | ||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | - | - | - | - | ||||||||||||
Due to related party | 188 | 65,240 | 154 | 55,101 | ||||||||||||
Other liabilities | 786 | 900 | 597 | 975 | ||||||||||||
Security deposit | (875 | ) | - | - | - | |||||||||||
Net cash provided by (used in) operating activities | 3,735 | 66,607 | 1,818 | 57,591 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | (138,683 | ) | - | (134,321 | ) | ||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | (138,683 | ) | - | (134,321 | ) | ||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | - | 18,905 | - | 35,061 | ||||||||||||
Shareholder Dividends | (3,993 | ) | (1,631 | ) | (2,568 | ) | (1,803 | ) | ||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | - | - | - | - | ||||||||||||
Proceeds from mortgage | - | 81,900 | - | 84,500 | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | (3,993 | ) | 99,174 | (2,568 | ) | 117,758 | ||||||||||
Net increase (decrease) in cash | (258 | ) | 27,098 | (750 | ) | 41,028 | ||||||||||
Cash and restricted cash at beginning of year | 10,461 | - | 7,957 | - | ||||||||||||
Cash and restricted cash at end of year | $ | 10,203 | $ | 27,098 | $ | 7,207 | $ | 41,028 | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 1,966 | $ | 1,835 | $ | 2,028 | $ | 1,893 | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Bridge note payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-140
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 8668 Ashley Way | Landa Series 8670 Ashley Way | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | 18 | $ | 141 | $ | (256 | ) | $ | 57 | |||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 2,359 | 2,181 | 2,484 | 2,297 | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | ||||||||||||||||
Escrow | (1,013 | ) | (1,072 | ) | (967 | ) | (1,003 | ) | ||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | 142 | - | 199 | - | ||||||||||||
Due to related party | - | 59,307 | - | 63,859 | ||||||||||||
Other liabilities | 1,001 | 1,025 | 1,979 | 1,000 | ||||||||||||
Security deposit | - | - | - | - | ||||||||||||
Net cash provided by (used in) operating activities | 2,507 | 61,582 | 3,439 | 66,210 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | (144,137 | ) | - | (151,771 | ) | ||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | (144,137 | ) | - | (151,771 | ) | ||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | - | 7,300 | - | 9,505 | ||||||||||||
Shareholder Dividends | (3,056 | ) | (1,607 | ) | (2,080 | ) | (1,666 | ) | ||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | - | - | - | - | ||||||||||||
Proceeds from mortgage | - | 99,392 | - | 94,250 | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | (3,056 | ) | 105,085 | (2,080 | ) | 102,089 | ||||||||||
Net increase (decrease) in cash | (549 | ) | 22,530 | 1,359 | 16,528 | |||||||||||
Cash and restricted cash at beginning of year | 13,577 | - | 2,714 | - | ||||||||||||
Cash and restricted cash at end of year | $ | 13,028 | $ | 22,530 | $ | 4,073 | $ | 16,528 | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 2,385 | $ | 2,226 | $ | 2,262 | $ | 2,111 | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Bridge note payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-141
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 8674 Ashley Way | Landa Series 8675 Ashley Way | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (3,326 | ) | $ | 987 | $ | 654 | $ | (1,069 | ) | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 2,109 | 1,950 | 2,073 | 1,917 | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | ||||||||||||||||
Escrow | (878 | ) | (927 | ) | (774 | ) | (856 | ) | ||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | - | (722 | ) | - | - | |||||||||||
Due to related party | 1,420 | - | 342 | 44,496 | ||||||||||||
Other liabilities | 819 | 1,110 | 1,862 | 950 | ||||||||||||
Security deposit | 325 | - | - | - | ||||||||||||
Net cash provided by (used in) operating activities | 469 | 2,398 | 4,157 | 45,438 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | (128,869 | ) | - | (126,687 | ) | ||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | (128,869 | ) | - | (126,687 | ) | ||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | - | 47,178 | 5 | 44,557 | ||||||||||||
Shareholder Dividends | (2,317 | ) | (2,265 | ) | (2,733 | ) | (1,654 | ) | ||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | - | - | - | - | ||||||||||||
Proceeds from mortgage | - | 87,750 | - | 87,253 | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | (2,317 | ) | 132,663 | (2,728 | ) | 130,156 | ||||||||||
Net increase (decrease) in cash | (1,848 | ) | 6,192 | 1,429 | 48,907 | |||||||||||
Cash and restricted cash at beginning of year | 4,325 | - | 3,673 | - | ||||||||||||
Cash and restricted cash at end of year | $ | 2,477 | $ | 6,192 | $ | 5,102 | $ | 48,907 | ||||||||
- | ||||||||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 1,404 | $ | 1,966 | $ | 2,094 | $ | 1,954 | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Bridge note payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-142
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 8677 Ashley Way | Landa Series 8678 Ashley Way | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | 992 | $ | 1,234 | $ | (368 | ) | $ | (757 | ) | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 1,948 | 1,802 | 2,626 | 2,429 | ||||||||||||
Amortization of debt discount | - | - | - | - | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | - | - | - | |||||||||||||
Escrow | (733 | ) | (823 | ) | (1,023 | ) | (1,090 | ) | ||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | - | - | - | - | ||||||||||||
Due to related party | 113 | 41,447 | 259 | 64,713 | ||||||||||||
Other liabilities | 722 | 1,050 | 989 | 925 | ||||||||||||
Security deposit | - | - | - | - | ||||||||||||
Net cash provided by (used in) operating activities | 3,042 | 44,710 | 2,483 | 66,220 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | (119,053 | ) | - | (160,496 | ) | ||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | (119,053 | ) | - | (160,496 | ) | ||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | - | 42,664 | - | 10,119 | ||||||||||||
Shareholder Dividends | (3,447 | ) | (2,231 | ) | (2,666 | ) | (1,094 | ) | ||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | - | - | - | - | ||||||||||||
Proceeds from mortgage | - | 81,942 | - | 104,000 | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | (3,447 | ) | 122,375 | (2,666 | ) | 113,025 | ||||||||||
Net increase (decrease) in cash | (405 | ) | 48,032 | (183 | ) | 18,749 | ||||||||||
Cash and restricted cash at beginning of year | 7,839 | - | 4,661 | - | ||||||||||||
Cash and restricted cash at end of year | $ | 7,434 | $ | 48,032 | $ | 4,478 | $ | 18,749 | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 1,967 | $ | 1,836 | $ | 2,496 | $ | 2,330 | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Bridge note payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-143
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 8679 Ashley Way | Landa Series 8683 Ashley Way | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (16 | ) | $ | 528 | $ | (504 | ) | $ | 887 | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 2,109 | 1,950 | 1,930 | 1,785 | ||||||||||||
Amortization of debt discount | - | - | - | - | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | - | - | - | |||||||||||||
Escrow | (989 | ) | (1,008 | ) | (799 | ) | (879 | ) | ||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | 303 | (5 | ) | - | - | |||||||||||
Due to related party | - | - | 150 | 278 | ||||||||||||
Other liabilities | 2,336 | 1,000 | 779 | 975 | ||||||||||||
Security deposit | 475 | - | - | - | ||||||||||||
Net cash provided by (used in) operating activities | 4,218 | 2,465 | 1,556 | 3,046 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | (128,869 | ) | - | (117,962 | ) | ||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | (128,869 | ) | - | (117,962 | ) | ||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | - | 46,153 | - | 47,607 | ||||||||||||
Shareholder Dividends | (3,848 | ) | (1,700 | ) | (3,034 | ) | (1,882 | ) | ||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | - | - | - | - | ||||||||||||
Proceeds from mortgage | - | 88,770 | - | 81,183 | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | (3,848 | ) | 133,223 | (3,034 | ) | 126,908 | ||||||||||
Net increase (decrease) in cash | 370 | 6,819 | (1,478 | ) | 11,992 | |||||||||||
Cash and restricted cash at beginning of year | 4,642 | - | 8,066 | - | ||||||||||||
Cash and restricted cash at end of year | $ | 5,012 | $ | 6,819 | $ | 6,588 | $ | 11,992 | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 2,130 | $ | 1,988 | $ | 1,948 | $ | 1,818 | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Bridge note payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-144
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 1007 Leeward Way (6) | Landa Series 10121 Morris Drive SW (3) | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (57 | ) | $ | - | $ | (2,716 | ) | $ | - | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 22 | - | 1,243 | - | ||||||||||||
Amortization of debt discount | - | - | - | - | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | - | - | - | - | ||||||||||||
Escrow | - | - | - | - | ||||||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | 636 | - | 2,723 | - | ||||||||||||
Due to related party | - | - | - | - | ||||||||||||
Other liabilities | 1,840 | - | - | - | ||||||||||||
Security deposit | 950 | - | 1,600 | - | ||||||||||||
Net cash provided by (used in) operating activities | 3,391 | - | 2,850 | 0 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | - | - | - | ||||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | - | - | - | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | - | - | 4,585 | - | ||||||||||||
Shareholder Dividends | (280 | ) | - | (659 | ) | - | ||||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | - | - | (3,139 | ) | - | |||||||||||
Proceeds from mortgage | - | - | - | - | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | (280 | ) | - | 787 | - | |||||||||||
Net increase (decrease) in cash | 3,111 | - | 3,637 | - | ||||||||||||
Cash and restricted cash at beginning of year | - | - | 0 | - | ||||||||||||
Cash and restricted cash at end of year | $ | 3,111 | $ | - | $ | 3,637 | $ | - | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 2,120 | $ | - | $ | 2,888 | $ | - | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | 236,696 | $ | - | $ | 215,396 | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | 94,696 | $ | - | $ | 55,171 | $ | - | ||||||||
Bridge note payable | $ | 142,000 | $ | - | $ | 160,225 | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-145
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 10183 Starr Street SW (3) | Landa Series 103 Starlake Drive (3) | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (3,881 | ) | $ | - | $ | (3,302 | ) | $ | - | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 1,188 | - | 1,175 | - | ||||||||||||
Amortization of debt discount | - | - | - | - | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | - | - | - | - | ||||||||||||
Escrow | - | - | - | - | ||||||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | 2,881 | - | 3,225 | - | ||||||||||||
Due to related party | - | - | - | - | ||||||||||||
Other liabilities | - | - | - | - | ||||||||||||
Security deposit | 850 | - | 990 | - | ||||||||||||
Net cash provided by (used in) operating activities | 1,038 | - | 2,088 | 0 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | - | - | - | ||||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | - | - | - | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | 1,417 | - | 1,125 | - | ||||||||||||
Shareholder Dividends | (186 | ) | - | (94 | ) | - | ||||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | (934 | ) | - | (622 | ) | - | ||||||||||
Proceeds from mortgage | - | - | - | - | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | 297 | - | 409 | - | ||||||||||||
Net increase (decrease) in cash | 1,335 | - | 2,497 | - | ||||||||||||
Cash and restricted cash at beginning of year | - | - | 0 | - | ||||||||||||
Cash and restricted cash at end of year | $ | 1,335 | $ | - | $ | 2,497 | $ | - | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 2,789 | $ | - | $ | 1,783 | $ | - | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | 205,727 | $ | - | $ | 203,680 | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | 33,177 | $ | - | $ | 58,680 | $ | - | ||||||||
Bridge note payable | $ | 172,550 | $ | - | $ | 145,000 | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-146
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 10433 Candlelight Road (3) | Landa Series 107 Oakwood Circle (5) | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (10,009 | ) | $ | - | $ | (229 | ) | $ | - | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 1,399 | - | 278 | - | ||||||||||||
Amortization of debt discount | - | - | - | - | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | - | - | - | - | ||||||||||||
Escrow | - | - | - | - | ||||||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | 8,459 | - | 2,565 | - | ||||||||||||
Due to related party | - | - | - | - | ||||||||||||
Other liabilities | - | - | - | - | ||||||||||||
Security deposit | 995 | - | 825 | - | ||||||||||||
Net cash provided by (used in) operating activities | 844 | - | 3,439 | - | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | - | - | - | ||||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | - | - | - | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | 893 | - | 9,853 | - | ||||||||||||
Shareholder Dividends | - | - | (627 | ) | - | |||||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | (710 | ) | - | (9,853 | ) | - | ||||||||||
Proceeds from mortgage | - | - | - | - | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | 183 | - | (627 | ) | - | |||||||||||
Net increase (decrease) in cash | 1,027 | - | 2,812 | - | ||||||||||||
Cash and restricted cash at beginning of year | - | - | 0 | - | ||||||||||||
Cash and restricted cash at end of year | $ | 1,027 | $ | - | $ | 2,812 | $ | - | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | - | $ | - | $ | 1,945 | $ | - | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | 242,409 | $ | - | $ | 137,414 | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | 72,034 | $ | - | $ | 18,145 | $ | - | ||||||||
Bridge note payable | $ | 170,375 | $ | - | $ | - | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | 119,269 | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-147
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 110 Shenandoah Drive (3) | Landa Series 111 Fir Drive (3) | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (4,831 | ) | $ | - | $ | (3,054 | ) | $ | - | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 1,428 | - | 1,202 | - | ||||||||||||
Amortization of debt discount | - | - | - | - | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | - | - | - | - | ||||||||||||
Escrow | - | - | - | - | ||||||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | 3,146 | - | 2,343 | - | ||||||||||||
Due to related party | - | - | - | - | ||||||||||||
Other liabilities | - | - | - | - | ||||||||||||
Security deposit | 850 | - | 1,250 | - | ||||||||||||
Net cash provided by (used in) operating activities | 593 | - | 1,741 | - | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | - | - | - | ||||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | - | - | - | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | 1,343 | - | 5,629 | - | ||||||||||||
Shareholder Dividends | - | - | (285 | ) | - | |||||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | (174 | ) | - | (4,870 | ) | - | ||||||||||
Proceeds from mortgage | - | - | - | - | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | 1,169 | - | 474 | - | ||||||||||||
Net increase (decrease) in cash | 1,762 | - | 2,215 | - | ||||||||||||
Cash and restricted cash at beginning of year | - | - | 0 | - | ||||||||||||
Cash and restricted cash at end of year | $ | 1,762 | $ | - | $ | 2,215 | $ | - | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 2,064 | $ | - | $ | 2,497 | $ | - | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | 247,355 | $ | - | $ | 205,245 | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | 55,230 | $ | - | $ | 60,245 | $ | - | ||||||||
Bridge note payable | $ | 192,125 | $ | - | $ | 145,000 | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-148
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 112 Ridge Street (3) | Landa Series 11322 Michelle Way (3) | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (5,195 | ) | $ | - | $ | (2,965 | ) | $ | - | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 1,421 | - | 1,090 | - | ||||||||||||
Amortization of debt discount | - | - | - | - | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | - | - | - | - | ||||||||||||
Escrow | - | - | - | - | ||||||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | 3,395 | - | 2,236 | - | ||||||||||||
Due to related party | - | - | - | - | ||||||||||||
Other liabilities | - | - | - | - | ||||||||||||
Security deposit | - | - | 900 | - | ||||||||||||
Net cash provided by (used in) operating activities | (379 | ) | - | 1,261 | - | |||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | - | - | - | ||||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | - | - | - | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | 3,363 | - | 1,215 | - | ||||||||||||
Shareholder Dividends | (492 | ) | - | (140 | ) | - | ||||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | (1,325 | ) | - | (673 | ) | - | ||||||||||
Proceeds from mortgage | - | - | - | - | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | 1,546 | - | 402 | - | ||||||||||||
Net increase (decrease) in cash | 1,167 | - | 1,663 | - | ||||||||||||
Cash and restricted cash at beginning of year | - | - | 0 | - | ||||||||||||
Cash and restricted cash at end of year | $ | 1,167 | $ | - | $ | 1,663 | $ | - | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 2,194 | $ | - | $ | 2,611 | $ | - | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | 246,287 | $ | - | $ | 188,648 | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | 67,937 | $ | - | $ | 50,898 | $ | - | ||||||||
Bridge note payable | $ | 178,350 | $ | - | $ | 137,750 | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-149
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 1147 Village Way (3) | Landa Series 1160 Gable Terrace (3) | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (4,017 | ) | $ | - | $ | (3,986 | ) | $ | - | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 1,539 | - | 1,372 | - | ||||||||||||
Amortization of debt discount | - | - | - | - | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | - | - | - | - | ||||||||||||
Escrow | - | - | - | - | ||||||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | 3,104 | - | 3,359 | - | ||||||||||||
Due to related party | - | - | - | - | ||||||||||||
Other liabilities | - | - | 1,793 | - | ||||||||||||
Security deposit | 1,525 | - | 2,200 | - | ||||||||||||
Net cash provided by (used in) operating activities | 2,151 | - | 4,738 | - | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | - | - | - | ||||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | - | - | - | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | 1,445 | - | 4,108 | - | ||||||||||||
Shareholder Dividends | - | - | (440 | ) | - | |||||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | (1,012 | ) | - | (2,374 | ) | - | ||||||||||
Proceeds from mortgage | - | - | - | - | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | 433 | - | 1,294 | - | ||||||||||||
Net increase (decrease) in cash | 2,584 | - | 6,032 | - | ||||||||||||
Cash and restricted cash at beginning of year | - | - | 0 | - | ||||||||||||
Cash and restricted cash at end of year | $ | 2,584 | $ | - | $ | 6,032 | $ | - | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 2,005 | $ | - | $ | 3,127 | $ | - | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | 263,938 | $ | - | $ | 237,758 | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | 115,313 | $ | - | $ | 34,758 | $ | - | ||||||||
Bridge note payable | $ | 148,625 | $ | - | $ | 203,000 | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-150
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 1201 Kilrush Drive (3) | Landa Series 124 Libby Lane (3) | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (14,424 | ) | $ | - | $ | (5,903 | ) | $ | - | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 2,701 | - | 1,274 | - | ||||||||||||
Amortization of debt discount | - | - | - | - | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | - | - | - | - | ||||||||||||
Escrow | - | - | - | - | ||||||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | 11,821 | - | 3,501 | - | ||||||||||||
Due to related party | - | - | - | - | ||||||||||||
Other liabilities | - | - | - | - | ||||||||||||
Security deposit | 2,100 | - | 1,550 | - | ||||||||||||
Net cash provided by (used in) operating activities | 2,198 | - | 422 | - | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | - | - | - | ||||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | - | - | - | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | 3,044 | - | 2,886 | - | ||||||||||||
Shareholder Dividends | (89 | ) | - | - | - | |||||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | (686 | ) | - | (1,549 | ) | - | ||||||||||
Proceeds from mortgage | - | - | - | - | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | 2,269 | - | 1,337 | - | ||||||||||||
Net increase (decrease) in cash | 4,467 | - | 1,759 | - | ||||||||||||
Cash and restricted cash at beginning of year | - | - | 0 | - | ||||||||||||
Cash and restricted cash at end of year | $ | 4,467 | $ | - | $ | 1,759 | $ | - | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 3,564 | $ | - | $ | 1,703 | $ | - | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | 468,310 | $ | - | $ | 216,728 | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | 145,685 | $ | - | $ | 55,778 | $ | - | ||||||||
Bridge note payable | $ | 322,625 | $ | - | $ | 160,950 | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-151
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 1320 Winona Avenue (3) | Landa Series 137 Southern Shores Road (3) | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (4,512 | ) | $ | - | $ | (3,249 | ) | $ | - | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 919 | - | 1,029 | - | ||||||||||||
Amortization of debt discount | - | - | - | - | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | - | - | - | - | ||||||||||||
Escrow | - | - | - | - | ||||||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | 3,419 | - | 1,440 | - | ||||||||||||
Due to related party | - | - | - | - | ||||||||||||
Other liabilities | - | - | 1,244 | - | ||||||||||||
Security deposit | - | - | 500 | - | ||||||||||||
Net cash provided by (used in) operating activities | (174 | ) | - | 964 | - | |||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | - | - | - | ||||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | - | - | - | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | 2,217 | - | 2,096 | - | ||||||||||||
Shareholder Dividends | (154 | ) | - | (191 | ) | - | ||||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | (1,749 | ) | - | (645 | ) | - | ||||||||||
Proceeds from mortgage | - | - | - | - | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | 314 | - | 1,260 | - | ||||||||||||
Net increase (decrease) in cash | 140 | - | 2,224 | - | ||||||||||||
Cash and restricted cash at beginning of year | - | - | 0 | - | ||||||||||||
Cash and restricted cash at end of year | $ | 140 | $ | - | $ | 2,224 | $ | - | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | - | $ | - | $ | 2,492 | $ | - | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | 159,020 | $ | - | $ | 178,132 | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | 52,982 | $ | - | $ | 18,632 | $ | - | ||||||||
Bridge note payable | $ | 106,038 | $ | - | $ | 159,500 | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-152
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 138 Sandalwood Circle (3) | Landa Series 140 High Ridge Road (3) | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (2,885 | ) | $ | - | $ | (3,475 | ) | $ | - | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 1,430 | - | 1,286 | - | ||||||||||||
Amortization of debt discount | - | - | - | - | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | - | - | - | - | ||||||||||||
Escrow | - | - | - | - | ||||||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | 2,934 | - | 2,742 | - | ||||||||||||
Due to related party | - | - | - | - | ||||||||||||
Other liabilities | - | - | - | - | ||||||||||||
Security deposit | 1,750 | - | 1,450 | - | ||||||||||||
Net cash provided by (used in) operating activities | 3,229 | - | 2,003 | - | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | - | - | - | ||||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | - | - | - | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | 10,531 | - | 4,116 | - | ||||||||||||
Shareholder Dividends | (798 | ) | - | (314 | ) | - | ||||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | (5,866 | ) | - | (984 | ) | - | ||||||||||
Proceeds from mortgage | - | - | - | - | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | 3,867 | - | 2,818 | - | ||||||||||||
Net increase (decrease) in cash | 7,096 | - | 4,821 | - | ||||||||||||
Cash and restricted cash at beginning of year | - | - | 0 | - | ||||||||||||
Cash and restricted cash at end of year | $ | 7,096 | $ | - | $ | 4,821 | $ | - | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 2,609 | $ | - | $ | 2,962 | $ | - | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | 245,940 | $ | - | $ | 222,805 | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | 82,815 | $ | - | $ | 48,805 | $ | - | ||||||||
Bridge note payable | $ | 163,125 | $ | - | $ | 174,000 | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-153
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 146 Crystal Brook (3) | Landa Series 153 Cliffside Court (3) | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (2,582 | ) | $ | - | $ | (1,812 | ) | $ | - | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 870 | - | 720 | - | ||||||||||||
Amortization of debt discount | - | - | - | - | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | - | - | - | - | ||||||||||||
Escrow | - | - | - | - | ||||||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | 2,493 | - | 1,555 | - | ||||||||||||
Due to related party | - | - | - | - | ||||||||||||
Other liabilities | - | - | - | - | ||||||||||||
Security deposit | 975 | - | 820 | - | ||||||||||||
Net cash provided by (used in) operating activities | 1,756 | - | 1,283 | - | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | - | - | - | ||||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | - | - | - | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | 9,558 | - | 26,760 | - | ||||||||||||
Shareholder Dividends | (580 | ) | - | (211 | ) | - | ||||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | (5,178 | ) | - | (26,760 | ) | - | ||||||||||
Proceeds from mortgage | - | - | - | - | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | 3,800 | - | (211 | ) | - | |||||||||||
Net increase (decrease) in cash | 5,556 | - | 1,072 | - | ||||||||||||
Cash and restricted cash at beginning of year | - | - | 0 | - | ||||||||||||
Cash and restricted cash at end of year | $ | 5,556 | $ | - | $ | 1,072 | $ | - | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 2,190 | $ | - | $ | 1,851 | $ | - | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | 150,584 | $ | - | $ | 124,609 | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | 9,209 | $ | - | $ | 30,359 | $ | - | ||||||||
Bridge note payable | $ | 141,375 | $ | - | $ | 94,250 | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-154
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 1666 West Poplar Street (3) | Landa Series 168 Brookview Drive (1) | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (4,170 | ) | $ | - | $ | (2,631 | ) | $ | - | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 979 | - | 1,074 | - | ||||||||||||
Amortization of debt discount | - | - | - | - | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | - | - | - | - | ||||||||||||
Escrow | - | - | - | - | ||||||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | 2,048 | - | 428 | - | ||||||||||||
Due to related party | - | - | - | - | ||||||||||||
Other liabilities | - | - | - | - | ||||||||||||
Security deposit | 950 | - | - | - | ||||||||||||
Net cash provided by (used in) operating activities | (193 | ) | - | (1,129 | ) | - | ||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | - | - | - | ||||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | - | - | - | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | 6,656 | - | 52,898 | - | ||||||||||||
Shareholder Dividends | (230 | ) | - | (549 | ) | - | ||||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | (2,269 | ) | - | (50,484 | ) | - | ||||||||||
Proceeds from mortgage | - | - | - | - | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | 4,157 | - | 1,865 | - | ||||||||||||
Net increase (decrease) in cash | 3,964 | - | 736 | - | ||||||||||||
Cash and restricted cash at beginning of year | - | - | 0 | - | ||||||||||||
Cash and restricted cash at end of year | $ | 3,964 | $ | - | $ | 736 | $ | - | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 2,391 | $ | - | $ | 529 | $ | - | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | 169,434 | $ | - | $ | 126,447 | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | 13,559 | $ | - | $ | 126,447 | $ | - | ||||||||
Bridge note payable | $ | 155,875 | $ | - | $ | - | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-155
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 1689 Viceroy Way (3) | Landa Series 181 Watercress Court (3) | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (3,897 | ) | $ | - | $ | (2,724 | ) | $ | - | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 1,257 | - | 1,225 | - | ||||||||||||
Amortization of debt discount | - | - | - | - | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | - | - | - | - | ||||||||||||
Escrow | - | - | - | - | ||||||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | 3,519 | - | 488 | - | ||||||||||||
Due to related party | - | - | - | - | ||||||||||||
Other liabilities | - | - | - | - | ||||||||||||
Security deposit | 1,200 | - | 1,600 | - | ||||||||||||
Net cash provided by (used in) operating activities | 2,079 | - | 589 | - | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | - | - | - | ||||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | - | - | - | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | 1,864 | - | 6,693 | - | ||||||||||||
Shareholder Dividends | (79 | ) | - | (569 | ) | - | ||||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | (999 | ) | - | (4,743 | ) | - | ||||||||||
Proceeds from mortgage | - | - | - | - | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | 786 | - | 1,381 | - | ||||||||||||
Net increase (decrease) in cash | 2,865 | - | 1,970 | - | ||||||||||||
Cash and restricted cash at beginning of year | - | - | - | - | ||||||||||||
Cash and restricted cash at end of year | $ | 2,865 | $ | - | $ | 1,970 | $ | - | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 1,862 | $ | - | $ | 2,846 | $ | - | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | 217,745 | $ | - | $ | 212,131 | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | 29,245 | $ | - | $ | 70,031 | $ | - | ||||||||
Bridge note payable | $ | 188,500 | $ | - | $ | 142,100 | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-156
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 188 Timberline Road (3) | Landa Series 189 Shenandoah Drive (3) | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (2,906 | ) | $ | - | $ | (2,937 | ) | $ | - | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 585 | - | 1,120 | - | ||||||||||||
Amortization of debt discount | - | - | - | - | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | - | - | - | - | ||||||||||||
Escrow | - | - | - | - | ||||||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | 1,186 | - | 2,369 | - | ||||||||||||
Due to related party | - | - | - | - | ||||||||||||
Other liabilities | - | - | - | - | ||||||||||||
Security deposit | - | - | 1,675 | - | ||||||||||||
Net cash provided by (used in) operating activities | (1,135 | ) | - | 2,227 | - | |||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | - | - | - | ||||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | - | - | - | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | 33,594 | - | 2,124 | - | ||||||||||||
Shareholder Dividends | (290 | ) | - | (362 | ) | - | ||||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | (30,661 | ) | - | (1,139 | ) | - | ||||||||||
Proceeds from mortgage | - | - | - | - | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | 2,643 | - | 623 | - | ||||||||||||
Net increase (decrease) in cash | 1,508 | - | 2,850 | - | ||||||||||||
Cash and restricted cash at beginning of year | - | - | - | - | ||||||||||||
Cash and restricted cash at end of year | $ | 1,508 | $ | - | $ | 2,850 | $ | - | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 934 | $ | - | $ | 2,666 | $ | - | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | 101,119 | $ | - | $ | 193,985 | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | 28,619 | $ | - | $ | 50,435 | $ | - | ||||||||
Bridge note payable | $ | 72,500 | $ | - | $ | 143,550 | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-157
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 195 Hunters Trace (3) | Landa Series 196 Montego Circle (3) | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (3,454 | ) | $ | - | $ | (4,406 | ) | $ | - | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 1,490 | - | 1,181 | - | ||||||||||||
Amortization of debt discount | - | - | - | - | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | - | - | - | - | ||||||||||||
Escrow | - | - | - | - | ||||||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | 3,256 | - | 2,604 | - | ||||||||||||
Due to related party | - | - | - | - | ||||||||||||
Other liabilities | 1,607 | - | - | - | ||||||||||||
Security deposit | - | - | 900 | - | ||||||||||||
Net cash provided by (used in) operating activities | 2,899 | - | 279 | - | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | - | - | - | ||||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | - | - | - | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | 4,159 | - | 1,690 | - | ||||||||||||
Shareholder Dividends | (374 | ) | - | (220 | ) | - | ||||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | (2,726 | ) | - | (471 | ) | - | ||||||||||
Proceeds from mortgage | - | - | - | - | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | 1,059 | - | 999 | - | ||||||||||||
Net increase (decrease) in cash | 3,958 | - | 1,278 | - | ||||||||||||
Cash and restricted cash at beginning of year | - | - | - | - | ||||||||||||
Cash and restricted cash at end of year | $ | 3,958 | $ | - | $ | 1,278 | $ | - | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 3,292 | $ | - | $ | 2,779 | $ | - | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | 255,645 | $ | - | $ | 204,659 | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | 78,020 | $ | - | $ | 45,159 | $ | - | ||||||||
Bridge note payable | $ | 177,625 | $ | - | $ | 159,500 | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-158
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 20 Chimney Smoke Drive (4) | Landa Series 212 Fleeta Drive (3) | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (3,079 | ) | $ | - | $ | (5,017 | ) | $ | - | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 862 | - | 991 | - | ||||||||||||
Amortization of debt discount | - | - | - | - | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | - | - | - | - | ||||||||||||
Escrow | - | - | - | - | ||||||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | 2,961 | - | 4,274 | - | ||||||||||||
Due to related party | - | - | - | - | ||||||||||||
Other liabilities | - | - | - | - | ||||||||||||
Security deposit | 1,500 | - | 1,175 | - | ||||||||||||
Net cash provided by (used in) operating activities | 2,244 | - | 1,423 | - | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | - | - | - | ||||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | - | - | - | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | 6,255 | - | 2,505 | - | ||||||||||||
Shareholder Dividends | (919 | ) | - | - | - | |||||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | (3,707 | ) | - | (1,944 | ) | - | ||||||||||
Proceeds from mortgage | - | - | - | - | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | 1,629 | - | 561 | - | ||||||||||||
Net increase (decrease) in cash | 3,873 | - | 1,984 | - | ||||||||||||
Cash and restricted cash at beginning of year | - | - | - | - | ||||||||||||
Cash and restricted cash at end of year | $ | 3,873 | $ | - | $ | 1,984 | $ | - | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 2,972 | $ | - | $ | - | $ | - | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | 223,875 | $ | - | $ | 171,619 | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | 23,800 | $ | - | $ | 1,244 | $ | - | ||||||||
Bridge note payable | $ | 200,075 | $ | - | $ | 170,375 | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-159
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 217 Glenloch Court (3) | Landa Series 2264 Chestnut Hill Circle (3) | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (4,304 | ) | $ | - | $ | (8,827 | ) | $ | - | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 1,415 | - | 1,815 | - | ||||||||||||
Amortization of debt discount | - | - | - | - | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | - | - | - | - | ||||||||||||
Escrow | - | - | - | - | ||||||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | 3,709 | - | 7,014 | - | ||||||||||||
Due to related party | - | - | - | - | ||||||||||||
Other liabilities | - | - | - | - | ||||||||||||
Security deposit | 1,400 | - | 1,875 | - | ||||||||||||
Net cash provided by (used in) operating activities | 2,220 | - | 1,877 | - | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | - | - | - | ||||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | - | - | - | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | 4,642 | - | 1,472 | - | ||||||||||||
Shareholder Dividends | (534 | ) | - | (230 | ) | - | ||||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | (2,247 | ) | - | (1,244 | ) | - | ||||||||||
Proceeds from mortgage | - | - | - | - | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | 1,861 | - | (2 | ) | - | |||||||||||
Net increase (decrease) in cash | 4,081 | - | 1,875 | - | ||||||||||||
Cash and restricted cash at beginning of year | - | - | - | - | ||||||||||||
Cash and restricted cash at end of year | $ | 4,081 | $ | - | $ | 1,875 | $ | - | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 3,201 | $ | - | $ | 2,524 | $ | - | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | 245,220 | $ | - | $ | 314,602 | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | 13,220 | $ | - | $ | 88,402 | $ | - | ||||||||
Bridge note payable | $ | 232,000 | $ | - | $ | 226,200 | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-160
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 2425 Cornell Circle (4) | Landa Series 25 Pleasant Valley Road (3) | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (2,639 | ) | $ | - | $ | (7,154 | ) | $ | - | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 1,030 | - | 1,274 | - | ||||||||||||
Amortization of debt discount | - | - | - | - | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | - | - | ||||||||||||||
Escrow | - | - | - | - | ||||||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | 3,062 | - | 5,361 | - | ||||||||||||
Due to related party | - | - | - | - | ||||||||||||
Other liabilities | - | - | - | - | ||||||||||||
Security deposit | 1,150 | - | 775 | - | ||||||||||||
Net cash provided by (used in) operating activities | 2,603 | - | 256 | - | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | - | - | - | ||||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | - | - | - | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | - | - | 3,404 | - | ||||||||||||
Shareholder Dividends | (739 | ) | - | (587 | ) | - | ||||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | - | - | (1,827 | ) | - | |||||||||||
Proceeds from mortgage | - | - | - | - | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | (739 | ) | - | 990 | - | |||||||||||
Net increase (decrease) in cash | 1,864 | - | 1,246 | - | ||||||||||||
Cash and restricted cash at beginning of year | - | - | - | - | ||||||||||||
Cash and restricted cash at end of year | $ | 1,864 | $ | - | $ | 1,246 | $ | - | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 3,577 | $ | - | $ | 3,058 | $ | - | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | 267,640 | $ | - | $ | 220,670 | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | 33,590 | $ | - | $ | 61,170 | $ | - | ||||||||
Bridge note payable | $ | 234,050 | $ | - | $ | 159,500 | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-161
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 253 Marco Drive (3) | Landa Series 258 Rocky Point Road (3) | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (2,736 | ) | $ | - | $ | (3,939 | ) | $ | - | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 986 | - | 1,452 | - | ||||||||||||
Amortization of debt discount | - | - | - | - | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | - | - | - | - | ||||||||||||
Escrow | - | - | - | - | ||||||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | 2,418 | - | 1,819 | - | ||||||||||||
Due to related party | - | - | - | - | ||||||||||||
Other liabilities | 1,342 | - | - | - | ||||||||||||
Security deposit | 600 | - | 1,600 | - | ||||||||||||
Net cash provided by (used in) operating activities | 2,610 | - | 932 | - | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | - | - | - | ||||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | - | - | - | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | 2,375 | - | 4,425 | - | ||||||||||||
Shareholder Dividends | (423 | ) | - | (212 | ) | - | ||||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | (1,202 | ) | - | (1,286 | ) | - | ||||||||||
Proceeds from mortgage | - | - | - | - | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | 750 | - | 2,927 | - | ||||||||||||
Net increase (decrease) in cash | 3,360 | - | 3,859 | - | ||||||||||||
Cash and restricted cash at beginning of year | - | - | - | - | ||||||||||||
Cash and restricted cash at end of year | $ | 3,360 | $ | - | $ | 3,859 | $ | - | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 2,418 | $ | - | $ | 3,257 | $ | - | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | 170,764 | $ | - | $ | 251,625 | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | 22,139 | $ | - | $ | 66,750 | $ | - | ||||||||
Bridge note payable | $ | 148,625 | $ | - | $ | 184,875 | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-162
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 268 Brookview Drive (1) | Landa Series 270 Mountain Lane (3) | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (5,771 | ) | $ | - | $ | (3,652 | ) | $ | - | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 1,062 | - | 1,491 | - | ||||||||||||
Amortization of debt discount | - | - | - | - | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | - | - | - | - | ||||||||||||
Escrow | - | - | - | - | ||||||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | 5,152 | - | 3,165 | - | ||||||||||||
Due to related party | - | - | - | - | ||||||||||||
Other liabilities | - | - | - | - | ||||||||||||
Security deposit | - | - | 1,650 | - | ||||||||||||
Net cash provided by (used in) operating activities | 443 | - | 2,654 | - | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | - | - | - | ||||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | - | - | - | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | 8,857 | - | 13,920 | - | ||||||||||||
Shareholder Dividends | (382 | ) | - | (861 | ) | - | ||||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | (8,857 | ) | - | (8,555 | ) | - | ||||||||||
Proceeds from mortgage | - | - | - | - | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | (382 | ) | - | 4,504 | - | |||||||||||
Net increase (decrease) in cash | 61 | - | 7,158 | - | ||||||||||||
Cash and restricted cash at beginning of year | - | - | - | - | ||||||||||||
Cash and restricted cash at end of year | $ | 61 | $ | - | $ | 7,158 | $ | - | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 628 | $ | - | $ | 3,012 | $ | - | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | 127,233 | $ | - | $ | 258,528 | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | 127,233 | $ | - | $ | 72,928 | $ | - | ||||||||
Bridge note payable | $ | - | $ | - | $ | 185,600 | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-163
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 270 Pleasant Hills Drive (3) | Landa Series 2813 Vicksburg Court (3) | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (3,274 | ) | $ | - | $ | (4,962 | ) | $ | - | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 1,542 | - | 1,581 | - | ||||||||||||
Amortization of debt discount | - | - | - | - | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | ||||||||||||||||
Escrow | - | - | - | - | ||||||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | 3,171 | - | 4,720 | - | ||||||||||||
Due to related party | - | - | - | - | ||||||||||||
Other liabilities | - | - | - | - | ||||||||||||
Security deposit | 1,623 | - | 1,275 | - | ||||||||||||
Net cash provided by (used in) operating activities | 3,062 | - | 2,614 | - | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | - | - | - | ||||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | - | - | - | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | 4,000 | - | 2,258 | - | ||||||||||||
Shareholder Dividends | (610 | ) | - | (96 | ) | - | ||||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | (2,372 | ) | - | (1,866 | ) | - | ||||||||||
Proceeds from mortgage | - | - | - | - | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | 1,018 | - | 296 | - | ||||||||||||
Net increase (decrease) in cash | 4,080 | - | 2,910 | - | ||||||||||||
Cash and restricted cash at beginning of year | - | - | - | - | ||||||||||||
Cash and restricted cash at end of year | $ | 4,080 | $ | - | $ | 2,910 | $ | - | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 2,837 | $ | - | $ | 2,250 | $ | - | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | 266,196 | $ | - | $ | 274,040 | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | 95,821 | $ | - | $ | 63,790 | $ | - | ||||||||
Bridge note payable | $ | 170,375 | $ | - | $ | 210,250 | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-164
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 2933 Coffer Drive (3) | Landa Series 30 High Ridge Road (3) | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (4,805 | ) | $ | - | $ | (3,508 | ) | $ | - | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 1,263 | - | 1,552 | - | ||||||||||||
Amortization of debt discount | - | - | - | - | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | - | - | - | - | ||||||||||||
Escrow | - | - | - | - | ||||||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | 2,856 | - | 2,789 | - | ||||||||||||
Due to related party | - | - | - | - | ||||||||||||
Other liabilities | - | - | - | - | ||||||||||||
Security deposit | - | - | 935 | - | ||||||||||||
Net cash provided by (used in) operating activities | (686 | ) | - | 1,768 | - | |||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | - | - | - | ||||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | - | - | - | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | 1,454 | - | 4,301 | - | ||||||||||||
Shareholder Dividends | - | - | (552 | ) | - | |||||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | (710 | ) | - | (906 | ) | - | ||||||||||
Proceeds from mortgage | - | - | - | - | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | 744 | - | 2,843 | - | ||||||||||||
Net increase (decrease) in cash | 58 | - | 4,611 | - | ||||||||||||
Cash and restricted cash at beginning of year | - | - | - | - | ||||||||||||
Cash and restricted cash at end of year | $ | 58 | $ | - | $ | 4,611 | $ | - | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 1,872 | $ | - | $ | 3,452 | $ | - | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | 218,812 | $ | - | $ | 268,996 | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | 44,812 | $ | - | $ | 105,871 | $ | - | ||||||||
Bridge note payable | $ | 174,000 | $ | - | $ | 163,125 | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-165
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 30 Roosevelt Road (3) | Landa Series 3011 Raintree Drive SE (3) | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (4,883 | ) | $ | - | $ | (7,275 | ) | $ | - | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 1,280 | - | 1,741 | - | ||||||||||||
Amortization of debt discount | - | - | - | - | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | - | - | - | - | ||||||||||||
Escrow | - | - | - | - | ||||||||||||
Accounts receivable | (1,788 | ) | - | - | - | |||||||||||
Due from related party | 5,119 | - | 5,286 | - | ||||||||||||
Due to related party | - | - | - | - | ||||||||||||
Other liabilities | - | - | - | - | ||||||||||||
Security deposit | 1,625 | - | 995 | - | ||||||||||||
Net cash provided by (used in) operating activities | 1,353 | - | 747 | - | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | - | - | - | ||||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | - | - | - | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | 1,777 | - | 1,079 | - | ||||||||||||
Shareholder Dividends | (332 | ) | - | - | - | |||||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | (1,162 | ) | - | (819 | ) | - | ||||||||||
Proceeds from mortgage | - | - | - | - | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | 283 | - | 260 | - | ||||||||||||
Net increase (decrease) in cash | 1,636 | - | 1,007 | - | ||||||||||||
Cash and restricted cash at beginning of year | - | - | - | - | ||||||||||||
Cash and restricted cash at end of year | $ | 1,636 | $ | - | $ | 1,007 | $ | - | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 1,068 | $ | - | $ | - | $ | - | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | 221,738 | $ | - | $ | 295,945 | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | 36,863 | $ | - | $ | 111,070 | $ | - | ||||||||
Bridge note payable | $ | 184,875 | $ | - | $ | 184,875 | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-166
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 3043 Highway 81 S (3) | Landa Series 313 Blue Heron Drive (3) | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (11,659 | ) | $ | - | $ | (3,696 | ) | $ | - | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 952 | - | 1,521 | - | ||||||||||||
Amortization of debt discount | - | - | - | - | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | - | - | - | - | ||||||||||||
Escrow | - | - | - | - | ||||||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | 19,020 | - | 4,454 | - | ||||||||||||
Due to related party | - | - | - | - | ||||||||||||
Other liabilities | - | - | - | - | ||||||||||||
Security deposit | 1,180 | - | 1,553 | - | ||||||||||||
Net cash provided by (used in) operating activities | 9,493 | - | 3,832 | - | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | - | - | - | ||||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | - | - | - | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | 5,838 | - | 9,643 | - | ||||||||||||
Shareholder Dividends | (289 | ) | - | (537 | ) | - | ||||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | (5,414 | ) | - | (8,112 | ) | - | ||||||||||
Proceeds from mortgage | - | - | - | - | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | 135 | - | 994 | - | ||||||||||||
Net increase (decrease) in cash | 9,628 | - | 4,826 | - | ||||||||||||
Cash and restricted cash at beginning of year | - | - | - | - | ||||||||||||
Cash and restricted cash at end of year | $ | 9,628 | $ | - | $ | 4,826 | $ | - | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 1,433 | $ | - | $ | 1,791 | $ | - | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | 163,940 | $ | - | $ | 258,175 | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | 8,065 | $ | - | $ | 84,175 | $ | - | ||||||||
Bridge note payable | $ | 155,875 | $ | - | $ | 174,000 | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-167
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 3202 Chippewa Drive (3) | Landa Series 35 Clay Court (3) | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (6,382 | ) | $ | - | $ | (3,623 | ) | $ | - | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 1,360 | - | 1,708 | - | ||||||||||||
Amortization of debt discount | - | - | - | - | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | - | - | - | - | ||||||||||||
Escrow | - | - | - | - | ||||||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | 4,943 | - | 2,910 | - | ||||||||||||
Due to related party | - | - | - | - | ||||||||||||
Other liabilities | - | - | - | - | ||||||||||||
Security deposit | - | - | 1,699 | - | ||||||||||||
Net cash provided by (used in) operating activities | (79 | ) | - | 2,694 | - | |||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | - | - | - | ||||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | - | - | - | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | 1,411 | - | 3,420 | - | ||||||||||||
Shareholder Dividends | (45 | ) | - | (367 | ) | - | ||||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | (1,267 | ) | - | (975 | ) | - | ||||||||||
Proceeds from mortgage | - | - | - | - | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | 99 | - | 2,078 | - | ||||||||||||
Net increase (decrease) in cash | 20 | - | 4,772 | - | ||||||||||||
Cash and restricted cash at beginning of year | - | - | - | - | ||||||||||||
Cash and restricted cash at end of year | $ | 20 | $ | - | $ | 4,772 | $ | - | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | - | $ | - | $ | 2,011 | $ | - | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | 235,614 | $ | - | $ | 293,433 | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | 83,364 | $ | - | $ | 119,433 | $ | - | ||||||||
Bridge note payable | $ | 152,250 | $ | - | $ | 174,000 | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-168
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 350 Cadiz Lane S (3) | Landa Series 351 Wesley Park Drive (3) | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (4,735 | ) | $ | - | $ | (4,409 | ) | $ | - | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 1,237 | - | 1,145 | - | ||||||||||||
Amortization of debt discount | - | - | - | - | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | ||||||||||||||||
Escrow | - | - | - | - | ||||||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | 3,674 | - | 2,834 | - | ||||||||||||
Due to related party | - | - | - | - | ||||||||||||
Other liabilities | 117 | - | - | - | ||||||||||||
Security deposit | - | - | 900 | - | ||||||||||||
Net cash provided by (used in) operating activities | 293 | - | 470 | - | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | - | - | - | ||||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | - | - | - | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | 3,115 | - | 5,675 | - | ||||||||||||
Shareholder Dividends | - | - | (667 | ) | - | |||||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | (2,671 | ) | - | (4,163 | ) | - | ||||||||||
Proceeds from mortgage | - | - | - | - | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | 444 | - | 845 | - | ||||||||||||
Net increase (decrease) in cash | 737 | - | 1,315 | - | ||||||||||||
Cash and restricted cash at beginning of year | - | - | - | - | ||||||||||||
Cash and restricted cash at end of year | $ | 737 | $ | - | $ | 1,315 | $ | - | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 917 | $ | - | $ | 2,703 | $ | - | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | 214,266 | $ | - | $ | 198,255 | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | 51,141 | $ | - | $ | 46,005 | $ | - | ||||||||
Bridge note payable | $ | 163,125 | $ | - | $ | 152,250 | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-169
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 3667 Patti Parkway (4) | Landa Series 412 Kendall Lane (4) | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (3,628 | ) | $ | - | $ | (6,237 | ) | $ | - | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 1,211 | - | 940 | - | ||||||||||||
Amortization of debt discount | - | - | - | - | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | - | - | - | - | ||||||||||||
Escrow | - | - | - | - | ||||||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | 2,895 | - | 6,869 | - | ||||||||||||
Due to related party | - | - | - | - | ||||||||||||
Other liabilities | - | - | - | - | ||||||||||||
Security deposit | - | - | - | - | ||||||||||||
Net cash provided by (used in) operating activities | 478 | - | 1,572 | - | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | - | - | - | ||||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | - | - | - | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | - | - | 1,721 | - | ||||||||||||
Shareholder Dividends | (98 | ) | - | - | - | |||||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | - | - | (1,484 | ) | - | |||||||||||
Proceeds from mortgage | - | - | - | - | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | (98 | ) | - | 237 | - | |||||||||||
Net increase (decrease) in cash | 380 | - | 1,809 | - | ||||||||||||
Cash and restricted cash at beginning of year | - | - | - | - | ||||||||||||
Cash and restricted cash at end of year | $ | 380 | $ | - | $ | 1,809 | $ | - | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 3,949 | $ | - | $ | 1,113 | $ | - | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | 314,606 | $ | - | $ | 243,304 | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | 69,231 | $ | - | $ | 80,979 | $ | - | ||||||||
Bridge note payable | $ | 245,375 | $ | - | $ | 162,325 | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-170
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 43 Darwin Drive (3) | Landa Series 45 Blue Jay Drive (3) | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (5,776 | ) | $ | - | $ | (5,731 | ) | $ | - | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 1,096 | - | 1,668 | - | ||||||||||||
Amortization of debt discount | - | - | - | - | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | ||||||||||||||||
Escrow | - | - | - | �� | - | |||||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | 5,449 | - | 3,751 | - | ||||||||||||
Due to related party | - | - | - | - | ||||||||||||
Other liabilities | - | - | 1,750 | - | ||||||||||||
Security deposit | - | - | 1,425 | - | ||||||||||||
Net cash provided by (used in) operating activities | 769 | - | 2,863 | - | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | - | - | - | ||||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | - | - | - | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | 2,592 | - | 1,159 | - | ||||||||||||
Shareholder Dividends | - | - | (103 | ) | - | |||||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | (2,592 | ) | - | (678 | ) | - | ||||||||||
Proceeds from mortgage | - | - | - | - | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | - | - | 378 | - | ||||||||||||
Net increase (decrease) in cash | 769 | - | 3,241 | - | ||||||||||||
Cash and restricted cash at beginning of year | - | - | - | - | ||||||||||||
Cash and restricted cash at end of year | $ | 769 | $ | - | $ | 3,241 | $ | - | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | - | $ | - | $ | 3,676 | $ | - | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | 189,715 | $ | - | $ | 288,984 | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | 26,590 | $ | - | $ | 66,409 | $ | - | ||||||||
Bridge note payable | $ | 163,125 | $ | - | $ | 222,575 | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-171
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 45 Laurel Way (4) | Landa Series 4702 Saint James Way (3) | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (4,618 | ) | $ | - | $ | (8,942 | ) | $ | - | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 1,062 | - | 1,181 | - | ||||||||||||
Amortization of debt discount | - | - | - | - | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | - | - | - | - | ||||||||||||
Escrow | - | - | - | - | ||||||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | 3,370 | - | 7,966 | - | ||||||||||||
Due to related party | - | - | - | - | ||||||||||||
Other liabilities | - | - | 1,550 | - | ||||||||||||
Security deposit | 975 | - | 1,550 | - | ||||||||||||
Net cash provided by (used in) operating activities | 789 | - | 3,305 | - | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | - | - | - | ||||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | - | - | - | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | 1,034 | - | 2,011 | - | ||||||||||||
Shareholder Dividends | - | - | - | - | ||||||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | (803 | ) | - | (1,102 | ) | - | ||||||||||
Proceeds from mortgage | - | - | - | - | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | 231 | - | 909 | - | ||||||||||||
Net increase (decrease) in cash | 1,020 | - | 4,214 | - | ||||||||||||
Cash and restricted cash at beginning of year | - | - | - | - | ||||||||||||
Cash and restricted cash at end of year | $ | 1,020 | $ | - | $ | 4,214 | $ | - | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | - | $ | - | $ | 1,778 | $ | - | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | 276,115 | $ | - | $ | 204,667 | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | 113,790 | $ | - | $ | 58,942 | $ | - | ||||||||
Bridge note payable | $ | 162,325 | $ | - | $ | 145,725 | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-172
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 4732 Pinedale Drive (3) | Landa Series 5040 Huntshire Lane (3) | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (2,747 | ) | $ | - | $ | (6,348 | ) | $ | - | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 1,127 | - | 2,535 | - | ||||||||||||
Amortization of debt discount | - | - | - | - | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | ||||||||||||||||
Escrow | - | - | - | - | ||||||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | 5,337 | - | 4,951 | - | ||||||||||||
Due to related party | - | - | - | - | ||||||||||||
Other liabilities | - | - | - | - | ||||||||||||
Security deposit | 800 | - | 2,499 | - | ||||||||||||
Net cash provided by (used in) operating activities | 4,517 | - | 3,637 | - | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | - | - | - | ||||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | - | - | - | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | 873 | - | 12,798 | - | ||||||||||||
Shareholder Dividends | - | - | (417 | ) | - | |||||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | (723 | ) | - | (12,798 | ) | - | ||||||||||
Proceeds from mortgage | - | - | - | - | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | 150 | - | (417 | ) | - | |||||||||||
Net increase (decrease) in cash | 4,667 | - | 3,220 | - | ||||||||||||
Cash and restricted cash at beginning of year | - | - | - | - | ||||||||||||
Cash and restricted cash at end of year | $ | 4,667 | $ | - | $ | 3,220 | $ | - | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 780 | $ | - | $ | 4,594 | $ | - | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | 192,886 | $ | - | $ | 436,458 | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | 69,636 | $ | - | $ | 128,333 | $ | - | ||||||||
Bridge note payable | $ | 123,250 | $ | - | $ | 308,125 | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-173
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 513 Jarrett Court (3) | Landa Series 5143 Pinecrest Drive SW (3) | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (6,871 | ) | $ | - | $ | (2,735 | ) | $ | - | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 1,534 | - | 1,163 | - | ||||||||||||
Amortization of debt discount | - | - | - | - | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | - | - | - | - | ||||||||||||
Escrow | - | - | - | - | ||||||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | 2,555 | - | 2,323 | - | ||||||||||||
Due to related party | - | - | - | - | ||||||||||||
Other liabilities | - | - | - | - | ||||||||||||
Security deposit | 1,599 | - | 1,225 | - | ||||||||||||
Net cash provided by (used in) operating activities | (1,183 | ) | - | 1,976 | - | |||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | - | - | - | ||||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | - | - | - | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | 28,082 | - | 2,181 | - | ||||||||||||
Shareholder Dividends | (369 | ) | - | (261 | ) | - | ||||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | (22,792 | ) | - | (1,145 | ) | - | ||||||||||
Proceeds from mortgage | - | - | - | - | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | 4,921 | - | 775 | - | ||||||||||||
Net increase (decrease) in cash | 3,738 | - | 2,751 | - | ||||||||||||
Cash and restricted cash at beginning of year | - | - | - | - | ||||||||||||
Cash and restricted cash at end of year | $ | 3,738 | $ | - | $ | 2,751 | $ | - | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 2,900 | $ | - | $ | 2,360 | $ | - | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | 262,115 | $ | - | $ | 198,017 | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | 80,865 | $ | - | $ | 67,517 | $ | - | ||||||||
Bridge note payable | $ | 181,250 | $ | - | $ | 130,500 | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-174
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 540 Cowan Road (3) | Landa Series 5411 Rocky Pine Drive (4) | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (3,661 | ) | $ | - | $ | (3,026 | ) | $ | - | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 1,364 | - | 991 | - | ||||||||||||
Amortization of debt discount | - | - | - | - | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | - | - | - | - | ||||||||||||
Escrow | - | - | - | - | ||||||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | 3,273 | - | 3,024 | - | ||||||||||||
Due to related party | - | - | - | - | ||||||||||||
Other liabilities | - | - | - | - | ||||||||||||
Security deposit | 995 | - | 1,775 | - | ||||||||||||
Net cash provided by (used in) operating activities | 1,971 | - | 2,764 | - | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | - | - | - | ||||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | - | - | - | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | 3,943 | - | 3,471 | - | ||||||||||||
Shareholder Dividends | (654 | ) | - | - | - | |||||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | (2,181 | ) | - | (2,653 | ) | - | ||||||||||
Proceeds from mortgage | - | - | - | - | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | 1,108 | - | 818 | - | ||||||||||||
Net increase (decrease) in cash | 3,079 | - | 3,582 | - | ||||||||||||
Cash and restricted cash at beginning of year | - | - | ||||||||||||||
Cash and restricted cash at end of year | $ | 3,079 | $ | - | $ | 3,582 | $ | - | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 3,107 | $ | - | $ | 2,043 | $ | - | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | 236,323 | $ | - | $ | 256,640 | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | 47,823 | $ | - | $ | 75,440 | $ | - | ||||||||
Bridge note payable | $ | 188,500 | $ | - | $ | 181,200 | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-175
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 550 Cowan Road (3) | Landa Series 5581 Fox Glen Circle (4) | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (2,353 | ) | $ | - | $ | (4,333 | ) | $ | - | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 942 | - | 1,539 | - | ||||||||||||
Amortization of debt discount | - | - | - | - | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | ||||||||||||||||
Escrow | - | - | - | - | ||||||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | 1,455 | - | 2,967 | - | ||||||||||||
Due to related party | - | - | - | - | ||||||||||||
Other liabilities | 1,475 | - | 1,615 | - | ||||||||||||
Security deposit | 1,475 | - | 2,275 | - | ||||||||||||
Net cash provided by (used in) operating activities | 2,994 | - | 4,063 | - | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | - | - | - | ||||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | - | - | - | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | 3,743 | - | 470 | - | ||||||||||||
Shareholder Dividends | (408 | ) | - | (102 | ) | - | ||||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | (3,341 | ) | - | (460 | ) | - | ||||||||||
Proceeds from mortgage | - | - | - | - | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | (6 | ) | - | (92 | ) | - | ||||||||||
Net increase (decrease) in cash | 2,988 | - | 3,971 | |||||||||||||
Cash and restricted cash at beginning of year | - | - | - | - | ||||||||||||
Cash and restricted cash at end of year | $ | 2,988 | $ | - | $ | 3,971 | $ | - | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 2,607 | $ | - | $ | 3,077 | $ | - | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | 240,421 | $ | - | $ | 400,341 | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | 44,121 | $ | - | $ | 115,706 | $ | - | ||||||||
Bridge note payable | $ | 196,300 | $ | - | $ | 284,635 | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-176
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 565 Mountainview Drive (3) | Landa Series 5801 Strathmoor Manor Circle (3) | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (3,703 | ) | $ | - | $ | (4,019 | ) | $ | - | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 1,582 | - | 1,246 | - | ||||||||||||
Amortization of debt discount | - | - | - | - | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | ||||||||||||||||
Escrow | - | - | - | - | ||||||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | 4,795 | - | 4,099 | - | ||||||||||||
Due to related party | - | - | - | - | ||||||||||||
Other liabilities | - | - | 1,625 | - | ||||||||||||
Security deposit | 1,675 | - | 1,575 | - | ||||||||||||
Net cash provided by (used in) operating activities | 4,349 | - | 4,526 | - | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | - | - | - | ||||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | - | - | - | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | 2,402 | - | 3,892 | - | ||||||||||||
Shareholder Dividends | (447 | ) | - | (567 | ) | - | ||||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | (1,042 | ) | - | (1,462 | ) | - | ||||||||||
Proceeds from mortgage | - | - | - | - | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | 913 | - | 1,863 | - | ||||||||||||
Net increase (decrease) in cash | 5,262 | - | 6,389 | - | ||||||||||||
Cash and restricted cash at beginning of year | - | - | - | - | ||||||||||||
Cash and restricted cash at end of year | $ | 5,262 | $ | - | $ | 6,389 | $ | - | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 1,881 | $ | - | $ | 2,727 | $ | - | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | 271,900 | $ | - | $ | 214,307 | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | 83,400 | $ | - | $ | 70,757 | $ | - | ||||||||
Bridge note payable | $ | 188,500 | $ | - | $ | 143,550 | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-177
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 6107 Shadow Glen Court (3) | Landa Series 6111-6113 Pine Glen Circle SW (3) | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (2,445 | ) | $ | - | $ | (7,642 | ) | $ | - | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 1,114 | - | 2,252 | - | ||||||||||||
Amortization of debt discount | - | - | - | - | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | - | - | - | - | ||||||||||||
Escrow | - | - | - | - | ||||||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | 2,173 | - | 5,421 | - | ||||||||||||
Due to related party | - | - | - | - | ||||||||||||
Other liabilities | - | - | - | - | ||||||||||||
Security deposit | 1,175 | - | 500 | - | ||||||||||||
Net cash provided by (used in) operating activities | 2,017 | - | 531 | - | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | - | - | - | ||||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | - | - | - | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | 4,140 | - | 5,533 | - | ||||||||||||
Shareholder Dividends | (266 | ) | - | - | - | |||||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | (3,135 | ) | - | (5,497 | ) | - | ||||||||||
Proceeds from mortgage | - | - | - | - | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | ||||||||||||||||
Net increase (decrease) in cash | 2,756 | - | 567 | - | ||||||||||||
Cash and restricted cash at beginning of year | - | - | - | - | ||||||||||||
Cash and restricted cash at end of year | $ | 2,756 | $ | - | $ | 567 | $ | - | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 2,205 | $ | 1,504 | ||||||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | 189,001 | $ | - | $ | 390,389 | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | 57,776 | $ | - | $ | 209,139 | $ | - | ||||||||
Bridge note payable | $ | 131,225 | $ | - | $ | 181,250 | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-178
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 615 Barshay Drive (3) | Landa Series 6168 Wheat Street NE (3) | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (6,337 | ) | $ | - | $ | (4,052 | ) | $ | - | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 1,317 | - | 728 | - | ||||||||||||
Amortization of debt discount | - | - | - | - | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | - | - | - | - | ||||||||||||
Escrow | - | - | - | - | ||||||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | 3,895 | - | 2,443 | - | ||||||||||||
Due to related party | - | - | - | - | ||||||||||||
Other liabilities | - | - | - | - | ||||||||||||
Security deposit | 1,100 | - | - | - | ||||||||||||
Net cash provided by (used in) operating activities | (25 | ) | - | (881 | ) | - | ||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | - | - | - | ||||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | - | - | - | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | 4,426 | - | 3,029 | - | ||||||||||||
Shareholder Dividends | (229 | ) | - | (39 | ) | - | ||||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | (3,060 | ) | - | (1,857 | ) | - | ||||||||||
Proceeds from mortgage | - | - | - | - | ||||||||||||
Repayment of mortgage | - | |||||||||||||||
Net cash provided by (used in) financing activities | 1,137 | - | 1,133 | - | ||||||||||||
Net increase (decrease) in cash | 1,112 | - | 252 | - | ||||||||||||
Cash and restricted cash at beginning of year | - | - | - | - | ||||||||||||
Cash and restricted cash at end of year | $ | 1,112 | $ | - | $ | 252 | $ | - | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 2,063 | $ | - | $ | 622 | $ | - | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | 228,182 | $ | - | $ | 125,964 | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | 54,182 | $ | - | $ | 17,214 | $ | - | ||||||||
Bridge note payable | $ | 174,000 | $ | - | $ | 108,750 | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-179
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 6178 Green Acres Drive SW (3) | Landa Series 6404 Walnut Way (4) | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (2,113 | ) | $ | - | $ | (1,905 | ) | $ | - | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 1,111 | - | 833 | - | ||||||||||||
Amortization of debt discount | - | - | - | - | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | - | - | - | - | ||||||||||||
Escrow | - | - | - | - | ||||||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | 1,914 | - | 4,867 | - | ||||||||||||
Due to related party | - | - | - | - | ||||||||||||
Other liabilities | - | - | - | - | ||||||||||||
Security deposit | 1,400 | - | 800 | - | ||||||||||||
Net cash provided by (used in) operating activities | 2,312 | - | 4,595 | - | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | - | - | - | ||||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | - | - | - | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | 2,460 | - | 17,283 | - | ||||||||||||
Shareholder Dividends | (506 | ) | - | (1,122 | ) | - | ||||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | (2,063 | ) | - | (13,719 | ) | - | ||||||||||
Proceeds from mortgage | - | - | - | - | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | (109 | ) | - | 2,442 | - | |||||||||||
Net increase (decrease) in cash | 2,203 | - | 7,037 | - | ||||||||||||
Cash and restricted cash at beginning of year | - | - | - | - | ||||||||||||
Cash and restricted cash at end of year | $ | 2,203 | $ | - | $ | 7,037 | $ | - | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 2,315 | $ | - | $ | 2,884 | $ | - | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | 189,485 | $ | - | $ | 216,403 | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | 58,985 | $ | - | $ | 27,653 | $ | - | ||||||||
Bridge note payable | $ | 130,500 | $ | - | $ | 188,750 | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-180
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 643 Sycamore Drive (3) | Landa Series 65 Freedom Court (3) | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (3,364 | ) | $ | - | $ | (3,209 | ) | $ | - | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 1,198 | - | 1,324 | - | ||||||||||||
Amortization of debt discount | - | - | - | - | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | - | - | - | - | ||||||||||||
Escrow | - | - | - | - | ||||||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | 2,875 | - | 2,680 | - | ||||||||||||
Due to related party | - | - | - | - | ||||||||||||
Other liabilities | 1,535 | - | - | - | ||||||||||||
Security deposit | 1,125 | - | 500 | - | ||||||||||||
Net cash provided by (used in) operating activities | 3,369 | - | 1,295 | - | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | - | - | - | ||||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | - | - | - | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | 6,831 | - | 1,928 | - | ||||||||||||
Shareholder Dividends | (480 | ) | - | (426 | ) | - | ||||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | (3,048 | ) | - | (635 | ) | - | ||||||||||
Proceeds from mortgage | - | - | - | - | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | 3,303 | - | 867 | - | ||||||||||||
Net increase (decrease) in cash | 6,672 | - | 2,162 | - | ||||||||||||
Cash and restricted cash at beginning of year | - | - | - | - | ||||||||||||
Cash and restricted cash at end of year | $ | 6,672 | $ | - | $ | 2,162 | $ | - | ||||||||
- | ||||||||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | ||||||||||||
Cash paid for interest | $ | 2,783 | $ | - | $ | 3,055 | $ | - | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | 207,494 | $ | - | $ | 229,293 | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | 29,144 | $ | - | $ | 69,793 | $ | - | ||||||||
Bridge note payable | $ | 178,350 | $ | - | $ | 159,500 | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-181
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 6635 Kimberly Mill Road (3) | Landa Series 6653 Bedford Road (3) | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (7,197 | ) | $ | - | $ | (3,671 | ) | $ | - | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 1,529 | - | 1,670 | - | ||||||||||||
Amortization of debt discount | - | - | - | - | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | - | - | - | - | ||||||||||||
Escrow | - | - | - | - | ||||||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | 5,514 | - | (3,810 | ) | - | |||||||||||
Due to related party | - | - | 6,514 | - | ||||||||||||
Other liabilities | - | - | - | - | ||||||||||||
Security deposit | - | - | 1,475 | - | ||||||||||||
Net cash provided by (used in) operating activities | (154 | ) | - | 2,178 | - | |||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | - | - | - | ||||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | - | - | - | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | 1,091 | - | 1,304 | - | ||||||||||||
Shareholder Dividends | - | - | (249 | ) | - | |||||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | (907 | ) | - | (680 | ) | - | ||||||||||
Proceeds from mortgage | - | - | - | - | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | 184 | - | 375 | - | ||||||||||||
Net increase (decrease) in cash | 30 | - | 2,553 | - | ||||||||||||
Cash and restricted cash at beginning of year | - | - | - | - | ||||||||||||
Cash and restricted cash at end of year | $ | 30 | $ | - | $ | 2,553 | $ | - | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | - | $ | - | $ | 2,896 | $ | - | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | 264,938 | $ | - | $ | 282,433 | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | 88,038 | $ | - | $ | 122,933 | $ | - | ||||||||
Bridge note payable | $ | 176,900 | $ | - | $ | 159,500 | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-182
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 6762 Bent Creek Drive (3) | Landa Series 709 Georgetown Court (3) | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (4,377 | ) | $ | - | $ | (3,047 | ) | $ | - | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 1,475 | - | 1,383 | - | ||||||||||||
Amortization of debt discount | - | - | - | - | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | - | - | - | - | ||||||||||||
Escrow | - | - | - | - | ||||||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | 3,335 | - | (1,087 | ) | - | |||||||||||
Due to related party | - | - | - | - | ||||||||||||
Other liabilities | - | - | - | - | ||||||||||||
Security deposit | 1,595 | - | 1,700 | - | ||||||||||||
Net cash provided by (used in) operating activities | 2,028 | - | (1,051 | ) | - | |||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | - | - | - | ||||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | - | - | - | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | 5,474 | - | 37,482 | - | ||||||||||||
Shareholder Dividends | (336 | ) | - | (615 | ) | - | ||||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | (2,715 | ) | - | (28,481 | ) | - | ||||||||||
Proceeds from mortgage | - | - | - | - | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | 2,423 | - | 8,386 | - | ||||||||||||
Net increase (decrease) in cash | 4,451 | - | 7,335 | - | ||||||||||||
Cash and restricted cash at beginning of year | - | - | - | - | ||||||||||||
Cash and restricted cash at end of year | $ | 4,451 | $ | - | $ | 7,335 | $ | - | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 2,999 | $ | - | $ | 2,746 | $ | - | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | 251,753 | $ | - | $ | 237,140 | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | 59,628 | $ | - | $ | 66,765 | $ | - | ||||||||
Bridge note payable | $ | 192,125 | $ | - | $ | 170,375 | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-183
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 7107 Geiger Street NW (3) | Landa Series 750 Georgetown Court (3) | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (1,573 | ) | $ | - | $ | (3,148 | ) | $ | - | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 767 | - | 954 | - | ||||||||||||
Amortization of debt discount | - | - | - | - | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | - | - | - | - | ||||||||||||
Escrow | - | - | - | - | ||||||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | 1,586 | - | 2,419 | - | ||||||||||||
Due to related party | - | - | - | - | ||||||||||||
Other liabilities | - | - | - | - | ||||||||||||
Security deposit | 1,150 | - | 1,190 | - | ||||||||||||
Net cash provided by (used in) operating activities | 1,930 | - | 1,415 | - | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | - | - | - | ||||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | - | - | - | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | 37,320 | - | 2,462 | - | ||||||||||||
Shareholder Dividends | (801 | ) | - | (138 | ) | - | ||||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | (33,839 | ) | - | (1,890 | ) | - | ||||||||||
Proceeds from mortgage | - | - | - | - | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | 2,680 | - | 434 | - | ||||||||||||
Net increase (decrease) in cash | 4,610 | - | 1,849 | - | ||||||||||||
Cash and restricted cash at beginning of year | - | - | - | - | ||||||||||||
Cash and restricted cash at end of year | $ | 4,610 | $ | - | $ | 1,849 | $ | - | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 1,596 | $ | - | $ | 2,360 | $ | - | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | 129,585 | $ | - | $ | 165,164 | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | 2,710 | $ | - | $ | 12,914 | $ | - | ||||||||
Bridge note payable | $ | 126,875 | $ | - | $ | 152,250 | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-184
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 752 Chestnut Drive (3) | Landa Series 773 Villa Way (1) | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (3,957 | ) | $ | - | $ | (2,480 | ) | $ | - | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 788 | - | 737 | - | ||||||||||||
Amortization of debt discount | - | - | - | - | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | ||||||||||||||||
Escrow | - | - | - | - | ||||||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | 951 | - | 6,298 | - | ||||||||||||
Due to related party | - | - | - | - | ||||||||||||
Other liabilities | - | - | 12 | - | ||||||||||||
Security deposit | 675 | - | - | - | ||||||||||||
Net cash provided by (used in) operating activities | (1,543 | ) | - | 4,567 | - | |||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | - | - | - | ||||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | - | - | - | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | 4,311 | - | 47,938 | - | ||||||||||||
Shareholder Dividends | (215 | ) | - | (946 | ) | - | ||||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | (1,815 | ) | - | (47,950 | ) | - | ||||||||||
Proceeds from mortgage | - | - | - | - | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | 2,281 | - | (958 | ) | - | |||||||||||
Net increase (decrease) in cash | 738 | - | 3,609 | - | ||||||||||||
Cash and restricted cash at beginning of year | - | - | - | - | ||||||||||||
Cash and restricted cash at end of year | $ | 738 | $ | - | $ | 3,609 | $ | - | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 2,035 | $ | - | $ | 776 | $ | - | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | 136,383 | $ | - | $ | 88,384 | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | 31,258 | $ | - | $ | 88,384 | $ | - | ||||||||
Bridge note payable | $ | 105,125 | $ | - | $ | - | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-185
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 7781 Mountain Creek Way (3) | Landa Series 7950 Woodlake Drive (3) | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (7,237 | ) | $ | - | $ | (2,881 | ) | $ | - | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 1,372 | - | 1,090 | - | ||||||||||||
Amortization of debt discount | - | - | - | - | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | - | - | - | - | ||||||||||||
Escrow | - | - | - | - | ||||||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | 5,447 | - | 1,194 | - | ||||||||||||
Due to related party | - | - | - | - | ||||||||||||
Other liabilities | - | - | - | - | ||||||||||||
Security deposit | - | - | 1,200 | - | ||||||||||||
Net cash provided by (used in) operating activities | (418 | ) | - | 603 | - | |||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | - | - | - | ||||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | - | - | - | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | 1,192 | - | 1,175 | - | ||||||||||||
Shareholder Dividends | - | - | (35 | ) | - | |||||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | (723 | ) | - | (522 | ) | - | ||||||||||
Proceeds from mortgage | - | - | - | - | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | 469 | - | 618 | - | ||||||||||||
Net increase (decrease) in cash | 51 | - | 1,221 | - | ||||||||||||
Cash and restricted cash at beginning of year | - | - | - | - | ||||||||||||
Cash and restricted cash at end of year | $ | 51 | $ | - | $ | 1,221 | $ | - | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | - | $ | - | $ | - | $ | - | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | 237,818 | $ | - | $ | 188,648 | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | 34,890 | $ | - | $ | 46,548 | $ | - | ||||||||
Bridge note payable | $ | 202,928 | $ | - | $ | 142,100 | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-186
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 80 High Ridge Road (3) | Landa Series 808 Hillandale Lane (3) | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (8,011 | ) | $ | - | $ | (5,027 | ) | $ | - | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 1,379 | - | 1,281 | - | ||||||||||||
Amortization of debt discount | - | - | - | - | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | ||||||||||||||||
Escrow | - | - | - | - | ||||||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | 5,954 | - | 3,193 | - | ||||||||||||
Due to related party | - | - | - | - | ||||||||||||
Other liabilities | - | - | - | - | ||||||||||||
Security deposit | 1,350 | - | 1,075 | - | ||||||||||||
Net cash provided by (used in) operating activities | 672 | - | 522 | - | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | - | - | - | ||||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | - | - | - | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | 3,565 | - | 2,899 | - | ||||||||||||
Shareholder Dividends | (184 | ) | - | (285 | ) | - | ||||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | (2,562 | ) | - | (2,055 | ) | - | ||||||||||
Proceeds from mortgage | - | - | - | - | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | 819 | - | 559 | - | ||||||||||||
Net increase (decrease) in cash | 1,491 | - | 1,081 | - | ||||||||||||
Cash and restricted cash at beginning of year | - | - | - | - | ||||||||||||
Cash and restricted cash at end of year | $ | 1,491 | $ | - | $ | 1,081 | $ | - | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 2,139 | $ | - | $ | 2,962 | $ | - | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | 238,816 | $ | - | $ | 221,772 | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | 53,941 | $ | - | $ | 50,772 | $ | - | ||||||||
Bridge note payable | $ | 184,875 | $ | - | $ | 171,000 | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-187
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 8110 Devonshire Drive (3) | Landa Series 8121 Spillers Drive SW (3) | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (1,633 | ) | $ | - | $ | (2,573 | ) | $ | - | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 874 | - | 1,055 | - | ||||||||||||
Amortization of debt discount | - | - | - | - | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | ||||||||||||||||
Escrow | - | - | - | - | ||||||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | 2,575 | - | 2,257 | - | ||||||||||||
Due to related party | - | - | - | - | ||||||||||||
Other liabilities | - | - | - | - | ||||||||||||
Security deposit | 2,500 | - | 875 | - | ||||||||||||
Net cash provided by (used in) operating activities | 4,316 | - | 1,614 | - | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | - | - | - | ||||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | - | - | - | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | 25,753 | - | 2,832 | - | ||||||||||||
Shareholder Dividends | (973 | ) | - | (439 | ) | - | ||||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | (21,877 | ) | - | (1,842 | ) | - | ||||||||||
Proceeds from mortgage | - | - | - | - | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | 2,903 | - | 551 | - | ||||||||||||
Net increase (decrease) in cash | 7,219 | - | 2,165 | - | ||||||||||||
Cash and restricted cash at beginning of year | - | - | - | - | ||||||||||||
Cash and restricted cash at end of year | $ | 7,219 | $ | - | $ | 2,165 | $ | - | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 2,191 | $ | - | $ | 2,544 | $ | - | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | 151,331 | $ | - | $ | 182,723 | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | 17,206 | $ | - | $ | 55,848 | $ | - | ||||||||
Bridge note payable | $ | 134,125 | $ | - | $ | 126,875 | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-188
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 8233 Creekline Court (3) | Landa Series 843 Tramore Drive (1) | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (5,850 | ) | $ | - | $ | 1,891 | $ | - | |||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 1,383 | - | 1,387 | - | ||||||||||||
Amortization of debt discount | - | - | - | - | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | - | |||||||||||||||
Escrow | - | - | - | - | ||||||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | 16,042 | - | (315 | ) | - | |||||||||||
Due to related party | - | - | - | - | ||||||||||||
Other liabilities | 1,750 | - | 212 | - | ||||||||||||
Security deposit | 1,750 | - | - | - | ||||||||||||
Net cash provided by (used in) operating activities | 15,075 | - | 3,175 | - | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | (11,685 | ) | - | - | - | |||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | (11,685 | ) | - | - | - | |||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | 2,291 | - | 78,196 | - | ||||||||||||
Shareholder Dividends | - | - | (1,286 | ) | - | |||||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | (1,856 | ) | - | (74,842 | ) | - | ||||||||||
Proceeds from mortgage | - | - | - | - | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | 435 | - | 2,068 | - | ||||||||||||
Net increase (decrease) in cash | 3,825 | - | 5,243 | - | ||||||||||||
Cash and restricted cash at beginning of year | - | - | - | - | ||||||||||||
Cash and restricted cash at end of year | $ | 3,825 | $ | - | $ | 5,243 | $ | - | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | - | $ | - | $ | 1,271 | $ | - | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | 226,617 | $ | - | $ | 164,198 | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | 74,498 | $ | - | $ | 164,198 | $ | - | ||||||||
Bridge note payable | $ | 152,119 | $ | - | $ | - | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-189
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 85 Kirkland Court (3) | Landa Series 85 Thorn Thicket Way (3) | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (7,738 | ) | $ | - | $ | (3,962 | ) | $ | - | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 1,684 | - | 1,336 | - | ||||||||||||
Amortization of debt discount | - | - | - | - | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | ||||||||||||||||
Escrow | - | - | - | - | ||||||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | 5,705 | - | 2,260 | - | ||||||||||||
Due to related party | - | - | - | - | ||||||||||||
Other liabilities | - | - | - | - | ||||||||||||
Security deposit | - | - | 1,050 | - | ||||||||||||
Net cash provided by (used in) operating activities | (349 | ) | - | 684 | - | |||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | - | - | - | ||||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | - | - | - | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | 3,699 | - | 1,462 | - | ||||||||||||
Shareholder Dividends | - | - | (16 | ) | - | |||||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | (3,301 | ) | - | (909 | ) | - | ||||||||||
Proceeds from mortgage | - | - | - | - | ||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | 398 | - | 537 | - | ||||||||||||
Net increase (decrease) in cash | 49 | - | 1,221 | - | ||||||||||||
Cash and restricted cash at beginning of year | - | - | - | - | ||||||||||||
Cash and restricted cash at end of year | $ | 49 | $ | - | $ | 1,221 | $ | - | ||||||||
$ | - | - | ||||||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | - | $ | - | $ | 3,065 | $ | - | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | 289,518 | $ | - | $ | 231,411 | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | 82,893 | $ | - | $ | 58,861 | $ | - | ||||||||
Bridge note payable | $ | 206,625 | $ | - | $ | 172,550 | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-190
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 8855 Rugby Court (3) | Landa Series 9434 Cedar Creek Place (3) | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (2,091 | ) | $ | - | $ | (4,637 | ) | $ | - | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 923 | - | 1,545 | - | ||||||||||||
Amortization of debt discount | - | - | - | - | ||||||||||||
(Gain) loss on sale of real estate | - | - | - | - | ||||||||||||
Changes in assets and liabilities: | - | - | - | - | ||||||||||||
Escrow | - | - | - | - | ||||||||||||
Accounts receivable | - | - | - | - | ||||||||||||
Due from related party | 3,147 | - | 2,996 | - | ||||||||||||
Due to related party | - | - | - | - | ||||||||||||
Other liabilities | - | - | - | - | ||||||||||||
Security deposit | 1,075 | - | 1,150 | - | ||||||||||||
Net cash provided by (used in) operating activities | 3,054 | - | 1,054 | - | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | - | - | - | ||||||||||||
Proceeds from sale of real estate investments | - | - | - | - | ||||||||||||
Net cash provided by (used in) investing activities | - | - | - | - | ||||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | 2,829 | - | 3,438 | - | ||||||||||||
Shareholder Dividends | (418 | ) | - | (9 | ) | - | ||||||||||
Repayment of promissory note - related party | - | - | - | - | ||||||||||||
Repayment of note - related party | - | - | - | - | ||||||||||||
Repayment of acquisition note - related party | (1,100 | ) | - | (2,986 | ) | - | ||||||||||
Proceeds from mortgage | ||||||||||||||||
Repayment of mortgage | - | - | - | - | ||||||||||||
Net cash provided by (used in) financing activities | 1,311 | - | 443 | - | ||||||||||||
Net increase (decrease) in cash | 4,365 | - | 1,497 | - | ||||||||||||
Cash and restricted cash at beginning of year | - | - | - | - | ||||||||||||
Cash and restricted cash at end of year | $ | 4,365 | $ | - | $ | 1,497 | $ | - | ||||||||
- | ||||||||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | ||||||||||||
Cash paid for interest | $ | 1,560 | $ | - | $ | 3,451 | $ | - | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | 159,874 | $ | - | $ | 267,653 | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | - | $ | - | ||||||||
Acquisition notes payable for property acquisition, net | $ | 36,624 | $ | - | $ | 71,903 | $ | - | ||||||||
Bridge note payable | $ | 123,250 | $ | - | $ | 195,750 | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | - | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these combined and combining financial statements.
F-191
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
COMBINED AND COMBINING STATEMENTS OF CASH FLOWS
(UNAUDITED)
Landa Series 9597 Pintail Trail (3) | Total Combined Cash Flows | |||||||||||||||
Six months ended June 30, | Six months ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||||
Net income (loss) | $ | (7,456 | ) | $ | - | $ | (404,567 | ) | $ | 115,192 | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||
Depreciation | 1,591 | - | 201,981 | 79,318 | ||||||||||||
Amortization of debt discount | - | - | - | - | ||||||||||||
(Gain) loss on sale of real estate | - | - | (62,013 | ) | (142,750 | ) | ||||||||||
Changes in assets and liabilities: | - | - | ||||||||||||||
Escrow | - | - | (41,137 | ) | (39,546 | ) | ||||||||||
Accounts receivable | - | - | 4,983 | 775 | ||||||||||||
Due from related party | 2,901 | - | 373,902 | 4,219 | ||||||||||||
Due to related party | - | - | 18,894 | 817,451 | ||||||||||||
Other liabilities | - | - | 62,417 | 56,902 | ||||||||||||
Security deposit | 1,775 | - | 100,588 | - | ||||||||||||
Net cash provided by (used in) operating activities | (1,189 | ) | - | 255,048 | 891,561 | |||||||||||
Cash flows from investing activities: | ||||||||||||||||
Additions to building and improvements | - | - | (20,920 | ) | (4,425,886 | ) | ||||||||||
Proceeds from sale of real estate investments | - | - | - | 339,000 | ||||||||||||
Net cash provided by (used in) investing activities | - | - | (20,920 | ) | (4,086,886 | ) | ||||||||||
Cash flows from financing activities: | ||||||||||||||||
Shareholder Proceeds | 13,885 | - | 775,017 | 1,259,017 | ||||||||||||
Shareholder Dividends | (666 | ) | - | (138,286 | ) | (233,014 | ) | |||||||||
Repayment of promissory note - related party | - | - | - | (203,865 | ) | |||||||||||
Repayment of note - related party | - | - | - | (337,565 | ) | |||||||||||
Repayment of acquisition note - related party | (8,787 | ) | - | (612,743 | ) | - | ||||||||||
Proceeds from mortgage | - | - | - | 3,475,262 | ||||||||||||
Repayment of mortgage | - | - | - | (117,062 | ) | |||||||||||
Net cash provided by (used in) financing activities | 4,432 | - | 23,988 | 3,842,773 | ||||||||||||
Net increase (decrease) in cash | 3,243 | - | 258,116 | 647,448 | ||||||||||||
Cash and restricted cash at beginning of year | - | - | 216,945 | 79,897 | ||||||||||||
Cash and restricted cash at end of year | $ | 3,243 | $ | - | $ | 475,061 | $ | 727,345 | ||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for interest | $ | 3,094 | $ | - | $ | 282,739 | $ | 76,471 | ||||||||
Supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||
Property acquisition, related party | $ | 272,179 | $ | - | $ | 21,791,090 | $ | - | ||||||||
Net proceeds from property disposition, net | $ | - | $ | - | $ | 487,201 | $ | - | ||||||||
Repayment of promissory note - related party | $ | - | $ | - | $ | (203,148 | ) | $ | - | |||||||
Acquisition notes payable for property acquisition, net | $ | 109,054 | $ | - | $ | 6,257,772 | $ | - | ||||||||
Bridge note payable | $ | 163,125 | $ | - | $ | 15,414,049 | $ | - | ||||||||
Mortgage payable | $ | - | $ | - | $ | 119,269 | $ | - | ||||||||
Repayment of mortgage | $ | - | $ | - | $ | (200,850 | ) | $ | - |
(1) | The series commenced operations on March 31, 2023. |
(2) | The series commenced operations on April 4, 2023. |
(3) | The series commenced operations on April 28, 2023. |
(4) | The series commenced operations on May 19, 2023. |
(5) | The series commenced operations on June 8, 2023. |
(6) | The series commenced operations on June 29, 2023. |
The accompanying notes are an integral part of these combined and combining financial statements.
F-192
LANDA APP LLC (LANDA APP)
LANDA APP SERIES GROUP (SERIES)
NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED)
1. ORGANIZATION, NATURE OF ACTIVITIES AND GOING CONCERN
Landa App LLC (“we,” “us,” “our,” or the “Company”) is currently a Delaware series limited liability company organized on November 25, 2019. On April 30, 2020, the Company changed its name from Landa Properties A LLC. The Company is a wholly owned subsidiary of Landa Holdings, Inc. and currently operates under an operating agreement with Landa Holdings, Inc. (the “Manager”). The Manager serves as the asset manager for the real estate properties owned by the Company and each underlying Series (as defined below).
The Company was formed to engage in the business of acquiring, managing and renting residential properties (each a “Property,” and collectively, the “Properties”). The Company has created, and it is expected that the Company will continue to create, separate series of interests registered under the Company (each a “Series,” and collectively, the “Series”), that each Property will be owned by a separate Series and that the assets and liabilities of each Series will be separate in accordance with Delaware law. Investors acquire membership interest, or shares, in each Series and will be entitled to share in the return of that particular Series but will not be entitled to share in the return of any other Series. The Company intends to treat each Series as a separate entity for U.S. federal income tax purposes and will elect to be treated as a corporation. The Company and each Series grouped together, (the “Landa App Series Group”) are herein, referred to as (the “Combined Group”).
On May 19, 2020, the Company filed Certificates of Registered Series Limited Liability Company with the Secretary of State of the State of Delaware to register each of the Series.
On July 10, 2020, the initial set of properties were acquired from a related party (Landa Properties LLC) by each of the respective Series. The acquisitions were accounted for as a commonly controlled transaction and recorded, accordingly at their carryover basis.
The Company has recently commenced planned principal operations and future performance is difficult to evaluate and not assured. The Company has also incurred significant additional expenses. The Company is dependent upon additional capital resources for the commencement of its planned principal operations and is subject to significant risks and uncertainties, including failing to secure funding to commence the Company’s planned operations or failing to profitably operate the business.
Each Series has commenced its planned operations. However, each Series is dependent upon additional capital resources from its planned offering. Each Series is subject to significant risks and uncertainties, including failing to secure funding to commence the Series’ planned operations or failing to profitably operate the business.
As a result, the accompanying financial statements for the Combined Group have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.
Going Concern
The Combined Group’s ability to continue as a going concern for the next twelve (12) months is dependent upon, among other things, the ability to successfully implement the business model, raise sufficient capital from outside investors and deploy such to produce profitable operating results. No assurance can be given that the Combined Group will be successful in these efforts. These factors, among others, raise substantial doubt about the ability of the Combined Group to continue as a going concern for the next twelve (12) months from the date the financial statements are issued.
The financial statements do not include any adjustments relating to recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Combined Group be unable to continue as a going concern.
F-193
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounts receivables and Allowances for bad debts
Accounts receivable balances represent short term rental receivables. As of June 30, 2023 and December 31, 2022 the Series had $2,588 and $7,575 in accounts receivables, respectively.
The company assesses the likely of collecting all outstanding receivables and if it is determined that the receivable balance is uncollectable the Company will write off the unpaid balance to bad debt expense. As of June 30, 2023 and December 31, 2022 the Series had $0 for allowance for bad debt. For the six months ended June 30, 2023 and June 30, 2022 the Series recorded $0 for bad debt expense.
Basis of Presentation
The combined financial statements of Landa App LLC and each of the Series are being presented on a combined basis, in accordance with U.S. GAAP (ASC 810, Consolidation) due to common control by Landa Holdings, Inc., in its capacity as manager to the Company and each Series.
The combined financial statements include one hundred and forty (140) Series, which own one hundred thirty-six (136) single-family homes located in the Atlanta metropolitan area in the state of Georgia as of June 30, 2023. Each Property was acquired by each respective Series, as set forth in the table below. Additionally, the Company formed eighty six (86) Series on March 28, 2023 that were included in the Company’s most recent Offering Circular. These Series, however, have not yet commenced operations as of June 30, 2023 since title of each respective Property related to each Series had not yet transferred from Landa Properties. As a result, these Series have been omitted from the combined and combining financial statements.
Series Name | Series Inception Date | Acquisition Date | ||
Landa Series 115 Sardis Street (1) | May 19, 2020 | July 10, 2020 | ||
Landa Series 1394 Oakview Circle | May 19, 2020 | July 10, 2020 | ||
Landa Series 1701 Summerwoods Lane | May 19, 2020 | July 10, 2020 | ||
Landa Series 1741 Park Lane | May 19, 2020 | July 10, 2020 | ||
Landa Series 209 Timber Wolf Trail (3) | May 19, 2020 | July 10, 2020 |
F-194
Landa Series 2505 Oak Circle (4) | May 19, 2020 | July 10, 2020 | ||
Landa Series 271 Timber Wolf Trail (2) | May 19, 2020 | July 10, 2020 | ||
Landa Series 29 Holly Grove Road | May 19, 2020 | July 10, 2020 | ||
Landa Series 1703 Summerwoods Lane | January 9, 2022 | January 12, 2022 | ||
Landa Series 1712 Summerwoods Lane | January 9, 2022 | January 12, 2022 | ||
Landa Series 1743 Summerwoods Lane | January 9, 2022 | January 12, 2022 | ||
Landa Series 1750 Summerwoods Lane | January 9, 2022 | January 12, 2022 | ||
Landa Series 4267 High Park Lane | January 9, 2022 | January 12, 2022 | ||
Landa Series 4474 Highwood Park Drive | January 9, 2022 | January 12, 2022 | ||
Landa Series 8569 Creekwood Way | January 9, 2022 | January 12, 2022 | ||
Landa Series 9439 Lakeview Road | January 9, 2022 | January 12, 2022 | ||
Landa Series 10167 Port Royal Court | January 9, 2022 | January 12, 2022 | ||
Landa Series 1246 Elgin Way | January 9, 2022 | January 12, 2022 | ||
Landa Series 1910 Grove Way | January 9, 2022 | January 12, 2022 | ||
Landa Series 593 Country Lane Drive | January 9, 2022 | January 12, 2022 | ||
Landa Series 6436 Stone Terrace | January 9, 2022 | January 13, 2022 | ||
Landa Series 6440 Woodstone Terrace | January 9, 2022 | January 13, 2022 | ||
Landa Series 6848 Sandy Creek Drive | January 9, 2022 | January 13, 2022 | ||
Landa Series 687 Utoy Court | January 9, 2022 | January 13, 2022 | ||
Landa Series 729 Winter Lane | January 9, 2022 | January 13, 2022 | ||
Landa Series 7349 Exeter Court | January 9, 2022 | January 13, 2022 | ||
Landa Series 8645 Embrey Drive | January 9, 2022 | January 13, 2022 | ||
Landa Series 8780 Churchill Place | January 9, 2022 | January 14, 2022 | ||
Landa Series 8796 Parliament Place | January 9, 2022 | January 13, 2022 | ||
Landa Series 8641 Ashley Way | January 9, 2022 | January 13, 2022 | ||
Landa Series 8651 Ashley Way | January 9, 2022 | January 13, 2022 | ||
Landa Series 8652 Ashley Way | January 9, 2022 | January 13, 2022 | ||
Landa Series 8653 Ashley Way | January 9, 2022 | January 13, 2022 | ||
Landa Series 8654 Ashley Way | January 9, 2022 | January 13, 2022 | ||
Landa Series 8655 Ashley Way | January 9, 2022 | January 14, 2022 | ||
Landa Series 8659 Ashley Way | January 9, 2022 | January 14, 2022 | ||
Landa Series 8662 Ashley Way | January 9, 2022 | January 14, 2022 | ||
Landa Series 8668 Ashley Way | January 9, 2022 | January 14, 2022 | ||
Landa Series 8670 Ashley Way | January 9, 2022 | January 14, 2022 | ||
Landa Series 8674 Ashley Way | January 9, 2022 | January 14, 2022 | ||
Landa Series 8675 Ashley Way | January 9, 2022 | January 14, 2022 | ||
Landa Series 8677 Ashley Way | January 9, 2022 | January 14, 2022 | ||
Landa Series 8678 Ashley Way | January 9, 2022 | January 14, 2022 | ||
Landa Series 8679 Ashley Way | January 9, 2022 | January 14, 2022 | ||
Landa Series 8683 Ashley Way | January 9, 2022 | January 14, 2022 | ||
Landa Series 1007 Leeward Way | March 28, 2023 | June 29, 2023 | ||
Landa Series 10121 Morris Drive SW | March 28, 2023 | April 28, 2023 | ||
Landa Series 10183 Starr Street SW | March 28, 2023 | April 28, 2023 | ||
Landa Series 103 Starlake Drive | March 28, 2023 | April 28, 2023 | ||
Landa Series 10433 Candlelight Road | March 28, 2023 | April 28, 2023 | ||
Landa Series 107 Oakwood Circle | March 28, 2023 | June 8, 2023 | ||
Landa Series 110 Shenandoah Drive | March 28, 2023 | April 28, 2023 | ||
Landa Series 111 Fir Drive | March 28, 2023 | April 28, 2023 | ||
Landa Series 112 Ridge Street | March 28, 2023 | April 28, 2023 | ||
Landa Series 11322 Michelle Way | March 28, 2023 | April 28, 2023 | ||
Landa Series 1147 Village Way | March 28, 2023 | April 28, 2023 | ||
Landa Series 1160 Gable Terrace | March 28, 2023 | April 28, 2023 | ||
Landa Series 1201 Kilrush Drive | March 28, 2023 | April 28, 2023 | ||
Landa Series 124 Libby Lane | March 28, 2023 | April 28, 2023 | ||
Landa Series 1320 Winona Avenue | March 28, 2023 | April 28, 2023 |
F-195
Landa Series 137 Southern Shores Road | March 28, 2023 | April 28, 2023 | ||
Landa Series 138 Sandalwood Circle | March 28, 2023 | April 28, 2023 | ||
Landa Series 140 High Ridge Road | March 28, 2023 | April 28, 2023 | ||
Landa Series 146 Crystal Brook | March 28, 2023 | April 28, 2023 | ||
Landa Series 153 Cliffside Court | March 28, 2023 | April 28, 2023 | ||
Landa Series 1666 West Poplar Street | March 28, 2023 | April 28, 2023 | ||
Landa Series 168 Brookview Drive | March 28, 2023 | March 31, 2023 | ||
Landa Series 1689 Viceroy Way | March 28, 2023 | April 28, 2023 | ||
Landa Series 181 Watercress Court | March 28, 2023 | April 28, 2023 | ||
Landa Series 188 Timberline Road | March 28, 2023 | April 28, 2023 | ||
Landa Series 189 Shenandoah Drive | March 28, 2023 | April 28, 2023 | ||
Landa Series 195 Hunters Trace | March 28, 2023 | April 28, 2023 | ||
Landa Series 196 Montego Circle | March 28, 2023 | April 28, 2023 | ||
Landa Series 20 Chimney Smoke Drive | March 28, 2023 | May 19, 2023 | ||
Landa Series 212 Fleeta Drive | March 28, 2023 | April 28, 2023 | ||
Landa Series 217 Glenloch Court | March 28, 2023 | April 28, 2023 | ||
Landa Series 2264 Chestnut Hill Circle | March 28, 2023 | April 28, 2023 | ||
Landa Series 2425 Cornell Circle | March 28, 2023 | May 19, 2023 | ||
Landa Series 25 Pleasant Valley Road | March 28, 2023 | April 28, 2023 | ||
Landa Series 253 Marco Drive | March 28, 2023 | April 28, 2023 | ||
Landa Series 258 Rocky Point Road | March 28, 2023 | April 28, 2023 | ||
Landa Series 268 Brookview Drive | March 28, 2023 | March 31, 2023 | ||
Landa Series 270 Mountain Lane | March 28, 2023 | April 28, 2023 | ||
Landa Series 270 Pleasant Hills Drive | March 28, 2023 | April 28, 2023 | ||
Landa Series 2813 Vicksburg Court | March 28, 2023 | April 28, 2023 | ||
Landa Series 2933 Coffer Drive | March 28, 2023 | April 28, 2023 | ||
Landa Series 30 High Ridge Road | March 28, 2023 | April 28, 2023 | ||
Landa Series 30 Roosevelt Road | March 28, 2023 | April 28, 2023 | ||
Landa Series 3011 Raintree Drive SE | March 28, 2023 | April 28, 2023 | ||
Landa Series 3043 Highway 81 S | March 28, 2023 | April 28, 2023 | ||
Landa Series 313 Blue Heron Drive | March 28, 2023 | April 28, 2023 | ||
Landa Series 3202 Chippewa Drive | March 28, 2023 | April 28, 2023 | ||
Landa Series 35 Clay Court | March 28, 2023 | April 28, 2023 | ||
Landa Series 350 Cadiz Lane S | March 28, 2023 | April 28, 2023 | ||
Landa Series 351 Wesley Park Drive | March 28, 2023 | April 28, 2023 | ||
Landa Series 3667 Patti Parkway | March 28, 2023 | May 19, 2023 | ||
Landa Series 412 Kendall Lane | March 28, 2023 | May 19, 2023 | ||
Landa Series 43 Darwin Drive | March 28, 2023 | April 28, 2023 | ||
Landa Series 45 Blue Jay Drive | March 28, 2023 | April 28, 2023 | ||
Landa Series 45 Laurel Way | March 28, 2023 | May 19, 2023 | ||
Landa Series 4702 Saint James Way | March 28, 2023 | April 28, 2023 | ||
Landa Series 4732 Pinedale Drive | March 28, 2023 | April 28, 2023 | ||
Landa Series 5040 Huntshire Lane | March 28, 2023 | April 28, 2023 | ||
Landa Series 513 Jarrett Court | March 28, 2023 | April 28, 2023 | ||
Landa Series 5143 Pinecrest Drive SW | March 28, 2023 | April 28, 2023 | ||
Landa Series 540 Cowan Road | March 28, 2023 | April 28, 2023 | ||
Landa Series 5411 Rocky Pine Drive | March 28, 2023 | May 19, 2023 | ||
Landa Series 550 Cowan Road | March 28, 2023 | May 19, 2023 | ||
Landa Series 5581 Fox Glen Circle | March 28, 2023 | May 19, 2023 | ||
Landa Series 565 Mountainview Drive | March 28, 2023 | April 28, 2023 | ||
Landa Series 5801 Strathmoor Manor Circle | March 28, 2023 | April 28, 2023 | ||
Landa Series 6107 Shadow Glen Court | March 28, 2023 | April 28, 2023 | ||
Landa Series 6111-6113 Pine Glen Circle SW | March 28, 2023 | April 28, 2023 | ||
Landa Series 615 Barshay Drive | March 28, 2023 | April 28, 2023 |
F-196
Landa Series 6168 Wheat Street NE | March 28, 2023 | April 28, 2023 | ||
Landa Series 6178 Green Acres Drive SW | March 28, 2023 | April 28, 2023 | ||
Landa Series 6404 Walnut Way | March 28, 2023 | May 19, 2023 | ||
Landa Series 643 Sycamore Drive | March 28, 2023 | April 28, 2023 | ||
Landa Series 65 Freedom Court | March 28, 2023 | April 28, 2023 | ||
Landa Series 6635 Kimberly Mill Road | March 28, 2023 | April 28, 2023 | ||
Landa Series 6653 Bedford Road | March 28, 2023 | April 28, 2023 | ||
Landa Series 6762 Bent Creek Drive | March 28, 2023 | April 28, 2023 | ||
Landa Series 709 Georgetown Court | March 28, 2023 | April 28, 2023 | ||
Landa Series 7107 Geiger Street NW | March 28, 2023 | April 28, 2023 | ||
Landa Series 750 Georgetown Court | March 28, 2023 | April 28, 2023 | ||
Landa Series 752 Chestnut Drive | March 28, 2023 | April 28, 2023 | ||
Landa Series 773 Villa Way | March 28, 2023 | March 31, 2023 | ||
Landa Series 7781 Mountain Creek Way | March 28, 2023 | April 28, 2023 | ||
Landa Series 7950 Woodlake Drive | March 28, 2023 | April 28, 2023 | ||
Landa Series 80 High Ridge Road | March 28, 2023 | April 28, 2023 | ||
Landa Series 808 Hillandale Lane | March 28, 2023 | April 28, 2023 | ||
Landa Series 8110 Devonshire Drive | March 28, 2023 | April 28, 2023 | ||
Landa Series 8121 Spillers Drive SW | March 28, 2023 | April 28, 2023 | ||
Landa Series 8233 Creekline Court | March 28, 2023 | April 28, 2023 | ||
Landa Series 843 Tramore Drive | March 28, 2023 | March 31, 2023 | ||
Landa Series 85 Kirkland Court | March 28, 2023 | April 28, 2023 | ||
Landa Series 85 Thorn Thicket Way | March 28, 2023 | April 28, 2023 | ||
Landa Series 8855 Rugby Court | March 28, 2023 | April 28, 2023 | ||
Landa Series 9434 Cedar Creek Place | March 28, 2023 | April 28, 2023 | ||
Landa Series 9597 Pintail Trail | March 28, 2023 | April 28, 2023 |
(1) | The Series sold the underlying Property on March 30, 2023. |
(2) | The Series sold the underlying property on April 14, 2023. |
(3) | The Series sold the underlying property on May 31, 2023. |
(4) | The Series sold the underlying property on June 6, 2023. |
Significant Risks and Uncertainties
The Company is subject to customary risks and uncertainties with development of new technology including, but not limited to, new technological innovations, protection of proprietary technology, dependence on key personnel, costs of services provided by third parties, the need to obtain additional financing, and limited operating history.
Use of Estimates
The preparation of the combined financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates inherent in the preparation of these financial statements include, but are not limited to, useful life of assets and depreciation expenses.
Restricted cash
Each Series held the following amount of restricted cash as of June 30, 2023 and December 31, 2022:
Series | June 30, 2023 | December 31, 2022 | ||||||
Landa Series 115 Sardis Street | $ | - | $ | - | ||||
Landa Series 1394 Oakview Circle | 775 | 775 | ||||||
Landa Series 1701 Summerwoods Lane | - | 925 | ||||||
Landa Series 1741 Park Lane | - | - | ||||||
Landa Series 209 Timber Wolf Trail | - | 500 |
F-197
Landa Series 2505 Oak Circle | - | 1,250 | ||||||
Landa Series 271 Timber Wolf Trail | - | - | ||||||
Landa Series 29 Holly Grove Road | 600 | 600 | ||||||
Landa Series 1703 Summerwoods Lane | 950 | 950 | ||||||
Landa Series 1712 Summerwoods Lane | 1,450 | 875 | ||||||
Landa Series 1743 Summerwoods Lane | 1,225 | 1,225 | ||||||
Landa Series 1750 Summerwoods Lane | - | - | ||||||
Landa Series 4267 High Park Lane | - | 975 | ||||||
Landa Series 4474 Highwood Park Drive | 1,000 | 1,000 | ||||||
Landa Series 8569 Creekwood Way | - | 500 | ||||||
Landa Series 9439 Lakeview Road | 1,050 | 1,050 | ||||||
Landa Series 10167 Port Royal Court | 915 | 915 | ||||||
Landa Series 1246 Elgin Way | 1,150 | 1,150 | ||||||
Landa Series 1910 Grove Way | 1,500 | 1,523 | ||||||
Landa Series 593 Country Lane Drive | 971 | 971 | ||||||
Landa Series 6436 Stone Terrace | 1,000 | 1,000 | ||||||
Landa Series 6440 Woodstone Terrace | 1,295 | - | ||||||
Landa Series 6848 Sandy Creek Drive | 1,475 | 975 | ||||||
Landa Series 687 Utoy Court | 1,157 | 1,157 | ||||||
Landa Series 729 Winter Lane | 1,975 | 500 | ||||||
Landa Series 7349 Exeter Court | 1,000 | 1,000 | ||||||
Landa Series 8645 Embrey Drive | 1,050 | 1,050 | ||||||
Landa Series 8780 Churchill Place | 1,323 | 1,200 | ||||||
Landa Series 8796 Parliament Place | 975 | 975 | ||||||
Landa Series 8641 Ashley Way | 900 | 900 | ||||||
Landa Series 8651 Ashley Way | 800 | 800 | ||||||
Landa Series 8652 Ashley Way | 2,200 | 2,200 | ||||||
Landa Series 8653 Ashley Way | 700 | 700 | ||||||
Landa Series 8654 Ashley Way | 1,350 | 1,350 | ||||||
Landa Series 8655 Ashley Way | - | - | ||||||
Landa Series 8659 Ashley Way | 1,250 | 2,125 | ||||||
Landa Series 8662 Ashley Way | 925 | 925 | ||||||
Landa Series 8668 Ashley Way | 1,000 | 1,000 | ||||||
Landa Series 8670 Ashley Way | 975 | 975 | ||||||
Landa Series 8674 Ashley Way | 1,625 | 1,300 | ||||||
Landa Series 8675 Ashley Way | 1,100 | 1,100 | ||||||
Landa Series 8677 Ashley Way | 1,050 | 1,050 | ||||||
Landa Series 8678 Ashley Way | 900 | 900 | ||||||
Landa Series 8679 Ashley Way | 1,400 | 925 | ||||||
Landa Series 8683 Ashley Way | 925 | 925 | ||||||
Landa Series 1007 Leeward Way | 950 | - | ||||||
Landa Series 10121 Morris Drive SW | 1,600 | - | ||||||
Landa Series 10183 Starr Street SW | 850 | - | ||||||
Landa Series 103 Starlake Drive | 990 | - | ||||||
Landa Series 10433 Candlelight Road | 995 | - | ||||||
Landa Series 107 Oakwood Circle | 825 | - | ||||||
Landa Series 110 Shenandoah Drive | 850 | - | ||||||
Landa Series 111 Fir Drive | 1,250 | - | ||||||
Landa Series 112 Ridge Street | - | - | ||||||
Landa Series 11322 Michelle Way | 900 | - | ||||||
Landa Series 1147 Village Way | 1,525 | - | ||||||
Landa Series 1160 Gable Terrace | 2,200 | - | ||||||
Landa Series 1201 Kilrush Drive | 2,100 | - | ||||||
Landa Series 124 Libby Lane | 1,550 | - |
F-198
Landa Series 1320 Winona Avenue | - | - | ||||||
Landa Series 137 Southern Shores Road | 500 | - | ||||||
Landa Series 138 Sandalwood Circle | 1,750 | - | ||||||
Landa Series 140 High Ridge Road | 1,450 | - | ||||||
Landa Series 146 Crystal Brook | 975 | - | ||||||
Landa Series 153 Cliffside Court | 820 | - | ||||||
Landa Series 1666 W Poplar Street | 950 | - | ||||||
Landa Series 168 Brookview Drive | - | - | ||||||
Landa Series 1689 Viceroy Way | 1,200 | - | ||||||
Landa Series 181 Watercress Court | 1,600 | - | ||||||
Landa Series 188 Timberline Road | - | - | ||||||
Landa Series 189 Shenandoah Drive | 1,675 | - | ||||||
Landa Series 195 Hunters Trace | - | - | ||||||
Landa Series 196 Montego Circle | 900 | - | ||||||
Landa Series 20 Chimney Smoke Drive | 1,500 | - | ||||||
Landa Series 212 Fleeta Drive | 1,175 | - | ||||||
Landa Series 217 Glenloch Court | 1,400 | - | ||||||
Landa Series 2264 Chestnut Hill Circle | 1,875 | - | ||||||
Landa Series 2425 Cornell Circle | 1,150 | - | ||||||
Landa Series 25 Pleasant Valley Road | 775 | - | ||||||
Landa Series 253 Marco Drive | 600 | - | ||||||
Landa Series 258 Rocky Point Road | 1,600 | - | ||||||
Landa Series 268 Brookview Drive | - | - | ||||||
Landa Series 270 Mountain Lane | 1,650 | - | ||||||
Landa Series 270 Pleasant Hills Drive | 1,623 | - | ||||||
Landa Series 2813 Vicksburg Court | 1,275 | - | ||||||
Landa Series 2933 Coffer Drive | - | - | ||||||
Landa Series 30 High Ridge Road | 935 | - | ||||||
Landa Series 30 Roosevelt Road | 1,625 | - | ||||||
Landa Series 3011 Raintree Drive SE | 995 | - | ||||||
Landa Series 3043 Highway 81 S | 1,180 | - | ||||||
Landa Series 313 Blue Heron Drive | 1,553 | - | ||||||
Landa Series 3202 Chippewa Drive | - | - | ||||||
Landa Series 35 Clay Court | 1,699 | - | ||||||
Landa Series 350 Cadiz Lane S | - | - | ||||||
Landa Series 351 Wesley Park Drive | 900 | - | ||||||
Landa Series 3667 Patti Parkway | - | - | ||||||
Landa Series 412 Kendall Lane | - | - | ||||||
Landa Series 43 Darwin Drive | - | - | ||||||
Landa Series 45 Blue Jay Drive | 1,425 | - | ||||||
Landa Series 45 Laurel Way | 975 | - | ||||||
Landa Series 4702 Saint James Way | 1,550 | - | ||||||
Landa Series 4732 Pinedale Drive | 800 | - | ||||||
Landa Series 5040 Huntshire Lane | 2,499 | - | ||||||
Landa Series 513 Jarrett Court | 1,599 | - | ||||||
Landa Series 5143 Pinecrest Drive SW | 1,225 | - | ||||||
Landa Series 540 Cowan Road | 995 | - | ||||||
Landa Series 5411 Rocky Pine Drive | 1,775 | - | ||||||
Landa Series 550 Cowan Road | 1,475 | - | ||||||
Landa Series 5581 Fox Glen Circle | 2,275 | - | ||||||
Landa Series 565 Mountainview Drive | 1,675 | - | ||||||
Landa Series 5801 Strathmoor Manor Circle | 1,575 | - | ||||||
Landa Series 6107 Shadow Glen Court | 1,175 | - | ||||||
Landa Series 6113 Pine Glen Circle SW | 500 | - |
F-199
Landa Series 615 Barshay Drive | 1,100 | - | ||||||
Landa Series 6168 Wheat Street NE | - | - | ||||||
Landa Series 6178 Green Acres Drive SW | 1,400 | - | ||||||
Landa Series 6404 Walnut Way | 800 | - | ||||||
Landa Series 643 Sycamore Drive | 1,125 | - | ||||||
Landa Series 65 Freedom Court | 500 | - | ||||||
Landa Series 6635 Kimberly Mill Road | - | - | ||||||
Landa Series 6653 Bedford Road | 1,475 | - | ||||||
Landa Series 6762 Bent Creek Drive | 1,595 | - | ||||||
Landa Series 709 Georgetown Court | 1,700 | - | ||||||
Landa Series 7107 Geiger Street NW | 1,150 | - | ||||||
Landa Series 750 Georgetown Court | 1,190 | - | ||||||
Landa Series 752 Chestnut Drive | 675 | - | ||||||
Landa Series 773 Villa Way | - | - | ||||||
Landa Series 7781 Mountain Creek Way | - | - | ||||||
Landa Series 7950 Woodlake Drive | 1,200 | - | ||||||
Landa Series 80 High Ridge Road | 1,350 | - | ||||||
Landa Series 808 Hillandale Lane | 1,075 | - | ||||||
Landa Series 8110 Devonshire Drive | 2,500 | - | ||||||
Landa Series 8121 Spillers Drive SW | 875 | - | ||||||
Landa Series 8233 Creekline Court | 1,750 | - | ||||||
Landa Series 843 Tramore Drive | - | - | ||||||
Landa Series 85 Kirkland Court | - | - | ||||||
Landa Series 85 Thorn Thicket Way | 1,050 | - | ||||||
Landa Series 8855 Rugby Court | 1,075 | - | ||||||
Landa Series 9434 Cedar Creek Place | 1,150 | - | ||||||
Landa Series 9597 Pintail Trail | 1,775 | - | ||||||
Total Restricted Cash | $ | 139,879 | $ | 40,216 |
Restricted cash is made up of security deposits.
As a matter of performing its duties, the Manager, at times, will collect and hold cash on behalf of the Series.
F-200
Revenue
The Company adopted FASB ASC 606, Revenue form Contracts with Customers, and its related amendments, effective at inception using the modified retrospective transition approach applied to all contracts. There are no cumulative impacts there were made. The Company determines revenue recognition through the following steps:
● | Identification of a contract with a customer; |
● | Identification of the performance obligations in the contract; |
● | Determination of the transaction price; |
● | Allocation of the transaction price to the performance obligations in the contract; and |
● | Recognition of revenue when or as the performance obligations are satisfied |
Revenue is recognized when performance obligations are satisfied through the transfer of control of promised goods to the Company’s customers in an amount that reflects the consideration expected to be received in exchange for transferring goods or services to customers. Control transfers once a customer has the ability to direct the use of, and obtain substantially all of the benefits from, the product. This includes the transfer of legal title, physical possession, the risks and rewards of ownership, and customer acceptance.
Revenues are generated at the Series level. Rental revenue is generated from annual or month to month leases of the multi-family homes. The Company recognizes rental revenue on a monthly basis when earned.
Real Estate Property Acquisitions
Upon acquisition from a third-party, we evaluate our acquired single-family residential properties for purposes of determining whether a transaction should be accounted for as an asset acquisition or business combination. Upon adoption of ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, our purchases of homes are treated as asset acquisitions and are recorded at their purchase price, which is allocated between land, building and improvements, and in-place lease intangibles (when a resident is in place at the acquisition date) based upon their relative fair values at the date of acquisition
Fair value is determined in accordance with ASC 820, Fair Value Measurements and Disclosures, and is primarily based on unobservable data inputs. In making estimates of fair values for purposes of allocating the purchase price of individually acquired properties subject to an existing lease, the Company utilizes its own market knowledge obtained from historical transactions, its internal construction program and published market data. In this regard, the Company also utilizes information obtained from county tax assessment records to assist in the determination of the fair value of the land and building.
The value of acquired lease-related intangibles is estimated based upon the costs we would have incurred to lease the property under similar terms. Such costs are capitalized and amortized over the remaining life of the lease. Acquired leases are generally short-term in nature (less than one year).
Upon acquisition from a related party, the Company considers this transaction between entities under common control. Under ASC 805-50-30-5, when accounting for a transfer of assets or exchange of shares between entities under common control, the entity that receives the net assets or the equity interests, in this case, the Series, will initially measure the recognized assets and liabilities transferred at their carrying amounts in the accounts of the transferring entity at the date of transfer.
The properties were acquired from a related party by each of the respective Series. The acquisitions were accounted for as a commonly controlled transaction and recorded, accordingly at their carryover basis.
Real Estate Depreciation
Investments in real estate are stated at cost less accumulated depreciation. Depreciation is computed on a straight-line basis over the estimated useful lives of buildings, improvements, and other assets. Buildings are depreciated over twenty-seven and half years and improvements and other assets are depreciated over their estimated economic useful lives, generally three to twenty-seven and one half (27.5) years.
Once a property is ready for its intended use, expenditures for ordinary maintenance and repairs are expensed to operations as incurred. The Company capitalizes expenditures above a pre-determined threshold that improve or extend the life of a property.
F-201
Real Estate and Impairment
The Company continuously evaluates, by property, whether there are any events or changes in circumstances indicating that the carrying amount of the Series’ single-family residential properties may not be recoverable. To the extent an event or change in circumstance is identified, a residential property is considered to be impaired only if its carrying value cannot be recovered through estimated future undiscounted cash flows from the use and eventual disposition of the property. To the extent an impairment has occurred, the carrying amount of our investment in a property is adjusted to its estimated fair value. The process whereby we assess our single-family residential properties for impairment requires significant judgment and assessment of factors that are, at times, subject to significant uncertainty. We evaluate multiple information sources and perform a number of internal analyses, each of which are important components of our process with no one information source or analysis being necessarily determinative. No impairments on any property were recorded as of June 30, 2023 and December 31, 2022.
Income Taxes
The Company intends to be taxed as a “disregarded entity” for federal income tax purposes and will not make any election or take any action that could cause it to be separately treated as an association taxable as a corporation under Subchapter C of the Internal Revenue Code of 1986. The elements of income and expense are included on the tax returns of the entity’s members.
Each individual Series has elected to be treated as a corporation for tax purposes. Each separate Series intends to be accounted for as described in ASC Topic 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
The Series recognizes the tax benefit from an uncertain tax position only if it is more likely than not the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. There were no uncertain tax positions as of June 30, 2023 and December 31, 2022.
The Series’ determinations regarding ASC 740 may be subject to review and adjustment at a later date based upon factors including, but not limited to, an on-going analysis of tax laws, regulations and interpretations thereof.
The Series is subject to incomes taxes for US Federal purposes and in the state of Georgia. The Series’ tax years are open for examinations for all periods since inception.
Organization and Offering Costs
The Manager will pay all costs incurred in connection with each Series’ organization, including, the Series’ registration fee and franchise tax in the states of Delaware and Georgia. In addition, the Manager will pay all costs incurred in connection with each Offering.
F-202
3. RECENT ACCOUNTING STANDARDS
In February 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-02, “Leases” (Topic 842). This ASU requires a lessee to recognize a right-of-use asset and a lease liability under most operating leases in its balance sheet. The ASU was effective for annual and interim periods beginning after December 15, 2019, including interim periods within those fiscal years. In April 2020, the FASB voted to defer the effective date of ASC 842 for private companies and certain no-for-profit entities for one year. For private companies and private NFPs, the leasing standard will be effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. For public NFPs the leasing standard will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. We are continuing to evaluate the impact of this new standard on our financial reporting and disclosures.
Management does not believe that any other recently issued, but not yet effective, accounting standards could have a material effect on the accompanying financial statements. As new accounting pronouncements are issued, we will adopt those that are applicable under the circumstances.
4. FAIR VALUE MEASUREMENTS
Fair value is an exit price, representing the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants based on the highest and best use of the asset or liability. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The Company uses valuation techniques to measure fair value that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized as follows:
Level 1 - Observable inputs, such as quoted prices for identical assets or liabilities in active markets;
Level 2 - Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly, such as quoted prices for similar assets or liabilities, or market-corroborated inputs; and
Level 3 - Unobservable inputs for which there is little or no market data which require the reporting entity to develop its own assumptions about how market participants would price the assets or liabilities.
The valuation techniques that may be used to measure fair value are as follows:
Market approach - Uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.
Income approach - Uses valuation techniques to convert future amounts to a single present amount based on current market expectations about those future amounts, including present value techniques, option-pricing models, and excess earnings method.
Cost approach - Based on the amount that currently would be required to replace the service capacity of an asset (replacement cost).
As of June 30, 2023, each of the Series’ significant financial instruments consist of cash and related party payables. We believe the carrying amount of each of the Series’ financial instruments approximates their fair values due to their short-term nature.
F-203
5. INVESTMENTS IN SINGLE-FAMILY RESIDENTIAL PROPERTIES
The following table sets forth the net carrying amounts associated with each Series’ property by component as of June 30, 2023.
Series | Land | Building & improvements | Total gross investments | Less: accumulated depreciation | Investments in single-family residential properties, net | |||||||||||||||
Landa Series 115 Sardis Street(1) | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
Landa Series 1394 Oakview Circle | 17,325 | 61,119 | 78,444 | 6,624 | 71,820 | |||||||||||||||
Landa Series 1701 Summerwoods Lane | 15,900 | 153,325 | 169,225 | 1,348 | 167,877 | |||||||||||||||
Landa Series 1741 Park Lane | 18,000 | 173,485 | 191,485 | 1,525 | 189,960 | |||||||||||||||
Landa Series 209 Timber Wolf Trail(2) | - | - | - | - | - | |||||||||||||||
Landa Series 2505 Oak Circle (3) | - | - | - | - | - | |||||||||||||||
Landa Series 271 Timber Wolf Trail(4) | - | - | - | - | - | |||||||||||||||
Landa Series 29 Holly Grove Road | 14,622 | 84,498 | 99,120 | 9,162 | 89,958 | |||||||||||||||
Landa Series 1703 Summerwoods Lane | 11,160 | 100,444 | 111,604 | 5,361 | 106,243 | |||||||||||||||
Landa Series 1712 Summerwoods Lane | 11,160 | 100,444 | 111,604 | 5,361 | 106,243 | |||||||||||||||
Landa Series 1743 Summerwoods Lane | 11,160 | 100,444 | 111,604 | 5,361 | 106,243 | |||||||||||||||
Landa Series 1750 Summerwoods Lane | 11,160 | 100,444 | 111,604 | 5,361 | 106,243 | |||||||||||||||
Landa Series 4267 High Park Lane | 14,908 | 143,402 | 158,310 | 7,334 | 150,976 | |||||||||||||||
Landa Series 4474 Highwood Park Drive | 13,413 | 120,717 | 134,130 | 6,443 | 127,687 | |||||||||||||||
Landa Series 8569 Creekwood Way | 8,182 | 73,638 | 81,820 | 3,930 | 77,890 | |||||||||||||||
Landa Series 9439 Lakeview Road | 17,779 | 160,013 | 177,792 | 8,540 | 169,252 | |||||||||||||||
Landa Series 10167 Port Royal Court | 10,856 | 97,708 | 108,564 | 5,214 | 103,350 | |||||||||||||||
Landa Series 1246 Elgin Way | 13,107 | 117,967 | 131,074 | 6,296 | 124,778 | |||||||||||||||
Landa Series 1910 Grove Way | 10,264 | 92,374 | 102,638 | 4,931 | 97,707 | |||||||||||||||
Landa Series 593 Country Lane Drive | 9,408 | 84,671 | 94,079 | 4,519 | 89,560 | |||||||||||||||
Landa Series 6436 Stone Terrace | 5,937 | 53,434 | 59,371 | 2,847 | 56,524 | |||||||||||||||
Landa Series 6440 Woodstone Terrace | 6,356 | 57,201 | 63,557 | 3,047 | 60,510 |
F-204
Landa Series 6848 Sandy Creek Drive | 8,478 | 76,302 | 84,780 | 4,065 | 80,715 | |||||||||||||||
Landa Series 687 Utoy Court | 11,330 | 101,967 | 113,297 | 5,432 | 107,865 | |||||||||||||||
Landa Series 729 Winter Lane | 11,163 | 100,464 | 111,627 | 5,353 | 106,274 | |||||||||||||||
Landa Series 7349 Exeter Court | 10,860 | 97,741 | 108,601 | 5,207 | 103,394 | |||||||||||||||
Landa Series 8645 Embrey Drive | 11,670 | 105,035 | 116,705 | 5,596 | 111,109 | |||||||||||||||
Landa Series 8780 Churchill Place | 13,011 | 117,103 | 130,114 | 6,238 | 123,876 | |||||||||||||||
Landa Series 8796 Parliament Place | 10,782 | 97,035 | 107,817 | 5,169 | 102,648 | |||||||||||||||
Landa Series 8641 Ashley Way | 13,977 | 125,797 | 139,774 | 6,702 | 133,072 | |||||||||||||||
Landa Series 8651 Ashley Way | 11,687 | 105,185 | 116,872 | 5,603 | 111,269 | |||||||||||||||
Landa Series 8652 Ashley Way | 12,996 | 116,964 | 129,960 | 6,232 | 123,728 | |||||||||||||||
Landa Series 8653 Ashley Way | 11,578 | 104,204 | 115,782 | 5,552 | 110,230 | |||||||||||||||
Landa Series 8654 Ashley Way | 12,996 | 116,963 | 129,959 | 6,232 | 123,727 | |||||||||||||||
Landa Series 8655 Ashley Way | 12,123 | 109,111 | 121,234 | 5,802 | 115,432 | |||||||||||||||
Landa Series 8659 Ashley Way | 13,868 | 124,815 | 138,683 | 6,637 | 132,046 | |||||||||||||||
Landa Series 8662 Ashley Way | 13,432 | 120,889 | 134,321 | 6,429 | 127,892 | |||||||||||||||
Landa Series 8668 Ashley Way | 14,414 | 129,723 | 144,137 | 6,899 | 137,238 | |||||||||||||||
Landa Series 8670 Ashley Way | 15,177 | 136,594 | 151,771 | 7,264 | 144,507 | |||||||||||||||
Landa Series 8674 Ashley Way | 12,887 | 115,982 | 128,869 | 6,168 | 122,701 | |||||||||||||||
Landa Series 8675 Ashley Way | 12,669 | 114,018 | 126,687 | 6,063 | 120,624 | |||||||||||||||
Landa Series 8677 Ashley Way | 11,905 | 107,148 | 119,053 | 5,698 | 113,355 | |||||||||||||||
Landa Series 8678 Ashley Way | 16,049 | 144,447 | 160,496 | 7,681 | 152,815 | |||||||||||||||
Landa Series 8679 Ashley Way | 12,887 | 115,982 | 128,869 | 6,168 | 122,701 | |||||||||||||||
Landa Series 8683 Ashley Way | 11,796 | 106,166 | 117,962 | 5,645 | 112,317 | |||||||||||||||
Landa Series 1007 Leeward Way | 21,953 | 214,743 | 236,696 | 22 | 236,674 | |||||||||||||||
Landa Series 10121 Morris Drive SW | 19,944 | 195,452 | 215,396 | 1,243 | 214,153 | |||||||||||||||
Landa Series 10183 Starr Street SW | 19,032 | 186,695 | 205,727 | 1,188 | 204,539 | |||||||||||||||
Landa Series 103 Starlake Drive | 18,831 | 184,849 | 203,680 | 1,175 | 202,505 | |||||||||||||||
Landa Series 10433 Candlelight Road | 22,493 | 219,916 | 242,409 | 1,399 | 241,010 | |||||||||||||||
Landa Series 107 Oakwood Circle | 12,588 | 124,826 | 137,414 | 278 | 137,136 | |||||||||||||||
Landa Series 110 Shenandoah Drive | 22,959 | 224,396 | 247,355 | 1,428 | 245,927 | |||||||||||||||
Landa Series 111 Fir Drive | 16,414 | 188,831 | 205,245 | 1,202 | 204,043 |
F-205
Landa Series 112 Ridge Street | 22,859 | 223,428 | 246,287 | 1,421 | 244,866 | |||||||||||||||
Landa Series 11322 Michelle Way | 17,421 | 171,227 | 188,648 | 1,090 | 187,558 | |||||||||||||||
Landa Series 1147 Village Way | 22,053 | 241,885 | 263,938 | 1,539 | 262,399 | |||||||||||||||
Landa Series 1160 Gable Terrace | 22,053 | 215,705 | 237,758 | 1,372 | 236,386 | |||||||||||||||
Landa Series 1201 Kilrush Drive | 43,804 | 424,506 | 468,310 | 2,701 | 465,609 | |||||||||||||||
Landa Series 124 Libby Lane | 16,449 | 200,279 | 216,728 | 1,274 | 215,454 | |||||||||||||||
Landa Series 1320 Winona Avenue | 14,626 | 144,394 | 159,020 | 919 | 158,101 | |||||||||||||||
Landa Series 137 Southern Shores Road | 16,429 | 161,703 | 178,132 | 1,029 | 177,103 | |||||||||||||||
Landa Series 138 Sandalwood Circle | 21,183 | 224,757 | 245,940 | 1,430 | 244,510 | |||||||||||||||
Landa Series 140 High Ridge Road | 20,643 | 202,162 | 222,805 | 1,286 | 221,519 | |||||||||||||||
Landa Series 146 Crystal Brook | 13,830 | 136,754 | 150,584 | 870 | 149,714 | |||||||||||||||
Landa Series 153 Cliffside Court | 11,379 | 113,230 | 124,609 | 720 | 123,889 | |||||||||||||||
Landa Series 1666 West Poplar Street | 15,608 | 153,826 | 169,434 | 979 | 168,455 | |||||||||||||||
Landa Series 168 Brookview Drive | 9,670 | 116,777 | 126,447 | 1,074 | 125,373 | |||||||||||||||
Landa Series 1689 Viceroy Way | 20,166 | 197,579 | 217,745 | 1,257 | 216,488 | |||||||||||||||
Landa Series 181 Watercress Court | 19,636 | 192,495 | 212,131 | 1,225 | 210,906 | |||||||||||||||
Landa Series 188 Timberline Road | 9,164 | 91,955 | 101,119 | 585 | 100,534 | |||||||||||||||
Landa Series 189 Shenandoah Drive | 17,925 | 176,060 | 193,985 | 1,120 | 192,865 | |||||||||||||||
Landa Series 195 Hunters Trace | 21,550 | 234,095 | 255,645 | 1,490 | 254,155 | |||||||||||||||
Landa Series 196 Montego Circle | 18,932 | 185,727 | 204,659 | 1,181 | 203,478 | |||||||||||||||
Landa Series 20 Chimney Smoke Drive | 20,744 | 203,131 | 223,875 | 862 | 223,013 | |||||||||||||||
Landa Series 212 Fleeta Drive | 15,815 | 155,804 | 171,619 | 991 | 170,628 | |||||||||||||||
Landa Series 217 Glenloch Court | 22,758 | 222,462 | 245,220 | 1,415 | 243,805 | |||||||||||||||
Landa Series 2264 Chestnut Hill Circle | 29,304 | 285,298 | 314,602 | 1,815 | 312,787 | |||||||||||||||
Landa Series 2425 Cornell Circle | 24,873 | 242,767 | 267,640 | 1,030 | 266,610 | |||||||||||||||
Landa Series 25 Pleasant Valley Road | 20,442 | 200,228 | 220,670 | 1,274 | 219,396 | |||||||||||||||
Landa Series 253 Marco Drive | 15,734 | 155,030 | 170,764 | 986 | 169,778 | |||||||||||||||
Landa Series 258 Rocky Point Road | 23,362 | 228,263 | 251,625 | 1,452 | 250,173 | |||||||||||||||
Landa Series 268 Brookview Drive | 11,627 | 115,606 | 127,233 | 1,062 | 126,171 | |||||||||||||||
Landa Series 270 Mountain Lane | 24,175 | 234,353 | 258,528 | 1,491 | 257,037 |
F-206
Landa Series 270 Pleasant Hills Drive | 23,765 | 242,431 | 266,196 | 1,542 | 264,654 | |||||||||||||||
Landa Series 2813 Vicksburg Court | 25,477 | 248,563 | 274,040 | 1,581 | 272,459 | |||||||||||||||
Landa Series 2933 Coffer Drive | 20,267 | 198,545 | 218,812 | 1,263 | 217,549 | |||||||||||||||
Landa Series 30 High Ridge Road | 25,001 | 243,995 | 268,996 | 1,552 | 267,444 | |||||||||||||||
Landa Series 30 Roosevelt Road | 20,543 | 201,195 | 221,738 | 1,280 | 220,458 | |||||||||||||||
Landa Series 3011 Raintree Drive SE | 22,255 | 273,690 | 295,945 | 1,741 | 294,204 | |||||||||||||||
Landa Series 3043 Highway 81 S | 14,203 | 149,737 | 163,940 | 952 | 162,988 | |||||||||||||||
Landa Series 313 Blue Heron Drive | 19,234 | 238,941 | 258,175 | 1,521 | 256,654 | |||||||||||||||
Landa Series 3202 Chippewa Drive | 21,852 | 213,762 | 235,614 | 1,360 | 234,254 | |||||||||||||||
Landa Series 35 Clay Court | 24,900 | 268,533 | 293,433 | 1,708 | 291,725 | |||||||||||||||
Landa Series 350 Cadiz Lane S | 19,838 | 194,428 | 214,266 | 1,237 | 213,029 | |||||||||||||||
Landa Series 351 Wesley Park Drive | 18,327 | 179,928 | 198,255 | 1,145 | 197,110 | |||||||||||||||
Landa Series 3667 Patti Parkway | 29,304 | 285,302 | 314,606 | 1,211 | 313,395 | |||||||||||||||
Landa Series 412 Kendall Lane | 21,660 | 221,644 | 243,304 | 940 | 242,364 | |||||||||||||||
Landa Series 43 Darwin Drive | 17,522 | 172,193 | 189,715 | 1,096 | 188,619 | |||||||||||||||
Landa Series 45 Blue Jay Drive | 26,887 | 262,097 | 288,984 | 1,668 | 287,316 | |||||||||||||||
Landa Series 45 Laurel Way | 25,673 | 250,442 | 276,115 | 1,062 | 275,053 | |||||||||||||||
Landa Series 4702 Saint James Way | 18,932 | 185,735 | 204,667 | 1,181 | 203,486 | |||||||||||||||
Landa Series 4732 Pinedale Drive | 15,915 | 176,971 | 192,886 | 1,127 | 191,759 | |||||||||||||||
Landa Series 5040 Huntshire Lane | 38,165 | 398,293 | 436,458 | 2,535 | 433,923 | |||||||||||||||
Landa Series 513 Jarrett Court | 20,952 | 241,163 | 262,115 | 1,534 | 260,581 | |||||||||||||||
Landa Series 5143 Pinecrest Drive SW | 15,210 | 182,807 | 198,017 | 1,163 | 196,854 | |||||||||||||||
Landa Series 540 Cowan Road | 21,919 | 214,404 | 236,323 | 1,364 | 234,959 | |||||||||||||||
Landa Series 5411 Rocky Pine Drive | 22,875 | 233,765 | 256,640 | 991 | 255,649 | |||||||||||||||
Landa Series 550 Cowan Road | 18,323 | 222,098 | 240,421 | 942 | 239,479 | |||||||||||||||
Landa Series 5581 Fox Glen Circle | 37,561 | 362,780 | 400,341 | 1,539 | 398,802 | |||||||||||||||
Landa Series 565 Mountainview Drive | 23,319 | 248,581 | 271,900 | 1,582 | 270,318 | |||||||||||||||
Landa Series 5801 Strathmoor Manor Circle | 18,529 | 195,778 | 214,307 | 1,246 | 213,061 |
F-207
Landa Series 6107 Shadow Glen Court | 13,901 | 175,100 | 189,001 | 1,114 | 187,887 | |||||||||||||||
Landa Series 6111-6113 Pine Glen Circle SW | 36,453 | 353,936 | 390,389 | 2,252 | 388,137 | |||||||||||||||
Landa Series 615 Barshay Drive | 21,147 | 207,035 | 228,182 | 1,317 | 226,865 | |||||||||||||||
Landa Series 6168 Wheat Street NE | 11,503 | 114,461 | 125,964 | 728 | 125,236 | |||||||||||||||
Landa Series 6178 Green Acres Drive SW | 14,848 | 174,637 | 189,485 | 1,111 | 188,374 | |||||||||||||||
Landa Series 6404 Walnut Way | 20,039 | 196,364 | 216,403 | 833 | 215,570 | |||||||||||||||
Landa Series 643 Sycamore Drive | 19,199 | 188,295 | 207,494 | 1,198 | 206,296 | |||||||||||||||
Landa Series 65 Freedom Court | 21,248 | 208,045 | 229,293 | 1,324 | 227,969 | |||||||||||||||
Landa Series 6635 Kimberly Mill Road | 24,618 | 240,320 | 264,938 | 1,529 | 263,409 | |||||||||||||||
Landa Series 6653 Bedford Road | 19,939 | 262,494 | 282,433 | 1,670 | 280,763 | |||||||||||||||
Landa Series 6762 Bent Creek Drive | 20,039 | 231,714 | 251,753 | 1,475 | 250,278 | |||||||||||||||
Landa Series 709 Georgetown Court | 19,743 | 217,397 | 237,140 | 1,383 | 235,757 | |||||||||||||||
Landa Series 7107 Geiger Street NW | 9,063 | 120,522 | 129,585 | 767 | 128,818 | |||||||||||||||
Landa Series 750 Georgetown Court | 15,206 | 149,958 | 165,164 | 954 | 164,210 | |||||||||||||||
Landa Series 752 Chestnut Drive | 12,490 | 123,893 | 136,383 | 788 | 135,595 | |||||||||||||||
Landa Series 773 Villa Way | 8,116 | 80,268 | 88,384 | 737 | 87,647 | |||||||||||||||
Landa Series 7781 Mountain Creek Way | 22,060 | 215,758 | 237,818 | 1,372 | 236,446 | |||||||||||||||
Landa Series 7950 Woodlake Drive | 17,421 | 171,227 | 188,648 | 1,090 | 187,558 | |||||||||||||||
Landa Series 80 High Ridge Road | 22,154 | 216,662 | 238,816 | 1,379 | 237,437 | |||||||||||||||
Landa Series 808 Hillandale Lane | 20,543 | 201,229 | 221,772 | 1,281 | 220,491 | |||||||||||||||
Landa Series 8110 Devonshire Drive | 13,901 | 137,430 | 151,331 | 874 | 150,457 | |||||||||||||||
Landa Series 8121 Spillers Drive SW | 16,862 | 165,861 | 182,723 | 1,055 | 181,668 | |||||||||||||||
Landa Series 8233 Creekline Court | 20,982 | 217,320 | 238,302 | 1,383 | 236,919 | |||||||||||||||
Landa Series 843 Tramore Drive | 13,285 | 150,913 | 164,198 | 1,387 | 162,811 | |||||||||||||||
Landa Series 85 Kirkland Court | 24,873 | 264,645 | 289,518 | 1,684 | 287,834 | |||||||||||||||
Landa Series 85 Thorn Thicket Way | 21,455 | 209,956 | 231,411 | 1,336 | 230,075 | |||||||||||||||
Landa Series 8855 Rugby Court | 14,707 | 145,167 | 159,874 | 923 | 158,951 | |||||||||||||||
Landa Series 9434 Cedar Creek Place | 24,873 | 242,780 | 267,653 | 1,545 | 266,108 | |||||||||||||||
Landa Series 9597 Pintail Trail | 22,060 | 250,119 | 272,179 | 1,591 | 270,588 | |||||||||||||||
Total combined | $ | 2,417,996 | $ | 23,997,464 | $ | 26,415,460 | $ | 350,057 | $ | 26,065,403 |
(1) | The sale of the underlying property was completed on March 30, 2023. |
(2) | The sale of the underlying property was completed on May 31, 2023. |
(3) | The sale of the underlying property was completed on June 6, 2023. |
(4) | The sale of the underlying property was completed on April 14, 2023. |
F-208
During the six months ended June 30, 2023, each Series recognized the following depreciation expense:
Series | For the Six Months Ended June 30, 2023 | |||
Landa Series 115 Sardis Street | $ | 981 | ||
Landa Series 1394 Oakview Circle | 1,111 | |||
Landa Series 1701 Summerwoods Lane | 1,348 | |||
Landa Series 1741 Park Lane | 1,525 | |||
Landa Series 209 Timber Wolf Trail | 1,442 | |||
Landa Series 2505 Oak Circle | 1,330 | |||
Landa Series 271 Timber Wolf Trail | 1,093 | |||
Landa Series 29 Holly Grove Road | 1,536 | |||
Landa Series 1703 Summerwoods Lane | 1,826 | |||
Landa Series 1712 Summerwoods Lane | 1,826 | |||
Landa Series 1743 Summerwoods Lane | 1,826 | |||
Landa Series 1750 Summerwoods Lane | 1,826 | |||
Landa Series 4267 High Park Lane | 2,613 | |||
Landa Series 4474 Highwood Park Drive | 2,195 | |||
Landa Series 8569 Creekwood Way | 1,339 | |||
Landa Series 9439 Lakeview Road | 2,909 | |||
Landa Series 10167 Port Royal Court | 1,776 | |||
Landa Series 1246 Elgin Way | 2,145 | |||
Landa Series 1910 Grove Way | 1,680 | |||
Landa Series 593 Country Lane Drive | 1,539 | |||
Landa Series 6436 Stone Terrace | 972 | |||
Landa Series 6440 Woodstone Terrace | 1,040 | |||
Landa Series 6848 Sandy Creek Drive | 1,387 | |||
Landa Series 687 Utoy Court | 1,854 | |||
Landa Series 729 Winter Lane | 1,827 | |||
Landa Series 7349 Exeter Court | 1,777 | |||
Landa Series 8645 Embrey Drive | 1,910 | |||
Landa Series 8780 Churchill Place | 2,129 | |||
Landa Series 8796 Parliament Place | 1,764 | |||
Landa Series 8641 Ashley Way | 2,287 | |||
Landa Series 8651 Ashley Way | 1,912 | |||
Landa Series 8652 Ashley Way | 2,127 | |||
Landa Series 8653 Ashley Way | 1,895 | |||
Landa Series 8654 Ashley Way | 2,127 | |||
Landa Series 8655 Ashley Way | 1,984 | |||
Landa Series 8659 Ashley Way | 2,269 | |||
Landa Series 8662 Ashley Way | 2,198 | |||
Landa Series 8668 Ashley Way | 2,359 | |||
Landa Series 8670 Ashley Way | 2,484 | |||
Landa Series 8674 Ashley Way | 2,109 | |||
Landa Series 8675 Ashley Way | 2,073 | |||
Landa Series 8677 Ashley Way | 1,948 | |||
Landa Series 8678 Ashley Way | 2,626 | |||
Landa Series 8679 Ashley Way | 2,109 | |||
Landa Series 8683 Ashley Way | 1,930 |
F-209
Landa Series 1007 Leeward Way | 22 | |||
Landa Series 10121 Morris Drive SW | 1,243 | |||
Landa Series 10183 Starr Street SW | 1,188 | |||
Landa Series 103 Starlake Drive | 1,175 | |||
Landa Series 10433 Candlelight Road | 1,399 | |||
Landa Series 107 Oakwood Circle | 278 | |||
Landa Series 110 Shenandoah Drive | 1,428 | |||
Landa Series 111 Fir Drive | 1,202 | |||
Landa Series 112 Ridge Street | 1,421 | |||
Landa Series 11322 Michelle Way | 1,090 | |||
Landa Series 1147 Village Way | 1,539 | |||
Landa Series 1160 Gable Terrace | 1,372 | |||
Landa Series 1201 Kilrush Drive | 2,701 | |||
Landa Series 124 Libby Lane | 1,274 | |||
Landa Series 1320 Winona Avenue | 919 | |||
Landa Series 137 Southern Shores Road | 1,029 | |||
Landa Series 138 Sandalwood Circle | 1,430 | |||
Landa Series 140 High Ridge Road | 1,286 | |||
Landa Series 146 Crystal Brook | 870 | |||
Landa Series 153 Cliffside Court | 720 | |||
Landa Series 1666 West Poplar Street | 979 | |||
Landa Series 168 Brookview Drive | 1,074 | |||
Landa Series 1689 Viceroy Way | 1,257 | |||
Landa Series 181 Watercress Court | 1,225 | |||
Landa Series 188 Timberline Road | 585 | |||
Landa Series 189 Shenandoah Drive | 1,120 | |||
Landa Series 195 Hunters Trace | 1,490 | |||
Landa Series 196 Montego Circle | 1,181 | |||
Landa Series 20 Chimney Smoke Drive | 862 | |||
Landa Series 212 Fleeta Drive | 991 | |||
Landa Series 217 Glenloch Court | 1,415 | |||
Landa Series 2264 Chestnut Hill Circle | 1,815 | |||
Landa Series 2425 Cornell Circle | 1,030 | |||
Landa Series 25 Pleasant Valley Road | 1,274 | |||
Landa Series 253 Marco Drive | 986 | |||
Landa Series 258 Rocky Point Road | 1,452 |
F-210
Landa Series 268 Brookview Drive | 1,062 | |||
Landa Series 270 Mountain Lane | 1,491 | |||
Landa Series 270 Pleasant Hills Drive | 1,542 | |||
Landa Series 2813 Vicksburg Court | 1,581 | |||
Landa Series 2933 Coffer Drive | 1,263 | |||
Landa Series 30 High Ridge Road | 1,552 | |||
Landa Series 30 Roosevelt Road | 1,280 | |||
Landa Series 3011 Raintree Drive SE | 1,741 | |||
Landa Series 3043 Highway 81 S | 952 | |||
Landa Series 313 Blue Heron Drive | 1,521 | |||
Landa Series 3202 Chippewa Drive | 1,360 | |||
Landa Series 35 Clay Court | 1,708 | |||
Landa Series 350 Cadiz Lane S | 1,237 | |||
Landa Series 351 Wesley Park Drive | 1,145 | |||
Landa Series 3667 Patti Parkway | 1,211 | |||
Landa Series 412 Kendall Lane | 940 | |||
Landa Series 43 Darwin Drive | 1,096 | |||
Landa Series 45 Blue Jay Drive | 1,668 | |||
Landa Series 45 Laurel Way | 1,062 | |||
Landa Series 4702 Saint James Way | 1,181 | |||
Landa Series 4732 Pinedale Drive | 1,127 | |||
Landa Series 5040 Huntshire Lane | 2,535 | |||
Landa Series 513 Jarrett Court | 1,534 | |||
Landa Series 5143 Pinecrest Drive SW | 1,163 | |||
Landa Series 540 Cowan Road | 1,364 | |||
Landa Series 5411 Rocky Pine Drive | 991 | |||
Landa Series 550 Cowan Road | 942 | |||
Landa Series 5581 Fox Glen Circle | 1,539 | |||
Landa Series 565 Mountainview Drive | 1,582 | |||
Landa Series 5801 Strathmoor Manor Circle | 1,246 | |||
Landa Series 6107 Shadow Glen Court | 1,114 | |||
Landa Series 6111-6113 Pine Glen Circle SW | 2,252 | |||
Landa Series 615 Barshay Drive | 1,317 | |||
Landa Series 6168 Wheat Street NE | 728 | |||
Landa Series 6178 Green Acres Drive SW | 1,111 | |||
Landa Series 6404 Walnut Way | 833 | |||
Landa Series 643 Sycamore Drive | 1,198 | |||
Landa Series 65 Freedom Court | 1,324 | |||
Landa Series 6635 Kimberly Mill Road | 1,529 | |||
Landa Series 6653 Bedford Road | 1,670 | |||
Landa Series 6762 Bent Creek Drive | 1,475 | |||
Landa Series 709 Georgetown Court | 1,383 | |||
Landa Series 7107 Geiger Street NW | 767 | |||
Landa Series 750 Georgetown Court | 954 | |||
Landa Series 752 Chestnut Drive | 788 | |||
Landa Series 773 Villa Way | 737 | |||
Landa Series 7781 Mountain Creek Way | 1,372 | |||
Landa Series 7950 Woodlake Drive | 1,090 | |||
Landa Series 80 High Ridge Road | 1,379 | |||
Landa Series 808 Hillandale Lane | 1,281 | |||
Landa Series 8110 Devonshire Drive | 874 | |||
Landa Series 8121 Spillers Drive SW | 1,055 | |||
Landa Series 8233 Creekline Court | 1,383 | |||
Landa Series 843 Tramore Drive | 1,387 | |||
Landa Series 85 Kirkland Court | 1,684 | |||
Landa Series 85 Thorn Thicket Way | 1,336 | |||
Landa Series 8855 Rugby Court | 923 | |||
Landa Series 9434 Cedar Creek Place | 1,545 | |||
Landa Series 9597 Pintail Trail | 1,591 | |||
Total depreciation expense | $ | 201,981 |
F-211
6. MEMBER’S EQUITY
The Company is organized as a series limited liability company. As such, the liability of the members of the Company for the financial obligations of the Company is limited to each member’s contribution of capital.
7. RELATED PARTY TRANSACTIONS
Landa Holdings Inc., Manager
Acquisition Notes
Each Series financed 100% of the costs associated with the acquisition of its Property, including an acquisition fee and expenses associated with sourcing its Property, with an Acquisition Note issued by such Series to the Manager, the terms of which are listed in the table below. Each of these Acquisition Notes represents a related-party loan between each respective Series and the Manager. The Acquisition Notes are non-interest-bearing and are an unsecured obligation of the applicable Series. The interest expense related to the Acquisition Notes during the six months ended June 30, 2023 was $83,689.
The following table sets forth the net amounts of the Acquisition Notes as of June 30, 2023:
Series | Principal Amount (1) | Annual Interest Rate | Loan Date (2) | Current Outstanding Amount (3) | ||||||||||
Landa Series 115 Sardis Street (4) | $ | 117,304 | (5) | 7/10/2020 | $ | - | ||||||||
Landa Series 1394 Oakview Circle | $ | 80,088 | 0.00 | % | 7/10/2020 | $ | - | |||||||
Landa Series 1701 Summerwoods Lane | $ | 172,405 | 4.50 | % | 4/4/2023 | $ | 67,646 | |||||||
Landa Series 1741 Park Lane | $ | 195,085 | 4.50 | % | 4/4/2023 | $ | 121,732 | |||||||
Landa Series 209 Timber Wolf Trail (4) | $ | 119,827 | 0.00 | % | 7/10/2020 | $ | - | |||||||
Landa Series 2505 Oak Circle (4) | $ | 98,827 | 0.00 | % | 7/10/2020 | $ | - | |||||||
Landa Series 271 Timber Wolf Trail (4) | $ | 123,412 | 0.00 | % | 7/10/2020 | $ | - | |||||||
Landa Series 29 Holly Grove Road (4) | $ | 100,445 | 0.00 | % | 7/10/2020 | $ | - | |||||||
Landa Series 1703 Summerwoods Lane | $ | 113,697 | 4.50 | % | 7/12/2021 | $ | - | |||||||
Landa Series 1712 Summerwoods Lane | $ | 113,697 | 4.50 | % | 7/12/2021 | $ | - | |||||||
Landa Series 1743 Summerwoods Lane | $ | 113,697 | 4.50 | % | 7/12/2021 | $ | - | |||||||
Landa Series 1750 Summerwoods Lane | $ | 113,697 | 4.50 | % | 7/12/2021 | $ | - | |||||||
Landa Series 4267 High Park Lane | $ | 151,875 | 4.50 | % | 7/12/2021 | $ | - | |||||||
Landa Series 4474 Highwood Park Drive | $ | 136,648 | 4.50 | % | 7/12/2021 | $ | - | |||||||
Landa Series 8569 Creekwood Way | $ | 83,351 | 4.50 | % | 7/12/2021 | $ | - | |||||||
Landa Series 9439 Lakeview Road | $ | 181,134 | 4.50 | % | 7/12/2021 | $ | - | |||||||
Landa Series 10167 Port Royal Court | $ | 110,600 | 4.50 | % | 7/12/2021 | $ | - | |||||||
Landa Series 1246 Elgin Way | $ | 133,535 | 4.50 | % | 7/12/2021 | $ | - | |||||||
Landa Series 1910 Grove Way | $ | 104,562 | 4.50 | % | 7/12/2021 | $ | - | |||||||
Landa Series 593 Country Lane Drive | $ | 95,842 | 4.50 | % | 7/12/2021 | $ | - | |||||||
Landa Series 6436 Stone Terrace | $ | 60,479 | 4.50 | % | 7/12/2021 | $ | - | |||||||
Landa Series 6440 Woodstone Terrace | $ | 64,744 | 4.50 | % | 7/12/2021 | $ | - | |||||||
Landa Series 6848 Sandy Creek Drive | $ | 86,367 | 4.50 | % | 7/12/2021 | $ | - | |||||||
Landa Series 687 Utoy Court | $ | 115,422 | 4.50 | % | 7/12/2021 | $ | - | |||||||
Landa Series 729 Winter Lane | $ | 113,721 | 4.50 | % | 7/12/2021 | $ | - | |||||||
Landa Series 7349 Exeter Court | $ | 110,638 | 4.50 | % | 7/12/2021 | $ | - | |||||||
Landa Series 8645 Embrey Drive | $ | 118,895 | 4.50 | % | 7/12/2021 | $ | - | |||||||
Landa Series 8780 Churchill Place | $ | 132,557 | 4.50 | % | 7/12/2021 | $ | - | |||||||
Landa Series 8796 Parliament Place | $ | 109,839 | 4.50 | % | 7/12/2021 | $ | - | |||||||
Landa Series 8641 Ashley Way | $ | 146,307 | 4.50 | % | 10/1/2021 | $ | - |
F-212
Landa Series 8651 Ashley Way | $ | 122,325 | 4.50 | % | 10/1/2021 | $ | - | |||||||
Landa Series 8652 Ashley Way | $ | 136,029 | 4.50 | % | 10/1/2021 | $ | - | |||||||
Landa Series 8653 Ashley Way | $ | 121,183 | 4.50 | % | 10/1/2021 | $ | - | |||||||
Landa Series 8654 Ashley Way | $ | 136,029 | 4.50 | % | 10/1/2021 | $ | - | |||||||
Landa Series 8655 Ashley Way | $ | 132,552 | 4.50 | % | 10/1/2021 | $ | - | |||||||
Landa Series 8659 Ashley Way | $ | 145,165 | 4.50 | % | 10/1/2021 | $ | - | |||||||
Landa Series 8662 Ashley Way | $ | 140,597 | 4.50 | % | 10/1/2021 | $ | - | |||||||
Landa Series 8668 Ashley Way | $ | 157,614 | 4.50 | % | 10/1/2021 | $ | - | |||||||
Landa Series 8670 Ashley Way | $ | 158,870 | 4.50 | % | 10/1/2021 | $ | - | |||||||
Landa Series 8674 Ashley Way | $ | 134,887 | 4.50 | % | 10/1/2021 | $ | - | |||||||
Landa Series 8675 Ashley Way | $ | 132,603 | 4.50 | % | 10/1/2021 | $ | - | |||||||
Landa Series 8677 Ashley Way | $ | 124,609 | 4.50 | % | 10/1/2021 | $ | - | |||||||
Landa Series 8678 Ashley Way | $ | 168,006 | 4.50 | % | 10/1/2021 | $ | - | |||||||
Landa Series 8679 Ashley Way | $ | 134,887 | 4.50 | % | 10/1/2021 | $ | - | |||||||
Landa Series 8683 Ashley Way | $ | 128,971 | 4.50 | % | 10/1/2021 | $ | - | |||||||
Landa Series 1007 Leeward Way | $ | 300,157 | 4.50 | % | 6/29/2023 | $ | 158,157 | |||||||
Landa Series 10121 Morris Drive SW | $ | 278,235 | 4.50 | % | 4/28/2023 | $ | 114,871 | |||||||
Landa Series 10183 Starr Street SW | $ | 268,383 | 4.50 | % | 4/28/2023 | $ | 94,899 | |||||||
Landa Series 103 Starlake Drive | $ | 267,883 | 4.50 | % | 4/28/2023 | $ | 122,261 | |||||||
Landa Series 10433 Candlelight Road | $ | 305,757 | 4.50 | % | 4/28/2023 | $ | 134,673 | |||||||
Landa Series 107 Oakwood Circle | $ | 198,781 | 4.50 | % | 6/8/2023 | $ | 69,660 | |||||||
Landa Series 110 Shenandoah Drive | $ | 310,797 | 4.50 | % | 4/28/2023 | $ | 118,498 | |||||||
Landa Series 111 Fir Drive | $ | 240,106 | 4.50 | % | 4/28/2023 | $ | 90,236 | |||||||
Landa Series 112 Ridge Street | $ | 309,709 | 4.50 | % | 4/28/2023 | $ | 130,034 | |||||||
Landa Series 11322 Michelle Way | $ | 250,982 | 4.50 | % | 4/28/2023 | $ | 112,559 | |||||||
Landa Series 1147 Village Way | $ | 301,010 | 4.50 | % | 4/28/2023 | $ | 151,373 | |||||||
Landa Series 1160 Gable Terrace | $ | 301,175 | 4.50 | % | 4/28/2023 | $ | 95,801 | |||||||
Landa Series 1201 Kilrush Drive | $ | 535,920 | 4.50 | % | 4/28/2023 | $ | 212,610 | |||||||
Landa Series 124 Libby Lane | $ | 240,485 | 4.50 | % | 4/28/2023 | $ | 77,986 | |||||||
Landa Series 1320 Winona Avenue | $ | 220,795 | 4.50 | % | 4/28/2023 | $ | 113,008 | |||||||
Landa Series 137 Southern Shores Road | $ | 240,268 | 4.50 | % | 4/28/2023 | $ | 80,123 | |||||||
Landa Series 138 Sandalwood Circle | $ | 253,616 | 4.50 | % | 4/28/2023 | $ | 84,625 | |||||||
Landa Series 140 High Ridge Road | $ | 285,784 | 4.50 | % | 4/28/2023 | $ | 110,800 | |||||||
Landa Series 146 Crystal Brook | $ | 212,200 | 4.50 | % | 4/28/2023 | $ | 65,647 | |||||||
Landa Series 153 Cliffside Court | $ | 185,856 | 4.50 | % | 4/28/2023 | $ | 64,846 | |||||||
Landa Series 1666 West Poplar Street | $ | 231,406 | 4.50 | % | 4/28/2023 | $ | 73,262 | |||||||
Landa Series 168 Brookview Drive | $ | 132,243 | 4.50 | % | 4/4/2023 | $ | 81,759 | |||||||
Landa Series 1689 Viceroy Way | $ | 280,628 | 4.50 | % | 4/28/2023 | $ | 91,129 | |||||||
Landa Series 181 Watercress Court | $ | 274,908 | 4.50 | % | 4/28/2023 | $ | 128,065 | |||||||
Landa Series 188 Timberline Road | $ | 161,802 | 4.50 | % | 4/28/2023 | $ | 58,641 | |||||||
Landa Series 189 Shenandoah Drive | $ | 256,420 | 4.50 | % | 4/28/2023 | $ | 111,731 | |||||||
Landa Series 195 Hunters Trace | $ | 316,955 | 4.50 | % | 4/28/2023 | $ | 136,604 | |||||||
Landa Series 196 Montego Circle | $ | 267,295 | 4.50 | % | 4/28/2023 | $ | 107,324 | |||||||
Landa Series 20 Chimney Smoke Drive | $ | 286,873 | 4.50 | % | 5/19/2023 | $ | 83,092 |
F-213
Landa Series 212 Fleeta Drive | $ | 233,632 | 4.50 | % | 4/28/2023 | $ | 61,313 | |||||||
Landa Series 217 Glenloch Court | $ | 308,621 | 4.50 | % | 4/28/2023 | $ | 74,373 | |||||||
Landa Series 2264 Chestnut Hill Circle | $ | 379,313 | 4.50 | % | 4/28/2023 | $ | 151,869 | |||||||
Landa Series 2425 Cornell Circle | $ | 331,464 | 4.50 | % | 5/19/2023 | $ | 97,415 | |||||||
Landa Series 25 Pleasant Valley Road | $ | 283,609 | 4.50 | % | 4/28/2023 | $ | 122,282 | |||||||
Landa Series 253 Marco Drive | $ | 232,761 | 4.50 | % | 4/28/2023 | $ | 82,934 | |||||||
Landa Series 258 Rocky Point Road | $ | 315,147 | 4.50 | % | 4/28/2023 | $ | 128,986 | |||||||
Landa Series 268 Brookview Drive | $ | 188,408 | 4.50 | % | 4/4/2023 | $ | 179,551 | |||||||
Landa Series 270 Mountain Lane | $ | 291,683 | 4.50 | % | 4/28/2023 | $ | 97,528 | |||||||
Landa Series 270 Pleasant Hills Drive | $ | 273,208 | 4.50 | % | 4/28/2023 | $ | 100,461 | |||||||
Landa Series 2813 Vicksburg Court | $ | 337,986 | 4.50 | % | 4/28/2023 | $ | 125,869 | |||||||
Landa Series 2933 Coffer Drive | $ | 281,715 | 4.50 | % | 4/28/2023 | $ | 107,005 | |||||||
Landa Series 30 High Ridge Road | $ | 332,846 | 4.50 | % | 4/28/2023 | $ | 168,815 | |||||||
Landa Series 30 Roosevelt Road | $ | 284,696 | 4.50 | % | 4/28/2023 | $ | 98,660 | |||||||
Landa Series 3011 Raintree Drive SE | $ | 310,013 | 4.50 | % | 4/28/2023 | $ | 124,319 | |||||||
Landa Series 3043 Highway 81 S | $ | 216,225 | 4.50 | % | 4/28/2023 | $ | 54,936 | |||||||
Landa Series 313 Blue Heron Drive | $ | 271,457 | 4.50 | % | 4/28/2023 | $ | 89,345 | |||||||
Landa Series 3202 Chippewa Drive | $ | 298,834 | 4.50 | % | 4/28/2023 | $ | 145,317 | |||||||
Landa Series 35 Clay Court | $ | 303,197 | 4.50 | % | 4/28/2023 | $ | 128,222 | |||||||
Landa Series 350 Cadiz Lane S | $ | 277,083 | 4.50 | % | 4/28/2023 | $ | 111,288 | |||||||
Landa Series 351 Wesley Park Drive | $ | 260,770 | 4.50 | % | 4/28/2023 | $ | 104,357 | |||||||
Landa Series 3667 Patti Parkway | $ | 379,317 | 4.50 | % | 5/19/2023 | $ | 133,942 | |||||||
Landa Series 412 Kendall Lane | $ | 296,763 | 4.50 | % | 5/19/2023 | $ | 132,954 | |||||||
Landa Series 43 Darwin Drive | $ | 252,069 | 4.50 | % | 4/28/2023 | $ | 86,352 | |||||||
Landa Series 45 Blue Jay Drive | $ | 353,211 | 4.50 | % | 4/28/2023 | $ | 129,958 | |||||||
Landa Series 45 Laurel Way | $ | 340,100 | 4.50 | % | 5/19/2023 | $ | 176,972 | |||||||
Landa Series 4702 Saint James Way | $ | 267,453 | 4.50 | % | 4/28/2023 | $ | 120,626 | |||||||
Landa Series 4732 Pinedale Drive | $ | 234,719 | 4.50 | % | 4/28/2023 | $ | 110,746 | |||||||
Landa Series 5040 Huntshire Lane | $ | 444,985 | 4.50 | % | 4/28/2023 | $ | 124,062 | |||||||
Landa Series 513 Jarrett Court | $ | 289,113 | 4.50 | % | 4/28/2023 | $ | 85,071 | |||||||
Landa Series 5143 Pinecrest Drive SW | $ | 227,104 | 4.50 | % | 4/28/2023 | $ | 95,459 | |||||||
Landa Series 540 Cowan Road | $ | 299,557 | 4.50 | % | 4/28/2023 | $ | 108,876 | |||||||
Landa Series 5411 Rocky Pine Drive | $ | 309,885 | 4.50 | % | 5/19/2023 | $ | 126,032 | |||||||
Landa Series 550 Cowan Road | $ | 250,783 | 4.50 | % | 5/19/2023 | $ | 51,141 | |||||||
Landa Series 5581 Fox Glen Circle | $ | 434,715 | 4.50 | % | 5/19/2023 | $ | 149,620 | |||||||
Landa Series 565 Mountainview Drive | $ | 283,236 | 4.50 | % | 4/28/2023 | $ | 93,694 | |||||||
Landa Series 5801 Strathmoor Manor Circle | $ | 262,945 | 4.50 | % | 4/28/2023 | $ | 117,933 | |||||||
Landa Series 6107 Shadow Glen Court | $ | 212,961 | 4.50 | % | 4/28/2023 | $ | 78,601 | |||||||
Landa Series 6111-6111-6113 Pine Glen Circle SW | $ | 456,530 | 4.50 | % | 4/28/2023 | $ | 269,783 | |||||||
Landa Series 615 Barshay Drive | $ | 291,964 | 4.50 | % | 4/28/2023 | $ | 114,904 | |||||||
Landa Series 6168 Wheat Street NE | $ | 187,898 | 4.50 | % | 4/28/2023 | $ | 77,291 |
F-214
Landa Series 6178 Green Acres Drive SW | $ | 223,434 | 4.50 | % | 4/28/2023 | $ | 90,872 | |||||||
Landa Series 6404 Walnut Way | $ | 279,261 | 4.50 | % | 5/19/2023 | $ | 76,792 | |||||||
Landa Series 643 Sycamore Drive | $ | 270,184 | 4.50 | % | 4/28/2023 | $ | 88,786 | |||||||
Landa Series 65 Freedom Court | $ | 293,884 | 4.50 | % | 4/28/2023 | $ | 133,749 | |||||||
Landa Series 6635 Kimberly Mill Road | $ | 328,712 | 4.50 | % | 4/28/2023 | $ | 150,905 | |||||||
Landa Series 6653 Bedford Road | $ | 278,623 | 4.50 | % | 4/28/2023 | $ | 118,443 | |||||||
Landa Series 6762 Bent Creek Drive | $ | 279,258 | 4.50 | % | 4/28/2023 | $ | 84,418 | |||||||
Landa Series 709 Georgetown Court | $ | 276,058 | 4.50 | % | 4/28/2023 | $ | 77,203 | |||||||
Landa Series 7107 Geiger Street NW | $ | 160,714 | 4.50 | % | 4/28/2023 | $ | - | |||||||
Landa Series 750 Georgetown Court | $ | 227,055 | 4.50 | % | 4/28/2023 | $ | 72,915 | |||||||
Landa Series 752 Chestnut Drive | $ | 197,731 | 4.50 | % | 4/28/2023 | $ | 90,791 | |||||||
Landa Series 773 Villa Way | $ | 119,844 | 4.50 | % | 4/4/2023 | $ | 71,894 | |||||||
Landa Series 7781 Mountain Creek Way | $ | 301,080 | 4.50 | % | 4/28/2023 | $ | 97,429 | |||||||
Landa Series 7950 Woodlake Drive | $ | 250,982 | 4.50 | % | 4/28/2023 | $ | 108,360 | |||||||
Landa Series 80 High Ridge Road | $ | 302,097 | 4.50 | % | 4/28/2023 | $ | 114,660 | |||||||
Landa Series 808 Hillandale Lane | $ | 285,336 | 4.50 | % | 4/28/2023 | $ | 112,282 | |||||||
Landa Series 8110 Devonshire Drive | $ | 212,961 | 4.50 | % | 4/28/2023 | $ | 56,959 | |||||||
Landa Series 8121 Spillers Drive SW | $ | 244,946 | 4.50 | % | 4/28/2023 | $ | 116,228 | |||||||
Landa Series 8233 Creekline Court | $ | 293,652 | 4.50 | % | 4/28/2023 | $ | 139,677 | |||||||
Landa Series 843 Tramore Drive | $ | 195,489 | 4.50 | % | 4/4/2023 | $ | 120,647 | |||||||
Landa Series 85 Kirkland Court | $ | 331,460 | 4.50 | % | 4/28/2023 | $ | 121,534 | |||||||
Landa Series 85 Thorn Thicket Way | $ | 294,552 | 4.50 | % | 4/28/2023 | $ | 121,093 | |||||||
Landa Series 8855 Rugby Court | $ | 221,665 | 4.50 | % | 4/28/2023 | $ | 97,315 | |||||||
Landa Series 9434 Cedar Creek Place | $ | 331,780 | 4.50 | % | 4/28/2023 | $ | 133,044 | |||||||
Landa Series 9597 Pintail Trail | $ | 301,292 | 4.50 | % | 4/28/2023 | $ | 129,380 |
(1) | The principal amount is due and payable by the Series within 30 days after demand by the Manager, as lender, at any time prior to the liquidation, dissolution or winding up of the Series. |
(2) | Each Acquisition Note was entered into on the date set forth in the table above. Interest began to accrue on the Acquisition Notes when title to the Property was transferred to the Series. |
(3) | The Current Outstanding Amount as of June 30, 2023. |
(4) | Before any securities were issued, the Company withdrew this Series. |
(5) | Of the $117,304 Principal Amount shown, $52,515 bears no interest and $64,789 of bears interest at 4.50% per annum. |
F-215
Refinance Notes
Each Series previously issued a Refinance Note to certain third party lenders or Landa Financing LLC, an affiliate of the Company and the Manager, the terms of which are listed in the table below. Each Refinance Note is secured by the Property underlying the respective Series. Each Series paid down, or otherwise discharged, a portion of the outstanding balance of its Acquisition Note with the Refinance Note. Each Refinance Note is secured by the Property underlying the respective Series. The total interest expense related to the Refinance Notes for the six months ended June 30, 2023 was $393,981.
The following table sets forth the net amounts as of June 30, 2023:
Series | Principal Amount | Annual Interest Rate | Loan Date | Maturity Date | Current Outstanding Amount | |||||||||||||
Landa Series 1394 Oakview Circle(4) | $ | 44,015 | 4.80 | % | 01/18/22 | (1) | $ | 44,015 | ||||||||||
Landa Series 1701 Summerwoods Lane(4) | $ | 52,703 | 4.80 | % | 01/18/22 | (1) | $ | 52,703 | ||||||||||
Landa Series 1741 Park Lane(4) | $ | 66,476 | 4.80 | % | 01/18/22 | (1) | $ | 66,476 | ||||||||||
Landa Series 209 Timber Wolf Trail(4) | $ | 61,750 | 4.80 | % | 01/18/22 | (1) | $ | - | ||||||||||
Landa Series 2505 Oak Circle(4) | $ | 76,700 | 4.80 | % | 01/18/22 | (1) | $ | - | ||||||||||
Landa Series 271 Timber Wolf Trail(4) | $ | 62,400 | 4.80 | % | 01/18/22 | (1) | $ | - | ||||||||||
Landa Series 29 Holly Grove Road(4) | $ | 84,500 | 4.80 | % | 01/18/22 | (1) | $ | 84,500 | ||||||||||
Landa Series 1703 Summerwoods Lane(4) | $ | 77,925 | 4.80 | % | 01/12/22 | (1) | $ | 77,925 | ||||||||||
Landa Series 1712 Summerwoods Lane(4) | $ | 67,535 | 4.80 | % | 01/12/22 | (1) | $ | 67,535 | ||||||||||
Landa Series 1743 Summerwoods Lane(4) | $ | 77,925 | 4.80 | % | 01/12/22 | (1) | $ | 77,925 | ||||||||||
Landa Series 1750 Summerwoods Lane(4) | $ | 77,925 | 4.80 | % | 01/12/22 | (1) | $ | 77,925 | ||||||||||
Landa Series 4267 High Park Lane(4) | $ | 104,250 | 4.80 | % | 01/12/22 | (1) | $ | 104,250 | ||||||||||
Landa Series 4474 Highwood Park Drive(4) | $ | 93,750 | 4.80 | % | 01/12/22 | (1) | $ | 93,750 | ||||||||||
Landa Series 8569 Creekwood Way(4) | $ | 49,400 | 4.80 | % | 01/12/22 | (1) | $ | 49,400 | ||||||||||
Landa Series 9439 Lakeview Road(4) | $ | 124,425 | 4.80 | % | 01/12/22 | (1) | $ | 124,425 | ||||||||||
Landa Series 10167 Port Royal Court(4) | $ | 82,500 | 4.80 | % | 01/12/22 | (1) | $ | 82,500 | ||||||||||
Landa Series 1246 Elgin Way(4) | $ | 95,250 | 4.80 | % | 01/12/22 | (1) | $ | 95,250 | ||||||||||
Landa Series 1910 Grove Way(4) | $ | 82,500 | 4.80 | % | 01/13/22 | (1) | $ | 82,500 | ||||||||||
Landa Series 593 Country Lane Drive(4) | $ | 71,250 | 4.80 | % | 01/13/22 | (1) | $ | 71,250 | ||||||||||
Landa Series 6436 Stone Terrace(4) | $ | 45,000 | 4.80 | % | 01/13/22 | (1) | $ | 45,000 | ||||||||||
Landa Series 6440 Woodstone Terrace(4) | $ | 46,500 | 4.80 | % | 01/13/22 | (1) | $ | 46,500 | ||||||||||
Landa Series 6848 Sandy Creek Drive(4) | $ | 64,500 | 4.80 | % | 01/13/22 | (1) | $ | 64,500 | ||||||||||
Landa Series 687 Utoy Court(4) | $ | 82,500 | 4.80 | % | 01/13/22 | (1) | $ | 82,500 | ||||||||||
Landa Series 729 Winter Lane(4) | $ | 82,500 | 4.80 | % | 01/12/22 | (1) | $ | 82,500 | ||||||||||
Landa Series 7349 Exeter Court(4) | $ | 71,500 | 4.80 | % | 01/13/22 | (1) | $ | 71,500 | ||||||||||
Landa Series 8645 Embrey Drive(4) | $ | 84,750 | 4.80 | % | 01/13/22 | (1) | $ | 84,750 | ||||||||||
Landa Series 8780 Churchill Place(4) | $ | 94,500 | 4.80 | % | 01/13/22 | (1) | $ | 94,500 | ||||||||||
Landa Series 8796 Parliament Place(4) | $ | 78,750 | 4.80 | % | 01/13/22 | (1) | $ | 78,750 | ||||||||||
Landa Series 8641 Ashley Way(4) | $ | 96,357 | 4.80 | % | 01/13/22 | (1) | $ | 96,357 | ||||||||||
Landa Series 8651 Ashley Way(4) | $ | 80,424 | 4.80 | % | 01/13/22 | (1) | $ | 80,424 | ||||||||||
Landa Series 8652 Ashley Way(4) | $ | 76,700 | 4.80 | % | 01/14/22 | (1) | $ | 76,700 | ||||||||||
Landa Series 8653 Ashley Way(4) | $ | 68,250 | 4.80 | % | 01/14/22 | (1) | $ | 68,250 | ||||||||||
Landa Series 8654 Ashley Way(4) | $ | 89,529 | 4.80 | % | 01/14/22 | (1) | $ | 89,529 | ||||||||||
Landa Series 8655 Ashley Way(4) | $ | 71,500 | 4.80 | % | 01/14/22 | (1) | $ | 71,500 | ||||||||||
Landa Series 8659 Ashley Way(4) | $ | 81,900 | 4.80 | % | 01/14/22 | (1) | $ | 81,900 | ||||||||||
Landa Series 8662 Ashley Way(4) | $ | 84,500 | 4.80 | % | 01/14/22 | (1) | $ | 84,500 | ||||||||||
Landa Series 8668 Ashley Way(4) | $ | 99,392 | 4.80 | % | 01/14/22 | (1) | $ | 99,392 | ||||||||||
Landa Series 8670 Ashley Way(4) | $ | 94,250 | 4.80 | % | 01/14/22 | (1) | $ | 94,250 | ||||||||||
Landa Series 8674 Ashley Way(4) | $ | 87,750 | 4.80 | % | 01/14/22 | (1) | $ | 87,750 | ||||||||||
Landa Series 8675 Ashley Way(4) | $ | 87,253 | 4.80 | % | 01/14/22 | (1) | $ | 87,253 | ||||||||||
Landa Series 8677 Ashley Way(4) | $ | 81,942 | 4.80 | % | 01/14/22 | (1) | $ | 81,942 | ||||||||||
Landa Series 8678 Ashley Way(4) | $ | 104,000 | 4.80 | % | 01/14/22 | (1) | $ | 104,000 | ||||||||||
Landa Series 8679 Ashley Way(4) | $ | 88,770 | 4.80 | % | 01/13/22 | (1) | $ | 88,770 | ||||||||||
Landa Series 8683 Ashley Way(4) | $ | 81,183 | 4.80 | % | 01/12/22 | (1) | $ | 81,183 | ||||||||||
Landa Series 1007 Leeward Way(5) | $ | 142,000 | 11.00 | % | 06/29/23 | 07/01/24 | $ | 142,000 | ||||||||||
Landa Series 10121 Morris Drive SW(6) | $ | 160,225 | (2) | 04/28/23 | 05/01/24 | $ | 160,225 | |||||||||||
Landa Series 10183 Starr Street SW(6) | $ | 172,550 | (2) | 04/28/23 | 05/01/24 | $ | 172,550 | |||||||||||
Landa Series 103 Starlake Drive(6) | $ | 145,000 | (2) | 04/28/23 | 05/01/24 | $ | 145,000 | |||||||||||
Landa Series 10433 Candlelight Road(6) | $ | 170,375 | (2) | 04/28/23 | 05/01/24 | $ | 170,375 |
F-216
Landa Series 107 Oakwood Circle(7) | $ | 119,269 | (3) | 06/08/23 | 06/08/25 | $ | 119,269 | |||||||||||
Landa Series 110 Shenandoah Drive(6) | $ | 192,125 | (2) | 04/28/23 | 05/01/24 | $ | 192,125 | |||||||||||
Landa Series 111 Fir Drive(6) | $ | 145,000 | (2) | 04/28/23 | 05/01/24 | $ | 145,000 | |||||||||||
Landa Series 112 Ridge Street(6) | $ | 178,350 | (2) | 04/28/23 | 05/01/24 | $ | 178,350 | |||||||||||
Landa Series 11322 Michelle Way(6) | $ | 137,750 | (2) | 04/28/23 | 05/01/24 | $ | 137,750 | |||||||||||
Landa Series 1147 Village Way(6) | $ | 148,625 | (2) | 04/28/23 | 05/01/24 | $ | 148,625 | |||||||||||
Landa Series 1160 Gable Terrace(6) | $ | 203,000 | (2) | 04/28/23 | 05/01/24 | $ | 203,000 | |||||||||||
Landa Series 1201 Kilrush Drive(6) | $ | 322,625 | (2) | 04/28/23 | 05/01/24 | $ | 322,625 | |||||||||||
Landa Series 124 Libby Lane(6) | $ | 160,950 | (2) | 04/28/23 | 05/01/24 | $ | 160,950 | |||||||||||
Landa Series 1320 Winona Avenue(6) | $ | 106,038 | (2) | 04/28/23 | 05/01/24 | $ | 106,038 | |||||||||||
Landa Series 137 Southern Shores Road(6) | $ | 159,500 | (2) | 04/28/23 | 05/01/24 | $ | 159,500 | |||||||||||
Landa Series 138 Sandalwood Circle(6) | $ | 163,125 | (2) | 04/28/23 | 05/01/24 | $ | 163,125 | |||||||||||
Landa Series 140 High Ridge Road(6) | $ | 174,000 | (2) | 04/28/23 | 05/01/24 | $ | 174,000 | |||||||||||
Landa Series 146 Crystal Brook(6) | $ | 141,375 | (2) | 04/28/23 | 05/01/24 | $ | 141,375 | |||||||||||
Landa Series 153 Cliffside Court(6) | $ | 94,250 | (2) | 04/28/23 | 05/01/24 | $ | 94,250 | |||||||||||
Landa Series 1666 West Poplar Street(6) | $ | 155,875 | (2) | 04/28/23 | 05/01/24 | $ | 155,875 | |||||||||||
Landa Series 1689 Viceroy Way(6) | $ | 188,500 | (2) | 04/28/23 | 05/01/24 | $ | 188,500 | |||||||||||
Landa Series 181 Watercress Court(6) | $ | 142,100 | (2) | 04/28/23 | 05/01/24 | $ | 142,100 | |||||||||||
Landa Series 188 Timberline Road(6) | $ | 72,500 | (2) | 04/28/23 | 05/01/24 | $ | 72,500 | |||||||||||
Landa Series 189 Shenandoah Drive(6) | $ | 143,550 | (2) | 04/28/23 | 05/01/24 | $ | 143,550 | |||||||||||
Landa Series 195 Hunters Trace(6) | $ | 177,625 | (2) | 04/28/23 | 05/01/24 | $ | 177,625 | |||||||||||
Landa Series 196 Montego Circle(6) | $ | 159,500 | (2) | 04/28/23 | 05/01/24 | $ | 159,500 | |||||||||||
Landa Series 20 Chimney Smoke Drive(6) | $ | 200,075 | (2) | 05/19/23 | 05/19/24 | $ | 200,075 | |||||||||||
Landa Series 212 Fleeta Drive(6) | $ | 170,375 | (2) | 04/28/23 | 05/01/24 | $ | 170,375 | |||||||||||
Landa Series 217 Glenloch Court(6) | $ | 232,000 | (2) | 04/28/23 | 05/01/24 | $ | 232,000 | |||||||||||
Landa Series 2264 Chestnut Hill Circle(6) | $ | 226,200 | (2) | 04/28/23 | 05/01/24 | $ | 226,200 | |||||||||||
Landa Series 2425 Cornell Circle(6) | $ | 234,050 | (2) | 05/19/23 | 05/19/24 | $ | 234,050 | |||||||||||
Landa Series 25 Pleasant Valley Road(6) | $ | 159,500 | (2) | 04/28/23 | 05/01/24 | $ | 159,500 | |||||||||||
Landa Series 253 Marco Drive(6) | $ | 148,625 | (2) | 04/28/23 | 05/01/24 | $ | 148,625 | |||||||||||
Landa Series 258 Rocky Point Road(6) | $ | 184,875 | (2) | 04/28/23 | 05/01/24 | $ | 184,875 | |||||||||||
Landa Series 270 Mountain Lane(6) | $ | 185,600 | (2) | 04/28/23 | 05/01/24 | $ | 185,600 | |||||||||||
Landa Series 270 Pleasant Hills Drive(6) | $ | 170,375 | (2) | 04/28/23 | 05/01/24 | $ | 170,375 | |||||||||||
Landa Series 2813 Vicksburg Court(6) | $ | 210,250 | (2) | 04/28/23 | 05/01/24 | $ | 210,250 | |||||||||||
Landa Series 2933 Coffer Drive(6) | $ | 174,000 | (2) | 04/28/23 | 05/01/24 | $ | 174,000 | |||||||||||
Landa Series 30 High Ridge Road(6) | $ | 163,125 | (2) | 04/28/23 | 05/01/24 | $ | 163,125 | |||||||||||
Landa Series 30 Roosevelt Road(6) | $ | 184,875 | (2) | 04/28/23 | 05/01/24 | $ | 184,875 | |||||||||||
Landa Series 3011 Raintree Drive SE(6) | $ | 184,875 | (2) | 04/28/23 | 05/01/24 | $ | 184,875 | |||||||||||
Landa Series 3043 Highway 81 S(6) | $ | 155,875 | (2) | 04/28/23 | 05/01/24 | $ | 155,875 | |||||||||||
Landa Series 313 Blue Heron Drive(6) | $ | 174,000 | (2) | 04/28/23 | 05/01/24 | $ | 174,000 | |||||||||||
Landa Series 3202 Chippewa (6)Drive | $ | 152,250 | (2) | 04/28/23 | 05/01/24 | $ | 152,250 | |||||||||||
Landa Series 35 Clay Court(6) | $ | 174,000 | (2) | 04/28/23 | 05/01/24 | $ | 174,000 | |||||||||||
Landa Series 350 Cadiz Lane S(6) | $ | 163,125 | (2) | 04/28/23 | 05/01/24 | $ | 163,125 | |||||||||||
Landa Series 351 Wesley Park Drive(6) | $ | 152,250 | (2) | 04/28/23 | 05/01/24 | $ | 152,250 | |||||||||||
Landa Series 3667 Patti Parkway(6) | $ | 245,375 | (2) | 05/19/23 | 05/19/24 | $ | 245,375 | |||||||||||
Landa Series 412 Kendall Lane(6) | $ | 162,325 | (2) | 05/19/23 | 05/19/24 | $ | 162,325 | |||||||||||
Landa Series 43 Darwin Drive(6) | $ | 163,125 | (2) | 04/28/23 | 05/01/24 | $ | 163,125 | |||||||||||
Landa Series 45 Blue Jay Drive(6) | $ | 222,575 | (2) | 04/28/23 | 05/01/24 | $ | 222,575 | |||||||||||
Landa Series 45 Laurel Way(6) | $ | 162,325 | (2) | 05/19/23 | 05/19/24 | $ | 162,325 | |||||||||||
Landa Series 4702 Saint James Way(6) | $ | 145,725 | (2) | 04/28/23 | 05/01/24 | $ | 145,725 | |||||||||||
Landa Series 4732 Pinedale Drive(6) | $ | 123,250 | (2) | 04/28/23 | 05/01/24 | $ | 123,250 | |||||||||||
Landa Series 5040 Huntshire Lane(6) | $ | 308,125 | (2) | 04/28/23 | 05/01/24 | $ | 308,125 | |||||||||||
Landa Series 513 Jarrett Court(6) | $ | 181,250 | (2) | 04/28/23 | 05/01/24 | $ | 181,250 | |||||||||||
Landa Series 5143 Pinecrest Drive SW(6) | $ | 130,500 | (2) | 04/28/23 | 05/01/24 | $ | 130,500 |
F-217
Landa Series 540 Cowan Road(6) | $ | 188,500 | (2) | 04/28/23 | 05/01/24 | $ | 188,500 | |||||||||||
Landa Series 5411 Rocky Pine Drive(6) | $ | 181,200 | (2) | 05/19/23 | 05/19/24 | $ | 181,200 | |||||||||||
Landa Series 550 Cowan Road(6) | $ | 196,300 | (2) | 05/19/23 | 05/01924 | $ | 196,300 | |||||||||||
Landa Series 5581 Fox Glen Circle(6) | $ | 284,635 | (2) | 05/19/23 | 05/19/24 | $ | 284,635 | |||||||||||
Landa Series 565 Mountainview Drive(6) | $ | 188,500 | (2) | 04/28/23 | 05/01/24 | $ | 188,500 | |||||||||||
Landa Series 5801 Strathmoor Manor Circle(6) | $ | 143,550 | (2) | 04/28/23 | 05/01/24 | $ | 143,550 | |||||||||||
Landa Series 6107 Shadow Glen Court(6) | $ | 131,225 | (2) | 04/28/23 | 05/01/24 | $ | 131,225 | |||||||||||
Landa Series 6111-6113 Pine Glen Circle SW(6) | $ | 181,250 | (2) | 04/28/23 | 05/01/24 | $ | 181,250 | |||||||||||
Landa Series 615 Barshay Drive(6) | $ | 174,000 | (2) | 04/28/23 | 05/01/24 | $ | 174,000 | |||||||||||
Landa Series 6168 Wheat Street NE(6) | $ | 108,750 | (2) | 04/28/23 | 05/01/24 | $ | 108,750 | |||||||||||
Landa Series 6178 Green Acres Drive SW(6) | $ | 130,500 | (2) | 04/28/23 | 05/01/24 | $ | 130,500 | |||||||||||
Landa Series 6404 Walnut Way(6) | $ | 188,750 | (2) | 05/19/23 | 05/19/24 | $ | 188,750 | |||||||||||
Landa Series 643 Sycamore Drive(6) | $ | 178,350 | (2) | 04/28/23 | 05/01/24 | $ | 178,350 | |||||||||||
Landa Series 65 Freedom Court(6) | $ | 159,500 | (2) | 04/28/23 | 05/01/24 | $ | 159,500 | |||||||||||
Landa Series 6635 Kimberly Mill Road(6) | $ | 176,900 | (2) | 04/28/23 | 05/01/24 | $ | 176,900 | |||||||||||
Landa Series 6653 Bedford Road(6) | $ | 159,500 | (2) | 04/28/23 | 05/01/24 | $ | 159,500 | |||||||||||
Landa Series 6762 Bent Creek Drive(6) | $ | 192,125 | (2) | 04/28/23 | 05/01/24 | $ | 192,125 | |||||||||||
Landa Series 709 Georgetown Court(6) | $ | 170,375 | (2) | 04/28/23 | 05/01/24 | $ | 170,375 | |||||||||||
Landa Series 7107 Geiger Street NW(6) | $ | 126,875 | (2) | 04/28/23 | 05/01/24 | $ | 126,875 | |||||||||||
Landa Series 750 Georgetown Court(6) | $ | 152,250 | (2) | 04/28/23 | 05/01/24 | $ | 152,250 | |||||||||||
Landa Series 752 Chestnut Drive(6) | $ | 105,125 | (2) | 04/28/23 | 05/01/24 | $ | 105,125 | |||||||||||
Landa Series 7781 Mountain Creek Way(6) | $ | 202,928 | (2) | 04/28/23 | 05/01/24 | $ | 202,928 | |||||||||||
Landa Series 7950 Woodlake Drive(6) | $ | 142,100 | (2) | 04/28/23 | 05/01/24 | $ | 142,100 | |||||||||||
Landa Series 80 High Ridge Road(6) | $ | 184,875 | (2) | 04/28/23 | 05/01/24 | $ | 184,875 | |||||||||||
Landa Series 808 Hillandale Lane(6) | $ | 171,000 | (2) | 04/28/23 | 05/01/24 | $ | 171,000 | |||||||||||
Landa Series 8110 Devonshire Drive(6) | $ | 134,125 | (2) | 04/28/23 | 05/01/24 | $ | 134,125 | |||||||||||
Landa Series 8121 Spillers Drive SW(6) | $ | 126,875 | (2) | 04/28/23 | 05/01/24 | $ | 126,875 | |||||||||||
Landa Series 8233 Creekline Court(6) | $ | 152,119 | (2) | 04/28/23 | 05/01/24 | $ | 152,119 | |||||||||||
Landa Series 85 Kirkland Court(6) | $ | 206,625 | (2) | 04/28/23 | 05/01/24 | $ | 206,625 | |||||||||||
Landa Series 85 Thorn Thicket Way(6) | $ | 172,550 | (2) | 04/28/23 | 05/01/24 | $ | 172,550 | |||||||||||
Landa Series 8855 Rugby Court(6) | $ | 123,250 | (2) | 04/28/23 | 05/01/24 | $ | 123,250 | |||||||||||
Landa Series 9434 Cedar Creek Place(6) | $ | 195,750 | (2) | 04/28/23 | 05/01/24 | $ | 195,750 | |||||||||||
Landa Series 9597 Pintail Trail(6) | $ | 163,125 | (2) | 04/28/23 | 05/01/24 | $ | 163,125 |
(1) | The Maturity Date is the earlier of (i) January 1, 2027 and (ii) the date on which the unpaid principal balance on the Refinance Note becomes due and payable by acceleration or otherwise or the exercise of any of lender’s rights or remedies. |
(2) | The interest rate is an annual rate equal to the greater of (a) the sum of (i) SOFR and (ii) seven percent (7%); and (b) twelve and a half percent (12.5%). |
(3) | The Refinance Note bears interest at a rate that is equal to Overnight SOFR+2%. |
(4) | Refinance Note issued to LendingOne, LLC |
(5) | Refinance Note issued to FTF Lending, LLC |
(6) | Refinance Note issued to L Finance LLC |
(7) | Refinance Note issued to Landa Financing LLC, which is affiliated with the Company and the Manager. |
F-218
8. SUBSEQUENT EVENTS
From the period July 1, 2023 to September 28, 2023, the following Series have acquired title to their respective Properties from Landa Properties LLC and have thus commenced operations:
Series | Address | Acquisition Date | Acquisition Note | Refinance Note | Total Gross Investment | |||||||||||
Landa App LLC - 157 Wells Road Jenkinsburg GA LLC | 157 Wells Road, Jenkinsburg, Georgia 30234 | 07/20/23 | $ | 89,648 | $ | 131,972 | $ | 159,829 | ||||||||
Landa App LLC - 1445 Maple Valley Court Union City GA LLC | 1445 Maple Valley Court, Union City, Georgia, 30291 | 07/25/23 | $ | 200,632 | $ | - | $ | 139,230 | ||||||||
Landa App LLC - 8658 Ashley Way Douglasville GA LLC | 8658 Ashley Way, Douglasville, Georgia 30134 | 08/18/23 | $ | 76,363 | $ | 114,545 | $ | 128,952 | ||||||||
Landa App LLC - 1683 Spoonbill Road Hampton GA LLC | 1683 Spoonbill Road, Hampton, GA 30238 | 09/01/23 | $ | 90,459 | $ | 154,000 | $ | 182,245 | ||||||||
Landa App LLC - 2443 Hodges Farm Road Mansfield GA LLC | 2443 Hodges Farm Road, Mansfield, GA 30055 | 09/01/23 | $ | 91,546 | $ | 154,000 | $ | 183,313 | ||||||||
Landa App LLC - 6710 Sunset Hills Boulevard Rex GA LLC | 6710 Sunset Hills Boulevard, Rex, GA 30273 | 09/01/23 | $ | 89,846 | $ | 147,000 | $ | 174,773 | ||||||||
Landa App LLC - 773 Villa Way Jonesboro GA LLC | 773 Villa Way, Jonesboro, GA 30238 | 09/01/23 | $ | 47,938 | $ | 71,906 | $ | 88,384 | ||||||||
Landa App LLC - 70 Shenandoah Lane Covington GA LLC | 70 Shenandoah Lane, Covington, GA 30016 | 09/14/23 | $ | 148,251 | $ | 187,500 | $ | 271,847 | ||||||||
Landa App LLC - 195 Branchwood Drive Covington GA LLC | 195 Branchwood Drive, Covington, GA 30016 | 09/14/23 | $ | 136,179 | $ | 180,000 | $ | 252,638 | ||||||||
Landa App LLC - 6386 Forester Way Lithonia GA LLC | 6386 Forester Way, Lithonia, GA 30038 | 09/14/23 | $ | 106,833 | $ | 190,000 | $ | 233,650 | ||||||||
Landa App LLC - 440 Freestone Drive Newman GA LLC | 440 Freestone Drive, Newman, GA 30265 | 09/14/23 | $ | 143,846 | $ | 187,650 | $ | 260,574 | ||||||||
Landa App LLC - 5329 Shirewick Lane Lithonia GA LLC | 5329 Shirewick Lane, Lithonia, GA 30058 | 09/14/23 | $ | 133,990 | $ | 204,000 | $ | 274,044 | ||||||||
Landa App LLC - 1903 Old Concord Drive SE Covington GA LLC | 1903 Old Concord Drive SE, Covington, GA 30016 | 09/14/23 | $ | 139,818 | $ | 168,750 | $ | 245,168 | ||||||||
Landa App LLC - 1000 Fox Valley Trail Stone Mountain GA LLC | 1000 Fox Valley Trail, Stone Mountain, GA 30088 | 09/14/23 | $ | 91,984 | $ | 206,000 | $ | 247,854 | ||||||||
Landa App LLC - 1443 Pebble Ridge Lane Hampton GA LLC | 1443 Pebble Ridge Lane, Hampton, GA 30228 | 09/14/23 | $ | 140,660 | $ | 178,950 | $ | 256,005 | ||||||||
Landa App LLC - 141 Longstreet Circle Oxford GA LLC | 141 Longstreet Circle, Oxford, GA 30054 | 09/14/23 | $ | 119,002 | $ | 212,400 | $ | 267,578 |
F-219
Item 4. Exhibit Index
* | Previously filed |
40
SIGNATURES
Pursuant to the requirements of Regulation A, the issuer has duly caused this Semiannual Report to be signed on its behalf by the undersigned, thereunto duly authorized.
Landa App LLC | ||
By: | Landa Holdings, Inc., its Manager | |
By: | /s/ Yishai Cohen | |
Name: | Yishai Cohen | |
Title: | Chief Executive Officer |
Date: September 28, 2023
Pursuant to the requirements of Regulation A, this Semiannual Report has been signed below by the following persons on behalf of the issuer and in the capacities and on the dates indicated.
Signature | Title | Date | ||
/s/ Yishai Cohen | Chairman, Chief Executive Officer and | September 28, 2023 | ||
Yishai Cohen | President of Landa Holdings, Inc. (Principal Executive Officer) | |||
/s/ Yishai Cohen | Head of Finance of Landa Holdings, Inc. | September 28, 2023 | ||
Yishai Cohen | (Principal Financial Officer and Principal Accounting Officer) |
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