Filed Pursuant to Rule 253(g)(2)

File No. 024-11953

 

As filed with the Securities and Exchange Commission on March 28, 2023

 

OFFERING CIRCULAR

 

 

LANDA APP LLC

6 W. 18th Street, 12th Floor

New York, NY 10011

(646) 905-0931

Landa.app

 

Best Efforts Offering of Series Membership Interests

 

Landa App LLC, a Delaware series limited liability company (the “Company,” “us,” “we,” or “our”) is offering a maximum of 10,000 membership interests (each a “Share” and collectively, the “Shares”) in each of the one hundred and eighty one (181) series of the Company listed in the table below (each a “Series,” and collectively, the “Series”), at the respective purchase prices set forth in the table below.

 

The Company has formed and will continue to form separate series from time to time, each for the purpose of offering a unique investment opportunity for eligible investors to benefit from the performance of curated and fully managed rental real estate properties. Each Series will hold a residential rental property as its primary asset (each a “Property,” and collectively, the “Properties”), as specified in the table below and the Master Series Table in Appendix A for such Series being offered pursuant to this Offering Circular.

 

We are offering Shares of each Series at the price per Share at the respective purchase prices set forth in the table below (the offerings of Shares of each Series each individually referred to herein as an “Offering”). The purchase of Shares in a Series is an investment only in that specific Series and not an investment in any other Series or the Company.

 

No Series will offer or sell Shares until the offering statement of which this Offering Circular forms a part has been qualified by the Securities and Exchange Commission (“SEC”).

 

We expect to offer Shares in each respective Series until the earliest of (i) the date we raise the “Maximum Offering Amount” listed on the table below for such Series (herein referred to as the “Maximum Offering Amount” of each Series), (ii) the second anniversary of the first qualification date of the offering statement of which this Offering Circular forms a part pursuant to which Shares of such Series were able to be offered, and (iii) a date determined by the Manager (as defined below), in its sole discretion, based on a number of factors, including the level of current or anticipated interest in a Series.

 

The Manager previously offered, through the Landa Mobile App, incentives to potential and/or existing investors in the form of “free” Shares that were issued by a Series to such investors and paid for by the Manager such that a Series received its full offering proceeds. Such programs have been discontinued. See “Plan of Distribution” for additional details regarding these incentive programs.

 

 

 

 

SERIES’ SHARE INFORMATION

 

    Series   $ Per Share
(1)(2)
    Maximum
Offering
Amount (3)(4)
 
1.   Landa Series 10 Oak Wood Lane   $ 10.1782     $ 101,782  
2.   Landa Series 10 Windridge Drive   $ 10.2569     $ 102,569  
3.   Landa Series 1000 Fox Valley Trail   $ 11.9194     $ 119,194  
4.   Landa Series 1007 Leeward Way   $ 12.0063     $ 120,063  
5.   Landa Series 10119 Commons Way   $ 12.2580     $ 122,580  
6.   Landa Series 10121 Morris Drive SW   $ 11.1294     $ 111,294  
7.   Landa Series 10183 Starr Street SW   $ 10.7353     $ 107,353  
8.   Landa Series 103 Starlake Drive   $ 10.7153     $ 107,153  
9.   Landa Series 104 Summerfield Drive   $ 12.0024     $ 120,024  
10.   Landa Series 10433 Candlelight Road   $ 12.2303     $ 122,303  
11.   Landa Series 105 Anne Street   $ 10.1246     $ 101,246  
12.   Landa Series 107 Oakwood Circle   $ 7.9512     $ 79,512  
13.   Landa Series 109 Amberwood Lane   $ 8.6513     $ 86,513  
14.   Landa Series 110 Shenandoah Drive   $ 12.4319     $ 124,319  
15.   Landa Series 111 Fir Drive   $ 9.6042     $ 96,042  
16.   Landa Series 1110 Parkview Drive   $ 10.4291     $ 104,291  
17.   Landa Series 11187 Shannon Circle   $ 12.4354     $ 124,354  
18.   Landa Series 112 Ridge Street   $ 12.3884     $ 123,884  
19.   Landa Series 11322 Michelle Way   $ 10.0393     $ 100,393  
20.   Landa Series 114 Starlake Drive   $ 10.1375     $ 101,375  
21.   Landa Series 11447 S Grove Drive   $ 11.3913     $ 113,913  
22.   Landa Series 1147 Village Way   $ 12.0404     $ 120,404  
23.   Landa Series 115 Lakeview Drive   $ 11.4314     $ 114,314  
24.   Landa Series 1160 Gable Terrace   $ 12.0470     $ 120,470  
25.   Landa Series 1190 Kirkland Road   $ 12.9516     $ 129,516  
26.   Landa Series 12 Mintz Street   $ 10.5614     $ 105,614  
27.   Landa Series 120 Rosewood Drive   $ 11.4749     $ 114,749  
28.   Landa Series 1201 Kilrush Drive   $ 21.4368     $ 214,368  
29.   Landa Series 124 Libby Lane   $ 9.6194     $ 96,194  
30.   Landa Series 126 E Mimosa Drive   $ 10.2580     $ 102,580  
31.   Landa Series 12641 Alcovy Road   $ 12.2992     $ 122,992  
32.   Landa Series 1320 Winona Avenue   $ 8.8318     $ 88,318  
33.   Landa Series 133 Dove Landing   $ 9.0823     $ 90,823  
34.   Landa Series 137 Southern Shores Road   $ 9.6107     $ 96,107  
35.   Landa Series 138 Sandalwood Circle   $ 10.1446     $ 101,446  
36.   Landa Series 140 High Ridge Road   $ 11.4313     $ 114,313  
37.   Landa Series 141 Longstreet Circle   $ 13.2561     $ 132,561  
38.   Landa Series 1443 Pebble Ridge Lane   $ 12.7844     $ 127,844  
39.   Landa Series 1445 Maple Valley Court   $ 8.0253     $ 80,253  
40.   Landa Series 146 Crystal Brook   $ 8.4880     $ 84,880  
41.   Landa Series 1473 Brownleaf Drive   $ 11.3035     $ 113,035  
42.   Landa Series 1485 Bola Court   $ 10.3439     $ 103,439  
43.   Landa Series 1490 Diplomat Drive   $ 14.1788     $ 141,788  
44.   Landa Series 153 Cliffside Court   $ 7.4342     $ 74,342  
45.   Landa Series 157 Wells Road   $ 8.8648     $ 88,648  
46.   Landa Series 160 Chimney Ridge Trail   $ 11.4749     $ 114,749  
47.   Landa Series 164 Longstreet Circle   $ 11.5619     $ 115,619  
48.   Landa Series 1666 W Poplar Street   $ 9.2562     $ 92,562  
49.   Landa Series 168 Brookview Drive   $ 5.2897     $ 52,897  
50.   Landa Series 1683 Spoonbill Road   $ 9.7783     $ 97,783   

 

 

 

 

51.   Landa Series 1689 Viceroy Way   $ 11.2251     $ 112,251  
52.   Landa Series 171 Davidson Drive   $ 12.1253     $ 121,253  
53.   Landa Series 1768 Glen View Way   $ 10.0248     $ 100,248  
54.   Landa Series 181 Watercress Court   $ 10.9963     $ 109,963  
55.   Landa Series 188 Timberline Road   $ 6.4721     $ 64,721  
56.   Landa Series 189 Shenandoah Drive   $ 10.2568     $ 102,568  
57.   Landa Series 1903 Old Concord Drive SE   $ 12.3427     $ 123,427  
58.   Landa Series 195 Branchwood Drive   $ 12.6472     $ 126,472  
59.   Landa Series 195 Fairclift Drive   $ 11.4314     $ 114,314  
60.   Landa Series 195 Hunters Trace   $ 12.6782     $ 126,782  
61.   Landa Series 196 Montego Circle   $ 10.6918     $ 106,918  
62.   Landa Series 20 Chimney Smoke Drive   $ 11.4749     $ 114,749  
63.   Landa Series 204 N Main Court   $ 9.0823     $ 90,823  
64.   Landa Series 2055 Grove Way   $ 9.9524     $ 99,524  
65.   Landa Series 212 Fleeta Drive   $ 9.3453     $ 93,453  
66.   Landa Series 215 Central Lake Circle   $ 10.6900     $ 106,900  
67.   Landa Series 217 Glenloch Court   $ 12.3449     $ 123,449  
68.   Landa Series 2177 E Chester Circle SE   $ 12.5180     $ 125,180  
69.   Landa Series 221 Lakeview Drive   $ 11.9100     $ 119,100  
70.   Landa Series 2264 Chestnut Hill Circle   $ 15.1725     $ 151,725  
71.   Landa Series 235 Lazy Hollow Lane   $ 11.9704     $ 119,704  
72.   Landa Series 2425 Cornell Circle   $ 13.2586     $ 132,586  
73.   Landa Series 2443 Hodges Farm Road   $ 9.8218     $ 98,218  
74.   Landa Series 25 Pleasant Valley Road   $ 11.3443     $ 113,443  
75.   Landa Series 253 Marco Drive   $ 9.3104     $ 93,104  
76.   Landa Series 255 Countryside Lane   $ 11.7795     $ 117,795  
77.   Landa Series 258 Rocky Point Road   $ 12.6059     $ 126,059  
78.   Landa Series 263 Rocky Point Road   $ 11.1704     $ 111,704  
79.   Landa Series 268 Brookview Drive   $ 7.5363     $ 75,363  
80.   Landa Series 270 Mountain Lane   $ 11.6673     $ 116,673  
81.   Landa Series 270 Mountain Way   $ 11.5184     $ 115,184  
82.   Landa Series 270 Pleasant Hill Drive   $ 10.9283     $ 109,283  
83.   Landa Series 2794 Norfair Loop   $ 9.3433     $ 93,433  
84.   Landa Series 2813 Vicksburg Court   $ 13.5194     $ 135,194  
85.   Landa Series 2933 Coffer Drive   $ 11.2686     $ 112,686  
86.   Landa Series 30 High Ridge Road   $ 13.3138     $ 133,138  
87.   Landa Series 30 Roosevelt Road   $ 11.3878     $ 113,878  
88.   Landa Series 3011 Raintree Drive SE   $ 12.4005     $ 124,005  
89.   Landa Series 304 Deerfield Drive   $ 11.6738     $ 116,738  
90.   Landa Series 3043 Highway 81 S   $ 8.6490     $ 86,490  
91.   Landa Series 313 Blue Heron Drive   $ 10.8583     $ 108,583  
92.   Landa Series 3202 Chippewa Drive   $ 11.9534     $ 119,534  
93.   Landa Series 35 Clay Court   $ 12.1279     $ 121,279  
94.   Landa Series 350 Cadiz Lane S   $ 11.0833     $ 110,833  
95.   Landa Series 351 Wesley Park Drive   $ 10.4308     $ 104,308  
96.   Landa Series 3603 Manhattan Drive   $ 13.0411     $ 130,411  
97.   Landa Series 3667 Patti Parkway   $ 15.1727     $ 151,727  
98.   Landa Series 404 Barberry Lane   $ 11.4357     $ 114,357  
99.   Landa Series 412 Kendall Lane   $ 11.8705     $ 118,705  
 

 

 

 

100.   Landa Series 416 Autumn Lake Court   $ 10.6484     $ 106,484  
101.   Landa Series 43 Darwin Drive   $ 10.0828     $ 100,828  
102.   Landa Series 432 Manor Estates Drive   $ 12.5668     $ 125,668  
103.   Landa Series 440 Freestone Drive   $ 13.2598     $ 132,598  
104.   Landa Series 4447 Lake Breeze Drive   $ 13.6936     $ 136,936  
105.   Landa Series 445 Independence Drive   $ 11.9512     $ 119,512  
106.   Landa Series 449 Kara Lane   $ 10.6161     $ 106,161  
107.   Landa Series 45 Blue Jay Drive   $ 14.1285     $ 141,285  
108.   Landa Series 45 Laurel Way   $ 13.6040     $ 136,040  
109.   Landa Series 4702 Saint James Way   $ 10.6981     $ 106,981  
110.   Landa Series 4732 Pinedale Drive   $ 9.3888     $ 93,888  
111.   Landa Series 497 Highway 212   $ 11.1684     $ 111,684  
112.   Landa Series 5039 East Street   $ 8.2993     $ 82,993  
113.   Landa Series 5040 Huntshire Lane   $ 17.7994     $ 177,994  
114.   Landa Series 513 Jarrett Court   $ 11.5645     $ 115,645  
115.   Landa Series 5143 Pinecrest Drive SW   $ 9.0842     $ 90,842  
116.   Landa Series 524 Sawmill Road   $ 11.3472     $ 113,472  
117.   Landa Series 5329 Shirewick Lane   $ 13.5196     $ 135,196  
118.   Landa Series 540 Cowan Road   $ 11.9823     $ 119,823  
119.   Landa Series 5411 Rocky Pine Drive   $ 12.3954     $ 123,954  
120.   Landa Series 55 Myrtle Grove Lane   $ 11.6489     $ 116,489  
121.   Landa Series 550 Cowan Road   $ 10.0313     $ 100,313  
122.   Landa Series 5581 Fox Glen Circle   $ 17.3886     $ 173,886  
123.   Landa Series 565 Mountainview Drive   $ 11.3294     $ 113,294  
124.   Landa Series 5737 Strathmoor Manor Circle   $ 10.1699     $ 101,699  
125.   Landa Series 5801 Strathmoor Manor Circle   $ 10.5178     $ 105,178  
126.   Landa Series 6104-6106 Oakwood Circle SW   $ 9.9141     $ 99,141  
127.   Landa Series 6107 Shadow Glen Court   $ 8.5185     $ 85,185  
128.   Landa Series 6111-6113 Pine Glen Circle SW   $ 18.2612     $ 182,612  
129.   Landa Series 6119 Pineneedle Drive SW   $ 6.6462     $ 66,462  
130.   Landa Series 615 Barshay Drive   $ 11.6786     $ 116,786  
131.   Landa Series 6168 Wheat Street NE   $ 7.5159     $ 75,159  
132.   Landa Series 6178 Green Acres Drive SW   $ 8.9374     $ 89,374  
133.   Landa Series 6386 Forester Way   $ 11.8733     $ 118,733  
134.   Landa Series 6404 Walnut Way   $ 11.1704     $ 111,704  
135.   Landa Series 643 Sycamore Drive   $ 10.8074     $ 108,074  
136.   Landa Series 65 Freedom Court   $ 11.7554     $ 117,554  
137.   Landa Series 653 Georgetown Lane   $ 11.4348     $ 114,348  
138.   Landa Series 6635 Kimberly Mill Road   $ 13.1485     $ 131,485  
139.   Landa Series 6653 Bedford Road   $ 11.1449     $ 111,449  
140.   Landa Series 6710 Sunset Hills Boulevard   $ 9.4738     $ 94,738  
141.   Landa Series 6762 Bent Creek Drive   $ 11.1703     $ 111,703  
142.   Landa Series 683 Wood Path Court   $ 13.1390     $ 131,390  
143.   Landa Series 70 Shenandoah Lane   $ 13.4300     $ 134,300  
144.   Landa Series 709 Georgetown Court   $ 11.0423     $ 110,423  
145.   Landa Series 7107 Geiger Street NW   $ 6.4286     $ 64,286  
146.   Landa Series 7205 Lakeview Drive SW   $ 11.6924     $ 116,924  

 

 

 

 

147.   Landa Series 750 Georgetown Court   $ 9.0822     $ 90,822  
148.   Landa Series 752 Chestnut Drive   $ 7.9093     $ 79,093  
149.   Landa Series 773 Villa Way   $ 4.7938     $ 47,938  
150.   Landa Series 7781 Mountain Creek Way   $ 12.0432     $ 120,432  
151.   Landa Series 7950 Woodlake Drive   $ 10.0393     $ 100,393  
152.   Landa Series 80 High Ridge Road   $ 12.0839     $ 120,839  
153.   Landa Series 800 Mills Drive   $ 13.4735     $ 134,735  
154.   Landa Series 808 Hillandale Lane   $ 11.4135     $ 114,135  
155.   Landa Series 8110 Devonshire Drive   $ 8.5185     $ 85,185  
156.   Landa Series 8121 Spillers Drive SW   $ 9.7978     $ 97,978  
157.   Landa Series 8233 Creekline Court   $ 11.7461     $ 117,461  
158.   Landa Series 8302 Sterling Lakes Drive   $ 12.2145     $ 122,145  
159.   Landa Series 843 Tramore Drive   $ 7.8196     $ 78,196  
160.   Landa Series 85 Kirkland Court   $ 13.2584     $ 132,584  
161.   Landa Series 85 Thorn Thicket Way   $ 11.7821     $ 117,821  
162.   Landa Series 8658 Ashley Way   $ 7.6363     $ 76,363  
163.   Landa Series 8667 Ashley Way   $ 5.4695     $ 54,695  
164.   Landa Series 8671 Ashley Way   $ 8.0311     $ 80,311  
165.   Landa Series 8676 Ashley Way   $ 8.2273     $ 82,273  
166.   Landa Series 8691 Ashley Way   $ 5.9422     $ 59,422  
167.   Landa Series 8692 Ashley Way   $ 5.8344     $ 58,344  
168.   Landa Series 8693 Ashley Way   $ 8.8186     $ 88,186  
169.   Landa Series 8694 Ashley Way   $ 8.0398     $ 80,398  
170.   Landa Series 8697 Ashley Way   $ 8.7383     $ 87,383  
171.   Landa Series 8819 Leafwood Court   $ 11.3043     $ 113,043  
172.   Landa Series 8855 Rugby Court   $ 8.8666     $ 88,666  
173.   Landa Series 9020 Sterling Ridge Lane   $ 9.4664     $ 94,664  
174.   Landa Series 9150 Spillers Drive SW   $ 10.1264     $ 101,264  
175.   Landa Series 925 Mote Road   $ 12.4732     $ 124,732  
176.   Landa Series 9409 Forest Knoll Drive   $ 12.3057     $ 123,057  
177.   Landa Series 9434 Cedar Creek Place   $ 13.2712     $ 132,712  
178.   Landa Series 9597 Pintail Trail   $ 12.0517     $ 120,517  
179.   Landa Series 974 Laurel Street   $ 11.1319     $ 111,319  
180.   Landa Series 1701 Summerwoods Lane   $ 6.8962     $ 68,962  
181.   Landa Series 1741 Park Lane   $ 7.8034     $ 78,034  
    Total           $ 19,765,775 (5)

 

(1)The prices per Share for each Series listed above were determined by the Manager. See “Determination of Purchase Price” for additional information.

 

(2)

There are no underwriting discounts or commissions as part of the Offerings. We do not intend to use commissioned sales agents or underwriters as part of the Offerings. We expect that the officers of the Manager will offer and sell the Shares in reliance upon the exemption from registration contained in Rule 3a4-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and will not receive any compensation from the offer or sale of the Shares of any Series. Dalmore Group LLC will be acting as the broker dealer of record in connection with each Offering (the “Broker Dealer”) and will be entitled to a brokerage fee (the “Broker Fee”) calculated in the manner set forth under “Plan of Distribution.” The Manager will pay the Broker Fee to the Broker Dealer. See “Plan of Distribution.”

 

(3)The Maximum Offering Amounts represent the gross proceeds from a subscription of 10,000 Shares of the respective Series. For additional information, see “Use of Proceeds” in Appendix B for more information.

 

(4)There is no minimum offering amount.

 

(5) Represents the proposed Maximum Offering Amount (rounded) aggregated across all Series to be qualified pursuant to the offering statement of which this Offering Circular forms a part, as required for purposes of the Form 5110 submitted to FINRA.

 

 

 

 

All Shares will be offered and sold initially through the Landa mobile application which is available on iOS and Android devices (the “Landa Mobile App”). The Offerings are being conducted on a “best efforts,” no offering minimum basis pursuant to Regulation A (“Regulation A”) of Section 3(6) of the Securities Act of 1933, as amended (the “Securities Act”), for Tier 2 offerings. The Offerings are being conducted as a continuous offering pursuant to Rule 251(d)(3) of Regulation A, meaning that while the offering of securities is continuous, active sales of securities may happen sporadically over the term of the Offerings. Each Offering will commence within two (2) calendar days after the first qualification date of the offering statement of which this Offering Circular forms a part and, unless earlier terminated by the Manager, each Series will offer Shares until no later than the second anniversary of such qualification date.

 

We expect that there will be multiple closings for each Offering at which time Shares will be sold and the subscription price will be transferred to the operating account of the Series (each, a “Closing”). We expect that each Closing will occur promptly following the acceptance of a subscription. A subscription will be accepted or rejected in whole or in part in the Manager’s sole discretion within ten (10) business days following receipt of the Subscription Agreement (as defined below). The Manager will accept subscriptions on a first-come, first-served basis subject to the right to reject or reduce subscriptions.

 

All Shares will be issued in electronic form only and will not be listed or quoted on any securities exchange. 

 

After a Series’ Offering has concluded, we expect that the Public Private Execution Network Alternative Trading System, or PPEX ATS (the “Secondary Trading Platform”) will be the only venue available for the resale of such Series’ Shares. The Secondary Trading Platform will be accessible exclusively though the Landa Mobile App and may not be accessed through any other website, mobile application or platform. The Secondary Trading Platform is registered with the SEC and operated by North Capital Private Securities Corporation (“North Capital”) and resales through the Secondary Trading Platform will be made through the Broker Dealer, as a broker dealer member of the Secondary Trading Platform. Any such resale of a Series’ Shares will be subject to federal and state securities laws and the restrictions in the Master Agreement (as defined below) and the Series Designation (as defined in the Master Agreement), as applicable. There can be no assurance that an active market for any Shares will develop on the Secondary Trading Platform, that the Secondary Trading Platform will be available to allow resales of Shares to residents of all states, or that the Secondary Trading Platform will be available at all. In addition, only prospective investors that have been approved by the Broker Dealer and successfully onboarded onto the Landa Mobile App may engage in secondary transactions on the Landa Mobile App or access any trading information with respect to secondary trading of the Shares. For these reasons, investors must be prepared to hold their Shares indefinitely. See “Plan of Distribution – Transferability of the Shares.”

 

Each Share will entitle each holder to the opportunity to receive monthly distributions of a portion of the net rental income of a given Series, which we also refer to as “dividends” in this Offering Circular, in the applicable Series Materials, and Property Page (each as defined below). The total distribution amount by a Series will be calculated by the Manager, acting in its sole discretion, and will be based on a number of factors, including, but not limited to, the total number of Shares sold, the Monthly Management Fee, expenses (including any unanticipated capital expenditures), taxes, amounts allocated to Reserves (as defined below), economic conditions, debt service requirements, actual and accrued cash flows of the applicable Series, and other factors that could differ materially from our current expectations. The total distribution amount, if any, will be allocated to each holder of Shares of the applicable Series on a pro-rata basis based on the number of outstanding Shares of that Series held. We cannot assure you that a Series will have enough net rental income in a given month to make any monthly cash distributions per Share. For any holder that acquires Shares on the Secondary Trading Platform, the initial distribution paid to such holder, if any, may be made on a pro-rated basis, based on the number of days that such holder held the Shares. In addition, liquidating distributions may be made upon the sale of a Series’ Property.

 

Holders of Shares in a Series will have no rights to direct or vote on any matter concerning such Series or direct the Manager on the management of its affairs, including whether or not a Series should liquidate its underlying Property or dissolve. In addition, holders will have no claim or recourse to any of the Properties and will have no rights to share in the success of any other Series or the other Series’ Properties, as fully described in the Amended and Restated Limited Liability Company Operating Agreement of Landa App LLC (the “Master Agreement”). See “Description of Shares” for more information.

 

 

 

 

Each Series will be treated as a separate entity for U.S. federal income tax purposes. In addition, we intend that each Series will elect to be treated as a corporation for U.S. federal income tax purposes. Since each Series is separately protected under Section 18-215 of the Delaware Limited Liability Company Act (the “LLC Act”), the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular Series are segregated and enforceable only against the assets of such Series, as provided under the LLC Act. Each Series will be governed according to the terms of the Master Agreement and the Series Designation for such Series. Each Series’ Offering will be independent of, and not contingent upon, the other Series’ Offerings. You may choose to participate in one or more Series’ Offerings. 

 

Landa Holdings, Inc. will serve as manager for the Company and each Series (along with its affiliates, the “Manager” or “Landa Holdings”). The Manager is not a registered broker-dealer, an investment adviser, crowdfunding platform or other securities intermediary.

 

Investing in the Shares involves a high degree of risk. See “Risk Factors” beginning on page 6 for a discussion of certain risks that you should consider in connection with an investment in the Shares.

 

THE SECURITIES AND EXCHANGE COMMISSION (THE “SEC”) DOES NOT PASS UPON THE MERITS OF OR GIVE ITS APPROVAL TO ANY SECURITIES OFFERED OR THE TERMS OF THE OFFERING, NOR DOES IT PASS UPON THE ACCURACY OR COMPLETENESS OF ANY OFFERING CIRCULAR OR OTHER SOLICITATION MATERIALS. THESE SECURITIES ARE OFFERED PURSUANT TO AN EXEMPTION FROM REGISTRATION WITH THE SEC; HOWEVER, THE SEC HAS NOT MADE AN INDEPENDENT DETERMINATION THAT THE SECURITIES OFFERED ARE EXEMPT FROM REGISTRATION.

 

Generally, no sale may be made to you in the Offerings if the aggregate purchase price you pay is more than ten percent (10%) of the greater of your annual income or net worth. Different rules apply to accredited investors and non-natural persons. Before making any representation that your investment does not exceed applicable thresholds, we encourage you to review Rule 251(d)(2)(i)(C) of Regulation A. For general information on investing, we encourage you to refer to www.investor.gov.

 

The date of this Offering Circular is March 28, 2023

 

 

 

 

TABLE OF CONTENTS

 

INCORPORATION OF CERTAIN INFORMATION BY REFERENCE ii
   
Cautionary statement regarding forward-looking statements ii
   
Important information about this offering circular v
   
Important notices to investors vi
   
State law exemption and purchase restrictions vii
   
Market and other industry data vii
   
Questions and answers about the offerings viii
   
Offering summary 1
   
The OfferinG 3
   
Risk Factors 6
   
Use of Proceeds 21
   
Description of our business 21
   
Description of the properties AND THE SERIES 28
   
Management’s discussion and analysis of financial condition and results of operationS 28
   
Determination of purchase price 32
   
Plan of Distribution 32
   
Regulations 36
   
Security ownership of certain beneficial owners and management 37
   
Directors, executive officers and significant employees 38
   
Compensation of directors and executive officers 39
   
Interest of management and others in certain transactions 39
   
Description of shares 41
   
U.S. Federal income tax considerations 45
   
Legal matters 47
   
Experts 47
   
Additional information 47
   
APPENDIX A – SERIES OFFERINGS-MASTER SERIES TABLE A-1
   
APPENDIX B – USE OF PROCEEDS AND DESCRIPTION OF THE PROPERTIES AND THE SERIES B-1
   
FINANCIAL STATEMENTS F-1

 

i

 

 

INCORPORATION OF CERTAIN INFORMATION BY REFERENCE

 

We are incorporating by reference into this Offering Circular the following information to the extent not otherwise modified or replaced by a subsequent filing:

 

Offering Statement (File No. 024-11377) of Landa App LLC filed with the Commission dated January 7, 2022 (the “Prior Offering Statement”), with respect to the following:

 

  Financial Statements and Accompanying Notes for the Fiscal Year ended December 31, 2020 and the six-month period ended June 30, 2021 (unaudited) pursuant to Rule 8-06 under Regulation S-X, for the thirty-seven (37) series included in the Separate Offering Series (defined below) that were previously qualified under the Prior Offering Statement (the Georgia Single-family Home Portfolio – 1, the Georgia Single-family Home Portfolio – 2, and the Georgia Single-family Home Portfolio – 3).

 

Property Information for the thirty-seven (37) series included in the Separate Offering series under the heading “Description of the Properties

 

Annual Report on Form 1-K/A of the Company for the twelve-month period ended December 31, 2021, that was filed with the SEC on January 25, 2023, and can be found here.

 

Semi-Annual Report on Form 1-SA of the Company for the six-month period ended June 30, 2022, that was filed with the SEC on September 28, 2022, and can be found here.

 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

 

The information contained in this Offering Circular includes some statements that are not historical and that are considered “forward-looking statements.” Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “should,” “will” and “would” or the negatives of these terms or other comparable terminology.

 

The forward-looking statements are based on our beliefs, assumptions, and expectations of our future performance, including the future performance of each of the Series, taking into account all information currently available to us. These beliefs, assumptions, and expectations can change as a result of many possible events or factors, not all of which are known to us or are within our control. If a change occurs, our business, financial condition, liquidity, and results of operations may vary materially from those expressed in our forward-looking statements. You should carefully consider the risks described in the “Risk Factors” section of this Offering Circular before you make an investment decision with respect to the Shares, along with the following factors that could cause actual results to vary from our forward-looking statements:

 

  Our business plan is largely untested, and our Manager has limited experience and track record executing our business plan, as well as with real estate financings and acquisitions. If we are unable to execute our business plan, we will not be able to generate any revenues, and our results of operations would be adversely affected.

 

  We have recently commenced operations, and the future performance of each Series is difficult to evaluate.

 

  Our dependence upon external sources for the financing of our operations, particularly given that there are concerns about our ability to continue as a “going concern.”

 

  Changes in national, regional or local economic, demographic, or real estate market conditions may adversely affect our results of operations and returns to our investors.

 

  The market in which we participate is competitive and, if we do not compete effectively, our operating results could be harmed.

 

  We expect to acquire Properties from our affiliate and wholly-owned subsidiary of our Manager, Landa Properties LLC (“Landa Properties”), who previously acquired the Properties from third party sellers, which were not leased to tenants prior to the acquisition by Landa Properties. As a result, we only have limited historical financial performance information for the Properties.

 

 

Each Series will hold a residential rental property, including a single-family home or a duplex as its primary asset. As a result, each Series is subject to risks inherent in investments in such property. Because each Property is in the residential sector, the potential effects on our revenue and profits resulting from a downturn or slowdown in the residential sector could be more pronounced than if a Series held a more diversified investment.

     
  An increase in interest rates may result in failure to attract potential investors for a given Series because of the attractiveness of alternative investments, which may result in a Series’ inability to raise the necessary proceeds to fully repay its debt obligations, including the Acquisition Note (as defined below).

 

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  A Series may hold significantly more debt due to the failure to fully discharge the Acquisition Note in full with the proceeds of the Refinance Note.

 

  The illiquidity of real estate investments could significantly impede our ability to respond to adverse changes in the performance of the Properties and harm the Series’ financial conditions.

 

  The actual rental income a Series receives for its Property may be less than the estimated market rent for such Property, and the Series may experience a decline in realized rental rates from time to time, which could adversely affect the Series’ financial condition, results of operations and cash flow.

 

  Vacant Properties could be difficult to rent or sell, which could diminish the return on these Properties.

 

  We may enter into long-term lease agreements with tenants in certain Properties, which may not reflect or result in fair market rental rates over time.

 

  Each Series will depend on its Property’s tenant or tenants for its revenue; lease defaults, evictions, terminations, or other events preventing collection of rents could reduce its net income and limit its ability to make distributions to investors.

 

  Any unforeseen expenses incurred by a Series or a Property may negatively affect the results of operations of that Series beyond the Manager’s control and could materially affect the return on investment for our investors.

 

  Costs incurred as a result of governmental laws and regulations may reduce a Series’ net income and the cash available for distributions to investors.

 

  Each Series may be liable for any potential violations under the Americans with Disabilities Act (the “ADA”).

 

  Uninsured losses relating to a Property or costly premiums for insurance coverage could reduce a Series’ cash flows and the return on the investors’ investment.

 

  The return on an investor’s investment in Shares of a Series (including any monthly distributions) depends on the rental income of the applicable Property and the increase, if any, in the Property’s value.

 

  No public market for the Shares currently exists and the Shares will not be listed or quoted on any national securities exchange.

 

 

If we do not successfully implement or maintain the Secondary Trading Platform (or, once implemented, do not continue to have access to it) or cannot successfully liquidate a Series, or if significant liquidity does not develop in connection with the Secondary Trading Platform, a holder of Shares may have to hold their Shares for an indefinite period.

 

  There can be no assurance that an active market for any Shares will develop on the Secondary Trading Platform, that the Secondary Trading Platform will be available to allow resales of Shares to residents of all states, or that the Secondary Trading Platform will be available at all. For these reasons, investors must be prepared to hold their Shares indefinitely.

 

  No independent party has made any review of us, the Manager or the Shares offered by any Series on the Landa Mobile App. Therefore, investors do not have the benefit of an independent due diligence review conducted by an unaffiliated party to form a basis for their investment decision.

 

  Any investment is an investment in the Shares of a specific Series, which will invest only in a designated Property, and is not a diversified investment in multiple Properties, Series, the Company or the Manager. An investor will not have any interest in, nor will their investment be secured by, any assets owned by another Series, the Company, or the Manager. Any return on investment will depend solely on the revenue of, and ultimately on the return on, the given Series, and the Property held by it.

 

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  We may require additional capital to operate each Series and may be unable to obtain such capital on favorable terms or at all. Difficulty in obtaining necessary capital could adversely affect results from operations.

 

  Adverse results from litigation or governmental investigations and/or actions can impact our business practices and operating results.

 

  New and existing regulations, including with regard to Internet commerce, could cause additional costs of compliance and harm our business.

 

  The Master Agreement does not require the Manager to seek member approval to liquidate any of the Series’ assets (including the Properties) by a specified date, nor does our Master Agreement require the Manager to list Shares for trading by a specified date or at all. No public market for the Shares currently exists and the Shares will not be listed or quoted on any national securities exchange.
     
  Investors will not have voting rights or control over the management of the Series or the Series’ Property.

 

  The Manager relies on third parties, such as appraisers and inspectors, in evaluating a Property, and if those third parties perform in an unsatisfactory manner, it may harm the performance of a given Series.

 

  The Manager’s assessment and/or management of a Property may not be correct, which may negatively affect the results of operations of that Series.
     
  The liquidation value of each Series substantially depends on the value of its underlying Property and the valuation of each Property may change significantly from time to time.

 

  Each Series will be subject to certain fees and expenses, including repayment of debt, unforeseen expenses, payment of a Monthly Management Fee (defined below), and, as a result, there may be no available funds to make any distributions on the Shares.

 

  Our ability to implement our investment strategy depends, in part, upon our ability to successfully conduct the Offerings through the Landa Mobile App, which makes an investment in a Series more speculative.

 

  Investors could be harmed if we are unable to maintain and grow the Landa Mobile App.
     
  If the security of our investors’ confidential information stored in our systems is breached or otherwise subjected to unauthorized access, investors’ secure information may be stolen.

 

  Any significant disruption in service on the Landa Mobile App or in our computer systems and/or networks could reduce the attractiveness of the Landa Mobile App and result in a loss of users or user confidence, which may adversely affect holders of Shares of a given Series.

 

  We rely on third-party financial services providers and on third-party computer hardware and software. If we are unable to continue utilizing these services, our business and ability to service the corresponding equity investments may be adversely affected.

 

  If we experience design defects, errors, failures, or delays with the Landa Mobile App, each Series could suffer serious harm.

 

  The series limited liability company structure is relatively new and state law outside Delaware may not treat series within a series limited liability company as separate entities, including for purposes of treating liabilities of each Series as separate from the liabilities of other Series. In addition, changes to bankruptcy, tax or other laws with respect to series limited liability companies may adversely affect our business.

 

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IMPORTANT INFORMATION ABOUT THIS OFFERING CIRCULAR

 

Please carefully read the information in this Offering Circular and any accompanying offering circular supplements, which we refer to collectively herein as the “Offering Circular.” You should rely only on the information contained in this Offering Circular. We have not authorized anyone to provide you with different information. This Offering Circular may only be used in any jurisdictions where it is not unlawful to offer and sell these securities. You should not assume that the information contained in this Offering Circular is accurate as of any date later than the date hereof or such other dates as are stated herein or as of the respective dates of any documents or other information incorporated herein by reference.

 

This Offering Circular is part of an offering statement that we filed with the SEC, using a continuous offering process pursuant to Rule 251(d)(3) of Regulation A. Periodically, as we make material acquisitions or have other material developments, we will provide an offering circular supplement that may add, update or change information contained in this Offering Circular. Any statement that we make in this Offering Circular will be modified or superseded by any inconsistent statement made by us in a subsequent offering circular supplement. The offering statement we filed with the SEC includes exhibits that provide more detailed descriptions of the matters discussed in this Offering Circular. You should read this Offering Circular and the related exhibits filed with the SEC and any offering circular supplement, together with additional information contained in our annual reports, semi-annual and other reports and information statements that we will file periodically with the SEC.

 

In addition, you should read the Master Agreement and the Series Designation for such Series, the applicable management agreement between any such Series and the Manager (each, a “Management Agreement”), the form of which is an exhibit to the offering statement of which this Offering Circular is a part, the form of subscription agreement to be executed by each investor in connection with each Offering (“Subscription Agreement”), the form of which is an exhibit to the Offering Statement of which this Offering Circular is a part, and the information concerning the particular Property held by any such Series set forth in the sections entitled “Use of Proceeds” and “Description of the Properties and the Series” in Appendix B hereto, including, but not limited to, the Acquisition Fee, the Monthly Management Fee, and, if applicable, the Broker Fee (each as defined below), which information will also be available on the Landa Mobile App (for each Property, information can be found on the Series’ “Property Page” in the Landa Mobile App), and any related offering and/or series materials on the Landa Mobile App and approved by us prior to making an investment decision (collectively, the “Series Materials”).

 

The offering statement and all supplements and reports that we have filed or will file in the future can be obtained from the SEC’s website, www.sec.gov or at Landa Holding’s website at www.landa.app. The contents of the Landa Mobile App (other than the Series Materials) are not incorporated by reference in or otherwise a part of this Offering Circular.

 

The Manager will be permitted to make determinations as to whether potential purchasers of Shares in the Offerings are “qualified purchasers” (as defined below) in reliance on the information and representations provided by the potential purchasers regarding the potential purchasers’ financial situation. Before making any representation that your investment does not exceed applicable thresholds, we encourage you to review Rule 251(d)(2)(i)(C) of Regulation A. For general information on investing, we encourage you to refer to www.investor.gov.

 

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IMPORTANT NOTICES TO INVESTORS

 

INVESTMENT IN THE SHARES INVOLVES A HIGH DEGREE OF RISK, AND INVESTORS SHOULD NOT INVEST ANY FUNDS IN THESE OFFERINGS UNLESS THEY CAN AFFORD TO LOSE THEIR ENTIRE INVESTMENT. IN MAKING AN INVESTMENT DECISION, INVESTORS MUST RELY ON THEIR OWN EXAMINATION OF THE ISSUER AND THE TERMS OF THE OFFERINGS, INCLUDING THE MERITS AND RISKS INVOLVED.

 

NO PERSON HAS BEEN AUTHORIZED TO GIVE ANY INFORMATION OR TO MAKE ANY REPRESENTATIONS IN CONNECTION WITH THE OFFERS MADE BY THIS OFFERING CIRCULAR, NOR HAS ANY PERSON BEEN AUTHORIZED TO GIVE ANY INFORMATION OR MAKE ANY REPRESENTATION OTHER THAN THOSE CONTAINED IN THIS OFFERING CIRCULAR, AND IF GIVEN OR MADE, SUCH INFORMATION OR REPRESENTATIONS MUST NOT BE RELIED UPON. THIS OFFERING CIRCULAR DOES NOT CONSTITUTE AN OFFER TO SELL OR SOLICITATION OF AN OFFER TO BUY IN ANY JURISDICTION IN WHICH SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL OR ANY PERSON TO WHO IT IS UNLAWFUL TO MAKE SUCH OFFER OR SOLICITATION. NEITHER THE DELIVERY OF THIS OFFERING CIRCULAR NOR ANY SALE MADE HEREUNDER SHALL, UNDER ANY CIRCUMSTANCES, CREATE AN IMPLICATION THAT THERE HAS BEEN NO CHANGE IN THE AFFAIRS OF THE ISSUER SINCE THE DATE HEREOF.

 

THIS OFFERING CIRCULAR MAY NOT BE REPRODUCED IN WHOLE OR IN PART. THE USE OF THIS OFFERING CIRCULAR FOR ANY PURPOSE OTHER THAN AN INVESTMENT IN SECURITIES DESCRIBED HEREIN IS NOT AUTHORIZED AND IS PROHIBITED.

 

THE PURCHASE PRICES OF THE SECURITIES TO WHICH THIS OFFERING CIRCULAR RELATES HAVE BEEN DETERMINED BY THE ISSUER AND DO NOT NECESSARILY BEAR ANY SPECIFIC RELATION TO THE ASSETS, BOOK VALUE OR POTENTIAL EARNINGS OF ANY SERIES OR ANY OTHER RECOGNIZED CRITERIA OF VALUE.

 

IN MAKING AN INVESTMENT DECISION, INVESTORS MUST RELY ON THEIR OWN EXAMINATION OF THE SERIES AND THE TERMS OF THE OFFERINGS, INCLUDING THE MERITS AND RISKS INVOLVED. THESE SECURITIES HAVE NOT BEEN RECOMMENDED BY ANY FEDERAL OR STATE SECURITIES COMMISSION OR REGULATORY AUTHORITY. FURTHERMORE, THE FOREGOING AUTHORITIES HAVE NOT CONFIRMED THE ACCURACY OR DETERMINED THE ADEQUACY OF THIS OFFERING CIRCULAR. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. INVESTORS SHOULD BE AWARE THAT THEY WILL BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.

 

THE SECURITIES OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR THE SECURITIES LAWS OF CERTAIN STATES AND ARE BEING OFFERED AND SOLD IN RELIANCE ON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SAID ACT AND SUCH LAWS. THE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION, ANY STATE SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY, NOR HAVE ANY OF THE FOREGOING AUTHORITIES PASSED UPON OR ENDORSED THE MERITS OF THIS OFFERING OR THE ACCURACY OR ADEQUACY OF THE OFFERING CIRCULAR. ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL.

 

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STATE LAW EXEMPTION AND PURCHASE RESTRICTIONS

 

The Shares are being offered and sold only to “qualified purchasers” (as defined in Regulation A). As Tier 2 offerings pursuant to Regulation A, the Offerings will be exempt from state law “Blue Sky” review, subject to meeting certain state filing requirements and complying with certain anti-fraud provisions, to the extent that the securities offered hereby are offered and sold only to “qualified purchasers” or at a time when the securities are listed on a national securities exchange. “Qualified purchasers” include: (i) “accredited investors” under Rule 501(a) of Regulation D of the Securities Act (“Regulation D”) and (ii) all other investors so long as their investment in the securities does not represent more than 10% of the greater of their annual income or net worth (for natural persons), or 10% of the greater of their annual revenue or net assets at fiscal year-end (for non-natural persons). Accordingly, the Manager reserves the right to reject any investor’s subscription in whole or in part for any reason, including if it determines in its sole and absolute discretion such investor is not a “qualified purchaser” for purposes of Regulation A.

 

To determine whether a potential investor is an “accredited investor” for purposes of satisfying one of the tests in the “qualified purchaser” definition, the investor must be a natural person who:

 

  1. has an individual net worth, or joint net worth with the person’s spouse, that exceeds $1,000,000 at the time of the purchase, excluding the value of the primary residence of such person;

 

  2. has earned income exceeding $200,000 in each of the two most recent years or joint income with a spouse exceeding $300,000 for those years and has a reasonable expectation of the same income level in the current year;
     
  3. has certain professional certifications, designations or credentials or other credentials issued by an accredited educational institution, as designated by the SEC; or
     
  4. with respect to investments in a private fund, are “knowledgeable employees” of the fund, as defined in the Investment Company Act of 1940 (the “Investment Company Act”). 

 

The list above is non-exhaustive; prospective investors should review Rule 501 of Regulation D for more details on whether they are an “accredited investor.” If the investor is not a natural person, different standards apply. See Rule 501 of Regulation D for more details in this regard.

 

For purposes of determining whether a potential investor is a “qualified purchaser,” annual income and net worth should be calculated as provided in the “accredited investor” definition under Rule 501 of Regulation D. In particular, net worth in all cases should be calculated, excluding the value of an investor’s primary residence (including furnishings) and automobiles.

 

MARKET AND OTHER INDUSTRY DATA

 

This Offering Circular includes market and other industry data and estimates that are based on the Manager’s knowledge and experience in the markets in which we operate. The sources of such data generally state that the information they provide has been obtained from sources they believe to be reliable, but we have not investigated or verified the accuracy and completeness of such information. Our own estimates are based on information obtained from our and our affiliates’ experience in the markets in which we operate and from other contacts in these markets. We are responsible for all of the disclosure in this Offering Circular, and we believe our estimates to be accurate as of the date of this Offering Circular or such other date stated in this Offering Circular. However, this information may prove to be inaccurate because of the method by which we obtained some of the data for the estimates or because this information cannot always be verified with complete certainty due to the limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other limitations and uncertainties. As a result, you should be aware that market and other industry data included in this Offering Circular, and estimates and beliefs based on that data, may not be reliable.

 

SERIES OFFERINGS

 

See the Master Series Table in Appendix A for key information related to each Series being offered pursuant to this Offering Circular and its underlying Property. In addition, please see the sections entitled “Description of the Properties and the Series” and “Use of Proceeds” included in Appendix B for more information regarding each of the Series being offered pursuant to this Offering Circular and its underlying Property. The Company is offering a maximum of 10,000 Shares in each of the 181 Series, for an aggregate total of 1,810,000 Shares.

 

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QUESTIONS AND ANSWERS ABOUT THE OFFERINGS

 

The following questions and answers about the Offerings highlight material information regarding us, the Series and the Offerings that is not otherwise addressed in the “Offering Summary” section of this Offering Circular. You should read this entire Offering Circular, including the section entitled “Risk Factors,” before deciding to purchase any Shares.

 

Q: What is Landa App LLC?

 

A: Landa App LLC was organized in 2019 as a Delaware limited liability company to offer a unique investment opportunity for eligible investors to benefit from the performance of curated and fully managed rental real estate properties, each of which is, and will be, owned by a separate Series of the Company. Landa App LLC was originally organized as Landa Properties A LLC and was subsequently renamed Landa App LLC. Landa App LLC first formed certain of the Series in Delaware in May of 2020 and continues to form separate series from time to time.

 

The Company is managed by the Manager pursuant to the Master Agreement and the Series Designation for such Series. The Company has no employees and will hold no assets other than through its Series.

 

Q: What is a Series?

 

A: Each Series is a separate series of the Company for purposes of accounting for assets and liabilities. Holders of Shares of a Series will only have a right to receive distributions, if any, from that Series alone and not any other Series or the Company as a whole.

 

We expect that each Series will engage the Manager as its manager pursuant to a Management Agreement and the Master Agreement, and that such Series will hold a single Property as its primary asset.

 

None of the Series currently has, or expects to have, any employees.

 

The holders of the Shares will have the rights and be subject to the obligations described in the Master Agreement and the Series Designation for such Series. See the section titled “Description of Shares—Master Agreement; Series Designation” below. Holders of Shares of a Series will have no rights to direct or vote on any matter concerning such Series or direct the Manager on the management of its affairs, including whether or not a Series should sell its Property or dissolve.

 

Q: What types of Properties will each Series hold?

 

Each Series intends to acquire and hold one (1) Property as its primary asset.

 

Q: What securities are being offered?

 

A: We are offering and selling a maximum of 10,000 Shares of each of the Series of the Company, at the respective purchase prices set forth in the table on the cover page of this Offering Circular.

 

Each Series will use substantially all of the net proceeds from its Offering to pay down any affiliate indebtedness, including the Acquisition Notes (as defined below).

 

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Each Series’ Offering will be independent of, and not contingent upon, the other Series’ Offerings. An investor will have no claim or recourse to the underlying Property of any Series, including the Series for which it holds Shares, and will have no rights to share in the success of any other Series. You may choose to participate in the Offerings of one or more Series.

 

Q: What is the purchase price for the Shares?

 

A: The Manager has set the prices per Share, specific to each Series, which are as disclosed in the table on the cover page of this Offering Circular. See “Determination of Purchase Price” for additional information.

 

Q: What type of offering is this?

 

A: We are offering the Shares of each Series through the Landa Mobile App on a “best efforts,” no offering-minimum basis to the public at the purchase prices listed on the cover page of this Offering Circular. Since Shares are offered to the public on a “best efforts” basis, we are only required to use our best efforts to sell the Shares of each Series. Neither the Manager nor any other party has a firm commitment or obligation to purchase any of the Shares. There is no minimum number of Shares that need to be sold in each Offering before a Closing may occur.

 

The Offerings will be conducted as a continuous offering pursuant to Rule 251(d)(3) of Regulation A, meaning that while the offering of securities is continuous, active sales of securities may happen sporadically over the term of the Offerings.

 

The Offering for each Series will be independent of, and not contingent upon, the other Series’ Offerings. By purchasing the Shares of a Series, investors will be acquiring equity interests in the Series only and not the underlying Property, and, accordingly, investors will have no recourse to the underlying Property of the Series or any other Series. In addition, investors will have no rights to share in the success of any other Series or other Series’ Properties. An investor may choose to participate in the Offerings for one or more of the Series.

 

Further, the acceptance of subscriptions, whether via the Landa Mobile App or otherwise, may be briefly paused at times to allow us to effectively and accurately process and settle subscriptions that have been received.

 

The Company is not offering and does not anticipate selling Shares in any state where the Broker Dealer is not registered as a broker-dealer.

 

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Q: What happens to my money after I add it to my Landa Mobile App Account (“Landa Account”)?

 

A: All funds deposited into your Landa Account will be placed into a non-interest-bearing custody account maintained by Synapse Financial Technologies, Inc. (the “Custodian”). All bank services provided by the Custodian will be provided directly by Evolve Bank & Trust, Member FDIC. Your Landa Account can be accessed through the Landa Mobile App. The funds in your Landa Account will not be commingled with the operating account of the applicable Series, until, if and when there is a Closing for the Offering of that specific Series with respect to the Shares that you have subscribed to, which will occur promptly following acceptance of any subscription. A subscription will be accepted or rejected in whole or in part in the Manager’s sole discretion within 10 business days following receipt of the subscription agreement. The Manager will accept subscriptions on a first-come, first-served basis subject to the right to reject or reduce subscriptions. In addition, the Manager may limit the amount of Series’ Shares that an individual investor may subscribe for.

 

If your subscription is rejected in whole or in part, you may withdraw the subscription funds related to the rejected portion of your subscription from your Landa Account promptly after notification of such rejection.

 

The Manager will be responsible for paying any fees paid to the Custodian. See “Plan of Distribution” for additional information.

 

Q: Who can buy Shares?

 

A: You may purchase Shares if you are a “qualified purchaser,” as defined in Regulation A. “Qualified purchasers” include:

 

“accredited investors” under Rule 501(a) of Regulation D; or

 

  all other investors so long as their investment in the Shares does not represent more than ten percent (10%) of the greater of their annual income or net worth (for natural persons), or ten percent (10%) of the greater of their annual revenue or net assets at fiscal year-end (for non-natural persons).

 

Q: How does the subscription process work?

 

A: You may subscribe to purchase the Shares of one or more Series in the Offerings by creating a new account, or logging into your existing account, on the Landa Mobile App. You will need to review the Series Materials, execute a Subscription Agreement, and pay for the Shares that you intend to purchase at the time you subscribe via the Landa Mobile App. Although not currently available, in the future you may also be able to subscribe for Shares on our website.

 

Once you subscribe to Shares of a given Series in the Landa Mobile App, the Broker Dealer will promptly review your information and subscription materials to confirm if you are eligible to invest in the applicable Offering. Once confirmed and within ten (10) business days of receipt of your subscription, the Manager, acting in its sole discretion, will either accept or reject your subscription (in whole or in part) and a Closing will occur with respect to those Shares accepted, if any.

 

When a Closing occurs, funds will be transferred by the Custodian from your Landa Account to the Series’ operating account and you will receive your Shares purchased. For more information, see “Plan of Distribution — How to Subscribe for Shares.”

  

The Manager reserves the right to reject any investor’s subscription in whole or in part for any reason, including if the Manager determines in its sole and absolute discretion that such investor is not a “qualified purchaser” for purposes of Regulation A. Please refer to the section above entitled “State Law Exemption and Purchase Restrictions” for more information.

 

Please see “Plan of Distribution— How to Subscribe for Shares” for additional information.

 

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Q: What is the Landa Mobile App?

 

A: The Landa Mobile App is a mobile application for acquiring Shares in one or more Series. The Landa Mobile App gives investors the ability to:

 

  Browse and evaluate each Series’ Offering and obtain information about a Series and Property, including location, property type, and projected rental income;

 

  Connect a bank account to the Landa Mobile App, transfer funds to their Landa Account and monitor their Landa Account balance;

 

  Review the Series Materials for the applicable Series;

 

  Transact entirely online, by executing legal documentation, transferring funds and recording ownership;

 

  Manage and track investments through an online portfolio; and

 

  Receive distributions and regular financial and tax documentation.

 

The Landa Mobile App is the intellectual property of Landa Holdings and neither the Company nor any Series has any ownership rights in the Landa Mobile App. Landa Holdings has granted a license to each Series in order to, among other things, use the Landa Mobile App for the Offerings, pursuant to a license agreement (the “Landa App License Agreement”). Any fees associated with the Series’ use of the Landa Mobile App will be included as part of the Monthly Management Fee.

 

Q: Is there any minimum investment required?

 

A: Yes. You must initially purchase at least one (1) Share in a Series in order to participate in its Offering. There is no minimum investment requirement on additional purchases after you have purchased the minimum amount, however, the Manager may revise the minimum purchase requirements in the future or, in certain instances, elect to waive any minimum purchase requirement.

 

Q: What will you do with the proceeds from the Offerings?

 

A: Each Series will use substantially all of the net proceeds from its Offering to pay down all or a portion of the affiliate indebtedness used to purchase the Property for such Series, including affiliate indebtedness with respect to Acquisition Fees, Property Diligence Expenses, Reserves and any applicable costs and fees to repair, improve and/or renovate a Property (“Improvement Costs”). Any repairs, improvements and/or renovations to a Property are referred to herein as “Improvements”. In connection with the acquisition of its Property, each Series issued an Acquisition Note. See “—Will the Company use financing?” and the sections entitled “Use of Proceeds” and “Description of the Properties and the Series” in Appendix B hereto.

 

Q: How long will each Offering last?

 

A: We expect that each Series Offering will remain open for investors until the earliest of (i) the date we raise the Maximum Offering Amount, (ii) the second anniversary of the first qualification date of the offering statement of which this Offering Circular forms a part pursuant to which Shares of such Series were able to be offered, and (iii) a date determined by the Manager, in its sole discretion, based on a number of factors, including the level of current or anticipated interest in a Series.

 

Q: Who will allocate the Properties among the Series?

 

A: The Manager will allocate the Properties among the Series as specified in the table on the cover page of this Offering Circular.

 

Q: Where will the title for each Property be held?

 

A: We intend for title to each Property to be held by its respective Series; provided, however, that the Company may hold title to a Property for the benefit of the applicable Series pursuant to the terms of the Master Agreement. The Master Series Table in Appendix A will indicate, for each Property, whether title is currently held by the applicable Series or the Company, or any of its subsidiaries or affiliates.

 

Q: How long will each Series hold its Property?

 

A: We expect each Series to hold its Property indefinitely, provided, however, the Manager may, acting in its sole discretion, sell or otherwise dispose of a Property pursuant to the terms of the Master Agreement. If a Property is sold or otherwise disposed of, a Series will liquidate in accordance with the terms of the Master Agreement.

 

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Q: Where can I find general information and any updates about a Series or a Series’ Property?

 

A: This Offering Circular will contain information with respect to each Series, including the Acquisition Fee, Monthly Management Fee and information about the underlying Property, including, but not limited to, lease terms, rental information, information about the city in which the Property is located and general information about the Property. Such information is available in the section entitled “Description of the Properties and the Series” in Appendix B hereto. This information may also be accessed on the applicable Property Page in the Landa Mobile App. In addition, on the Series’ Property Page in the Landa Mobile App, investors will be able to access executed copies of the Series Materials for the applicable Series and view the amount of funds currently held in the dedicated custody account of a Series.

 

All material information that investors would need to make an investment decision with respect to the Shares will be provided in this Offering Circular or attached as an exhibit to the offering statement of which this Offering Circular forms a part.

 

We will also supplement this Offering Circular to reflect any material updates that may occur with respect to the Series for which we are offering Shares and their Properties. Investors may also refer to our current, semi-annual, and annual reports on Forms 1-U, 1-SA and 1-K, respectively, as well as the applicable Property Page in the Landa Mobile App, for updates regarding the Series and their Properties.

 

Q: How will I know whether there is an unexpected material event with a Property and/or a Series prior to my investing in a Series?

 

A: Investors should be aware that unexpected material events, such as a vacancy, eviction, significant repair, destruction, or other significant event may occur at any time involving a Property and/or a Series. In the event that an unexpected material event occurs at a Property, we will disclose such event in a supplement to this Offering Circular, in an Offering Circular supplement filed post-qualification under Rule 253(g)(2) of Regulation A, or in a current report on Form 1-U, as applicable, to inform investors of such event and any other material information. This information will also be available on the Landa Mobile App.

 

See “Risk Factors — Each Series will depend on its Property’s tenant or tenants for its revenue, and lease defaults, terminations, or other events preventing collection of rents could reduce its net income and limit its ability to make distributions to investors.”

 

Q: What competitive advantages do you achieve through your relationship with the Manager?

 

A: The Manager will make use of its personnel and resources, including its proprietary technology, and select Properties to be acquired, evaluate returns, analyze property prices and manage each Series’ day-to-day operations. We will also use the Manager’s personnel and resources to identify and acquire new Properties for future Offerings by newly formed Series. We will use the Manager’s corporate and operating platforms, as well as cash reserves, to realize economies of scale and other benefits.

 

In addition, the Manager has provided financing to each of the Series through the Acquisition Note and may provide additional financing in the future. For more information, please see “Description of the Properties and the Series — Loans” in Appendix B.

 

Q: How is the liquidity of an investment in the Shares different from investing in shares of a listed or quoted company?

 

A: A fundamental difference between the Shares and shares in a company listed or quoted on a national securities exchange, such as Nasdaq, the New York Stock Exchange, or the Pink Sheets, is the daily liquidity of the shares of a listed or quoted company. While there is an established marketplace for the trading of shares of a company that is listed or quoted on a national securities exchange, you will not be able to resell your Shares except through the Secondary Trading Platform, to the extent an active market on the Secondary Trading Platform is established and maintained.

 

See “—Will I be able to resell my Shares after I acquire them?” below for additional information.

 

For investors with a short-term investment horizon, a company that is listed or quoted on a national securities exchange may provide a more suitable alternative to investing in the Shares.

 

Additionally, companies that are listed or quoted on a national securities exchange are subject to more demanding public disclosure and corporate governance requirements than we will be subject to.

 

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Q: Will I be able to resell my Shares after I acquire them?

 

A: The Shares will be issued in electronic form only and will not be listed or quoted on any securities exchange. You will not be able to resell your Shares except through the Secondary Trading Platform.

 

After a Series’ Offering has concluded, we expect that the Secondary Trading Platform will be the only venue available for the resale of such Series’ Shares. The Secondary Trading Platform will be accessible exclusively though the Landa Mobile App and may not be accessed through any other website, mobile application or platform. The Secondary Trading Platform is registered with the SEC and operated by North Capital and resales through the Secondary Trading Platform will be made through the Broker Dealer, as a broker dealer member of the Secondary Trading Platform. Any such resale of a Series’ Shares will be subject to federal and state securities laws and the restrictions in the Master Agreement (as defined below) and the Series Designation (as defined in the Master Agreement), as applicable. There can be no assurance that an active market for any Shares will develop on the Secondary Trading Platform, that the Secondary Trading Platform will be available to allow resales of Shares to residents of all states, or that the Secondary Trading Platform will be available at all. In addition, only prospective investors that have been approved by the Broker Dealer and successfully onboarded onto the Landa Mobile App may engage in secondary transactions on the Landa Mobile App or access any trading information with respect to secondary trading of the Shares. For these reasons, investors must be prepared to hold their Shares indefinitely.

 

See “Plan of Distribution - Transferability of the Shares.”

 

Q: Will I be charged any fees in connection with any trades on the Secondary Trading Platform?

 

A: Both the buyer and the seller of Shares over the Secondary Trading Platform will each pay trading fees to the Broker Dealer, currently equal to 2% of the transfer price of the Shares and paid by each of the buyer and seller for each trade (the “Trading Fees”).

 

Q: Will I have the opportunity to redeem my Shares?

 

A: No. The Shares are not redeemable at your option.

 

Q: Who will pay the Series’ organization and offering costs?

 

A: The Manager will pay all costs incurred in connection with each Series’ organization, including, the Series’ registration fee in the states where our Properties are located. In addition, the Manager will pay all costs incurred in connection with each Offering.

 

Q: What fees and expenses will each Series pay to the Manager or any of its affiliates?

 

A: In connection with the expected acquisition of its Property from Landa Properties, each Series issued an Acquisition Note to the Manager, which included payment to the Manager of an acquisition fee ranging from five percent (5%) to ten percent (10%) of the purchase cost of the Property (“Acquisition Fee”). For more information, please see “— Will the Company use financing?”

 

The Acquisition Fee for each Series was calculated by the Manager, acting in its sole discretion, based on several factors, including the purchase cost of the Property, as well as sourcing and due diligence costs incurred in connection with the acquisition of the Property. The Manager will pay the Broker Fee to the Broker Dealer, and no Series will be responsible for the Broker Fee. Information about the Acquisition Fee for each Series can be found in the sections of this Offering Circular entitled “Use of Proceeds” and “Description of the Properties and the Series” in Appendix B hereto and on the Property Page for the applicable Series on the Landa Mobile App.

 

Each Series also expects to pay the Manager a monthly management fee pursuant to the Management Agreement (the “Monthly Management Fee”). We expect that the Monthly Management Fee will range from five percent (5%) to ten percent (10%) of the gross monthly rent amount collected by a Series (the “Gross Monthly Rent”), as set forth in the applicable Series Materials. The Monthly Management Fee will be calculated by the Manager acting in its sole discretion, based on factors such as the cost of a Property, the amount of rental income generated by a Property, the general condition and size of a Property, and rental market in the area in which a Property is located. The Manager may adjust the Monthly Management Fee at its sole discretion, but at no time will the Monthly Management Fee exceed ten percent (10%) of Gross Monthly Rent. Information about the expected Monthly Management Fee for each Series can be found in the sections of this Offering Circular entitled “Use of Proceeds” and “Description of the Properties and the Series” in Appendix B hereto and on the Property Page for the applicable Series on the Landa Mobile App once it commences its Offering.

 

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Further, each Series will also reimburse the Manager for any out-of-pocket expenses to be applied for, among other things, special servicing of non-performing Properties, liquidation of Properties, and any other fees or expenses associated with the Series or the Property. Finally, each Series will reimburse the Manager for any out-of-pocket expenses paid to third parties in connection with providing fixture and capital repair services for its underlying Property. This does not include the Manager’s overhead and administrative costs, employee costs borne by the Manager, or utilities or technology costs. In the case that the Manager provides a loan to a Series (other than the Acquisition Note), the Series will be obligated to pay interest no greater than seven percent (7%) on that loan at a rate to be determined solely by the Manager. See section entitled “Description of Our Business – Our Manager – Manager Compensation” for a more detailed explanation of the fees and expenses payable to the Manager.

 

Q: Will there be a lien or any other encumbrance on a Property?

 

A: Any third-party mortgage and/or other debt instruments that a Series enters into may be secured by a security interest in the title of such Property and/or any other assets of the applicable Series. See “— Will the Company use financing?”

 

Q: Will the Company use financing?

 

A: Yes. Initially, each Series issues a promissory note to the Manager to finance one hundred percent (100%) of the costs associated with the expected acquisition of its Property, including Acquisition Fees, Property Diligence Expenses, Reserves and any applicable Improvement Costs (each an “Acquisition Note” and collectively the “Acquisition Notes”).

 

Acquisition Note

 

Each Acquisition Note represents a related-party loan between each respective Series and the Manager. The Acquisition Notes bear an interest rate of four and half percent (4.5%) per annum; provided, however, that interest will not accrue on the Acquisition Notes issued by the Series, and no payment of amounts outstanding under such Acquisition Notes will be due, prior to the transfer to the applicable Series of title to its Property, and if such title transfer does not occur prior to the maturity of such Acquisition Note, such Acquisition Note will terminate with no obligation for the Series to make any payment thereunder.

 

Refinance Note

 

We expect each Series will pay down, or otherwise discharge, the outstanding balance of its Acquisition Note with (i) the proceeds received in exchange for a commercial promissory note bearing interest at current market rates to be issued to a third party lender (the “Refinance Lender”) after the qualification date of the offering statement of which this Offering Circular forms a part (each a “Refinance Note” and collectively the “Refinance Notes”), and (ii) substantially all of the net proceeds from the Series Offering. We expect that each Refinance Note will be secured by the Property underlying the respective Series.

 

While we expect each Refinance Note issued by a Series to be issued for the principal amount and on the terms disclosed in this Offering Circular, the Refinance Notes are subject to further negotiation with the Refinance Lender. For example, we expect to receive a new appraisal for each Property prior to the commencement of each Series’ Offering, and if this appraisal is lower than the most recent appraisal for the Property, this may reduce the principal amount that the Refinance Lender is willing to lend under the applicable Refinance Note. In this event, the applicable Acquisition Note would not be discharged in full by the proceeds from the Refinance Note and the applicable Offering and the balance of the Acquisition Note would remain outstanding following the Offering.

 

We expect that each Refinance Note will require payments of interest only for the term of such note, with the principal balance due upon maturity. For more information on the principal amounts and terms of each Acquisition Note and the expected principal amounts and terms of each Refinance Note see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Loans”.

 

Additional Borrowings

 

If a Series does not initially enter into a Refinance Note or other indebtedness, it may seek to finance or further refinance any outstanding indebtedness, including the Acquisition Note and if applicable, the Refinance Note with an additional mortgage or other debt financing, including with either an affiliate or a third party. We expect that any mortgage and/or other debt instruments that a Series, or the Company on behalf of a Series, enters into in connection with a refinancing of a Property will be secured by a security interest in the title of such Property and any other assets of the Series. In addition, we expect that any third-party lender may require the Company to hold title to a Property being secured by such mortgage and/or other debt instruments. Please see “We may incur mortgage indebtedness and other borrowings, including in states and with lenders that do not recognize the series limited liability company structure, which may increase risks to the Properties.” in our Risk Factors.

 

See the sections of this Offering Circular entitled “Use of Proceeds” and “Description of the Properties and the Series” in Appendix B hereto, and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for more information.

 

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Q: How often will I receive distributions?

 

A: We intend for each Series to make distributions to the holders of Shares monthly. If any Shares are held by a holder for only a portion of the applicable month, the holder may be entitled to a pro-rata portion of the monthly distribution, if any, based on the number of days during the month that the holder held the Shares.

 

Any distributions that a Series makes will be at the complete and absolute discretion of the Manager and will be based on a number of factors, including, but not limited to, the total number of Shares sold, the Monthly Management Fee, expenses (including any unanticipated capital expenditures), taxes, amounts allocated to Reserves, and actual and accrued cash flows of the applicable Series. For Properties that are vacant, a Series may not be able to make distributions or may have to reduce the amount available for distributions, until such Property is leased. Please see “Description of the Properties” section in this Offering Circular for more information.

 

We expect that distributions for each Series will be calculated on a pro-rata basis based on the number of outstanding Shares of the Series on the day prior to the date that the distribution is declared. Accordingly, the number of Shares that have been sold in the applicable Offering at the time of any distribution may affect the per Share amount that will be paid in such distribution. For example, if there is $1,000 to distribute but only 50% of the Series Shares (i.e. 5,000 Shares) have been issued, each Share will be allocated $0.20 in distributions. However, if all the Shares have been issued (i.e. 10,000 Shares), each Share will be allocated $0.10 in distributions. The Manager has the right to amend each Series distribution policy at its sole discretion.

 

Since the Offerings are being conducted as a continuous offering pursuant to Rule 251(d)(3) of Regulation A, any Closing for Shares you purchase may occur in the middle of a month, in which case you will be eligible to receive distributions, if any, beginning with the month in which you purchase your Shares calculated on a pro-rata basis, based on the number of days in the applicable month that you owned such Shares. For example, if you purchase the Shares in an Offering on the 15th day of a month, and assuming such month has 30 days and that the distributions to be paid per Share for that month equal $0.50, you will receive an initial distribution of $0.25 per Share for that month (calculated based on the 15 days you held the Shares, or 50% of the total distribution on those Shares).

 

For any holder that acquires Shares on the Secondary Trading Platform, the initial distribution paid to such holder, if any, will be made on a pro-rata basis, based on the number of days in the applicable month that such Shares were held by such holder. For example, if a buyer and a seller transact in Shares on the Secondary Trading Platform on the 15th day of a month, and assuming such month has 30 days and that the distributions to be paid per Share equal $0.50, the Series will pay to the seller a final distribution of $0.25 (calculated based on the 15 days the seller held the Shares, or 50% of the total distribution on those Shares), and will pay to the buyer the remaining $0.25 (calculated based on the remaining 15 days the buyer held the Shares, or 50% of the total distribution on those Shares).

 

We can provide no assurances that future cash flow will support payment of distributions or that we can maintain distributions at any particular level or at all.

 

Q: What will be the source of distributions on the Shares?

 

A: Distributions will be paid from the excess net operating income of a given Series, after necessary fees, debt service obligations, expenses and taxes are paid, and an allocation to Reserves is completed. We can provide no assurances that future cash flows will support payment of distributions or that we can maintain distributions at any particular level or at all. For Properties that are not leased, a Series may not be able to make distributions or may have to reduce the amount of distributions it can make, until such Series enters into a lease agreement. In addition, liquidating distributions may be made upon the sale of a Series’ Property in accordance with the terms of the Master Agreement. See “Description of Shares – Distributions” for a more detailed explanation of the flow of funds.

 

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Q: Will the distributions I receive be taxable as ordinary income?

 

A: For U.S. federal income tax purposes, distributions made with respect to Shares of a Series will be treated as “dividends” to the extent of the current and accumulated earnings and profits of the Series. Any distributions in excess of earnings and profits will be treated first as a return of the holder’s adjusted tax basis in the Shares and thereafter as gain on a sale of the Shares. Dividends are ordinary income, but dividends received by non-corporate holders may qualify for a reduced rate of federal income tax as “qualified dividend income” if certain holding period requirements are satisfied. Distributions treated as gain will be capital gains if the Shares are held as a capital asset. For more information, please review the section of this Offering Circular entitled “U.S. Federal Income Tax Considerations.”

 

Q: May I reinvest my cash distributions in additional Shares?

 

A: Yes. You may reinvest distributions you receive into Offerings of Shares by other Series or any Series in which you previously invested, provided that such Offerings remain open and you continue to be a “qualified purchaser,” as defined by Regulation A at the time of such purchase.

 

Q: Are there any risks involved in buying the Shares?

 

A: Yes, investing in the Shares involves a high degree of risk. If we are unable to effectively manage the impact of these risks, we may not meet our investment objectives, and therefore, you should purchase Shares only if you can afford a complete loss of your investment. See “Risk Factors” beginning on page 6 for a discussion of certain risks that you should consider in connection with an investment in the Shares.

 

Q: May I make an investment through my IRA or other tax-deferred retirement account?

 

A: No.

 

Q: How will I be notified of how my investment is doing?

 

A: We will provide you with periodic updates on the performance of your investment in a Series and its related Property, including:

 

  An annual report on Form 1-K;

 

  A semi-annual report on Form 1-SA;

 

  Current event reports for specified material events within four business days of their occurrence on Form 1-U;

 

  Supplements to this Offering Circular, if we have material information to disclose to you; and

 

  Other reports that we may file or furnish to the SEC from time to time.

 

We will provide this information to you by filing such information on the SEC’s website at www.sec.gov.

 

Q: When will I get my detailed tax information?

 

A: Your IRS Form, including Forms 1099-DIV and 1099-B tax information, if required, will be provided by January 31 of the year following each taxable year.

 

Q: Who can help answer my questions about the Offerings?

 

A: If you have more questions about any Series or any Offering, or if you would like additional copies of the applicable Series Materials, you should contact us via email at hi@landa.app or by mail at:

 

Landa App LLC

Attn: Landa Holdings, Inc.

6 W. 18th Street, 12th Floor

New York, NY 10011 

 

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OFFERING SUMMARY

 

This Offering Summary highlights material information regarding our business and the Offerings that is not otherwise addressed in the sections entitled “Questions and Answers About the Offerings” in this Offering Circular. Because it is a summary, it may not contain all of the information that is important to you. To understand this offering fully, you should read this entire Offering Circular carefully, including the “Risk Factors” section prior to making a decision to invest in the Shares.

 

Overview

 

Landa App LLC

 

Landa App LLC was organized in 2019 as a Delaware limited liability company. Landa App LLC was originally organized as Landa Properties A LLC and was subsequently renamed Landa App LLC. The Company has formed each of the Series in Delaware and will continue to form separate series from time to time. Each series will be treated as a corporation for U.S. federal income tax purposes.

 

We are offering and selling a maximum of 10,000 Shares of each of the Series of the Company, at the respective purchase prices set forth in the table on the cover page of this Offering Circular.

 

The Company previously filed a separate offering statement for the offer and sale of shares of forty-five (45) separate series of the Company (the “Separate Offering Series”). Of these 45 offerings of Separate Offering Series, five (5) were withdrawn before any shares of such Separate Offering Series were issued, and two were previously liquidated when their underlying property was sold to Landa Properties: Landa Series 1701 Summerwoods Lane and Landa Series 1741 Park Lane (the “Previously Liquidated Series”). Proceeds from the sale of such underlying property of the Previously Liquidated Series were distributed among such series’ shareholders and such shareholders’ shares were cancelled. The Company is now offering new Shares of the Previously Liquidated Series as part of the offering pursuant to this Offering Circular.

 

Each Series will use substantially all of the net proceeds from its Offering to pay down any affiliate indebtedness, including the Acquisition Notes (as defined below).

   

Each Series’ Offering will be independent of, and not contingent upon, the other Series’ Offerings. An investor will have no claim or recourse to the underlying Property of any Series, including the Series for which it holds Shares, and will have no rights to share in the success of any other Series. You may choose to participate in the Offerings of one or more Series.

 

The Landa Mobile App maintains an investment minimum of at least one (1) Share in a Series in order to participate in an Offering, however, the Manager may revise the minimum purchase requirements in the future or, in certain instances, elect to waive any minimum purchase requirement. Each Series will use substantially all of the net proceeds from its Offering to pay down affiliate indebtedness (primarily in the form of its Acquisition Note) used to purchase the Property for such Series, including to pay down Acquisition Fees, Property Diligence Expenses, Reserves and any applicable Improvement Costs.

 

See the Master Series Table in Appendix A and the section of this Offering Circular entitled “Description of the Properties and the Series” in Appendix B for a description of each Series that is being offered pursuant to this Offering Circular and its underlying Property.

 

Landa Holdings, Inc. (the “Manager”)

 

Landa Holdings was formed as a Delaware limited liability company on February 7, 2019 and was subsequently converted to a Delaware corporation under the name Landa Holdings, Inc. on September 12, 2019. Landa Holdings will serve as the Manager to the Company and each Series and will identify a residential rental property for each Series to acquire. Landa Holdings will also manage these Properties on behalf of the Series and will earn compensation for these services.

 

From time to time, Landa Holdings may organize limited liability companies or series limited liability companies, such as the Company, and will raise funds for these entities through the Landa Mobile App by relying on offerings exempt from registration requirements pursuant to Regulation A. Landa Holdings’ aim is to grow the number of users on the Landa Mobile App, and provide investors with steady, monthly cash flows generated by the rental of the underlying Properties.

 

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Landa Holdings, in its capacity as the Manager, will manage day-to-day operations of the Company and each Series. The Manager is not a registered broker-dealer, an investment adviser, crowdfunding platform or other securities intermediary. A team of real estate professionals, acting through the Manager, will leverage their expertise and utilize the Manager’s proprietary technology to make all the decisions regarding the selection, negotiation, financing, management, and disposition of the Properties owned by each Series, subject to the limitations in the Master Agreement and the Series Designation for such Series. The Manager will also provide property management, marketing, investor relations and other administrative services on our behalf with the goal of maximizing the operating cash flow of each Series and the value of each Property. The Manager will be able to exercise significant control over our business, as well as the business of each Series. See “Description of Our Business – Our Manager” for additional information.

 

The Manager serves as manager to our affiliate, Landa Properties and as manager to Landa App 2 LLC and Landa App 3 LLC, each a Delaware series limited liability company formed for the purpose of offering an investment opportunity for eligible investors to benefit from the performance of curated and fully managed rental real estate properties. Each series of Landa App 2 LLC and Landa App 3 LLC is similarly managed by the Manager. The Manager may also manage other affiliate companies in the future. For more information related to the risks associated with the Manager’s management of our affiliates who operate competing businesses, see “Risk Factors—Risk Related to the Company and the Manager–The Manager may have a conflict of interest as it manages multiple Series, the Company, and affiliate companies of ours that leases residential properties and has a financial interest in certain agreements of the Series, any of which could result in the Manager not acting in the best interest of a particular Series.”

Property Acquisition Strategy

 

We intend to acquire residential properties on an opportunistic basis. We will focus on acquiring market ready properties or properties requiring renovation, which may include existing income-producing properties, in neighborhoods exhibiting growing rental demand, strong rental growth rates, and in geographic regions which exhibit steady real estate asset appreciation. Our expected target markets are neighborhoods surrounding metropolitan statistical areas of at least one million (1,000,000) residents, which we estimate having historical capitalization rates ranging from approximately four percent (4%) to seven percent (7%) for residential properties. In addition, we expect to target cities with growing populations, or cities that show strong rental demand.

 

Property Acquisition Objectives

 

Our primary investment objective is to maximize net operating income so that stable cash flow is available to distribute to holders on a monthly basis. We expect each Series will hold its Property indefinitely, however, as each Property reaches what the Manager believes to be its optimum value, the Manager will consider disposing of such Property. In addition, there is no assurance that our acquisition objectives will be realized with respect to any given Series.

 

Market Opportunities

 

We believe that the near and intermediate-term market for acquisitions of cash flow generating residential rental properties, including a single-family homes and duplexes, is strong from a risk-return perspective. We favor a strategy weighted toward maximizing monthly investor distributions, targeting acquisitions with strong monthly cash flows and above average capitalization rates.

 

The Landa Mobile App

 

The Manager owns and operates the Landa Mobile App, a mobile app-based investment platform. We intend to distribute the Shares in the Offerings and in our other future Series’ Offerings exclusively through the Landa Mobile App. 

 

The Landa Mobile App is the intellectual property of Landa Holdings and neither the Company, nor any Series, have any ownership rights in the Landa Mobile App. Landa Holdings has granted a license to each Series in order to, among other things, use the Landa Mobile App for the Offerings, pursuant to the Landa Mobile App License Agreement, which is attached as an exhibit to the offering statement of which this Offering Circular forms a part. Any fees associated with the Series’ use of the Landa Mobile App will be included as part of the Monthly Management Fee.

 

The Landa Mobile App is available for download in application stores on iOS and Android devices and at www.landa.app.

 

Manager Compensation

 

The Manager will receive fees and expense reimbursements for services relating to the selection, acquisition, and management of the Properties. See “Description of Our Business – Our Manager - Manager Compensation” for a more detailed explanation of the fees and expenses payable to the Manager. The Manager will not receive any selling commissions or dealer manager fees in connection with the offer and sale of the Shares.

 

Corporate Information

 

Our office is located at 6 W. 18th Street, 12th Floor, New York, NY 10011, Attn: Landa Holdings, Inc. Our telephone number is (646) 905-0931. Information regarding our Company is also available on the Landa Mobile App, which is available for download in application stores on iOS and Android devices, and on Landa Holding’s website at www.landa.app. 

 

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THE OFFERING

 

Issuer   A limited purpose Delaware limited liability company that will form separate Series. Each Series will hold a residential rental property as its primary asset.
     
Securities Offered   We are offering up to a maximum of 10,000 Shares of each of the Series of the Company. By purchasing Shares of a Series, investors will be purchasing a membership interest in that specific Series. Each Series’ Offering will be independent of, and not contingent upon, the other Series’ Offerings. You may choose to participate in the Offerings of one or more Series.
     
Prices per Share   The respective purchase prices per Share of each Series of the Company are set forth in the table on the cover page of this Offering Circular and in the applicable Series Materials.
     
Minimum and Maximum Offering Amounts   The Offerings are being conducted on a “best efforts” basis and there is no minimum offering amount. The Maximum Offering Amounts are set forth in the table on the cover page of this Offering Circular. The Manager, acting in its sole discretion, may close a Series’ Offering prior to selling the Maximum Offering Amount.
     
Offering Periods; Closings  

No Series will offer or sell Shares until the offering statement of which this Offering Circular forms a part has been qualified by the SEC.

 

The Offerings are being conducted as a continuous offering pursuant to Rule 251(d)(3) of Regulation A, meaning that while the offering of Shares of a Series is continuous, active sales of Shares may happen sporadically over the term of the Offerings. Each Offering will commence within two (2) calendar days after the first qualification date of the offering statement of which this Offering Circular forms a part and, unless earlier terminated by the Manager, each Series will offer Shares until no later than the second anniversary of such qualification date.

 

We expect that there will be multiple Closings for each Offering at which time Shares will be sold and the subscription price will be transferred to the operating account of the Series. Each Closing will occur promptly following the acceptance of a subscription.

 

An Offering will remain open until the earliest to occur of (i) the date we raise the Maximum Offering Amount, (ii) the second anniversary of the first qualification date of the offering statement of which this Offering Circular forms a part pursuant to which Shares of such Series were able to be offered, and (iii) a date determined by the Manager, in its sole discretion, based on a number of factors, including the level of current or anticipated interest in a Series.

 

Since the Offerings are being conducted as a continuous offering pursuant to Rule 251(d)(3) of Regulation A, any Closing for Shares you purchase may occur in the middle of a month, in which case you will be eligible to receive distributions beginning with the month in which you purchase your Shares calculated on a pro-rata basis, based on the number of days in the applicable month that you owned such Shares. For example, if you purchase the Shares in an Offering on the 15th day of a month, and assuming such month has 30 days and that the distributions to be paid per Share for that month equal $0.50, you will receive an initial distribution of $0.25 per Share for that month (calculated based on the 15 days you held the Shares, or 50% of the total distribution on those Shares).

     
Broker Dealer  

We entered into a broker dealer agreement with Dalmore Group, LLC, as our broker dealer in connection with the Offerings (the “Broker Dealer”). The Broker Dealer is registered with the SEC and is registered in each state where the Offerings will be made and with such other regulators as may be required to execute the sale transactions and provide related services in connection with the Offerings. The Broker Dealer is a member of the Financial Industry Regulatory Authority (“FINRA”) and the Securities Investor Protection Corporation.

 

The Manager will be responsible for paying the Broker Fee to the Broker Dealer.

 

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Restrictions on Investment   Each investor must be a “qualified purchaser” as defined by Regulation A. See “Plan of Distribution” for additional information. The Manager may, in its sole discretion, decline to admit any prospective investor, or accept only a portion of such investor’s subscription, regardless of whether such person is a “qualified purchaser.”  Furthermore, the Manager anticipates only accepting subscriptions from prospective investors located in states where the Broker Dealer is registered.

 

Custody Accounts  

All funds deposited into your Landa Account will be placed into a non-interest-bearing custody account maintained by Synapse Financial Technologies, Inc. (the “Custodian”). See “Plan of Distribution – Landa Account” for additional information. All bank services provided by the Custodian will be provided directly by Evolve Bank & Trust, Member FDIC. Your Landa Account can be accessed through the Landa Mobile App. The funds in your Landa Account will not be commingled with the operating account of the applicable Series, until, if and when there is a Closing for the Offering of that specific Series with respect to the Shares that you have subscribed to, which will occur promptly following acceptance of any subscription.

 

The Manager will be responsible for paying any fees paid to the Custodian. See “Plan of Distribution” for additional information.

     
Voting Rights   None. You will have no rights to vote on any matter concerning the Series or direct the Manager on the management of its affairs, including whether or not a Series should liquidate its Property or dissolve. The Manager will exercise all voting and management control over each Series.
     
Use of Proceeds   See the section of this Offering Circular entitled “Use of Proceeds” in Appendix B for a discussion of the use of proceeds from the Offerings.
     
Fees; Expenses  

In connection with the expected acquisition of its Property from Landa Properties, each Series issued an Acquisition Note to the Manager, which included payment to the Manager of an Acquisition Fee ranging from five percent (5%) to ten percent (10%) of the purchase cost of the Property. The Acquisition Fee for each Series was calculated by the Manager acting in its sole discretion, based on several factors including the purchase price of the Property, as well as sourcing and due diligence costs incurred in connection with the expected acquisition, of the Property by such Series. Information about the Acquisition Fee for each Series can be found in the section of this Offering Circular entitled “Use of Proceeds” in Appendix B and on the Property Page for the applicable Series on the Landa Mobile App.

 

Each Series will also pay the Manager a Monthly Management Fee ranging from five percent (5%) to ten percent (10%) and currently expected to be eight percent (8%) of the Gross Monthly Rent for each Property, as set forth in the applicable Series Materials. The Manager may adjust the Monthly Management Fee at its sole discretion, but at no time will the Monthly Management Fee exceed ten percent (10%) of Gross Monthly Rent. The Monthly Management Fee will be calculated by the Manager acting in its sole discretion, based on factors such as the purchase cost of a Property, the amount of rental income generated by a Property, the general condition of a Property, and rental market in the area in which a Property is located. Information about the Monthly Management Fee for each Series can be found in the section of this Offering Circular entitled “Description of the Properties and the Series” in Appendix B, as well as on the Property Page for the applicable Series on the Landa Mobile App once it commences its Offering.

 

Further, each Series will also reimburse the Manager for any out-of-pocket expenses to be applied for, among other things, special servicing of non-performing Properties, liquidation of Properties, and any other fees or expenses associated with the Series or the Property.

 

Finally, each Series will reimburse the Manager for any out-of-pocket expenses paid to third parties in connection with providing fixture and capital repair services for its underlying Property. This does not include the Manager’s overhead, employee costs borne by the Manager, or utilities or technology costs. In the case that the Manager provides a loan to a Series, the Series will be obligated to pay interest no greater than seven percent (7%) on that loan at a rate to be determined solely by the Manager. Any excess funds held by a Series will be placed in its Reserve. Reserves may be used, for among other things, to pay any expenses associated with operating the Properties.

 

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Transfer Agent and Registrar   Securitize LLC will serve as transfer agent and registrar for the Shares of each Series.
     

Resales; Transfers; Secondary Market

 

You will not be able to resell your Shares except through the Secondary Trading Platform. We expect that after a Series’ Offering has concluded, the Secondary Trading Platform will be the only venue available for the resale of such Series’ Shares and will be accessible exclusively though the Landa Mobile App and may not be accessed through any other website, mobile application or platform. There can be no assurance that an active market for any Shares will develop on the Secondary Trading Platform, that the Secondary Trading Platform will be available to allow resales of Shares to residents of all states, or that the Secondary Trading Platform will be available at all. In addition, only prospective investors that have been approved by the Broker Dealer and successfully onboarded onto the Landa Mobile App may engage in secondary transactions on the Landa Mobile App or access any trading information with respect to secondary trading of the Shares. For the foregoing reasons, investors must be prepared to hold their Shares indefinitely.

 

See “Plan of Distribution – Transferability of the Shares.”

     
Transfer Limitations  

The Manager may, acting in its sole discretion, limit any transfer, resale, assignment or pledge of Shares that would result in there being more than (a) 2,000 beneficial owners of the Series or 500 beneficial owners of the Series that are not “accredited investors,” (b) the assets of the Series being deemed “plan assets” for purposes of ERISA, or (c) the Company, the Series or the Manager being subject to additional regulatory requirements. 

     
Series Materials  

The Series Materials for the Shares being offered hereby consist of this Offering Circular, as well as the Master Agreement and the Series Designation, Subscription Agreement, and Management Agreement for the applicable Series, and any related offering materials approved by us before making an investment decision.

 

Please carefully review the Series Materials. You may also access the Series Materials by navigating to the applicable Property Page on the Landa Mobile App.

     
Risk Factors   Investing in the Shares involves a high degree of risk. See “Risk Factors” beginning on page 6.

 

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RISK FACTORS

 

An investment in a Series and the Shares involves a high degree of risk. You should carefully consider the following risk factors, together with the other information contained in the Series Materials, before purchasing Shares through the Landa Mobile App. Any of the following factors could harm our business and future results of operations and could result in a partial or complete loss of your investment.

 

RISKS RELATED TO THE PROPERTIES AND THE SERIES

 

The value of the underlying Property to be acquired by a Series is subject to many risks.

 

The value of the underlying Property to be acquired by a Series is affected significantly by its ability to generate cash flow and net income, which, in turn, depends on the amount of rental or other income that can be generated net of expenses required to be incurred with respect to such Property. Many expenditures associated with Properties (such as Operating Expenses (as defined below) and capital expenditures) cannot be reduced when there is a reduction in income from the Properties. The value of a Property may be adversely affected by a number of risks, including, but not limited to:

 

  adverse changes in national and local economic and real estate conditions, including as a result of the COVID-19 pandemic, general economic conditions and terrorist attacks;

 

  an oversupply of (or a reduction in demand for) residential rental properties in the areas where a Property is located and the attractiveness of such Property to prospective tenants, which could result in a decline in the rental income, including to zero, if such Series is unable to find a new tenant;

 

  the risk that the Company, or any Series, would default on its debt service if rental income decreased due to tenant default or failure to renew a lease agreement or a lack of rental income due to failure to obtain a lease agreement;

 

  the potential for uninsured or underinsured property losses;

 

  changes in governmental laws and regulations, fiscal policies and zoning ordinances and the related compliance costs associated therewith and the potential for liability under applicable laws;

 

  natural disasters such as hurricanes, earthquakes and floods; and

 

  pandemic, epidemic or outbreak of an infectious disease in the United States and globally.

 

These factors may have a material adverse effect on the rental income that you might receive on account of your Shares as well as on the value that Series can realize from a sale of its underlying Property.

 

A Series may hold significantly more debt due to the failure to fully discharge the Acquisition Note with the proceeds of the Refinance Note.

 

Each New Series intends to refinance approximately 60.00% of the purchase price of its Property by refinancing the applicable Acquisition Note with the proceeds of its Series Offering and a Refinance Note. However, the Manager has not yet entered into a commitment for such loans and, therefore, the exact amount and terms of the Refinance Notes are, as of the date of this Offering Circular, subject to further negotiation with the applicable Refinance Lender. For example, the Company expects to receive a new appraisal for each Property prior to the commencement of each New Series’ Offering, and if this appraisal is lower than the most recent appraisal for the Property, this may reduce the principal amount that the Refinance Lender is willing to lend under the applicable Refinance Note. In this event, the applicable Acquisition Note would not be discharged in full by the proceeds from the Refinance Note and the applicable Offering and the balance of the Acquisition Note would remain outstanding following the Offering. This may result in each New Series holding significantly more debt than expected and having to make higher interest payments, which may increase costs related to owning the Property and reduce funds available for distributions to investors.

 

The COVID-19 pandemic may adversely affect our business.

 

The international spread of COVID-19 was declared a global pandemic by the World Health Organization, and in response, many states and localities have imposed, and continue to impose, limitations on commercial activity and public gatherings and events, as well as moratoria on evictions as a result of the spread of the COVID-19 virus. Concern about the spread of COVID-19 has caused and is likely to continue to cause quarantines, business shutdowns, reduction in business activity and financial transactions, labor shortages, supply chain interruptions, unprecedented unemployment levels and commercial property vacancy rates, and overall economic and financial market instability.

 

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In addition, the impact of the COVID-19 pandemic and measures to prevent its spread could materially negatively impact our ability to launch and operate our business and our results of operations, financial condition and liquidity in a number of ways, including:

 

  an inability to sell the Shares in a Series resulting in a lack of capital sufficient to operate the applicable Property and meet debt obligations;

 

  a decrease in a Series’ revenues as a result of tenants’ inability to pay their rent timely, or at all;

 

  changes in residential preferences may make it less likely that home renters would want to live in the regions where the Properties are located;

 

  an inability to enforce tenants’ contractual rental obligations and/or limits on our ability to raise rents upon lease renewals due to restrictive measures imposed by local, regional or national governmental authorities;

 

  the risk of a prolonged COVID-19 outbreak causing long-term damage to economic conditions, which in turn could cause material declines in the fair market value of any of the Properties;

 

  the potential inability to hire and/or maintain adequate staffing for the management and maintenance of any of the Properties; and
     
  a disruption in the supply chain for building, construction and related goods and materials.

 

The impacts of the COVID-19 pandemic may increase the risk that the tenants of the Properties will be unable to make their scheduled lease payments on time or seek to terminate their lease agreements prior to the expiration dates of such lease agreements. Furthermore, whenever we are required to locate a new tenant for a property, restrictions on providing access to view properties as a result of the pandemic could make it more difficult to secure a new tenant, which may result in decreases in a Series’ net rental income or a Series not having rental income at all.

 

The Properties may have limited rental history, which makes future performance of the Properties difficult to evaluate.

 

The Properties underlying each Series were acquired by Landa Properties from third-party sellers. As a result, there may be limited established rental history for these Properties, which makes it more difficult to predict the rental rates that we may be able to achieve for these Properties and may increase the risk that we enter into lease agreements with rental rates that are materially less than amounts realized on similar properties that are currently being rented in the area which these Properties are located, which may result in lower distributions paid to investors. 

 

Changes in national, regional or local economic, demographic or real estate market conditions may adversely affect our results of operations and returns to our investors.

 

Each Series is subject to risks incident to the ownership of residential properties including, but not limited to, changes in national, regional or local economic, demographic or real estate market conditions; changes in supply of, or demand for, similar properties in an area; and changes in government rules, regulations and fiscal policies, including changes in tax, real estate, environmental and zoning laws. Additionally, we are unable to predict future changes in national, regional or local economic, demographic or real estate market conditions. For example, a recession or rise in interest rates could make it more difficult for us to acquire and lease the Properties. These conditions, or others we cannot predict, may adversely affect returns to investors.

 

Illiquidity of real estate investments could significantly impede our ability to respond to adverse changes in the performance of a Property.

 

Because real estate investments are relatively illiquid, our ability to facilitate a sale of a Property promptly in response to changing economic, financial, and investment conditions may be limited. In particular, our ability to facilitate a sale could be negatively impacted by weakness in the market, changes in the financial condition or prospects of prospective purchasers, changes in governmental laws and regulations, changes in regional, national or international economic conditions, changes in the condition of such Property, the occupancy of such Property or the rental income relative to market rates, and changes in laws, regulations or fiscal policies.

 

The actual rent a Series receives for its Property may be less than estimated market rent, and a Series may experience a decline in realized rental rates from time to time, which could adversely affect a Series’ financial condition, results of operations and cash flow.

 

As a result of numerous potential factors, including competitive pricing pressure in our markets, a general economic downturn and the desirability of a Property, a Series may be unable to realize its projected market rent for a Property. If a Series is unable to obtain adequate rental rates for its Property, then its ability to generate cash flow growth will be negatively impacted. The rental rate of each Series’ Property will be determined at the sole discretion of the Manager and may be less than the market rental rate for similar properties. 

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Each Series will depend on its Property’s tenant or tenants for its revenue, and lease defaults, terminations, or other events preventing collection of rents could reduce its net income and limit its ability to make distributions to investors.

 

The success of each Series materially depends on the financial stability of its tenant. A default, termination, or other event preventing collection of rent from a tenant on their lease agreement, such as eviction procedures, need for repairs, destruction of the Property, and environmental or other events outside of our control, would cause the applicable Series to lose the revenue associated with such lease agreements and require a Series to find an alternative source of revenue to meet its monthly or other recurring expenses, including its mortgage payments and prevent a foreclosure, if the Property is subject to a mortgage.

 

In the event of a tenant default or bankruptcy, a Series may experience delays in enforcing its rights as landlord and may incur substantial costs in protecting its investment and re-leasing its Property. If a tenant defaults on or terminates their lease agreements, the applicable Series may be unable to lease the underlying Property for the rent previously received. Any vacancy could reduce a Series’ net income. These events could cause such Series to reduce the amount distributed to investors or hinder the Series’ ability to make distributions at all. If a Series is unable to find an alternative source of revenue to meet the mortgage payments and the underlying Property goes into foreclosure, the bank providing the mortgage will have priority in such Property over any investors in the Series.

 

The Manager may fail to successfully acquire the Properties, which could adversely affect us and impede our growth.

 

The Manager’s ability to identify and acquire Properties on favorable terms and successfully develop, redevelop and/or operate them may be exposed to significant risks. Agreements for the acquisition of properties are subject to customary conditions to closing, including completion of due diligence investigations and other conditions that are not within our control, which may not be satisfied. The Manager may be unable to complete an acquisition after incurring certain acquisition-related costs. In addition, if mortgage debt is unavailable at reasonable rates, the Manager may be unable to finance the acquisition on favorable terms, or at all. The Manager may also spend more than budgeted to make necessary improvements or renovations to acquired properties and may not be able to obtain adequate insurance coverage for any such properties. Any delay or failure to identify, negotiate, finance and consummate such acquisitions in a timely manner and on favorable terms, or operate acquired properties to meet our financial expectations, could impede our growth and have an adverse effect on us, including our financial condition, results of operations, cash flow and the market value of the properties.

 

A Series may be unable to service its indebtedness, which may be secured by its Property, and could result in the Series being forced to sell its Property, which could result in a significant loss to investors in the particular Series.

 

In connection with the expected acquisition of its Property from Landa Properties, each Series has issued an Acquisition Note, which constitutes or will constitute a significant debt obligation of such Series. Each Series’ ability to make scheduled payments on its indebtedness depends on and is subject to its financial and operating performance, which depends in part on its ability to lease its Property and timely collect rent from each tenant. If a Series’ cash flows and capital resources are insufficient to fund its debt service obligations, such Series may be forced to reduce or delay expenditures, seek additional capital, or restructure or refinance the indebtedness. Future borrowings may not be available in an amount sufficient to enable a Series to refinance its indebtedness or meet other liquidity needs. Even if refinancing indebtedness is available, any refinancing of a Series’ indebtedness could be at higher interest rates and may require compliance with more onerous covenants that could restrict a Series’ business operations.

 

If a Series is unable to make timely payments on its Refinance Note, it would be in default under its Refinance Note, which would entitle the Refinance Lender to accelerate all amounts due under the note. If the Series is not able to refinance the amounts due under its Refinance Note, the Refinance Lender would be entitled to foreclose on the Series’ Property and force its sale to recover unpaid amounts under the Refinance Note, which would likely result in a significant loss to investors of the particular Series.

 

We may incur mortgage indebtedness and other borrowings, including in states and with lenders that do not recognize the series limited liability company structure, which may increase risks to the Properties.

 

We expect that in most instances, each Series, or the Company on behalf of each Series, will seek to further refinance any outstanding indebtedness, including the Acquisition Note, with an additional mortgage or other debt financing, including with a third party, secured by the underlying Property. Incurring mortgage debt increases the risk of loss since defaults on indebtedness secured by a Property may result in lenders initiating foreclosure actions. In that case, a Series could lose the Property securing the loan that is in default.

 

Further, while we expect each mortgage to be secured by a specific Property (and the assets of such Property) and be the financial obligation of the applicable Series, the Company may be required enter into a loan as the borrower and hold title to the Property on behalf of such Series in states where our series limited liability structure is not recognized or respected under the laws of the state governing the loan. In that instance, in the event that we default on a loan, we can make no assurance that a lender will not seek to foreclose on the other Series’ Properties that we hold title for the benefit of. Please see “If our series limited liability company structure is not respected, then investors may have to share any liabilities of our Company with all investors and not just those who hold the same Series as them.”

 

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A Series may not be able to control its operating costs, or its expenses may remain constant or increase, even if its revenues do not increase, causing its results of operations to be adversely affected.

 

Factors that may adversely affect a Series’ ability to control operating costs include the need to pay for insurance and other operating costs, including real estate taxes, which could increase over time, the need periodically to repair (including repairs resulting from significant damage by tenants), renovate and re-lease space and cost and availability of building and construction materials (i.e., due to supply chain constraints), increases in the price of oil and gas, the cost of compliance with governmental regulation (including zoning, environmental and tax laws, the potential for liability under applicable laws), the effects of inflation on real estate and on the economy in general, mortgage and interest rates, principal loan amounts and the availability of financing. If a Series’ operating costs increase as a result of any of the foregoing factors, its results of operations may be adversely affected.

 

The expense of owning and operating a Property is not necessarily reduced when circumstances such as market factors and competition cause a reduction in income from a Property. As a result, if revenues decline, a Series may not be able to reduce its expenses accordingly. Costs associated with real estate investments, such as real estate taxes, insurance, loan payments, and maintenance and repairs, generally will not be reduced even if a Property is not fully occupied or other circumstances cause a Series’ revenues to decrease. If a Series is unable to decrease operating costs when demand for its Property decreases and its revenues decline, its financial condition, results of operations and ability to make distributions to holders may be adversely affected.

 

We may not be able to make any monthly cash distributions to holders of Shares.

 

We intend for each Series to make any monthly cash distributions per Share based on the net rental income generated by a Property. For Properties that are vacant, a Series may not be able to make distributions or may have to reduce the amount of distributions it can make, until such Series enters into a lease agreement. Any distributions that a Series makes will be at the complete discretion of the Manager and will depend on a number of factors, including, but not limited to, the total number of Shares sold, the Series’ rental income for the month, if any, the Monthly Management Fee, expenses (including any unanticipated capital expenditures), taxes, amounts allocated to Reserves, and actual and accrued cash flows of the applicable Series, many of which could vary substantially from month to month. Accordingly, there can be no assurance that you will receive monthly distributions on your Shares.

 

We may be unable to renew lease agreements with existing tenants or enter into lease agreements with new tenants.

 

The Series’ lease agreements are short-term in nature, typically one year, and in certain cases month-to-month, which exposes us to the risk that we may have to renew or re-lease a Property in the near term. If tenants do not renew their lease agreements upon expiration or if we are required to make Improvements to a Property or somehow unable to freely enter into a lease agreement for a Property, we may be unable to re-lease such Property. Even if the existing tenants renew their lease agreements or we are able to enter into a lease agreement with a new tenant, the terms and conditions of the new lease may not be as favorable as the terms and conditions of the expired lease agreement. If the rental rates for a Property underlying a Series decrease, or in the event that a Property becomes vacant, such Series’ financial condition, results of operations, cash flow, the value of the Shares interests and the Series’ ability to satisfy its debt obligations and to make distributions could be adversely affected.

 

Our Properties may be subject to impairment charges.

 

We will periodically evaluate each of the Properties for impairment indicators. The judgment regarding the existence of impairment indicators is based on factors including market conditions, a tenant’s ability to pay rent, the short-term nature of each lease agreement, and any unforeseen expenses or liabilities incurred by a Series or its Property. For example, the early termination of, or default under, a lease agreement by a tenant may lead to an impairment charge. If we determine that an impairment has occurred, we would be required to make a downward adjustment to the net carrying value of a property. Impairment charges also indicate a potential permanent adverse change in the fundamental operating characteristics of the impaired Property. There is no assurance that these adverse changes will be reversed in the future and the decline in the impaired Property’s value could be permanent.

 

We may not be able to rebuild our existing Properties to their existing specifications if we experience a substantial or comprehensive loss of such Properties.

 

In the event that we experience a substantial or comprehensive loss of one of the Properties, we may not be able to rebuild such Property to its existing specifications. Further, reconstruction or Improvements of such a Property would likely require significant upgrades to meet zoning and building code requirements. Environmental and legal restrictions could also restrict the rebuilding of the Properties.

 

Each of the Series will hold its underlying Property as its main asset.

 

Each Series will hold title to a Property, either directly or indirectly through the Company, as its primary asset; provided, however, that the Company may hold title to a Property for the benefit of the applicable Series pursuant to the Master Agreement. The success of an investment in a Series will depend on the revenues generated by the Series’ Property and the appreciation of the value of the Property over time. Such revenues are determined by a number of factors such social conditions, financial markets and the economy, competition from existing and future companies operating in our industry, as well as government rule and regulation (such as tax and building code charges). The value of a Property may decline substantially after you purchase your Shares.

 

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A concentration of our investments in residential rental properties, including single-family homes and duplexes, may leave our profitability vulnerable to a downturn or slowdown in the sector.

 

The Properties held by each Series is comprised solely of residential rental properties, including single-family homes and duplexes. As a result, we are subject to risks inherent in investments in this type of property. Because our investments are solely in the residential sector, the potential effects on our revenue and profits resulting from a downturn or slowdown in the residential sector could be more pronounced than if we had more fully diversified our investments.

 

Tenant relief laws may negatively impact our rental income and profitability.

 

As manager of numerous residential properties, the Manager may be involved in evicting residents who are not paying their rent or are otherwise in material violation of the terms of their lease agreements. Eviction activities will impose legal and managerial expenses that will raise costs specific to the applicable Series. The eviction process is typically subject to legal barriers, mandatory “cure” policies and other sources of expense and delay, including restrictions on evictions enacted by many states as a result of the COVID-19 pandemic, each of which may delay our ability to gain possession and stabilize the home. Additionally, state and local landlord-tenant laws may impose legal duties to assist residents in relocating to new housing or restrict the landlord’s ability to recover certain costs or charge residents for damage that residents cause to the landlord’s premises. The Manager will be required to take all appropriate steps to comply with all applicable landlord-tenant laws, and each Series will need to incur supervisory and legal expenses to ensure such compliance. To the extent that a Series does not comply with state or local laws, the Series may be subjected to civil litigation filed by individuals, in class actions or by state or local law enforcement. A Series may be required to pay adversaries’ litigation fees and expenses if a judgment is entered against us in such litigation or if we settle such litigation.

 

Rent control or rent stabilization laws could prevent us from raising rents to offset increases in operating costs.

 

Various states, cities, or municipalities have a system of rent regulations, also known as rent stabilization and rent control. While these regulations generally apply only to tenants of regulated multifamily rental properties, given expansion of institutional ownership of residential rental properties, including single-family homes and duplexes, municipalities may seek to impose them as well on our properties. Typical rent control or rent stabilization laws entitle tenants to receive required services, to have their lease agreements renewed, and to not be evicted except on grounds allowed by law. If we acquire properties with these or other similar regulations, such regulations could limit the amount of rent we are able to collect, which could have a material adverse effect on our ability to fully take advantage of the investments that we make in our properties. Further, there can be no assurance that changes to rent control or rent stabilization laws will not have a similar or greater negative impact on a Series’ ability to collect rents. 

 

Compliance with governmental laws, regulations and covenants that are applicable to the residential properties held by the Series may adversely affect the Series’ business and growth strategies.

 

Residential rental properties are subject to various covenants, local laws, and regulatory requirements, including permitting and licensing requirements. Local regulations, including municipal or local ordinances, zoning restrictions, and restrictive covenants imposed by community developers, may restrict a Series’ use of its Property and may require the Series to obtain approval from local officials or community standards organizations at any time with respect to its Property, including prior to acquiring the Property or when undertaking renovations. Among other things, these restrictions may relate to fire and safety, seismic, asbestos clean-up or hazardous material abatement requirements.

 

Environmental laws also may impose liens on property or restrictions on the manner in which a Property may be used, and these restrictions may require substantial expenditures or prevent the Manager from operating such Properties. Some of these laws and regulations have been amended so as to require compliance with new or more stringent standards as of future dates. Compliance with new or more stringent laws or regulations or stricter interpretation of existing laws may require us to incur material expenditures. Future laws, ordinances or regulations may impose material environmental liability. The costs of defending against claims of environmental liability, of complying with environmental regulatory requirements, of remediating any contaminated property, or of paying personal injury, property damage or natural resource damage claims could reduce the amounts available for distribution to our investors.

 

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We cannot assure you that existing laws or regulations will not adversely affect a Series or result in additional expenses relating to any future renovations or otherwise, or that additional laws or regulations will not be adopted that would result in additional expenses. A Series’ growth strategies may be materially and adversely affected by its ability to obtain permits, licenses, and zoning approvals. A Series’ failure to obtain such permits, licenses and zoning approvals could have a material adverse effect on its results of operations or financial condition and cause the value of your Shares to decline.

 

Each Series will face significant competition for tenants, which may hinder the Manager’s ability to find suitable tenants for a Series’ Property and prevent increases of rental rates for its Property.

 

There is significant competition in the real estate industry, including numerous real estate investment trusts (“REITs”) and other institutions with property acquisition objectives similar to ours. The size and financial wherewithal of our competitors may allow them to offer space at rental rates below current market rates or below the rental rates each Series charges their tenants. As a result, a Series may lose existing tenants or fail to obtain future tenants, and the downward pressure caused by our competitors may cause our Series to reduce their rental rates or to offer more substantial rent abatements, tenant improvements, early termination rights or below-market renewal options in order to retain tenants when lease agreements expire. Competition for tenants could adversely impact the net rental income for a given Series.

 

Increased competition, including increased affordability of residential rental properties, including single-family homes and duplexes, could limit our ability to attract or retain residents or increase or maintain rents.

 

Any residential properties we may acquire will most likely compete with numerous housing alternatives in attracting residents, including other single-family homes and duplexes, as well as multifamily homes available to rent. Competitive housing in a particular area, including if the affordability of owner occupied single-family homes, duplexes, and multifamily homes available to rent or buy results from, among other causes, low or lower mortgage interest rates and government programs to promote home ownership, could adversely affect our ability to attract or retain our residents or increase or maintain rents.

 

We may in the future purchase properties that contain lead-based paint, which may cause health problems, exposing us to third-party liability or may cause us to be in violation of environmental laws or regulations, either of which would adversely affect our operating results.

 

Many of the properties in our target markets were built prior to 1978, and housing built prior to such time may contain lead-based paint. The existence of lead-based paint is especially a concern in residential properties and can cause health problems, particularly for children. As a result, Federal, state and local laws and regulations impose certain disclosure requirements and restrict and regulate renovation activities on housing built before 1978. Any violation of these restrictions could result in fines or criminal liability, and we could be subject to liability arising from lawsuits alleging personal injury or related claims. Although we will attempt to comply with all such regulations, we cannot guarantee that we will not incur any material liabilities as a result of the presence of lead-based paint in any Properties that are owned by the Series or that we may acquire in the future.

 

Uninsured losses relating to real property or expensive premiums for insurance coverage could reduce the Series’ cash flows and the return on your investment.

 

Each Property is currently insured up to an amount that the Manager deems to be reasonable. However, we cannot assure you that such insurance will be adequate to cover actual losses or that such insurance will continue to be available at reasonable costs, if at all, which could inhibit a Series’ ability to finance or refinance the underlying Property and result in uninsured losses. In such instances, a Series may be required to provide other financial support, either through financial assurances or self-insurance, to cover potential losses. A Series may not have adequate coverage for such losses. If a Property incurs a loss that is not fully insured, the value of the Series’ asset will be reduced by any such uninsured loss, which would reduce the value of your investment. 

 

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The liquidation value of the Series substantially depends on the value of its underlying Property and the valuation of each Property may change significantly from time to time. If we elect to dispose of a Series’ Property, and the value of such Property has declined, investors may not achieve expected returns from their investment, or may receive less in process than originally invested.

 

The value of a Series’ underlying Property may significantly change from time to time based on the following factors, among others:

 

  adverse changes in national and local economic and real estate conditions, including as a result of the COVID-19 pandemic, general economic conditions and terrorist attacks;

 

  an oversupply of (or a reduction in demand for) residential rental properties in the areas where the Property is located and the Property’s ability to attract tenants;

 

  changes in the Property’s condition over time; and

 

  changes in the appraised value of the Property.

 

Since each Property represents the primary asset of each Series, if its value declines, the liquidation value of the Series may decline significantly. If we elect to dispose of a Series’ Property, and the value of such Property has declined, investors may not achieve expected returns from their investment, or may receive less in proceeds than originally invested.

 

A Series cannot guarantee proceeds from the sale of its Property.

 

The Manager will have the discretion to determine whether to hold or sell a Property of a Series and may elect to hold and operate a Property for an indefinite period of time. While we do not intend to sell any of the Properties in the near term, if the Manager, acting in its sole discretion, elects to sell a Property, the sales price to be realized upon the sale or other disposition of the Property will depend upon many factors, including the availability and pricing of financing for purchasers from time to time, whether the Property has a tenant, the availability and price of comparable properties, and conditions in the real estate market in general. A Series cannot assure you that the price and terms of any such sale or other disposition will be sufficient to pay any return at all, or that there will not be a loss as a result of such transaction.

 

RISKS RELATED TO THE SHARES

 

If a Series in which you have invested does not successfully implement a liquidity transaction, you may have to hold your investment for an indefinite period.

 

The Master Agreement does not require the Manager to pursue a sale of the Property or other liquidity transaction. Investors will be unable to prompt the sale of a Property through a voting process. If the Manager does determine to pursue a liquidity transaction, such as the sale of a Property, the Manager would be under no obligation to conclude the process within a set time or any specific terms. The timing of any sale of the Property will depend on a number of factors, including real estate and financial markets, economic conditions in areas in which such Property is located, and anticipated federal income tax effects on investors that may prevail in the future. If the Property is not sold, and an active market has not developed on the Secondary Trading Platform, your Shares may continue to be illiquid and you may, for an indefinite period of time, be unable to convert your investment to cash easily and could suffer losses on your investment.

 

You may be unable to resell your Shares at desired times or prices, if at all.

 

While the initial sales of the Shares are exempt from state securities registration requirements under Regulation A, that exemption does not cover resales of the Shares to other investors by purchasers of the Shares. Each state has its own securities laws, often called “blue sky” laws. These laws limit resales of securities to a state’s residents unless the securities are registered in that state or qualify for an exemption from registration; these laws also govern the reporting requirements for broker-dealers doing business directly or indirectly in the state. The fact that the initial offering and sale of Shares qualifies for an exemption is not relevant to determining whether there is an exemption in a given state to allow a holder to resell the Shares to a resident of a given state. There may be significant state blue sky law restrictions on your ability to sell, and on purchasers to buy, your Shares.

 

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Further, once a Series’ Offering has concluded, we expect that the Shares will only be available for resale on the Secondary Trading Platform, which is accessible exclusively though the Landa Mobile App and may not be accessed through any other website, mobile application or platform. The Secondary Trading Platform will be the only venue available for the resale of such Series’ Shares through the Broker Dealer. Prospective investors must create a Landa Account, must submit all of the relevant information, as required by the Broker Dealer, and must be approved by the Broker Dealer before being permitted to transact the Secondary Trading Platform. In addition, only prospective buyer that have been approved by the Broker Dealer and successfully onboarded onto the Landa Mobile App may engage in secondary transactions on the Landa Mobile App or access any trading information with respect to secondary trading of the Shares 

 

There can be no assurance that an active market for any Shares will develop on the Secondary Trading Platform, that the Secondary Trading Platform will be available to allow resales of Shares to residents of all states, or that the Secondary Trading Platform will be available at all. For these reasons, investors must be prepared to hold their Shares indefinitely. As a result, you may lose some or all of your investment. Please see “— The Shares will not be listed on any securities exchange, and you will not be able to resell your Shares except through the Secondary Trading Platform, to the extent such platform is established and maintained. You should be prepared to hold the Shares indefinitely.”

 

Given the limited liquidity for the Shares, investors and potential investors may consider these investments to be less appealing and demand for these investments may decrease, which may adversely affect prices you may obtain on the Secondary Trading Platform or your ability to resell your Shares on the Secondary Trading Platform at all.

 

You should consider the resale market for our securities to be limited. You may be unable to resell your Shares, or you may be unable to resell them without the significant expense of state registration or qualification.

 

There is currently no public trading market for the Shares.

 

There is currently no public trading market for any of the Shares, and an active market may not develop or be sustained. If an active public trading market for the Shares does not develop or is not sustained, it may be difficult or impossible for you to resell your interests at any price, unless the securities are registered in that state or qualify for an exemption from registration. Even if a public market does develop, the market price could decline below the amount you paid for your Shares.

 

The Shares will not be listed on any securities exchange and you will not be able to resell your Shares except through the Secondary Trading Platform, to the extent such platform is established and maintained. You should be prepared to hold the Shares indefinitely.

 

The Shares will not be listed on any securities exchange, such as Nasdaq or the New York Stock Exchange. You will not be able to resell your Shares except through the Secondary Trading Platform, to the extent such platform is established and maintained. After a Series’ Offering has concluded, we expect that the Secondary Trading Platform will be the only venue available for the resale of such Series’ Shares through the Broker Dealer, as a broker dealer member of the Secondary Trading Platform; provided, however, any such resale of a Series’ Shares will be subject to federal and state securities laws and the restrictions in the Master Agreement, and there can be no assurance that an active market for any Shares will develop on the Secondary Trading Platform, that the Secondary Trading Platform will be available to allow resales of Shares to residents of all states, or that the Secondary Trading Platform will be available at all. For these reasons, investors must be prepared to hold their Shares indefinitely. As a result, you may lose some or all of your investment. See “Plan of Distribution- Transferability of the Shares.”

 

The trading price of Shares that trade on the Secondary Trading Platform may be extremely volatile.

 

Securities that trade on the Secondary Trading Platform, as with other public markets, likely will experience significant price and volume fluctuations. These fluctuations can be more pronounced for securities that have a small public float, such as the Shares. Share prices could fluctuate widely in price in response to various potential factors, many of which will be beyond our control, including the total number of available buyers or sellers at any point in time, property value, appraisals of the applicable Property, occupancy rates, and economic, market, geopolitical and other external factors. As a result, the market prices of the Shares that are listed may be volatile, and holders of such Shares may experience a decrease in the value of their Shares. No assurance can be given that the market price of the Shares will not fluctuate or decline significantly in the future or that you will be able to sell your Shares when desired on favorable terms or at all.

 

While we expect the Secondary Trading Platform will be available after the conclusion of a Series’ Offering, such resale of a Series’ Shares will be subject to federal and state securities laws and the restrictions in the Master Agreement, and there can be no assurance that an active market for any Shares will develop on the Secondary Trading Platform, that the Secondary Trading Platform will be available to allow resales of Shares to residents of all states, or that the Secondary Trading Platform will be available at all. For these reasons, investors must be prepared to hold their Shares indefinitely. See “Plan of Distribution – Transferability of the Shares.”

 

Because of the illiquid nature of the Series’ Shares, you should purchase the Shares only as a long-term investment and be prepared to hold them for an indefinite period of time.

 

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Each Series’ Offering will not have a minimum offering amount, which could result in an Offering ending without reaching the Series’ funding target.

 

Each Series’ Offering will be conducted on a “best efforts” no minimum basis. We expect that there will be multiple Closings for each Offering and each Closing will occur promptly following the acceptance of a subscription. We expect that each Series’ Offering will remain open for investors until the earliest of (i) the date subscriptions for the Maximum Offering Amount of such Series have been accepted by the Manager or (ii) any earlier date determined by the Manager, based on a number of factors, including the level of current or anticipated interest in a Series. Therefore, an Offering may end without reaching the Series’ funding target such that the total proceeds amount may not be sufficient to pay down the Series’ Acquisition Note. As a result, a Series may have significant debt obligations which could adversely affect the Series’ financial condition, reduce the total distributions to each holder, and/or delay distributions to Series holder.

 

The purchase price for the Shares of each Series was determined by the Manager and may not necessarily reflect the actual value of the Shares.

 

The purchase price for the Shares of each Series was determined by the Manager and may not necessarily accurately reflect the actual value of the Shares. See section entitled “Determination of Purchase Price.”

 

No party has made an independent review of the Company, the Manager, any Series, Properties or the Shares offered on the Landa Mobile App. Therefore, investors do not have the benefit of an independent due diligence review conducted by an unaffiliated party to form a basis for their investment decision.

 

No independent party has undertaken any review of us, any Series, Properties or the Shares offered on the Landa Mobile App. Therefore, investors do not have the benefit of an independent due diligence review conducted by an unaffiliated party to form a basis for their investment decision in the Shares of a Series. You should consult your investment, accounting, legal, and tax advisors before investing in any Shares.

 

RISKS RELATED TO THE COMPANY AND THE MANAGER

 

Your investment is an investment in the Shares of a specific Series, which will invest only in a single Property, and is not a diversified investment in the Company or the Manager. You will not have any interest in, and your investment in a Series will not be secured by, any assets owned by the Company, the Manager, or any other Series. Any return on your investment will depend solely on the cash flows of, and ultimately on the return on, the Series in which you invest, and underlying Property held by such Series.

 

Your investment is an investment in the Shares of a Series and not an investment in the Company or the Manager. An investment in a Series is not a diversified investment in the Company, the Manager, any other Series, the Properties underlying the other Series, or the Landa Mobile App. You will not have any interest in, and your investment will not be secured by, assets owned by the Company or the Manager. If the Property does not operate profitably, you may not receive any distributions or may lose your entire investment without recourse to the Company’s or the Manager’s assets. For example, a Series with a vacant Property may not be able to make a distribution until such Series enters into a lease agreement. Your return, if any, will depend upon income derived from the Series in which you invest, and the underlying Property and the costs associated with it. You will not share in any increase in the value of the Manager.

 

You will not have control over the Series in which you invest.

 

The Master Agreement provides that the assets, affairs, and business of the applicable Series will be managed by the Manager. You will not elect or vote on the Manager, and, unlike the holders of common shares of a corporation, you will have no voting rights on matters affecting the business of a Series, including whether to dissolve and liquidate a Series, and therefore you will have no ability to influence decisions regarding the business of a Series. As a result, you will depend on the Manager’s skill and judgment for a return.

 

We have only recently commenced operations and our future performance is not assured and is difficult to evaluate.

 

The Manager has a limited history of operations with this business model. We therefore should be considered a development stage company. Our operations are subject to all of the risks inherent in the establishment of a new business enterprise, including, but not limited to, hurdles or barriers to the implementation of our business plans. Further, we have limited operating history upon which to evaluate the Manager’s ability to manage our operations and achieve our goals or our likely performance. No assurances can be given that we can operate profitably or raise sufficient capital to continue our operations. If we are unable to continue to operate, the Landa Mobile App could cease operations, in which case your ability to continue to receive rents from the Property or to otherwise realize the value of your investment could cease.

 

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A Series may require additional capital and may be unable to obtain such capital on favorable terms or at all.

 

If funds generated from investors for a Series through the Landa Mobile App are insufficient, we may seek additional capital in the form of debt financing from other financing sources. Additional debt financing may not be available on reasonable terms, on a timely basis or at all, and if available, would result in additional payment obligations and may involve agreements that include restrictive covenants that limit a Series’ ability to take specific actions, such as incurring additional debt, making capital expenditures, creating liens or making distributions on Shares, which could adversely impact the Series’ ability to conduct its business or provide distributions on your Shares.

 

The Manager depends on key personnel to manage the Series, and if the Manager is unable to retain, attract and integrate qualified personnel, the Series’ ability to develop and successfully grow their businesses could be harmed.

 

We believe our success will depend on the efforts and talents of the executives and employees of our Manager and its affiliates. Our future success depends on our continuing ability to attract, develop, motivate, and retain highly qualified and skilled employees, including employees with sufficient experience in the real estate industry. Qualified individuals, including individuals with sufficient experience in the real estate industry, are in high demand, and we may incur significant costs to attract and retain them. In addition, the loss of any of the key employees or senior management of the Manager could have a material adverse effect on our ability to execute our business plan and strategy, and we may not be able to find adequate replacements on a timely basis, or at all. Our Manager’s executive officers and other employees are at-will employees, which means they may terminate their employment relationship with the Manager at any time, and their knowledge of our business and industry would be extremely difficult to replace. The Manager may not be able to retain the services of any members of its senior management or other key employees. If the Manager fails to attract well-qualified employees or retaining and motivating existing employees, it could have a material adverse effect on our business, financial condition and results of operations.

 

Adverse results from litigation or governmental investigations can impact our business practices and operating results.

 

From time to time, we may be party to litigation, regulatory and other proceedings with governmental authorities and administrative agencies. Adverse outcomes in lawsuits or investigations could result in significant monetary damages or injunctive relief that could adversely affect our business model, results of operations and financial condition.

 

The SEC has a broad range of civil sanctions under federal securities law, which it may seek against corporations and individuals, including injunctive relief, monetary penalties and compliance programs. These matters require the involvement of senior management of the Manager that could impinge on the time senior management has available to devote to other matters relating to the Series.

 

The Manager has limited experience and track record in real estate operations.

 

The results of operations of each Series will depend on the Manager’s ability to operate, lease and maintain such properties profitably. The Manager has limited experience in real estate operations. If the Manager manages the Property or a Series ineffectively, the ability of such Series to generate revenue and its results of operations may be adversely affected.

 

The Manager’s liability is limited under the Master Agreement, and each Series has agreed to indemnify the Manager against certain liabilities. As a result, a Series may experience poor performance or losses of which the Manager would not be liable.

 

Pursuant to the Master Agreement, the Manager will not assume any responsibility other than to render the services called for thereunder. The Manager maintains a contractual, as opposed to a fiduciary, relationship with the members in each Series. Under the terms of the Master Agreement, neither the Manager nor any director, officer, or employee of the Manager will be liable to the Series or any of its members for acts or omissions performed in accordance with and pursuant to the Master Agreement, except by reason of acts or omissions constituting gross negligence, willful misconduct, fraud, material misrepresentation or material violation, as determined by final adjudication. Accordingly, each Series and its members will only have recourse and be able to seek remedies against the Manager, or any director, officer, or employee of the Manager, to the extent it breaches its obligations pursuant to the Master Agreement. Furthermore, each Series has agreed to limit the liability of the Manager and to indemnify the Manager against certain liabilities. In addition, we or a Series may choose not to enforce, or to enforce less vigorously, our or its rights under the Master Agreement in order to maintain our or its ongoing relationship with the Manager.

 

Any adverse changes in the Manager’s financial health or our relationship with the Manager or its affiliates could hinder our operating performance and the return on your investment.

 

The Manager will utilize its personnel and resources to perform services on its behalf for us and for each Series. Each Series’ ability to achieve its investment objectives and to pay distributions to its investors is dependent upon the performance of the Manager and its affiliates, as well as the Manager’s real estate professionals in the management of the Series’ Property and operation of day-to-day activities of the Company and such Series. Any adverse changes in the Manager’s financial condition or a Series’ relationship with the Manager could hinder the Manager’s ability to successfully manage the Series’ operations and the Properties.

 

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The Manager may fail to successfully operate the Properties, which could adversely affect the applicable Series and impede their growth.

 

The Manager’s ability to successfully develop, redevelop and/or operate and maintain the Properties may be exposed to significant risks. Series may be required to spend more than their budgeted amounts to make necessary Improvements to Properties and may not be able to obtain or maintain adequate insurance coverage for Properties. Any failure to operate acquired properties to meet our financial expectations could impede the growth or a Series and have an adverse effect on such Series, including its financial condition, results of operations, cash flow, and the market value of its interests.

 

The report of our independent registered public accounting firm contains an explanatory paragraph regarding substantial doubt about our ability to continue as a going concern, which could prevent us from obtaining new financing on reasonable terms or at all.

 

The report of our independent registered public accounting firm on our audited financial statements for the period ended December 31, 2021, contains an explanatory paragraph regarding substantial doubt about our ability to continue as a going concern. We have not yet commenced operations and will not commence our operations until the qualification of the offering statement of which this Offering Circular forms a part. Once we commence our planned principal operations, we will incur significant additional expenses, and will be dependent on additional capital resources. These going concern opinions could materially limit our ability to raise additional funds through the issuance of equity or debt securities or otherwise. Further reports on our financial statements may include an explanatory paragraph with respect to our ability to continue as a going concern. We will incur significant additional expenses in the conduct of our business and until we can generate significant recurring revenues, we expect to satisfy our future cash needs through debt or equity financing. We cannot be certain that additional funding will be available to us on acceptable terms, if at all, and these going concern opinions could materially limit our ability to raise additional funds through the issuance of equity or debt securities or otherwise. If funds are not available, we may be required to delay, reduce the scope of, or eliminate future business plans. This may raise substantial doubts about our ability to continue as a going concern.

 

The Manager may have a conflict of interest as it manages multiple Series, the Company, and one or more affiliate companies of ours that leases residential properties and has a financial interest in certain agreements of the Series, any of which could result in the Manager not acting in the best interest of a particular Series.

 

Since the Manager receives compensation from each Series, and is a creditor to each Series, there are potential conflicts of interest that may affect the decision-making of the Manager as it manages each Series and the Company. For example, it may be in the best interest of the Manager for its personnel to focus more time rendering services to certain Series as opposed to others. In addition, the Manager manages Landa App 2 LLC and Landa App 3 LLC, which also lease properties in the United States, and offers membership interests in series that hold, either directly or indirectly, title to residential rental properties though the Landa Mobile App, pursuant to Regulation A. The Manager may also manage other affiliate companies in the future. Any of these conflicts of interest could result in less net rental income or a decline in the Property value of the Series in which you invest. In addition, each Series expects to enter into similar agreements, none of which are expected to be negotiated at arm’s length, and accordingly, such terms may be less favorable than if the Series received a loan or management services from a non-affiliate.

 

In addition, since many of the Properties to be owned by the Series are located in nearby neighborhoods, if the Manager receives an interested tenant or purchaser of a property in a given neighborhood, the Manager may direct the interested individual to a Property owned by a Series that is not the Series in which you invested.

 

One or more Series may have conflicts of interest with the Manager and other affiliates, which could result in investment decisions that are not in your best interest.

 

There are numerous potential conflicts of interest between the interests of the Series and the interests of the Manager and its other affiliates, including conflicts arising out of the allocation of personnel, capital and time to devote to the activities of a specific Series.

 

Examples of these potential conflicts of interest include:

 

Competition for the time and services of Manager personnel that work for one or more Series;

 

The Manager has considerable discretion with respect to the terms and timing of maintenance, leasing and liquidity transactions;

 

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The possibility that the competing demands for the time of the Manager, its affiliates and officers may result in them spending insufficient time on the Property, which may result in the Property missing rental opportunities or maintenance requirements, which could reduce the profitability of the Property and the value of your investment; and

 

The Manager and/or its affiliates may lend money to the Company or any Series to cover Operating Expenses (as defined below) and any shortfalls in the event we do not raise enough money.

 

Any of these and other conflicts of interest between the Series and the Manager could have a material adverse effect on the returns on your investments.

 

RISKS RELATED TO COMPLIANCE AND REGULATION

 

New and existing regulations could harm our business.

 

We are subject to the same laws as other companies conducting business on and off the Internet. Today, there are still relatively few laws specifically directed towards online services. However, due to the increasing popularity and use of the Internet and online services, many laws relating to the Internet are being debated at all levels of government. In addition, it is not clear how existing laws apply to online businesses, and regulatory agencies or courts may claim or hold that we or the users of the Landa Mobile App are subject to licensure or that we are prohibited from conducting our business.

 

Our business could be negatively affected by the application of existing laws and regulations or the enactment of new laws or regulations applicable to our business. The cost to comply with such laws or regulations could be significant and would increase a Series’ Operating Expenses (as defined below), which could negatively impact the amount distributable to you. Regulatory and licensure claims could result in costly litigation or could require us to change the way we do business in ways that increase costs and reduce revenues. We could also be subject to fines or other penalties, and any of these outcomes could harm our business. In addition, federal and state governmental or regulatory agencies may decide to impose taxes on services provided over the Internet. These taxes could discourage the use of the Internet as a means of raising capital, which would adversely affect the viability of the Landa Mobile App.

 

In addition, because the Landa Mobile App is viewable worldwide, although use of the Landa Mobile App by anyone outside of the United States is prohibited by our terms of use, foreign jurisdictions may claim that we are required to comply with their laws. Compliance may be more costly or may require us to change our business practices or restrict our service offerings relative to those in the United States. In addition, we may be subject to overlapping legal or regulatory regimes that impose conflicting requirements on us. Our failure to comply with foreign laws could subject us to penalties ranging from criminal prosecution to bans on our services.

 

We are offering the Shares pursuant to recent amendments to Regulation A promulgated pursuant to the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and we cannot be certain if the reduced disclosure requirements applicable to Tier 2 issuers will make the Shares less attractive to investors as compared to a registered offering.

 

As a Tier 2 issuer, we will be subject to scaled disclosure and reporting requirements which may make an investment in the Shares less attractive to investors who are accustomed to enhanced disclosure and more frequent financial reporting. In addition, given the relative lack of regulatory precedence regarding the recent amendments to Regulation A, there is a significant amount of regulatory uncertainty in regard to how the SEC or the individual state securities regulators or any other applicable regulatory body will regulate both the offer and sale of our securities, as well as any ongoing compliance to which the Series may be subject. If our scaled disclosure and reporting requirements, or regulatory uncertainty regarding Regulation A, reduce the attractiveness of the Shares, we may be unable to raise the funds necessary for one or more of the Series to commence operations, or to acquire and manage one or more of the Properties.

 

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There may be deficiencies with our internal controls that require improvements, and if we are unable to adequately evaluate internal controls, we may be subject to sanctions.

 

As a Tier 2 issuer, we will not need to provide a report on the effectiveness of our internal control over financial reporting, and we will be exempt from the auditor attestation requirements concerning any such report so long as we are a Tier 2 issuer. We are in the process of evaluating whether our internal control procedures are effective and therefore there is a greater likelihood of undiscovered errors in our internal controls or reported financial statements as compared to issuers that have conducted such evaluations.

 

Our independent auditors identified a material weakness in our internal control over financial reporting, which, if not remedied, could have a significant adverse effect on our ability to report our financial results accurately and timely in the future.

 

Our independent auditors identified a material weakness in our internal controls in connection with the preparation of our financial statements, which management is taking steps to remediate. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Material Weakness in Internal Controls” for more information. There can be no assurance that any measures taken will remediate the identified material weakness, nor can there be any assurance as to how quickly management will be able to remediate the weakness. Failure to achieve and maintain an effective internal control environment could prevent us from providing reliable and accurate financial information and forecasts or from avoiding or detecting fraud.

 

As a non-listed company conducting an exempt offering pursuant to Regulation A, we are not subject to a number of corporate governance requirements, including the requirements for a board of directors or independent board committees.

 

As a non-listed company conducting an exempt offering pursuant to Regulation A, we are not subject to a number of corporate governance requirements that an issuer conducting an offering on Form S-1 or listing on a national stock exchange would be. Accordingly, we do not have a board of directors, nor are we required to have (i) a board of directors of which a majority consists of “independent” directors under the listing standards of a national stock exchange, (ii) an audit committee composed entirely of independent directors and a written audit committee charter meeting a national stock exchange’s requirements, (iii) a nominating/corporate governance committee composed entirely of independent directors and a written nominating/corporate governance committee charter meeting a national stock exchange’s requirements, (iv) a compensation committee composed entirely of independent directors and a written compensation committee charter meeting the requirements of a national stock exchange, and (v) independent audits of our internal controls. Accordingly, you may not have the same protections afforded to holders of companies that are subject to all of the corporate governance requirements of a national stock exchange.

 

If our series limited liability company structure is not respected, then investors may have to share any liabilities of our Company with all investors and not just those who hold the same Series as them.

 

The Company is structured as a Delaware series limited liability company that forms separate Series and issues membership interests in such Series. Each Series will merely be a separate series and not a separate legal entity. Under Section 18-215 of the LLC Act, if certain conditions are met, the liability of investors holding interests in one Series is segregated from the liability of investors holding interests in another Series and the assets of one Series are not available to satisfy the liabilities of other Series. Although this limitation of liability is recognized by the courts of Delaware, the series limited liability structure is not recognized in certain states, including states in which some of the Properties are located, and there is no guarantee that if challenged in the courts of another U.S. state or a foreign jurisdiction, such courts will uphold a similar interpretation of Delaware law, and in the past certain jurisdictions have not honored such interpretation. For example, the State of Georgia, where a number of the Properties are located, does not permit the formation of a series limited liability structure and we cannot make any assurances that our series limited liability company structure will be respected in that state, or any other state that does not permit and/or recognize the Delaware series limited liability structure. If our series limited liability company structure is not respected, then investors in a Series may have to share any liabilities of our Company with all investors and not just those who hold the same Shares of such Series as them. Furthermore, while we intend to maintain separate and distinct records for each Series and account for them separately and otherwise meet the requirements of the LLC Act, it is possible a court could conclude that the methods used did not satisfy Section 18-215 of the LLC Act and thus potentially expose the assets of a Series to the liabilities of another Series. The consequence of this is that the Series may have to bear higher than anticipated expenses which would adversely affect the value of the Shares or the likelihood of any distributions being made by a particular Series to its investors. In addition, we are not aware of any court case that has tested the limitations on inter-series liability provided by Section 18-215 in federal bankruptcy courts and it is possible that a bankruptcy court could determine that the assets of one Series should be applied to meet the liabilities of the other series or the liabilities of the Company generally where the assets of such other Series or of the Company generally are insufficient to meet our liability.

 

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Landa Series 1701 Summerwoods Lane and Landa Series 1741 Park Lane, as well as certain other series that are not included in this Offering Circular, were initially formed as registered series under Section 18-218 of the LLC Act. The Company is now offering new Shares of Landa Series 1701 Summerwoods Lane and Landa Series 1741 Park Lane as part of the offering pursuant to this Offering Circular and we expect to convert these Series into a protected series under Section 18-215 of the LLC Act. Although this conversion is allowed under Delaware law and maintains the separate legal entity status of each Series, there can be no guarantee that even if the registered series were or would have been upheld as separate legal entities, the Series’ status as separate legal entities will be upheld after their conversion to protected series.

 

We may incur significant costs complying with the Americans with Disabilities Act of 1990 (“ADA”) and similar laws, which could adversely affect us, including our future results of operations and cash flows.

 

Under the ADA, all public accommodations must meet federal requirements related to access and use by disabled persons. We have not conducted a recent audit or investigation of all of the Properties underlying the Series to determine our compliance with these or other federal, state or local laws. If one or more of our Properties are not in compliance with such laws, then we could be required to incur additional costs to bring the property into compliance. We cannot predict the ultimate amount of the cost of compliance with such laws. Noncompliance with these laws could also result in the imposition of fines or an award of damages to private litigants and could require a Series to make significant unanticipated capital expenditures. Substantial costs incurred to comply with such laws, as well as fines or damages resulting from actual or alleged noncompliance with such laws, could adversely affect us, including our future results of operations and cash flows and a Series’ ability to pay any monthly distributions on its Shares.

 

RISKS RELATED TO THE LANDA MOBILE APP

 

Our ability to implement our investment strategy depends, in part, upon our ability to successfully conduct Offerings through the Landa Mobile App, which makes an investment in a Series more speculative.

 

We will conduct Offerings solely through the Landa Mobile App. The success of each Offering, and our ability to implement our business strategy, depends upon our ability to sell Shares to investors through the Landa Mobile App. If we are not successful in selling Shares through the Landa Mobile App, the ability of a Series to raise proceeds through an Offering will be limited and it may not have adequate capital to implement its investment strategy.

 

Our business and the business of each Series could be harmed if we are unable to maintain and grow the Landa Mobile App.

 

Our success and the success of each Series depends on our investors’ confidence in our ability to provide reliable, secure, real-time access to the Landa Mobile App. If the functionality of the Landa Mobile App is not reliable, or otherwise fails to perform, we could experience disruptions in service, slow delivery times, and insufficient capacity. These consequences could result in our investors deciding to stop using or to reduce their use of the Landa Mobile App, either of which would have a material adverse effect on our business, financial condition, and results of operations.

 

We rely on the Manager’s ability to continually improve and upgrade the Landa Mobile App to accommodate increases in investment volumes, irregular or heavy use of the Landa Mobile App, especially during peak times, regulatory changes, and the development of new and enhanced features to the Landa Mobile App, functionalities and ancillary solutions. The maintenance and expansion of the Landa Mobile App requires, and will continue to require, substantial financial, operational, and technical resources. As our operations grow in both size and scope, these resources will typically need to be committed well in advance of any potential increase in our revenues. We cannot assure you that we will always be able to maintain the Landa Mobile App without failure or degradation of performance, especially during periods of abnormally high volumes. If the Manager does not successfully adapt our existing Platform to the requirements of our investors or to emerging industry standards, our business, financial condition, and results of operations could be materially adversely affected.

 

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The occurrence of a cyber incident, or a deficiency in our cyber security, could negatively impact our business by causing a disruption to our operations, a compromise or corruption of our confidential information, or damage to our business relationships, all of which could negatively impact our financial results.

 

The Landa Mobile App processes certain confidential information provided by our investors and tenants in the Properties underlying each Series. While we intend to take commercially reasonable measures to protect our investors’ confidential information and maintain appropriate cybersecurity, the security measures of the Landa Mobile App, our company’s information technology systems or those of the Manager or our service providers (including the Broker Dealer, the Custodian and North Capital) could be breached. A cyber incident is considered to be any adverse event that threatens the confidentiality, integrity, or availability of information resources. More specifically, a cyber incident is an intentional attack or an unintentional event that can include gaining unauthorized access to systems to disrupt operations, corrupt data, or steal confidential information. Any accidental or willful breach or other unauthorized access could cause such information to be stolen and used for criminal purposes, in which case our investors and/or tenants would be subject to increased risk of fraud or identity theft. Because techniques used to obtain unauthorized access or to sabotage systems change frequently and generally are not recognized until they are launched against a target, we may be unable to anticipate these techniques or to implement adequate preventative measures. In addition, many states have enacted laws requiring companies to notify individuals of data security breaches involving their personal data. These mandatory disclosures regarding a security breach are costly to implement and often lead to widespread negative publicity, which may cause our investors to lose confidence in the effectiveness of our data security measures. As our reliance on technology has increased, so have the risks that could directly result from the occurrence of a cyber incident, including operational interruption, damage to our relationship with our tenants, and private data exposure, any of which could negatively impact our reputation and financial results.

 

Any significant disruption in service on the Landa Mobile App or in its computer systems could reduce the attractiveness of the Landa Mobile App and result in a loss of users.

 

If a catastrophic event resulted in a platform outage and physical data loss, the Landa Mobile App’s ability to perform its functions would be adversely affected. Landa Mobile App’s hosting services infrastructure is provided by a third-party hosting provider (the “Hosting Provider”). We also maintain a backup system at a separate location that is owned and operated by a third party. Our operations depend on the Hosting Provider’s ability to protect its and our affiliate’s systems in its facilities against damage or interruption from natural disasters, power or telecommunications failures, air quality, temperature, humidity and other environmental concerns, computer viruses or other attempts to harm our systems, criminal acts and similar events. Any interruptions or delays in our service through the Landa Mobile App could materially affect our ability to perform any services for corresponding real estate investments or maintain accurate accounts, our relationships with users of the Landa Mobile App and our reputation. Additionally, in the event of damage or interruption, our insurance policies may not adequately compensate us for any losses that we may incur. We currently do not have a disaster recovery plan in place. Further, the Landa Mobile App has not been tested under actual disaster conditions, and we may not be able to recover all data and services in the event of an outage at a facility operated by the Hosting Provider. These factors could prevent us from processing or posting payments on the corresponding investments, damage our brand and reputation, divert our Manager’s attention and cause users to abandon the Landa Mobile App.

 

We rely on third-party banks and on third-party computer hardware and software. If we are unable to continue utilizing these services, our business and ability to service the corresponding equity investments may be adversely affected.

 

We and the Landa Mobile App rely on third-party and FDIC-insured depository institutions to process our transactions, including payments of corresponding equity investments, processing of subscriptions under each offering and distributions to our investors. Under the Automated Clearing House (ACH) rules, if we experience a high rate of reversed transactions (known as “chargebacks”), we may be subject to sanctions and potentially disqualified from using the system to process payments. The Landa Mobile App also relies on computer hardware purchased and software licensed from third parties. This purchased or licensed hardware and software may be physically located off-site, as is often the case with “cloud services.” This purchased or licensed hardware and software may not continue to be available on commercially reasonable terms, or at all. If the Manager cannot continue to obtain such services for the Landa Mobile App elsewhere, or if it cannot transition to another processor quickly, our ability to process payments will be materially affected and your ability to receive distributions will be delayed or impaired.

 

If there are design defects, errors, failures or delays in the Landa Mobile App, our business could suffer serious harm.

 

Despite testing, the Landa Mobile App may contain design defects and errors, including when new updates or enhancements are released. Such errors or defects may cause the Landa Mobile App to operate incorrectly or less effectively. When problems occur, it might be difficult to identify the source of the problem. In addition, we could experience delays while developing and introducing new or enhanced features to the Landa Mobile App, primarily due to difficulties in technology development, obtaining any applicable regulatory approval, licensing data inputs, or adapting to new operating environments.

 

If design defects, errors or failures are discovered in the Landa Mobile App, we may not be able to correct or work around them in a cost-effective or timely manner or at all. The existence of design defects, errors, failures or delays that are significant, or are perceived to be significant, could also result in rejection or delay in market acceptance of the Landa Mobile App, damage to our reputation, loss of investors and related revenues, diversion of resources, product liability claims, regulatory actions or increases in costs, any of which could materially adversely affect our business, financial condition or results of operations.

 

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USE OF PROCEEDS

  

The Offerings are being conducted on a “best efforts” basis with no minimum offering amount, and neither the Manager nor any other party has a firm commitment or obligation to purchase any of the Series’ Shares. See the “Use of Proceeds” in Appendix B for detailed information about the use of proceeds for each Series.

 

DESCRIPTION OF OUR BUSINESS

 

Company Overview

 

Landa App LLC (the “Company”) was formed in 2019 as a Delaware series limited liability company to offer a unique investment opportunity for eligible investors to benefit from the performance of curated and fully managed rental real estate properties. From time to time, the Company will form separate Series, each of which will hold a resident rental property as its primary asset (each a “Property,” and collectively, the “Properties”).

 

Landa App LLC was originally formed as a series limited liability company under the LLC Act. Certain series of the Company that are not included in this Offering Circular were initially formed as registered series under Section 18-218 of the LLC Act. Since each Series is separately protected under Section 18-215 of the LLC Act, the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular Series are segregated and enforceable only against the assets of such Series as provided under the LLC Act. We intend to treat each Series as a separate entity for U.S. federal income tax purposes. In addition, we intend that each Series will be treated as a corporation for U.S. federal income tax purposes.

 

All Shares will initially be offered through the Landa Mobile App.

 

Investment Objectives

 

Our primary investment objectives are to:

 

  realize growth in the value of our Property investments;

 

  maximize net operating income; and

 

  preserve, protect and return your capital contribution.

 

We cannot assure you that we will attain these objectives or that the value of our assets will not decrease. 

 

Property Acquisition Strategy

 

We intend to acquire residential properties on an opportunistic basis. We will focus on acquiring market ready properties or properties requiring renovation, which may include existing income-producing properties, in neighborhoods exhibiting growing rental demand, strong rental growth rates, and in geographic regions which exhibit steady real estate asset appreciation. Our expected target markets are neighborhoods surrounding metropolitan statistical areas of at least one million (1,000,000) residents, which we estimate having historical capitalization rates ranging from approximately four percent (4%) to seven percent (7%) for residential properties. In addition, we expect to target cities with growing populations, or cities that show strong rental demand.

 

In addition to the Acquisition Notes and Refinance Notes described in this Offering Circular, 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.

 

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Governmental Regulation

 

Each Series’ respective business practices and Properties are subject to regulation by numerous federal, state and local authorities. See “Regulations” for a discussion of applicable governmental regulations.

 

Industry

 

Residential Housing

 

Residential housing is the largest real estate asset class in the United States, with approximately 140 million total housing units and a total value of more than $43.4 trillion according to Zillow.com. The single-family rental market has grown in recent years as homeownership rate has declined following the global financial crisis, and the Covid-19 pandemic. We believe this decline in homeownership is due to a number of factors. First, mortgage financing for the consumer is now harder to obtain due to conservative mortgage underwriting standards which arose after the global financial crisis. Many Americans have limited credit and do not have the liquidity required to put a down payment on a home. Second, we believe that the U.S. is undergoing a demographic shift away from the desire to own a home and that Americans are looking for more flexibility and mobility in their housing. Finally, over the recent years, home prices have increased faster than wage growth which has created an affordability problem for potential homeowners. We believe these factors have shifted the landscape in the U.S. housing market over the recent years and have contributed to the rise in the demand for rental housing.

 

We believe that the increased demand for rental housing has created the institutionalization of single-family investment ownership. Prior to 2012, the single-family rental sector primarily consisted of smaller, non-institutional owners and managers, however, larger institutional investors have emerged in recent years. Despite this growth, it is estimated that institutional owners only represent approximately 375,000 units or 2.5% of all single-family rental units in the United States, according to Institutional Real Estate, Inc. The expansion of institutional owners into this asset class has led to management efficiency and technology development in the industry which has improved the cost to manage a rental home. Operating metrics for institutionally managed single-family rentals are now comparable to traditional multi-family properties as single-family rental properties exhibit similar occupancy levels to multi-family properties with lower turnover rates. In addition, according to the National Association of Realtors, the single-family housing market is the most liquid real estate asset class in the United States, with an average of 5.2 million sales of existing homes per year from 2005 to 2021.

 

Supply: Historically Low and Favorable Conditions Are Expected to Continue

 

The housing market in the United States has not kept pace with population growth and household formation resulting in a shortage in supply. We believe that this supply imbalance has led to higher demand for housing across the country which ultimately affects housing prices. Due to this shortage of housing, the median home prices have increased much faster than what the consumer can afford creating an affordability problem for many Americans, exemplified in the home price to income ratio. In 1995, the home price to income ratio was 4.24, meaning the median cost of a single-family home in the U.S. was 4.24x the average median income. As of December 31, 2021, the home price to income ratio was 7.58, according to the Federal Reserve Bank of St. Louis. We believe that the “American Dream” of owning is starting to fade from the psychology of the U.S. consumer due to the hurdles associated with purchasing a home and the limited affordable supply available. This is exemplified by changes in the homeownership over the past 15 years where the homeownership rate across the country decreased in 90% of U.S. metropolitan areas. As of the end of 2021, the homeownership rate was 65% compared to 69% at its all-time high in 2004, according to a report by the U.S. Census Bureau.

 

We believe that the single-family and duplex rental industry is well-positioned to provide Americans, who prefer the lifestyle associated with being in a single-family home or duplex, an affordable housing solution.

 

Demand: Demographic Shifts and Professionally Managed Services

 

As the hurdles of homeownership continue to grow for the average American, we believe that the demand for rental housing increases. This shift in demand for rental housing is one of the financial components driven by affordability, however, there is also a demographic shift in the perspective of housing. Delayed household formation, desired mobility, and the illiquidity associated with owning a home are large contributors to the increasing demand for rental housing in the U.S., specifically in the “millennial” population. Millennials, while potentially experiencing higher wage growth compared to previous generations, are also plagued with student debt. According to the Department of Education, as of December 2021, borrowers between ages 24-35 have an average outstanding loan balance of $33,600. This amounts to roughly 8% of the $408,100 median home price in the U.S. Said differently, many millennials have outstanding debt instead of liquidity that could be utilized for a down payment of a home. Millennials are also forming households much later than previous generations, meaning marriage and children are coming later in life. Typically, as these life events happen, the demand for more square footage and transition from apartment living to a single-family household occurs. We believe that the combination of student debt and the delay in household formation amongst the millennial population have contributed to the demand for single-family rental housing.

 

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Recently, the US experienced the fastest increase in prices since 1981, leading to inflation exceeding nine percent (9%) in June 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, 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. 

 

In addition to these structural hurdles that millennials face with respect to homeownership, we believe that there are psychological and geographic factors that play a part in the demand for rental housing. Psychologically, many millennials do not place as high of a value on homeownership as compared to previous generations. The purchase of a house is typically the largest investment that occurs in an individual’s lifetime and millennials are the generation that witnessed this class of investment depreciate during the financial recession. In addition, many millennials have more mobility due to remote working and improved technology. As commerce, industry and technology improve, fewer Americans will be required to be in an office which may lead to an increase in moving– especially in light of the recent move by many businesses to institute “work from home” policies as a result of the outbreak of COVID-19. The flexibility of being on an annual lease compared to owning a home allows for this optionality and thus, aids to drive demand for single family rentals. 

 

Lastly, we believe demand for single-family rentals will increase as the sophistication of the companies offering housing solutions improves. As of December 2021, single-family rental homes are not uncommon as there are roughly 17.5 million single-family rental homes across the U.S. and the industry has rapidly evolved since the 2008 recession. Since the recession, there has been an influx of institutional capital into the single-family rental space which has changed the general landscape of rental housing. As of December 2021, these institutions only account for less than 3% of the single-family rental industry, according to MetLife Investment Management. We believe they have played a significant role in changing the product. Institutional ownership of single-family rental homes has provided services, technology and convenience to those looking to rent a single-family home and these institutions have been well-positioned to experience the demographic shift away from homeownership. We believe that the institutionalization of the single-family rental industry provides professional management services that make the renting process even easier for many Americans.

 

We believe that these drivers have impacted the single-family rental industry positively already. Single-family rental demand has increased by 31% in the past 10 years according to the Census American Community Survey, compared to 14% for multifamily properties. Additionally, single-family properties have outperformed multifamily properties with respect to rent growth, vacancies, and rent payment delinquencies. As consumer preferences related to housing evolve, we expect that the demand for single-family rental housing will increase and outpace other housing sectors.

 

Our Manager

 

Services Provided

 

Each Series intends to enter into a Management Agreement with Landa Holdings prior to such Series’ initial Closing. Pursuant to the Management Agreement, the Manager will, among other things, provide certain property management, consulting, Landa Mobile App hosting and support and legal and accounting services to each Series, as well as provide each Series with a management team and the appropriate support personnel to meet our operational needs. Under the Management Agreement, the Manager’s services include, but are not limited to, identifying properties for potential acquisition, conducting any required due diligence with respect to each property, obtaining property appraisals, coordinating inspections and financing (if needed), negotiating the purchase of the properties, arranging for rental of any properties, undertaking, and providing customized advisory services. In addition, under the terms of the Landa Mobile App License Agreement, each Series was granted a license to use the Landa Mobile App by the Manager.

 

While we expect each Series to hold its Property indefinitely, our Manager may also coordinate the disposition of a Property, pursuant to the Master Agreement.

 

Manager Compensation

 

The Manager will receive fees and expense reimbursements pursuant to the Management Agreement for certain services to the Series and the Properties underlying each Series, as set forth in the table below. Neither the Manager nor its affiliates will receive any selling commissions or dealer manager fees in connection with the offer and sale of the Shares.

 

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Form of Compensation and Recipient   Determination of Amount
     
Acquisition Stage
 
Acquisition Fee—Manager  

In connection with the acquisition or expected acquisition of its Property from Landa Properties, each Series issued an Acquisition Note to the Manager, which included payment to the Manager of an acquisition fee calculated based on a percentage of the purchase cost of the Property. Please see the section entitled “Use of Proceeds” in Appendix B for the actual amount of each Acquisition Fee payable by a Series.

     
Reimbursement of Property Diligence —Manager   In connection with the acquisition or expected acquisition of its Property from Landa Properties, each Series issued an Acquisition Note to the Manager, which included reimbursement to the Manager of actual expenses incurred in connection with the evaluation, discovery, and investigation of the Property.
     
Operational Stage
 
Monthly Management Fee—Manager   Each Series will pay the Manager a Monthly Management Fee, which may range from five percent (5%) to ten percent (10%) of the Gross Monthly Rent for each Property. See the section entitled “Description of the Properties and the Series” in Appendix B in this Offering Circular and the applicable Management Agreement, for additional information regarding the current or expected Monthly Management Fee payable to the Manager.
     
Special Servicing of Non-Performing Properties & Liquidation—Manager   Each Series will reimburse the Manager for any out-of-pocket expenses in connection with the special servicing of non-performing Properties and the liquidation of Properties.
     
Loans for Operations—Manager or its Affiliates   The Manager or its affiliates may provide loans to the Series following its offering, which will be used, among other things, to refinance any borrowings relating to its Property or, in the event a Series incurs a significant unforeseeable expense or vacancy, to be used by such Series to cover its debt obligations or other liabilities. In the case that the Manager provides a loan to a Series (other than the Acquisition Note), the Series will be obligated to pay interest no greater than seven percent (7%) on that loan at a rate to be determined solely by the Manager.
     
ACH Transfer Fees   Investors can select between same-day ACH or standard ACH transfer timing. If an investor chooses standard ACH transfer timing (3-5 business days), the Manager pays all ACH fees on behalf of investors. If an investor chooses same-day ACH, the Manager may charge a fee of up to $1.99 for such ACH transfers.

 

Investment Decisions and Asset Management 

 

Within our investment policies and objectives, the Manager will have discretion with respect to the selection of specific investments and the purchase and sale of the Properties. We believe that successful real estate investment requires the implementation of strategies that permit favorable purchases, effective property management and timely disposition of such Properties. As such, the Manager will employ a disciplined investment approach that utilizes its experience with a structure that emphasizes thorough market research, stringent underwriting standards and an extensive down-side analysis of the risks of each investment. The approach also includes active management of each Property acquired.

 

To execute our disciplined investment approach, the Manager will take responsibility for the business plan of each investment. The following practices summarize our investment approach:

 

  Local Market Research – The Manager will extensively research the acquisition and underwriting of each transaction, utilizing both real time market data and the transactional knowledge and experience of our network of professionals and in market relationships.

 

  Underwriting Discipline – The Manager will follow a tightly controlled and managed process to examine all elements of a potential investment, including its location, income-producing capacity, prospects for long-range appreciation, tax considerations and liquidity.

 

  Risk Management – Risk management will be a fundamental principle in the management of each of the Properties. Operating or performance risks arise at the investment level and often require real estate operating experience to cure. The Manager will review the operating performance of investments against projections and provide the oversight necessary to detect and resolve issues as they arise.

 

  Property Management – Prior to the purchase of a Property, the Manager will develop an asset business strategy which will be customized based on the acquisition and underwriting data. This is a forecast of the action items to be taken and the capital needed to achieve the anticipated returns. The Manager will review asset business strategies regularly to anticipate changes or opportunities in the market during a given phase of a real estate cycle.

 

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Investments in Property

 

Our investment in real estate generally takes the form of holding fee simple title to the Properties.

 

Our obligation to purchase any Property generally will be conditioned upon the delivery and verification of certain documents from the seller or developer, including, where appropriate;

 

  plans and specifications;

 

  evidence of marketable title subject to such liens and encumbrances as are acceptable to the Manager;

 

  auditable financial statements covering recent operations of Properties having operating histories;

 

  title and liability insurance policies; and

 

  any other documents or materials required in order to evaluate an investment in a property.

 

In purchasing, leasing and improving or developing Properties, we will be subject to risks generally incident to the ownership of real estate.

 

Investment Process

 

The Manager has the authority to make all the decisions regarding the Series’ investments consistent with the investment objectives and leverage policies approved by the Manager and subject to the limitations in the Master Agreement and the Series Designation for such Series.

 

The Manager will focus on the sourcing, acquisition and management of residential properties. The Manager will source investments from former and current financing and investment partners, third-party intermediaries, competitors looking to share risk and investment, and securitization or lending departments of major financial institutions.

 

In selecting investments, the Manager will utilize its investment and underwriting process, which focuses on ensuring that each prospective investment is being evaluated appropriately. The criteria that the Manager will consider when evaluating prospective opportunities include:

 

  macroeconomic conditions that may influence operating performance;

 

  real estate market factors that may influence real estate valuations, real estate financing or the economic performance of real estate generally;

 

  fundamental analysis of the real estate, including tenant rosters, lease terms, zoning, operating costs and the asset’s overall competitive position in its market;

 

  real estate and leasing market conditions affecting the Properties;

 

  the cash flow in place and projected to be in place over the expected holding period of the Properties;

 

  the appropriateness of estimated costs and timing associated with capital improvements of the Properties;

 

  a valuation of the investment, investment basis relative to its value and the ability to liquidate an investment through a sale or refinancing of the Properties;

 

  review of third-party reports, including appraisals, engineering and environmental reports;

 

  physical inspections of the real estate and analysis of markets; and

 

  the overall structure of the investment and rights in the transaction documentation.

 

The Manager will analyze each potential investment’s risk-return profile and review financing sources, if applicable, to ensure that the investment fits within the parameters of financing facilities and to ensure performance of the real estate asset. 

 

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Disposition Policies 

 

We intend to hold and manage the Properties underlying each Series for an indefinite period of time. If the Manager, acting in its sole discretion, decides to sell a particular property, it will seek to achieve a selling price that maximizes the distributions to investors based on then-current market conditions. We cannot assure you that this objective will be realized.

 

Pursuant to the Master Agreement, the Manager may determine that it is in the best interests of members to dispose of a Property. The determination of when a particular Property should be sold or otherwise disposed of will be made by the Manager, acting in its sole discretion, after consideration of relevant factors, including, but not limited to, prevailing and projected economic conditions, whether the value of the Property is anticipated to appreciate or decline substantially, how any existing lease agreements on a Property may impact the potential sales price, and any other factors that the Manager may deem relevant.

 

Following the sale of a Property, the Manager will distribute the proceeds of such sale pro-rata to the holders of the Shares of a Series (after payment of any accrued liabilities or debt on the Property or of the Series at that time).

 

Operating Expenses

 

Each Series will be responsible for certain expenses related to such Series or the Property held by such Series (hereinafter “Operating Expenses”), including, but not limited to:

 

  interest expense under the applicable Acquisition Note and Refinance Note, and/or any other debt obligations;

 

  any and all fees, costs and expenses incurred in connection with the management of a Property, including Monthly Management Fees, Home Ownership Association fees, taxes, marketing fees, security and maintenance fees;

 

  any and all insurance premiums or expenses, including property insurance in connection with the Series’ Property;

 

  any withholding or transfer taxes imposed on the Company or a Series as a result of its or their earnings, investments or withdrawals in connection with the Property;

 

  any governmental fees imposed on the capital of the Company or a Series or incurred in connection with compliance with applicable regulatory requirements in connection with the Property;

 

  any legal fees and costs (including settlement costs) arising in connection with any disputes with tenants, litigation or regulatory investigation instituted against the Series or a Manager in connection with the affairs of the Series;

 

  any fees, costs and expenses of engaging a third-party registrar and transfer agent appointed by the Manager in connection with a Series;

 

  any indemnification payments to be made pursuant to the obligations of the Master Agreement;

 

  the fees and expenses of the Company’s or a Series’ counsel in connection with advice directly relating to the Series’ legal affairs;

 

  the costs of any other outside appraisers, inspectors, valuation firms, accountants, attorneys or other experts or consultants engaged by the Manager in connection with the operations of the Series; and

 

 

any similar expenses that may be determined to be Operating Expenses, as determined by the Manager in its reasonable discretion.

 

The Manager will bear its own expenses of an ordinary nature, including, all administrative, operating and personnel costs and expenses, taxes, remuneration and expenses paid to employees and utilities expenditures.

 

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 (other than the Acquisition Note), the Series will be obligated to pay interest no greater than seven percent (7%) on that loan at a rate to be determined solely by the Manager. See “Description of Our Business—Our Manager — Manager Compensation.”

 

Further, if the Operating Expenses exceed the amount of revenues generated from a Series and cannot be covered by any Reserves of such Series, then you may be unable to receive distributions until the Series can generate revenue. 

 

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The Landa Mobile App

 

The Manager owns and operates the Landa Mobile App, a mobile app-based investment platform. Through the Landa Mobile App, investors can:

 

  Browse Series’ Offerings and obtain information about a Series and/or Property, including location, property type and projected rental income;

 

  Analyze Properties by reviewing neighborhood statistics and comparable properties in the relevant market;

 

  Connect a bank account to the Landa Mobile App, transfer funds to their Landa Account and monitor their Landa Account balance;

 

  Review the Series Materials for the applicable Series;

 

  Transact entirely online, including executing digital legal documentation, funds transfer and ownership recordation; and

 

  Manage and track investments through an online portfolio; and receive distributions and regular financial and tax reports.

 

The Landa Mobile App is available for download on iOS and Android devices.

 

We intend to offer and sell the Shares in our Offerings exclusively through the Landa Mobile App.

 

Competition

 

There is significant competition in the real estate industry, including numerous REITs with property acquisition objectives similar to the Series. In addition, we face competition primarily from other real estate investment platform companies such as Roofstock, Inc., Fundrise LLC, Arrived Homes, LLC and Compound Projects, LLC, as well as a range of emerging new companies providing real estate investment products and services. Although we believe that we are well positioned to compete effectively in each facet of our business, there is enormous competition in our market sector and there can be no assurance that we will compete effectively or that we will not encounter increased competition in the future that could limit our ability to conduct our business effectively.

 

Employees

 

Neither the Company, nor any Series, has any employees. The Company is, and each Series is currently, or is expected to be, managed by Landa Holdings. Employees of Landa Holdings will provide all operational, administrative, and managerial services to the Company and each Series.

 

Legal Proceedings

 

There are no legal proceedings material to our business or financial condition pending and, to the best of our knowledge, there are no such legal proceedings contemplated or threatened.

 

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DESCRIPTION OF THE PROPERTIES AND THE SERIES

 

See “Description of the Properties and the Series” in Appendix B for detailed information about the Properties underlying the Series

 

MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

General

 

Landa App LLC was originally formed as a series limited liability company under the LLC Act. Certain series of the Company that are not included in this Offering Circular were initially formed as registered series under Section 18-218 of the LLC Act. All subsequent Series have been, and will be, formed as protected series.

 

The Company was formed for the purpose of creating the Series and offering 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 for such Series, which is included as an exhibit to this Offering Circular and will also be available at the applicable Property Page. 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.

 

The purpose of each Series is to acquire and hold a single residential rental property, including single-family homes or duplexes, and offer a unique investment opportunity for eligible investors to benefit from the performance of such Properties. We are offering a maximum of 10,000 membership interests (each a “Share” and collectively, the “Shares”) of each of the Series of the Company, at the respective purchase prices listed on the cover page of this Offering Circular. Title for each Property underlying the Series is currently held by Landa Properties. We expect that Landa Properties will transfer title to the Property underlying each Series either to the applicable Series or to the Company for the benefit of the applicable Series (pursuant to the Master Agreement) prior to such Series’ initial Closing. Upon transfer of title, Landa Properties will assign the lease agreements for the Properties underlying each Series to the applicable Series.

 

We intend to acquire Properties located in “metropolitan statistical areas” that provide economic growth and strong rental demand. Our objective is to operate and manage each of the Properties in an effort to maximize net operating income so that stable cash flow is available to distribute 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.

 

Series and Property Information

 

The Company may form new series from time to time. Pursuant to this Offering Circular, we are offering a maximum of 10,000 membership interests (each a “Share” and collectively, the “Shares”) of each of the Series, at the respective purchase prices listed on the cover page of this Offering Circular.

 

Prior to the Closing of the first Offering of each Series, each Series will distribute all cash held by such Series to the Manager, except for the initial reserve allocation for such Series, as described under “Use of Proceeds” in Appendix B for more information regarding each of the Series that is being offered pursuant to this Offering Circular and its underlying Property.

 

The proceeds from each Series’ Offering, together with the proceeds of the Refinance Note, are intended to pay down all or a portion of the Acquisition Note.

 

Refinance Notes

 

Each New Series intends to refinance approximately 60.00% of the purchase price of its Property by refinancing the applicable Acquisition Note with the proceeds of its Series Offering and a Refinance Note. However, the Manager has not yet entered into a commitment for such loan and, therefore, the exact amount and terms of the Refinance Note are, as of the date of this Offering Circular, subject to further negotiation with the Refinance Lender. For example, the Company expects to receive a new appraisal for each Property prior to the commencement of each New Series’ Offering, and if this appraisal is lower than the most recent appraisal for the Property, this may reduce the principal amount that the Refinance Lender is willing to lend under the applicable Refinance Note. In this event, the applicable Acquisition Note would not be discharged in full by the proceeds from the Refinance Note and the applicable Offering and the balance of the Acquisition Note would remain outstanding following the Offering.

 

For discussion on trends in property values and leasing, see “Market Outlook – Real Estate Finance Markets” in this section.

 

Prior Series Offerings

 

General

 

The Company previously filed a separate offering statement for the offer and sale of shares of forty-five (45) Separate Offering Series. Of these forty-five (45) offerings of Separate Offering Series, five (5) were withdrawn before any shares of such Separate Offering Series were issued, and two were previously liquidated when their underlying property was sold to Landa Properties: Landa Series 1701 Summerwoods Lane and Landa Series 1741 Park Lane (the “Previously Liquidated Series”). Proceeds from the sale of such underlying property of the Previously Liquidated Series were distributed among such Series’ shareholders and such shareholders’ shares were cancelled. The Company is now offering new Shares of the Previously Liquidated Series as part of the offering pursuant to this Offering Circular.

 

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Recent Developments

 

The tables below provide information with respect to recent developments of the Separate Offering Series including dividend payments, lease renewals, vacancies and defaults. These recent developments are incorporated by reference to their respective hyperlinked Form 1-U (File No. 24R-00426) filed by the Company.

 

Form 1-U   Subject
Date and hyperlink   Leasing Status   Distributions   Other
07/08/2021       X   Notes
07/22/2021       X    
07/27/2021       X    
09/09/2021   X        
12/16/2021   X        
01/04/2022   X        
01/27/2022           Notes; Transfer of Title
02/01/2022   X   X    
02/25/2022   X        
03/01/2022   X   X    
03/11/2022           Liquidation/Dissolution
04/05/2022   X   X    
05/03/2022   X        
05/05/2022       X    
06/06/2022   X   X    
07/07/2022   X   X    
07/25/2022   X        
08/05/2022   X        
08/09/2022       X    
09/07/2022   X        
09/08/2002       X    
10/06/2022   X   X    
10/24/2022           Issuance of Note
10/24/2022           Issuance of Note
10/26/2022           Trading Fees
11/07/2002       X    
12/07/2022       X    
01/04/2023       X    
01/10/2023   X        
01/12/2023           Trading Fees
02/03/2023       X    
03/03/2023       X    

 

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 the states where our 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 consolidated 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 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.

 

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Plan of Operations

 

We have previously launched a number of Series and 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, as well as Properties acquired from third parties. 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 “Description of our 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.

 

Financial Condition and Results of Operations

 

See the linked sections below regarding information with respect to our (i) liquidity and capital resources, (ii) results of operations (iii) operating expenses and (iv) critical accounting policies for the periods covered by our most recent Annual Report on Form 1-K and Semi-Annual Report on Form 1-SA which information is hereby incorporated by reference into this offering circular.

 

  Form 1-K/A Financial Statements and Accompanying Notes for the Year Ended December 31, 2021.
     
  Form 1-SA Financial Statements and Accompanying Notes for the Six Months Ended June 30, 2022.

 

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Acquisition Notes and Refinance Notes

 

See the following for information regarding the Acquisition Notes and Refinance Notes:

 

Appendix A for the information on the current outstanding balances of each Acquisition Note and Refinance Note
   
Appendix B under the headings “Description of the Properties and the Series—Loans—Acquisition Notes”, and “Description of the Properties and the Series—Loans—Refinance Notes” for more information on the original and expected, as applicable, amounts and terms of each Acquisition Note and Refinance Note.

 

Market Outlook—Real Estate Finance Markets

 

While the recent spread 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 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. Among other things, this could affect the availability of lending for New Series’ Refinance Notes, making it more difficult for each New Series to fully discharge its Acquisition Note; see “Series and Properties Information – Refinance Notes” for more information on New Series’ Refinance Notes.

 

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.

 

Material Weakness in Internal Controls

 

A control deficiency exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies in internal controls, such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented or detected and corrected on a timely basis.

 

See “Risk Factors” — Our independent auditors recently identified a material weakness in our internal control over financial reporting, which, if not remedied, could have a significant adverse effect on our ability to report our financial results accurately and timely in the future.

 

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DETERMINATION OF PURCHASE PRICE

 

The purchase price for the Shares of each Series was determined by the Manager and was calculated by dividing (a) the total amounts outstanding under the Series’ Acquisition Note, less the principalamount, as applicable, of the Refinance Note by (b) 10,000, which represents the total expected Shares to be issued in such Series.

 

PLAN OF DISTRIBUTION

 

Landa Holdings, as the Manager, will manage the day-to-day operation of the Company and each of the Series. Landa Holdings also owns and operates the Landa Mobile App, through which investors may indirectly invest, through the purchase of Shares of a Series, in a Property.

 

We are offering a maximum of 10,000 Shares of each of the Series of the Company, at the respective purchase prices set forth on the cover page of this Offering Circular, pursuant to the terms and conditions set forth in the applicable Series Materials. The Shares are being offered to the public on a “best efforts,” no offering minimum basis, and therefore, we are only required to use our best efforts to sell the Shares of each Series. Neither the Manager nor any other party has a firm commitment or obligation to purchase any of the Series’ Shares.

 

The Shares will be offered through the Landa Mobile App. We do not intend to use commissioned sales agents or underwriters as part of the Offerings. We expect that the officers of the Manager will offer and sell the Shares in reliance upon the exemption from registration contained in Rule 3a4-1 of the Exchange Act and will not receive any compensation from the offer or sale of the Shares. For additional information about the Landa Mobile App, please see “Offering Summary—The Landa Mobile App.”

 

The Manager previously offered, through the Landa Mobile App, incentives to potential and/or existing investors in the form of “free” Shares that were issued by a Series to such investors and paid for by the Manager such that a Series received its full offering proceeds. All Shares issued in connection with such incentive programs were issued pursuant to this offering and were subject to the maximum offering amount permitted under Regulation A. The Manager acted as a statutory underwriter with respect to the Shares issued in connection with such incentive programs. The Manager has discontinued offering such incentive programs. Prior to terminating the programs, the Manager funded, and the Company issued, 20,453 “free” Shares with an aggregate value of $104,889 in connection with such programs. These “free” shares were divided on a Series by Series basis as follows:

 

Series Name   Number of Shares     Value ($)  
LANDA APP LLC - 10167 Port Royal Court Jonesboro GA LLC     32       89.92  
LANDA APP LLC - 1246 Elgin Way Riverdale GA LLC     122       467.077  
LANDA APP LLC - 1703 Summerwoods Lane Griffin GA LLC     245       876.414  
LANDA APP LLC - 1712 Summerwoods Lane Griffin GA LLC     790       3646.798  
LANDA APP LLC - 1743 Summerwoods Lane Griffin GA LLC     415       1484.538  
LANDA APP LLC - 1750 Summerwoods Lane Griffin GA LLC     1240       4435.728  
LANDA APP LLC - 1910 Grove Way Hampton GA LLC     19       41.9178  
LANDA APP LLC - 4267 High Park Lane East Point GA LLC     326       1552.575  
LANDA APP LLC - 4474 Highwood Park Drive East Point GA LLC     829       3556.2442  
LANDA APP LLC - 593 Country Lane Drive Jonesboro GA LLC     32       78.6944  
LANDA APP LLC - 6436 Stone Terrace Morrow GA LLC     7       10.8353  
LANDA APP LLC - 6440 Woodstone Terrace Morrow GA LLC     16       29.1904  
LANDA APP LLC - 6848 Sandy Creek Drive Riverdale GA LLC     23       50.2941  
LANDA APP LLC - 687 Utoy Court Jonesboro GA LLC     132       434.5704  
LANDA APP LLC - 729 Winter Lane Jonesboro GA LLC     116       362.1636  
LANDA APP LLC - 7349 Exeter Court Riverdale GA LLC     201       786.6738  
LANDA APP LLC - 8569 Creekwood Way Jonesboro GA LLC     256       869.1456  
LANDA APP LLC - 8641 Ashley Way Douglasville GA LLC     1048       5234.76  
LANDA APP LLC - 8645 Embrey Drive Jonesboro GA LLC     141       481.4445  
LANDA APP LLC - 8651 Ashley Way Douglasville GA LLC     217       909.2517  
LANDA APP LLC - 8652 Ashley Way Douglasville GA LLC     1383       8205.2007  
LANDA APP LLC - 8653 Ashley Way Douglasville GA LLC     354       1873.8282  
LANDA APP LLC - 8654 Ashley Way Douglasville GA LLC     516       2399.4  
LANDA APP LLC - 8655 Ashley Way Douglasville GA LLC     350       2136.82  
LANDA APP LLC - 8659 Ashley Way Douglasville GA LLC     304       1923.256  
LANDA APP LLC - 8662 Ashley Way Douglasville GA LLC     1767       9912.3399  
LANDA APP LLC - 8668 Ashley Way Douglasville GA LLC     2312       13460.9242  
LANDA APP LLC - 8670 Ashley Way Douglasville GA LLC     1579       10203.49  
LANDA APP LLC - 8674 Ashley Way Douglasville GA LLC     305       1437.6785  
LANDA APP LLC - 8675 Ashley Way Douglasville GA LLC     1633       7405.655  
LANDA APP LLC - 8677 Ashley Way Douglasville GA LLC     271       1156.2757  
LANDA APP LLC - 8678 Ashley Way Douglasville GA LLC     1682       10765.8086  
LANDA APP LLC - 8679 Ashley Way Douglasville GA LLC     376       1733.9992  
LANDA APP LLC - 8683 Ashley Way Douglasville GA LLC     711       3397.7268  
LANDA APP LLC - 8780 Churchill Place Jonesboro GA LLC     94       357.7358  
LANDA APP LLC - 8796 Parliament Place Jonesboro GA LLC     130       404.157  
LANDA APP LLC - 9439 Lakeview Road Union City GA LLC     479       2716.3611  
Totals     20,453       104,889  

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The incentive programs that the Manager previously offered to investors covered a range of alternatives based on a number of factors including but not limited to: (i) whether one or more Series Offerings had not been fully sold and remained open after a certain amount of time, (ii) an investor making an investment for the first time, (iii) an investor making a first investment after a specified amount of time or (iv) a member of Landa, who may or may not have been an investor, referring a friend to sign up (without any obligation to invest in offerings available on) the Landa Mobile App.

 

Programs offered by the Manager in the past included a “Referral Reward” program, a “New Investor” program and a “Black Friday” (a/k/a “Cyber Monday”) program. For example, under one such incentive program, the Manager funded the purchase of one Share that was chosen for each new investor and/or referring investor, as applicable, from the current Share inventory of a Series and the Company deposited such Share into the respective investor’s account. The investors could not choose their free Share, were provided the opportunity to view the offering circular for such Share, and needed to actively opt in to receive the free Share. Upon a new investor completing the onboarding process (including full AML/KYC checks and review and acceptance by the Broker Dealer of the transaction and the recipient) and connecting his/her bank account with the Landa Mobile App, and after such new investor’s account had been approved, the new investor and/or the referring investor were entitled to receive their free Share. New investors did not actually have to invest in any Series to receive their free Share; they only needed to successfully open an account and connect their bank account.

 

The Company has engaged Dalmore Group, LLC, a broker-dealer registered with the SEC and a member of FINRA (the “Broker Dealer”) pursuant to a Broker Dealer Agreement dated May 3, 2021 (the “Broker Dealer Agreement”). The Broker Dealer Agreement has a 12-month term and will renew automatically for successive 12-month terms unless either party provides notice of non-renewal at least 60 days prior to the expiration of the then-current term. Under the Broker Dealer Agreement, the Broker Dealer’s role in each Offering is limited to serving as the broker dealer of record, including, but not limited to, processing transactions for potential investors and providing investor qualification recommendations (e.g., “Know Your Customer” and anti-money-laundering checks) and coordinating with third-party providers to ensure adequate review and compliance. The Broker Dealer will have access to the subscription information provided by investors for each Offering by processing transactions by investors through the Landa Mobile App. The Broker Dealer will not solicit any investors on our behalf, act as underwriter or provide investment advice or investment recommendations.

 

Pursuant to the Broker Dealer Agreement, the Company agreed to indemnify the Broker Dealer and each of its affiliates and their respective representatives and agents for any loss, liability, judgment, arbitration award, settlement, damage or cost (which we refer to as losses) incurred in any third-party suit, action, claim or demand (which we refer to, collectively, as a proceeding) arising out of (i) our breach of any provision of the Broker Dealer Agreement, (ii) our wrongful acts or omissions, or (iii) the Offerings under this Offering Circular, to the extent not based upon a breach of the agreement by the Broker Dealer and/or the wrongful acts or omissions of the Broker Dealer or the Broker Dealer’s failure to comply with any applicable federal, state or local laws, regulations or codes in the performance of its obligations under the Broker Dealer Agreement. The Broker Dealer agreed to indemnify us and each of our affiliates and their and our representatives and agents from any losses arising out of any proceeding arising out of (y) the Broker’s breach of the Broker Dealer Agreement or (z) the wrongful acts or omissions of the Broker Dealer or the Broker Dealer’s failure to comply with any applicable federal, state or local laws, regulations or codes in the performance of its obligations under the Broker Dealer Agreement. Neither party is liable for any losses that result from gross negligence, fraud or willful misconduct by the other party.

 

As compensation for the services listed above, the Company has agreed to pay the Broker Dealer the following fees (collectively, the “Broker Fee”):

 

  (i) a $5,000 one-time advance expense allowance to cover reasonable out-of-pocket accountable expenses actually anticipated to be incurred by Broker Dealer in connection with the Offerings, such as, among other things, preparing the FINRA filing in connection with the Offerings. Broker Dealer will refund any amount related to this expense allowance to the extent it is not used, incurred or provided to the Company;

 

  (ii) a one-time consulting fee of $20,000 to provide ongoing general consulting services relating to the Offerings such as coordination with third party vendors and general guidance with respect to the Offerings, which will be due and payable immediately after qualification of the offering statement of which this Offering Circular forms a part and the Company receives a No Objection Letter from FINRA; and

 

  (iii) a commission equal to 1% of the amount raised in each Offering.

 

Although the Company agreed to pay the Broker Fee pursuant to the Broker Dealer Agreement, the Manager has agreed to pay the Broker Fee, and will immediately reimburse the Company for any Broker Fee payment.

 

The Shares will not be offered or sold in states where the Broker Dealer is not registered as a broker-dealer pursuant to the applicable state law or in any jurisdictions where it is not lawful to offer and sell the Shares.

 

Neither the Company nor the Manager is a registered broker-dealer, an investment adviser or a funding portal. The Company and the Manager do not participate in securities offerings made in reliance on Securities Act Section 4(a)(6) and Regulation Crowdfunding. Neither the Company nor the Manager will make any sales prior to the qualification of the offering statement of which this Offering Circular forms a part.

 

This Offering Circular will be furnished to prospective investors upon their request via electronic PDF format and will be available for viewing and download from the Landa Mobile App, as well as on the SEC’s website at www.sec.gov.

 

We expect that there will be multiple closings for each Offering at which time Shares will be sold and the subscription price will be transferred to the operating account of the Series (each, a “Closing”). Each Closing will occur promptly following the acceptance of a subscription. A subscription will be accepted or rejected in whole or in part at the Manager’s sole discretion within 10 business days following receipt of such subscription. The Manager will accept subscriptions on a first-come, first-served basis subject to the right to reject or reduce subscriptions. In addition, the Manager may limit the amount of Series’ Shares that an individual investor may subscribe for.

 

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To the extent that the funds are not ultimately received by us, whether due to an ACH chargeback or otherwise, the Subscription Agreement will be considered terminated, and the subscriber will not be entitled to any Shares subscribed for or dividends that may have accrued.

 

In compliance with RuIe 253(e) of Regulation A, we will revise the offering statement of which this Offering Circular forms a part during the course of the Offerings whenever information herein has become false or misleading in light of existing circumstances, material developments have occurred, or there has been a fundamental change in the information initially presented. Such updates will not only correct such misleading information but will also provide updated financial statements and will be filed as an exhibit to the offering statement of which this Offering Circular forms a part and be requalified under Rule 252 of Regulation A.

 

Continuous Offering

 

The Offerings will be a continuous offering pursuant to Rule 251(d)(3)(i)(F) of Regulation A. The term of each Offering will commence within two (2) calendar days after the first qualification date of the offering statement of which this Offering Circular forms a part and, unless earlier terminated by the Manager, each Series will offer Shares until no later than the second anniversary of such qualification date. The Shares will not be offered or sold in the Offerings on an “at the market” basis.

 

Fees and Expenses

 

Offering Expenses

 

The Manager or its affiliates will pay on behalf of each Series all costs incurred in connection with the organization and the offering of the Series’ Shares (the “Offering Expenses”). Offering Expenses include, but are not limited to, legal, accounting, fees incurred in connection with the custody accounts, transfer agent, underwriting, filing and compliance costs, as applicable, related to a specific offering.

 

Acquisition Fee

 

The Acquisition Notes issued by each Series to the Manager in connection with the expected 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 cost 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 (the “Property Diligence Expenses”).

 

Reserve

 

Each Series will maintain an unrestricted cash reserve in its account to cover any unanticipated Operating Expenses that may arise or to cover other general corporate or working capital expenses (a “Reserve”).

 

Each Series’ Reserve was initially funded in connection with the Acquisition Note issued by each Series to the Manager at the time of the acquisition of its Property. The initial funding amount was determined by the Manager based on, among other things, the purchase cost of the Property, the condition of the Property and any expected expenses associated with the Property or the Series. Each Series will further contribute to the Reserve by allocating approximately seven percent (7%) to fifteen (15%) of Gross Monthly Rent to the Reserve, as determined by the Manager acting in its sole discretion.

 

In the event that a Series is unable to collect rent for a given month, the Series may make a distribution out of its Reserve.

 

If the Manager elects to effectuate a dissolution for a given Series, the Reserve for such Series will be distributed to each member of such Series in accordance with the Master Agreement.

 

State Law Exemption and Offerings to “Qualified Purchasers”

 

The Shares are being offered and sold only to “qualified purchasers” (as defined in Regulation A). As a Tier 2 offering pursuant to Regulation A, this Offering will be exempt from state “Blue Sky” law review, subject to certain state filing requirements and anti-fraud provisions, to the extent that the Shares offered hereby are offered and sold only to “qualified purchasers” or at a time when the Shares are listed on a national securities exchange. “Qualified purchasers” include: (i) “accredited investors” under Rule 501(a) of Regulation D and (ii) all other investors so long as their investment in the Shares does not represent more than 10% of the greater of their annual income or net worth (for natural persons), or 10% of the greater of annual revenue or net assets at fiscal year-end (for non-natural persons). However, the Shares will be offered and sold only to those investors that are within the latter category (i.e., investors whose investment in the Shares does not represent more than 10% of the applicable amount), regardless of an investor’s status as an “accredited investor.” Accordingly, the Manager reserves the right to reject any investor’s subscription in whole or in part for any reason, including if it determines in its sole and absolute discretion that such investor is not a “qualified purchaser” for purposes of Regulation A. If the Offering terminates or if any prospective investor’s subscription is rejected, all funds received from such investors will be promptly returned without interest or deduction.

 

Certificates Will Not be Issued

 

The Shares will be issued in book-entry form without certificates and will be recorded and maintained on the Company’s books and records.

 

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Transferability of the Shares

 

All Shares will be issued in electronic form only and will not be listed or quoted on any national securities exchange. We expect that after a Series’ Offering has concluded, the Secondary Trading Platform will be the only venue available for the potential resale of such Series’ Shares through the Broker Dealer, as a broker dealer member of the Secondary Trading Platform; provided, however, such resale of a Series’ Shares will be subject to federal and state securities laws and the restrictions in the Master Agreement, and there can be no assurance that an active market for any Shares will develop on the Secondary Trading Platform, that the Secondary Trading Platform will be available to allow resales of Shares to residents of all states, or that the Secondary Trading Platform will be available at all. For these reasons, investors must be prepared to hold their Shares indefinitely.

 

The Secondary Trading Platform is only available on the Landa Mobile App and prospective investors must create a Landa Account and must be approved to transact on the Landa Mobile App before being permitted to access the Secondary Trading Platform. In addition, only prospective investor that have been approved by the Broker Dealer and successfully onboarded onto the Landa Mobile App may engage in secondary transactions on the Landa Mobile App or access any trading information with respect to secondary trading of the Shares.

 

The Manager may withhold a transfer in its sole discretion, including if the Manager determines that such transfer, assignment or pledge would result in (a) there being more than 2,000 beneficial owners of the Series or more than 500 beneficial owners of the Series that are not “accredited investors,” (b) the assets of the Series being deemed “plan assets” for purposes of ERISA, or (c) the Company, the Series or the Manager being subject to additional regulatory requirements.

 

Please refer to the applicable Series’ Subscription Agreement and the Master Agreement for additional information regarding restrictions on transfer that may be applicable to the Shares.

 

Escrow

 

The proceeds of the Offerings will not be placed into an escrow account.

 

Landa Account

 

All funds deposited into a Landa Account will be placed into a non-interest-bearing custody account maintained by the Custodian. These funds will not be commingled with the operating account of the applicable Series, until, if and when there is a Closing for the Offering of that specific Series with respect to the Shares that the applicable investor has subscribed for, which will occur promptly following the submission and acceptance of each subscription. All bank services provided by the Custodian will be provided directly by Evolve Bank & Trust, Member FDIC.

 

How to Subscribe for Shares

 

Potential investors who are “qualified purchasers” may subscribe to purchase Shares in a Series. If you wish to acquire Shares you must:

 

  1. Download the Landa Mobile App.

 

  2. Create a Landa Account. Our third-party provider will conduct Know-Your-Customer and Anti Money Laundering checks on each user that creates a Landa Account.

 

  3. Connect your Landa Account to your bank or financial institution and deposit funds into your Landa Account. All funds deposited into your Landa Account will be held in a non-interest-bearing custody account maintained by the Custodian.

 

  4. Navigate to the applicable Property Page for the Series you would like to invest in.

 

  5. Carefully review the information in the Property Page, this Offering Circular, and any current supplement, as well as the Series Materials for the applicable Series, including, but not limited to, the Series’ Subscription Agreement, the Master Agreement and the Series Designation for such Series, the Risk Factors set forth in this Offering Circular and the Terms of Service on the Landa Mobile App. We urge you to consult with your tax, legal and financial advisors to determine whether an investment in the Shares is suitable for you.

 

  6. When you are ready to purchase Shares in a Series, click {BUY} in the applicable Property Page and indicate the number of Shares you would like to purchase. By clicking {BUY}, you are agreeing to be bound by the terms of the applicable Series’ Subscription Agreement and the Master Agreement and the Series Designation for such Series, with your electronic signature marking the signature pages of each agreement. The signature page to the Series’ Subscription Agreement containing your electronic signature will be immediately affixed to such agreement and will remain held in escrow until your subscription is accepted (in whole or in part) and there is a Closing with respect to your subscription. When your signature page to the Series’ Subscription Agreement is released from escrow, you will become a member in the Series, bound by its terms.

 

  7. You can select between same-day ACH or standard ACH transfer timing when depositing funds in your Landa Account. If you choose standard ACH transfer timing (3-5 business days), the Manager pays all ACH fees on your behalf. If you choose same-day ACH, the Manager may charge you a fee of up to $1.99 for such ACH transfers.

 

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After you click {BUY}:

 

  1. The Manager and the Broker Dealer will review the subscription documentation submitted and electronically signed by you. You may be asked to provide additional information. The Manager or the Broker Dealer may contact you directly if required. The Manager reserves the right to reject any subscriptions, in whole or in part, for any or no reason, and to terminate any Offering at any time prior to a Closing. 

 

  2. Once the review is complete and within 10 business days of receipt of your subscription, the Manager and/or the Broker Dealer will inform you whether or not your application to subscribe for Shares is approved or denied, and if approved, the number of Shares you are entitled to subscribe for. 

 

  3. If your subscription is rejected in whole or in part, you may withdraw the subscription funds related to the rejected portion of your subscription from your Landa Account promptly after notification of such rejection. If all or a part of your subscription is approved, then the number of Shares for which your subscription has been accepted will be issued to you electronically upon the Closing. Simultaneously with the issuance of the Shares, the Manager will cause the Custodian to transfer funds in an amount equal to the purchase price for the Shares issued from your Landa Account to the operating account of the Series. In addition, you will receive an email confirming the details of your subscription, including the Series name, the date, the number of Shares purchased and the total purchase price for your Shares. You will also be informed that you are now a member of the applicable Series pursuant to the Master Agreement. You will be able to access information about your total Share ownership at any time using the Landa Mobile App. The Manager will accept subscriptions on a first-come, first-served basis subject to the right to reject or reduce subscriptions.

 

The Company, the Manager and the Broker Dealer will rely on the information you provide in the Landa Mobile App and your Subscription Agreement, and the supplemental information you provide in order for the Manager and the Broker Dealer to verify your status as a “qualified purchaser.” If any information about your “qualified purchaser” status changes prior to you being issued the Shares, please notify the Manager immediately using the contact details set out in the Subscription Agreement.

 

For further information on the subscription process, please contact the Manager using the contact details set out in the “Additional Information” section.

 

Advertising, Sales and other Promotional Materials

 

In addition to this Offering Circular, subject to limitations imposed by applicable securities laws, we expect to use additional advertising, sales and other promotional materials in connection with the Offerings. These materials may include information relating to the Offerings, the past performance of the Manager and its affiliates, information regarding a Property, articles online and offline ads, including images and videos on social media, search engines, Apple Store, Google Play store and other publications concerning real estate, or public advertisements and audio-visual materials, in each case only as authorized by us. In addition, the sales material may contain certain quotes from various publications without obtaining the consent of the author or the publication for use of the quoted material in the sales material. Although these materials may contain information that is not set forth in this Offering Circular, all material information with respect to the Offerings will be set forth in this Offering Circular and these additional materials will not contain information in conflict with the information provided by this Offering Circular and will be prepared with a view to presenting a balanced discussion of risk and reward with respect to the shares. Nevertheless, these materials may not give a complete understanding of the Offerings. The Offerings are being made only by means of this Offering Circular and prospective investors must read and rely on the information provided in this Offering Circular in connection with any decision to invest in the Shares. In the event that we engaged in any communications to determine whether there is any interest in the Offerings in accordance with Rule 255 of Regulation A, we will file any such materials as exhibits to the offering statement of which this Offering Circular forms a part.

 

REGULATIONS

 

Each Series’ respective business practices and Properties are, or will be, subject to regulation by numerous federal, state and local authorities including, but not limited to the following:

 

U.S. State and Federal Securities Laws

 

The Shares offered hereby are “securities,” as defined in the Securities Act and under state securities laws. The Securities Act provides, among other things, that no sale of any securities may be made except pursuant to a registration statement that has been filed with the SEC, and has become effective, unless such sale (or the security sold) is specifically exempted from registration. State securities laws have analogous provisions.

 

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In the Offerings, Shares are being offered and sold only to “qualified purchasers” (as defined in Regulation A under the Securities Act). As Tier 2 offerings pursuant to Regulation A under the Securities Act, the Offerings will be exempt from state law “Blue Sky” review, subject to meeting certain state filing requirements and complying with certain anti-fraud provisions, to the extent that the Shares offered hereby are offered and sold only to “qualified purchasers” or at a time when the Shares are listed on a national securities exchange. “Qualified purchasers” include: (i) “accredited investors” under Rule 501(a) of Regulation D and (ii) all other investors so long as their investment in the Shares does not represent more than 10% of the greater of their annual income or net worth (for natural persons), or 10% of the greater of annual revenue or net assets at fiscal year-end (for non-natural persons). Accordingly, the Manager reserves the right to reject any investor’s subscription in whole or in part for any reason, including if it determines in its sole and absolute discretion that such investor is not a “qualified purchaser” for purposes of Regulation A.

 

The Shares being offered hereby have not been registered under the Securities Act. Neither the SEC nor any state securities commission or regulatory authority approved, passed upon or endorsed the merits of the Offerings. The offering and proposed sale of the Shares described herein will be made pursuant to an exemption from registration with the SEC pursuant to Regulation A.

 

Investment Company Act of 1940

 

Our Company is not registered and will not be registered as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”), and the Manager is not and will not be registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Investment Advisers Act”), and the Shares do not have the benefit of the protections of the Investment Company Act or the Investment Advisers Act.

 

Environmental Regulations

 

Federal, state and local laws and regulations impose environmental controls, disclosure rules and zoning restrictions that directly impact the management, development, use, and/or sale of real estate. Such laws and regulations tend to discourage sales and leasing activities with respect to some properties, and may therefore adversely affect us specifically, and the real estate industry in general. Our failure to uncover and adequately protect against environmental issues in connection with the target purchase of real estate may subject us to liability as a buyer of such real estate. Environmental laws and regulations impose liability on current or previous real property owners or operators for the cost of investigating, cleaning up or removing contamination caused by hazardous or toxic substances at the property. We may be held liable for such costs as a subsequent owner of such property. Liability can be imposed even if the original actions were lawful and we had no knowledge of, or were not responsible for, the presence of the hazardous or toxic substances. Further, we may also be held responsible for the entire payment of the liability if we are subject to joint and several liability and the other responsible party or parties are unable to pay. We may also be liable under common law to third parties for damages and injuries resulting from environmental contamination emanating from the real estate, including the presence of asbestos containing materials. Insurance for such matters may not be available. Additionally, new or modified environmental regulations could develop in a manner that could adversely affect us.

 

Certain laws and regulations govern the removal, encapsulation or disturbance of asbestos containing materials (“ACMs”), when those materials are in poor condition or in the event of building renovation or demolition, impose certain worker protection and notification requirements and govern emissions of and exposure to asbestos fibers in the air. These laws may also impose liability for a release of ACMs and may enable third parties to seek recovery against us for personal injury associated with ACMs.

 

Americans with Disabilities Act (“ADA”)

 

Under the ADA, all places of public accommodation are required to meet certain federal requirements related to access and use by disabled persons. The Properties must comply with the ADA to the extent that they are considered “public accommodations” as defined by the ADA. The ADA may require removal of structural barriers to access by persons with disabilities in public areas of properties where such removal is readily achievable. We believe that the Properties are or will be in substantial compliance with the ADA and that we will not be required to make substantial capital expenditures to address the requirements of the ADA. In addition, we will continue to assess our compliance with the ADA and to make alterations to our projects as required.

 

Other Laws and Regulations

 

We are required to operate the Properties in compliance with fire and safety regulations, building codes and other land use regulations, as they may be adopted by governmental agencies and bodies and become applicable to the Properties. We are also required to comply with labor laws and laws which prohibit unfair and deceptive business practices with consumers. The Properties will also be subject to a variety of local, state and federal statutes, ordinances, rules and regulations concerning fair housing and real estate transactions in general. These laws might cause us to incur substantial compliance and other costs. We may be required to make substantial capital expenditures to comply with those requirements and these expenditures could have a material adverse effect on its ability to make distributions to holders at historical levels or at all.

 

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

 

The Company and each Series are managed by the Manager and do not have directors or executive officers. The Manager is the sole member of the Company and neither the Manager nor any of its directors or executive officers own Shares in any of the Series.

 

As of June 30, 2022, there were no persons who beneficially own more than ten percent (10%) of the Shares of any Series.

 

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DIRECTORS, EXECUTIVE OFFICERS AND SIGNIFICANT EMPLOYEES

 

Directors, Executive Officers and Significant Employees of the Company

 

Neither the Company, nor any Series, have any employees, and we do not expect the Company or any Series to hire any employees.

 

Executive Officers and Directors of the Manager

 

The following individuals constitute the members of the board of directors (the “Board”), executive management and significant employees of the Manager:

 

Name   Position   Age   Term of Office
Directors and Executive Officers:            
Yishai Cohen   Chairman, Chief Executive Officer and President   26   Since September 2019
Amit Assaraf   Chief Technology Officer, Director   26   Since September 2019
             
Non-Employee Directors:            
Arnon Dinur   Director   50   Since September 2019
Gigi Levy-Weiss   Director   50   Since September 2019
Yaniv Sarig   Director   43   Since September 2019

 

There are no family relationships between any director, executive officer or significant employee of the Manager.

 

Directors and Executive Officers

 

Yishai Cohen, Chairman, Chief Executive Officer and President. Mr. Cohen is the co-founder of Landa Holdings, Inc. and has served as its President and Chairman of the Board since September 2019, and its Chief Executive Officer since April 2020. Prior to founding Landa Holdings, Inc., Mr. Cohen was the founder of Smart|Bus, an Israeli-based business-to-business transportation platform, which was acquired in 2016. Mr. Cohen has extensive experience in internet and mobile products, marketplaces and technology.

 

Amit Assaraf, Chief Technology Officer and Director. Mr. Assaraf is the co-founder of Landa Holdings, Inc. and has served as its Chief Technology Officer and member of the Board of Landa Holdings, Inc. since September 2019. Mr. Assaraf has over 10 years of experience in software engineering and system architecture, specializes in consumer products and cyber security. Prior to co-founding Landa Holdings, Inc., Mr. Assaraf served as a technical lead of several high-tech companies, including Landbridge Ltd., Helpi Ltd., Genesis Labs Ltd., and CityPark Ltd. Mr. Assaraf is a graduate of the Elite Intelligence Unit 8200 of the Israeli Defense Forces.

 

Non-Employee Directors

 

Arnon Dinur, Director. Mr. Dinur has served as a member of the Board of Landa Holdings, Inc. since September 2019. Mr. Dinur is a partner at 83North, and serves also as a director at Applicaster Ltd., Beach Bum Ltd., Lendbuzz, Inc., Marqeta, Inc., Mixtiles Ltd., EX.CO Ltd., Podimo ApS, Snappy App, Inc., Stuff That Works Ltd., Superplay Ltd., Terrascope Limited (Fatmap) and VIA Transportation, Inc. He also serves as a board observer at Bluevine Capital Inc. and Wolt Enterprises Oy. Mr. Dinur is also a board member at Lobby99, a non-profit organization. Mr. Dinur holds an LL.B. in Law and a BA in accounting from Tel Aviv University, and an MBA from the University of Texas at Austin.

 

Gigi Levy-Weiss, Director. Mr. Levy-Weiss has served as a member of the Board of Landa Holdings, Inc. since September 2019. Mr. Levy-Weiss is the founding partner of NFX, a $275 million leading seed venture firm. Prior to NFX, Gigi served as the CEO of 888 Holdings, PLC (LSE: 888.L). Mr. Levy-Weiss previously founded, and assumed senior positions at, a number of startups including Playtika and Inception, and has been an investor in companies such as Kenshoo, Moon Active, Plarium, MyHeritage, Optimove, Selina, Houseparty, R2Net, SimilarWeb, NanoRep, Replay Technology, and SpaceApe. Mr. Levy-Weiss currently serves on the Supervisory Board of Bertelsmann SE & Co. KGaA and on the Client Advisory Council of Facebook. In addition, Mr. Levy-Weiss is a member of the board of directors of the Middle East Entrepreneurs of Tomorrow and is a member of the advisory board of the Technology Management, Innovation and Entrepreneurship MBA at Tel Aviv University. Mr. Levy-Weiss served as a pilot in the Israeli Air Force and holds an MBA from the Kellogg School of Management at Northwestern University.

 

Yaniv Sarig, Director. Mr. Sarig has served as a member of the Board of Landa Holdings, Inc. since September 2019. Mr. Sarig is a co-founder, director and President and Chief Executive Officer of Mohawk Group, Inc. Prior to co-founding Mohawk, Mr. Sarig led the Financial Services Engineering department at Coverity, a leading software startup providing code quality and security solutions for top financial institutions and hedge funds in New York including NYSE, Nasdaq, JPMC and Barclays, from April 2012 to April 2014. Before joining Coverity, Mr. Sarig held lead technical roles at Bloomberg from October 2011 to April 2012 and EPIQ Systems, Inc. (Nasdaq: EPIQ), a legal process outsourcing company, from February 2006 to October 2011. Prior to moving to New York City, Mr. Sarig lived in Israel where he held various software engineering roles at startups from various industries including companies involved in digital printing solutions and military navigation systems. Mr. Sarig served in the IDF Special Forces where he obtained the rank of Sergeant First Class and holds a BS in Computer Science from Touro College.

 

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COMPENSATION OF DIRECTORS AND EXECUTIVE OFFICERS

 

Neither the Company, nor any Series has any executive officers or employees, nor do the Company or any Series currently intend to hire any executive officers or employees who will be compensated directly by us. Each of the executive officers of our Manager manages our day-to-day affairs; oversees the review, selection and recommendation of investment opportunities; services acquired investments; and monitors the performance of these investments to ensure that they are consistent with our investment objectives. Each of these individuals receives compensation for his or her services, including services performed for us on behalf of our Manager, from our manager. Although each Series indirectly bears some of the costs of the compensation paid to these individuals, through the Monthly Management Fee that each Series pays to the Manager, we do not intend to pay any compensation directly to these individuals.

 

Manager’s Compensation

 

The Manager will receive fees and expense reimbursements pursuant to the Management Agreement for certain services relating to the Series and the Series’ Properties. Neither the Manager nor its affiliates will receive any selling commissions or dealer manager fees in connection with the offer and sale of the Shares in the Offerings.

 

For additional information, see “Description of Our Business – Manager Compensation.”

 

INTEREST OF MANAGEMENT AND OTHERS IN CERTAIN TRANSACTIONS

 

We are subject to various conflicts of interest arising out of our relationship with Landa Holdings and its affiliates.

 

Transactions

 

Property Acquisitions

 

Each of the Series issues an Acquisition Note to the Manager and we expect that Landa Properties will transfer title to the Property underlying each Series either to the applicable Series or to the Company for the benefit of the applicable Series (pursuant to the Master Agreement) prior to such Series’ initial Closing.

 

The acquisition of the properties by the Series were not, or will not be, arm’s length transactions. Each Series treated, or will treat, its acquisition as a transaction between entities under common control per Accounting Standards Codification (“ASC”) 805-50 and recorded, or will record, the transaction at its carryover basis.

 

Nevertheless, Landa Properties acquired each Property for either the same purchase cost that each Series will pay for such Property or the most recent appraisal or BPO value for such Property.

 

Loans

 

Initially, each Series issues an Acquisition Note to the Manager to finance 100% of the costs associated with the expected acquisition of its Property. Each Acquisition Note represents a related-party loan between each respective Series and the Manager. The Acquisition Notes bear an interest rate of 4.5% per annum, provided that interest will not accrue on the Acquisition Notes issued by the Series, and no payment of amounts outstanding under such Acquisition Notes will be due, prior to the transfer to the applicable Series of title to its Property, and if such title transfer does not occur prior to the maturity of such Acquisition Note, such Acquisition Note will terminate with no obligation for the Series to make any payment thereunder.

 

See “Description of the Properties and the Series – Loans – Acquisition Notes” in Appendix B for information about the terms of each Acquisition Note. 

 

If we do not enter into the Refinance Notes as expected, we expect to issue a related-party promissory note to the Manager on similar terms as the expected Refinance Notes. Each Series may also seek to further refinance any outstanding indebtedness if more favorable terms become available to it.

 

See “Description of the Properties and the Series—Loans—Refinance Notes” in Appendix B for information about the expected terms of each Refinance Note.

 

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Our Affiliates’ Interests

 

General

 

The executive officers of the Manager will also manage operations for the Company and each Series, as well as the Properties. These persons will have legal obligations with respect to those entities that are similar to their obligations to us. In the future, however, these persons and other affiliates of the Manager may organize other real estate-related programs and acquire for their own account real estate properties that may be suitable for us.

 

In addition, each of the Manager’s executive officers will also serve as officers of other affiliated entities. As a result, they will owe duties to each of these entities, their holders, members and limited partners. These duties may from time-to-time conflict with the duties that they owe to the Company and each Series. These persons will also have conflicts of interest with respect to our agreements and arrangements with the Manager and other affiliates of the Manager, which were not negotiated at arm’s length, and their terms may not have been as favorable to us as if they had been negotiated at arm’s length with an unaffiliated third party. Except as provided in the Master Agreement and the Series Designation for such Series or the applicable Management Agreement, the Manager is not required to make available any particular individual personnel to us or any Series.

 

The Manager’s executive officers will not be required to devote a specific amount of time to our affairs. As a result, we cannot provide any assurances regarding the amount of time the Manager will dedicate to the management of our business. Accordingly, we may compete with the Manager and any of its current and future programs, funds, vehicles, managed accounts, ventures or other entities owned and/or managed by the Manager or one of its affiliates, which we refer to collectively as the Landa Holdings-sponsored vehicles, for the time and attention of these officers in connection with our business. We may not receive the level of support and assistance that we might otherwise receive if we were internally managed.

 

Payment of Certain Fees and Expenses of the Manager

 

In connection with the expected acquisition of its Property from Landa Properties, each Series issued an Acquisition Note to the Manager, the principal amount of which note reflected the purchase cost paid by Landa Properties for the Property or the most recent appraisal price, as applicable, payment to the Manager of an Acquisition Fee, reimbursement to the Manager of actual expenses incurred in connection with the evaluation, discovery, and investigation of the Property, and the initial amount of the Reserve 

 

In addition, each Series will pay the Manager a Monthly Management Fee, will reimburse the Manager for certain expenses in connection with any ongoing expense of the Series or the Property that is paid by the Manager, expenses in connection with the special servicing of the non-performing Properties and the liquidation of the Properties, and, if applicable, pay interest on related-party loans for operations, issued by the Manager to a Series. These fees and expenses payable by the Series to the Manager and its affiliates were not determined on an arm’s length basis.

 

These fees could influence our Manager’s advice to us as well as the judgment of affiliates of our Manager, some of whom also serve as our Manager’s officers and directors. Among other matters, these compensation arrangements could affect their judgment with respect to:

 

  the continuation, renewal or enforcement of provisions in the Master Agreement involving the Manager and its affiliates; and

 

  acquisitions of Properties at higher purchase prices, which entitle the Manager to higher acquisition fees and management fees regardless of the quality or performance of the Property and, in the case of acquisitions of Properties from other entities, might entitle affiliates of the Manager to disposition fees in connection with services for the seller.

 

In addition, the Manager may benefit from the Company retaining ownership of a Property at times when a Series’ holders may be better served by the sale or disposition of the Property.

 

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DESCRIPTION OF SHARES

 

The following is a description of the Shares of each Series and summary of the material provisions of the Master Agreement and the Series Designation for such Series, as each applies to the Shares offered by this Offering Circular. The following description does not purport to be complete and is subject to and qualified in its entirety by reference to applicable provisions of the laws of the State of Delaware and the Master Agreement and the Series Designation for such Series. All capitalized terms appearing but not defined in this section entitled “Description of Shares” will have the meanings set forth in the Master Agreement and the Series Designation for such Series attached as exhibits of Part III of the offering statement of which this Offering Circular forms a part.

 

Shares

 

The Company is offering a maximum of 10,000 Shares of each of the Series of the Company, at the respective purchase prices set forth on the cover page of this Offering Circular. The purchase of Shares in a Series is an investment only in that specific Series and not an investment in any other Series, the Company or its Manager. The Company has not issued, and does not intend to issue, any class of any securities entitled to any preemptive, preferential or other rights that are not otherwise available to the holders purchasing Shares in connection with any offering.

 

The holders of the Shares will have the rights and be subject to the obligations as holders described in the Master Agreement and the Series Designation or Series’ Operating Agreement, as applicable, and any applicable rights under the LLC Act. See the section entitled “Master Agreement terms relating to individual series” and “Master Agreement; Series Designation” below.

 

Holders of a Series will only have a right to receive distributions and will have no rights to direct or vote on any matter concerning such Series or direct the Manager on the management of its affairs, including the liquidation of its Property or dissolution of such Series.

 

An investor who invests in Shares of a Series will not have any direct or indirect interest in another Series or any Property of any another Series unless the investor also purchases Shares in a separate offering for another Series.

 

New series of the Company may be formed to acquire properties in the future and may issue their own interests.

 

Master Agreement; Series Designation; Series’ Operating Agreement

 

The business and operations of each Series will be conducted pursuant to the terms and conditions set forth in the Master Agreement. Currently, no Series has any Shares outstanding, and the only history of operations includes the current lease agreement on the Property of each Series. Information about the total outstanding Shares of the Series may be found on the Master Series Table in Appendix A.

 

Subject to the provisions of the Master Agreement, the Manager can cause the Company to establish one or more series through the creation of a Series Designation for each new series. A Series Designation relates solely to the series established thereby and will not be construed: (i) to affect the terms and conditions of any other series, or (ii) to designate, fix or determine the rights, powers, authority, privileges, preferences, duties, responsibilities, liabilities and obligations in respect of interests associated with any other series, or the members associated therewith. The terms and conditions for each series are as set forth in the Master Agreement and in the Series Designation, as applicable. Upon approval of any Series Designation by the Manager, the Series Designation will be attached to the operating agreement as an exhibit. The Series Designation establishing a series may: (i) specify a name or names under which the business and affairs of such series may be conducted; (ii) designate, fix and determine the relative rights, powers, authority, privileges, preferences, duties, responsibilities, liabilities and obligations in respect of interests of such series and the members associated therewith (to the extent such terms differ from those set forth in the operating agreement); and (iii) designate or authorize the designation of specific officers to be associated with such series.

 

Management, Voting and Governance

 

Each Series intends to enter into a Management Agreement with Landa Holdings prior to such Series’ initial Closing. Each Series is governed by the terms of the Master Agreement and the Series Designation for such Series. Except as otherwise provided in the applicable Management Agreement, Master Agreement or the Series Designation for such Series, the Manager will conduct, direct and exercise full control and sole discretion over all major activities of each Series. The Manager will have the sole power and authority to bind or take any action on behalf of each Series, or to exercise any rights and powers granted to each Series under the Master Agreement or any other agreement, instrument, or other document to which a Series is a party. Except as otherwise required by law, the Series’ holders will have no voting rights or governance rights.

 

Distributions

 

Each Series will make distributions of available cash, if any, which we expect to be rent collected less any fees, expenses and taxes and any amounts allocated to Reserves. Distributions will be made through the Landa Mobile App. Any distributions a Series makes will be at the discretion of the Manager and will be based on a number of factors, including, but not limited to, the total number of Shares sold, the Monthly Management Fee, expenses (including any unanticipated capital expenditures), taxes, amounts allocated to Reserves, and actual and accrued cash flows of the applicable Series.

 

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We expect that distributions for each Series will be calculated on a pro-rata basis based on the number of outstanding Shares of the Series on the day prior to the date that the distribution is declared. Accordingly, the number of Shares that have been sold in the applicable Offering at the time of any distribution may affect the per Share amount that will be paid in such distribution. For example, if there is $1,000 to distribute but only 50% of the Series Shares (i.e. 5,000 Shares) have been issued, each Share will be allocated $0.20 in distributions. However, if all the Shares have been issued (i.e. 10,000 Shares), each Share will be allocated $0.10 in distributions. The Manager has the right to amend each Series distribution policy at its sole discretion.

 

There can be no assurance that a Series will be able to make any distributions to its holders. For discussion of factors that may result in the Series not being able to make monthly distributions, please see “Risk Factors—Risks Related to the Properties and the Series— Each Series will depend on its Property’s tenant or tenants for its revenue, and lease defaults, terminations, or other events preventing collection of rents could reduce its net income and limit its ability to make distributions to investors.”

 

Liquidating Distributions

 

The proceeds from the liquidation of a Series will be distributed within 90 days of the date of liquidation in the following order and priority:

 

First, to creditors of a Series, including the holders who are creditors, to the extent otherwise permitted by law, in satisfaction of all debts, liabilities, obligations and expenses of such Series, including, without limitation, the expenses incurred in connection with the liquidation of such Series; and

 

Second, to all holders of Shares of a Series pro rata, in proportion to their holdings of such Shares.

 

Exculpation and Indemnification of the Manager

 

The Master Agreement generally provides that no Manager, operator or holder of Shares of a given Series, or their respective affiliates (collectively, the “Indemnified Persons”) will have any personal obligation for any debts, obligations or liabilities of each Series or the Company and that no Indemnified Person will be liable to the Company, the Series or to any other holder for any act or omission taken or suffered by such Indemnified Person in connection with the conduct of the affairs of the Series or otherwise in connection with the Master Agreement or matters contemplated thereby unless such Indemnified Person is determined to be guilty by final adjudication of gross negligence, willful misconduct, fraud, material misrepresentation or material violation of the express terms of the Company’s Certificate of Formation (the “Certificate of Formation”), the Master Agreement, or the applicable Series Designation. Each Series will hold harmless and indemnify, solely out of the assets of such Series, each Indemnified Person to the fullest extent permitted by law for any loss, damage or other expense incurred by such Indemnified Person as a result of any act or omission arising out of such person’s activities in connection with the establishment, management or operations of such Series, unless such person is determined to be guilty by final adjudication of gross negligence, willful misconduct, fraud, material misrepresentation or a material violation of the express terms of the Certificate of Formation.

 

In addition, the Master Agreement will require that, to the maximum extent permitted by law, each member of such Series will absolutely and irrevocably waive any and all claims, actions, causes of action, loss, damage and expense including any and all attorneys’ fees and other costs of enforcement arising out of or in connection with any breach of any fiduciary duty by any other member or the Manager of such Series or any of their affiliates in the nature of actions taken or omitted by any such other persons, which actions or omissions would otherwise constitute the breach of any fiduciary duty owed to the members (or any of them), except a breach of any specific term of the Master Agreement.

 

Insofar as the foregoing provisions permit indemnification of directors, officers or persons controlling us for liability arising under the Securities Act, we have been informed that, in the opinion of the SEC, this indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

 

Amendment

 

The Master Agreement may not be amended except with the consent of the Manager, acting in its sole discretion. Notice of amendment will be furnished to each Series’ member within a reasonable time following such amendment.

 

Dissolution of a Series

 

The Manager may effectuate the dissolution of a Series without the consent of the holders of such Series upon any of the following events: (i) the determination by the Manager, acting in its sole discretion; (ii) dissolution of Landa App LLC; (iii) the sale or other disposition of the Property held by such Series; or (iv) the entry of a decree of judicial termination under Section 18-215 of the LLC Act. Upon dissolution of a Series, the Manager will wind up such Series’ affairs and make all liquidating distributions in accordance with the Master Agreement.

 

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General Operations

 

The Company’s operations will be conducted through the various Series. Each Series will have (A) separate rights, powers, duties and management from each other Series and (B) exclusive rights with respect to the Property, obligations, profits and losses associated with the Series and all proceeds derived therefrom. No debt, liability, obligation or expense of a Series will be the debt, liability, obligation or expense of the other Series. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a Series will be enforceable against the assets of such Series only and not against any other assets of the Company, generally, or the other Series, and none of the Company’s debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing will be enforceable against the assets of any Series.

 

Purpose and Business

 

Except as may otherwise be expressly provided in the Master Agreement and the Series Designation for such Series, the Company and each Series will have the authority to engage in any lawful business, purpose or activity permitted by law. The Manager will possess and may exercise all of the powers and privileges granted by law, together with any powers incidental thereto, including such powers or privileges as are necessary or convenient to the conduct, promotion or attainment of the business purposes or activities of the Series.

 

Management, Voting and Governance

 

Except as otherwise provided in the Master Agreement and the Series Designation for such Series, all powers of the Company will be exercised by or under the authority of, and the Company’s business and affairs, implementation of the Company’s policies and executive control of the Company’s major decisions will be made by, the Manager. The Manager will have the right and power to run the day-to-day rental operations and other affairs of the Company and to act as agent for and on behalf of the Company, with the power to bind it.

 

Amendment of the Master Agreement by the Manager

 

The Master Agreement may not be amended except in writing by the Manager.

 

Books, Records and Accounting

 

The Manager will keep or cause to keep full and true books and records of the Company, including with respect to transactions of each Series and the conduct of its business. These books and records will be maintained in accordance with U.S. GAAP, consistently applied, and will at all times be maintained at the principal place of business of the Company. The Manager will maintain separate records for each Series; the records for each Series will account for the assets of each Series separately from the other assets of the Company or of the other Series. Upon reasonable written request, each holder associated with a Series will have the right, at a time during ordinary business hours, to inspect and copy the books and records of such Series for any purpose reasonably related to the holder’s interest with respect to the Series. The Manager may, to the maximum extent permitted by applicable law, keep confidential from the holders associated with a Series any information the disclosure of which the Manager reasonably believes is not in the best interest of the Company or such Series or is adverse to the interests of the Company or such Series or which the Company or the Manager is required by law or by an agreement with any person to keep confidential.

 

Relationships with Affiliates

 

Each Series may enter into agreements or contracts with the holders of such Series, any affiliate of such holders, or any agent of the holders or the Company itself provided that the agreements or contracts contain substantially such terms and conditions as would be contained in a similar agreement or contract entered into as the result of arm’s-length negotiations with a comparable unaffiliated and disinterested third party.

 

Conflicts of Interest

 

The Manager and its affiliates will try to balance the Company’s and each Series’ interests with their own. However, to the extent that such parties take actions that are more favorable to other entities than the Company or its Series, these actions could have a negative impact on the Series’ financial performance and, consequently, on distributions to investors and the value of the Shares. The Company has not adopted, and does not intend to adopt in the future, either a conflicts of interest policy or a conflicts resolution policy.

 

None of the compensation set forth under “Description of Our Business – Our Manager – Manager Compensation” was determined by arms’ length negotiations. In addition, in the event that a Series issues a debt instrument to the Manager, the terms of such instrument may not be determined by arms’ length negotiations. You must rely upon the duties of the Manager of good faith and fair dealing to protect your interests, as qualified by the Master Agreement. While the Manager believes that the consideration is fair for the work being performed, there can be no assurance made that the compensation payable to the Manager will reflect the true market value of its services.

 

43

 

 

Conflicts of interest may exist or could arise in the future with the Company, including each Series, the Manager, our officers and/or directors who are also officers and/or directors of the Company and/or the Manager. Conflicts may include, without limitation:

 

 

Each of the Manager’s executive officers will also serve as an officer of other affiliated entities. As a result, these persons will have a conflict of interest with respect to our agreements and arrangements with the Manager and other affiliates of Landa Holdings, which were not negotiated at arm’s length, and their terms may not have been as favorable to us as if they had been negotiated at arm’s length with an unaffiliated third party. Except as provided in the Master Agreement, the Series Designation for such Series or the applicable Management Agreement, Landa Holdings is not required to make available any particular individual personnel to us or any Series.

 

  The Manager executive officers will not be required to devote a specific amount of time to our affairs. As a result, we cannot provide any assurances regarding the amount of time the Manager will dedicate to the management of our business. Accordingly, we may compete with Landa Holdings and any of its current and future programs, funds, vehicles, managed accounts, ventures or other entities owned and/or managed by Landa Holdings or one of its affiliates, including the Manager, which we refer to collectively as the Landa Holdings-sponsored vehicles, for the time and attention of these officers in connection with our business. We may not receive the level of support and assistance that we might otherwise receive if we were internally managed.

 

 

We may in the future form or sponsor additional Landa Holdings-managed vehicles, which could have overlapping investment objectives. To the extent we have sufficient capital to acquire a property that the Manager has determined to be suitable for us, that property will be allocated to us.

 

 

The Manager does not assume any responsibility beyond the duties specified in the Master Agreement and the Series Designation for such Series and will not be responsible for any action of our board of directors in following or declining to follow its advice or recommendations. The Manager’s liability is limited under the Master Agreement and we have agreed to reimburse, indemnify and hold harmless the Manager, with respect to all expenses, losses, damages, liabilities, demands, charges and claims in respect of, or arising from acts or omissions of, such indemnified parties not constituting bad faith, willful misconduct, gross negligence or reckless disregard of the Manager’s duties under the Master Agreement which has a material adverse effect on us. As a result, we could experience poor performance or losses for which the Manager would not be liable.

 

Whenever a conflict of interest exists or arises between the Manager and the Company, a Series or a holder, the Manager will resolve the conflict of interest, take the action or provide the terms, considering in each case the relative interest of each party (including its own interest) to the conflict, agreement, transaction or situation and the benefits and burdens relating to the interests, any customary or accepted industry practices, and any applicable generally accepted accounting practices or principles. In the absence of bad faith by the Manager, the resolution, action or terms taken or provided by the Manager will not constitute a breach of the Master Agreement, the Series Designation for such Series or of any other duty or obligation of the Manager.

 

The Company, its Series, the Manager (and its affiliates) may not have separate legal counsel in the future. Certain conflicts of interest may exist and may arise. Legal counsel is not representing any prospective investors of any Series in connection with the Offerings. Prospective investors are advised to consult their own independent counsel with respect to the legal and tax implications of an investment in any Series.

 

Dissolution of the Company

 

The Manager may effectuate the dissolution of the Company without the consent of the holders of each Series upon any of the following events: (i) the determination by the Manager, acting in its sole discretion; (ii) the dissolution of the last remaining Series; or (iii) the entry of a decree of judicial dissolution. Upon dissolution of the Company, the Manager will wind up all of our affairs in accordance with the provisions of the Master Agreement.

 

Series’ Operating Agreement

 

Pursuant to the Master Agreement, in the event that a Series enters into an operating agreement, the business and operations of such Series will be conducted pursuant to the terms and conditions set forth in such Series’ operating agreement.

 

Transfer Agent and Registrar

 

Securitize LLC will serve as transfer agent and registrar for the Shares of each Series.

 

44

 

 

U.S. FEDERAL INCOME TAX CONSIDERATIONS

 

The following is a summary of certain U.S. federal income tax considerations relating to the acquisition, holding, and disposition of the Shares. This summary is based upon the Internal Revenue Code of 1986, as amended (the “Code”), the current and temporary regulations promulgated by the U.S. Treasury Department (the “Treasury Regulations”), current administrative interpretations and practices of the Internal Revenue Service (the “IRS”) (including administrative interpretations and practices expressed in private letter rulings which are binding on the IRS only with respect to the particular taxpayers who requested and received those rulings) and judicial decisions, all as currently in effect and all of which are subject to differing interpretations or to change, possibly with retroactive effect. Future legislation, regulations, administrative interpretations and court decisions could change current law or adversely affect existing interpretations of current law, possibly with retroactive effect. No assurance can be given that the IRS would not assert, or that a court would not sustain a position contrary to any of the tax considerations described below. No advance ruling has been or will be sought from the IRS regarding any matter discussed in this summary. The summary is also based upon the assumption that the operation of each Series will be in accordance with its applicable organizational documents and as described in this Offering Circular.

 

Except as explicitly set forth below, this discussion is limited to U.S. Holders (defined below) who hold the Shares as capital assets within the meaning of Section 1221 of the Code (generally, property held for investment). Because this section is a summary, it does not address all aspects of taxation that may be relevant to particular holders in light of their personal investment or tax circumstances, or to certain types of holders that are subject to special treatment under the U.S. federal income tax laws, such as insurance companies, tax-exempt or governmental organizations, financial institutions or broker-dealers, non-U.S. individuals and corporations, U.S. expatriates, persons who mark-to-market the Shares, subchapter S corporations, partnerships or other entities treated as pass-through entities for U.S. federal income tax purposes, U.S. Holders whose functional currency is not the U.S. dollar, regulated investment companies and REITs, trusts and estates, holders who receive the Shares through the exercise of compensatory options or otherwise as compensation, persons holding the Shares as part of a “straddle,” “hedge,” “conversion transaction,” “synthetic security” or other integrated investment, persons subject to the alternative minimum tax provisions of the Code, persons holding the Shares through a partnership or similar pass-through entity, and persons holding a 10% or more (by vote or value) beneficial interest in the Shares.

 

Except as explicitly set forth below, this section addresses only certain U.S. federal income tax considerations, and does not address state, local, non-U.S., or non-income tax considerations. The statements in this section are based on the current U.S. federal income tax laws, are for general information purposes only and are not tax advice. New laws, interpretations of law, regulations. or court decisions, any of which may take effect retroactively, could cause one or more statements in this section to be inaccurate.

 

As used herein, the term “U.S. Holder” means a beneficial owner of Shares that is for U.S. federal income tax purposes:

 

  an individual who is a citizen or resident of the United States;

 

  a corporation (or any other entity taxable as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States or any state or political subdivision thereof or the District of Columbia;

 

  an estate the income of which is subject to U.S. federal income taxation regardless of its source; or

 

  a trust, if a court within the United States is able to exercise primary supervision over the administration of the trust and one or more “United States persons” (within the meaning of Section 7701(a)(30) of the Code) control all of the substantial decisions of the trust or if a valid election is in place under the applicable Treasury Regulations to treat the trust as a United States person.

 

If an entity treated as a partnership for U.S. federal income tax purposes is an owner of the Shares, the U.S. tax treatment of a partner in the partnership generally will depend on the status of the partner and the activities of the partnership. A holder of Shares that is a partnership and partners in such partnership should consult their own tax advisors regarding the U.S. federal income tax consequences of acquiring, holding and disposing of the Shares.

 

THE TAX CONSEQUENCES TO ANY PARTICULAR HOLDER OF ACQUIRING, HOLDING AND DISPOSING OF THE SHARES WILL DEPEND ON THE HOLDER’S PARTICULAR TAX CIRCUMSTANCES. YOU ARE URGED TO CONSULT YOUR TAX ADVISOR REGARDING THE U.S. FEDERAL, STATE, LOCAL, AND NON-U.S. INCOME AND OTHER TAX CONSEQUENCES TO YOU, IN LIGHT OF YOUR PARTICULAR INVESTMENT OR TAX CIRCUMSTANCES, OF ACQUIRING, HOLDING, AND DISPOSING OF THE SHARES.

 

General

 

Landa App LLC is organized as a Delaware series limited liability company. We intend to treat each Series as a separate entity for U.S. federal income tax purposes. In addition, we intend that each Series will elect to be treated for U.S. federal tax purposes as a corporation, and the discussion below assumes that each Series will be so treated.

 

45

 

 

Distributions

 

Distributions made with respect to the Shares of a Series will be treated as dividends to the extent of the current and accumulated earnings and profits of the Series as determined for U.S. federal income tax purposes. Dividends are ordinary income, but dividends received by a non-corporate U.S. Holder may qualify for a reduced rate of federal income tax as “qualified dividend income” if certain holding period requirements are satisfied. Qualified dividend income is taxed at the rates applicable to long-term capital gains, including a maximum U.S. federal income tax rate of 20%. Dividends received by a corporate U.S. Holder may be eligible for the corporate dividends-received deduction if certain holding periods are satisfied.

 

Any distributions in excess of a Series’ current and accumulated earnings and profits will not be taxable to a U.S. Holder to the extent that the distributions do not exceed the U.S. Holder’s adjusted tax basis in the Shares, but rather will reduce the adjusted tax basis of such Shares. To the extent that such distributions exceed the U.S. Holder’s adjusted tax basis in the Shares, such distributions will be included in income as capital gain.

 

Sale, Exchange, or other Taxable Disposition

 

Upon the sale, exchange, or other taxable disposition of a Series’ Shares, a U.S. Holder generally will recognize gain or loss for U.S. federal income tax purposes in an amount equal to the difference between the amount realized upon the sale, exchange, or other taxable disposition and the U.S. Holder’s adjusted tax basis in the Shares. The amount realized by the U.S. Holder will include the amount of any cash and the fair market value of any other property received upon the sale, exchange, or other taxable disposition of the Shares. A U.S. Holder’s tax basis in a Share generally will be equal to the cost of acquiring the Share to such U.S. Holder, which may be adjusted for certain subsequent events (for example, if the U.S. Holder receives a non-dividend distribution, as described above). Gain or loss realized on the sale, exchange, or other taxable disposition of a Series’ Shares generally will be capital gain or loss and will be long-term capital gain or loss if the Shares have been held for more than one year. Net long-term capital gain recognized by an individual U.S. Holder is generally taxed at preferential rates. The ability of U.S. Holders to deduct capital losses is subject to limitations under the Code.

 

Net Investment Income Tax

 

Individuals, trusts and estates with income exceeding certain thresholds are also subject to a 3.8% tax on net investment income. Distributions included in income (whether as dividends or capital gains) and any gain on the sale, exchange or otherwise taxable disposition of Shares will be included in net investment income for purposes of the 3.8% tax.

 

Tax Withholding

 

A Series may be required in certain circumstances to apply backup withholding on dividends, distributions, and redemption proceeds payable to any holder (including a U.S. Holder) that fails to timely provide the Fund with its correct taxpayer identification number or to make required certifications. Backup withholding is not an additional tax and any amount withheld may be refunded or credited against the U.S. Holder’s federal income tax liability, provided that a return is timely and properly filed with the IRS. Backup withholding will not be applied to payments subject to the 30% withholding tax described in the prior paragraph.

 

Under legislation commonly known as “FATCA,” a Series will be required to withhold U.S. federal income tax at the rate of 30% on distributions treated as dividends for tax purposes unless the recipient timely provides proper certifications on a valid U.S. Form W-8 or W-9. Withholding under FATCA generally applies to certain “foreign financial institutions” and “non-financial foreign entities.” Withholding will not apply to a U.S. Holder that timely provides a valid U.S. Form W-9.

 

If we determine withholding is required with respect to a distribution or payment, we will withhold tax at the applicable statutory rate, and we will not pay any additional amounts in respect of such withholding.

 

46

 

 

LEGAL MATTERS

 

The validity of the issuance of the Shares of each Series offered by this Offering Circular will be passed upon for us by Goodwin Procter LLP, New York, New York.

 

EXPERTS

 

The following financial statements that are, as applicable, included in, or incorporated by reference into, this offering circular have been audited by Marcum LLP, an independent registered public accounting firm, as stated in its reports:

 

· Our financial statements for December 31, 2021 and for the period of June 15, 2021 (Inception) through December 31, 2021 

 

  · Financial statements for the fiscal year ended December 31, 2021 pursuant to Rule 8-08 under Regulation S-X (combined statement of revenues and certain expenses)

 

· Financial statements included in the Prior Offering Statement for the fiscal year ended December 31, 2020 pursuant to Rule 8-06 under Regulation S-X, for the thirty-seven (37) series included in the Separate Offering Series that were previously qualified under the Prior Offering Statement (the Georgia Single-family Home Portfolio – 1, the Georgia Single-family Home Portfolio – 2, and the Georgia Single-family Home Portfolio – 3)

 

Such financial statements have been so included or incorporated by reference in reliance upon the report of such firm given upon its authority as an expert in accounting and auditing.

 

ADDITIONAL INFORMATION

 

The Company has filed with the SEC an offering statement under the Securities Act on Form 1-A regarding the Offerings. This Offering Circular, which is part of the offering statement, does not contain all the information set forth in the offering statement and the exhibits related thereto filed with the SEC, reference to which is hereby made. Upon the qualification of the offering statement, we will be subject to the informational reporting requirements of the Exchange Act that are applicable to Tier 2 companies whose securities are qualified pursuant to Regulation A, and accordingly, we will file annual reports, semi-annual reports and other information with the SEC. You may read and copy the offering statement, the related exhibits and the reports and other information we file with the SEC on the SEC’s website at www.sec.gov, which contains reports, information statements and other information regarding issuers that file with the SEC.

 

You may also request a copy of these filings at no cost, by writing, emailing or telephoning the Company at:

 

Landa App LLC

Attn: Landa Holdings, Inc.

6 W. 18th Street, 12th Floor

New York, NY 10011
hi@landa.app

(646) 905-0931

 

Within 120 days after the end of each fiscal year the Company will provide holders of record an annual report. The annual report will contain audited financial statements and certain other financial and narrative information that the Company is required to provide to holders of Shares.

 

47

 

 

APPENDIX A

 

SERIES OFFERINGS - MASTER SERIES TABLE

 

The table below (the “Master Series Table”) shows key information related to each Series and its underlying Property that either (i) was offered pursuant to the Prior Offering or (ii) is being offered pursuant to this Offering Circular. Please see Appendix B” for more information regarding each of the Series and its underlying Property.

 

Pursuant to this Offering, the Company is offering a maximum 10,000 Shares in each of the Series of the Company, for an aggregate total of 1,810,000 Shares.

 

As of the date of this Offering Circular, all of the Series designated as “New” in the column “Offering Status” have not yet launched their respective Offerings and will launch their Offerings within two (2) calendar days after the first qualification date of the offering statement of which this Offering Circular forms a part.

 

Each series designated as “Closed” or “Withdrawn” in the Master Series Table below shall be referred to herein as a “Prior Series”. 

 

Master Series Table

 

   Series*     Offering
Status
  Qual.
Date
  Closing
Date
  Total
# of
Shares
Sold(2)
   Total
Amount
Raised(2)
   Mos
Rental
Income(3)
   Lease
Exp.
Date(4)
   Mon.
Property
Tax
   Insurance
Exp.
Date
  Mon.
Ins.
Expense
   Mon.
Mgmt.
Fee**
   Acq.
Note
Balance (9)
   Refinance
Note
Balance (10)(11)
 
1  Landa Series 115 Sardis Street  (6)  Withdrawn  6/29/21  N/A   N/A    N/A    -    -    79   6/30/23   32    8%   117,304    - 
2  Landa Series 1394 Oakview Circle  (5)  Closed  6/29/21  8/9/21   10,000    36,073    854    12/31/23    131   6/30/23   30    8%   -    44,015(10)
3  Landa Series 1701 Summerwoods Lane  (5) (13)  Closed  6/29/21  9/3/21   8,265    35,364    1,047    8/31/23    148   6/30/23   25    8%   -    - 
4  Landa Series 1741 Park Lane  (5) (13)  Closed  6/29/21  9/3/21   3,518    18,369    799    12/31/23    151   6/30/23   29    8%   -    - 
5  Landa Series 209 Timber Wolf Trail  (5) (8)  Withdrawn  6/29/21  N/A   N/A    N/A    -    -    69   6/30/23   25    8%   58,077    61,750(10)
6  Landa Series 2505 Oak Circle  (6)  Withdrawn  6/29/21  N/A   N/A    N/A    -    -    90   6/30/23   24    8%   21,770    76,700(10)
7  Landa Series 271 Timber Wolf Trail  (14)  Withdrawn  6/29/21  N/A   N/A    N/A    -    -    -   -   -    -%   -    -(10)
8  Landa Series 29 Holly Grove Road  (5)  Withdrawn  6/29/21  N/A   N/A    N/A    746    4/30/23    111   6/30/23   26    8%   15,945    84,500(10)
9  Landa Series 1703 Summerwoods Lane  (5)  Closed  1/7/21  7/20/22   10,000    35,772    1047    1/31/24    148   6/30/23   26    8%   -    82,500(10)
10  Landa Series 1712 Summerwoods Lane  (6)  Closed  1/7/21  8/9/22   10,000    46,162    -    -    148   6/30/23   27    8%   -    95,250(10)
11  Landa Series 1743 Summerwoods Lane  (5)  Closed  1/7/21  7/31/22   10,000    35,772    1,200    5/31/23    148   6/30/23   25    8%   -    77,925(10)
12  Landa Series 1750 Summerwoods Lane  (5)  Closed  1/7/21  8/26/22   10,000    35,772    1,170    5/31/23    148   6/30/23   37    8%   -    67,535(10)
13  Landa Series 4267 High Park Lane  (5)  Closed  1/7/21  8/15/22   10,000    47,625    1,150    10/31/23    163   6/30/23   30    8%   -    77,925(10)
14  Landa Series 4474 Highwood Park Drive  (5)  Closed  1/7/21  8/9/22   10,000    42,898    1,200    3/31/23    163   6/30/23   30    8%   -    77,925(10)
15  Landa Series 8569 Creekwood Way  (6)  Closed  1/7/21  4/26/22   10,000    33,951    -    -    59   6/30/23   35    8%   -    82,500(10)
16  Landa Series 9439 Lakeview Road  (5)  Closed  1/7/21  8/25/22   10,000    56,709    1,400    7/31/23    182   6/30/23   28    8%   -    104,250(10)

A-1

 

 

   Series*     Offering
Status
  Qual.
Date
  Closing
Date
  Total
# of
Shares
Sold(2)
   Total
Amount
Raised(2)
   Mos
Rental
Income(3)
   Lease
Exp.
Date(4)
   Mon.
Property
Tax
   Insurance
Exp.
Date
  Mon.
Ins.
Expense
   Mon.
Mgmt.
Fee**
   Acq.
Note
Balance (9)
   Refinance
Note
Balance (10)(11)
 
17  Landa Series 10167 Port Royal Court  (5)  Closed  1/7/21  7/20/22   10,000    28,100    1,103    9/30/23    133   6/30/23   31    8%   -    93,750(10)
18  Landa Series 1246 Elgin Way  (5)  Closed  1/7/21  7/29/22   10,000    38,285    1,268    2/28/24    164   6/30/23   33    8%   -    71,250(10)
19  Landa Series 1910 Grove Way  (5) (8)  Closed  1/7/21  2/15/22   10,000    22,062    -    -    159   6/30/23   55    8%   -    45,000(10)
20  Landa Series 593 Country Lane Drive  (5)  Closed  1/7/21  2/17/22   10,000    24,592    1,020    6/30/23    156   6/30/23   28    8%   -    46,500(10)
21  Landa Series 6436 Stone Terrace  (5)  Closed  1/7/21  2/3/22   10,000    15,479    1,050    6/30/23    76   6/30/23   26    8%   -    64,500(10)
22  Landa Series 6440 Woodstone Terrace  (6)  Closed  1/7/21  2/17/22   10,000    18,244    -    -    75   6/30/23   24    8%   -    82,500(10)
23  Landa Series 6848 Sandy Creek Drive  (5)  Closed  1/7/21  2/13/22   10,000    21,667    1,350    3/31/23    137   6/30/23   31    8%   -    82,500(10)
24  Landa Series 687 Utoy Court  (5)  Closed  1/7/21  4/19/22   10,000    32,922    1,024    2/29/24    103   6/30/23   29    8%   -    71,500(10)
25  Landa Series 729 Winter Lane  (5)  Closed  1/7/21  3/4/22   10,000    31,221    1,475    1/31/24    124   6/30/23   32    8%   -    49,400(10)
26  Landa Series 7349 Exeter Court  (5)  Closed  1/7/21  4/20/22   10,000    39,138    1,150    4/30/23    138   6/30/23   33    8%   -    96,357(10)
27  Landa Series 8645 Embrey Drive  (5)  Closed  1/7/21  4/18/22   10,000    34,145    1,300    6/30/23    123   6/30/23   34    8%   -    84,750(10)
28  Landa Series 8780 Churchill Place  (6)  Closed  1/7/21  3/7/22   10,000    38,057    -    -    139   6/30/23   35    8%   -    80,424(10)
29  Landa Series 8796 Parliament Place  (5)  Closed  1/7/21  3/11/22   10,000    31,089    1,350    8/31/23    130   6/30/23   32    8%   -    76,700(10)
30  Landa Series 8641 Ashley Way  (5)  Closed  1/7/21  8/22/22   10,000    49,950    1,100    5/31/23    100   6/30/23   27    8%   -    68,250(10)
31  Landa Series 8651 Ashley Way  (5)  Closed  1/7/21  4/19/22   10,000    41,901    1,103    1/31/24    84   6/30/23   23    8%   -    89,529(10)
32  Landa Series 8652 Ashley Way  (5)  Closed  1/7/21  (12)   10,000    59,329    1,100    8/31/23    89   6/30/23   25    8%   -    71,500(10)
33  Landa Series 8653 Ashley Way  (5)  Closed  1/7/21  8/8/22   10,000    52,933    1,100    5/31/23    83   6/30/23   23    8%   -    81,900(10)
34  Landa Series 8654 Ashley Way  (5)  Closed  1/7/21  (12)   10,000    46,500    1,103    6/30/23    89   6/30/23   25    8%   -    84,500(10)
35  Landa Series 8655 Ashley Way  (5)  Closed  1/7/21  (12)   10,000    61,052    1,100    7/31/23    83   6/30/23   24    8%   -    99,392(10)
36  Landa Series 8659 Ashley Way  (5)  Closed  1/7/21  (12)   10,000    63,265    1,250    7/31/23    85   6/30/23   26    8%   -    94,250(10)

 

A-2

 

 

   Series*     Offering
Status
  Qual.
Date
  Closing
Date
  Total
# of
Shares
Sold(2)
   Total
Amount
Raised(2)
   Mos
Rental
Income(3)
   Lease
Exp.
Date(4)
   Mon.
Property
Tax
   Insurance
Exp.
Date
  Mon.
Ins.
Expense
   Mon.
Mgmt.
Fee**
   Acq.
Note
Balance (9)
   Refinance
Note
Balance (10)(11)
 
37  Landa Series 8662 Ashley Way  (5)  Closed  1/7/21  9/21/22   10,000    56,097    975    7/31/23    89   6/30/23   26    8%   -    87,750(10)
38  Landa Series 8668 Ashley Way  (5)  Closed  1/7/21  (12)   10,000    58,222    1,150    6/30/23    107   6/30/23   27    8%   -    87,253(10)
39  Landa Series 8670 Ashley Way  (5)  Closed  1/7/21  (12)   10,000    64,620    1,050    7/31/23    97   6/30/23   28    8%   -    81,942(10)
40  Landa Series 8674 Ashley Way  (5)(8)  Closed  1/7/21  8/8/22   10,000    47,137    1,300    12/31/23    90   6/30/23   25    8%   -    104,000(10)
41  Landa Series 8675 Ashley Way  (5)  Closed  1/7/21  8/19/22   10,000    45,350    1,100    8/31/23    82   6/30/23   25    8%   -    88,770(10)
42  Landa Series 8677 Ashley Way  (5)  Closed  1/7/21  4/20/22   10,000    42,667    1,100    7/31/23    78   6/30/23   24    8%   -    81,183(10)
43  Landa Series 8678 Ashley Way  (5)  Closed  1/7/21  (12)   10,000    64,012    1,100    7/31/23    107   6/30/23   29    8%   -    94,500(10)
44  Landa Series 8679 Ashley Way  (5)  Closed  1/7/21  8/3/22   10,000    46,117    1,400    2/29/24    101   6/30/23   25    8%   -    78,750(10)
45  Landa Series 8683 Ashley Way  (5)  Closed  1/7/21  (12)   10,000    47,788    1,024    6/30/23    86   6/30/23   23    8%   -    124,425(10)
46  Landa Series 10 Oak Wood Lane  (1)(5)  New  -  -   -    -    1,700    8/31/23    104   6/30/23   47    8%   254,456    152,673(11)
47  Landa Series 10 Windridge Drive  (1)(5)  New  -  -   -    -    1,394    3/31/23    114   6/30/23   40    8%   256,422    153,853(11)
48  Landa Series 1000 Fox Valley Trail  (1)(5)  New  -  -   -    -    1,850    7/31/23    238   6/30/23   50    8%   297,984    178,791(11)
49  Landa Series 1007 Leeward Way  (1)(5)  New  -  -   -    -    1,753    6/30/23    161   6/30/23   48    8%   300,157    180,094(11)
50  Landa Series 10119 Commons Way  (1)(5)  New  -  -   -    -    1,622    6/30/23    188   6/30/23   49    8%   306,450    183,870(11)
51  Landa Series 10121 Morris Drive SW  (1)(5)  New  -  -   -    -    1,600    12/31/23    86   6/30/23   16    8%   278,235    166,941(11)
52  Landa Series 10183 Starr Street SW  (1)(5)  New  -  -   -    -    1,322    8/31/23    87   6/30/23   41    8%   268,383    161,030(11)
53  Landa Series 103 Starlake Drive  (1)(5)  New  -  -   -    -    1,250    9/30/23    124   6/30/23   40    8%   267,883    160,730(11)
54  Landa Series 104 Summerfield Drive  (1)(6)  New  -  -   -    -    -    -    190   6/30/23   48    8%   300,059    180,035(11)
55  Landa Series 10433 Candlelight Road  (1)(5)(8)  New  -  -   -    -    -    -    171   6/30/23   40    8%   305,757    183,454(11)
56  Landa Series 105 Anne Street  (1)(5)  New  -  -   -    -    1,592    11/30/23    81   6/30/23   40    8%   253,115    151,869(11)

 

A-3

 

 

   Series*     Offering
Status
  Qual.
Date
  Closing
Date
  Total
# of
Shares
Sold(2)
   Total
Amount
Raised(2)
   Mos
Rental
Income(3)
   Lease
Exp.
Date(4)
   Mon.
Property
Tax
   Insurance
Exp.
Date
  Mon.
Ins.
Expense
   Mon.
Mgmt.
Fee**
   Acq.
Note
Balance (9)
   Refinance
Note
Balance (10)(11)
 
57  Landa Series 107 Oakwood Circle  (1)(5)  New  -  -   -    -    1,249    3/31/23    68   6/30/23   30    8%   198,781    119,269(11)
58  Landa Series 109 Amberwood Lane  (1)(5)  New  -  -   -    -    1,100    7/31/23    81   6/30/23   33    8%   216,284    129,770(11)
59  Landa Series 110 Shenandoah Drive  (1)(5)  New  -  -   -    -    1,300    6/30/23    133   6/30/23   43    8%   310,797    186,478(11)
60  Landa Series 111 Fir Drive  (1)(5)  New  -  -   -    -    1,250    8/31/23    124   6/30/23   34    8%   240,106    144,064(11)
61  Landa Series 1110 Parkview Drive  (1)(5)  New  -  -   -    -    1,299    8/31/23    73   6/30/23   41    8%   260,727    156,436(11)
62  Landa Series 11187 Shannon Circle  (1)(5)  New  -  -   -    -    1,803    2/29/24    143   6/30/23   50    8%   310,885    186,531(11)
63  Landa Series 112 Ridge Street  (1)(5)  New  -  -   -    -    1,773    6/30/23    184   6/30/23   43    8%   309,709    185,825(11)
64  Landa Series 11322 Michelle Way  (1)(5)  New  -  -   -    -    1,313    4/30/23    159   6/30/23   33    8%   250,982    150,589(11)
65  Landa Series 114 Starlake Drive  (1)(5)  New  -  -   -    -    1,172    8/31/23    123   6/30/23   40    8%   253,436    152,062(11)
66  Landa Series 11447 S Grove Drive  (1)(5)  New  -  -   -    -    1,763    3/31/23    171   6/30/23   45    8%   284,781    170,869(11)
67  Landa Series 1147 Village Way  (1)(5)  New  -  -   -    -    1,525    9/30/23    299   6/30/23   32    8%   301,010    180,606(11)
68  Landa Series 115 Lakeview Drive  (1)(5)  New  -  -   -    -    1,682    6/30/23    182   6/30/23   45    8%   285,786    171,472(11)
69  Landa Series 1160 Gable Terrace  (1)(5)  New  -  -   -    -    1,708    6/30/23    225   6/30/23   47    8%   301,175    180,705(11)
70  Landa Series 1190 Kirkland Road  (1)(5) (8)  New  -  -   -    -    -    -    115   6/30/23   52    8%   323,791    194,275(11)
71  Landa Series 12 Mintz Street  (1)(5)  New  -  -   -    -    1,499    4/30/23    135   6/30/23   42    8%   264,035    158,421(11)
72  Landa Series 120 Rosewood Drive  (1)(5)  New  -  -   -    -    1,844    6/30/23    179   6/30/23   46    8%   286,873    172,124(11)
73  Landa Series 1201 Kilrush Drive  (1)(5)  New  -  -   -    -    2,418    9/30/23    266   6/30/23   83    8%   535,920    321,552(11)
74  Landa Series 124 Libby Lane  (1)(5) (8)  New  -  -   -    -    -    -    95   6/30/23   33    8%   240,485    144,291(11)
75  Landa Series 126 E Mimosa Drive  (1)(5)  New  -  -   -    -    1,400    12/31/23    104   6/30/23   40    8%   256,451    153,871(11)
76  Landa Series 12641 Alcovy Road  (1)(5)  New  -  -   -    -    1,617    2/28/24    123   6/30/23   49    8%   307,481    184,489(11)

 

A-4

 

 

   Series*     Offering
Status
  Qual.
Date
  Closing
Date
  Total
# of
Shares
Sold(2)
   Total
Amount
Raised(2)
   Mos
Rental
Income(3)
   Lease
Exp.
Date(4)
   Mon.
Property
Tax
   Insurance
Exp.
Date
  Mon.
Ins.
Expense
   Mon.
Mgmt.
Fee**
   Acq.
Note
Balance (9)
   Refinance
Note
Balance (10)(11)
 
77  Landa Series 1320 Winona Avenue  (1)(6)  New  -  -   -    -    -    -    54   6/30/23   34    8%   220,795    132,477(11)
78  Landa Series 133 Dove Landing  (1)(6)  New  -  -   -    -    -    -    86   6/30/23   35    8%   227,058    136,235(11)
79  Landa Series 137 Southern Shores Road  (1)(5)  New  -  -   -    -    1,185    5/31/23    114   6/30/23   33    8%   240,268    144,161(11)
80  Landa Series 138 Sandalwood Circle  (1)(5)  New  -  -   -    -    1,700    7/21/23    102   6/30/23   28    8%   253,616    152,170(11)
81  Landa Series 140 High Ridge Road  (1)(5)  New  -  -   -    -    1,450    12/31/23    126   6/30/23   40    8%   285,784    171,470(11)
82  Landa Series 141 Longstreet Circle  (1)(5)  New  -  -   -    -    1,618    10/31/23    126   6/30/23   54    8%   331,402    198,841(11)
83  Landa Series 1443 Pebble Ridge Lane  (1)(6)  New  -  -   -    -    -    -    170   6/30/23   51    8%   319,610    191,766(11)
84  Landa Series 1445 Maple Valley Court  (1)(5)  New  -  -   -    -    1,175    4/30/23    155   6/30/23   38    8%   200,632    120,379(11)
85  Landa Series 146 Crystal Brook  (1)(5)  New  -  -   -    -    1,250    3/31/23    138   6/30/23   28    8%   212,200    127,320(11)
86  Landa Series 1473 Brownleaf Drive  (1)(5)  New  -  -   -    -    1,592    4/30/23    154   6/30/23   45    8%   282,588    169,553(11)
87  Landa Series 1485 Bola Court  (1)(5)  New  -  -   -    -    1,685    2/28/24    112   6/30/23   41    8%   258,597    155,158(11)
88  Landa Series 1490 Diplomat Drive  (1)(5)  New  -  -   -    -    1,675    9/30/23    235   6/30/23   58    8%   354,470    212,682(11)
89  Landa Series 153 Cliffside Court  (1)(5)  New  -  -   -    -    1,000    8/31/23    100   6/30/23   23    8%   185,856    111,514(11)
90  Landa Series 157 Wells Road  (1)(5)  New  -  -   -    -    983    9/30/23    110   6/30/23   34    8%   221,620    132,972(11)
91  Landa Series 160 Chimney Ridge Trail  (1)(5)  New  -  -   -    -    1,550    9/30/23    177   6/30/23   46    8%   286,873    172,124(11)
92  Landa Series 164 Longstreet Circle  (1)(5)  New  -  -   -    -    1,643    8/31/23    151   6/30/23   46    8%   289,049    173,429(11)
93  Landa Series 1666 W Poplar Street  (1)(5)  New  -  -   -    -    1,178    8/31/23    77   6/30/23   31    8%   231,406    138,843(11)
94  Landa Series 168 Brookview Drive  (1)(5) (8)  New  -  -   -    -    -    -    136   6/30/23   34    8%   132,243    79,346(11)
95  Landa Series 1683 Spoonbill Road  (1)(5) (8)  New  -  -   -    -    -    -    116   6/30/23   38    8%   244,459    146,675(11)
96  Landa Series 1689 Viceroy Way  (1)(5)  New  -  -   -    -    1,450    5/31/23    279   6/30/23   43    8%   280,628    168,377(11)

 

A-5

 

 

   Series*     Offering
Status
  Qual.
Date
  Closing
Date
  Total
# of
Shares
Sold(2)
   Total
Amount
Raised(2)
   Mos
Rental
Income(3)
   Lease
Exp.
Date(4)
   Mon.
Property
Tax
   Insurance
Exp.
Date
  Mon.
Ins.
Expense
   Mon.
Mgmt.
Fee**
   Acq.
Note
Balance (9)
   Refinance
Note
Balance (10)(11)
 
97  Landa Series 171 Davidson Drive  (1)(5)(8)  New  -  -   -    -    -    -    141   6/30/23   49    8%   303,132    181,879(11)
98  Landa Series 1768 Glen View Way  (1)(6)  New  -  -   -    -    1,575    9/30/23    147   6/30/23   39    8%   250,620    150,372(11)
99  Landa Series 181 Watercress Court  (1)(5)  New  -  -   -    -    1,600    10/31/23    151   6/30/23   31    8%   274,908    164,945(11)
100  Landa Series 188 Timberline Road  (1)(6)  New  -  -   -    -    -    -    31   6/30/23   26    8%   161,802    97,081(11)
101  Landa Series 189 Shenandoah Drive  (1)(5)  New  -  -   -    -    1,342    4/30/23    143   6/30/23   35    8%   256,420    153,852(11)
102  Landa Series 1903 Old Concord Drive SE  (1)(5)  New  -  -   -    -    1,500    12/31/23    108   6/30/23   50    8%   308,568    185,141(11)
103  Landa Series 195 Branchwood Drive  (1)(5)  New  -  -   -    -    1,675    9/30/23    132   6/30/23   51    8%   316,179    189,708(11)
104  Landa Series 195 Fairclift Drive  (1)(5)  New  -  -   -    -    1,666    11/30/23    103   6/30/23   45    8%   285,786    171,472(11)
105  Landa Series 195 Hunters Trace  (1)(5)  New  -  -   -    -    1,607    12/31/23    136   6/30/23   41    8%   316,955    190,173(11)
106  Landa Series 196 Montego Circle  (1)(5)   New  -  -   -    -    1,392    12/31/22    133   6/30/23   38    8%   267,295    160,377(11)
107  Landa Series 20 Chimney Smoke Drive  (1)(5)  New  -  -   -    -    1,693    3/31/23    191   6/30/23   46    8%   286,873    172,124(11)
108  Landa Series 204 N Main Court  (1)(5)  New  -  -   -    -    1,400    9/30/23    157   6/30/23   35    8%   227,058    136,235(11)
109  Landa Series 2055 Grove Way  (1)(5)  New  -  -   -    -    1,500    9/30/23    162   6/30/23   39    8%   248,809    149,285(11)
110  Landa Series 212 Fleeta Drive  (1)(6)  New  -  -   -    -    -    -    115   6/30/23   36    8%   233,632    140,179(11)
111  Landa Series 215 Central Lake Circle  (1)(6)  New  -  -   -    -    -    -    98   6/30/23   42    8%   267,251    160,351(11)
112  Landa Series 217 Glenloch Court  (1)(5)  New  -  -   -    -    1,685    2/28/23    206   6/30/23   55    8%   308,621    185,173(11)
113  Landa Series 2177 E Chester Circle SE  (1)(5)  New  -  -   -    -    1,775    1/31/24    116   6/30/23   50    8%   312,950    187,770(11)
114  Landa Series 221 Lakeview Drive  (1)(5)  New  -  -   -    -    1,595    9/30/23    196   6/30/23   48    8%   297,749    178,649(11)
115  Landa Series 2264 Chestnut Hill Circle  (1)(5)  New  -  -   -    -    1,875    9/30/23    318   6/30/23   63    8%   379,313    227,588(11)
116  Landa Series 235 Lazy Hollow Lane  (1)(5)  New  -  -   -    -    1,737    6/30/23    148   6/30/23   48    8%   299,259    179,556(11)

 

A-6

 

 

   Series*     Offering
Status
  Qual.
Date
  Closing
Date
  Total
# of
Shares
Sold(2)
   Total
Amount
Raised(2)
   Mos
Rental
Income(3)
   Lease
Exp.
Date(4)
   Mon.
Property
Tax
   Insurance
Exp.
Date
  Mon.
Ins.
Expense
   Mon.
Mgmt.
Fee**
   Acq.
Note
Balance (9)
   Refinance
Note
Balance (10)(11)
 
117  Landa Series 2425 Cornell Circle  (1)(5)  New  -  -   -    -    2,181    6/30/23    250   6/30/23   54    8%   331,464    198,879(11)
118  Landa Series 2443 Hodges Farm Road  (1)(5)  New  -  -   -    -    1,280    6/30/23    119   6/30/23   38    8%   245,546    147,328(11)
119  Landa Series 25 Pleasant Valley Road  (1)(5)  New  -  -   -    -    1,641    5/31/23    170   6/30/23   42    8%   283,609    170,165(11)
120  Landa Series 253 Marco Drive  (1)(5)  New  -  -   -    -    1,278    5/31/23    108   6/30/23   33    8%   232,761    139,657(11)
121  Landa Series 255 Countryside Lane  (1)(5)  New  -  -   -    -    1,808    2/29/24    131   6/30/23   47    8%   294,486    176,692(11)
122  Landa Series 258 Rocky Point Road  (1)(6)  New  -  -   -    -    -    -    172   6/30/23   48    8%   315,147    189,088(11)
123  Landa Series 263 Rocky Point Road  (1)(5)  New  -  -   -    -    1,495    10/31/23    118   6/30/23   44    8%   279,261    167,556(11)
124  Landa Series 268 Brookview Drive  (1)(5)(8)  New  -  -   -    -    -    -    136   6/30/23   34    8%   188,408    113,045(11)
125  Landa Series 270 Mountain Lane  (1)(5)  New  -  -   -    -    1,650    9/30/23    123   6/30/23   45    8%   291,683    175,010(11)
126  Landa Series 270 Mountain Way  (1)(5)(8)  New  -  -   -    -    -    -    119   6/30/23   46    8%   287,961    172,777(11)
127  Landa Series 270 Pleasant Hill Drive  (1)(5)  New  -  -   -    -    1,704    2/29/24    125   6/30/23   51    8%   273,208    163,925(11)
128  Landa Series 2794 Norfair Loop  (1)(5)  New  -  -   -    -    1,385    3/31/23    214   6/30/23   36    8%   233,583    140,150(11)
129  Landa Series 2813 Vicksburg Court  (1)(5)  New  -  -   -    -    1,525    7/31/23    127   6/30/23   53    8%   337,986    202,791(11)
130  Landa Series 2933 Coffer Drive  (1)(6)  New  -  -   -    -    -    -    99   6/30/23   40    8%   281,715    169,029(11)
131  Landa Series 30 High Ridge Road  (1)(5)  New  -  -   -    -    1,666    1/31/24    115   6/30/23   40    8%   332,846    199,707(11)
132  Landa Series 30 Roosevelt Road  (1)(5)  New  -  -   -    -    1,625    10/31/23    179   6/30/23   47    8%   284,696    170,818(11)
133  Landa Series 3011 Raintree Drive SE  (1)(5)  New  -  -   -    -    1,650    9/30/23    176   6/30/23   37    8%   310,013    186,008(11)
134  Landa Series 304 Deerfield Drive  (1)(6)  New  -  -   -    -    -    -    149   6/30/23   45    8%   291,845    175,107(11)
135  Landa Series 3043 Highway 81 S  (1)(6)  New  -  -   -    -    -    -    129   6/30/23   37    8%   216,225    129,735(11)

 

A-7

 

 

   Series*     Offering
Status
  Qual.
Date
  Closing
Date
  Total
# of
Shares
Sold(2)
   Total
Amount
Raised(2)
   Mos
Rental
Income(3)
   Lease
Exp.
Date(4)
   Mon.
Property
Tax
   Insurance
Exp.
Date
  Mon.
Ins.
Expense
   Mon.
Mgmt.
Fee**
   Acq.
Note
Balance (9)
   Refinance
Note
Balance (10)(11)
 
136  Landa Series 313 Blue Heron Drive  (1)(5)  New  -  -   -    -    1,800    6/22/23    178   6/30/23   41    8%   271,457    162,874(11)
137  Landa Series 3202 Chippewa Drive  (1)(6)  New  -  -   -    -    -    -    115   6/30/23   43    8%   298,834    179,301(11)
138  Landa Series 35 Clay Court  (1)(5)  New  -  -   -    -    1,699    7/31/23    139   6/30/23   46    8%   303,197    181,918(11)
139  Landa Series 350 Cadiz Lane S  (1)(6)  New  -  -   -    -    -    -    130   6/30/23   41    8%   277,083    166,250(11)
140  Landa Series 351 Wesley Park Drive  (1)(5)  New  -  -   -    -    1,520    4/30/23    143   6/30/23   34    8%   260,770    156,462(11)
141  Landa Series 3603 Manhattan Drive  (1)(6)  New  -  -   -    -    -    -    215   6/30/23   53    8%   326,027    195,616(11)
142  Landa Series 3667 Patti Parkway  (1)(5)  New  -  -   -    -    2,000    10/31/23    276   6/30/23   62    8%   379,317    227,590(11)
143  Landa Series 404 Barberry Lane  (1)(5)  New  -  -   -    -    1,255    2/28/23    158   6/30/23   45    8%   285,892    171,535(11)
144  Landa Series 412 Kendall Lane  (1)(5)  New  -  -   -    -    1,775    12/31/23    156   6/30/23   47    8%   296,763    178,058(11)
145  Landa Series 416 Autumn Lake Court  (1)(5)
(8)
  New  -  -   -    -    -    -    162   6/30/23   42    8%   266,210    159,726(11)
146  Landa Series 43 Darwin Drive  (1)(5) (8)  New  -  -   -    -    -    -    117   6/30/23   37    8%   252,069    151,242(11)
147  Landa Series 432 Manor Estates Drive  (1)(5)  New  -  -   -    -    1,574    2/28/24    166   6/30/23   50    8%   314,170    188,502(11)
148  Landa Series 440 Freestone Drive  (1)(5)  New  -  -   -    -    1,550    10/31/23    110   6/30/23   52    8%   331,496    198,898(11)
149  Landa Series 4447 Lake Breeze Drive  (1)(5)  New  -  -   -    -    1,635    10/31/23    272   6/30/23   55    8%   342,340    205,404(11)
150  Landa Series 445 Independence Drive  (1)(5)  New  -  -   -    -    1,650    8/31/23    160   6/30/23   49    8%   298,780    179,268(11)
151  Landa Series 449 Kara Lane  (1)(5)  New  -  -   -    -    1,774    5/24/23    166   6/30/23   48    8%   265,401    159,241(11)
152  Landa Series 45 Blue Jay Drive  (1)(5)  New  -  -   -    -    1,749.67    1/31/24    190   6/30/23   56    8%   353,211    211,927(11)
153  Landa Series 45 Laurel Way  (1)(6)  New  -  -   -    -    -    -    142   6/30/23   55    8%   340,100    204,060(11)
154  Landa Series 4702 Saint James Way  (1)(6)  New  -  -   -    -    -    -    203   6/30/23   38    8%   267,453    160,472(11)
155  Landa Series 4732 Pinedale Drive  (1)(5)  New  -  -   -    -    1,170    2/29/24    97   6/30/23   32    8%   234,719    140,831(11)

 

A-8

 

 

    Series*       Offering
Status
  Qual.
Date
  Closing
Date
  Total
# of
Shares
Sold(2)
    Total
Amount
Raised(2)
    Mos
Rental
Income(3)
    Lease
Exp.
Date(4)
    Mon.
Property
Tax
    Insurance
Exp.
Date
  Mon.
Ins.
Expense
    Mon.
Mgmt.
Fee**
    Acq.
Note
Balance (9)
    Refinance
Note
Balance (10)(11)
 
156   Landa Series 497 Highway 212   (1)(5)   New   -   -     -       -       1,200       10/31/23       96     6/30/23     44       8 %     279,211       167,527 (11)
157   Landa Series 5039 East Street   (1)(6)   New   -   -     -       -       -               136     6/30/23     32       8 %     207,482       124,489 (11)
158   Landa Series 5040 Huntshire Lane   (1)(5)   New   -   -     -       -       2,499       6/18/23       388     6/30/23     83       8 %     444,985       266,991 (11)
159   Landa Series 513 Jarrett Court   (1)(5)   New   -   -     -       -       1,599       10/31/23       172     6/30/23     40       8 %     289,113       173,468 (11)
160   Landa Series 5143 Pinecrest Drive SW   (1)(5)   New   -   -     -       -       1,225       6/22/23       78     6/30/23     32       8 %     227,104       136,262 (11)
161   Landa Series 524 Sawmill Road   (1)(5)   New   -   -     -       -       1,550       11/30/23       98     6/30/23     48       8 %     283,679       170,208 (11)
162   Landa Series 5329 Shirewick Lane   (1)(5)   New   -   -     -       -       2,045       6/30/23       242     6/30/23     55       8 %     337,990       202,794 (11)
163   Landa Series 540 Cowan Road   (1)(5)   New   -   -     -       -       1,674       2/28/24       105     6/30/23     47       8 %     299,557       179,734 (11)
164   Landa Series 5411 Rocky Pine Drive   (1)(6)   New   -   -     -       -       -       -       231     6/30/23     50       8 %     309,885       185,931 (11)
165   Landa Series 55 Myrtle Grove Lane   (1)(5)   New   -   -     -       -       1,675       8/31/23       124     6/30/23     46       8 %     291,224       174,734 (11)
166   Landa Series 550 Cowan Road   (1)(5)   New   -   -     -       -       1,475       11/30/23       88     6/30/23     41       8 %     250,783       150,470 (11)
167   Landa Series 5581 Fox Glen Circle   (1)(5)   New   -   -     -       -       2,275       7/22/23       346     6/30/23     40       8 %     434,715       260,829 (11)
168   Landa Series 565 Mountainview Drive   (1)(5)   New   -   -     -       -       1,675       7/31/23       151     6/30/23     78       8 %     283,236       169,941 (11)
169   Landa Series 5737 Strathmoor Manor Circle   (1)(6)   New   -   -     -       -       -       -       158     6/30/23     47       8 %     254,247       152,548 (11)
170   Landa Series 5801 Strathmoor Manor Circle   (1)(5)   New   -   -     -       -       1,575       6/24/23       155     6/30/23     34       8 %     262,945       157,767 (11)
171   Landa Series 6104-6106 Oakwood Circle SW   (1)(5)(7)   New   -   -     -       -       1,617       (7 )     78     6/30/23     89       8 %     247,853       148,712 (11)
172   Landa Series 6107 Shadow Glen Court   (1)(5)   New   -   -     -       -       1,175       9/30/23       80     6/30/23     29       8 %     212,961       127,777 (11)
173   Landa Series 6111-6113 Pine Glen Circle SW   (1)(5)(6)(7)   New   -   -     -       -       1,200       (7 )     151     6/30/23     71       8 %     456,530       273,918 (11)

 

A-9

 

 

    Series*       Offering
Status
  Qual.
Date
  Closing
Date
  Total
# of
Shares
Sold(2)
    Total
Amount
Raised(2)
    Mos
Rental
Income(3)
    Lease
Exp.
Date(4)
    Mon.
Property
Tax
    Insurance
Exp.
Date
  Mon.
Ins.
Expense
    Mon.
Mgmt.
Fee**
    Acq.
Note
Balance (9)
    Refinance
Note
Balance (10)(11)
 
174   Landa Series 6119 Pineneedle Drive SW   (1)(6)   New   -   -     -       -       -       -       79     6/30/23     24       8 %     166,154       99,693 (11)
175   Landa Series 615 Barshay Drive   (1)(5)   New   -   -     -       -       1,524       3/31/23       113     6/30/23     40       8 %     291,964       175,178 (11)
176   Landa Series 6168 Wheat Street NE   (1)(6)   New   -   -     -       -       -       -       56     6/30/23     30       8 %     187,898       112,739 (11)
177   Landa Series 6178 Green Acres Drive SW   (1)(5)   New   -   -     -       -       1,400       1/31/24       113     6/30/23     36       8 %     223,434       134,061 (11)
178   Landa Series 6386 Forester Way   (1)(5)   New   -   -     -       -       1,800       11/30/23       227     6/30/23     47       8 %     296,833       178,100 (11)
179   Landa Series 6404 Walnut Way   (1)(5) (8)   New   -   -     -       -       -       -       194     6/30/23     44       8 %     279,261       167,556 (11)
180   Landa Series 643 Sycamore Drive   (1)(5)   New   -   -     -       -       1,535       8/31/23       185     6/30/23     37       8 %     270,184       162,111 (11)
181   Landa Series 65 Freedom Court   (1)(5)   New   -   -     -       -       1,612       11/30/23       133     6/30/23     41       8 %     293,884       176,331 (11)
182   Landa Series 653 Georgetown Lane   (1)(5)   New   -   -     -       -       1,587       4/30/23       136     6/30/23     45       8 %     285,870       171,522 (11)
183   Landa Series 6635 Kimberly Mill Road   (1)(6)   New   -   -     -       -       -       -       146     6/30/23     40       8 %     328,712       197,227 (11)
184   Landa Series 6653 Bedford Road   (1)(5)   New   -   -     -       -       1,475       10/31/23       159     6/30/23     37       8 %     278,623       167,174 (11)
185   Landa Series 6710 Sunset Hills Boulevard   (1)(5)   New   -   -     -       -       1,150       9/30/23       140     6/30/23     37       8 %     236,846       142,107 (11)
186   Landa Series 6762 Bent Creek Drive   (1)(5)   New   -   -     -       -       1,595       9/30/23       167     6/30/23     34       8 %     279,258       167,555 (11)
187   Landa Series 683 Wood Path Court   (1)(5)(8)   New   -   -     -       -       -       -       190     6/30/23     56       8 %     328,476       197,085 (11)
188   Landa Series 70 Shenandoah Lane   (1)(5)   New   -   -     -       -       1,768       3/31/23       160     6/30/23     54       8 %     335,751       201,451 (11)
189   Landa Series 709 Georgetown Court   (1)(5)   New   -   -     -       -       1,700       7/19/23       142     6/30/23     38       8 %     276,058       165,635 (11)
190   Landa Series 7107 Geiger Street NW   (1)(5)   New   -   -     -       -       1,150       9/30/23       27     6/30/23     26       8 %     160,714       96,429 (11)
191   Landa Series 7205 Lakeview Drive SW   (1)(5)   New   -   -     -       -       1,600       12/31/23       111     6/30/23     47       8 %     292,311       175,387 (11)
192   Landa Series 750 Georgetown Court   (1)(5)   New   -   -     -       -       1,113       1/31/23       144     6/30/23     37       8 %     227,055       136,233 (11)
193   Landa Series 752 Chestnut Drive   (1)(5)   New   -   -     -       -       965       12/31/22       55     6/30/23     30       8 %     197,731       118,639 (11)

 

A-10

 

 

   Series*     Offering
Status
  Qual.
Date
  Closing
Date
  Total
# of
Shares
Sold(2)
   Total
Amount
Raised(2)
   Mos
Rental
Income(3)
   Lease
Exp.
Date(4)
   Mon.
Property
Tax
   Insurance
Exp.
Date
  Mon.
Ins.
Expense
   Mon.
Mgmt.
Fee**
   Acq.
Note
Balance (9)
   Refinance
Note
Balance (10)(11)
 
194  Landa Series 773 Villa Way  (1)(6)  New  -  -   -    -    -    -    117   6/30/23   36    8%   119,844    71,906(11)
195  Landa Series 7781 Mountain Creek Way  (1)(6)  New  -  -   -    -    -    -    180   6/30/23   51    8%   301,080    180,648(11)
196  Landa Series 7950 Woodlake Drive  (1)(5)  New  -  -   -    -    1,310    4/30/23    152   6/30/23   42    8%   250,982    150,589(11)
197  Landa Series 80 High Ridge Road  (1)(5)  New  -  -   -    -    1,645    9/30/23    152   6/30/23   45    8%   302,097    181,258(11)
198  Landa Series 800 Mills Drive  (1)(6)  New  -  -   -    -    -    -    117   6/30/23   55    8%   336,839    202,103(11)
199  Landa Series 808 Hillandale Lane  (1)(5)  New  -  -   -    -    1,614    11/30/23    190   6/30/23   42    8%   285,336    171,202(11)
200  Landa Series 8110 Devonshire Drive  (1)(5)  New  -  -   -    -    1,478    4/30/23    76   6/30/23   29    8%   212,961    127,777(11)
201  Landa Series 8121 Spillers Drive SW  (1)(5)  New  -  -   -    -    1,280    12/31/23    63   6/30/23   28    8%   244,946    146,967(11)
202  Landa Series 8233 Creekline Court  (1)(6)  New  -  -   -    -    -    -    167   6/30/23   42    8%   293,652    176,191(11)
203  Landa Series 8302 Sterling Lakes Drive  (1)(5)  New  -  -   -    -    1,675    1/31/20    151   6/30/23   49    8%   305,362    183,217(11)
204  Landa Series 843 Tramore Drive  (1)(5)  New  -  -   -    -    1,680    9/30/23    178   6/30/23   23    8%   195,489    117,293(11)
205  Landa Series 85 Kirkland Court  (1)(5)  New  -  -   -    -    1,795    9/30/23    154   6/30/23   55    8%   331,460    198,876(11)
206  Landa Series 85 Thorn Thicket Way  (1)(5)  New  -  -   -    -    1,239    1/31/23    170   6/30/23   46    8%   294,552    176,731(11)
207  Landa Series 8658 Ashley Way  (1)(5)  New  -  -   -    -    1,200    5/14/23    89   6/30/23   27    8%   190,908    114,545(11)
208  Landa Series 8667 Ashley Way  (1)(5)  New  -  -   -    -    1,155    9/30/23    82   6/30/23   18    8%   136,737    82,042(11)
209  Landa Series 8671 Ashley Way  (1)(5)  New  -  -   -    -    1,103    8/23/23    82   6/30/23   21    8%   200,777    120,466(11)
210  Landa Series 8676 Ashley Way  (1)(6)  New  -  -   -    -    -    -    97   6/30/23   41    8%   205,683    123,410(11)
211  Landa Series 8691 Ashley Way  (1)(5)  New  -  -   -    -    1,250    10/31/23    113   6/30/23   48    8%   148,555    89,133(11)
212  Landa Series 8692 Ashley Way  (1)(6)  New  -  -   -    -    -    -    124   6/30/23   46    8%   145,859    87,515(11)

 

A-11

 

 

    Series*       Offering
Status
  Qual.
Date
  Closing
Date
  Total
# of
Shares
Sold(2)
    Total
Amount
Raised(2)
    Mos
Rental
Income(3)
    Lease
Exp.
Date(4)
    Mon.
Property
Tax
    Insurance
Exp.
Date
  Mon.
Ins.
Expense
    Mon.
Mgmt.
Fee**
    Acq.
Note
Balance (9)
    Refinance
Note
Balance (10)(11)
 
213   Landa Series 8693 Ashley Way   (1)(6)   New   -   -     -       -       -       -       112     6/30/23     48       8 %     220,464       132,279 (11)
214   Landa Series 8694 Ashley Way   (1)(6)   New   -   -     -       -       -       -       110     6/30/23     24       8 %     200,996       120,598 (11)
215   Landa Series 8697 Ashley Way   (1)(5)   New   -   -     -       -       1,150       6/30/23       106     6/30/23     24       8 %     218,458       131,075 (11)
216   Landa Series 8819 Leafwood Court   (1)(5)   New   -   -     -       -       1,500       11/30/23       134     6/30/23     45       8 %     282,606       169,564 (11)
217   Landa Series 8855 Rugby Court   (1)(5)   New   -   -     -       -       1,345       2/29/24       116     6/30/23     34       8 %     221,665       132,999 (11)
218   Landa Series 9020 Sterling Ridge Lane   (1)(5)   New   -   -     -       -       1,650       6/23/23       131     6/30/23     42       8 %     236,659       141,996 (11)
219   Landa Series 9150 Spillers Drive SW   (1)(5)   New   -   -     -       -       1,349       9/30/23       135     6/30/23     40       8 %     253,159       151,895 (11)
220   Landa Series 925 Mote Road   (1)(5)   New   -   -     -       -       1,499       11/30/23       106     6/30/23     50       8 %     311,830       187,098 (11)
221   Landa Series 9409 Forest Knoll Drive   (1)(5)   New   -   -     -       -       1,873       2/28/24       161     6/30/23     49       8 %     307,642       184,585 (11)
222   Landa Series 9434 Cedar Creek Place   (1)(5)   New   -   -     -       -       1,500       7/31/23       189     6/30/23     48       8 %     331,780       199,068 (11)
223   Landa Series 9597 Pintail Trail   (1)(5)   New   -   -     -       -       1,775       10/31/23       192     6/30/23     42       8 %     301,292       180,775 (11)
224   Landa Series 974 Laurel Street   (1)(5)   New   -   -     -       -       1,411       2/28/23       166     6/30/23     44       8 %     278,298       166,979 (11)
225   Landa Series 1701 Summerwoods Lane   (1)(5)(13)   New   -   -     -       -       1,047       8/31/23       148     6/30/23     27       8 %     172,405       103,443 (11)
226   Landa Series 1741 Park Lane   (1)(5)(13)   New   -   -     -       -       799       12/31/23       151     6/30/23     31       8 %     195,085       117,051 (11)

 

*The Acquisition Fee (as defined below) equals is expected to equal six percent (6%) of the purchase cost of the Property. See the section entitled “Use of Proceeds” in Appendix B for more information about the Acquisition Fee.
**The Monthly Management Fee payable by each Series is expected to equal eight percent (8%) of the Gross Monthly Rent. See the section entitled “Description of the Properties and the Series” in Appendix B for more information about the Monthly Management Fee.
(1) Title for the Property underlying this Series is currently held by Landa Properties. We expect that Landa Properties will transfer title to the Property to the applicable Series, or to the Company for the benefit of the Series, prior to the initial Closing of sales of Shares of the Series.
(2)Reflected as of up to two (2) business days prior to the date of this Offering Circular. Each Series is offering up to a maximum of 10,000 Shares pursuant to this Offering Circular.
(3)The Monthly Rental Income amount reflects the monthly rental payment due under the applicable lease agreement for the Property.
(4)After the Lease Expiration Date, the applicable lease agreement will become a month-to-month lease, unless the tenant provides written notice within thirty (30) days of an intention to terminate the lease agreement.
(5)This Series’ Property is currently subject to a lease agreement by and between Landa Properties and the tenant. We expect that Landa Properties will assign the rights under the lease agreement to the Series upon the transfer of title to the Property to the applicable Series. For more information about the lease terms for each lease agreement, please “Description of the Properties and the Series” In Appendix B.

 

A-12

 

 

(6)This Property is currently vacant or the tenant is in the process of vacating this Property. This Series will not earn any income and the Manager will not earn its Management Fee on Property until the Manager enters into a new lease agreement with a tenant for the Property. In the event that we enter into a new lease agreement, we will disclose the new lease terms in a supplement to this Offering Circular, in an Offering Circular supplement filed post-qualification under Rule 253(g) of Regulation A, or in a current report on Form 1-U, as applicable. If the Property remains vacant after qualification of the offering statement, all fees and expenses will be paid using the Series’ Reserves or will be paid by the Manager. See “Description of the Properties and the Series” in Appendix B for more information.
(7)The Property underlying the following Series are duplexes and are divided into two rental units with each unit having its own lease agreement. The monthly rental income reflected above for this Property represents the aggregate amount of rental income earned by the two rental units. By purchasing the Shares of this Series, investors will have the right to receive distributions from monthly rental income earned by the entire Property (that is, both rental units).

 

Landa Series 6104-6106 Oakwood Circle SW: The lease agreement for the Property located at 6104 Oakwood Circle SW, Covington, GA 30014 provides for a monthly rental income of $761.00 and has a Lease Expiration Date of June 30, 2023, and the lease agreement for the Property located at 6106 Oakwood Circle SW, Covington, GA 30014 provides for a monthly rental income of $856.00 and has a Lease Expiration Date of June 30, 2023.

Landa Series 6111-6113 Pine Glen Circle SW: The lease agreement for the Property located at 6111 Pine Glen Circle SW, Covington, GA 30014 provides for a monthly rental income of $1,200.00 and has a Lease Expiration Date of October 31, 2023, and as of the date of this Offering Circular, the Property located at 6113 Pine Glen Circle SW, Covington, GA 30014 is vacant and not subject to a lease agreement with a tenant (see footnote 6).

(8)The Manager commenced an eviction proceeding against the tenant of this Property. This Series will not earn any income and the Manager will not earn its Management Fee on Property until the Manager enters into a new lease agreement with a tenant for the Property. In the event that we enter into a new lease agreement, we will disclose the new lease terms in a supplement to this Offering Circular, in an Offering Circular supplement filed post-qualification under Rule 253(g) of Regulation A, or in a current report on Form 1-U, as applicable. If the Property remains vacant after qualification of the offering statement, all fees and expenses will be paid using the Series’ Reserves or will be paid by the Manager. See “Description of the Properties and the Series” in Appendix B for more information.
(9) Represents the outstanding remaining balance owed on the Acquisition Notes payable to the manager as of June 30, 2022.
(10) Represents the outstanding principal balance owed on the Refinance Note payable to the Refinance Lender.
(11) Represents the expected future principal balance owed on a Refinance Note payable to a Refinance Lender.
(12) All 10,000 Shares of this Series have been subscribed for and the Company is in the process of closing on the Series’ offering with the investors.

The Company has removed Landa Series 5051 Maple Drive and Landa Series 5544-5548 Windwood Road, Landa Series 304 Cedar Street, Landa Series 840 Park Villa Way, and Landa Series 94 Hampton Oaks Drive in this Offering Statement. None of these series will offer its Shares pursuant to the Offering Circular. The title to each of the Properties underlying these Series was not transferred to the applicable Series and none of these Series will offer its Shares pursuant to this Offering Circular. In addition, all fees and expenses incurred by these removed Series, including all fees and expenses incurred with respect to such Series’ Acquisition Notes, will be borne by the Manager.

(13) Landa Series 1701 Summerwoods Lane and Landa Series 1741 Park Lane are both Series that were previously qualified and  subsequently closed their offering on September 3, 2021. Both Series are being offered as “New” Series in this Offering Circular. The Series are presented on the Master Series Table as part of the previously qualified (45) series as well as part of the "New" Series being offered in this Offering Circular
(14) The Property previously held by this series has been sold.

 

A-13

 

 

APPENDIX B

 

This Appendix B sets forth the Use of Proceeds and Description of the Properties and the Series being offered pursuant to this Offering Circular.

 

For information with respect to the Properties owned by the Series that the Company previously offered, see “Description of the Properties” in the Prior Offering Statement that may be found here 

 

USE OF PROCEEDS

 

The tables included below set forth each Series’ estimated use of proceeds for its respective Offering, assuming the Series raises the Maximum Offering Amount for its Offering.

  

The Offerings are being conducted on a “best efforts” basis with no minimum offering amount, and neither the Manager nor any other party has a firm commitment or obligation to purchase any of the Series’ Shares. The amount disclosed in each of the tables below are the Maximum Offering Amounts for the applicable Series. The amounts set forth in the table below are rounded to the nearest dollar.

  

The actual proceeds raised in the respective Offerings may be lower, in which case the proceeds available to pay down the applicable Acquisition Note would also be lower and may result in lower distributions paid to holders.  

 

   Landa
Series 10
Oak Wood
Lane
   Landa
Series 10
Windridge
Drive
   Landa
Series 1000
Fox Valley
Trail
   Landa
Series 1007
Leeward
Way
   Landa
Series 10119
Commons
Way
   Landa
Series 10121
Morris
Drive SW
 
Purchase Price of the Property (1)  $213,436   $179,247   $230,771   $219,527   $225,569   $199,444 
Improvement Costs (2)   21,613    42,750    44,664    42,966    42,750    42,750 
Acquisition Fee (3)   14,041    14,055    16,398    16,484    16,834    15,267 
Property Diligence Expenses (4)   685    685    685    685    685    685 
Reserves (5)   4,681    19,685    5,466    20,495    20,612    20,089 
Total Amount of Acquisition Note   254,456    256,422    297,984    300,157    306,450    278,235 
Less:                              
Expected Refinance Note (6)   152,674    153,853    178,790    180,094    183,870    166,941 
Expected Payments on Acquisition Note from Offering Proceeds:  $101,782   $102,569   $119,194   $120,063   $122,580   $111,294 

 

   Landa
Series 10183
Starr
Street SW
   Landa
Series 103
Starlake
Drive
   Landa
Series 104
Summerfield
Drive
   Landa
Series 10433
Candlelight
Road
   Landa
Series 105
Anne
Street
   Landa
Series 107
Oakwood
Circle
 
Purchase Price of the Property (1)  $190,322   $188,308   $219,652   $224,928   $176,185   $125,876 
Improvement Costs (2)   42,750    44,307    57,750    42,750    42,750    42,750 
Acquisition Fee (3)   14,719    14,687    16,479    16,796    13,871    10,853 
Property Diligence Expenses (4)   685    685    685    685    685    685 
Reserves (5)   19,907    19,896    5,493    20,598    19,624    18,617 
Total Amount of Acquisition Note   268,383    267,883    300,059    305,757    253,115    198,781 
Less:                              
Expected Refinance Note (6)   161,030    160,730    180,035    183,454    151,869    119,269 
Expected Payments on Acquisition Note from Offering Proceeds:  $107,353   $107,153   $120,024   $122,303   $101,246   $79,512 

 

B-1

 

 

   Landa
Series 109
Amberwood
Lane
   Landa
Series 110
Shenandoah
Drive
   Landa
Series 111
Fir Drive
   Landa
Series 1110
Parkview
Drive
   Landa
Series 11187
Shannon
Circle
   Landa
Series 112
Ridge
Street
 
Purchase Price of the Property (1)  $141,988   $229,594   $164,140   $183,233   $229,676   $228,587 
Improvement Costs (2)   42,844    42,750    57,750    57,750    42,750    42,750 
Acquisition Fee (3)   11,825    17,076    13,148    14,294    17,081    17,015 
Property Diligence Expenses (4)   685    685    685    685    685    685 
Reserves (5)   18,942    20,692    4,383    4,765    20,693    20,672 
Total Amount of Acquisition Note   216,284    310,797    240,106    260,727    310,885    309,709 
Less:                              
Expected Refinance Note (6)   129,770    186,478    144,064    156,436    186,531    185,825 
Expected Payments on Acquisition Note from Offering Proceeds:  $86,514   $124,319   $96,042   $104,291   $124,354   $123,884 

 

   Landa
Series 11322
Michelle
Way
   Landa
Series 114
Starlake
Drive
   Landa
Series 11447
S Grove
Drive
   Landa
Series 1147
Village
Way
   Landa
Series 115
Lakeview
Drive
   Landa
Series 1160
Gable
Terrace
 
Purchase Price of the Property (1)  $174,210   $176,299   $205,506   $220,532   $206,436   $220,532 
Improvement Costs (2)   42,750    42,934    42,750    57,750    42,750    42,904 
Acquisition Fee (3)   13,753    13,888    15,630    16,532    15,686    16,541 
Property Diligence Expenses (4)   685    685    685    685    685    685 
Reserves (5)   19,584    19,630    20,210    5,511    20,229    20,513 
Total Amount of Acquisition Note   250,982    253,436    284,781    301,010    285,786    301,175 
Less:                              
Expected Refinance Note (6)   150,589    152,062    170,869    180,606    171,472    180,705 
Expected Payments on Acquisition Note from Offering Proceeds:  $100,393   $101,374   $113,912   $120,404   $114,314   $120,470 

 

   Landa
Series 1190
Kirkland
Road
   Landa
Series 12
Mintz
Street
   Landa
Series 120
Rosewood
Drive
   Landa
Series 1201
Kilrush
Drive
   Landa
Series 124
Libby
Lane
   Landa
Series 126
E Mimosa
Drive
 
Purchase Price of the Property (1)  $241,626   $186,296   $207,443   $438,042   $164,491   $179,274 
Improvement Costs (2)   42,750    42,750    42,750    42,750    57,750    57,750 
Acquisition Fee (3)   17,798    14,478    15,747    29,583    13,169    14,056 
Property Diligence Expenses (4)   685    685    685    685    685    685 
Reserves (5)   20,932    19,826    20,248    24,860    4,390    4,686 
Total Amount of Acquisition Note   323,791    264,035    286,873    535,920    240,485    256,451 
Less:                              
Expected Refinance Note (6)   194,275    158,421    172,124    321,552    144,291    153,871 
Expected Payments on Acquisition Note from Offering Proceeds:  $129,516   $105,614   $114,749   $214,368   $96,194   $102,580 

 

B-2

 

 

   Landa
Series 12641
Alcovy
Road
   Landa
Series 1320
Winona
Avenue
   Landa
Series 133
Dove
Landing
   Landa
Series 137
Southern
Shores
Road
   Landa
Series 138
Sandalwood
Circle
   Landa
Series 140
High Ridge
Road
 
Purchase Price of the Property (1)  $226,524   $146,259   $152,058   $164,290   $211,834   $206,434 
Improvement Costs (2)   42,750    42,750    42,750    42,750    22,440    42,750 
Acquisition Fee (3)   16,891    12,076    12,423    13,157    13,992    15,686 
Property Diligence Expenses (4)   685    685    685    685    685    685 
Reserves (5)   20,631    19,025    19,142    19,386    4,665    20,229 
Total Amount of Acquisition Note   307,481    220,795    227,058    240,268    253,616    285,784 
Less:                              
Expected Refinance Note (6)   184,489    132,477    136,235    144,161    152,170    171,470 
Expected Payments on Acquisition Note from Offering Proceeds:  $122,992   $88,318   $90,823   $96,107   $101,446   $114,314 

 

   Landa
Series 141
Longstreet
Circle
   Landa
Series 1443
Pebble Ridge
Lane
   Landa
Series 1445
Maple Valley
Court
   Landa
Series 146
Crystal Brook
   Landa
Series 1473
Brownleaf
Drive
   Landa
Series 1485
Bola Court
 
Purchase Price of the Property (1)  $248,673   $237,755   $127,590   $138,301   $203,475   $181,261 
Improvement Costs (2)   42,750    57,750    42,750    42,750    42,750    42,750 
Acquisition Fee (3)   18,220    17,565    10,955    11,598    15,509    14,176 
Property Diligence Expenses (4)   685    685    685    685    685    685 
Reserves (5)   21,074    5,855    18,652    18,866    20,169    19,725 
Total Amount of Acquisition Note   331,402    319,610    200,632    212,200    282,588    258,597 
Less:                              
Expected Refinance Note (6)   198,841    191,766    120,379    127,320    169,553    155,158 
Expected Payments on Acquisition Note from Offering Proceeds:  $132,561   $127,844   $80,253   $84,880   $113,035   $103,439 

 

   Landa
Series 1490
Diplomat
Drive
   Landa
Series 153
Cliffside
Court
   Landa
Series 157
Wells
Road
   Landa
Series 160
Chimney
Ridge Trail
   Landa
Series 164
Longstreet
Circle
   Landa
Series 1666
W Poplar
Street
 
Purchase Price of the Property (1)  $270,032   $113,790   $147,023   $207,443   $209,457   $156,084 
Improvement Costs (2)   57,750    42,869    42,750    42,750    42,750    42,750 
Acquisition Fee (3)   19,502    10,134    12,121    15,747    15,867    12,665 
Property Diligence Expenses (4)   685    685    685    685    685    685 
Reserves (5)   6,501    18,378    19,041    20,248    20,290    19,222 
Total Amount of Acquisition Note   354,470    185,856    221,620    286,873    289,049    231,406 
Less:                              
Expected Refinance Note (6)   212,682    111,514    132,972    172,124    173,429    138,844 
Expected Payments on Acquisition Note from Offering Proceeds:  $141,788   $74,342   $88,648   $114,749   $115,620   $92,562 

 

B-3

 

 

   Landa
Series 168
Brookview
Drive
   Landa
Series 1683
Spoonbill
Road
   Landa
Series 1689
Viceroy
Way
   Landa
Series 171
Davidson
Drive
   Landa
Series
1768 Glen
View Way
   Landa
Series 181
Watercress
Court
 
Purchase Price of the Property (1)  $96,703   $168,170   $201,660   $222,497   $172,264   $196,364 
Improvement Costs (2)   25,199    57,750    42,750    42,750    59,367    57,750 
Acquisition Fee (3)   7,242    13,390    15,400    16,650    13,728    15,082 
Property Diligence Expenses (4)   685    685    685    685    685    685 
Reserves (5)   2,414    4,464    20,133    20,550    4,576    5,027 
Total Amount of Acquisition Note   132,243    244,459    280,628    303,132    250,620    274,908 
Less:                              
Expected Refinance Note (6)   79,346    146,675    168,377    181,879    150,372    164,945 
Expected Payments on Acquisition Note from Offering Proceeds:  $52,897   $97,784   $112,251   $121,253   $100,248   $109,963 

 

   Landa
Series 188
Timberline
Road
   Landa
Series 189
Shenandoah
Drive
   Landa
Series 1903
Old Concord
Drive SE
   Landa
Series 195
Branchwood
Drive
   Landa
Series 195
Fairclift
Drive
   Landa
Series 195
Hunters
Trace
 
Purchase Price of the Property (1)  $91,636   $179,245   $227,531   $234,578   $206,436   $215,497 
Improvement Costs (2)   57,750    42,750    42,750    57,750    42,750    77,619 
Acquisition Fee (3)   8,798    14,055    16,952    17,375    15,686    17,365 
Property Diligence Expenses (4)   685    685    685    685    685    685 
Reserves (5)   2,933    19,685    20,650    5,791    20,229    5,789 
Total Amount of Acquisition Note   161,802    256,420    308,568    316,179    285,786    316,955 
Less:                              
Expected Refinance Note (6)   97,081    153,852    185,141    189,707    171,472    190,173 
Expected Payments on Acquisition Note from Offering Proceeds:  $64,721   $102,568   $123,427   $126,472   $114,314   $126,782 

 

   Landa
Series 196
Montego
Circle
   Landa
Series 20
Chimney
Smoke Drive
   Landa
Series 204
N Main
Court
   Landa
Series 2055
Grove Way
   Landa
Series 212
Fleeta
Drive
   Landa
Series 215
Central Lake
Circle
 
Purchase Price of the Property (1)  $189,315   $207,443   $152,058   $172,198   $158,145   $189,274 
Improvement Costs (2)   42,750    42,750    42,750    57,750    42,750    57,750 
Acquisition Fee (3)   14,659    15,747    12,423    13,632    12,789    14,656 
Property Diligence Expenses (4)   685    685    685    685    685    685 
Reserves (5)   19,886    20,248    19,142    4,544    19,263    4,886 
Total Amount of Acquisition Note   267,295    286,873    227,058    248,809    233,632    267,251 
Less:                              
Expected Refinance Note (6)   160,377    172,124    136,235    149,285    140,179    160,351 
Expected Payments on Acquisition Note from Offering Proceeds:  $106,918   $114,749   $90,823   $99,524   $93,453   $106,900 

 

B-4

 

 

   Landa
Series 217
Glenloch
Court
   Landa
Series 2177
E Chester
Circle SE
   Landa
Series 221
Lakeview
Drive
   Landa
Series 2264
Chestnut
Hill Circle
   Landa
Series 235
Lazy Hollow
Lane
   Landa
Series 2425
Cornell
Circle
 
Purchase Price of the Property (1)  $227,580   $231,588   $217,513   $293,035   $218,520   $248,731 
Improvement Costs (2)   42,750    57,750    57,750    42,750    43,143    42,750 
Acquisition Fee (3)   16,955    17,195    16,351    20,882    16,434    18,224 
Property Diligence Expenses (4)   685    685    685    685    685    685 
Reserves (5)   20,651    5,732    5,450    21,961    20,477    21,074 
Total Amount of Acquisition Note   308,621    312,950    297,749    379,313    299,259    331,464 
Less:                              
Expected Refinance Note (6)   185,173    187,770    178,649    227,588    179,555    198,878 
Expected Payments on Acquisition Note from Offering Proceeds:  $123,448   $125,180   $119,100   $151,725   $119,704   $132,586 

 

   Landa
Series 2443
Hodges
Farm Road
   Landa
Series 25
Pleasant
Valley
Road
   Landa
Series 253
Marco
Drive
   Landa
Series 255
Countryside
Lane
   Landa
Series 258
Rocky
Point Road
   Landa
Series 263
Rocky
Point Road
 
Purchase Price of the Property (1)  $169,177   $204,420   $157,339   $214,492   $233,622   $200,394 
Improvement Costs (2)   42,750    42,750    42,750    42,750    42,750    57,750 
Acquisition Fee (3)   13,451    15,565    12,740    16,170    17,317    15,324 
Property Diligence Expenses (4)   685    685    685    685    685    685 
Reserves (5)   19,483    20,189    19,247    20,389    20,773    5,108 
Total Amount of Acquisition Note   245,546    283,609    232,761    294,486    315,147    279,261 
Less:                              
Expected Refinance Note (6)   147,328    170,165    139,657    176,692    189,088    167,557 
Expected Payments on Acquisition Note from Offering Proceeds:$ 98,218   $113,444   $93,104   $117,794   $126,059   $111,704 

 

   Landa
Series 268
Brookview
Drive
   Landa
Series 270
Mountain
Lane
   Landa
Series 270
Mountain
Way
   Landa
Series 270
Pleasant
Hill Drive
   Landa
Series 2794
Norfair
Loop
   Landa
Series 2813
Vicksburg
Court
 
Purchase Price of the Property (1)  $116,271   $241,750   $208,450   $237,650   $158,100   $254,769 
Improvement Costs (2)   42,750    27,790    42,750    14,738    42,750    42,750 
Acquisition Fee (3)   10,276    16,093    15,807    15,101    12,786    18,586 
Property Diligence Expenses (4)   685    685    685    685    685    685 
Reserves (5)   18,426    5,365    20,269    5,034    19,262    21,196 
Total Amount of Acquisition Note   188,408    291,683    287,961    273,208    233,583    337,986 
Less:                              
Expected Refinance Note (6)   113,045    175,010    172,777    163,925    140,150    202,792 
Expected Payments on Acquisition Note from Offering Proceeds:  $75,363   $116,673   $115,184   $109,283   $93,433   $135,194 

 

B-5

 

 

    Landa
Series 2933
Coffer Drive
    Landa
Series 30
High Ridge
Road
    Landa
Series 30
Roosevelt
Road
    Landa
Series 3011
Raintree
Drive SE
    Landa
Series 304
Deerfield
Drive
 
Purchase Price of the Property (1)   $ 202,667     $ 250,010     $ 205,427     $ 222,546     $ 206,525  
Improvement Costs (2)     42,750       42,750       57,750       64,095       63,291  
Acquisition Fee (3)     15,460       18,301       15,626       17,015       16,008  
Property Diligence Expenses (4)     685       685       685       685       685  
Reserves (5)     20,153       21,100       5,208       5,672       5,336  
Total Amount of Acquisition Note     281,715       332,846       284,696       310,013       291,845  
Less:                                        
Expected Refinance Note (6)     169,029       199,708       170,818       186,008       175,107  
Expected Payments on Acquisition Note from Offering Proceeds:   $ 112,686     $ 133,138     $ 113,878     $ 124,005     $ 116,738  

 

 

   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
 
Purchase Price of the Property (1)  $142,028   $192,336   $218,518   $249,003   $198,378   $183,273 
Improvement Costs (2)   42,750    58,585    42,750    31,210    42,750    42,750 
Acquisition Fee (3)   11,822    14,888    16,411    16,724    15,203    14,296 
Property Diligence Expenses (4)   685    685    685    685    685    685 
Reserves (5)   18,940    4,963    20,470    5,575    20,067    19,766 
Total Amount of Acquisition Note   216,225    271,457    298,834    303,197    277,083    260,770 
Less:                              
Expected Refinance Note (6)   129,735    162,874    179,300    181,918    166,250    156,462 
Expected Payments on Acquisition Note from Offering Proceeds:  $86,490   $108,583   $119,534   $121,279   $110,833   $104,308 

 

B-6

 

 

   Landa
Series 3603
Manhattan
Drive
   Landa
Series 3667
Patti
Parkway
   Landa
Series 404
Barberry
Lane
   Landa
Series 412
Kendall
Lane
   Landa
Series 416
Autumn
Lake Court
   Landa
Series 43
Darwin
Drive
 
Purchase Price of the Property (1)  $243,696   $293,039   $206,534   $216,600   $188,310   $175,217 
Improvement Costs (2)   57,750    42,750    42,750    42,750    42,750    42,750 
Acquisition Fee (3)   17,922    20,882    15,692    16,296    14,599    13,813 
Property Diligence Expenses (4)   685    685    685    685    685    685 
Reserves (5)   5,974    21,961    20,231    20,432    19,866    19,604 
Total Amount of Acquisition Note   326,027    379,317    285,892    296,763    266,210    252,069 
Less:                              
Expected Refinance Note (6)   195,616    227,590    171,535    178,058    159,726    151,241 
Expected Payments on Acquisition Note from Offering Proceeds:  $130,411   $151,727   $114,357   $118,705   $106,484   $100,828 

 

   Landa
Series 432
Manor
Estates
Drive
   Landa
Series 440
Freestone
Drive
   Landa
Series 4447
Lake Breeze
Drive
   Landa
Series 445
Independence
Drive
   Landa
Series 449
Kara Lane
   Landa
Series 45
Blue Jay
Drive
 
Purchase Price of the Property (1)  $232,718   $241,682   $258,801   $225,665   $220,636   $268,867 
Improvement Costs (2)   42,750    64,853    42,750    50,527    24,559    42,750 
Acquisition Fee (3)   17,263    18,207    18,828    16,427    14,642    19,432 
Property Diligence Expenses (4)   685    685    685    685    685    685 
Reserves (5)   20,754    6,069    21,276    5,475    4,880    21,477 
Total Amount of Acquisition Note   314,170    331,496    342,340    298,779    265,402    353,211 
Less:                              
Expected Refinance Note (6)   188,502    198,898    205,404    179,267    159,241    211,927 
Expected Payments on Acquisition Note from Offering Proceeds:  $125,668   $132,598   $136,936   $119,512   $106,161   $141,284 

 

   Landa
Series 45
Laurel
Way
   Landa
Series 4702
Saint James
Way
   Landa
Series 4732
Pinedale
Drive
   Landa
Series 497
Highway
212
   Landa
Series 5039
East Street
   Landa
Series 5040
Huntshire
Lane
 
Purchase Price of the Property (1)  $256,727   $189,315   $159,152   $200,348   $133,932   $381,650 
Improvement Costs (2)   42,750    57,896    42,750    42,750    42,750    29,844 
Acquisition Fee (3)   18,704    14,667    12,849    15,321    11,336    24,604 
Property Diligence Expenses (4)   685    685    685    685    685    685 
Reserves (5)   21,234    4,890    19,283    20,107    18,779    8,202 
Total Amount of Acquisition Note   340,100    267,453    234,719    279,211    207,482    444,985 
Less:                              
Expected Refinance Note (6)   204,060    160,472    140,831    167,527    124,489    266,991 
Expected Payments on Acquisition Note from Offering Proceeds:  $136,040   $106,981   $93,888   $111,684   $82,993   $177,994 

 

B-7

 

 

   Landa
Series 513
Jarrett
Court
   Landa
Series 5143
Pinecrest
Drive SW
   Landa
Series 524
Sawmill
Road
   Landa
Series 5329
Shirewick
Lane
   Landa
Series 540
Cowan
Road
 
Purchase Price of the Property (1)  $209,517   $152,101   $221,580   $254,773   $219,187 
Improvement Costs (2)   57,750    57,750    40,595    42,750    42,750 
Acquisition Fee (3)   15,871    12,426    15,615    18,586    16,451 
Property Diligence Expenses (4)   685    685    685    685    685 
Reserves (5)   5,290    4,142    5,204    21,196    20,484 
Total Amount of Acquisition Note   289,113    227,104    283,679    337,990    299,557 
Less:                         
Expected Refinance Note (6)   173,468    136,262    170,207    202,794    179,734 
Expected Payments on Acquisition Note from Offering Proceeds:  $115,645   $90,842   $113,472   $135,196   $119,823 

 

   Landa
Series 5411
Rocky
Pine Drive
   Landa
Series 55
Myrtle Grove
Lane
   Landa
Series 550
Cowan
Road
   Landa
Series 5581
Fox Glen
Circle
   Landa
Series 565
Mountainview
Drive
 
Purchase Price of the Property (1)  $228,750   $211,471   $183,233   $375,613   $233,188 
Improvement Costs (2)   57,750    57,750    48,510    26,359    28,534 
Acquisition Fee (3)   17,025    15,988    13,766    24,043    15,622 
Property Diligence Expenses (4)   685    685    685    685    685 
Reserves (5)   5,675    5,330    4,589    8,015    5,207 
Total Amount of Acquisition Note   309,885    291,224    250,783    434,715    283,236 
Less:                         
Expected Refinance Note (6)   185,931    174,734    150,470    260,829    169,942 
Expected Payments on Acquisition Note from Offering Proceeds:  $123,954   $116,490   $100,313   $173,886   $113,294 

 

B-8

 

 

   Landa
Series 5737
Strathmoor
Manor
Circle
   Landa
Series 5801
Strathmoor
Manor
Circle
   Landa
Series
6104-6106
Oakwood
Circle SW
   Landa
Series 6107
Shadow
Glen Court
   Landa
Series
6111-6113
Pine Glen
Circle SW
   Landa
Series 6119
Pineneedle
Drive SW
 
Purchase Price of the Property (1)  $177,233   $185,287   $171,191   $139,006   $364,532   $95,666 
Improvement Costs (2)   42,750    57,750    42,872    57,750    57,750    42,750 
Acquisition Fee (3)   13,934    14,417    13,578    11,640    25,172    9,040 
Property Diligence Expenses (4)   685    685    685    685    685    685 
Reserves (5)   19,645    4,806    19,527    3,880    8,391    18,013 
Total Amount of Acquisition Note   254,247    262,945    247,853    212,961    456,530    166,154 
Less:                              
Expected Refinance Note (6)   152,548    157,767    148,712    127,777    273,918    99,692 
Expected Payments on Acquisition Note from Offering Proceeds:  $101,699   $105,178   $99,141   $85,184   $182,612   $66,462 

 

   Landa
Series 615
Barshay
Drive
   Landa
Series 6168
Wheat
Street NE
   Landa
Series 6178
Green Acres
Drive SW
   Landa
Series 6386
Forester
Way
   Landa
Series 6404
Walnut
Way
   Landa
Series 643
Sycamore
Drive
 
Purchase Price of the Property (1)  $211,469   $115,033   $148,475   $216,665   $200,394   $191,990 
Improvement Costs (2)   43,440    58,518    57,978    57,750    42,750    42,750 
Acquisition Fee (3)   16,028    10,246    12,222    16,300    15,324    14,819 
Property Diligence Expenses (4)   685    685    685    685    685    685 
Reserves (5)   20,342    3,416    4,074    5,433    20,108    19,940 
Total Amount of Acquisition Note   291,964    187,898    223,434    296,833    279,261    270,184 
Less:                              
Expected Refinance Note (6)   175,178    112,739    134,060    178,100    167,557    162,110 
Expected Payments on Acquisition Note from Offering Proceeds:  $116,786   $75,159   $89,374   $118,733   $111,704   $108,074 

 

   Landa
Series 65
Freedom
Court
   Landa
Series 653
Georgetown
Lane
   Landa
Series 6635
Kimberly
Mill Road
   Landa
Series 6653
Bedford
Road
   Landa
Series 6710
Sunset Hills
Boulevard
   Landa
Series 6762
Bent Creek
Drive
 
Purchase Price of the Property (1)  $212,476   $206,514   $246,182   $199,385   $161,121   $200,392 
Improvement Costs (2)   44,213    42,750    57,750    58,170    42,750    57,750 
Acquisition Fee (3)   16,132    15,691    18,071    15,287    12,967    15,324 
Property Diligence Expenses (4)   685    685    685    685    685    685 
Reserves (5)   20,378    20,230    6,024    5,096    19,323    5,107 
Total Amount of Acquisition Note   293,884    285,870    328,712    278,623    236,846    279,258 
Less:                              
Expected Refinance Note (6)   176,330    171,522    197,227    167,174    142,108    167,555 
Expected Payments on Acquisition Note from Offering Proceeds:  $117,554   $114,348   $131,485   $111,449   $94,738   $111,703 

 

B-9

 

 

   Landa
Series 683
Wood Path
Court
   Landa
Series 70
Shenandoah
Lane
   Landa
Series 709
Georgetown
Court
   Landa
Series 7107
Geiger
Street NW
   Landa
Series 7205
Lakeview
Drive SW
   Landa
Series 750
Georgetown
Court
 
Purchase Price of the Property (1)  $261,936   $252,700   $197,429   $90,629   $212,478   $152,056 
Improvement Costs (2)   41,721    42,750    57,750    57,750    57,750    42,750 
Acquisition Fee (3)   18,100    18,462    15,146    8,738    16,049    12,423 
Property Diligence Expenses (4)   685    685    685    685    685    685 
Reserves (5)   6,034    21,154    5,048    2,912    5,349    19,141 
Total Amount of Acquisition Note   328,476    335,751    276,058    160,714    292,311    227,055 
Less:                              
Expected Refinance Note (6)   197,086    201,451    165,635    96,428    175,387    136,233 
Expected Payments on Acquisition Note from Offering Proceeds:  $131,390   $134,300   $110,423   $64,286   $116,924   $90,822 

 

   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 800
Mills Drive
 
Purchase Price of the Property (1)  $124,904   $81,157   $220,597   $174,210   $221,539   $253,707 
Improvement Costs (2)   42,750    29,279    42,750    42,750    42,750    57,750 
Acquisition Fee (3)   10,794    6,542    16,536    13,753    16,592    18,522 
Property Diligence Expenses (4)   685    685    685    685    685    685 
Reserves (5)   18,598    2,181    20,512    19,584    20,531    6,175 
Total Amount of Acquisition Note   197,731    119,844    301,080    250,982    302,097    336,839 
Less:                              
Expected Refinance Note (6)   118,639    71,906    180,648    150,589    181,258    202,103 
Expected Payments on Acquisition Note from Offering Proceeds:  $79,092   $47,938   $120,432   $100,393   $120,839   $134,736 

 

B-10

 

 

    Landa
Series 808
Hillandale
Lane
    Landa
Series 8110
Devonshire
Drive
    Landa
Series 8121
Spillers
Drive SW
    Landa
Series 8233
Creekline
Court
    Landa
Series 8302
Sterling Lakes
Drive
 
Purchase Price of the Property (1)   $ 205,427     $ 139,006     $ 168,621     $ 209,819     $ 224,562  
Improvement Costs (2)     43,345       42,750       42,750       46,664       57,750  
Acquisition Fee (3)     15,660       11,640       13,417       16,113       16,774  
Property Diligence Expenses (4)     685       685       685       685       685  
Reserves (5)     20,219       18,880       19,473       20,371       5,591  
Total Amount of Acquisition Note     285,336       212,961       244,946       293,652       305,362  
Less:                                        
Expected Refinance Note (6)     171,202       127,777       146,968       176,191       183,217  
Expected Payments on Acquisition Note from Offering Proceeds:   $ 114,134     $ 85,184     $ 97,978     $ 117,461     $ 122,145  

 

 

   Landa
Series 843
Tramore
Drive
   Landa
Series 85
Kirkland
Court
   Landa
Series 85
Thorn Thicket
Way
   Landa
Series 8658
Ashley
Way
   Landa
Series 8667
Ashley
Way
   Landa
Series 8671
Ashley
Way
 
Purchase Price of the Property (1)  $132,845   $248,727   $214,553   $117,854   $96,701   $121,884 
Improvement Costs (2)   47,697    57,750    42,750    43,485    29,377    48,611 
Acquisition Fee (3)   10,696    18,224    16,173    10,413    7,481    10,948 
Property Diligence Expenses (4)   685    685    685    685    685    685 
Reserves (5)   3,566    6,074    20,391    18,471    2,493    18,649 
Total Amount of Acquisition Note   195,489    331,460    294,552    190,908    136,737    200,777 
Less:                              
Expected Refinance Note (6)   117,293    198,876    176,731    114,545    82,042    120,466 
Expected Payments on Acquisition Note from Offering Proceeds:  $78,196   $132,584   $117,821   $76,363   $54,695   $80,311 

 

B-11

 

 

   Landa
Series 8676
Ashley
Way
   Landa
Series 8691
Ashley
Way
   Landa
Series 8692
Ashley
Way
   Landa
Series 8693
Ashley
Way
   Landa
Series 8694
Ashley
Way
   Landa
Series 8697
Ashley
Way
 
Purchase Price of the Property (1)  $116,847   $78,570   $94,686   $114,832   $127,927   $135,986 
Improvement Costs (2)   73,225    43,553    39,875    88,981    42,750    65,888 
Acquisition Fee (3)   11,195    8,060    7,960    11,975    10,976    11,924 
Property Diligence Expenses (4)   685    685    685    685    685    685 
Reserves (5)   3,731    17,687    2,653    3,991    18,658    3,975 
Total Amount of Acquisition Note   205,683    148,555    145,859    220,464    200,996    218,458 
Less:                              
Expected Refinance Note (6)   123,410    89,133    87,515    132,278    120,598    131,075 
Expected Payments on Acquisition Note from Offering Proceeds:  $82,273   $59,422   $58,344   $88,186   $80,398   $87,383 

 

    Landa
Series 8819
Leafwood
Court
    Landa
Series 8855
Rugby
Court
    Landa
Series 9020
Sterling Ridge
Lane
    Landa
Series 9150
Spillers
Drive SW
    Landa
Series 925
Mote Road
 
Purchase Price of the Property (1)   $ 203,492     $ 147,065     $ 188,310     $ 176,226     $ 230,551  
Improvement Costs (2)     57,750       42,750       30,291       42,750       57,750  
Acquisition Fee (3)     15,510       12,124       13,030       13,874       17,133  
Property Diligence Expenses (4)     685       685       685       685       685  
Reserves (5)     5,169       19,041       4,343       19,624       5,711  
Total Amount of Acquisition Note     282,606       221,665       236,659       253,159       311,830  
Less:                                        
Expected Refinance Note (6)     169,564       132,999       141,995       151,895       187,098  
Expected Payments on Acquisition Note from Offering Proceeds:   $ 113,042     $ 88,666     $ 94,664     $ 101,264     $ 124,732  

 

B-12

 

 

   Landa
Series 9409
Forest
Knoll Drive
   Landa
Series 9434
Cedar Creek
Place
   Landa
Series 9597
Pintail
Trail
   Landa
Series 974
Laurel
Street
   Landa
Series 1701
Summerwoods
Lane
   Landa
Series 1741
Park Lane
 
Purchase Price of the Property (1)  $226,673   $248,727   $220,597   $198,450   $159,000   $180,000 
Improvement Costs (2)   42,750    58,048    57,948    58,807    -    - 
Acquisition Fee (3)   16,900    18,241    16,547    15,267    9,540    10,800 
Property Diligence Expenses (4)   685    685    685    685    685    685 
Reserves (5)   20,634    6,079    5,515    5,089    3,180    3,600 
Total Amount of Acquisition Note   307,642    331,780    301,292    278,298    172,405    195,085 
Less:                              
Expected Refinance Note (6)   184,585    199,068    180,775    166,979    103,443    117,051 
Expected Payments on Acquisition Note from Offering Proceeds:  $123,057   $132,712   $120,517   $111,319   $68,962   $78,034 

 

    Total Use of Proceeds*  
Purchase Price of the Property (1)     35,721,172  
Improvement Costs (2)     8,363,242  
Acquisition Fee (3)     2,712,029  
Property Diligence Expenses (4)     123,985  
Reserves (5)     2,494,010  
Total Amount of Acquisition Note     49,414,438  
Less:        
Expected Refinance Note (6)     29,648,663  
Expected Payments on Acquisition Note from Offering Proceeds:   $ 19,765,775  

 

*Reflects the total use of proceeds (rounded) to be raised by the Series, assuming all 10,000 Shares of each Series are sold.

 

(1)This purchase cost reflects the same price that Landa Properties paid to acquire the Property.

 

(2)Reflects the Improvement Costs Landa Holdings previously incurred, or expects to incur, in connection with Improvements to this Property, including interest expenses paid in connection with financing such Improvements.  For any Improvement Costs not previously incurred in connection with Improvements to a Property, the Manager has allocated some of the proceeds towards expected Improvement Costs (“Allocated Improvement Costs"), a portion of which will be paid to the Manager and reminder of which will be allocated to Reserves.

 

(3)Acquisition Fee equal to approximately six percent (6%) of the purchase cost (rounded to the nearest dollar).

 

(4)Amount for Property Diligence Expense. See “Plan of Distribution – Fees and Expenses – Property Diligence Expenses.”

 

(5)Each Series will allocate a certain percentage (not to exceed three percent (3%)) of the purchase cost of the Property and other cash adjustments for Reserves. See footnote (2) above.

 

See “Plan of Distribution – Fees and Expenses – Reserves.” As of the date of this Offering Circular, this reserve amount has yet to be transferred from the Manager to the Series, but such transfer will occur before the initial Closing of sales of Shares of this Series.

 

(6) This Series intends to refinance approximately 60.00% of the purchase price of the Property pursuant to a Refinance Note; however, the amount and terms of the Refinance Note are subject to further negotiation with the Refinance Lender. For example, we expect to receive a new appraisal for each Property prior to the commencement of each Series’ Offering, and if this appraisal is lower than the most recent appraisal for the Property, this may reduce the principal amount that the Refinance Lender is willing to lend under the applicable Refinance Note. In this event, the applicable Acquisition Note would not be discharged in full by the proceeds from the Refinance Note and the applicable Offering and the balance of the Acquisition Note would remain outstanding following the Offering. For more information see “Management’s Discussion and Analysis of Financial Condition and Results of Operation –  Loans.”

 

B-13

 

 

DESCRIPTION OF THE PROPERTIES AND THE SERIES

 

Each of the Properties will be managed by Landa Holdings, as Manager, pursuant to a Management Agreement.

 

In connection with the acquisition of the Properties by Landa Properties, Landa Properties entered into new lease agreements, or assumed existing lease agreements, with tenants of the Properties. 

 

Each Series does not yet hold title to its underlying Property and such title is currently held by Landa Properties. We expect that Landa Properties will transfer title to the Property underlying each Series either to the applicable Series or to the Company for the benefit of the applicable Series (pursuant to the Master Agreement) prior to such Series’ initial Closing. Upon transfer of title, Landa Properties will assign the lease agreements for the Properties underlying each Series to the applicable Series. All income, taxes, and expenses will be pro-rated between Landa Properties and the applicable Series upon the closing of the transfer of title to the Property to such Series.

 

The information regarding the lease terms (including the information regarding the lease expiration and monthly rent) set forth below are derived from the lease agreements related to the applicable Property. The form of lease agreement is attached as exhibits in Part III of the offering statement of which this Offering Circular forms a part. There can be no assurance that the Series will receive a rental payment in any given month from its tenant in such amount on a timely basis or at all. For discussion of factors that may result in the Series not receiving payments of monthly rental income, please see “Risk Factors—Risks Related to the Properties and the Series—Each Series will depend on its Property’s tenant or tenants for its revenue, and lease defaults, terminations, or other events preventing collection of rents could reduce its net income and limit its ability to make distributions to investors.”

 

In addition, from time to time, a Property may become vacant or a tenant occupying such Property may not renew their lease agreement or vacate the Property and terminate their lease agreement prior to the Lease Expiration Date. If a Property remains vacant following the qualification date of the offering statement of which this Offering Circular forms a part, then the underlying Series may not have sufficient funds to pay distributions. In addition, the Manager will not earn its Monthly Management Fee until the Manager enters into a new lease agreement for the Property.

 

In the event that we enter into a new lease agreement, we will disclose the new lease terms in a supplement to this Offering Circular, an Offering Circular supplement filed post-qualification under Rule 253(g)(2) of Regulation A, or a current report on Form 1-U, as applicable. If a Property becomes and/or remains vacant after qualification of the offering statement, all fees and expenses will be paid using the Series’ Reserves or will be paid by the Manager. Please see the section entitled “Risk Factors – We may be unable to renew lease agreements with existing tenants or enter into lease agreements with new tenants.”

 

The following is a description of the Series and the Property underlying such Series. The Properties will be managed by the Manager, pursuant to a Management Agreement. The information disclosed in this section is presented as of the date of this Offering Circular.

 

B-14

 

 

Descriptions of the Properties and the Series

 

The tables below set forth information about each of the Series and the Properties underlying such Series.

 

   Entity*   Series Name*   Effective
Date of Establishment*
   Property Address   Year Built   Bedrooms   Baths   Sq Ft.
1.  Landa App LLC – 10 Oak Wood Lane Covington GA LLC  Landa Series 10 Oak Wood Lane  07/31/2022  10 Oak Wood Lane Covington, GA 30016  1990  4  2  1454
2.  Landa App LLC – 10 Windridge Drive Covington GA LLC  Landa Series 10 Windridge Drive  07/31/2022  10 Windridge Drive Covington, GA 30014  1992  4  1  1097
3.  Landa App LLC – 1000 Fox Valley Trail Stone Mountain GA LLC  Landa Series 1000 Fox Valley Trail  07/31/2022  1000 Fox Valley Trail Stone Mountain, GA 30088  1990  4  2.5  1760
4.  Landa App LLC – 1007 Leeward Way Jonesboro GA LLC  Landa Series 1007 Leeward Way  07/31/2022  1007 Leeward Way Jonesboro, GA 30238  1981  4  2  1196
5.  Landa App LLC – 10119 Commons Way Jonesboro GA LLC  Landa Series 10119 Commons Way  07/31/2022  10119 Commons Way Jonesboro, GA 30238  1999  4  2  1468
6.  Landa App LLC – 10121 Morris Drive SW Covington GA LLC  Landa Series 10121 Morris Drive SW  07/31/2022  10121 Morris Drive SW Covington, GA 30014  1972  4  2  1468
7.  Landa App LLC – 10183 Starr Street SW Covington GA LLC  Landa Series 10183 Starr Street SW  07/31/2022  10183 Starr Street SW Covington, GA 30014  1973  4  1  1450
8.  Landa App LLC – 103 Starlake Drive Jackson GA LLC  Landa Series 103 Starlake Drive  07/31/2022  103 Starlake Drive Jackson, GA 30260  1995  4  2  1231
9.  Landa App LLC – 104 Summerfield Drive McDonough GA LLC  Landa Series 104 Summerfield Drive  07/31/2022  104 Summerfield Drive McDonough, GA 30253  1986  4  2  1231
10.  Landa App LLC – 10433 Candlelight Road Jonesboro GA LLC  Landa Series 10433 Candlelight Rd  07/31/2022  10433 Candlelight Road Jonesboro, GA 30238  1988  4  2  1081
11.  Landa App LLC – 105 Anne Street Hampton GA LLC  Landa Series 105 Anne Street  07/31/2022  105 Anne Street Hampton, GA 30228  1990  4  2  1312
12.  Landa App LLC – 107 Oakwood Circle Griffin GA LLC  Landa Series 107 Oakwood Circle  07/31/2022  107 Oakwood Circle Griffin, GA 30223  1986  3  2  1213
13.  Landa App LLC – 109 Amberwood Lane Griffin GA LLC  Landa Series 109 Amberwood Lane  07/31/2022  109 Amberwood Lane Griffin, GA 30223  1977  4  1.5  975
14.  Landa App LLC – 110 Shenandoah Drive Covington GA LLC  Landa Series 110 Shenandoah Drive  07/31/2022  110 Shenandoah Drive Covington, GA 30016  1970  4  2  1120
15.  Landa App LLC – 111 Fir Drive McDonough GA LLC  Landa Series 111 Fir Drive  07/31/2022  111 Fir Drive McDonough, GA 30253  1991  4  1  1188

 

B-15

 

 

   Entity*   Series Name*   Effective
Date of Establishment*
   Property Address   Year Built   Bedrooms   Baths   Sq Ft.
16.  Landa App LLC – 1110 Parkview Drive Griffin GA LLC  Landa Series 1110 Parkview Drive  07/31/2022  1110 Parkview Drive Griffin, GA 30224  1965  4  2  1275
17.  Landa App LLC – 11187 Shannon Circle Hampton GA LLC  Landa Series 11187 Shannon Circle  07/31/2022  11187 Shannon Circle Hampton, GA 30228  1977  4  2  1560
18.  Landa App LLC – 112 Ridge Street Locust Grove GA LLC  Landa Series 112 Ridge Street  07/31/2022  112 Ridge Street Locust Grove, GA 30248  1993  4  2  1324
19.  Landa App LLC – 11322 Michelle Way Hampton GA LLC  Landa Series 11322 Michelle Way  07/31/2022  11322 Michelle Way Hampton, GA 30228  2004  4  2.5  1440
20.  Landa App LLC – 114 Starlake Drive Jackson GA LLC  Landa Series 114 Starlake Drive  07/31/2022  114 Starlake Drive Jackson, GA 30233  1966  4  2  1050
21.  Landa App LLC – 11447 S Grove Drive Hampton GA LLC  Landa Series 11447 S Grove Drive  07/31/2022  11447 S Grove Drive Hampton, GA 30228  2005  4  3  1520
22.  Landa App LLC – 1147 Village Way Stone Mountain GA LLC  Landa Series 1147 Village Way  07/31/2022  1147 Village Way Stone Mountain, GA 30088  1974  4  2.5  1557
23.  Landa App LLC – 115 Lakeview Drive Stockbridge GA LLC  Landa Series 115 Lakeview Drive  07/31/2022  115 Lakeview Drive Stockbridge, GA 30281  1993  4  2  1299
24.  Landa App LLC – 1160 Gable Terrace Jonesboro GA LLC  Landa Series 1160 Gable Terrace  07/31/2022  1160 Gable Terrace Jonesboro, GA 30236  2008  4  2.5  962
25.  Landa App LLC – 1190 Kirkland Road Covington GA LLC  Landa Series 1190 Kirkland Road  07/31/2022  1190 Kirkland Road Covington, GA 30016  1981  4  2  1311
26.  Landa App LLC – 12 Mintz Street Griffin GA LLC  Landa Series 12 Mintz Street  07/31/2022  12 Mintz Street Griffin, GA 30223  1973  4  2  1409
27.  Landa App LLC – 120 Rosewood Drive McDonough GA LLC  Landa Series 120 Rosewood Drive  07/31/2022  120 Rosewood Drive McDonough, GA 30253  1988  4  2  1346
28.  Landa App LLC – 1201 Kilrush Drive Mableton GA LLC  Landa Series 1201 Kilrush Drive  07/31/2022  1201 Kilrush Drive Mableton, GA 30126  1998  4  3  3096
29.  Landa App LLC – 124 Libby Lane Jonesboro GA LLC  Landa Series 124 Libby Lane  07/31/2022  124 Libby Lane Jonesboro, GA 30238  1984  4  2  1320
30.  Landa App LLC – 126 E Mimosa Drive Jonesboro GA LLC  Landa Series 126 E Mimosa Drive  07/31/2022  126 E Mimosa Drive Jonesboro, GA 30236  1959  4  1  1100
31.  Landa App LLC – 12641 Alcovy Road Covington GA LLC  Landa Series 12641 Alcovy Road  07/31/2022  12641 Alcovy Road Covington, GA 30014  1988  4  2  1036

 

B-16

 

 

   Entity*   Series Name*   Effective
Date of Establishment*
   Property Address   Year Built   Bedrooms   Baths   Sq Ft.
32.  Landa App LLC – 1320 Winona Avenue Griffin GA LLC  Landa Series 1320 Winona Avenue  07/31/2022  1320 Winona Avenue Griffin, GA 30223  1946  4  2  1562
33.  Landa App LLC – 133 Dove Landing Social Circle GA LLC  Landa Series 133 Dove Landing  07/31/2022  133 Dove Landing Social Circle, GA 30025  1999  4  2  1240
34.  Landa App LLC – 137 Southern Shores Road Jackson GA LLC  Landa Series 137 Southern Shores Road  07/31/2022  137 Southern Shores Road Jackson, GA 30233  2003  4  2  1352
35.  Landa App LLC – 138 Sandalwood Circle Lawrenceville GA LLC  Landa Series 138 Sandalwood Circle 

07/31/2022

  138 Sandalwood Circle Lawrenceville, GA 30046  1981  3  2  1871
36.  Landa App LLC – 140 High Ridge Road Covington GA LLC  Landa Series 140 High Ridge Road  07/31/2022  140 High Ridge Road Covington, GA 30014  1998  4  2  1117
37.  Landa App LLC – 141 Longstreet Circle Oxford GA LLC  Landa Series 141 Longstreet Circle  07/31/2022  141 Longstreet Circle Oxford, GA 30054  2006  4  2  1210
38.  Landa App LLC – 1443 Pebble Ridge Lane Hampton GA LLC  Landa Series 1443 Pebble Ridge Lane  07/31/2022  1443 Pebble Ridge Lane Hampton, GA 30228  1999  4  2  1277
39.  Landa App LLC – 1445 Maple Valley Court Union City GA LLC  Landa Series 1445 Maple Valley Court  07/31/2022  1445 Maple Valley Court Union City, GA 30291  2005  4  3  1540
40.  Landa App LLC – 146 Crystal Brook Griffin GA LLC  Landa Series 146 Crystal Brook  07/31/2022  146 Crystal Brook Griffin, GA 30223  1995  4  2  1464
41.  Landa App LLC – 1473 Brownleaf Drive Jonesboro GA LLC  Landa Series 1473 Brownleaf Drive  07/31/2022  1473 Brownleaf Drive Jonesboro, GA 30236  1971  4  2  1200
42.  Landa App LLC – 1485 Bola Court Jonesboro GA LLC  Landa Series 1485 Bola Court  07/31/2022  1485 Bola Court Jonesboro, GA 30238  1972  4  2  1300
43.  Landa App LLC – 1490 Diplomat Drive Riverdale GA LLC  Landa Series 1490 Diplomat Drive  07/31/2022  1490 Diplomat Drive Riverdale, GA 30296  1975  4  2  1204
44.  Landa App LLC – 153 Cliffside Court Riverdale GA LLC  Landa Series 153 Cliffside Court  07/31/2022  153 Cliffside Court Riverdale, GA 30274  1984  3  1  968
45.  Landa App LLC – 157 Wells Road Jenkinsburg GA LLC  Landa Series 157 Wells Road  07/31/2022  157 Wells Road Jenkinsburg, GA 30234  1995  3  1  1068
46.  Landa App LLC – 160 Chimney Ridge Trail Stockbridge GA LLC  Landa Series 160 Chimney Ridge Trail  07/31/2022  160 Chimney Ridge Trail Stockbridge, GA 30281  1976  4  2  1610
47.  Landa App LLC – 164 Longstreet Circle Oxford GA LLC  Landa Series 164 Longstreet Circle  07/31/2022  164 Longstreet Circle Oxford, GA 30054  2005  4  1  1269

 

B-17

 

 

   Entity*   Series Name*   Effective
Date of Establishment*
   Property Address   Year Built   Bedrooms   Baths   Sq Ft.
48.  Landa App LLC – 1666 W Poplar Street Griffin GA LLC  Landa Series 1666 W Poplar Street  07/31/2022  1666 W Poplar Street Griffin, GA 30224  1977  4  2  1644
49.  Landa App LLC – 168 Brookview Drive Riverdale GA LLC  Landa Series 168 Brookview Drive  07/31/2022  168 Brookview Drive Riverdale, GA 30274  2005  4  3  1528
50.  Landa App LLC – 1683 Spoonbill Road Hampton GA LLC  Landa Series 1683 Spoonbill Road  07/31/2022  1683 Spoonbill Road Hampton, GA 30238  1972  4  1.5  1104
51.  Landa App LLC – 1689 Viceroy Way Riverdale GA LLC  Landa Series 1689 Viceroy Way  07/31/2022  1689 Viceroy Way Riverdale, GA 30296  1966  4  2  1354
52.  Landa App LLC – 171 Davidson Drive Griffin GA LLC  Landa Series 171 Davidson Drive  07/31/2022  171 Davidson Drive Griffin, GA 30223  1989  4  2  2177
53.  Landa App LLC – 1768 Glen View Way Hampton GA LLC  Landa Series 1768 Glen View Way  07/31/2022  1768 Glen View Way Hampton, GA 30228  2003  3  2  1190
54.  Landa App LLC – 181 Watercress Court Stockbridge GA LLC  Landa Series 181 Watercress Court  07/31/2022  181 Watercress Court Stockbridge, GA 30281  2000  4  2.5  1318
55.  Landa App LLC – 188 Timberline Road Jackson GA LLC  Landa Series 188 Timberline Road  07/31/2022  188 Timberline Road Jackson, GA 30233  1983  4  2  1344
56.  Landa App LLC – 189 Shenandoah Drive Riverdale GA LLC  Landa Series 189 Shenandoah Drive  07/31/2022  189 Shenandoah Drive Riverdale, GA 30274  2007  4  2.5  1740
57.  Landa App LLC – 1903 Old Concord Drive SE Covington GA LLC  Landa Series 1903 Old Concord Drive SE  07/31/2022  1903 Old Concord Drive SE Covington, GA 30016  1983  4  2  1389
58.  Landa App LLC – 195 Branchwood Drive Covington GA LLC  Landa Series 195 Branchwood Drive  07/31/2022  195 Branchwood Drive Covington, GA 30016  1996  4  2  1247
59.  Landa App LLC – 195 Fairclift Drive Covington GA LLC  Landa Series 195 Fairclift Drive  07/31/2022  195 Fairclift Drive Covington, GA 30016  2002  4  2  1300
60.  Landa App LLC – 195 Hunters Trace Covington GA LLC  Landa Series 195 Hunters Trace  07/31/2022  195 Hunters Trace Covington, GA 30014  2011  4  2  1430
61.  Landa App LLC – 196 Montego Circle Riverdale GA LLC  Landa Series 196 Montego Circle  07/31/2022  196 Montego Circle Riverdale, GA 30274  1974  4  2.5  1276
62.  Landa App LLC – 20 Chimney Smoke Drive Stockbridge GA LLC  Landa Series 20 Chimney Smoke Drive  07/31/2022  20 Chimney Smoke Drive Stockbridge, GA 30281  1979  4  2  1714
63.  Landa App LLC – 204 N Main Court Stockbridge GA LLC  Landa Series 204 N Main Court  07/31/2022  204 N Main Court Stockbridge, GA 30281  1994  3  1  1092

 

B-18

 

 

   Entity*   Series Name*   Effective
Date of Establishment*
   Property Address   Year Built   Bedrooms   Baths   Sq Ft.
64.  Landa App LLC – 2055 Grove Way Hampton GA LLC  Landa Series 2055 Grove Way  07/31/2022  2055 Grove Way Hampton, GA 30228  2005  4  2.5  1416
65.  Landa App LLC – 212 Fleeta Drive Covington GA LLC  Landa Series 212 Fleeta Drive 

07/31/2022

  212 Fleeta Drive Covington, GA 30016  1998  4  2  1254
66.  Landa App LLC – 215 Central Lake Circle Griffin GA LLC  Landa Series 215 Central Lake Circle  07/31/2022  215 Central Lake Circle Griffin, GA 30223  1983  4  2  1233
67.  Landa App LLC – 217 Glenloch Court Stockbridge GA LLC  Landa Series 217 Glenloch Court  07/31/2022  217 Glenloch Court Stockbridge, GA 30281  1990  4  2.5  1936
68.  Landa App LLC – 2177 E Chester Circle SE Conyers GA LLC  Landa Series 2177 E Chester Circle SE  07/31/2022  2177 E Chester Circle SE Conyers, GA 30013  1974  4  2  2064
69.  Landa App LLC – 221 Lakeview Drive Stockbridge GA LLC  Landa Series 221 Lakeview Drive  07/31/2022  221 Lakeview Drive Stockbridge, GA 30281  1998  4  2  1375
70.  Landa App LLC – 2264 Chestnut Hill Circle Decatur GA LLC  Landa Series 2264 Chestnut Hill Circle  07/31/2022  2264 Chestnut Hill Circle Decatur, GA 30032  1969  4  2.5  2100
71.  Landa App LLC – 235 Lazy Hollow Lane Covington GA LLC  Landa Series 235 Lazy Hollow Lane  07/31/2022  235 Lazy Hollow Lane Covington, GA 30016  1980  4  2  1525
72.  Landa App LLC – 2425 Cornell Circle McDonough GA LLC  Landa Series 2425 Cornell Circle  07/31/2022  2425 Cornell Circle McDonough, GA 30253  2007  4  2.5  1997
73.  Landa App LLC – 2443 Hodges Farm Road Mansfield GA LLC  Landa Series 2443 Hodges Farm Road  07/31/2022  2443 Hodges Farm Road Mansfield, GA 30055  2000  4  2  1300
74.  Landa App LLC – 25 Pleasant Valley Road McDonough GA LLC  Landa Series 25 Pleasant Valley Road 

07/01/2022

  25 Pleasant Valley Road McDonough, GA 30253  1981  4  1  1345
75.  Landa App LLC – 253 Marco Drive Social Circle GA LLC  Landa Series 253 Marco Drive  07/31/2022  253 Marco Drive Social Circle, GA 30025  1991  4  1  1000
76.  Landa App LLC – 255 Countryside Lane Covington GA LLC  Landa Series 255 Countryside Lane  07/31/2022  255 Countryside Lane Covington, GA 30016  1993  4  2  1296
77.  Landa App LLC – 258 Rocky Point Road Covington GA LLC  Landa Series 258 Rocky Point Road  07/31/2022  258 Rocky Point Road Covington, GA 30016  1999  4  2  1680
78.  Landa App LLC – 263 Rocky Point Road Covington GA LLC  Landa Series 263 Rocky Point Road  07/31/2022  263 Rocky Point Road Covington, GA 30016  2004  4  2  1453
79.  Landa App LLC – 268 Brookview Drive Riverdale GA LLC  Landa Series 268 Brookview Drive 

07/31/2022

  268 Brookview Drive Riverdale, GA 30274  2005  4  3  1528

 

B-19

 

 

    Entity*    Series Name*    Effective
Date of Establishment*
   Property Address    Year Built    Bedrooms    Baths    Sq Ft.
80.   Landa App LLC – 270 Mountain Lane Covington GA LLC   Landa Series 270 Mountain Lane   07/31/2022   270 Mountain Lane Covington, GA 30016   2000   3   2   1428
81.   Landa App LLC – 270 Mountain Way Covington GA LLC   Landa Series 270 Mountain Way   07/31/2022   270 Mountain Way Covington, GA 30016   2000   4   2   1689
82.   Landa App LLC – 270 Pleasant Hill Drive Covington GA LLC   Landa Series 270 Pleasant Hill Drive   07/31/2022   270 Pleasant Hill Drive Covington, GA 30016   2001   4   2   1338
83.   Landa App LLC – 2794 Norfair Loop Lithonia GA LLC   Landa Series 2794 Norfair Loop   07/31/2022   2794 Norfair Loop Lithonia, GA 30038   2003   3   2.5   1468
84.   Landa App LLC – 2813 Vicksburg Court Decatur GA LLC   Landa Series 2813 Vicksburg Court   07/31/2022   2813 Vicksburg Court Decatur, GA 30034   1962   4   2   2589
85.   Landa App LLC – 2933 Coffer Drive Ellenwood GA LLC   Landa Series 2933 Coffer Drive   07/31/2022   2933 Coffer Drive Ellenwood, GA 30294   1963   4   1   1220
86.   Landa App LLC – 30 High Ridge Road Covington GA LLC   Landa Series 30 High Ridge Road   07/31/2022   30 High Ridge Road Covington, GA 30014   1990   4   2   1748
87.   Landa App LLC – 30 Roosevelt Road Covington GA LLC   Landa Series 30 Roosevelt Road   07/31/2022   30 Roosevelt Road Covington, GA 30016   2005   4   2.5   1572
88.   Landa App LLC – 3011 Raintree Drive SE Conyers GA LLC   Landa Series 3011 Raintree Drive SE   07/31/2022   3011 Raintree Drive SE Conyers, GA 30013   1975   4   2   1700
89.   Landa App LLC – 304 Deerfield Drive Jonesboro GA LLC   Landa Series 304 Deerfield Drive   07/31/2022   304 Deerfield Drive Jonesboro, GA 30238   1980   4   1.5   1415
90.   Landa App LLC – 3043 Highway 81 S Covington GA LLC   Landa Series 3043 Highway 81 S   07/31/2022   3043 Highway 81 S Covington, GA 30016   1978   3   2   1068
91.   Landa App LLC – 313 Blue Heron Drive Jonesboro GA LLC   Landa Series 313 Blue Heron Drive   07/31/2022   313 Blue Heron Drive Jonesboro, GA 30236   1986   4   2   1656
92.   Landa App LLC – 3202 Chippewa Drive Rex GA LLC   Landa Series 3202 Chippewa Drive   07/31/2022   3202 Chippewa Drive Rex, GA 30273   1987   4   3   1324
93.   Landa App LLC – 35 Clay Court Covington GA LLC   Landa Series 35 Clay Court   07/31/2022   35 Clay Court Covington, GA 30016   1991   4   2   1599
94.   Landa App LLC – 350 Cadiz Lane S College Park GA LLC   Landa Series 350 Cadiz Lane S   07/31/2022   350 Cadiz Lane S College Park, GA 30349   1972   4   2   1268

 

B-20

 

 

    Entity*    Series Name*    Effective
Date of Establishment*
   Property Address    Year Built    Bedrooms    Baths    Sq Ft.
95.   Landa App LLC – 351 Wesley Park Drive Jonesboro GA LLC   Landa Series 351 Wesley Park Drive   07/31/2022   351 Wesley Park Drive Jonesboro, GA 30238   1982   4   2   1188
96.   Landa App LLC – 3603 Manhattan Drive Decatur GA LLC   Landa Series 3603 Manhattan Drive  

07/31/2022

  3603 Manhattan Drive Decatur, GA 30034   1967   4   2   1477
97.   Landa App LLC – 3667 Patti Parkway Decatur GA LLC   Landa Series 3667 Patti Parkway   07/31/2022   3667 Patti Parkway Decatur, GA 30034   1999   5   3   2650
98.   Landa App LLC – 404 Barberry Lane Stockbridge GA LLC   Landa Series 404 Barberry Lane   07/31/2022   404 Barberry Lane Stockbridge, GA 30281   1975   4   2   1008
99.   Landa App LLC – 412 Kendall Lane McDonough GA LLC   Landa Series 412 Kendall Lane   07/31/2022   412 Kendall Lane McDonough, GA 30253   2003   4   2.5   1440
100.   Landa App LLC – 416 Autumn Lake Court McDonough GA LLC   Landa Series 416 Autumn Lake Court   07/31/2022   416 Autumn Lake Court McDonough, GA 30253   1996   4   2   1182
101.   Landa App LLC – 43 Darwin Drive Jonesboro GA LLC   Landa Series 43 Darwin Drive   07/31/2022   43 Darwin Drive, Jonesboro, GA 30238   1970   4   1   1352
102.   Landa App LLC – 432 Manor Estates Drive Stockbridge GA LLC   Landa Series 432 Manor Estates Drive   07/31/2022   432 Manor Estates Drive Stockbridge, GA 30281   1991   4   2   1424
103.   Landa App LLC – 440 Freestone Drive Newman GA LLC   Landa Series 440 Freestone Drive   07/31/2022   440 Freestone Drive Newman, GA 30265   1990   5   2   1216
104.   Landa App LLC – 4447 Lake Breeze Drive Stone Mountain GA LLC   Landa Series 4447 Lake Breeze Drive   07/31/2022   4447 Lake Breeze Drive Stone Mountain, GA 30083   1970   4   2.5   2159
105.   Landa App LLC – 445 Independence Drive Jonesboro GA LLC   Landa Series 445 Independence Drive   07/31/2022   445 Independence Drive Jonesboro, GA 30238   1978   4   2   1852
106.   Landa App LLC – 449 Kara Lane McDonough GA LLC   Landa Series 449 Kara Lane   07/31/2022   449 Kara Lane McDonough, GA 30253   2002   4   3   1299
107.   Landa App LLC – 45 Blue Jay Drive Covington GA LLC   Landa Series 45 Blue Jay Drive   07/31/2022   45 Blue Jay Drive Covington, GA 30016   2005   4   3.5   2383
108.   Landa App LLC – 45 Laurel Way Covington GA LLC   Landa Series 45 Laurel Way   07/31/2022   45 Laurel Way Covington, GA 30016   1992   5   2   1356
109.   Landa App LLC – 4702 Saint James Way Decatur GA LLC   Landa Series 4702 Saint James Way   07/31/2022   4702 Saint James Way Decatur, GA 30035   2003   3   2.5   1295
110.   Landa App LLC – 4732 Pinedale Drive Forest Park GA LLC   Landa Series 4732 Pinedale Drive   07/31/2022   4732 Pinedale Drive Forest Park, GA 30297   1960   4   1   912

 

B-21

 

 

    Entity*    Series Name*    Effective
Date of Establishment*
   Property Address    Year Built    Bedrooms    Baths    Sq Ft.
111.   Landa App LLC – 497 Georgia Highway 212 Covington GA LLC   Landa Series 497 Highway 212   07/31/2022   497 Georgia Highway 212 Covington, GA 30016   1986   4   1   1188
112.   Landa App LLC – 5039 East Street Forest Park GA LLC   Landa Series 5039 East Street  

07/31/2022

  5039 East Street Forest Park, GA 30297   1947   4   1   950
113.   Landa App LLC – 5040 Huntshire Lane Lilburn GA LLC   Landa Series 5040 Huntshire Lane   07/31/2022   5040 Huntshire Lane Lilburn, GA 30047   1988   5   3   2400
114.   Landa App LLC – 513 Jarrett Court McDonough GA LLC   Landa Series 513 Jarrett Court  

07/31/2022

  513 Jarrett Court McDonough, GA 30253   1992   4   2   1235
115.   Landa App LLC – 5143 Pinecrest Drive SW Covington GA LLC   Landa Series 5143 Pinecrest Drive SW  

07/31/2022

  5143 Pinecrest Drive SW Covington, GA 30014   1959   3   1   1015
116.   Landa App LLC – 524 Sawmill Road Hampton GA LLC   Landa Series 524 Sawmill Road  

07/31/2022

  524 Sawmill Road Hampton, GA 30228   1968   3   2   1453
117.   Landa App LLC – 5329 Shirewick Lane Lithonia GA LLC   Landa Series 5329 Shirewick Lane   07/31/2022   5329 Shirewick Lane Lithonia, GA 30058   1997   4   2.5   2038
118.   Landa App LLC – 540 Cowan Road Covington GA LLC   Landa Series 540 Cowan Road   07/31/2022   540 Cowan Road Covington, GA 30016   1993   4   2   1180
119.   Landa App LLC – 5411 Rocky Pine Drive Lithonia GA LLC   Landa Series 5411 Rocky Pine Drive   07/31/2022   5411 Rocky Pine Drive Lithonia, GA 30038   1985   4   2   1630
120.   Landa App LLC – 55 Myrtle Grove Lane Covington GA LLC   Landa Series 55 Myrtle Grove Lane   07/31/2022   55 Myrtle Grove Lane Covington, GA 30014   1996   4   2   1296
121.   Landa App LLC – 550 Cowan Road Covington GA LLC   Landa Series 550 Cowan Road   07/31/2022   550 Cowan Road Covington, GA 30016   1992   4   2   1092
122.   Landa App LLC – 5581 Fox Glen Circle Lithonia GA LLC   Landa Series 5581 Fox Glen Circle   07/31/2022   5581 Fox Glen Circle Lithonia, GA 30038   1987   4   2.5   3104
123.   Landa App LLC – 565 Mountainview Drive Covington GA LLC   Landa Series 565 Mountainview Drive   07/31/2022   565 Mountainview Drive Covington, GA 30016   1999   4   2   1594
124.   Landa App LLC – 5737 Strathmoor Manor Circle Lithonia GA LLC   Landa Series 5737 Strathmoor Manor Circle   07/31/2022   5737 Strathmoor Manor Circle Lithonia, GA 30058   2002   3   2.5   1428

 

B-22

 

 

    Entity*    Series Name*    Effective
Date of Establishment*
   Property Address    Year Built    Bedrooms    Baths    Sq Ft.
125.   Landa App LLC – 5801 Strathmoor Manor Circle Lithonia GA LLC   Landa Series 5801 Strathmoor Manor Circle   07/31/2022   5801 Strathmoor Manor Circle Lithonia, GA 30058   2002   4   2.5   1490
126.   Landa App LLC – 6104-6106 Oakwood Circle SW Covington GA LLC   Landa Series 6104-6106 Oakwood Circle SW  

07/31/2022

  6104 Oakwood Circle SW Covington, GA 30014/ 6106 Oakwood Circle SW Covington, GA 30014   1986   4   2   925
127.   Landa App LLC - 6107 Shadow Glen Court Covington GA LLC   Landa Series 6107 Shadow Glen Court   07/31/2022   6107 Shadow Glen Court Covington, GA 30014   1972   3   1   1056
128.   Landa App LLC – 6111-6113 Pine Glen Circle SW Covington GA LLC   Landa Series 6111-6113 Pine Glen Circle SW  

07/31/2022

  6111 Pine Glen Circle SW Covington, GA 30014 / 6113 Pine Glen Circle SW Covington, GA 30014   2002   4   2.5   1974
129.   Landa App LLC - 6119 Pineneedle Drive SW Covington GA LLC   Landa Series 6119 Pineneedle Drive SW   07/31/2022   6119 Pineneedle Drive SW Covington, GA 30014   1982   4   1   1096
130.   Landa App LLC - 615 Barshay Drive Covington GA LLC   Landa Series 615 Barshay Drive   07/31/2022   615 Barshay Drive Covington, GA 30016   2007   4   2   1400
131.   Landa App LLC - 6168 Wheat Street NE Covington GA LLC   Landa Series 6168 Wheat Street NE   07/31/2022   6168 Wheat Street NE Covington, GA 30014   1942   3   1   916
132.   Landa App LLC - 6178 Green Acres Drive SW Covington GA LLC   Landa Series 6178 Green Acres Drive SW   07/31/2022   6178 Green Acres Drive SW Covington, GA 30014   2001   4   1   1040
133.   Landa App LLC - 6386 Forester Way Lithonia GA LLC   Landa Series 6386 Forester Way   07/31/2022   6386 Forester Way Lithonia, GA 30038   1975   4   2.5   1956
134.   Landa App LLC - 6404 Walnut Way Union City GA LLC   Landa Series 6404 Walnut Way   07/31/2022   6404 Walnut Way Union City, GA 30291   2006   5   3   1816
135.   Landa App LLC - 643 Sycamore Drive Jonesboro GA LLC   Landa Series 643 Sycamore Drive   07/31/2022   643 Sycamore Drive Jonesboro, GA 30238   2004   4   2.5   1321
136.   Landa App LLC - 65 Freedom Court Covington GA LLC   Landa Series 65 Freedom Court   07/31/2022   65 Freedom Court Covington, GA 30016   1989   4   2   1439
137.   Landa App LLC - 653 Georgetown Lane Jonesboro GA LLC   Landa Series 653 Georgetown Lane   07/31/2022   653 Georgetown Lane Jonesboro, GA 30236   2004   4   2   1476
138.   Landa App LLC - 6635 Kimberly Mill Road College Park GA LLC   Landa Series 6635 Kimberly Mill Road   07/31/2022   6635 Kimberly Mill Road College Park, GA 30349   1969   4   2   1696
139.   Landa App LLC - 6653 Bedford Road Rex GA LLC   Landa Series 6653 Bedford Road   07/31/2022   6653 Bedford Road Rex, GA 30273   1973   4   1.5   1249

 

B-23

 

 

    Entity*    Series Name*    Effective
Date of Establishment*
   Property Address    Year Built    Bedrooms    Baths    Sq Ft.
140.   Landa App LLC - 6710 Sunset Hills Boulevard Rex GA LLC   Landa Series 6710 Sunset Hills Boulevard   07/31/2022   6710 Sunset Hills Boulevard Rex, GA 30273   2000   4   2.5   1414
141.   Landa App LLC - 6762 Bent Creek Drive Rex GA LLC   Landa Series 6762 Bent Creek Drive   07/31/2022   6762 Bent Creek Drive Rex, GA 30273   1990   4   2   843
142.   Landa App LLC - 683 Wood Path Court Stone Mountain GA LLC   Landa Series 683 Wood Path Court   07/31/2022   683 Wood Path Court Stone Mountain, GA 30083   1983   4   2   1440
143.   Landa App LLC - 70 Shenandoah Lane Covington GA LLC   Landa Series 70 Shenandoah Lane   07/31/2022   70 Shenandoah Lane Covington, GA 30016   2004   4   2   1464
144.   Landa App LLC - 709 Georgetown Court Jonesboro GA LLC   Landa Series 709 Georgetown Court   07/31/2022   709 Georgetown Court Jonesboro, GA 30236   2005   4   2.5   1568
145.   Landa App LLC - 7107 Geiger Street NW Covington GA LLC   Landa Series 7107 Geiger Street NW   07/31/2022   7107 Geiger Street NW Covington GA 30016   1945   3   1   702
146.   Landa App LLC - 7205 Lakeview Drive SW Covington GA LLC   Landa Series 7205 Lakeview Drive SW   07/31/2022   7205 Lakeview Drive SW Covington, GA 30014   1960   4   2   1712
147.   Landa App LLC - 750 Georgetown Court Jonesboro GA LLC   Landa Series 750 Georgetown Court   07/31/2022   750 Georgetown Court Jonesboro ,GA 30236   2005   4   3   1568
148.   Landa App LLC - 752 Chestnut Drive Jackson GA LLC   Landa Series 752 Chestnut Drive   07/31/2022   752 Chestnut Drive Jackson, GA 30233   1984   4   2   1025
149.   Landa App LLC - 773 Villa Way Jonesboro GA LLC   Landa Series 773 Villa Way   07/31/2022   773 Villa Way Jonesboro, GA 30238   1983   4   2   1386
150.   Landa App LLC - 7781 Mountain Creek Way Douglasville GA LLC   Landa Series 7781 Mountain Creek Way   07/31/2022   7781 Mountain Creek Way Douglasville, GA 30134   1986   3   3   1794
151.   Landa App LLC - 7950 Woodlake Drive Riverdale GA LLC   Landa Series 7950 Woodlake Drive   07/31/2022   7950 Woodlake Drive Riverdale, GA 30274   1995   4   2   1371
152.   Landa App LLC - 80 High Ridge Road Covington GA LLC   Landa Series 80 High Ridge Road   07/31/2022   80 High Ridge Road Covington, GA 30014   1995   4   2   1338
153.   Landa App LLC - 800 Mills Drive Covington GA LLC   Landa Series 800 Mills Drive   07/31/2022   800 Mills Drive Covington, GA 30016   1992   4   2.5   1319
154.   Landa App LLC - 808 Hillandale Lane Lithonia GA LLC   Landa Series 808 Hillandale Lane   07/31/2022   808 Hillandale Lane Lithonia, GA 30058   2000   3   2.5   1260
155.   Landa App LLC - 8110 Devonshire Drive Jonesboro GA LLC   Landa Series 8110 Devonshire Drive   07/31/2022   8110 Devonshire Drive Jonesboro, GA 30238   1981   4   2   1022

 

B-24

 

 

    Entity*   Series Name*   Effective
Date of
Establishment*
  Property Address   Year Built   Bedrooms   Baths   Sq Ft.
156.   Landa App LLC - 8121 Spillers Drive SW Covington GA LLC   Landa Series 8121 Spillers Drive SW   07/31/2022   8121 Spillers Drive SW Covington, GA 30014   1965   4   1   1064
157.   Landa App LLC - 8233 Creekline Court Riverdale GA LLC   Landa Series 8233 Creekline Court   07/31/2022   8233 Creekline Court Riverdale, GA 30274   1982   4   2   1575
158.   Landa App LLC - 8302 Sterling Lakes Drive Covington GA LLC   Landa Series 8302 Sterling Lakes Drive   07/31/2022   8302 Sterling Lakes Drive Covington, GA 30014   2004   4   2.5   1160
159.   Landa App LLC - 843 Tramore Drive Stockbridge GA LLC   Landa Series 843 Tramore Drive   07/31/2022   843 Tramore Drive Stockbridge, GA 30281   1998   4   2   1218
160.   Landa App LLC - 85 Kirkland Court Covington GA LLC   Landa Series 85 Kirkland Court   07/31/2022   85 Kirkland Court Covington, GA 30016   2003   4   2.5   1685
161.   Landa App LLC - 85 Thorn Thicket Way Rockmart GA LLC   Landa Series 85 Thorn Thicket Way   07/31/2022   85 Thorn Thicket Way Rockmart, GA 30153   2006   4   3   1512
162.   Landa App LLC - 8658 Ashley Way Douglasville GA LLC   Landa Series 8658 Ashley Way   07/31/2022   8658 Ashley Way Douglasville, GA 30134   1982   3   1   942
163.   Landa App LLC - 8667 Ashley Way Douglasville GA LLC   Landa Series 8667 Ashley Way   07/31/2022   8667 Ashley Way Douglasville, GA 30134   1982   3   1   786
164.   Landa App LLC - 8671 Ashley Way Douglasville GA LLC   Landa Series 8671 Ashley Way   07/31/2022   8671 Ashley Way Douglasville, GA 30134   1982   2   1   786
165.   Landa App LLC - 8676 Ashley Way Douglasville GA LLC   Landa Series 8676 Ashley Way   07/31/2022   8676 Ashley Way Douglasville, GA 30134   1982   3   2   1110
166.   Landa App LLC - 8691 Ashley Way Douglasville GA LLC   Landa Series 8691 Ashley Way   07/31/2022   8691 Ashley Way Douglasville, GA 30134   1982   4   3   1300
167.   Landa App LLC - 8692 Ashley Way Douglasville GA LLC   Landa Series 8692 Ashley Way   07/31/2022   8692 Ashley Way Douglasville, GA 30134   1982   3   2   1300
168.   Landa App LLC - 8693 Ashley Way Douglasville GA LLC   Landa Series 8693 Ashley Way   07/31/2022   8693 Ashley Way Douglasville, GA 30134   1982   3   2   1500
169.   Landa App LLC - 8694 Ashley Way Douglasville GA LLC   Landa Series 8694 Ashley Way   07/31/2022   8694 Ashley Way Douglasville, GA 30134   1982   3   2.5   1364
170.   Landa App LLC - 8697 Ashley Way Douglasville GA LLC   Landa Series 8697 Ashley Way   07/31/2022   8697 Ashley Way Douglasville, GA 30134   1982   3   2.5   1302

 

B-25

 

 

    Entity*    Series Name*    Effective
Date of
Establishment*
   Property Address    Year Built    Bedrooms    Baths    Sq Ft.
171.   Landa App LLC - 8819 Leafwood Court Riverdale GA LLC   Landa Series 8819 Leafwood Court   07/31/2022   8819 Leafwood Court Riverdale, GA 30274   1972   4   1.5   1201
172.   Landa App LLC - 8855 Rugby Court Jonesboro GA LLC   Landa Series 8855 Rugby Court   07/31/2022   8855 Rugby Court Jonesboro, GA 30238   1970   4   1.5   1125
173.   Landa App LLC - 9020 Sterling Ridge Lane Jonesboro GA LLC   Landa Series 9020 Sterling Ridge Lane   07/31/2022   9020 Sterling Ridge Lane Jonesboro, GA 30238   1974   4   2   1344
174.   Landa App LLC - 9150 Spillers Drive SW Covington GA LLC   Landa Series 9150 Spillers Drive SW   07/31/2022   9150 Spillers Drive SW Covington, GA 30014   2001   4   2   1172
175.   Landa App LLC - 925 Mote Road Covington GA LLC   Landa Series 925 Mote Road   07/31/2022   925 Mote Road Covington, GA 30016   2000   4   2   1492
176.   Landa App LLC - 9409 Forest Knoll Drive Jonesboro GA LLC   Landa Series 9409 Forest Knoll Drive   07/31/2022   9409 Forest Knoll Drive Jonesboro, GA 30238   1979   4   2   1376
177.   Landa App LLC - 9434 Cedar Creek Place Douglasville GA LLC   Landa Series 9434 Cedar Creek Place   07/31/2022   9434 Cedar Creek Place Douglasville, GA 30135   1976   4   2.5   1362
178.   Landa App LLC - 9597 Pintail Trail Jonesboro GA LLC   Landa Series 9597 Pintail Trail   07/31/2022   9597 Pintail Trail Jonesboro, GA 30238   1988   4   2   1653
179.   Landa App LLC - 974 Laurel Street Lake City GA LLC   Landa Series 974 Laurel Street   07/31/2022   974 Laurel Street Lake City, GA 30260   1962   4   1   1140
180.   Landa App LLC - 1701 Summerwoods Lane Griffin GA LLC(1)   Landa Series 1701 Summerwoods Lane   (2)   1701 Summerwoods Lane Griffin, GA 30224   2004   3   2   1201
181.   Landa App LLC - 1741 Park Lane Griffin GA LLC(1)   Landa Series 1741 Park Lane   (2)   1741 Park Lane Griffin, GA 30224   2002   4   2   1125

 

*See the Form of Series Designation, which is attached as an exhibit to the offering statement of which this Offering Circular forms a part.

 

(1)This Series previously offered and sold Shares in an offering qualified under Regulation A. Following the closing of  such previous offering, the Manager determined that it was in the best interest of  this Series to sell its underlying Property to Landa Properties. In connection with the sale of the Property to Landa Properties following the closing of such previous offering, the Manager distributed the sales proceeds to each of the prior holders of this Series’ Shares. This Series expects to conduct a new offering of its Shares pursuant to this Offering Circular.

 

(2)This Series was initially formed as registered series under Section 18-218 of the LLC Act on May 19, 2020 and we expect to convert this Series into a protected series under Section 18-215 of the LLC Act prior to the qualification of the offering statement of which this Offering Circular forms a part.

 

B-26

 

 

Lease Information.

 

Please see the Master Series Table in Appendix A for information regarding the lease expiration and monthly rent for the Properties underlying each Series that is being offered pursuant to this Offering Circular. The foregoing is a summary of the terms of the applicable lease agreement and does not purport to be a complete description of such terms. 

 

Taxes and Insurance

 

Please see the Master Series Table in Appendix A for information regarding taxes and insurance for the Properties underlying the Series that are being offered pursuant to this Offering Circular.

 

Monthly Management Fee

 

The Monthly Management Fee payable by each Series is expected to be eight percent (8%) of the Gross Monthly Rent. The Monthly Management Fee may be changed at any time, in the sole discretion of the Manager, but at no time, will it exceed ten percent (10%) of the Gross Monthly Rent.

 

Allocation to Reserve

 

We expect each Series will contribute monthly to its Reserve by allocating up to fifteen (15%) of its Gross Monthly Rent to the Reserve, such allocation beginning after the commencement of such Series’ Offering.

 

Improvements

 

The Manager has allocated Improvement Costs towards Improvements to the Property, which may occur prior to, or following, the transfer of this Property to this Series. See “Use of Proceeds”. In addition, the Manager will undertake ordinary repairs required to turn over the Property for a new tenant; however, there may be material Improvements, repairs or maintenance costs in the future. Any future material Improvements, repairs or maintenance costs to the Property will be paid for using funds from the Series’ Reserves. In the event that there are not enough funds in the Reserves to cover such Improvements, repairs or maintenance, the Series may seek further debt financing from a related-party loan from the Manager. For discussion of factors that may result in increased costs to the Series, please see “Risk Factors—Risks Related to the Properties and the Series—A Series may not be able to control its operating costs, or its expenses may remain constant or increase, even if its revenues do not increase, causing its results of operations to be adversely affected.”

 

B-27

 

 

Loans

 

Initially, each Series financed 100% of the costs associated with the acquisition of the Property, including Acquisition Fees, Property Diligence Expenses and Reserves, with a promissory note issued by such Series to the Manager (each an “Acquisition Note” and collectively the “Acquisition Notes”). Each Acquisition Note represents a related-party loan between each respective Series and the Manager. The Acquisition Notes issued by each Series bears an interest rate of 4.5% per annum, provided, however that interest will not accrue on the Acquisition Note issued by such Series, and no payments of amounts outstanding under such Acquisition Notes will be due, prior to the transfer to the applicable Series of title to its Property, and if such title transfer does not occur prior to the maturity of such Acquisition Note, such Acquisition Note will terminate with no obligation for the Series to make any payment thereunder.

 

We expect each Series will pay down, or otherwise discharge the outstanding balance of the Acquisition Note with (i) the proceeds received in exchange for a commercial promissory note bearing interest at current market rates to be issued to a third party lender (the “Refinance Lender”) after the qualification date of the offering statement of which this Offering Circular forms a part (each a “Refinance Note” and collectively the “Refinance Notes”) and (ii) substantially all of the net proceeds from the Series Offering. We expect that each Refinance Note will be secured by the Property underlying the respective Series.

 

While we expect each Refinance Note issued by a Series to be issued for the principal amount and on the terms disclosed in this Offering Circular, the Refinance Notes are subject to further negotiation with the Refinance Lender. For example, we expect to receive a new appraisal for each Property prior to commencement of each Series’ Offering, and if this appraisal is lower than the most recent appraisal for the Property, this may reduce the principal amount that the Refinance Lender is willing to lend under the applicable Refinance Note. In this event, the applicable Acquisition Note would not be discharged in full by the proceeds from the Refinance Note and the applicable Offering and the balance of the Acquisition Note would remain outstanding following the Offering.

 

We expect that each Refinance Note will require payments of interest only for the term of such note, with the principal balance due upon maturity. For more information on the principal amounts and terms of each Acquisition Note and the expected principal amounts and terms of each Refinance Note, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Loans”

 

Acquisition Notes

 

Initially, each Series issues an Acquisition Note to the Manager to finance 100% of the costs associated with the expected acquisition of its Property. Each Acquisition Note represents a related-party loan between each respective Series and the Manager. The Acquisition Notes issued by the Series bear an interest rate of four and a half percent (4.5%) per annum, provided that interest will not accrue on the Acquisition Notes issued by the Series, and no payment of amounts outstanding under such Acquisition Notes will be due, prior to the transfer to the applicable Series of title to its Property, and if such title transfer does not occur prior to the maturity of such Acquisition Note, such Acquisition Note will terminate with no obligation for the Series to make any payment thereunder. Title to the Property underlying the applicable Series will only be transferred following qualification of the offering statement and prior to the initial Closing of sales of Shares of the Series.

 

All rental income earned by a Property underlying a Series that has accumulated prior to the commencement of such Series’ Offering will be distributed to the Manager prior to such commencement. Each Series will use substantially all of the net proceeds from its Offering to pay down all or a portion of the outstanding balance under its Acquisition Note.

 

The original and current amounts and terms of each Acquisition Note are listed in the table below. Each Acquisition Note is an unsecured obligation of the applicable Series. Please see the “Form of Promissory Note, by and between Landa Holdings, Inc. and a Landa App LLC Series (Acquisition Note)” which is included as an exhibit to the Offering Statement of which this Offering Circular is a part for more information.

 

    Series    Original
Principal
Amount(1)
    Annual
Interest
Rate
    Loan
Date
   Maturity
Date
   Current
Outstanding Amount
 
1.   Landa Series 10 Oak Wood Lane   $ 254,456       4.50 %  

07/31/2022

  07/31/2027   $ 254,456  
2.   Landa Series 10 Windridge Drive   $ 256,422       4.50 %   07/31/2022   07/31/2027   $ 256,422  
3.   Landa Series 1000 Fox Valley Trail   $ 297,984       4.50 %   07/31/2022   07/31/2027   $ 297,984  
4.   Landa Series 1007 Leeward Way   $ 300,157       4.50 %   07/31/2022   07/31/2027   $ 300,157  
5.   Landa Series 10119 Commons Way   $ 306,450       4.50 %   07/31/2022   07/31/2027   $ 306,450  
6.   Landa Series 10121 Morris Drive SW   $ 278,235       4.50 %   07/31/2022   07/31/2027   $ 278,235  
7.   Landa Series 10183 Starr Street SW   $ 268,383       4.50 %   07/31/2022   07/31/2027   $ 268,383  
8.   Landa Series 103 Starlake Drive   $ 267,883       4.50 %   07/31/2022   07/31/2027   $ 267,883  
9.   Landa Series 104 Summerfield Drive   $ 300,059       4.50 %   07/31/2022   07/31/2027   $ 300,059  
10.   Landa Series 10433 Candlelight Rd   $ 305,757       4.50 %   07/31/2022   07/31/2027   $ 305,757  
11.   Landa Series 105 Anne Street   $ 253,115       4.50 %   07/31/2022   07/31/2027   $ 253,115  
12.   Landa Series 107 Oakwood Circle   $ 198,781       4.50 %   07/31/2022   07/31/2027   $ 198,781  
13.   Landa Series 109 Amberwood Lane   $ 216,284       4.50 %   07/31/2022   07/31/2027   $ 216,284  
14.   Landa Series 110 Shenandoah Drive   $ 310,797       4.50 %   07/31/2022   07/31/2027   $ 310,797  
15.   Landa Series 111 Fir Drive   $ 240,106       4.50 %   07/31/2022   07/31/2027   $ 240,106  
16.   Landa Series 1110 Parkview Drive   $ 260,727       4.50 %   07/31/2022   07/31/2027   $ 260,727  
17.   Landa Series 11187 Shannon Circle   $ 310,885       4.50 %   07/31/2022   07/31/2027   $ 310,885  
18.   Landa Series 112 Ridge Street   $ 309,709       4.50 %   07/31/2022   07/31/2027   $ 309,709  
19.   Landa Series 11322 Michelle Way   $ 250,982       4.50 %   07/31/2022   07/31/2027   $ 250,982  

B-28

 

 

    Series    Original
Principal
Amount(1)
    Annual
Interest
Rate
    Loan
Date
   Maturity
Date
   Current
Outstanding Amount
 
20.   Landa Series 114 Starlake Drive   $ 253,436       4.50 %   07/31/2022   07/31/2027   $ 253,436  
21.   Landa Series 11447 S Grove Drive   $ 284,781       4.50 %   07/31/2022   07/31/2027   $ 284,781  
22.   Landa Series 1147 Village Way   $ 301,010       4.50 %   07/31/2022   07/31/2027   $ 301,010  
23.   Landa Series 115 Lakeview Drive   $ 285,786       4.50 %   07/31/2022   07/31/2027   $ 285,786  
24.   Landa Series 1160 Gable Terrace   $ 301,175       4.50 %   07/31/2022   07/31/2027   $ 301,175  
25.   Landa Series 1190 Kirkland Road   $ 323,791       4.50 %   07/31/2022   07/31/2027   $ 323,791  
26.   Landa Series 12 Mintz Street   $ 264,035       4.50 %   07/31/2022   07/31/2027   $ 264,035  
27.   Landa Series 120 Rosewood Drive   $ 286,873       4.50 %   07/31/2022   07/31/2027   $ 286,873  
28.   Landa Series 1201 Kilrush Drive   $ 535,920       4.50 %   07/31/2022   07/31/2027   $ 535,920  
29.   Landa Series 124 Libby Lane   $ 240,485       4.50 %   07/31/2022   07/31/2027   $ 240,485  
30.   Landa Series 126 E Mimosa Drive   $ 256,451       4.50 %   07/31/2022   07/31/2027   $ 256,451  
31.   Landa Series 12641 Alcovy Road   $ 307,481       4.50 %   07/31/2022   07/31/2027   $ 307,481  
32.   Landa Series 1320 Winona Avenue   $ 220,795       4.50 %   07/31/2022   07/31/2027   $ 220,795  
33.   Landa Series 133 Dove Landing   $ 227,058       4.50 %   07/31/2022   07/31/2027   $ 227,058  
34.   Landa Series 137 Southern Shores Road   $ 240,268       4.50 %   07/31/2022   07/31/2027   $ 240,268  
35.   Landa Series 138 Sandalwood Circle   $ 253,616       4.50 %   07/31/2022   07/31/2027   $ 253,616  
36.   Landa Series 140 High Ridge Road   $ 285,784       4.50 %   07/31/2022   07/31/2027   $ 285,784  
37.   Landa Series 141 Longstreet Circle   $ 331,402       4.50 %   07/31/2022   07/31/2027   $ 331,402  
38.   Landa Series 1443 Pebble Ridge Lane   $ 319,610       4.50 %   07/31/2022   07/31/2027   $ 319,610  
39.   Landa Series 1445 Maple Valley Court   $ 200,632       4.50 %   07/31/2022   07/31/2027   $ 200,632  
40.   Landa Series 146 Crystal Brook   $ 212,200       4.50 %   07/31/2022   07/31/2027   $ 212,200  
41.   Landa Series 1473 Brownleaf Drive   $ 282,588       4.50 %   07/31/2022   07/31/2027   $ 282,588  
42.   Landa Series 1485 Bola Court   $ 258,597       4.50 %   07/31/2022   07/31/2027   $ 258,597  
43.   Landa Series 1490 Diplomat Drive   $ 354,470       4.50 %   07/31/2022   07/31/2027   $ 354,470  
44.   Landa Series 153 Cliffside Court   $ 185,856       4.50 %   07/31/2022   07/31/2027   $ 185,856  
45.   Landa Series 157 Wells Road   $ 221,620       4.50 %   07/31/2022   07/31/2027   $ 221,620  
46.   Landa Series 160 Chimney Ridge Trail   $ 286,873       4.50 %   07/31/2022   07/31/2027   $ 286,873  
47.   Landa Series 164 Longstreet Circle   $ 289,049       4.50 %   07/31/2022   07/31/2027   $ 289,049  
48.   Landa Series 1666 W Poplar Street   $ 231,406       4.50 %   07/31/2022   07/31/2027   $ 231,406  
49.   Landa Series 168 Brookview Drive   $ 132,243       4.50 %   07/31/2022   07/31/2027   $ 132,243  
50.   Landa Series 1683 Spoonbill Road   $ 244,459       4.50 %   07/31/2022   07/31/2027   $ 244,459  
51.   Landa Series 1689 Viceroy Way   $ 280,628       4.50 %   07/31/2022   07/31/2027   $ 280,628  
52.   Landa Series 171 Davidson Drive   $ 303,132       4.50 %   07/31/2022   07/31/2027   $ 303,132  
53.   Landa Series 1768 Glen View Way   $ 250,620       4.50 %   07/31/2022   07/31/2027   $ 250,620  
54.   Landa Series 181 Watercress Court   $ 274,908       4.50 %   07/31/2022   07/31/2027   $ 274,908  
55.   Landa Series 188 Timberline Road   $ 161,802       4.50 %   07/31/2022   07/31/2027   $ 161,802  
56.   Landa Series 189 Shenandoah Drive   $ 256,420       4.50 %   07/31/2022   07/31/2027   $ 256,420  
57.   Landa Series 1903 Old Concord Drive SE   $ 308,568       4.50 %   07/31/2022   07/31/2027   $ 308,568  

 

B-29

 

 

    Series    Original
Principal
Amount(1)
    Annual
Interest
Rate
    Loan
Date
   Maturity
Date
   Current
Outstanding Amount
 
58.   Landa Series 195 Branchwood Drive   $ 316,179       4.50 %   07/31/2022   07/31/2027   $ 316,179  
59.   Landa Series 195 Fairclift Drive   $ 285,786       4.50 %   07/31/2022   07/31/2027   $ 285,786  
60.   Landa Series 195 Hunters Trace   $ 316,955       4.50 %   07/31/2022   07/31/2027   $ 316,955  
61.   Landa Series 196 Montego Circle   $ 267,295       4.50 %   07/31/2022   07/31/2027   $ 267,295  
62.   Landa Series 20 Chimney Smoke Drive   $ 286,873       4.50 %   07/31/2022   07/31/2027   $ 286,873  
63.   Landa Series 204 N Main Court   $ 227,058       4.50 %   07/31/2022   07/31/2027   $ 227,058  
64.   Landa Series 2055 Grove Way   $ 248,809       4.50 %   07/31/2022   07/31/2027   $ 248,809  
65.   Landa Series 212 Fleeta Drive   $ 233,632       4.50 %   07/31/2022   07/31/2027   $ 233,632  
66.   Landa Series 215 Central Lake Circle   $ 267,251       4.50 %   07/31/2022   07/31/2027   $ 267,251  
67.   Landa Series 217 Glenloch Court   $ 308,621       4.50 %   07/31/2022   07/31/2027   $ 308,621  
68.   Landa Series 2177 E Chester Circle SE   $ 312,950       4.50 %   07/31/2022   07/31/2027   $ 312,950  
69.   Landa Series 221 Lakeview Drive   $ 297,749       4.50 %   07/31/2022   07/31/2027   $ 297,749  
70.   Landa Series 2264 Chestnut Hill Circle   $ 379,313       4.50 %   07/31/2022   07/31/2027   $ 379,313  
71.   Landa Series 235 Lazy Hollow Lane   $ 299,259       4.50 %   07/31/2022   07/31/2027   $ 299,259  
72.   Landa Series 2425 Cornell Circle   $ 331,464       4.50 %   07/31/2022   07/31/2027   $ 331,464  
73.   Landa Series 2443 Hodges Farm Road   $ 245,546       4.50 %   07/31/2022   07/31/2027   $ 245,546  
74.   Landa Series 25 Pleasant Valley Road   $ 283,609       4.50 %   07/31/2022   07/31/2027   $ 283,609  
75.   Landa Series 253 Marco Drive   $ 232,761       4.50 %   07/31/2022   07/31/2027   $ 232,761  
76.   Landa Series 255 Countryside Lane   $ 294,486       4.50 %   07/31/2022   07/31/2027   $ 294,486  
77.   Landa Series 258 Rocky Point Road   $ 315,147       4.50 %   07/31/2022   07/31/2027   $ 315,147  
78.   Landa Series 263 Rocky Point Road   $ 279,261       4.50 %   07/31/2022   07/31/2027   $ 279,261  
79.   Landa Series 268 Brookview Drive   $ 188,408       4.50 %   07/31/2022   07/31/2027   $ 188,408  
80.   Landa Series 270 Mountain Lane   $ 291,683       4.50 %   07/31/2022   07/31/2027   $ 291,683  
81.   Landa Series 270 Mountain Way   $ 287,961       4.50 %   07/31/2022   07/31/2027   $ 287,961  
82.   Landa Series 270 Pleasant Hill Drive   $ 273,208       4.50 %   07/31/2022   07/31/2027   $ 273,208  
83.   Landa Series 2794 Norfair Loop   $ 233,583       4.50 %   07/31/2022   07/31/2027   $ 233,583  
84.   Landa Series 2813 Vicksburg Court   $ 337,986       4.50 %   07/31/2022   07/31/2027   $ 337,986  
85.   Landa Series 2933 Coffer Drive   $ 281,715       4.50 %   07/31/2022   07/31/2027   $ 281,715  
86.   Landa Series 30 High Ridge Road   $ 332,846       4.50 %   07/31/2022   07/31/2027   $ 332,846  
87.   Landa Series 30 Roosevelt Road   $ 284,696       4.50 %   07/31/2022   07/31/2027   $ 284,696  
88.   Landa Series 3011 Raintree Drive SE   $ 310,013       4.50 %   07/31/2022   07/31/2027   $ 310,013  
89.   Landa Series 304 Deerfield Drive   $ 291,845       4.50 %   07/31/2022   07/31/2027   $ 291,845  
90.   Landa Series 3043 Highway 81 S   $ 216,225       4.50 %   07/31/2022   07/31/2027   $ 216,225  
91.   Landa Series 313 Blue Heron Drive   $ 271,457       4.50 %   07/31/2022   07/31/2027   $ 271,457  
92.   Landa Series 3202 Chippewa Drive   $ 298,834       4.50 %   07/31/2022   07/31/2027   $ 298,834  
93.   Landa Series 35 Clay Court   $ 303,197       4.50 %   07/31/2022   07/31/2027   $ 303,197  
94.   Landa Series 350 Cadiz Lane S   $ 277,083       4.50 %   07/31/2022   07/31/2027   $ 277,083  

 

B-30

 

 

    Series    Original
Principal
Amount(1)
    Annual
Interest
Rate
    Loan
Date
   Maturity
Date
   Current
Outstanding Amount
 
95.   Landa Series 351 Wesley Park Drive   $ 260,770       4.50 %   07/31/2022   07/31/2027   $ 260,770  
96.   Landa Series 3603 Manhattan Drive   $ 326,027       4.50 %   07/31/2022   07/31/2027   $ 326,027  
97.   Landa Series 3667 Patti Parkway   $ 379,317       4.50 %   07/31/2022   07/31/2027   $ 379,317  
98.   Landa Series 404 Barberry Lane   $ 285,892       4.50 %   07/31/2022   07/31/2027   $ 285,892  
99.   Landa Series 412 Kendall Lane   $ 296,763       4.50 %   07/31/2022   07/31/2027   $ 296,763  
100.   Landa Series 416 Autumn Lake Court   $ 266,210       4.50 %   07/31/2022   07/31/2027   $ 266,210  
101.   Landa Series 43 Darwin Drive   $ 252,069       4.50 %   07/31/2022   07/31/2027   $ 252,069  
102.   Landa Series 432 Manor Estates Drive   $ 314,170       4.50 %   07/31/2022   07/31/2027   $ 314,170  
103.   Landa Series 440 Freestone Drive   $ 331,496       4.50 %   07/31/2022   07/31/2027   $ 331,496  
104.   Landa Series 4447 Lake Breeze Drive   $ 342,340       4.50 %   07/31/2022   07/31/2027   $ 342,340  
105.   Landa Series 445 Independence Drive   $ 298,779       4.50 %   07/31/2022   07/31/2027   $ 298,779  
106.   Landa Series 449 Kara Lane   $ 265,402       4.50 %   07/31/2022   07/31/2027   $ 265,402  
107.   Landa Series 45 Blue Jay Drive   $ 353,211       4.50 %   07/31/2022   07/31/2027   $ 353,211  
108.   Landa Series 45 Laurel Way   $ 340,100       4.50 %   07/31/2022   07/31/2027   $ 340,100  
109.   Landa Series 4702 Saint James Way   $ 267,453       4.50 %   07/31/2022   07/31/2027   $ 267,453  
110.   Landa Series 4732 Pinedale Drive   $ 234,719       4.50 %   07/31/2022   07/31/2027   $ 234,719  
111.   Landa Series 497 Highway 212   $ 279,211       4.50 %   07/31/2022   07/31/2027   $ 279,211  
112.   Landa Series 5039 East Street   $ 207,482       4.50 %   07/31/2022   07/31/2027   $ 207,482  
113.   Landa Series 5040 Huntshire Lane   $ 444,985       4.50 %   07/31/2022   07/31/2027   $ 444,985  
114.   Landa Series 513 Jarrett Court   $ 289,113       4.50 %   07/31/2022   07/31/2027   $ 289,113  
115.   Landa Series 5143 Pinecrest Drive SW   $ 227,104       4.50 %   07/31/2022   07/31/2027   $ 227,104  
116.   Landa Series 524 Sawmill Road   $ 283,679       4.50 %   07/31/2022   07/31/2027   $ 283,679  
117.   Landa Series 5329 Shirewick Lane   $ 337,990       4.50 %   07/31/2022   07/31/2027   $ 337,990  
118.   Landa Series 540 Cowan Road   $ 299,557       4.50 %   07/31/2022   07/31/2027   $ 299,557  
119.   Landa Series 5411 Rocky Pine Drive   $ 309,885       4.50 %   07/31/2022   07/31/2027   $ 309,885  
120.   Landa Series 55 Myrtle Grove Lane   $ 291,224       4.50 %   07/31/2022   07/31/2027   $ 291,224  
121.   Landa Series 550 Cowan Road   $ 250,783       4.50 %   07/31/2022   07/31/2027   $ 250,783  
122.   Landa Series 5581 Fox Glen Circle   $ 434,715       4.50 %   07/31/2022   07/31/2027   $ 434,715  
123.   Landa Series 565 Mountainview Drive   $ 283,236       4.50 %   07/31/2022   07/31/2027   $ 283,236  
124.   Landa Series 5737 Strathmoor Manor Circle   $ 254,247       4.50 %   07/31/2022   07/31/2027   $ 254,247  
125.   Landa Series 5801 Strathmoor Manor Circle   $ 262,945       4.50 %   07/31/2022   07/31/2027   $ 262,945  
126.   Landa Series 6104-6106 Oakwood Circle SW   $ 247,853       4.50 %   07/31/2022   07/31/2027   $ 247,853  
127.   Landa Series 6107 Shadow Glen Court   $ 212,961       4.50 %   07/31/2022   07/31/2027   $ 212,961  
128.   Landa Series 6111-6113 Pine Glen Circle SW   $ 456,530       4.50 %   07/31/2022   07/31/2027   $ 456,530  
129.   Landa Series 6119 Pineneedle Drive SW   $ 166,154       4.50 %   07/31/2022   07/31/2027   $ 166,154  

 

B-31

 

 

    Series    Original
Principal
Amount(1)
    Annual
Interest
Rate
    Loan
Date
   Maturity
Date
   Current
Outstanding Amount
 
130.   Landa Series 615 Barshay Drive   $ 291,964       4.50 %   07/31/2022   07/31/2027   $ 291,964  
131.   Landa Series 6168 Wheat Street NE   $ 187,898       4.50 %   07/31/2022   07/31/2027   $ 187,898  
132.   Landa Series 6178 Green Acres Drive SW   $ 223,434       4.50 %   07/31/2022   07/31/2027   $ 223,434  
133.   Landa Series 6386 Forester Way   $ 296,833       4.50 %   07/31/2022   07/31/2027   $ 296,833  
134.   Landa Series 6404 Walnut Way   $ 279,261       4.50 %   07/31/2022   07/31/2027   $ 279,261  
135.   Landa Series 643 Sycamore Drive   $ 270,184       4.50 %   07/31/2022   07/31/2027   $ 270,184  
136.   Landa Series 65 Freedom Court   $ 293,884       4.50 %   07/31/2022   07/31/2027   $ 293,884  
137.   Landa Series 653 Georgetown Lane   $ 285,870       4.50 %   07/31/2022   07/31/2027   $ 285,870  
138.   Landa Series 6635 Kimberly Mill Road   $ 328,712       4.50 %   07/31/2022   07/31/2027   $ 328,712  
139.   Landa Series 6653 Bedford Road   $ 278,623       4.50 %   07/31/2022   07/31/2027   $ 278,623  
140.   Landa Series 6710 Sunset Hills Boulevard   $ 236,846       4.50 %   07/31/2022   07/31/2027   $ 236,846  
141.   Landa Series 6762 Bent Creek Drive   $ 279,258       4.50 %   07/31/2022   07/31/2027   $ 279,258  
142.   Landa Series 683 Wood Path Court   $ 328,476       4.50 %   07/31/2022   07/31/2027   $ 328,476  
143.   Landa Series 70 Shenandoah Lane   $ 335,751       4.50 %   07/31/2022   07/31/2027   $ 335,751  
144.   Landa Series 709 Georgetown Court   $ 276,058       4.50 %   07/31/2022   07/31/2027   $ 276,058  
145.   Landa Series 7107 Geiger Street NW   $ 160,714       4.50 %   07/31/2022   07/31/2027   $ 160,714  
146.   Landa Series 7205 Lakeview Drive SW   $ 292,311       4.50 %   07/31/2022   07/31/2027   $ 292,311  
147.   Landa Series 750 Georgetown Court   $ 227,055       4.50 %   07/31/2022   07/31/2027   $ 227,055  
148.   Landa Series 752 Chestnut Drive   $ 197,731       4.50 %   07/31/2022   07/31/2027   $ 197,731  
149.   Landa Series 773 Villa Way   $ 119,844       4.50 %   07/31/2022   07/31/2027   $ 119,844  
150.   Landa Series 7781 Mountain Creek Way   $ 301,080       4.50 %   07/31/2022   07/31/2027   $ 301,080  
151.   Landa Series 7950 Woodlake Drive   $ 250,982       4.50 %   07/31/2022   07/31/2027   $ 250,982  
152.   Landa Series 80 High Ridge Road   $ 302,097       4.50 %   07/31/2022   07/31/2027   $ 302,097  
153.   Landa Series 800 Mills Drive   $ 336,839       4.50 %   07/31/2022   07/31/2027   $ 336,839  
154.   Landa Series 808 Hillandale Lane   $ 285,336       4.50 %   07/31/2022   07/31/2027   $ 285,336  
155.   Landa Series 8110 Devonshire Drive   $ 212,961       4.50 %   07/31/2022   07/31/2027   $ 212,961  
156.   Landa Series 8121 Spillers Drive SW   $ 244,946       4.50 %   07/31/2022   07/31/2027   $ 244,946  
157.   Landa Series 8233 Creekline Court   $ 293,652       4.50 %   07/31/2022   07/31/2027   $ 293,652  
158.   Landa Series 8302 Sterling Lakes Drive   $ 305,362       4.50 %   07/31/2022   07/31/2027   $ 305,362  
159.   Landa Series 843 Tramore Drive   $ 195,489       4.50 %   07/31/2022   07/31/2027   $ 195,489  
160.   Landa Series 85 Kirkland Court   $ 331,460       4.50 %   07/31/2022   07/31/2027   $ 331,460  
161.   Landa Series 85 Thorn Thicket Way   $ 294,552       4.50 %   07/31/2022   07/31/2027   $ 294,552  
162.   Landa Series 8658 Ashley Way   $ 190,908       4.50 %   07/31/2022   07/31/2027   $ 190,908  
163.   Landa Series 8667 Ashley Way   $ 136,737       4.50 %   07/31/2022   07/31/2027   $ 136,737  
164.   Landa Series 8671 Ashley Way   $ 200,777       4.50 %   07/31/2022   07/31/2027   $ 200,777  
165.   Landa Series 8676 Ashley Way   $ 205,683       4.50 %   07/31/2022   07/31/2027   $ 205,683  
166.   Landa Series 8691 Ashley Way   $ 148,555       4.50 %   07/31/2022   07/31/2027   $ 148,555  

 

B-32

 

 

    Series    Original
Principal
Amount(1)
    Annual
Interest
Rate
    Loan
Date
   Maturity
Date
   Current
Outstanding Amount
 
167.   Landa Series 8692 Ashley Way   $ 145,859       4.50 %   07/31/2022   07/31/2027   $ 145,859  
168.   Landa Series 8693 Ashley Way   $ 220,464       4.50 %   07/31/2022   07/31/2027   $ 220,464  
169.   Landa Series 8694 Ashley Way   $ 200,996       4.50 %   07/31/2022   07/31/2027   $ 200,996  
170.   Landa Series 8697 Ashley Way   $ 218,458       4.50 %   07/31/2022   07/31/2027   $ 218,458  
171.   Landa Series 8819 Leafwood Court   $ 282,606       4.50 %   07/31/2022   07/31/2027   $ 282,606  
172.   Landa Series 8855 Rugby Court   $ 221,665       4.50 %   07/31/2022   07/31/2027   $ 221,665  
173.   Landa Series 9020 Sterling Ridge Lane   $ 236,659       4.50 %   07/31/2022   07/31/2027   $ 236,659  
174.   Landa Series 9150 Spillers Drive SW   $ 253,159       4.50 %   07/31/2022   07/31/2027   $ 253,159  
175.   Landa Series 925 Mote Road   $ 311,830       4.50 %   07/31/2022   07/31/2027   $ 311,830  
176.   Landa Series 9409 Forest Knoll Drive   $ 307,642       4.50 %   07/31/2022   07/31/2027   $ 307,642  
177.   Landa Series 9434 Cedar Creek Place   $ 331,780       4.50 %   07/31/2022   07/31/2027   $ 331,780  
178.   Landa Series 9597 Pintail Trail   $ 301,292       4.50 %   07/31/2022   07/31/2027   $ 301,292  
179.   Landa Series 974 Laurel Street   $ 278,298       4.50 %   07/31/2022   07/31/2027   $ 278,298  
180.   Landa Series 1701 Summerwoods Lane   $ 172,405       4.50 %   07/31/2022   07/31/2027   $ 172,405  
181.   Landa Series 1741 Park Lane   $ 195,085       4.50 %   07/31/2022   07/31/2027   $ 195,085  

 

(1) The principal amount shall be due and payable by the Series within 30 days after demand by Landa Holdings, as lender, at any time prior to the liquidation, dissolution or winding up of the Series.

 

Refinance Notes

 

The expected principal amount, interest rate, maturity date and monthly interest payment with respect to each expected Refinance Note is listed in the table below. We expect that each Refinance Note, if issued, will be secured by the Property underlying the respective Series. Each Refinance Note will require payments of interest only for the term of such note, with the principal balance due upon maturity. Failure to make interest payments under a Refinance Note when due would constitute an event of default under the Refinance Note, permitting the Refinance Lender to require the immediate payment of all amounts outstanding under the Refinance Note, and if the Series is unable to pay all such amounts, the Refinance Lender would be entitled to foreclose on the applicable Property and force its sale to recover all such unpaid amounts. We also expect that the Refinance Notes will permit the Series to prepay and discharge the amounts outstanding under such notes subject to specified prepayment premiums.

 

If we do not enter into the Refinance Notes as expected, we will issue a related-party promissory note to the Manager on the similar terms as the expected Refinance Notes. Each Series may also seek to further refinance any outstanding indebtedness if more favorable terms become available to it.

 

B-33

 

 

Loan  Series  Expected
Refinance
Note (1)
   Expected
Interest
Rate (2)
   Loan
Date (3)
  Maturity
Date (3)
 

Current
Outstanding
Principal (4)

 
1  Landa Series 10 Oak Wood Lane   152,673             *   *  *   152,673 
2  Landa Series 10 Windridge Drive   153,853    *   *  *   153,853 
3  Landa Series 1000 Fox Valley Trail   178,791    *   *  *   178,791 
4  Landa Series 1007 Leeward Way   180,094    *   *  *   180,094 
5  Landa Series 10119 Commons Way   183,870    *   *  *   183,870 
6  Landa Series 10121 Morris Drive SW   166,941    *   *  *   166,941 
7  Landa Series 10183 Starr Street SW   161,030    *   *  *   161,030 
8  Landa Series 103 Starlake Drive   160,730    *   *  *   160,730 
9  Landa Series 104 Summerfield Drive   180,035    *   *  *   180,035 
10  Landa Series 10433 Candlelight Road   183,454    *   *  *   183,454 
11  Landa Series 105 Anne Street   151,869    *   *  *   151,869 
12  Landa Series 107 Oakwood Circle   119,269    *   *  *   119,269 
13  Landa Series 109 Amberwood Lane   129,770    *   *  *   129,770 
14  Landa Series 110 Shenandoah Drive   186,478    *   *  *   186,478 
15  Landa Series 111 Fir Drive   144,064    *   *  *   144,064 
16  Landa Series 1110 Parkview Drive   156,436    *   *  *   156,436 
17  Landa Series 11187 Shannon Circle   186,531    *   *  *   186,531 
18  Landa Series 112 Ridge Street   185,825    *   *  *   185,825 
19  Landa Series 11322 Michelle Way   150,589    *   *  *   150,589 
20  Landa Series 114 Starlake Drive   152,062    *   *  *   152,062 
21  Landa Series 11447 S Grove Drive   170,869    *   *  *   170,869 
22  Landa Series 1147 Village Way   180,606    *   *  *   180,606 
23  Landa Series 115 Lakeview Drive   171,472    *   *  *   171,472 
24  Landa Series 1160 Gable Terrace   180,705    *   *  *   180,705 
25  Landa Series 1190 Kirkland Road   194,275    *   *  *   194,275 
26  Landa Series 12 Mintz Street   158,421    *   *  *   158,421 
27  Landa Series 120 Rosewood Drive   172,124    *   *  *   172,124 
28  Landa Series 1201 Kilrush Drive   321,552    *   *  *   321,552 
29  Landa Series 124 Libby Lane   144,291    *   *  *   144,291 
30  Landa Series 126 E Mimosa Drive   153,871    *   *  *   153,871 
31  Landa Series 12641 Alcovy Road   184,489    *   *  *   184,489 
32  Landa Series 1320 Winona Avenue   132,477    *   *  *   132,477 
33  Landa Series 133 Dove Landing   136,235    *   *  *   136,235 
34  Landa Series 137 Southern Shores Road   144,161    *   *  *   144,161 
35  Landa Series 138 Sandalwood Circle   152,170    *   *  *   152,170 
36  Landa Series 140 High Ridge Road   171,470    *   *  *   171,470 
37  Landa Series 141 Longstreet Circle   198,841    *   *  *   198,841 
38  Landa Series 1443 Pebble Ridge Lane   191,766    *   *  *   191,766 
39  Landa Series 1445 Maple Valley Court   120,379    *   *  *   120,379 
40  Landa Series 146 Crystal Brook   127,320    *   *  *   127,320 
41  Landa Series 1473 Brownleaf Drive   169,553    *   *  *   169,553 
42  Landa Series 1485 Bola Court   155,158    *   *  *   155,158 
43  Landa Series 1490 Diplomat Drive   212,682    *   *  *   212,682 
44  Landa Series 153 Cliffside Court   111,514    *   *  *   111,514 
45  Landa Series 157 Wells Road   132,972    *   *  *   132,972 
46  Landa Series 160 Chimney Ridge Trail   172,124    *   *  *   172,124 
47  Landa Series 164 Longstreet Circle   173,429    *   *  *   173,429 
48  Landa Series 1666 W Poplar Street   138,843    *   *  *   138,843 
49  Landa Series 168 Brookview Drive   79,346    *   *  *   79,346 
50  Landa Series 1683 Spoonbill Road   146,675    *   *  *   146,675 

 

B-34

 

 

Loan   Series   Expected
Refinance
Note (1)
    Expected
Interest
Rate (2)
    Loan
Date (3)
  Maturity
Date (3)
  Current
Outstanding
Principal (4)
 
51   Landa Series 1689 Viceroy Way     168,377                *     *   *     168,377  
52   Landa Series 171 Davidson Drive     181,879       *     *   *     181,879  
53   Landa Series 1768 Glen View Way     150,372       *     *   *     150,372  
54   Landa Series 181 Watercress Court     164,945       *     *   *     164,945  
55   Landa Series 188 Timberline Road     97,081       *     *   *     97,081  
56   Landa Series 189 Shenandoah Drive     153,852       *     *   *     153,852  
57   Landa Series 1903 Old Concord Drive SE     185,141       *     *   *     185,141  
58   Landa Series 195 Branchwood Drive     189,708       *     *   *     189,708  
59   Landa Series 195 Fairclift Drive     171,472       *     *   *     171,472  
60   Landa Series 195 Hunters Trace     190,173       *     *   *     190,173  
61   Landa Series 196 Montego Circle     160,377       *     *   *     160,377  
62   Landa Series 20 Chimney Smoke Drive     172,124       *     *   *     172,124  
63   Landa Series 204 N Main Court     136,235       *     *   *     136,235  
64   Landa Series 2055 Grove Way     149,285       *     *   *     149,285  
65   Landa Series 212 Fleeta Drive     140,179       *     *   *     140,179  
66   Landa Series 215 Central Lake Circle     160,351       *     *   *     160,351  
67   Landa Series 217 Glenloch Court     185,173       *     *   *     185,173  
68   Landa Series 2177 E Chester Circle SE     187,770       *     *   *     187,770  
69   Landa Series 221 Lakeview Drive     178,649       *     *   *     178,649  
70   Landa Series 2264 Chestnut Hill Circle     227,588       *     *   *     227,588  
71   Landa Series 235 Lazy Hollow Lane     179,556       *     *   *     179,556  
72   Landa Series 2425 Cornell Circle     198,879       *     *   *     198,879  
73   Landa Series 2443 Hodges Farm Road     147,328       *     *   *     147,328  
74   Landa Series 25 Pleasant Valley Road     170,165       *     *   *     170,165  
75   Landa Series 253 Marco Drive     139,657       *     *   *     139,657  
76   Landa Series 255 Countryside Lane     176,692       *     *   *     176,692  
77   Landa Series 258 Rocky Point Road     189,088       *     *   *     189,088  
78   Landa Series 263 Rocky Point Road     167,556       *     *   *     167,556  
79   Landa Series 268 Brookview Drive     113,045       *     *   *     113,045  
80   Landa Series 270 Mountain Lane     175,010       *     *   *     175,010  
81   Landa Series 270 Mountain Way     172,777       *     *   *     172,777  
82   Landa Series 270 Pleasant Hill Drive     163,925       *     *   *     163,925  
83   Landa Series 2794 Norfair Loop     140,150       *     *   *     140,150  
84   Landa Series 2813 Vicksburg Court     202,791       *     *   *     202,791  
85   Landa Series 2933 Coffer Drive     169,029       *     *   *     169,029  
86   Landa Series 30 High Ridge Road     199,707       *     *   *     199,707  
87   Landa Series 30 Roosevelt Road     170,818       *     *   *     170,818  
88   Landa Series 3011 Raintree Drive SE     186,008       *     *   *     186,008  
89   Landa Series 304 Deerfield Drive     175,107       *     *   *     175,107  
90   Landa Series 3043 Highway 81 S     129,735       *     *   *     129,735  
91   Landa Series 313 Blue Heron Drive     162,874       *     *   *     162,874  
92   Landa Series 3202 Chippewa Drive     179,301       *     *   *     179,301  
93   Landa Series 35 Clay Court     181,918       *     *   *     181,918  
94   Landa Series 350 Cadiz Lane S     166,250       *     *   *     166,250  
95   Landa Series 351 Wesley Park Drive     156,462       *     *   *     156,462  
96   Landa Series 3603 Manhattan Drive     195,616       *     *   *     195,616  
97   Landa Series 3667 Patti Parkway     227,590       *     *   *     227,590  
98   Landa Series 404 Barberry Lane     171,535       *     *   *     171,535  
99   Landa Series 412 Kendall Lane     178,058       *     *   *     178,058  

 

B-35

 

 

Loan   Series   Expected
Refinance
Note (1)
    Expected
Interest
Rate (2)
    Loan
Date (3)
  Maturity
Date (3)
  Current
Outstanding
Principal (4)
 
100   Landa Series 416 Autumn Lake Court     159,726                *     *   *     159,726  
101   Landa Series 43 Darwin Drive     151,242       *     *   *     151,242  
102   Landa Series 432 Manor Estates Drive     188,502       *     *   *     188,502  
103   Landa Series 440 Freestone Drive     198,898       *     *   *     198,898  
104   Landa Series 4447 Lake Breeze Drive     205,404       *     *   *     205,404  
105   Landa Series 445 Independence Drive     179,268       *     *   *     179,268  
106   Landa Series 449 Kara Lane     159,241       *     *   *     159,241  
107   Landa Series 45 Blue Jay Drive     211,927       *     *   *     211,927  
108   Landa Series 45 Laurel Way     204,060       *     *   *     204,060  
109   Landa Series 4702 Saint James Way     160,472       *     *   *     160,472  
110   Landa Series 4732 Pinedale Drive     140,831       *     *   *     140,831  
111   Landa Series 497 Highway 212     167,527       *     *   *     167,527  
112   Landa Series 5039 East Street     124,489       *     *   *     124,489  
113   Landa Series 5040 Huntshire Lane     266,991       *     *   *     266,991  
114   Landa Series 513 Jarrett Court     173,468       *     *   *     173,468  
115   Landa Series 5143 Pinecrest Drive SW     136,262       *     *   *     136,262  
116   Landa Series 524 Sawmill Road     170,208       *     *   *     170,208  
117   Landa Series 5329 Shirewick Lane     202,794       *     *   *     202,794  
118   Landa Series 540 Cowan Road     179,734       *     *   *     179,734  
119   Landa Series 5411 Rocky Pine Drive     185,931       *     *   *     185,931  
120   Landa Series 55 Myrtle Grove Lane     174,734       *     *   *     174,734  
121   Landa Series 550 Cowan Road     150,470       *     *   *     150,470  
122   Landa Series 5581 Fox Glen Circle     260,829       *     *   *     260,829  
123   Landa Series 565 Mountainview Drive     169,941       *     *   *     169,941  
124   Landa Series 5737 Strathmoor Manor Circle     152,548       *     *   *     152,548  
125   Landa Series 5801 Strathmoor Manor Circle     157,767       *     *   *     157,767  
126   Landa Series 6104-6106 Oakwood Circle SW     148,712       *     *   *     148,712  
127   Landa Series 6107 Shadow Glen Court     127,777       *     *   *     127,777  
128   Landa Series 6111-6113 Pine Glen Circle SW     273,918       *     *   *     273,918  
129   Landa Series 6119 Pineneedle Drive SW     99,693       *     *   *     99,693  
130   Landa Series 615 Barshay Drive     175,178       *     *   *     175,178  
131   Landa Series 6168 Wheat Street NE     112,739       *     *   *     112,739  
132   Landa Series 6178 Green Acres Drive SW     134,061       *     *   *     134,061  
133   Landa Series 6386 Forester Way     178,100       *     *   *     178,100  
134   Landa Series 6404 Walnut Way     167,556       *     *   *     167,556  
135   Landa Series 643 Sycamore Drive     162,111       *     *   *     162,111  
136   Landa Series 65 Freedom Court     176,331       *     *   *     176,331  
137   Landa Series 653 Georgetown Lane     171,522       *     *   *     171,522  
138   Landa Series 6635 Kimberly Mill Road     197,227       *     *   *     197,227  
139   Landa Series 6653 Bedford Road     167,174       *     *   *     167,174  
140   Landa Series 6710 Sunset Hills Boulevard     142,107       *     *   *     142,107  
141   Landa Series 6762 Bent Creek Drive     167,555       *     *   *     167,555  
142   Landa Series 683 Wood Path Court     197,085       *     *   *     197,085  
143   Landa Series 70 Shenandoah Lane     201,451       *     *   *     201,451  
144   Landa Series 709 Georgetown Court     165,635       *     *   *     165,635  
145   Landa Series 7107 Geiger Street NW     96,429       *     *   *     96,429  
146   Landa Series 7205 Lakeview Drive SW     175,387       *     *   *     175,387  
147   Landa Series 750 Georgetown Court     136,233       *     *   *     136,233  

 

B-36

 

 

Loan   Series   Expected
Refinance
Note (1)
    Expected
Interest
Rate (2)
    Loan
Date (3)
  Maturity
Date (3)
  Current
Outstanding
Principal (4)
 
148   Landa Series 752 Chestnut Drive     118,639                *     *   *     118,639  
149   Landa Series 773 Villa Way     71,906       *     *   *     71,906  
150   Landa Series 7781 Mountain Creek Way     180,648       *     *   *     180,648  
151   Landa Series 7950 Woodlake Drive     150,589       *     *   *     150,589  
152   Landa Series 80 High Ridge Road     181,258       *     *   *     181,258  
153   Landa Series 800 Mills Drive     202,103       *     *   *     202,103  
154   Landa Series 808 Hillandale Lane     171,202       *     *   *     171,202  
155   Landa Series 8110 Devonshire Drive     127,777       *     *   *     127,777  
156   Landa Series 8121 Spillers Drive SW     146,967       *     *   *     146,967  
157   Landa Series 8233 Creekline Court     176,191       *     *   *     176,191  
158   Landa Series 8302 Sterling Lakes Drive     183,217       *     *   *     183,217  
159   Landa Series 843 Tramore Drive     117,293       *     *   *     117,293  
160   Landa Series 85 Kirkland Court     198,876       *     *   *     198,876  
161   Landa Series 85 Thorn Thicket Way     176,731       *     *   *     176,731  
162   Landa Series 8658 Ashley Way     114,545       *     *   *     114,545  
163   Landa Series 8667 Ashley Way     82,042       *     *   *     82,042  
164   Landa Series 8671 Ashley Way     120,466       *     *   *     120,466  
165   Landa Series 8676 Ashley Way     123,410       *     *   *     123,410  
166   Landa Series 8691 Ashley Way     89,133       *     *   *     89,133  
167   Landa Series 8692 Ashley Way     87,515       *     *   *     87,515  
168   Landa Series 8693 Ashley Way     132,279       *     *   *     132,279  
169   Landa Series 8694 Ashley Way     120,598       *     *   *     120,598  
170   Landa Series 8697 Ashley Way     131,075       *     *   *     131,075  
171   Landa Series 8819 Leafwood Court     169,564       *     *   *     169,564  
172   Landa Series 8855 Rugby Court     132,999       *     *   *     132,999  
173   Landa Series 9020 Sterling Ridge Lane     141,996       *     *   *     141,996  
174   Landa Series 9150 Spillers Drive SW     151,895       *     *   *     151,895  
175   Landa Series 925 Mote Road     187,098       *     *   *     187,098  
176   Landa Series 9409 Forest Knoll Drive     184,585       *     *   *     184,585  
177   Landa Series 9434 Cedar Creek Place     199,068       *     *   *     199,068  
178   Landa Series 9597 Pintail Trail     180,775       *     *   *     180,775  
179   Landa Series 974 Laurel Street     166,979       *     *   *     166,979  
180   Landa Series 1701 Summerwoods Lane     103,443       *     *   *     103,443  
181   Landa Series 1741 Park Lane     117,051       *     *   *     117,051  

 

(1) The Expected Principal Amount represents an expectation only and may be altered at the sole discretion of the Manager.

 

(2) The Expected Annual Interest Rate represents an expectation only and may be altered by the Manager or Refinance Lender.
   
(3) The expected term of the Refinance Notes is five (5) years.

 

(4)Represents the expected future principal balance owed on a Refinance Note payable to a Refinance Lender

 

Additional Borrowings

 

If a Series does not initially enter into a Refinance Note or other indebtedness, it may seek to finance or further refinance any outstanding indebtedness, including the Acquisition Note and if applicable, the Refinance Note with an additional mortgage or other debt financing, including with either an affiliate or a third party. We expect that any mortgage and/or other debt instruments that a Series, or the Company on behalf of a Series, enters into with a third-party in connection with a refinancing of a Property will be secured by a security interest in the title of such Property and any other assets of the Series. In addition, we expect that any third-party lender may require the Company to hold title to a Property being secured by such mortgage and/or other debt instruments. Please see “We may incur mortgage indebtedness and other borrowings, including in states and with lenders that do not recognize the series limited liability company structure, which may increase risks to the Properties.” in our Risk Factors.

 

B-37

 

 

FINANCIAL STATEMENTS

 

Index to Financial Statements of Landa App LLC

 

The Financial Statements of the Company included in the Company’s Annual Report on Form 1-K/A for the twelve month period ended December 31, 2021, that was filed with the SEC on January 25, 2023, can be found here and is incorporated herein by reference.

 

The Financial Statements of the Company included in the Company’s Semi-Annual Report on Form 1-SA for the six month period ended June 30, 2022, that was filed with the SEC on September 27, 2022, and can be found here and is incorporated herein by reference.

 

Pro Forma Condensed Balance Sheet For Each Series As Of June 30, 2022 (Unaudited)   F-3
Pro Forma Condensed Combined Balance Sheet For Each Series As Of June 30, 2022 (Unaudited)   F-185
Pro Forma Condensed Statement Of Operations For Each Series For The Six Months Ended June 30, 2022 (Unaudited)   F-225
Pro Forma Condensed Statement Of Operations For Each Series For The Year Ended December 31, 2021 (Unaudited)   F-412
Pro Forma Condensed Combined Statement Of Operations and Combining Statement of Operations per Form 1-SA For Each Series For The Six Months Ended June 30, 2022 (Unaudited)   F-602
Pro Forma Condensed Combined Statement Of Operations and Combining Statement of Operations per Form 1-K/A For Each Series For The Year Ended December 31, 2021 (Unaudited)   F-643
Notes To The Unaudited Pro Forma Financial Statements   F-703
Combined Statement Of Revenues And Certain Expenses For The Six Months Ended June 30, 2022 (Unaudited)   F-717
Notes To Combined Statement Of Revenues And Certain Expenses For The Six Months Ended June 30, 2022 (Unaudited)   F-741
Independent Auditors’ Report   F-743
Combined Statement Of Revenues And Certain Expenses For The Year Ended December 31, 2021 (Audited)   F-744
Notes To Combined Statement Of Revenues And Certain Expenses For The Year Ended December 31, 2021 (Audited)   F-770

 

F-1

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

OVERVIEW TO UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS

AS OF AND FOR THE SIX MONTHS ENDED JUNE 30, 2022 AND

FOR THE YEAR ENDED TO DECEMBER 31, 2021

 

The accompanying unaudited pro forma condensed combined financial statements have been derived from the historical condensed combined financial statements of Landa App LLC (the “Company” or “Landa App”) in total and for each listed Series (the “Series”), grouped together (the “Landa App Series Group”). The Company and Landa App Series Group grouped together herein referred to as (the “Combined Group”).

 

The unaudited pro forma condensed combined balance sheets as of June 30, 2022 are presented to reflect adjustments to the Company’s and each Series’ historical balance sheet. The Company has based the unaudited pro forma adjustments on available information and assumptions that it believes are reasonable. The following unaudited pro forma condensed combined financial statements are presented for informational purposes only and are not necessarily indicative of what the Company’s and Series’ actual financial position would have been as of June 30, 2022.

 

The following transactions are represented in the below condensed combined pro forma statements:

 

  The Company’s acquisitions in the State of Georgia from its related party, Landa Properties, LLC for the six months ended June 30, 2022 and for the year ended December 31, 2021

 

The following pro forma condensed combined statements are not indicative of future results of operations or financial condition and should not be viewed as indicative of future results of operations or financial condition.

 

F-2

 

 

LANDA SERIES 10 OAK WOOD LANE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 10
Oak Wood Lane
   Pro Forma
Adjustments
   Notes  Landa
Series 10
Oak Wood Lane
Pro Forma
 
Assets:               
Cash & restricted cash  $          -   $28,031   A  $28,031 
Investments in single-family residential properties, net   -    228,162   B   228,162 
Total Assets  $-   $256,193      $256,193 
                   
Liabilities:                  
Acquisition note payable  $-   $254,456   C  $254,456 
Tenant security deposit   -    1,737   A   1,737 
Total Liabilities   -    256,193       256,193 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $256,193      $256,193 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-3

 

 

LANDA SERIES 10 WINDRIDGE DRIVE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 10
Windridge Drive
   Pro Forma
Adjustments
   Notes  Landa
Series 10
Windridge Drive
Pro Forma
 
Assets:               
Cash & restricted cash  $          -   $63,829   A  $63,829 
Investments in single-family residential properties, net   -    193,987   B   193,987 
Total Assets  $-   $257,816      $257,816 
                   
Liabilities:                  
Acquisition note payable  $-   $256,422   C  $256,422 
Tenant security deposit   -    1,394   A   1,394 
Total Liabilities   -    257,816       257,816 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $257,816      $257,816 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-4

 

 

LANDA SERIES 1000 FOX VALLEY TRAIL

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 1000
Fox Valley Trail
   Pro Forma
Adjustments
   Notes  Landa
Series 1000
Fox Valley
Trail
Pro Forma
 
Assets:               
Cash & restricted cash  $        -   $52,005   A  $52,005 
Investments in single-family residential properties, net   -    247,854   B   247,854 
Total Assets  $-   $299,859      $299,859 
                   
Liabilities:                  
Acquisition note payable  $-   $297,984   C  $297,984 
Tenant security deposit   -    1,875   A   1,875 
Total Liabilities   -    299,859       299,859 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $299,859      $299,859 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-5

 

 

LANDA SERIES 1007 LEEWARD WAY

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 1007
Leeward Way
   Pro Forma
Adjustments
   Notes  Landa
Series 1007
Leeward Way
Pro Forma
 
Assets:               
Cash & restricted cash  $           -   $64,528   A  $64,528 
Investments in single-family residential properties, net   -    236,696   B   236,696 
Total Assets  $-   $301,224      $301,224 
                   
Liabilities:                  
Acquisition note payable  $-   $300,157   C  $300,157 
Tenant security deposit   -    1,067   A   1,067 
Total Liabilities   -    301,224       301,224 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $301,224      $301,224 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-6

 

 

LANDA SERIES 10119 COMMONS WAY

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 10119
Commons Way
   Pro Forma
Adjustments
   Notes  Landa
Series 10119
Commons Way
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $64,581   A  $64,581 
Investments in single-family residential properties, net   -    243,088   B   243,088 
Total Assets  $-   $307,669      $307,669 
                   
Liabilities:                  
Acquisition note payable  $-   $306,450   C  $306,450 
Tenant security deposit   -    1,219   A   1,219 
Total Liabilities   -    307,669       307,669 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $307,669      $307,669 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-7

 

 

LANDA SERIES 10121 MORRIS DRIVE SW

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 10121
Morris
Drive SW
   Pro Forma
Adjustments
   Notes  Landa
Series 10121
Morris
Drive SW
Pro Forma
 
Assets:               
Cash & restricted cash  $           -   $64,501   A  $64,501 
Investments in single-family residential properties, net   -    215,396   B   215,396 
Total Assets  $-   $279,897      $279,897 
                   
Liabilities:                  
Acquisition note payable  $-   $278,235   C  $278,235 
Tenant security deposit   -    1,662   A   1,662 
Total Liabilities   -    279,897       279,897 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $279,897      $279,897 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-8

 

 

LANDA SERIES 10183 STARR STREET SW

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 10183
Starr
Street SW
   Pro Forma
Adjustments
   Notes  Landa
Series 10183
Starr
Street SW
Pro Forma
 
Assets:               
Cash & restricted cash  $          -   $63,672   A  $63,672 
Investments in single-family residential properties, net   -    205,726   B   205,726 
Total Assets  $-   $269,398      $269,398 
                   
Liabilities:                  
Acquisition note payable  $-   $268,383   C  $268,383 
Tenant security deposit   -    1,015   A   1,015 
Total Liabilities   -    269,398       269,398 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $269,398      $269,398 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-9

 

 

LANDA SERIES 103 STARLAKE DRIVE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 103
Starlake Drive
   Pro Forma
Adjustments
   Notes  Landa
Series 103
Starlake Drive
Pro Forma
 
Assets:               
Cash & restricted cash  $          -   $65,281   A  $65,281 
Investments in single-family residential properties, net   -    203,680   B   203,680 
Total Assets  $-   $268,961      $268,961 
                   
Liabilities:                  
Acquisition note payable  $-   $267,882   C  $267,882 
Tenant security deposit   -    1,079   A   1,079 
Total Liabilities   -    268,961       268,961 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $268,961      $268,961 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-10

 

 

LANDA SERIES 104 SUMMERFIELD DRIVE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 104
Summerfield Drive
   Pro Forma
Adjustments
   Notes  Landa
Series 104
Summerfield Drive
Pro Forma
 
Assets:               
Cash & restricted cash  $              -   $65,048   A  $65,048 
Investments in single-family residential properties, net   -    236,816   B   236,816 
Total Assets  $-   $301,864      $301,864 
                   
Liabilities:                  
Acquisition note payable  $-   $300,059   C  $300,059 
Tenant security deposit   -    1,805   A   1,805 
Total Liabilities   -    301,864       301,864 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $301,864      $301,864 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-11

 

 

LANDA SERIES 10433 CANDLELIGHT ROAD

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 10433
Candlelight Road
   Pro Forma
Adjustments
   Notes  Landa
Series 10433
Candlelight Road
Pro Forma
 
Assets:               
Cash & restricted cash  $          -   $64,982   A  $64,982 
Investments in single-family residential properties, net   -    242,409   B   242,409 
Total Assets  $-   $307,391      $307,391 
                   
Liabilities:                  
Acquisition note payable  $-   $305,757   C  $305,757 
Tenant security deposit   -    1,634   A   1,634 
Total Liabilities   -    307,391       307,391 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $307,391      $307,391 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-12

 

 

LANDA SERIES 105 ANNE STREET

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 105
Anne Street
   Pro Forma
Adjustments
   Notes  Landa
Series 105
Anne Street
Pro Forma
 
Assets:               
Cash & restricted cash  $          -   $63,514   A  $63,514 
Investments in single-family residential properties, net   -    190,741   B   190,741 
Total Assets  $-   $254,255      $254,255 
                   
Liabilities:                  
Acquisition note payable  $-   $253,115   C  $253,115 
Tenant security deposit   -    1,140   A   1,140 
Total Liabilities   -    254,255       254,255 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $254,255      $254,255 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-13

 

 

LANDA SERIES 107 OAKWOOD CIRCLE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 107
Oakwood Circle
   Pro Forma
Adjustments
   Notes  Landa
Series 107
Oakwood Circle
Pro Forma
 
Assets:               
Cash & restricted cash  $           -   $62,616   A  $62,616 
Investments in single-family residential properties, net   -    137,414   B   137,414 
Total Assets  $-   $200,030      $200,030 
                   
Liabilities:                  
Acquisition note payable  $-   $198,781   C  $198,781 
Tenant security deposit   -    1,249   A   1,249 
Total Liabilities   -    200,030       200,030 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $200,030      $200,030 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-14

 

 

LANDA SERIES 109 AMBERWOOD LANE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 109
Amberwood Lane
   Pro Forma Adjustments   Notes  Landa
Series 109
Amberwood Lane
Pro Forma
 
Assets:               
Cash & restricted cash  $          -   $62,714   A  $62,714 
Investments in single-family residential properties, net   -    154,498   B   154,498 
Total Assets  $-   $217,212      $217,212 
                   
Liabilities:                  
Acquisition note payable  $-   $216,284   C  $216,284 
Tenant security deposit   -    928   A   928 
Total Liabilities   -    217,212       217,212 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $217,212      $217,212 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-15

 

 

LANDA SERIES 110 SHENANDOAH DRIVE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 110
Shenandoah Drive
   Pro Forma
Adjustments
   Notes  Landa
Series 110
Shenandoah Drive
Pro Forma
 
Assets:               
Cash & restricted cash  $          -   $64,622   A  $64,622 
Investments in single-family residential properties, net   -    247,355   B   247,355 
Total Assets  $-   $311,977      $311,977 
                   
Liabilities:                  
Acquisition note payable  $-   $310,797   C  $310,797 
Tenant security deposit   -    1,180   A   1,180 
Total Liabilities   -    311,977       311,977 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $311,977      $311,977 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-16

 

 

LANDA SERIES 111 FIR DRIVE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 111
Fir Drive
   Pro Forma
Adjustments
   Notes  Landa
Series 111
Fir Drive
Pro Forma
 
Assets:               
Cash & restricted cash  $          -   $63,633   A  $63,633 
Investments in single-family residential properties, net   -    177,973   B   177,973 
Total Assets  $-   $241,606      $241,606 
                   
Liabilities:                  
Acquisition note payable  $-   $240,106   C  $240,106 
Tenant security deposit   -    1,500   A   1,500 
Total Liabilities   -    241,606       241,606 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $241,606      $241,606 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-17

 

 

LANDA SERIES 1110 PARKVIEW DRIVE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 1110
Parkview Drive
   Pro Forma
Adjustments
   Notes 

Landa
Series 1110
Parkview Drive
Pro Forma

 
Assets:               
Cash & restricted cash  $          -   $63,852   A  $63,852 
Investments in single-family residential properties, net   -    198,212   B   198,212 
Total Assets  $-   $262,064      $262,064 
                   
Liabilities:                  
Acquisition note payable  $-   $260,727   C  $260,727 
Tenant security deposit   -    1,337   A   1,337 
Total Liabilities   -    262,064       262,064 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $262,064      $262,064 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-18

 

 

LANDA SERIES 11187 SHANNON CIRCLE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 11187
Shannon Circle
   Pro Forma
Adjustments
   Notes  Landa
Series 11187
Shannon Circle
Pro Forma
 
Assets:               
Cash & restricted cash  $          -   $65,160   A  $65,160 
Investments in single-family residential properties, net   -    247,442   B   247,442 
Total Assets  $-   $312,602      $312,602 
                   
Liabilities:                  
Acquisition note payable  $-   $310,885   C  $310,885 
Tenant security deposit   -    1,717   A   1,717 
Total Liabilities   -    312,602       312,602 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $312,602      $312,602 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-19

 

 

LANDA SERIES 112 RIDGE STREET

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 112
Ridge Street
   Pro Forma
Adjustments
   Notes  Landa
Series 112
Ridge Street
Pro Forma
 
Assets:               
Cash & restricted cash  $           -   $64,615   A  $64,615 
Investments in single-family residential properties, net   -    246,287   B   246,287 
Total Assets  $-   $310,902      $310,902 
                   
Liabilities:                  
Acquisition note payable  $-   $309,709   C  $309,709 
Tenant security deposit   -    1,193   A   1,193 
Total Liabilities   -    310,902       310,902 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $310,902      $310,902 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-20

 

 

LANDA SERIES 11322 MICHELLE WAY

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 11322
Michelle Way
   Pro Forma
Adjustments
   Notes  Landa
Series 11322
Michelle Way
Pro Forma
 
Assets:               
Cash & restricted cash  $             -   $63,647   A  $63,647 
Investments in single-family residential properties, net   -    188,648   B   188,648 
Total Assets  $-   $252,295      $252,295 
                   
Liabilities:                  
Acquisition note payable  $-   $250,982   C  $250,982 
Tenant security deposit   -    1,313   A   1,313 
Total Liabilities   -    252,295       252,295 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $252,295      $252,295 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-21

 

 

LANDA SERIES 114 STARLAKE DRIVE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 114
Starlake Drive
   Pro Forma
Adjustments
   Notes  Landa
Series 114
Starlake Drive
Pro Forma
 
Assets:               
Cash & restricted cash  $           -   $63,680   A  $63,680 
Investments in single-family residential properties, net   -    190,873   B   190,873 
Total Assets  $-   $254,553      $254,553 
                   
Liabilities:                  
Acquisition note payable  $-   $253,437   C  $253,437 
Tenant security deposit   -    1,116   A   1,116 
Total Liabilities   -    254,553       254,553 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $254,553      $254,553 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-22

 

 

LANDA SERIES 11447 S GROVE DRIVE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 11447
S Grove Drive
   Pro Forma
Adjustments
   Notes  Landa
Series 11447
S Grove Drive
Pro Forma
 
Assets:               
Cash & restricted cash  $          -   $64,723   A  $64,723 
Investments in single-family residential properties, net   -    221,821   B   221,821 
Total Assets  $-   $286,544      $286,544 
                   
Liabilities:                  
Acquisition note payable  $-   $284,781   C  $284,781 
Tenant security deposit   -    1,763   A   1,763 
Total Liabilities   -    286,544       286,544 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $286,544      $286,544 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-23

 

 

LANDA SERIES 1147 VILLAGE WAY

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 1147
Village Way
   Pro Forma
Adjustments
   Notes  Landa
Series 1147
Village Way
Pro Forma
 
Assets:               
Cash & restricted cash  $          -   $64,909   A  $64,909 
Investments in single-family residential properties, net   -    237,749   B   237,749 
Total Assets  $-   $302,658      $302,658 
                   
Liabilities:                  
Acquisition note payable  $-   $301,010   C  $301,010 
Tenant security deposit   -    1,648   A   1,648 
Total Liabilities   -    302,658       302,658 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $302,658      $302,658 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-24

 

 

LANDA SERIES 115 LAKEVIEW DRIVE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 115
Lakeview Drive
   Pro Forma
Adjustments
   Notes  Landa
Series 115
Lakeview Drive
Pro Forma
 
Assets:               
Cash & restricted cash  $         -   $64,201   A  $64,201 
Investments in single-family residential properties, net   -    222,807   B   222,807 
Total Assets  $-   $287,008      $287,008 
                   
Liabilities:                  
Acquisition note payable  $-   $285,786   C  $285,786 
Tenant security deposit   -    1,222   A   1,222 
Total Liabilities   -    287,008       287,008 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $287,008      $287,008 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-25

 

 

LANDA SERIES 1160 GABLE TERRACE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 1160
Gable Terrace
   Pro Forma Adjustments   Notes  Landa
Series 1160
Gable Terrace
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $64,652   A  $64,652 
Investments in single-family residential properties, net   -    237,758   B   237,758 
Total Assets  $-   $302,410      $302,410 
                   
Liabilities:                  
Acquisition note payable  $-   $301,175   C  $301,175 
Tenant security deposit   -    1,235   A   1,235 
Total Liabilities   -    302,410       302,410 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $302,410      $302,410 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-26

 

 

LANDA SERIES 1190 KIRKLAND ROAD

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 1190
Kirkland Road
   Pro Forma
Adjustments
   Notes  Landa
Series 1190
Kirkland Road
Pro Forma
 
Assets:               
Cash & restricted cash  $           -   $65,345   A  $65,345 
Investments in single-family residential properties, net   -    260,109   B   260,109 
Total Assets  $-   $325,454      $325,454 
                   
Liabilities:                  
Acquisition note payable  $-   $323,791   C  $323,791 
Tenant security deposit   -    1,663   A   1,663 
Total Liabilities   -    325,454       325,454 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $325,454      $325,454 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-27

 

 

LANDA SERIES 12 MINTZ STREET

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 12
Mintz Street
   Pro Forma
Adjustments
   Notes  Landa Series 12 Mintz Street Pro Forma 
Assets:               
Cash & restricted cash  $           -   $64,075   A  $64,075 
Investments in single-family residential properties, net   -    201,459   B   201,459 
Total Assets  $-   $265,534      $265,534 
                   
Liabilities:                  
Acquisition note payable  $-   $264,035   C  $264,035 
Tenant security deposit   -    1,499   A   1,499 
Total Liabilities   -    265,534       265,534 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $265,534      $265,534 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-28

 

 

LANDA SERIES 120 ROSEWOOD DRIVE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 120
Rosewood Drive
   Pro Forma
Adjustments
   Notes  Landa
Series 120
Rosewood Drive
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $64,206   A  $64,206 
Investments in single-family residential properties, net   -    223,875   B   223,875 
Total Assets  $-   $288,081      $288,081 
                   
Liabilities:                  
Acquisition note payable  $-   $286,873   C  $286,873 
Tenant security deposit   -    1,208   A   1,208 
Total Liabilities   -    288,081       288,081 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $288,081      $288,081 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-29

 

 

LANDA SERIES 1201 KILRUSH DRIVE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 1201
Kilrush Drive
   Pro Forma
Adjustments
   Notes  Landa
Series 1201
Kilrush Drive
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $69,913   A  $69,913 
Investments in single-family residential properties, net   -    468,310   B   468,310 
Total Assets  $-   $538,223      $538,223 
                   
Liabilities:                  
Acquisition note payable  $-   $535,920   C  $535,920 
Tenant security deposit   -    2,303   A   2,303 
Total Liabilities   -    538,223       538,223 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $538,223      $538,223 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-30

 

 

LANDA SERIES 124 LIBBY LANE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 124
Libby Lane
   Pro Forma
Adjustments
   Notes  Landa
Series 124
Libby Lane
Pro Forma
 
Assets:               
Cash & restricted cash  $              -   $63,755   A  $63,755 
Investments in single-family residential properties, net   -    178,345   B   178,345 
Total Assets  $-   $242,100      $242,100 
                   
Liabilities:                  
Acquisition note payable  $-   $240,485   C  $240,485 
Tenant security deposit   -    1,615   A   1,615 
Total Liabilities   -    242,100       242,100 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $242,100      $242,100 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-31

 

 

LANDA SERIES 126 E MIMOSA DRIVE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 126
E Mimosa Drive
   Pro Forma
Adjustments
   Notes  Landa
Series 126
E Mimosa Drive
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $63,854   A  $63,854 
Investments in single-family residential properties, net   -    194,015   B   194,015 
Total Assets  $-   $257,869      $257,869 
                   
Liabilities:                  
Acquisition note payable  $-   $256,451   C  $256,451 
Tenant security deposit   -    1,418   A   1,418 
Total Liabilities   -    257,869       257,869 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $257,869      $257,869 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-32

 

 

LANDA SERIES 12641 ALCOVY ROAD

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 12641
Alcovy Road
   Pro Forma
Adjustments
   Notes  Landa
Series 12641
Alcovy Road
Pro Forma
 
Assets:               
Cash & restricted cash  $           -   $64,921   A  $64,921 
Investments in single-family residential properties, net   -    244,100   B   244,100 
Total Assets  $-   $309,021      $309,021 
                   
Liabilities:                  
Acquisition note payable  $-   $307,481   C  $307,481 
Tenant security deposit   -    1,540   A   1,540 
Total Liabilities   -    309,021       309,021 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $309,021      $309,021 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-33

 

 

LANDA SERIES 1320 WINONA AVENUE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 1320
Winona Avenue
   Pro Forma
Adjustments
   Notes  Landa
Series 1320
Winona Avenue
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $62,725   A  $62,725 
Investments in single-family residential properties, net   -    159,020   B   159,020 
Total Assets  $-   $221,745      $221,745 
                   
Liabilities:                  
Acquisition note payable  $-   $220,795   C  $220,795 
Tenant security deposit   -    950   A   950 
Total Liabilities   -    221,745       221,745 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $221,745      $221,745 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-34

 

 

LANDA SERIES 133 DOVE LANDING

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 133
Dove Landing
   Pro Forma
Adjustments
   Notes  Landa
Series 133
Dove Landing
Pro Forma
 
Assets:               
Cash & restricted cash  $             -   $62,903   A  $62,903 
Investments in single-family residential properties, net   -    165,166   B   165,166 
Total Assets  $-   $228,069      $228,069 
                   
Liabilities:                  
Acquisition note payable  $-   $227,058   C  $227,058 
Tenant security deposit   -    1,011   A   1,011 
Total Liabilities   -    228,069       228,069 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $228,069      $228,069 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-35

 

 

LANDA SERIES 137 SOUTHERN SHORES ROAD

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 137
Southern Shores Road
   Pro Forma
Adjustments
   Notes  Landa
Series 137
Southern Shores Road
Pro Forma
 
Assets:               
Cash & restricted cash  $           -   $63,321   A  $63,321 
Investments in single-family residential properties, net   -    178,132   B   178,132 
Total Assets  $-   $241,453      $241,453 
                   
Liabilities:                  
Acquisition note payable  $-   $240,268   C  $240,268 
Tenant security deposit   -    1,185   A   1,185 
Total Liabilities   -    241,453       241,453 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $241,453      $241,453 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-36

 

 

LANDA SERIES 138 SANDALWOOD CIRCLE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 138
Sandalwood Circle
   Pro Forma
Adjustments
   Notes  Landa
Series 138
Sandalwood Circle
Pro Forma
 
Assets:               
Cash & restricted cash  $           -   $28,839   A  $28,839 
Investments in single-family residential properties, net   -    226,511   B   226,511 
Total Assets  $-   $255,350      $255,350 
                   
Liabilities:                  
Acquisition note payable  $-   $253,616   C  $253,616 
Tenant security deposit   -    1,734   A   1,734 
Total Liabilities   -    255,350       255,350 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $255,350      $255,350 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-37

 

 

LANDA SERIES 140 HIGH RIDGE ROAD

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 140
High Ridge Road
   Pro Forma
Adjustments
   Notes  Landa
Series 140
High Ridge Road
Pro Forma
 
Assets:               
Cash & restricted cash  $          -   $64,046   A  $64,046 
Investments in single-family residential properties, net   -    222,805   B   222,805 
Total Assets  $-   $286,851      $286,851 
                   
Liabilities:                  
Acquisition note payable  $-   $285,784   C  $285,784 
Tenant security deposit   -    1,067   A   1,067 
Total Liabilities   -    286,851       286,851 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $286,851      $286,851 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-38

 

 

LANDA SERIES 141 LONGSTREET CIRCLE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 141
Longstreet Circle
   Pro Forma
Adjustments
   Notes  Landa
Series 141
Longstreet Circle
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $65,004   A  $65,004 
Investments in single-family residential properties, net   -    267,578   B   267,578 
Total Assets  $-   $332,582      $332,582 
                   
Liabilities:                  
Acquisition note payable  $-   $331,402   C  $331,402 
Tenant security deposit   -    1,180   A   1,180 
Total Liabilities   -    332,582       332,582 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $332,582      $332,582 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-39

 

 

LANDA SERIES 1443 PEBBLE RIDGE LANE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 1443
Pebble Ridge Lane
   Pro Forma
Adjustments
   Notes  Landa
Series 1443
Pebble Ridge Lane
Pro Forma
 
Assets:               
Cash & restricted cash  $         -   $65,513   A  $65,513 
Investments in single-family residential properties, net   -    256,005   B   256,005 
Total Assets  $-   $321,518      $321,518 
                   
Liabilities:                  
Acquisition note payable  $-   $319,610   C  $319,610 
Tenant security deposit   -    1,908   A   1,908 
Total Liabilities   -    321,518       321,518 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $321,518      $321,518 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-40

 

 

LANDA SERIES 1445 MAPLE VALLEY COURT

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 1445
Maple Valley Court
   Pro Forma
Adjustments
   Notes  Landa
Series 1445
Maple Valley Court
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $62,610   A  $62,610 
Investments in single-family residential properties, net   -    139,230   B   139,230 
Total Assets  $-   $201,840      $201,840 
                   
Liabilities:                  
Acquisition note payable  $-   $200,632   C  $200,632 
Tenant security deposit   -    1,208   A   1,208 
Total Liabilities   -    201,840       201,840 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $201,840      $201,840 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-41

 

 

LANDA SERIES 146 CRYSTAL BROOK

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 146
Crystal Brook
   Pro Forma
Adjustments
   Notes  Landa
Series 146
Crystal Brook
Pro Forma
 
Assets:               
Cash & restricted cash  $           -   $62,866   A  $62,866 
Investments in single-family residential properties, net   -    150,584   B   150,584 
Total Assets  $-   $213,450      $213,450 
                   
Liabilities:                  
Acquisition note payable  $-   $212,200   C  $212,200 
Tenant security deposit   -    1,250   A   1,250 
Total Liabilities   -    213,450       213,450 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $213,450      $213,450 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-42

 

 

LANDA SERIES 1473 BROWNLEAF DRIVE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 1473
Brownleaf Drive
   Pro Forma
Adjustments
   Notes  Landa
Series 1473
Brownleaf Drive
Pro Forma
 
Assets:               
Cash & restricted cash  $           -   $64,511   A  $64,511 
Investments in single-family residential properties, net   -    219,669   B   219,669 
Total Assets  $-   $284,180      $284,180 
                   
Liabilities:                  
Acquisition note payable  $-   $282,588   C  $282,588 
Tenant security deposit   -    1,592   A   1,592 
Total Liabilities   -    284,180       284,180 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $284,180      $284,180 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-43

 

 

LANDA SERIES 1485 BOLA COURT

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 1485
Bola Court
   Pro Forma
Adjustments
   Notes  Landa
Series 1485
Bola Court
Pro Forma
 
Assets:               
Cash & restricted cash  $          -   $64,080   A  $64,080 
Investments in single-family residential properties, net   -    196,122   B   196,122 
Total Assets  $-   $260,202      $260,202 
                   
Liabilities:                  
Acquisition note payable  $-   $258,597   C  $258,597 
Tenant security deposit   -    1,605   A   1,605 
Total Liabilities   -    260,202       260,202 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $260,202      $260,202 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-44

 

 

LANDA SERIES 1490 DIPLOMAT DRIVE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 1490
Diplomat Drive
   Pro Forma
Adjustments
   Notes  Landa
Series 1490
Diplomat Drive
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $66,048   A  $66,048 
Investments in single-family residential properties, net   -    290,219   B   290,219 
Total Assets  $-   $356,267      $356,267 
                   
Liabilities:                  
Acquisition note payable  $-   $354,470   C  $354,470 
Tenant security deposit   -    1,797   A   1,797 
Total Liabilities   -    356,267       356,267 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $356,267      $356,267 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-45

 

 

LANDA SERIES 153 CLIFFSIDE COURT

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 153
Cliffside Court
   Pro Forma
Adjustments
   Notes  Landa
Series 153
Cliffside Court
Pro Forma
 
Assets:               
Cash & restricted cash  $          -   $62,112   A  $62,112 
Investments in single-family residential properties, net   -    124,609   B   124,609 
Total Assets  $-   $186,721      $186,721 
                   
Liabilities:                  
Acquisition note payable  $-   $185,856   C  $185,856 
Tenant security deposit   -    865   A   865 
Total Liabilities   -    186,721       186,721 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $186,721      $186,721 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-46

 

 

LANDA SERIES 157 WELLS ROAD

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 157
Wells Road
   Pro Forma
Adjustments
   Notes  Landa
Series 157
Wells Road
Pro Forma
 
Assets:               
Cash & restricted cash  $          -   $62,692   A  $62,692 
Investments in single-family residential properties, net   -    159,829   B   159,829 
Total Assets  $-   $222,521      $222,521 
                   
Liabilities:                  
Acquisition note payable  $-   $221,620   C  $221,620 
Tenant security deposit   -    901   A   901 
Total Liabilities   -    222,521       222,521 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $222,521      $222,521 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-47

 

 

LANDA SERIES 160 CHIMNEY RIDGE TRAIL

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 160
Chimney Ridge Trail
   Pro Forma
Adjustments
   Notes  Landa
Series 160
Chimney Ridge Trail
Pro Forma
 
Assets:               
Cash & restricted cash  $           -   $64,493   A  $64,493 
Investments in single-family residential properties, net   -    223,875   B   223,875 
Total Assets  $-   $288,368      $288,368 
                   
Liabilities:                  
Acquisition note payable  $-   $286,873   C  $286,873 
Tenant security deposit   -    1,495   A   1,495 
Total Liabilities   -    288,368       288,368 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $288,368      $288,368 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-48

 

 

LANDA SERIES 164 LONGSTREET CIRCLE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 164
Longstreet Circle
   Pro Forma
Adjustments
   Notes  Landa
Series 164
Longstreet Circle
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $64,201   A  $64,201 
Investments in single-family residential properties, net   -    226,009   B   226,009 
Total Assets  $-   $290,210      $290,210 
                   
Liabilities:                  
Acquisition note payable  $-   $289,049   C  $289,049 
Tenant security deposit   -    1,161   A   1,161 
Total Liabilities   -    290,210       290,210 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $290,210      $290,210 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-49

 

 

LANDA SERIES 1666 W POPLAR STREET

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 1666
W Poplar Street
   Pro Forma
Adjustments
   Notes  Landa
Series 1666
W Poplar Street
Pro Forma
 
Assets:               
Cash & restricted cash  $         -   $63,094   A  $63,094 
Investments in single-family residential properties, net   -    169,434   B   169,434 
Total Assets  $-   $232,528      $232,528 
                   
Liabilities:                  
Acquisition note payable  $-   $231,406   C  $231,406 
Tenant security deposit   -    1,122   A   1,122 
Total Liabilities   -    232,528       232,528 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $232,528      $232,528 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-50

 

 

LANDA SERIES 168 BROOKVIEW DRIVE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 168
Brookview Drive
   Pro Forma
Adjustments
   Notes  Landa
Series 168
Brookview Drive
Pro Forma
 
Assets:               
Cash & restricted cash  $           -   $28,726   A  $28,726 
Investments in single-family residential properties, net   -    104,630   B   104,630 
Total Assets  $-   $133,356      $133,356 
                   
Liabilities:                  
Acquisition note payable  $-   $132,243   C  $132,243 
Tenant security deposit   -    1,113   A   1,113 
Total Liabilities   -    133,356       133,356 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $133,356      $133,356 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-51

 

 

LANDA SERIES 1683 SPOONBILL ROAD

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 1683
Spoonbill Road
   Pro Forma Adjustments   Notes  Landa
Series 1683
Spoonbill Road
Pro Forma
 
Assets:               
Cash & restricted cash  $           -   $63,665   A  $63,665 
Investments in single-family residential properties, net   -    182,245   B   182,245 
Total Assets  $-   $245,910      $245,910 
                   
Liabilities:                  
Acquisition note payable  $-   $244,459   C  $244,459 
Tenant security deposit   -    1,451   A   1,451 
Total Liabilities   -    245,910       245,910 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $245,910      $245,910 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-52

 

 

LANDA SERIES 1689 VICEROY WAY

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 1689
Viceroy Way
   Pro Forma
Adjustments
   Notes  Landa
Series 1689
Viceroy Way
Pro Forma
 
Assets:               
Cash & restricted cash  $           -   $64,333   A  $64,333 
Investments in single-family residential properties, net   -    217,745   B   217,745 
Total Assets  $-   $282,078      $282,078 
                   
Liabilities:                  
Acquisition note payable  $-   $280,628   C  $280,628 
Tenant security deposit   -    1,450   A   1,450 
Total Liabilities   -    282,078       282,078 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $282,078      $282,078 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-53

 

 

LANDA SERIES 171 DAVIDSON DRIVE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 171
Davidson Drive
   Pro Forma
Adjustments
   Notes  Landa
Series 171
Davidson Drive
Pro Forma
 
Assets:               
Cash & restricted cash  $         -   $65,310   A  $65,310 
Investments in single-family residential properties, net   -    239,832   B   239,832 
Total Assets  $-   $305,142      $305,142 
                   
Liabilities:                  
Acquisition note payable  $-   $303,132   C  $303,132 
Tenant security deposit   -    2,010   A   2,010 
Total Liabilities   -    305,142       305,142 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $305,142      $305,142 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-54

 

 

LANDA SERIES 1768 GLEN VIEW WAY

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 1768
Glen View Way
   Pro Forma
Adjustments
   Notes  Landa
Series 1768
Glen View Way
Pro Forma
 
Assets:               
Cash & restricted cash  $           -   $65,578   A  $65,578 
Investments in single-family residential properties, net   -    186,677   B   186,677 
Total Assets  $-   $252,255      $252,255 
                   
Liabilities:                  
Acquisition note payable  $-   $250,620   C  $250,620 
Tenant security deposit   -    1,635   A   1,635 
Total Liabilities   -    252,255       252,255 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $252,255      $252,255 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-55

 

 

LANDA SERIES 181 WATERCRESS COURT

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 181
Watercress Court
   Pro Forma
Adjustments
   Notes  Landa
Series 181
Watercress Court
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $64,527   A  $64,527 
Investments in single-family residential properties, net   -    212,131   B   212,131 
Total Assets  $-   $276,658      $276,658 
                   
Liabilities:                  
Acquisition note payable  $-   $274,908   C  $274,908 
Tenant security deposit   -    1,750   A   1,750 
Total Liabilities   -    276,658       276,658 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $276,658      $276,658 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-56

 

 

LANDA SERIES 188 TIMBERLINE ROAD

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 188
Timberline Road
   Pro Forma
Adjustments
   Notes  Landa
Series 188
Timberline Road
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $61,515   A  $61,515 
Investments in single-family residential properties, net   -    101,119   B   101,119 
Total Assets  $-   $162,634      $162,634 
                   
Liabilities:                  
Acquisition note payable  $-   $161,802   C  $161,802 
Tenant security deposit   -    832   A   832 
Total Liabilities   -    162,634       162,634 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $162,634      $162,634 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-57

 

 

LANDA SERIES 189 SHENANDOAH DRIVE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 189
Shenandoah Drive
   Pro Forma
Adjustments
   Notes  Landa
Series 189
Shenandoah Drive
Pro Forma
 
Assets:               
Cash & restricted cash  $              -   $63,777   A  $63,777 
Investments in single-family residential properties, net   -    193,985   B   193,985 
Total Assets  $-   $257,762      $257,762 
                   
Liabilities:                  
Acquisition note payable  $-   $256,420   C  $256,420 
Tenant security deposit   -    1,342   A   1,342 
Total Liabilities   -    257,762       257,762 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $257,762      $257,762 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-58

 

 

LANDA SERIES 1903 OLD CONCORD DRIVE SE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 1903
Old Concord Drive SE
   Pro Forma
Adjustments
   Notes  Landa
Series 1903
Old Concord
Drive SE
Pro Forma
 
Assets:               
Cash & restricted cash  $           -   $64,496   A  $64,496 
Investments in single-family residential properties, net   -    245,168   B   245,168 
Total Assets  $-   $309,664      $309,664 
                   
Liabilities:                  
Acquisition note payable  $-   $308,568   C  $308,568 
Tenant security deposit   -    1,096   A   1,096 
Total Liabilities   -    309,664       309,664 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $309,664      $309,664 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-59

 

 

LANDA SERIES 195 BRANCHWOOD DRIVE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 195
Branchwood Drive
   Pro Forma
Adjustments
   Notes  Landa
Series 195
Branchwood Drive
Pro Forma
 
Assets:               
Cash & restricted cash  $              -   $65,265   A  $65,265 
Investments in single-family residential properties, net   -    252,638   B   252,638 
Total Assets  $-   $317,903      $317,903 
                   
Liabilities:                  
Acquisition note payable  $-   $316,179   C  $316,179 
Tenant security deposit   -    1,724   A   1,724 
Total Liabilities   -    317,903       317,903 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $317,903      $317,903 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-60

 

 

LANDA SERIES 195 FAIRCLIFT DRIVE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 195
Fairclift Drive
   Pro Forma
Adjustments
   Notes  Landa
Series 195
Fairclift Drive
Pro Forma
 
Assets:               
Cash & restricted cash  $           -   $64,251   A  $64,251 
Investments in single-family residential properties, net   -    222,807   B   222,807 
Total Assets  $-   $287,058      $287,058 
                   
Liabilities:                  
Acquisition note payable  $-   $285,786   C  $285,786 
Tenant security deposit   -    1,272   A   1,272 
Total Liabilities   -    287,058       287,058 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $287,058      $287,058 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-61

 

 

LANDA SERIES 195 HUNTERS TRACE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 195
Hunters Trace
   Pro Forma
Adjustments
   Notes  Landa
Series 195
Hunters Trace
Pro Forma
 
Assets:               
Cash & restricted cash  $          -   $85,015   A  $85,015 
Investments in single-family residential properties, net   -    233,547   B   233,547 
Total Assets  $-   $318,562      $318,562 
                   
Liabilities:                  
Acquisition note payable  $-   $316,955   C  $316,955 
Tenant security deposit   -    1,607   A   1,607 
Total Liabilities   -    318,562       318,562 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $318,562      $318,562 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-62

 

 

LANDA SERIES 196 MONTEGO CIRCLE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 196
Montego Circle
   Pro Forma
Adjustments
   Notes  Landa
Series 196
Montego Circle
Pro Forma
 
Assets:               
Cash & restricted cash  $           -   $63,962   A  $63,962 
Investments in single-family residential properties, net   -    204,659   B   204,659 
Total Assets  $-   $268,621      $268,621 
                   
Liabilities:                  
Acquisition note payable  $-   $267,295   C  $267,295 
Tenant security deposit   -    1,326   A   1,326 
Total Liabilities   -    268,621       268,621 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $268,621      $268,621 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-63

 

 

LANDA SERIES 20 CHIMNEY SMOKE DRIVE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 20
Chimney
Smoke Drive
   Pro Forma
Adjustments
   Notes  Landa
Series 20
Chimney Smoke Drive
Pro Forma
 
Assets:               
Cash & restricted cash  $           -   $64,691   A  $64,691 
Investments in single-family residential properties, net   -    223,875   B   223,875 
Total Assets  $-   $288,566      $288,566 
                   
Liabilities:                  
Acquisition note payable  $-   $286,873   C  $286,873 
Tenant security deposit   -    1,693   A   1,693 
Total Liabilities   -    288,566       288,566 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $288,566      $288,566 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-64

 

 

LANDA SERIES 204 N MAIN COURT

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 204
N Main Court
   Pro Forma
Adjustments
   Notes  Landa
Series 204
N Main Court
Pro Forma
 
Assets:               
Cash & restricted cash  $           -   $63,044   A  $63,044 
Investments in single-family residential properties, net   -    165,166   B   165,166 
Total Assets  $-   $228,210      $228,210 
                   
Liabilities:                  
Acquisition note payable  $-   $227,058   C  $227,058 
Tenant security deposit   -    1,152   A   1,152 
Total Liabilities   -    228,210       228,210 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $228,210      $228,210 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-65

 

 

LANDA SERIES 2055 GROVE WAY

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 2055
Grove Way
   Pro Forma
Adjustments
   Notes  Landa
Series 2055
Grove Way
Pro Forma
 
Assets:               
Cash & restricted cash  $           -   $63,981   A  $63,981 
Investments in single-family residential properties, net   -    186,515   B   186,515 
Total Assets  $-   $250,496      $250,496 
                   
Liabilities:                  
Acquisition note payable  $-   $248,809   C  $248,809 
Tenant security deposit   -    1,687   A   1,687 
Total Liabilities   -    250,496       250,496 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $250,496      $250,496 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-66

 

 

LANDA SERIES 212 FLEETA DRIVE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 212
Fleeta Drive
   Pro Forma
Adjustments
   Notes  Landa
Series 212
Fleeta Drive
Pro Forma
 
Assets:               
Cash & restricted cash  $           -   $63,605   A  $63,605 
Investments in single-family residential properties, net   -    171,619   B   171,619 
Total Assets  $-   $235,224      $235,224 
                   
Liabilities:                  
Acquisition note payable  $-   $233,632   C  $233,632 
Tenant security deposit   -    1,592   A   1,592 
Total Liabilities   -    235,224       235,224 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $235,224      $235,224 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-67

 

 

LANDA SERIES 215 CENTRAL LAKE CIRCLE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 215
Central Lake Circle
   Pro Forma
Adjustments
   Notes  Landa
Series 215
Central Lake Circle
Pro Forma
 
Assets:               
Cash & restricted cash  $          -   $63,983   A  $63,983 
Investments in single-family residential properties, net   -    204,615   B   204,615 
Total Assets  $-   $268,598      $268,598 
                   
Liabilities:                  
Acquisition note payable  $-   $267,251   C  $267,251 
Tenant security deposit   -    1,347   A   1,347 
Total Liabilities   -    268,598       268,598 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $268,598      $268,598 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-68

 

 

LANDA SERIES 217 GLENLOCH COURT

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 217
Glenloch Court
   Pro Forma
Adjustments
   Notes  Landa
Series 217
Glenloch Court
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $65,086   A  $65,086 
Investments in single-family residential properties, net   -    245,220   B   245,220 
Total Assets  $-   $310,306      $310,306 
                   
Liabilities:                  
Acquisition note payable  $-   $308,621   C  $308,621 
Tenant security deposit   -    1,685   A   1,685 
Total Liabilities   -    310,306       310,306 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $310,306      $310,306 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-69

 

 

LANDA SERIES 2177 E CHESTER CIRCLE SE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 2177
E Chester
Circle SE
   Pro Forma
Adjustments
   Notes  Landa
Series 2177
E Chester
Circle SE
Pro Forma
 
Assets:               
Cash & restricted cash  $           -   $65,432   A  $65,432 
Investments in single-family residential properties, net   -    249,468   B   249,468 
Total Assets  $-   $314,900      $314,900 
                   
Liabilities:                  
Acquisition note payable  $-   $312,950   C  $312,950 
Tenant security deposit   -    1,950   A   1,950 
Total Liabilities   -    314,900       314,900 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $314,900      $314,900 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-70

 

 

LANDA SERIES 221 LAKEVIEW DRIVE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 221
Lakeview Drive
   Pro Forma
Adjustments
   Notes  Landa
Series 221
Lakeview Drive
Pro Forma
 
Assets:               
Cash & restricted cash  $          -   $64,352   A  $64,352 
Investments in single-family residential properties, net   -    234,549   B   234,549 
Total Assets  $-   $298,901      $298,901 
                   
Liabilities:                  
Acquisition note payable  $-   $297,749   C  $297,749 
Tenant security deposit   -    1,152   A   1,152 
Total Liabilities   -    298,901       298,901 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $298,901      $298,901 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-71

 

 

LANDA SERIES 2264 CHESTNUT HILL CIRCLE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 2264
Chestnut Hill Circle
   Pro Forma
Adjustments
   Notes  Landa
Series 2264
Chestnut Hill Circle
Pro Forma
 
Assets:               
Cash & restricted cash  $           -   $66,127   A  $66,127 
Investments in single-family residential properties, net   -    314,602   B   314,602 
Total Assets  $-   $380,729      $380,729 
                   
Liabilities:                  
Acquisition note payable  $-   $379,313   C  $379,313 
Tenant security deposit   -    1,416   A   1,416 
Total Liabilities   -    380,729       380,729 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $380,729      $380,729 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-72

 

 

LANDA SERIES 235 LAZY HOLLOW LANE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 235
Lazy Hollow Lane
   Pro Forma
Adjustments
   Notes  Landa
Series 235
Lazy Hollow Lane
Pro Forma
 
Assets:               
Cash & restricted cash  $          -   $64,782   A  $64,782 
Investments in single-family residential properties, net   -    235,639   B   235,639 
Total Assets  $-   $300,421      $300,421 
                   
Liabilities:                  
Acquisition note payable  $-   $299,259   C  $299,259 
Tenant security deposit   -    1,162   A   1,162 
Total Liabilities   -    300,421       300,421 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $300,421      $300,421 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-73

 

 

LANDA SERIES 2425 CORNELL CIRCLE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 2425
Cornell Circle
   Pro Forma
Adjustments
   Notes  Landa
Series 2425
Cornell Circle
Pro Forma
 
Assets:               
Cash & restricted cash  $           -   $65,284   A  $65,284 
Investments in single-family residential properties, net   -    267,640   B   267,640 
Total Assets  $-   $332,924      $332,924 
                   
Liabilities:                  
Acquisition note payable  $-   $331,464   C  $331,464 
Tenant security deposit   -    1,460   A   1,460 
Total Liabilities   -    332,924       332,924 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $332,924      $332,924 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-74

 

 

LANDA SERIES 2443 HODGES FARM ROAD

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 2443
Hodges Farm Road
   Pro Forma
Adjustments
   Notes  Landa
Series 2443
Hodges Farm Road
Pro Forma
 
Assets:               
Cash & restricted cash  $         -   $63,452   A  $63,452 
Investments in single-family residential properties, net   -    183,313   B   183,313 
Total Assets  $-   $246,765      $246,765 
                   
Liabilities:                  
Acquisition note payable  $-   $245,546   C  $245,546 
Tenant security deposit   -    1,219   A   1,219 
Total Liabilities   -    246,765       246,765 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $246,765      $246,765 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-75

 

 

LANDA SERIES 25 PLEASANT VALLEY ROAD

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 25
Pleasant Valley Road
   Pro Forma
Adjustments
   Notes  Landa
Series 25
Pleasant Valley Road
Pro Forma
 
Assets:               
Cash & restricted cash  $           -   $64,580   A  $64,580 
Investments in single-family residential properties, net   -    220,670   B   220,670 
Total Assets  $-   $285,250      $285,250 
                   
Liabilities:                  
Acquisition note payable  $-   $283,609   C  $283,609 
Tenant security deposit   -    1,641   A   1,641 
Total Liabilities   -    285,250       285,250 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $285,250      $285,250 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-76

 

 

LANDA SERIES 253 MARCO DRIVE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 253
Marco Drive
   Pro Forma
Adjustments
   Notes  Landa
Series 253
Marco Drive
Pro Forma
 
Assets:               
Cash & restricted cash  $          -   $63,275   A  $63,275 
Investments in single-family residential properties, net   -    170,764   B   170,764 
Total Assets  $-   $234,039      $234,039 
                   
Liabilities:                  
Acquisition note payable  $-   $232,761   C  $232,761 
Tenant security deposit   -    1,278   A   1,278 
Total Liabilities   -    234,039       234,039 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $234,039      $234,039 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-77

 

 

LANDA SERIES 255 COUNTRYSIDE LANE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 255
Countryside Lane
   Pro Forma
Adjustments
   Notes  Landa
Series 255
Countryside Lane
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $64,860   A  $64,860 
Investments in single-family residential properties, net   -    231,347   B   231,347 
Total Assets  $-   $296,207      $296,207 
                   
Liabilities:                  
Acquisition note payable  $-   $294,486   C  $294,486 
Tenant security deposit   -    1,721   A   1,721 
Total Liabilities   -    296,207       296,207 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $296,207      $296,207 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-78

 

 

LANDA SERIES 258 ROCKY POINT ROAD

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 258
Rocky Point Road
   Pro Forma
Adjustments
   Notes  Landa
Series 258
Rocky Point Road
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $64,678   A  $64,678 
Investments in single-family residential properties, net   -    251,624   B   251,624 
Total Assets  $-   $316,302      $316,302 
                   
Liabilities:                  
Acquisition note payable  $-   $315,147   C  $315,147 
Tenant security deposit   -    1,155   A   1,155 
Total Liabilities   -    316,302       316,302 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $316,302      $316,302 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-79

 

 

LANDA SERIES 263 ROCKY POINT ROAD

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 263
Rocky Point Road
   Pro Forma
Adjustments
   Notes  Landa
Series 263
Rocky Point Road
Pro Forma
 
Assets:               
Cash & restricted cash  $           -   $64,130   A  $64,130 
Investments in single-family residential properties, net   -    216,403   B   216,403 
Total Assets  $-   $280,533      $280,533 
                   
Liabilities:                  
Acquisition note payable  $-   $279,261   C  $279,261 
Tenant security deposit   -    1,272   A   1,272 
Total Liabilities   -    280,533       280,533 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $280,533      $280,533 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-80

 

 

LANDA SERIES 268 BROOKVIEW DRIVE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 268
Brookview Drive
   Pro Forma
Adjustments
   Notes  Landa
Series 268
Brookview Drive
Pro Forma
 
Assets:               
Cash & restricted cash  $           -   $62,436   A  $62,436 
Investments in single-family residential properties, net   -    127,232   B   127,232 
Total Assets  $-   $189,668      $189,668 
                   
Liabilities:                  
Acquisition note payable  $-   $188,408   C  $188,408 
Tenant security deposit   -    1,260   A   1,260 
Total Liabilities   -    189,668       189,668 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $189,668      $189,668 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-81

 

 

LANDA SERIES 270 MOUNTAIN LANE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 270
Mountain Lane
   Pro Forma
Adjustments
   Notes  Landa
Series 270
Mountain Lane
Pro Forma
 
Assets:               
Cash & restricted cash  $           -   $34,868   A  $34,868 
Investments in single-family residential properties, net   -    258,528   B   258,528 
Total Assets  $-   $293,396      $293,396 
                   
Liabilities:                  
Acquisition note payable  $-   $291,683   C  $291,683 
Tenant security deposit   -    1,713   A   1,713 
Total Liabilities   -    293,396       293,396 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $293,396      $293,396 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-82

 

 

LANDA SERIES 270 MOUNTAIN WAY

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 270
Mountain Way
   Pro Forma
Adjustments
   Notes  Landa
Series 270
Mountain Way
Pro Forma
 
Assets:               
Cash & restricted cash  $           -   $64,832   A  $64,832 
Investments in single-family residential properties, net   -    224,942   B   224,942 
Total Assets  $-   $289,774      $289,774 
                   
Liabilities:                  
Acquisition note payable  $-   $287,961   C  $287,961 
Tenant security deposit   -    1,813   A   1,813 
Total Liabilities   -    289,774       289,774 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $289,774      $289,774 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-83

 

 

LANDA SERIES 270 PLEASANT HILL DRIVE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 270
Pleasant Hill Drive
   Pro Forma
Adjustments
   Notes  Landa
Series 270
Pleasant Hill Drive
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $21,395   A  $21,395 
Investments in single-family residential properties, net   -    253,436   B   253,436 
Total Assets  $-   $274,831      $274,831 
                   
Liabilities:                  
Acquisition note payable  $-   $273,208   C  $273,208 
Tenant security deposit   -    1,623   A   1,623 
Total Liabilities   -    274,831       274,831 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $274,831      $274,831 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-84

 

 

LANDA SERIES 2794 NORFAIR LOOP

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 2794
Norfair Loop
   Pro Forma
Adjustments
   Notes  Landa
Series 2794
Norfair Loop
Pro Forma
 
Assets:               
Cash & restricted cash  $          -   $63,397   A  $63,397 
Investments in single-family residential properties, net   -    171,571   B   171,571 
Total Assets  $-   $234,968      $234,968 
                   
Liabilities:                  
Acquisition note payable  $-   $233,583   C  $233,583 
Tenant security deposit   -    1,385   A   1,385 
Total Liabilities   -    234,968       234,968 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $234,968      $234,968 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-85

 

 

LANDA SERIES 2813 VICKSBURG COURT

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 2813
Vicksburg Court
   Pro Forma
Adjustments
   Notes  Landa
Series 2813
Vicksburg Court
Pro Forma
 
Assets:               
Cash & restricted cash  $          -   $65,379   A  $65,379 
Investments in single-family residential properties, net   -    274,040   B   274,040 
Total Assets  $-   $339,419      $339,419 
                   
Liabilities:                  
Acquisition note payable  $-   $337,986   C  $337,986 
Tenant security deposit   -    1,433   A   1,433 
Total Liabilities   -    339,419       339,419 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $339,419      $339,419 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-86

 

 

LANDA SERIES 2933 COFFER DRIVE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 2933
Coffer Drive
   Pro Forma
Adjustments
   Notes  Landa
Series 2933
Coffer Drive
Pro Forma
 
Assets:               
Cash & restricted cash  $           -   $64,304   A  $64,304 
Investments in single-family residential properties, net   -    218,812   B   218,812 
Total Assets  $-   $283,116      $283,116 
                   
Liabilities:                  
Acquisition note payable  $-   $281,715   C  $281,715 
Tenant security deposit   -    1,401   A   1,401 
Total Liabilities   -    283,116       283,116 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $283,116      $283,116 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-87

 

 

LANDA SERIES 30 HIGH RIDGE ROAD

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 30
High Ridge Road
   Pro Forma
Adjustments
   Notes  Landa
Series 30
High Ridge Road
Pro Forma
 
Assets:               
Cash & restricted cash  $           -   $65,516   A  $65,516 
Investments in single-family residential properties, net   -    268,996   B   268,996 
Total Assets  $-   $334,512      $334,512 
                   
Liabilities:                  
Acquisition note payable  $-   $332,846   C  $332,846 
Tenant security deposit   -    1,666   A   1,666 
Total Liabilities   -    334,512       334,512 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $334,512      $334,512 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-88

 

 

LANDA SERIES 30 ROOSEVELT ROAD

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 30
Roosevelt Road
   Pro Forma
Adjustments
   Notes  Landa
Series 30
Roosevelt Road
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $64,583   A  $64,583 
Investments in single-family residential properties, net   -    221,738   B   221,738 
Total Assets  $-   $286,321      $286,321 
                   
Liabilities:                  
Acquisition note payable  $-   $284,696   C  $284,696 
Tenant security deposit   -    1,625   A   1,625 
Total Liabilities   -    286,321       286,321 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $286,321      $286,321 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-89

 

 

LANDA SERIES 3011 RAINTREE DRIVE SE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 3011
Raintree
Drive SE
   Pro Forma
Adjustments
   Notes  Landa
Series 3011
Raintree
Drive SE
Pro Forma
 
Assets:               
Cash & restricted cash  $           -   $71,359   A  $71,359 
Investments in single-family residential properties, net   -    240,246   B   240,246 
Total Assets  $-   $311,605      $311,605 
                   
Liabilities:                  
Acquisition note payable  $-   $310,013   C  $310,013 
Tenant security deposit   -    1,592   A   1,592 
Total Liabilities   -    311,605       311,605 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $311,605      $311,605 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-90

 

 

LANDA SERIES 304 DEERFIELD DRIVE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 304
Deerfield Drive
   Pro Forma
Adjustments
   Notes  Landa
Series 304
Deerfield Drive
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $70,391   A  $70,391 
Investments in single-family residential properties, net   -    223,218   B   223,218 
Total Assets  $-   $293,609      $293,609 
                   
Liabilities:                  
Acquisition note payable  $-   $291,845   C  $291,845 
Tenant security deposit   -    1,764   A   1,764 
Total Liabilities   -    293,609       293,609 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $293,609      $293,609 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-91

 

 

LANDA SERIES 3043 HIGHWAY 81 S

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 3043
Highway 81 S
   Pro Forma
Adjustments
   Notes  Landa
Series 3043
Highway 81 S
Pro Forma
 
Assets:               
Cash & restricted cash  $          -   $62,712   A  $62,712 
Investments in single-family residential properties, net   -    154,535   B   154,535 
Total Assets  $-   $217,247      $217,247 
                   
Liabilities:                  
Acquisition note payable  $-   $216,225   C  $216,225 
Tenant security deposit   -    1,022   A   1,022 
Total Liabilities   -    217,247       217,247 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $217,247      $217,247 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-92

 

 

LANDA SERIES 313 BLUE HERON DRIVE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 313
Blue Heron Drive
   Pro Forma
Adjustments
   Notes  Landa
Series 313
Blue Heron Drive
Pro Forma
 
Assets:               
Cash & restricted cash  $          -   $65,100   A  $65,100 
Investments in single-family residential properties, net   -    207,909   B   207,909 
Total Assets  $-   $273,009      $273,009 
                   
Liabilities:                  
Acquisition note payable  $-   $271,456   C  $271,456 
Tenant security deposit   -    1,553   A   1,553 
Total Liabilities   -    273,009       273,009 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $273,009      $273,009 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-93

 

 

LANDA SERIES 3202 CHIPPEWA DRIVE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 3202
Chippewa Drive
   Pro Forma
Adjustments
   Notes  Landa
Series 3202
Chippewa Drive
Pro Forma
 
Assets:               
Cash & restricted cash  $           -   $64,543   A  $64,543 
Investments in single-family residential properties, net   -    235,614   B   235,614 
Total Assets  $-   $300,157      $300,157 
                   
Liabilities:                  
Acquisition note payable  $-   $298,834   C  $298,834 
Tenant security deposit   -    1,323   A   1,323 
Total Liabilities   -    300,157       300,157 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $300,157      $300,157 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-94

 

 

LANDA SERIES 35 CLAY COURT

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 35
Clay Court
   Pro Forma
Adjustments
   Notes  Landa
Series 35
Clay Court
Pro Forma
 
Assets:               
Cash & restricted cash  $           -   $38,483   A  $38,483 
Investments in single-family residential properties, net   -    266,412   B   266,412 
Total Assets  $-   $304,895      $304,895 
                   
Liabilities:                  
Acquisition note payable  $-   $303,196   C  $303,196 
Tenant security deposit   -    1,699   A   1,699 
Total Liabilities   -    304,895       304,895 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $304,895      $304,895 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-95

 

 

LANDA SERIES 350 CADIZ LANE S

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 350
Cadiz Lane S
   Pro Forma Adjustments   Notes  Landa
Series 350
Cadiz Lane S
Pro Forma
 
Assets:               
Cash & restricted cash  $          -   $64,025   A  $64,025 
Investments in single-family residential properties, net   -    214,266   B   214,266 
Total Assets  $-   $278,291      $278,291 
                   
Liabilities:                  
Acquisition note payable  $-   $277,083   C  $277,083 
Tenant security deposit   -    1,208   A   1,208 
Total Liabilities   -    278,291       278,291 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $278,291      $278,291 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-96

 

 

LANDA SERIES 351 WESLEY PARK DRIVE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 351
Wesley
Park Drive
   Pro Forma
Adjustments
   Notes  Landa
Series 351
Wesley
Park Drive
Pro Forma
 
Assets:               
Cash & restricted cash  $           -   $64,036   A  $64,036 
Investments in single-family residential properties, net   -    198,254   B   198,254 
Total Assets  $-   $262,290      $262,290 
                   
Liabilities:                  
Acquisition note payable  $-   $260,770   C  $260,770 
Tenant security deposit   -    1,520   A   1,520 
Total Liabilities   -    262,290       262,290 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $262,290      $262,290 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-97

 

 

LANDA SERIES 3603 MANHATTAN DRIVE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 3603
Manhattan Drive
   Pro Forma Adjustments   Notes  Landa
Series 3603
Manhattan Drive
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $65,575   A  $65,575 
Investments in single-family residential properties, net   -    262,303   B   262,303 
Total Assets  $-   $327,878      $327,878 
                   
Liabilities:                  
Acquisition note payable  $-   $326,027   C  $326,027 
Tenant security deposit   -    1,851   A   1,851 
Total Liabilities   -    327,878       327,878 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $327,878      $327,878 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-98

 

 

LANDA SERIES 3667 PATTI PARKWAY

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 3667
Patti Parkway
   Pro Forma
Adjustments
   Notes  Landa
Series 3667
Patti Parkway
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $66,338   A  $66,338 
Investments in single-family residential properties, net   -    314,606   B   314,606 
Total Assets  $-   $380,944      $380,944 
                   
Liabilities:                  
Acquisition note payable  $-   $379,317   C  $379,317 
Tenant security deposit   -    1,627   A   1,627 
Total Liabilities   -    380,944       380,944 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $380,944      $380,944 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-99

 

 

LANDA SERIES 404 BARBERRY LANE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 404
Barberry Lane
   Pro Forma
Adjustments
   Notes  Landa
Series 404
Barberry Lane
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $64,236   A  $64,236 
Investments in single-family residential properties, net   -    222,911   B   222,911 
Total Assets  $-   $287,147      $287,147 
                   
Liabilities:                  
Acquisition note payable  $-   $285,892   C  $285,892 
Tenant security deposit   -    1,255   A   1,255 
Total Liabilities   -    287,147       287,147 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $287,147      $287,147 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-100

 

 

LANDA SERIES 412 KENDALL LANE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 412
Kendall Lane
   Pro Forma
Adjustments
   Notes  Landa
Series 412
Kendall Lane
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $64,418   A  $64,418 
Investments in single-family residential properties, net   -    233,581   B   233,581 
Total Assets  $-   $297,999      $297,999 
                   
Liabilities:                  
Acquisition note payable  $-   $296,763   C  $296,763 
Tenant security deposit   -    1,236   A   1,236 
Total Liabilities   -    297,999       297,999 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $297,999      $297,999 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-101

 

 

LANDA SERIES 416 AUTUMN LAKE COURT

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 416
Autumn Lake Court
   Pro Forma
Adjustments
   Notes  Landa
Series 416
Autumn Lake Court
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $64,275   A  $64,275 
Investments in single-family residential properties, net   -    203,594   B   203,594 
Total Assets  $-   $267,869      $267,869 
                   
Liabilities:                  
Acquisition note payable  $-   $266,210   C  $266,210 
Tenant security deposit   -    1,659   A   1,659 
Total Liabilities   -    267,869       267,869 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $267,869      $267,869 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-102

 

 

LANDA SERIES 43 DARWIN DRIVE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 43
Darwin Drive
   Pro Forma
Adjustments
   Notes  Landa
Series 43
Darwin Drive
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $63,623   A  $63,623 
Investments in single-family residential properties, net   -    189,715   B   189,715 
Total Assets  $-   $253,338      $253,338 
                   
Liabilities:                  
Acquisition note payable  $-   $252,069   C  $252,069 
Tenant security deposit   -    1,269   A   1,269 
Total Liabilities   -    253,338       253,338 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $253,338      $253,338 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-103

 

 

LANDA SERIES 432 MANOR ESTATES DRIVE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 432
Manor Estates Drive
   Pro Forma
Adjustments
   Notes  Landa
Series 432
Manor Estates Drive
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $65,003   A  $65,003 
Investments in single-family residential properties, net   -    250,666   B   250,666 
Total Assets  $-   $315,669      $315,669 
                   
Liabilities:                  
Acquisition note payable  $-   $314,170   C  $314,170 
Tenant security deposit   -    1,499   A   1,499 
Total Liabilities   -    315,669       315,669 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $315,669      $315,669 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-104

 

 

LANDA SERIES 440 FREESTONE DRIVE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 440
Freestone Drive
   Pro Forma
Adjustments
   Notes  Landa
Series 440
Freestone Drive
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $72,308   A  $72,308 
Investments in single-family residential properties, net   -    260,574   B   260,574 
Total Assets  $-   $332,882      $332,882 
                   
Liabilities:                  
Acquisition note payable  $-   $331,496   C  $331,496 
Tenant security deposit   -    1,386   A   1,386 
Total Liabilities   -    332,882       332,882 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $332,882      $332,882 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-105

 

 

LANDA SERIES 4447 LAKE BREEZE DRIVE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 4447
Lake Breeze Drive
   Pro Forma
Adjustments
   Notes  Landa
Series 4447
Lake Breeze Drive
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $65,333   A  $65,333 
Investments in single-family residential properties, net   -    278,314   B   278,314 
Total Assets  $-   $343,647      $343,647 
                   
Liabilities:                  
Acquisition note payable  $-   $342,340   C  $342,340 
Tenant security deposit   -    1,307   A   1,307 
Total Liabilities   -    343,647       343,647 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $343,647      $343,647 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-106

 

 

LANDA SERIES 445 INDEPENDENCE DRIVE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 445
Independence Drive
   Pro Forma
Adjustments
   Notes  Landa
Series 445
Independence Drive
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $57,732   A  $57,732 
Investments in single-family residential properties, net   -    242,777   B   242,777 
Total Assets  $-   $300,509      $300,509 
                   
Liabilities:                  
Acquisition note payable  $-   $298,780   C  $298,780 
Tenant security deposit   -    1,729   A   1,729 
Total Liabilities   -    300,509       300,509 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $300,509      $300,509 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-107

 

 

LANDA SERIES 449 KARA LANE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 449
Kara Lane
   Pro Forma
Adjustments
   Notes  Landa
Series 449
Kara Lane
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $31,212   A  $31,212 
Investments in single-family residential properties, net   -    235,963   B   235,963 
Total Assets  $-   $267,175      $267,175 
                   
Liabilities:                  
Acquisition note payable  $-   $265,401   C  $265,401 
Tenant security deposit   -    1,774   A   1,774 
Total Liabilities   -    267,175       267,175 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $267,175      $267,175 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-108

 

 

LANDA SERIES 45 BLUE JAY DRIVE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 45
Blue Jay Drive
   Pro Forma
Adjustments
   Notes  Landa
Series 45
Blue Jay Drive
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $65,893   A  $65,893 
Investments in single-family residential properties, net   -    288,984   B   288,984 
Total Assets  $-   $354,877      $354,877 
                   
Liabilities:                  
Acquisition note payable  $-   $353,211   C  $353,211 
Tenant security deposit   -    1,666   A   1,666 
Total Liabilities   -    354,877       354,877 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $354,877      $354,877 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-109

 

 

LANDA SERIES 45 LAUREL WAY

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 45
Laurel Way
   Pro Forma
Adjustments
   Notes  Landa
Series 45
Laurel Way
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $65,659   A  $65,659 
Investments in single-family residential properties, net   -    276,116   B   276,116 
Total Assets  $-   $341,775      $341,775 
                   
Liabilities:                  
Acquisition note payable  $-   $340,100   C  $340,100 
Tenant security deposit   -    1,675   A   1,675 
Total Liabilities   -    341,775       341,775 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $341,775      $341,775 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-110

 

 

LANDA SERIES 4702 SAINT JAMES WAY

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 4702
Saint James Way
   Pro Forma
Adjustments
   Notes  Landa
Series 4702
Saint James Way
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $64,321   A  $64,321 
Investments in single-family residential properties, net   -    204,667   B   204,667 
Total Assets  $-   $268,988      $268,988 
                   
Liabilities:                  
Acquisition note payable  $-   $267,452   C  $267,452 
Tenant security deposit   -    1,536   A   1,536 
Total Liabilities   -    268,988       268,988 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $268,988      $268,988 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-111

 

 

LANDA SERIES 4732 PINEDALE DRIVE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 4732
Pinedale Drive
   Pro Forma
Adjustments
   Notes  Landa
Series 4732
Pinedale Drive
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $63,147   A  $63,147 
Investments in single-family residential properties, net   -    172,686   B   172,686 
Total Assets  $-   $235,833      $235,833 
                   
Liabilities:                  
Acquisition note payable  $-   $234,719   C  $234,719 
Tenant security deposit   -    1,114   A   1,114 
Total Liabilities   -    235,833       235,833 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $235,833      $235,833 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-112

 

 

LANDA SERIES 497 HIGHWAY 212

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 497
Highway 212
   Pro Forma
Adjustments
   Notes  Landa
Series 497
Highway 212
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $63,787   A  $63,787 
Investments in single-family residential properties, net   -    216,354   B   216,354 
Total Assets  $-   $280,141      $280,141 
                   
Liabilities:                  
Acquisition note payable  $-   $279,211   C  $279,211 
Tenant security deposit   -    930   A   930 
Total Liabilities   -    280,141       280,141 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $280,141      $280,141 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-113

 

 

LANDA SERIES 5039 EAST STREET

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 5039
East Street
   Pro Forma
Adjustments
   Notes  Landa
Series 5039
East Street
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $62,740   A  $62,740 
Investments in single-family residential properties, net   -    145,953   B   145,953 
Total Assets  $-   $208,693      $208,693 
                   
Liabilities:                  
Acquisition note payable  $-   $207,482   C  $207,482 
Tenant security deposit   -    1,211   A   1,211 
Total Liabilities   -    208,693       208,693 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $208,693      $208,693 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-114

 

 

LANDA SERIES 5040 HUNTSHIRE LANE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 5040
Huntshire Lane
   Pro Forma
Adjustments
   Notes  Landa
Series 5040
Huntshire Lane
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $40,545   A  $40,545 
Investments in single-family residential properties, net   -    406,939   B   406,939 
Total Assets  $-   $447,484      $447,484 
                   
Liabilities:                  
Acquisition note payable  $-   $444,985   C  $444,985 
Tenant security deposit   -    2,499   A   2,499 
Total Liabilities   -    447,484       447,484 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $447,484      $447,484 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-115

 

 

LANDA SERIES 513 JARRETT COURT

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

  

Landa

Series 513
Jarrett Court

   Pro Forma
Adjustments
   Notes  Landa
Series 513
Jarrett Court
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $64,716   A  $64,716 
Investments in single-family residential properties, net   -    226,073   B   226,073 
Total Assets  $-   $290,789      $290,789 
                   
Liabilities:                  
Acquisition note payable  $-   $289,113   C  $289,113 
Tenant security deposit   -    1,676   A   1,676 
Total Liabilities   -    290,789       290,789 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $290,789      $290,789 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-116

 

 

LANDA SERIES 5143 PINECREST DRIVE SW

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 5143
Pinecrest Drive SW
   Pro Forma
Adjustments
   Notes  Landa
Series 5143
Pinecrest Drive SW
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $63,065   A  $63,065 
Investments in single-family residential properties, net   -    165,212   B   165,212 
Total Assets  $-   $228,277      $228,277 
                   
Liabilities:                  
Acquisition note payable  $-   $227,104   C  $227,104 
Tenant security deposit   -    1,173   A   1,173 
Total Liabilities   -    228,277       228,277 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $228,277      $228,277 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-117

 

 

LANDA SERIES 524 SAWMILL ROAD

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 524
Sawmill Road
   Pro Forma
Adjustments
   Notes  Landa
Series 524
Sawmill Road
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $47,382   A  $47,382 
Investments in single-family residential properties, net   -    237,880   B   237,880 
Total Assets  $-   $285,262      $285,262 
                   
Liabilities:                  
Acquisition note payable  $-   $283,679   C  $283,679 
Tenant security deposit   -    1,583   A   1,583 
Total Liabilities   -    285,262       285,262 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $285,262      $285,262 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-118

 

 

LANDA SERIES 5329 SHIREWICK LANE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 5329
Shirewick Lane
   Pro Forma
Adjustments
   Notes  Landa
Series 5329
Shirewick Lane
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $65,281   A  $65,281 
Investments in single-family residential properties, net   -    274,044   B   274,044 
Total Assets  $-   $339,325      $339,325 
                   
Liabilities:                  
Acquisition note payable  $-   $337,990   C  $337,990 
Tenant security deposit   -    1,335   A   1,335 
Total Liabilities   -    339,325       339,325 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $339,325      $339,325 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-119

 

 

LANDA SERIES 540 COWAN ROAD

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 540
Cowan Road
   Pro Forma
Adjustments
   Notes  Landa
Series 540
Cowan Road
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $64,828   A  $64,828 
Investments in single-family residential properties, net   -    236,323   B   236,323 
Total Assets  $-   $301,151      $301,151 
                   
Liabilities:                  
Acquisition note payable  $-   $299,557   C  $299,557 
Tenant security deposit   -    1,594   A   1,594 
Total Liabilities   -    301,151       301,151 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $301,151      $301,151 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-120

 

 

LANDA SERIES 5411 ROCKY PINE DRIVE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 5411
Rocky Pine Drive
   Pro Forma
Adjustments
   Notes  Landa
Series 5411
Rocky Pine Drive
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $64,644   A  $64,644 
Investments in single-family residential properties, net   -    246,460   B   246,460 
Total Assets  $-   $311,104      $311,104 
                   
Liabilities:                  
Acquisition note payable  $-   $309,885   C  $309,885 
Tenant security deposit   -    1,219   A   1,219 
Total Liabilities   -    311,104       311,104 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $311,104      $311,104 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-121

 

 

LANDA SERIES 55 MYRTLE GROVE LANE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 55
Myrtle Grove Lane
   Pro Forma
Adjustments
   Notes  Landa
Series 55
Myrtle Grove Lane
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $64,768   A  $64,768 
Investments in single-family residential properties, net   -    228,144   B   228,144 
Total Assets  $-   $292,912      $292,912 
                   
Liabilities:                  
Acquisition note payable  $-   $291,224   C  $291,224 
Tenant security deposit   -    1,688   A   1,688 
Total Liabilities   -    292,912       292,912 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $292,912      $292,912 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-122

 

 

LANDA SERIES 550 COWAN ROAD

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 550
Cowan Road
   Pro Forma
Adjustments
   Notes  Landa
Series 550
Cowan Road
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $54,680   A  $54,680 
Investments in single-family residential properties, net   -    197,684   B   197,684 
Total Assets  $-   $252,364      $252,364 
                   
Liabilities:                  
Acquisition note payable  $-   $250,783   C  $250,783 
Tenant security deposit   -    1,581   A   1,581 
Total Liabilities   -    252,364       252,364 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $252,364      $252,364 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-123

 

 

LANDA SERIES 5581 FOX GLEN CIRCLE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 5581
Fox Glen Circle
   Pro Forma
Adjustments
   Notes  Landa
Series 5581
Fox Glen Circle
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $36,633   A  $36,633 
Investments in single-family residential properties, net   -    400,341   B   400,341 
Total Assets  $-   $436,974      $436,974 
                   
Liabilities:                  
Acquisition note payable  $-   $434,715   C  $434,715 
Tenant security deposit   -    2,259   A   2,259 
Total Liabilities   -    436,974       436,974 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $436,974      $436,974 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-124

 

 

LANDA SERIES 565 MOUNTAINVIEW DRIVE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 565
Mountainview Drive
   Pro Forma
Adjustments
   Notes  Landa
Series 565
Mountainview Drive
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $35,461   A  $35,461 
Investments in single-family residential properties, net   -    249,495   B   249,495 
Total Assets  $-   $284,956      $284,956 
                   
Liabilities:                  
Acquisition note payable  $-   $283,236   C  $283,236 
Tenant security deposit   -    1,720   A   1,720 
Total Liabilities   -    284,956       284,956 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $284,956      $284,956 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-125

 

 

LANDA SERIES 5737 STRATHMOOR MANOR CIRCLE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 5737
Strathmoor Manor Circle
   Pro Forma
Adjustments
   Notes  Landa
Series 5737
Strathmoor Manor Circle
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $63,434   A  $63,434 
Investments in single-family residential properties, net   -    191,852   B   191,852 
Total Assets  $-   $255,286      $255,286 
                   
Liabilities:                  
Acquisition note payable  $-   $254,247   C  $254,247 
Tenant security deposit   -    1,039   A   1,039 
Total Liabilities   -    255,286       255,286 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $255,286      $255,286 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-126

 

 

LANDA SERIES 5801 STRATHMOOR MANOR CIRCLE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 5801
Strathmoor Manor Circle
   Pro Forma
Adjustments
   Notes  Landa
Series 5801
Strathmoor Manor Circle
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $64,199   A  $64,199 
Investments in single-family residential properties, net   -    200,389   B   200,389 
Total Assets  $-   $264,588      $264,588 
                   
Liabilities:                  
Acquisition note payable  $-   $262,945   C  $262,945 
Tenant security deposit   -    1,643   A   1,643 
Total Liabilities   -    264,588       264,588 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $264,588      $264,588 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-127

 

 

LANDA SERIES 6104-6106 OAKWOOD CIRCLE SW

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 6104-6106
Oakwood Circle SW
   Pro Forma
Adjustments
   Notes  Landa
Series 6104-6106
Oakwood Circle SW
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $63,938   A  $63,938 
Investments in single-family residential properties, net   -    185,454   B   185,454 
Total Assets  $-   $249,392      $249,392 
                   
Liabilities:                  
Acquisition note payable  $-   $247,852   C  $247,852 
Tenant security deposit   -    1,540   A   1,540 
Total Liabilities   -    249,392       249,392 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $249,392      $249,392 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-128

 

 

LANDA SERIES 6107 SHADOW GLEN COURT

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

  

Landa
Series 6107
Shadow Glen Court

   Pro Forma
Adjustments
   Notes  Landa
Series 6107
Shadow Glen Court
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $63,170   A  $63,170 
Investments in single-family residential properties, net   -    151,331   B   151,331 
Total Assets  $-   $214,501      $214,501 
                   
Liabilities:                  
Acquisition note payable  $-   $212,961   C  $212,961 
Tenant security deposit   -    1,540   A   1,540 
Total Liabilities   -    214,501       214,501 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $214,501      $214,501 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-129

 

 

LANDA SERIES 6111-6113 PINE GLEN CIRCLE SW

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 6111-6113
Pine Glen Circle SW
   Pro Forma
Adjustments
   Notes  Landa
Series 6111-6113
Pine Glen Circle SW
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $68,400   A  $68,400 
Investments in single-family residential properties, net   -    390,389   B   390,389 
Total Assets  $-   $458,789      $458,789 
                   
Liabilities:                  
Acquisition note payable  $-   $456,530   C  $456,530 
Tenant security deposit   -    2,259   A   2,259 
Total Liabilities   -    458,789       458,789 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $458,789      $458,789 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-130

 

 

LANDA SERIES 6119 PINENEEDLE DRIVE SW

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 6119
Pineneedle Drive SW
   Pro Forma
Adjustments
   Notes  Landa
Series 6119
Pineneedle Drive SW
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $62,507   A  $62,507 
Investments in single-family residential properties, net   -    105,391   B   105,391 
Total Assets  $-   $167,898      $167,898 
                   
Liabilities:                  
Acquisition note payable  $-   $166,154   C  $166,154 
Tenant security deposit   -    1,744   A   1,744 
Total Liabilities   -    167,898       167,898 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $167,898      $167,898 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-131

 

 

LANDA SERIES 615 BARSHAY DRIVE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa Series 615 Barshay Drive   Pro Forma Adjustments   Notes  Landa Series 615 Barshay Drive
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $65,306   A  $65,306 
Investments in single-family residential properties, net   -    228,182   B   228,182 
Total Assets  $-   $293,488      $293,488 
                   
Liabilities:                  
Acquisition note payable  $-   $291,964   C  $291,964 
Tenant security deposit   -    1,524   A   1,524 
Total Liabilities   -    293,488       293,488 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $293,488      $293,488 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-132

 

 

LANDA SERIES 6168 WHEAT STREET NE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

  

Landa
Series 6168

Wheat Street NE

   Pro Forma
Adjustments
   Notes  Landa
Series 6168
Wheat Street NE
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $62,777   A  $62,777 
Investments in single-family residential properties, net   -    125,964   B   125,964 
Total Assets  $-   $188,741      $188,741 
                   
Liabilities:                  
Acquisition note payable  $-   $187,898   C  $187,898 
Tenant security deposit   -    843   A   843 
Total Liabilities   -    188,741       188,741 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $188,741      $188,741 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-133

 

 

LANDA SERIES 6178 GREEN ACRES DRIVE SW

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 6178
Green Acres Drive SW
   Pro Forma
Adjustments
   Notes  Landa
Series 6178
Green Acres Drive SW
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $63,526   A  $63,526 
Investments in single-family residential properties, net   -    161,382   B   161,382 
Total Assets  $-   $224,908      $224,908 
                   
Liabilities:                  
Acquisition note payable  $-   $223,434   C  $223,434 
Tenant security deposit   -    1,474   A   1,474 
Total Liabilities   -    224,908       224,908 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $224,908      $224,908 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-134

 

 

LANDA SERIES 6386 FORESTER WAY

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 6386
Forester Way
   Pro Forma
Adjustments
   Notes  Landa
Series 6386
Forester Way
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $65,041   A  $65,041 
Investments in single-family residential properties, net   -    233,650   B   233,650 
Total Assets  $-   $298,691      $298,691 
                   
Liabilities:                  
Acquisition note payable  $-   $296,833   C  $296,833 
Tenant security deposit   -    1,858   A   1,858 
Total Liabilities   -    298,691       298,691 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $298,691      $298,691 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-135

 

 

LANDA SERIES 6404 WALNUT WAY

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 6404
Walnut Way
   Pro Forma
Adjustments
   Notes  Landa
Series 6404
Walnut Way
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $64,126   A  $64,126 
Investments in single-family residential properties, net   -    216,403   B   216,403 
Total Assets  $-   $280,529      $280,529 
                   
Liabilities:                  
Acquisition note payable  $-   $279,261   C  $279,261 
Tenant security deposit   -    1,268   A   1,268 
Total Liabilities   -    280,529       280,529 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $280,529      $280,529 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-136

 

 

LANDA SERIES 643 SYCAMORE DRIVE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 643
Sycamore Drive
   Pro Forma
Adjustments
   Notes  Landa
Series 643
Sycamore Drive
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $63,935   A  $63,935 
Investments in single-family residential properties, net   -    207,494   B   207,494 
Total Assets  $-   $271,429      $271,429 
                   
Liabilities:                  
Acquisition note payable  $-   $270,184   C  $270,184 
Tenant security deposit   -    1,245   A   1,245 
Total Liabilities   -    271,429       271,429 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $271,429      $271,429 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-137

 

 

LANDA SERIES 65 FREEDOM COURT

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 65
Freedom Court
   Pro Forma
Adjustments
   Notes  Landa
Series 65
Freedom Court
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $66,126   A  $66,126 
Investments in single-family residential properties, net   -    229,293   B   229,293 
Total Assets  $-   $295,419      $295,419 
                   
Liabilities:                  
Acquisition note payable  $-   $293,884   C  $293,884 
Tenant security deposit   -    1,535   A   1,535 
Total Liabilities   -    295,419       295,419 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $295,419      $295,419 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-138

 

 

LANDA SERIES 653 GEORGETOWN LANE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 653
Georgetown Lane
   Pro Forma
Adjustments
   Notes  Landa
Series 653
Georgetown Lane
Pro Forma
 
Assets:               
Cash & restricted cash  $             -   $64,567   A  $64,567 
Investments in single-family residential properties, net   -    222,890   B   222,890 
Total Assets  $-   $287,457      $287,457 
                   
Liabilities:                  
Acquisition note payable  $-   $285,870   C  $285,870 
Tenant security deposit   -    1,587   A   1,587 
Total Liabilities   -    287,457       287,457 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $287,457      $287,457 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-139

 

 

LANDA SERIES 6635 KIMBERLY MILL ROAD

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 6635
Kimberly Mill Road
   Pro Forma
Adjustments
   Notes  Landa
Series 6635
Kimberly Mill Road
Pro Forma
 
Assets:               
Cash & restricted cash  $             -   $65,520   A  $65,520 
Investments in single-family residential properties, net   -    264,938   B   264,938 
Total Assets  $-   $330,458      $330,458 
                   
Liabilities:                  
Acquisition note payable  $-   $328,712   C  $328,712 
Tenant security deposit   -    1,746   A   1,746 
Total Liabilities   -    330,458       330,458 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $330,458      $330,458 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-140

 

 

LANDA SERIES 6653 BEDFORD ROAD

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 6653
Bedford Road
   Pro Forma
Adjustments
   Notes  Landa
Series 6653
Bedford Road
Pro Forma
 
Assets:               
Cash & restricted cash  $             -   $64,811   A  $64,811 
Investments in single-family residential properties, net   -    215,357   B   215,357 
Total Assets  $-   $280,168      $280,168 
                   
Liabilities:                  
Acquisition note payable  $-   $278,623   C  $278,623 
Tenant security deposit   -    1,545   A   1,545 
Total Liabilities   -    280,168       280,168 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $280,168      $280,168 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-141

 

 

LANDA SERIES 6710 SUNSET HILLS BOULEVARD

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 6710
Sunset Hills Boulevard
   Pro Forma
Adjustments
   Notes  Landa
Series 6710
Sunset Hills Boulevard
Pro Forma
 
Assets:               
Cash & restricted cash  $             -   $63,123   A  $63,123 
Investments in single-family residential properties, net   -    174,773   B   174,773 
Total Assets  $-   $237,896      $237,896 
                   
Liabilities:                  
Acquisition note payable  $-   $236,846   C  $236,846 
Tenant security deposit   -    1,050   A   1,050 
Total Liabilities   -    237,896       237,896 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $237,896      $237,896 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-142

 

 

LANDA SERIES 6762 BENT CREEK DRIVE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 6762
Bent Creek Drive
   Pro Forma
Adjustments
   Notes  Landa
Series 6762
Bent Creek Drive
Pro Forma
 
Assets:               
Cash & restricted cash  $             -   $64,273   A  $64,273 
Investments in single-family residential properties, net   -    216,401   B   216,401 
Total Assets  $-   $280,674      $280,674 
                   
Liabilities:                  
Acquisition note payable  $-   $279,258   C  $279,258 
Tenant security deposit   -    1,416   A   1,416 
Total Liabilities   -    280,674       280,674 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $280,674      $280,674 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-143

 

 

LANDA SERIES 683 WOOD PATH COURT

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 683
Wood Path Court
   Pro Forma
Adjustments
   Notes  Landa
Series 683
Wood Path Court
Pro Forma
 
Assets:               
Cash & restricted cash  $             -   $49,554   A  $49,554 
Investments in single-family residential properties, net   -    280,721   B   280,721 
Total Assets  $-   $330,275      $330,275 
                   
Liabilities:                  
Acquisition note payable  $-   $328,475   C  $328,475 
Tenant security deposit   -    1,800   A   1,800 
Total Liabilities   -    330,275       330,275 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $330,275      $330,275 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-144

 

 

LANDA SERIES 70 SHENANDOAH LANE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 70
Shenandoah Lane
   Pro Forma
Adjustments
   Notes  Landa
Series 70
Shenandoah Lane
Pro Forma
 
Assets:               
Cash & restricted cash  $               -   $65,672   A  $65,672 
Investments in single-family residential properties, net   -    271,847   B   271,847 
Total Assets  $-   $337,519      $337,519 
                   
Liabilities:                  
Acquisition note payable  $-   $335,751   C  $335,751 
Tenant security deposit   -    1,768   A   1,768 
Total Liabilities   -    337,519       337,519 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $337,519      $337,519 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-145

 

 

LANDA SERIES 709 GEORGETOWN COURT

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 709
Georgetown Court
   Pro Forma
Adjustments
   Notes  Landa
Series 709 Georgetown Court
Pro Forma
 
Assets:               
Cash & restricted cash  $             -   $64,476   A  $64,476 
Investments in single-family residential properties, net   -    213,260   B   213,260 
Total Assets  $-   $277,736      $277,736 
                   
Liabilities:                  
Acquisition note payable  $-   $276,058   C  $276,058 
Tenant security deposit   -    1,678   A   1,678 
Total Liabilities   -    277,736       277,736 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $277,736      $277,736 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-146

 

 

LANDA SERIES 7107 GEIGER STREET NW

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 7107
Geiger Street NW
   Pro Forma
Adjustments
   Notes  Landa
Series 7107
Geiger Street NW
Pro Forma
 
Assets:               
Cash & restricted cash  $             -   $61,729   A  $61,729 
Investments in single-family residential properties, net   -    100,052   B   100,052 
Total Assets  $-   $161,781      $161,781 
                   
Liabilities:                  
Acquisition note payable  $-   $160,714   C  $160,714 
Tenant security deposit   -    1,067   A   1,067 
Total Liabilities   -    161,781       161,781 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $161,781      $161,781 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-147

 

 

LANDA SERIES 7205 LAKEVIEW DRIVE SW

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 7205
Lakeview Drive SW
   Pro Forma
Adjustments
   Notes 

Landa
Series 7205

Lakeview Drive SW
Pro Forma

 
Assets:               
Cash & restricted cash  $             -   $64,923   A  $64,923 
Investments in single-family residential properties, net   -    229,212   B   229,212 
Total Assets  $-   $294,135      $294,135 
                   
Liabilities:                  
Acquisition note payable  $-   $292,311   C  $292,311 
Tenant security deposit   -    1,824   A   1,824 
Total Liabilities   -    294,135       294,135 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $294,135      $294,135 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-148

 

 

LANDA SERIES 750 GEORGETOWN COURT

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 750
Georgetown Court
   Pro Forma
Adjustments
   Notes  Landa
Series 750
Georgetown Court
Pro Forma
 
Assets:               
Cash & restricted cash  $             -   $63,004   A  $63,004 
Investments in single-family residential properties, net   -    165,164   B   165,164 
Total Assets  $-   $228,168      $228,168 
                   
Liabilities:                  
Acquisition note payable  $-   $227,055   C  $227,055 
Tenant security deposit   -    1,113   A   1,113 
Total Liabilities   -    228,168       228,168 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $228,168      $228,168 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-149

 

 

LANDA SERIES 752 CHESTNUT DRIVE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 752
Chestnut Drive
   Pro Forma
Adjustments
   Notes  Landa
Series 752
Chestnut Drive
Pro Forma
 
Assets:               
Cash & restricted cash  $             -   $62,250   A  $62,250 
Investments in single-family residential properties, net   -    136,383   B   136,383 
Total Assets  $-   $198,633      $198,633 
                   
Liabilities:                  
Acquisition note payable  $-   $197,731   C  $197,731 
Tenant security deposit   -    902   A   902 
Total Liabilities   -    198,633       198,633 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $198,633      $198,633 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-150

 

 

LANDA SERIES 773 VILLA WAY

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 773
Villa Way
   Pro Forma
Adjustments
   Notes  Landa
Series 773
Villa Way
Pro Forma
 
Assets:               
Cash & restricted cash  $             -   $32,437   A  $32,437 
Investments in single-family residential properties, net   -    88,385   B   88,385 
Total Assets  $-   $120,822      $120,822 
                   
Liabilities:                  
Acquisition note payable  $-   $119,845   C  $119,845 
Tenant security deposit   -    977   A   977 
Total Liabilities   -    120,822       120,822 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $120,822      $120,822 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-151

 

 

LANDA SERIES 7781 MOUNTAIN CREEK WAY

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 7781
Mountain Creek Way
   Pro Forma
Adjustments
   Notes  Landa
Series 7781
Mountain Creek Way
Pro Forma
 
Assets:               
Cash & restricted cash  $             -   $64,492   A  $64,492 
Investments in single-family residential properties, net   -    237,818   B   237,818 
Total Assets  $-   $302,310      $302,310 
                   
Liabilities:                  
Acquisition note payable  $-   $301,080   C  $301,080 
Tenant security deposit   -    1,230   A   1,230 
Total Liabilities   -    302,310       302,310 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $302,310      $302,310 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-152

 

 

LANDA SERIES 7950 WOODLAKE DRIVE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 7950
Woodlake Drive
   Pro Forma
Adjustments
   Notes  Landa
Series 7950
Woodlake Drive
Pro Forma
 
Assets:               
Cash & restricted cash  $             -   $63,644   A  $63,644 
Investments in single-family residential properties, net   -    188,648   B   188,648 
Total Assets  $-   $252,292      $252,292 
                   
Liabilities:                  
Acquisition note payable  $-   $250,982   C  $250,982 
Tenant security deposit   -    1,310   A   1,310 
Total Liabilities   -    252,292       252,292 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $252,292      $252,292 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-153

 

 

LANDA SERIES 80 HIGH RIDGE ROAD

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 80
High Ridge Road
   Pro Forma
Adjustments
   Notes  Landa
Series 80
High Ridge Road
Pro Forma
 
Assets:               
Cash & restricted cash  $             -   $64,631   A  $64,631 
Investments in single-family residential properties, net   -    238,816   B   238,816 
Total Assets  $-   $303,447      $303,447 
                   
Liabilities:                  
Acquisition note payable  $-   $302,097   C  $302,097 
Tenant security deposit   -    1,350   A   1,350 
Total Liabilities   -    303,447       303,447 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $303,447      $303,447 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-154

 

 

LANDA SERIES 800 MILLS DRIVE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 800
Mills Drive
   Pro Forma
Adjustments
   Notes  Landa
Series 800
Mills Drive
Pro Forma
 
Assets:               
Cash & restricted cash  $             -   $65,588   A  $65,588 
Investments in single-family residential properties, net   -    272,914   B   272,914 
Total Assets  $-   $338,502      $338,502 
                   
Liabilities:                  
Acquisition note payable  $-   $336,839   C  $336,839 
Tenant security deposit   -    1,663   A   1,663 
Total Liabilities   -    338,502       338,502 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $338,502      $338,502 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-155

 

 

LANDA SERIES 808 HILLANDALE LANE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 808
Hillandale Lane
   Pro Forma
Adjustments
   Notes  Landa
Series 808
Hillandale Lane
Pro Forma
 
Assets:               
Cash & restricted cash  $             -   $64,908   A  $64,908 
Investments in single-family residential properties, net   -    221,772   B   221,772 
Total Assets  $-   $286,680      $286,680 
                   
Liabilities:                  
Acquisition note payable  $-   $285,337   C  $285,337 
Tenant security deposit   -    1,343   A   1,343 
Total Liabilities   -    286,680       286,680 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $286,680      $286,680 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-156

 

 

LANDA SERIES 8110 DEVONSHIRE DRIVE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 8110
Devonshire Drive
   Pro Forma
Adjustments
   Notes  Landa
Series 8110
Devonshire Drive
Pro Forma
 
Assets:               
Cash & restricted cash  $             -   $63,108   A  $63,108 
Investments in single-family residential properties, net   -    151,331   B   151,331 
Total Assets  $-   $214,439      $214,439 
                   
Liabilities:                  
Acquisition note payable  $-   $212,961   C  $212,961 
Tenant security deposit   -    1,478   A   1,478 
Total Liabilities   -    214,439       214,439 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $214,439      $214,439 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-157

 

 

LANDA SERIES 8121 SPILLERS DRIVE SW

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED) 

 

   Landa
Series 8121
Spillers Drive SW
   Pro Forma
Adjustments
   Notes  Landa
Series 8121
Spillers Drive SW
Pro Forma
 
Assets:               
Cash & restricted cash  $             -   $63,442   A  $63,442 
Investments in single-family residential properties, net   -    182,723   B   182,723 
Total Assets  $-   $246,165      $246,165 
                   
Liabilities:                  
Acquisition note payable  $-   $244,946   C  $244,946 
Tenant security deposit   -    1,219   A   1,219 
Total Liabilities   -    246,165       246,165 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $246,165      $246,165 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-158

 

 

LANDA SERIES 8233 CREEKLINE COURT

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 8233
Creekline Court
   Pro Forma
Adjustments
   Notes  Landa
Series 8233
Creekline Court
Pro Forma
 
Assets:               
Cash & restricted cash  $             -   $68,035   A  $68,035 
Investments in single-family residential properties, net   -    226,617   B   226,617 
Total Assets  $-   $294,652      $294,652 
                   
Liabilities:                  
Acquisition note payable  $-   $293,652   C  $293,652 
Tenant security deposit   -    1,000   A   1,000 
Total Liabilities   -    294,652       294,652 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $294,652      $294,652 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-159

 

 

LANDA SERIES 8302 STERLING LAKES DRIVE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 8302
Sterling Lakes Drive
   Pro Forma
Adjustments
   Notes  Landa
Series 8302
Sterling Lakes Drive
Pro Forma
 
Assets:               
Cash & restricted cash  $             -   $64,917   A  $64,917 
Investments in single-family residential properties, net   -    242,021   B   242,021 
Total Assets  $-   $306,938      $306,938 
                   
Liabilities:                  
Acquisition note payable  $-   $305,362   C  $305,362 
Tenant security deposit   -    1,576   A   1,576 
Total Liabilities   -    306,938       306,938 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $306,938      $306,938 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-160

 

 

LANDA SERIES 843 TRAMORE DRIVE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 843
Tramore Drive
   Pro Forma
Adjustments
   Notes  Landa
Series 843
Tramore Drive
Pro Forma
 
Assets:               
Cash & restricted cash  $             -   $52,863   A  $52,863 
Investments in single-family residential properties, net   -    144,226   B   144,226 
Total Assets  $-   $197,089      $197,089 
                   
Liabilities:                  
Acquisition note payable  $-   $195,489   C  $195,489 
Tenant security deposit   -    1,600   A   1,600 
Total Liabilities   -    197,089       197,089 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $197,089      $197,089 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-161

 

 

LANDA SERIES 85 KIRKLAND COURT

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 85
Kirkland Court
   Pro Forma
Adjustments
   Notes  Landa
Series 85
Kirkland Court
Pro Forma
 
Assets:               
Cash & restricted cash  $             -   $65,596   A  $65,596 
Investments in single-family residential properties, net   -    267,636   B   267,636 
Total Assets  $-   $333,232      $333,232 
                   
Liabilities:                  
Acquisition note payable  $-   $331,460   C  $331,460 
Tenant security deposit   -    1,772   A   1,772 
Total Liabilities   -    333,232       333,232 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $333,232      $333,232 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-162

 

 

LANDA SERIES 85 THORN THICKET WAY

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 85
Thorn Thicket Way
   Pro Forma
Adjustments
   Notes  Landa
Series 85
Thorn Thicket Way
Pro Forma
 
Assets:               
Cash & restricted cash  $             -   $64,380   A  $64,380 
Investments in single-family residential properties, net   -    231,411   B   231,411 
Total Assets  $-   $295,791      $295,791 
                   
Liabilities:                  
Acquisition note payable  $-   $294,552   C  $294,552 
Tenant security deposit   -    1,239   A   1,239 
Total Liabilities   -    295,791       295,791 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $295,791      $295,791 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-163

 

 

LANDA SERIES 8658 ASHLEY WAY

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 8658
Ashley Way
   Pro Forma
Adjustments
   Notes  Landa
Series 8658
Ashley Way
Pro Forma
 
Assets:               
Cash & restricted cash  $             -   $63,156   A  $63,156 
Investments in single-family residential properties, net   -    128,952   B   128,952 
Total Assets  $-   $192,108      $192,108 
                   
Liabilities:                  
Acquisition note payable  $-   $190,908   C  $190,908 
Tenant security deposit   -    1,200   A   1,200 
Total Liabilities   -    192,108       192,108 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $192,108      $192,108 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-164

 

 

LANDA SERIES 8667 ASHLEY WAY

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 8667
Ashley Way
   Pro Forma
Adjustments
   Notes  Landa
Series 8667
Ashley Way
Pro Forma
 
Assets:               
Cash & restricted cash  $             -   $32,970   A  $32,970 
Investments in single-family residential properties, net   -    104,867   B   104,867 
Total Assets  $-   $137,837      $137,837 
                   
Liabilities:                  
Acquisition note payable  $-   $136,737   C  $136,737 
Tenant security deposit   -    1,100   A   1,100 
Total Liabilities   -    137,837       137,837 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $137,837      $137,837 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-165

 

 

LANDA SERIES 8671 ASHLEY WAY

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 8671
Ashley Way
   Pro Forma
Adjustments
   Notes  Landa
Series 8671
Ashley Way
Pro Forma
 
Assets:               
Cash & restricted cash  $             -   $68,310   A  $68,310 
Investments in single-family residential properties, net   -    133,517   B   133,517 
Total Assets  $-   $201,827      $201,827 
                   
Liabilities:                  
Acquisition note payable  $-   $200,777   C  $200,777 
Tenant security deposit   -    1,050   A   1,050 
Total Liabilities   -    201,827       201,827 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $201,827      $201,827 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-166

 

 

LANDA SERIES 8676 ASHLEY WAY

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 8676
Ashley Way
   Pro Forma
Adjustments
   Notes  Landa
Series 8676
Ashley Way
Pro Forma
 
Assets:               
Cash & restricted cash  $             -   $78,007   A  $78,007 
Investments in single-family residential properties, net   -    128,727   B   128,727 
Total Assets  $-   $206,734      $206,734 
                   
Liabilities:                  
Acquisition note payable  $-   $205,684   C  $205,684 
Tenant security deposit   -    1,050   A   1,050 
Total Liabilities   -    206,734       206,734 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $206,734      $206,734 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-167

 

 

LANDA SERIES 8691 ASHLEY WAY

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 8691
Ashley Way
   Pro Forma
Adjustments
   Notes  Landa
Series 8691
Ashley Way
Pro Forma
 
Assets:               
Cash & restricted cash  $             -   $62,390   A  $62,390 
Investments in single-family residential properties, net   -    87,315   B   87,315 
Total Assets  $-   $149,705      $149,705 
                   
Liabilities:                  
Acquisition note payable  $-   $148,555   C  $148,555 
Tenant security deposit   -    1,150   A   1,150 
Total Liabilities   -    149,705       149,705 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $149,705      $149,705 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-168

 

 

LANDA SERIES 8692 ASHLEY WAY

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 8692
Ashley Way
   Pro Forma
Adjustments
   Notes  Landa
Series 8692
Ashley Way
Pro Forma
 
Assets:               
Cash & restricted cash  $             -   $43,678   A  $43,678 
Investments in single-family residential properties, net   -    103,331   B   103,331 
Total Assets  $-   $147,009      $147,009 
                   
Liabilities:                  
Acquisition note payable  $-   $145,859   C  $145,859 
Tenant security deposit   -    1,150   A   1,150 
Total Liabilities   -    147,009       147,009 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $147,009      $147,009 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-169

 

 

LANDA SERIES 8693 ASHLEY WAY

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 8693
Ashley Way
   Pro Forma
Adjustments
   Notes  Landa
Series 8693
Ashley Way
Pro Forma
 
Assets:               
Cash & restricted cash  $             -   $94,172   A  $94,172 
Investments in single-family residential properties, net   -    127,492   B   127,492 
Total Assets  $-   $221,664      $221,664 
                   
Liabilities:                  
Acquisition note payable  $-   $220,464   C  $220,464 
Tenant security deposit   -    1,200   A   1,200 
Total Liabilities   -    221,664       221,664 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $221,664      $221,664 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-170

 

 

LANDA SERIES 8694 ASHLEY WAY

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 8694
Ashley Way
   Pro Forma
Adjustments
   Notes  Landa
Series 8694
Ashley Way
Pro Forma
 
Assets:               
Cash & restricted cash  $             -   $62,558   A  $62,558 
Investments in single-family residential properties, net   -    139,588   B   139,588 
Total Assets  $-   $202,146      $202,146 
                   
Liabilities:                  
Acquisition note payable  $-   $200,996   C  $200,996 
Tenant security deposit   -    1,150   A   1,150 
Total Liabilities   -    202,146       202,146 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $202,146      $202,146 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-171

 

 

LANDA SERIES 8697 ASHLEY WAY

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 8697
Ashley Way
   Pro Forma
Adjustments
   Notes  Landa
Series 8697
Ashley Way
Pro Forma
 
Assets:               
Cash & restricted cash  $             -   $70,814   A  $70,814 
Investments in single-family residential properties, net   -    148,595   B   148,595 
Total Assets  $-   $219,409      $219,409 
                   
Liabilities:                  
Acquisition note payable  $-   $218,459   C  $218,459 
Tenant security deposit   -    950   A   950 
Total Liabilities   -    219,409       219,409 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $219,409      $219,409 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-172

 

 

LANDA SERIES 8819 LEAFWOOD COURT

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 8819
Leafwood Court
   Pro Forma
Adjustments
   Notes  Landa
Series 8819 Leafwood Court
Pro Forma
 
Assets:               
Cash & restricted cash  $             -   $64,497   A  $64,497 
Investments in single-family residential properties, net   -    219,687   B   219,687 
Total Assets  $-   $284,184      $284,184 
                   
Liabilities:                  
Acquisition note payable  $-   $282,606   C  $282,606 
Tenant security deposit   -    1,578   A   1,578 
Total Liabilities   -    284,184       284,184 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $284,184      $284,184 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-173

 

 

LANDA SERIES 8855 RUGBY COURT

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 8855
Rugby Court
   Pro Forma
Adjustments
   Notes  Landa
Series 8855
Rugby Court
Pro Forma
 
Assets:               
Cash & restricted cash  $             -   $62,920   A  $62,920 
Investments in single-family residential properties, net   -    159,874   B   159,874 
Total Assets  $-   $222,794      $222,794 
                   
Liabilities:                  
Acquisition note payable  $-   $221,665   C  $221,665 
Tenant security deposit   -    1,129   A   1,129 
Total Liabilities   -    222,794       222,794 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $222,794      $222,794 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-174

 

 

LANDA SERIES 9020 STERLING RIDGE LANE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 9020
Sterling Ridge Lane
   Pro Forma
Adjustments
   Notes  Landa
Series 9020
Sterling Ridge Lane
Pro Forma
 
Assets:               
Cash & restricted cash  $            -   $36,280   A  $36,280 
Investments in single-family residential properties, net   -    202,025   B   202,025 
Total Assets  $-   $238,305      $238,305 
                   
Liabilities:                  
Acquisition note payable  $-   $236,659   C  $236,659 
Tenant security deposit   -    1,646   A   1,646 
Total Liabilities   -    238,305       238,305 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $238,305      $238,305 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-175

 

 

LANDA SERIES 9150 SPILLERS DRIVE SW

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 9150
Spillers Drive SW
   Pro Forma
Adjustments
   Notes  Landa
Series 9150
Spillers Drive SW
Pro Forma
 
Assets:               
Cash & restricted cash  $             -   $63,364   A  $63,364 
Investments in single-family residential properties, net   -    190,785   B   190,785 
Total Assets  $-   $254,149      $254,149 
                   
Liabilities:                  
Acquisition note payable  $-   $253,159   C  $253,159 
Tenant security deposit   -    990   A   990 
Total Liabilities   -    254,149       254,149 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $254,149      $254,149 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-176

 

 

LANDA SERIES 925 MOTE ROAD

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 925
Mote Road
   Pro Forma
Adjustments
   Notes  Landa
Series 925
Mote Road
Pro Forma
 
Assets:               
Cash & restricted cash  $             -   $65,214   A  $65,214 
Investments in single-family residential properties, net   -    248,369   B   248,369 
Total Assets  $-   $313,583      $313,583 
                   
Liabilities:                  
Acquisition note payable  $-   $311,830   C  $311,830 
Tenant security deposit   -    1,753   A   1,753 
Total Liabilities   -    313,583       313,583 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $313,583      $313,583 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-177

 

 

LANDA SERIES 9409 FOREST KNOLL DRIVE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 9409
Forest Knoll Drive
   Pro Forma
Adjustments
   Notes  Landa
Series 9409
Forest Knoll Drive
Pro Forma
 
Assets:               
Cash & restricted cash  $             -   $65,168   A  $65,168 
Investments in single-family residential properties, net   -    244,258   B   244,258 
Total Assets  $-   $309,426      $309,426 
                   
Liabilities:                  
Acquisition note payable  $-   $307,642   C  $307,642 
Tenant security deposit   -    1,784   A   1,784 
Total Liabilities   -    309,426       309,426 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $309,426      $309,426 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-178

 

 

LANDA SERIES 9434 CEDAR CREEK PLACE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 9434
Cedar Creek Place
   Pro Forma
Adjustments
   Notes  Landa
Series 9434
Cedar Creek Place
Pro Forma
 
Assets:               
Cash & restricted cash  $             -   $65,431   A  $65,431 
Investments in single-family residential properties, net   -    267,653   B   267,653 
Total Assets  $-   $333,084      $333,084 
                   
Liabilities:                  
Acquisition note payable  $-   $331,780   C  $331,780 
Tenant security deposit   -    1,304   A   1,304 
Total Liabilities   -    333,084       333,084 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $333,084      $333,084 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-179

 

 

LANDA SERIES 9597 PINTAIL TRAIL

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 9597
Pintail Trail
   Pro Forma
Adjustments
   Notes  Landa
Series 9597
Pintail Trail
Pro Forma
 
Assets:               
Cash & restricted cash  $             -   $64,581   A  $64,581 
Investments in single-family residential properties, net   -    237,829   B   237,829 
Total Assets  $-   $302,410      $302,410 
                   
Liabilities:                  
Acquisition note payable  $-   $301,292   C  $301,292 
Tenant security deposit   -    1,118   A   1,118 
Total Liabilities   -    302,410       302,410 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $302,410      $302,410 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-180

 

 

LANDA SERIES 974 LAUREL STREET

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 974
Laurel Street
   Pro Forma
Adjustments
   Notes  Landa
Series 974
Laurel Street
Pro Forma
 
Assets:               
Cash & restricted cash  $             -   $65,308   A  $65,308 
Investments in single-family residential properties, net   -    214,402   B   214,402 
Total Assets  $-   $279,710      $279,710 
                   
Liabilities:                  
Acquisition note payable  $-   $278,299   C  $278,299 
Tenant security deposit   -    1,411   A   1,411 
Total Liabilities   -    279,710       279,710 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $279,710      $279,710 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-181

 

 

LANDA SERIES 1701 SUMMERWOODS LANE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 1701
Summerwoods Lane
   Pro Forma
Adjustments
   Notes  Landa
Series 1701
Summerwoods Lane
Pro Forma
 
Assets:               
Cash & restricted cash  $              -   $4,178   A  $4,178 
Investments in single-family residential properties, net   -    169,225   B   169,225 
Total Assets  $-   $173,403      $173,403 
                   
Liabilities:                  
Acquisition note payable  $-   $172,405   C  $172,405 
Tenant security deposit   -    998   A   998 
Total Liabilities   -    173,403       173,403 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $173,403      $173,403 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-182

 

 

LANDA SERIES 1741 PARK LANE

PRO FORMA CONDENSED BALANCE SHEET

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 1741
Park Lane
   Pro Forma
Adjustments
   Notes  Landa
Series 1741
Park Lane
Pro Forma
 
Assets:               
Cash & restricted cash  $             -   $4,361   A  $4,361 
Investments in single-family residential properties, net   -    191,485   B   191,485 
Total Assets  $-   $195,846      $195,846 
                   
Liabilities:                  
Acquisition note payable  $-   $195,085   C  $195,085 
Tenant security deposit   -    761   A   761 
Total Liabilities   -    195,846       195,846 
                   
Members’ equity   -    -       - 
Total Liabilities and Equity  $-   $195,846      $195,846 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-183

 

  

Notes

 

A.Reflects adjustments to cash and cash reserves and assumed tenant security deposits liability at closing of each property acquisition and acquisition note payable.
B.Reflects adjustments related to the closing of property acquisitions, including the closing costs primarily consisting of the acquisition fees and property due diligence fee and the related building depreciation for the period presented.
C.Reflects adjustments related to the acquisition note payable obtained to fund the property acquisitions.

  

F-184

 

 

LANDA APP LLC (LANDA APP ) 

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED BALANCE SHEETS 

AS OF JUNE 30, 2022

(UNAUDITED)

 

   Notes  Landa App
LLC
   Landa
Series 10
Oak Wood
Lane Pro
Forma
   Landa
Series 10
Windridge
Drive Pro
Forma
   Landa
Series 1000
Fox
Valley Trail
Pro Forma
   Landa
Series 1007
Leeward
Way
Pro Forma
   Landa
Series 10119
Commons
Way
Pro Forma
 
Assets:                                 
Cash & restricted cash  A  $       -   $28,031   $63,829   $52,005   $64,528   $64,581 
Investments in single-family residential properties, net  B   -    228,162    193,987    247,854    236,696    243,088 
Total Assets      -    256,193    257,816    299,859    301,224    307,669 
                                  
Liabilities:                                 
Acquisition note payable  C   -    254,456    256,422    297,984    300,157    306,450 
Tenant security deposit  A   -    1,737    1,394    1,875    1,067    1,219 
Total Liabilities      -    256,193    257,816    299,859    301,224    307,669 
                                  
Members’ equity      -    -    -    -    -    - 
Total Liabilities and Equity     $-   $256,193   $257,816   $299,859   $301,224   $307,669 

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-185

 

 

LANDA APP LLC (LANDA APP )

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED BALANCE SHEETS

AS OF JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 10121
Morris
Drive SW
Pro Forma
   Landa
Series 10183
Starr
Street SW
Pro Forma
   Landa
Series 103
Starlake
Drive
Pro Forma
   Landa
Series 104
Summerfield
Drive
Pro Forma
   Landa
Series 10433
Candlelight
Road
Pro Forma
   Landa
Series 105
Anne
Street
Pro Forma
 
Assets:                                 
Cash & restricted cash  A  $64,501   $63,672   $65,281   $65,048   $64,982   $63,514 
Investments in single-family residential properties, net  B   215,396    205,726    203,680    236,816    242,409    190,741 
Total Assets      279,897    269,398    268,961    301,864    307,391    254,255 
                                  
Liabilities:                                 
Acquisition note payable  C   278,235    268,383    267,882    300,059    305,757    253,115 
Tenant security deposit  A   1,662    1,015    1,079    1,805    1,634    1,140 
Total Liabilities      279,897    269,398    268,961    301,864    307,391    254,255 
                                  
Members’ equity      -    -    -    -    -    - 
Total Liabilities and Equity     $279,897   $269,398   $268,961   $301,864   $307,391   $254,255 

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-186

 

 

LANDA APP LLC (LANDA APP )

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED BALANCE SHEETS

AS OF JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 107
Oakwood
Circle
Pro Forma
   Landa
Series 109
Amberwood
Lane
Pro Forma
   Landa
Series 110
Shenandoah
Drive
Pro Forma
   Landa
Series 111
Fir Drive
Pro Forma
   Landa
Series 1110
Parkview
Drive
Pro Forma
   Landa
Series 11187
Shannon
Circle
Pro Forma
 
Assets:                                 
Cash & restricted cash  A  $62,616   $62,714   $64,622   $63,633   $63,852   $65,160 
Investments in single-family residential properties, net  B   137,414    154,498    247,355    177,973    198,212    247,442 
Total Assets      200,030    217,212    311,977    241,606    262,064    312,602 
                                  
Liabilities:                                 
Acquisition note payable  C   198,781    216,284    310,797    240,106    260,727    310,885 
Tenant security deposit  A   1,249    928    1,180    1,500    1,337    1,717 
Total Liabilities      200,030    217,212    311,977    241,606    262,064    312,602 
                                  
Members’ equity      -    -    -    -    -    - 
Total Liabilities and Equity     $200,030   $217,212   $311,977   $241,606   $262,064   $312,602 

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-187

 

 

LANDA APP LLC (LANDA APP )

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED BALANCE SHEETS

AS OF JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 112
Ridge
Street
Pro Forma
   Landa
Series 11322
Michelle Way
Pro Forma
   Landa
Series 114
Starlake
Drive
Pro Forma
   Landa
Series 11447
S Grove
Drive
Pro Forma
   Landa
Series 1147
Village
Way
Pro Forma
   Landa
Series 115
Lakeview
Drive
Pro Forma
 
Assets:                           
Cash & restricted cash  A  $64,615   $63,647   $63,680   $64,723   $64,909   $64,201 
Investments in single-family residential properties, net  B   246,287    188,648    190,873    221,821    237,749    222,807 
Total Assets      310,902    252,295    254,553    286,544    302,658    287,008 
                                  
Liabilities:                                 
Acquisition note payable  C   309,709    250,982    253,437    284,781    301,010    285,786 
Tenant security deposit  A   1,193    1,313    1,116    1,763    1,648    1,222 
Total Liabilities      310,902    252,295    254,553    286,544    302,658    287,008 
                                  
Members’ equity      -    -    -    -    -    - 
Total Liabilities and Equity     $310,902   $252,295   $254,553   $286,544   $302,658   $287,008 

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-188

 

 

LANDA APP LLC (LANDA APP )

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED BALANCE SHEETS

AS OF JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 1160
Gable
Terrace
Pro Forma
   Landa
Series 1190
Kirkland
Road
Pro Forma
   Landa
Series 12
Mintz Street
Pro Forma
   Landa
Series 120
Rosewood
Drive
Pro Forma
   Landa
Series 1201
Kilrush
Drive
Pro Forma
   Landa
Series 124
Libby Lane
Pro Forma
 
Assets:                           
Cash & restricted cash  A  $64,652   $65,345   $64,075   $64,206   $69,913   $63,755 
Investments in single-family residential properties, net  B   237,758    260,109    201,459    223,875    468,310    178,345 
Total Assets      302,410    325,454    265,534    288,081    538,223    242,100 
                                  
Liabilities:                                 
Acquisition note payable  C   301,175    323,791    264,035    286,873    535,920    240,485 
Tenant security deposit  A   1,235    1,663    1,499    1,208    2,303    1,615 
Total Liabilities      302,410    325,454    265,534    288,081    538,223    242,100 
                                  
Members’ equity      -    -    -    -    -    - 
Total Liabilities and Equity     $302,410   $325,454   $265,534   $288,081   $538,223   $242,100 

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-189

 

 

LANDA APP LLC (LANDA APP )

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED BALANCE SHEETS

AS OF JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 126
E Mimosa
Drive
Pro Forma
   Landa
Series 12641
Alcovy
Road
Pro Forma
   Landa
Series 1320
Winona Avenue
Pro Forma
   Landa
Series 133
Dove Landing
Pro Forma
   Landa
Series 137
Southern
Shores Road
Pro Forma
   Landa
Series 138
Sandalwood
Circle
Pro Forma
 
Assets:                           
Cash & restricted cash  A  $63,854   $64,921   $62,725   $62,903   $63,321   $28,839 
Investments in single-family residential properties, net  B   194,015    244,100    159,020    165,166    178,132    226,511 
Total Assets      257,869    309,021    221,745    228,069    241,453    255,350 
                                  
Liabilities:                                 
Acquisition note payable  C   256,451    307,481    220,795    227,058    240,268    253,616 
Tenant security deposit  A   1,418    1,540    950    1,011    1,185    1,734 
Total Liabilities      257,869    309,021    221,745    228,069    241,453    255,350 
                                  
Members’ equity      -    -    -    -    -    - 
Total Liabilities and Equity     $257,869   $309,021   $221,745   $228,069   $241,453   $255,350 

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-190

 

 

LANDA APP LLC (LANDA APP )

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED BALANCE SHEETS

AS OF JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 140
High
Ridge Road
Pro Forma
   Landa
Series 141
Longstreet
Circle
Pro Forma
   Landa
Series 1443
Pebble
Ridge Lane
Pro Forma
   Landa
Series 1445
Maple
Valley Court
Pro Forma
   Landa
Series 146
Crystal
Brook
Pro Forma
   Landa
Series 1473
Brownleaf
Drive
Pro Forma
 
Assets:                           
Cash & restricted cash  A  $64,046   $65,004   $65,513   $62,610   $62,866   $64,511 
Investments in single-family residential properties, net  B   222,805    267,578    256,005    139,230    150,584    219,669 
Total Assets      286,851    332,582    321,518    201,840    213,450    284,180 
                                  
Liabilities:                                 
Acquisition note payable  C   285,784    331,402    319,610    200,632    212,200    282,588 
Tenant security deposit  A   1,067    1,180    1,908    1,208    1,250    1,592 
Total Liabilities      286,851    332,582    321,518    201,840    213,450    284,180 
                                  
Members’ equity      -    -    -    -    -    - 
Total Liabilities and Equity     $286,851   $332,582   $321,518   $201,840   $213,450   $284,180 

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-191

 

 

LANDA APP LLC (LANDA APP )

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED BALANCE SHEETS

AS OF JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 1485
Bola Court
Pro Forma
   Landa
Series 1490
Diplomat
Drive
Pro Forma
   Landa
Series 153
Cliffside
Court
Pro Forma
   Landa
Series 157
Wells Road
Pro Forma
   Landa
Series 160
Chimney
Ridge Trail
Pro Forma
   Landa
Series 164
Longstreet
Circle
Pro Forma
 
Assets:                           
Cash & restricted cash  A  $64,080   $66,048   $62,112   $62,692   $64,493   $64,201 
Investments in single-family residential properties, net  B   196,122    290,219    124,609    159,829    223,875    226,009 
Total Assets      260,202    356,267    186,721    222,521    288,368    290,210 
                                  
Liabilities:                                 
Acquisition note payable  C   258,597    354,470    185,856    221,620    286,873    289,049 
Tenant security deposit  A   1,605    1,797    865    901    1,495    1,161 
Total Liabilities      260,202    356,267    186,721    222,521    288,368    290,210 
                                  
Members’ equity      -    -    -    -    -    - 
Total Liabilities and Equity     $260,202   $356,267   $186,721   $222,521   $288,368   $290,210 

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-192

 

 

LANDA APP LLC (LANDA APP )

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED BALANCE SHEETS

AS OF JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 1666
W Poplar
Street
Pro Forma
   Landa
Series 168
Brookview
Drive
Pro Forma
   Landa
Series 1683
Spoonbill
Road
Pro Forma
   Landa
Series 1689
Viceroy Way
Pro Forma
   Landa
Series 171
Davidson
Drive
Pro Forma
   Landa
Series 1768
Glen View
Way
Pro Forma
 
Assets:                           
Cash & restricted cash  A  $63,094   $28,726   $63,665   $64,333   $65,310   $65,578 
Investments in single-family residential properties, net  B   169,434    104,630    182,245    217,745    239,832    186,677 
Total Assets      232,528    133,356    245,910    282,078    305,142    252,255 
                                  
Liabilities:                                 
Acquisition note payable  C   231,406    132,243    244,459    280,628    303,132    250,620 
Tenant security deposit  A   1,122    1,113    1,451    1,450    2,010    1,635 
Total Liabilities      232,528    133,356    245,910    282,078    305,142    252,255 
                                  
Members’ equity      -    -    -    -    -    - 
Total Liabilities and Equity     $232,528   $133,356   $245,910   $282,078   $305,142   $252,255 

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-193

 

 

LANDA APP LLC (LANDA APP )

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED BALANCE SHEETS

AS OF JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 181
Watercress
Court
Pro Forma
   Landa
Series 188
Timberline
Road
Pro Forma
   Landa
Series 189
Shenandoah
Drive
Pro Forma
   Landa
Series 1903
Old Concord
Drive SE
Pro Forma
   Landa
Series 195
Branchwood
Drive
Pro Forma
   Landa
Series 195
Fairclift
Drive
Pro Forma
 
Assets:                           
Cash & restricted cash  A  $64,527   $61,515   $63,777   $64,496   $65,265   $64,251 
Investments in single-family residential properties, net  B   212,131    101,119    193,985    245,168    252,638    222,807 
Total Assets      276,658    162,634    257,762    309,664    317,903    287,058 
                                  
Liabilities:                                 
Acquisition note payable  C   274,908    161,802    256,420    308,568    316,179    285,786 
Tenant security deposit  A   1,750    832    1,342    1,096    1,724    1,272 
Total Liabilities      276,658    162,634    257,762    309,664    317,903    287,058 
                                  
Members’ equity      -    -    -    -    -    - 
Total Liabilities and Equity     $276,658   $162,634   $257,762   $309,664   $317,903   $287,058 

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-194

 

 

LANDA APP LLC (LANDA APP )

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED BALANCE SHEETS

AS OF JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 195
Hunters Trace
Pro Forma
   Landa
Series 196
Montego
Circle
Pro Forma
   Landa
Series 20
Chimney
Smoke Drive
Pro Forma
   Landa
Series 204
N Main Court
Pro Forma
   Landa
Series 2055
Grove Way
Pro Forma
   Landa
Series 212
Fleeta Drive
Pro Forma
 
Assets:                           
Cash & restricted cash  A  $85,015   $63,962   $64,691   $63,044   $63,981   $63,605 
Investments in single-family residential properties, net  B   233,547    204,659    223,875    165,166    186,515    171,619 
Total Assets      318,562    268,621    288,566    228,210    250,496    235,224 
                                  
Liabilities:                                 
Acquisition note payable  C   316,955    267,295    286,873    227,058    248,809    233,632 
Tenant security deposit  A   1,607    1,326    1,693    1,152    1,687    1,592 
Total Liabilities      318,562    268,621    288,566    228,210    250,496    235,224 
                                  
Members’ equity      -    -    -    -    -    - 
Total Liabilities and Equity     $318,562   $268,621   $288,566   $228,210   $250,496   $235,224 

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-195

 

 

LANDA APP LLC (LANDA APP )

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED BALANCE SHEETS

AS OF JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 215
Central Lake
Circle
Pro Forma
   Landa
Series 217
Glenloch
Court
Pro Forma
   Landa
Series 2177
E Chester
Circle SE
Pro Forma
   Landa
Series 221
Lakeview
Drive
Pro Forma
   Landa
Series 2264
Chestnut Hill
Circle
Pro Forma
   Landa
Series 235
Lazy Hollow
Lane
Pro Forma
 
Assets:                           
Cash & restricted cash  A  $63,983   $65,086   $65,432   $64,352   $66,127   $64,782 
Investments in single-family residential properties, net  B   204,615    245,220    249,468    234,549    314,602    235,639 
Total Assets      268,598    310,306    314,900    298,901    380,729    300,421 
                                  
Liabilities:                                 
Acquisition note payable  C   267,251    308,621    312,950    297,749    379,313    299,259 
Tenant security deposit  A   1,347    1,685    1,950    1,152    1,416    1,162 
Total Liabilities      268,598    310,306    314,900    298,901    380,729    300,421 
                                  
Members’ equity      -    -    -    -    -    - 
Total Liabilities and Equity     $268,598   $310,306   $314,900   $298,901   $380,729   $300,421 

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-196

 

 

LANDA APP LLC (LANDA APP )

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED BALANCE SHEETS

AS OF JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 2425
Cornell
Circle
Pro Forma
   Landa
Series 2443
Hodges
Farm Road
Pro Forma
   Landa
Series 25
Pleasant
Valley Road
Pro Forma
   Landa
Series 253
Marco Drive
Pro Forma
   Landa
Series 255
Countryside
Lane
Pro Forma
   Landa
Series 258
Rocky Point
Road
Pro Forma
 
Assets:                           
Cash & restricted cash  A  $65,284   $63,452   $64,580   $63,275   $64,860   $64,678 
Investments in single-family residential properties, net  B   267,640    183,313    220,670    170,764    231,347    251,624 
Total Assets      332,924    246,765    285,250    234,039    296,207    316,302 
                                  
Liabilities:                                 
Acquisition note payable  C   331,464    245,546    283,609    232,761    294,486    315,147 
Tenant security deposit  A   1,460    1,219    1,641    1,278    1,721    1,155 
Total Liabilities      332,924    246,765    285,250    234,039    296,207    316,302 
                                  
Members’ equity      -    -    -    -    -    - 
Total Liabilities and Equity     $332,924   $246,765   $285,250   $234,039   $296,207   $316,302 

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-197

 

 

LANDA APP LLC (LANDA APP )

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED BALANCE SHEETS

AS OF JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 263
Rocky Point
Road
Pro Forma
   Landa
Series 268
Brookview
Drive
Pro Forma
   Landa
Series 270
Mountain
Lane
Pro Forma
   Landa
Series 270
Mountain
Way
Pro Forma
   Landa
Series 270
Pleasant Hill
Drive
Pro Forma
   Landa
Series 2794
Norfair Loop
Pro Forma
 
Assets:                           
Cash & restricted cash  A  $64,130   $62,436   $34,868   $64,832   $21,395   $63,397 
Investments in single-family residential properties, net  B   216,403    127,232    258,528    224,942    253,436    171,571 
Total Assets      280,533    189,668    293,396    289,774    274,831    234,968 
                                  
Liabilities:                                 
Acquisition note payable  C   279,261    188,408    291,683    287,961    273,208    233,583 
Tenant security deposit  A   1,272    1,260    1,713    1,813    1,623    1,385 
Total Liabilities      280,533    189,668    293,396    289,774    274,831    234,968 
                                  
Members’ equity      -    -    -    -    -    - 
Total Liabilities and Equity     $280,533   $189,668   $293,396   $289,774   $274,831   $234,968 

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-198

 

 

LANDA APP LLC (LANDA APP )

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED BALANCE SHEETS

AS OF JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

    Notes   Landa
Series 2813
Vicksburg
Court
Pro Forma
    Landa
Series 2933
Coffer Drive
Pro Forma
    Landa
Series 30
High Ridge
Road
Pro Forma
    Landa
Series 30
Roosevelt
Road
Pro Forma
    Landa
Series 3011
Raintree
Drive SE
Pro Forma
 
Assets:                                  
Cash & restricted cash   A   $ 65,379     $ 64,304     $ 65,516     $ 64,583     $ 71,359  
Investments in single-family residential properties, net   B     274,040       218,812       268,996       221,738       240,246  
Total Assets         339,419       283,116       334,512       286,321       311,605  
                                             
Liabilities:                                            
Acquisition note payable   C     337,986       281,715       332,846       284,696       310,013  
Tenant security deposit   A     1,433       1,401       1,666       1,625       1,592  
Total Liabilities         339,419       283,116       334,512       286,321       311,605  
                                             
Members’ equity         -       -       -       -       -  
Total Liabilities and Equity       $ 339,419     $ 283,116     $ 334,512     $ 286,321     $ 311,605  

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-199

 

 

LANDA APP LLC (LANDA APP )

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED BALANCE SHEETS

AS OF JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 304
Deerfield
Drive
Pro Forma
   Landa
Series 3043
Highway 81 S
Pro Forma
   Landa
Series 313
Blue Heron
Drive
Pro Forma
   Landa
Series 3202
Chippewa
Drive
Pro Forma
   Landa
Series 35
Clay Court
Pro Forma
   Landa
Series 350
Cadiz Lane S
Pro Forma
 
Assets:                           
Cash & restricted cash  A  $70,391   $62,712   $65,100   $64,543   $38,483   $64,025 
Investments in single-family residential properties, net  B   223,218    154,535    207,909    235,614    266,412    214,266 
Total Assets      293,609    217,247    273,009    300,157    304,895    278,291 
                                  
Liabilities:                                 
Acquisition note payable  C   291,845    216,225    271,456    298,834    303,196    277,083 
Tenant security deposit  A   1,764    1,022    1,553    1,323    1,699    1,208 
Total Liabilities      293,609    217,247    273,009    300,157    304,895    278,291 
                                  
Members’ equity      -    -    -    -    -    - 
Total Liabilities and Equity     $293,609   $217,247   $273,009   $300,157   $304,895   $278,291 

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-200

 

 

LANDA APP LLC (LANDA APP )

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED BALANCE SHEETS

AS OF JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 351
Wesley
Park Drive
Pro Forma
   Landa
Series 3603
Manhattan
Drive
Pro Forma
   Landa
Series 3667
Patti Parkway
Pro Forma
   Landa
Series 404
Barberry
Lane
Pro Forma
   Landa
Series 412
Kendall
Lane
Pro Forma
   Landa
Series 416
Autumn
Lake Court
Pro Forma
 
Assets:                           
Cash & restricted cash  A  $64,036   $65,575   $66,338   $64,236   $64,418   $64,275 
Investments in single-family residential properties, net  B   198,254    262,303    314,606    222,911    233,581    203,594 
Total Assets      262,290    327,878    380,944    287,147    297,999    267,869 
                                  
Liabilities:                                 
Acquisition note payable  C   260,770    326,027    379,317    285,892    296,763    266,210 
Tenant security deposit  A   1,520    1,851    1,627    1,255    1,236    1,659 
Total Liabilities      262,290    327,878    380,944    287,147    297,999    267,869 
                                  
Members’ equity      -    -    -    -    -    - 
Total Liabilities and Equity     $262,290   $327,878   $380,944   $287,147   $297,999   $267,869 

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-201

 

 

LANDA APP LLC (LANDA APP )

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED BALANCE SHEETS

AS OF JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 43
Darwin Drive
Pro Forma
   Landa
Series 432
Manor
Estates Drive
Pro Forma
   Landa
Series 440
Freestone
Drive
Pro Forma
   Landa
Series 4447
Lake
Breeze
Drive
Pro Forma
   Landa
Series 445
Independence
Drive
Pro Forma
   Landa
Series 449
Kara
Lane
Pro Forma
 
Assets:                           
Cash & restricted cash  A  $63,623   $65,003   $72,308   $65,333   $57,732   $31,212 
Investments in single-family residential properties, net  B   189,715    250,666    260,574    278,314    242,777    235,963 
Total Assets      253,338    315,669    332,882    343,647    300,509    267,175 
                                  
Liabilities:                                 
Acquisition note payable  C   252,069    314,170    331,496    342,340    298,780    265,401 
Tenant security deposit  A   1,269    1,499    1,386    1,307    1,729    1,774 
Total Liabilities      253,338    315,669    332,882    343,647    300,509    267,175 
                                  
Members’ equity      -    -    -    -    -    - 
Total Liabilities and Equity     $253,338   $315,669   $332,882   $343,647   $300,509   $267,175 

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-202

 

 

LANDA APP LLC (LANDA APP )

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED BALANCE SHEETS

AS OF JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 45
Blue Jay
Drive
Pro Forma
   Landa
Series 45
Laurel
Way
Pro Forma
   Landa
Series 4702
Saint James
Way Pro Forma
   Landa
Series 4732
Pinedale
Drive
Pro Forma
   Landa
Series 497
Highway 212
Pro Forma
   Landa
Series 5039
East Street
Pro Forma
 
Assets:                           
Cash & restricted cash  A  $65,893   $65,659   $64,321   $63,147   $63,787   $62,740 
Investments in single-family residential properties, net  B   288,984    276,116    204,667    172,686    216,354    145,953 
Total Assets      354,877    341,775    268,988    235,833    280,141    208,693 
                                  
Liabilities:                                 
Acquisition note payable  C   353,211    340,100    267,452    234,719    279,211    207,482 
Tenant security deposit  A   1,666    1,675    1,536    1,114    930    1,211 
Total Liabilities      354,877    341,775    268,988    235,833    280,141    208,693 
                                  
Members’ equity      -    -    -    -    -    - 
Total Liabilities and Equity     $354,877   $341,775   $268,988   $235,833   $280,141   $208,693 

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-203

 

 

LANDA APP LLC (LANDA APP )

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED BALANCE SHEETS

AS OF JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 5040
Huntshire
Lane
Pro Forma
   Landa
Series 513
Jarrett
Court
Pro Forma
   Landa
Series 5143
Pinecrest
Drive SW
Pro Forma
   Landa
Series 524
Sawmill
Road
Pro Forma
   Landa
Series 5329
Shirewick
Lane
Pro Forma
 
Assets:                       
Cash & restricted cash  A  $40,545   $64,716   $63,065   $47,382   $65,281 
Investments in single-family residential properties, net  B   406,939    226,073    165,212    237,880    274,044 
Total Assets      447,484    290,789    228,277    285,262    339,325 
                             
Liabilities:                            
Acquisition note payable  C   444,985    289,113    227,104    283,679    337,990 
Tenant security deposit  A   2,499    1,676    1,173    1,583    1,335 
Total Liabilities      447,484    290,789    228,277    285,262    339,325 
                             
Members’ equity      -    -    -    -    - 
Total Liabilities and Equity     $447,484   $290,789   $228,277   $285,262   $339,325 

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-204

 

 

LANDA APP LLC (LANDA APP )

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED BALANCE SHEETS

AS OF JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 540
Cowan
Road
Pro Forma
   Landa
Series 5411
Rocky Pine
Drive
Pro Forma
   Landa
Series 55
Myrtle Grove
Lane
Pro Forma
   Landa
Series 550
Cowan Road
Pro Forma
   Landa
Series 5581
Fox Glen
Circle
Pro Forma
 
Assets:                       
Cash & restricted cash  A  $64,828   $64,644   $64,768   $54,680   $36,633 
Investments in single-family residential properties, net  B   236,323    246,460    228,144    197,684    400,341 
Total Assets      301,151    311,104    292,912    252,364    436,974 
                             
Liabilities:                            
Acquisition note payable  C   299,557    309,885    291,224    250,783    434,715 
Tenant security deposit  A   1,594    1,219    1,688    1,581    2,259 
Total Liabilities      301,151    311,104    292,912    252,364    436,974 
                             
Members’ equity      -    -    -    -    - 
Total Liabilities and Equity     $301,151   $311,104   $292,912   $252,364   $436,974 

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-205

 

 

LANDA APP LLC (LANDA APP )

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED BALANCE SHEETS

AS OF JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 565
Mountainview
Drive
Pro Forma
   Landa
Series 5737
Strathmoor
Manor
Circle
Pro Forma
   Landa
Series 5801
Strathmoor
Manor Circle
Pro Forma
   Landa
Series 6104-6106
Oakwood
Circle SW
Pro Forma
  

Landa
Series 6107

Shadow
Glen Court
Pro Forma

   Landa
Series 6111-6113
Pine Glen
Circle SW
Pro Forma
 
Assets:                           
Cash & restricted cash  A  $35,461   $63,434   $64,199   $63,938   $63,170   $68,400 
Investments in single-family residential properties, net  B   249,495    191,852    200,389    185,454    151,331    390,389 
Total Assets      284,956    255,286    264,588    249,392    214,501    458,789 
                                  
Liabilities:                                 
Acquisition note payable  C   283,236    254,247    262,945    247,852    212,961    456,530 
Tenant security deposit  A   1,720    1,039    1,643    1,540    1,540    2,259 
Total Liabilities      284,956    255,286    264,588    249,392    214,501    458,789 
                                  
Members’ equity      -    -    -    -    -    - 
Total Liabilities and Equity     $284,956   $255,286   $264,588   $249,392   $214,501   $458,789 

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-206

 

 

LANDA APP LLC (LANDA APP )

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED BALANCE SHEETS

AS OF JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 6119
Pineneedle
Drive SW
Pro Forma
   Landa
Series 615
Barshay
Drive
Pro Forma
   Landa
Series 6168
Wheat
Street NE
Pro Forma
   Landa
Series 6178
Green Acres
Drive SW
Pro Forma
   Landa
Series 6386
Forester
Way
Pro Forma
   Landa
Series 6404
Walnut
Way
Pro Forma
 
Assets:                           
Cash & restricted cash  A  $62,507   $65,306   $62,777   $63,526   $65,041   $64,126 
Investments in single-family residential properties, net  B   105,391    228,182    125,964    161,382    233,650    216,403 
Total Assets      167,898    293,488    188,741    224,908    298,691    280,529 
                                  
Liabilities:                                 
Acquisition note payable  C   166,154    291,964    187,898    223,434    296,833    279,261 
Tenant security deposit  A   1,744    1,524    843    1,474    1,858    1,268 
Total Liabilities      167,898    293,488    188,741    224,908    298,691    280,529 
                                  
Members’ equity      -    -    -    -    -    - 
Total Liabilities and Equity     $167,898   $293,488   $188,741   $224,908   $298,691   $280,529 

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-207

 

 

LANDA APP LLC (LANDA APP )

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED BALANCE SHEETS

AS OF JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 643
Sycamore
Drive
Pro Forma
   Landa
Series 65
Freedom
Court
Pro Forma
   Landa
Series 653
Georgetown
Lane
Pro Forma
   Landa
Series 6635
Kimberly
Mill Road
Pro Forma
   Landa
Series 6653
Bedford
Road
Pro Forma
   Landa
Series 6710
Sunset Hills
Boulevard
Pro Forma
 
Assets:                           
Cash & restricted cash  A  $63,935   $66,126   $64,567   $65,520   $64,811   $63,123 
Investments in single-family residential properties, net  B   207,494    229,293    222,890    264,938    215,357    174,773 
Total Assets      271,429    295,419    287,457    330,458    280,168    237,896 
                                  
Liabilities:                                 
Acquisition note payable  C   270,184    293,884    285,870    328,712    278,623    236,846 
Tenant security deposit  A   1,245    1,535    1,587    1,746    1,545    1,050 
Total Liabilities      271,429    295,419    287,457    330,458    280,168    237,896 
                                  
Members’ equity      -    -    -    -    -    - 
Total Liabilities and Equity     $271,429   $295,419   $287,457   $330,458   $280,168   $237,896 

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-208

 

 

LANDA APP LLC (LANDA APP )

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED BALANCE SHEETS

AS OF JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 6762
Bent Creek
Drive
Pro Forma
   Landa
Series 683
Wood Path
Court
Pro Forma
   Landa
Series 70
Shenandoah
Lane
Pro Forma
   Landa
Series 709
Georgetown
Court
Pro Forma
   Landa
Series 7107
Geiger
Street NW
Pro Forma
   Landa
Series 7205
Lakeview
Drive SW
Pro Forma
 
Assets:                           
Cash & restricted cash  A  $64,273   $49,554   $65,672   $64,476   $61,729   $64,923 
Investments in single-family residential properties, net  B   216,401    280,721    271,847    213,260    100,052    229,212 
Total Assets      280,674    330,275    337,519    277,736    161,781    294,135 
                                  
Liabilities:                                 
Acquisition note payable  C   279,258    328,475    335,751    276,058    160,714    292,311 
Tenant security deposit  A   1,416    1,800    1,768    1,678    1,067    1,824 
Total Liabilities      280,674    330,275    337,519    277,736    161,781    294,135 
                                  
Members’ equity      -    -    -    -    -    - 
Total Liabilities and Equity     $280,674   $330,275   $337,519   $277,736   $161,781   $294,135 

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-209

 

 

LANDA APP LLC (LANDA APP )

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED BALANCE SHEETS

AS OF JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 750
Georgetown
Court
Pro Forma
   Landa
Series 752
Chestnut
Drive
Pro Forma
   Landa
Series 773
Villa Way
Pro Forma
   Landa
Series 7781
Mountain
Creek Way
Pro Forma
   Landa
Series 7950
Woodlake
Drive
Pro Forma
   Landa
Series 80
High Ridge
Road
Pro Forma
 
Assets:                           
Cash & restricted cash  A  $63,004   $62,250   $32,437   $64,492   $63,644   $64,631 
Investments in single-family residential properties, net  B   165,164    136,383    88,385    237,818    188,648    238,816 
Total Assets      228,168    198,633    120,822    302,310    252,292    303,447 
                                  
Liabilities:                                 
Acquisition note payable  C   227,055    197,731    119,845    301,080    250,982    302,097 
Tenant security deposit  A   1,113    902    977    1,230    1,310    1,350 
Total Liabilities      228,168    198,633    120,822    302,310    252,292    303,447 
                                  
Members’ equity      -    -    -    -    -    - 
Total Liabilities and Equity     $228,168   $198,633   $120,822   $302,310   $252,292   $303,447 

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-210

 

 

LANDA APP LLC (LANDA APP )

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED BALANCE SHEETS

AS OF JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 800
Mills Drive
Pro Forma
   Landa
Series 808
Hillandale
Lane
Pro Forma
   Landa
Series 8110
Devonshire
Drive
Pro Forma
   Landa
Series 8121
Spillers
Drive SW
Pro Forma
   Landa
Series 8233
Creekline
Court
Pro Forma
   Landa
Series 8302
Sterling
Lakes Drive
Pro Forma
 
Assets:                           
Cash & restricted cash  A  $65,588   $64,908   $63,108   $63,442   $68,035   $64,917 
Investments in single-family residential properties, net  B   272,914    221,772    151,331    182,723    226,617    242,021 
Total Assets      338,502    286,680    214,439    246,165    294,652    306,938 
                                  
Liabilities:                                 
Acquisition note payable  C   336,839    285,337    212,961    244,946    293,652    305,362 
Tenant security deposit  A   1,663    1,343    1,478    1,219    1,000    1,576 
Total Liabilities      338,502    286,680    214,439    246,165    294,652    306,938 
                                  
Members’ equity      -    -    -    -    -    - 
Total Liabilities and Equity     $338,502   $286,680   $214,439   $246,165   $294,652   $306,938 

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-211

 

 

LANDA APP LLC (LANDA APP )

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED BALANCE SHEETS

AS OF JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

    Notes   Landa Series 843 Tramore Drive Pro Forma     Landa Series 85 Kirkland Court Pro Forma     Landa Series 85 Thorn Thicket Way Pro Forma     Landa Series 8658 Ashley Way Pro Forma     Landa Series 8667 Ashley Way Pro Forma  
Assets:                                  
Cash & restricted cash   A   $ 52,863     $ 65,596     $ 64,380     $ 63,156     $ 32,970  
Investments in single-family residential properties, net   B     144,226       267,636       231,411       128,952       104,867  
Total Assets         197,089       333,232       295,791       192,108       137,837  
                                             
Liabilities:                                            
Acquisition note payable   C     195,489       331,460       294,552       190,908       136,737  
Tenant security deposit   A     1,600       1,772       1,239       1,200       1,100  
Total Liabilities         197,089       333,232       295,791       192,108       137,837  
                                             
Members’ equity         -       -       -       -       -  
Total Liabilities and Equity       $ 197,089     $ 333,232     $ 295,791     $ 192,108     $ 137,837  

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-212

 

 

LANDA APP LLC (LANDA APP )

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED BALANCE SHEETS

AS OF JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 8671
Ashley Way
Pro Forma
   Landa
Series 8676
Ashley Way
Pro Forma
   Landa
Series 8691
Ashley Way
Pro Forma
   Landa
Series 8692
Ashley Way
Pro Forma
   Landa
Series 8693
Ashley Way
Pro Forma
   Landa
Series 8694
Ashley Way
Pro Forma
 
Assets:                           
Cash & restricted cash  A  $68,310   $78,007   $62,390   $43,678   $94,172   $62,558 
Investments in single-family residential properties, net  B   133,517    128,727    87,315    103,331    127,492    139,588 
Total Assets      201,827    206,734    149,705    147,009    221,664    202,146 
                                  
Liabilities:                                 
Acquisition note payable  C   200,777    205,684    148,555    145,859    220,464    200,996 
Tenant security deposit  A   1,050    1,050    1,150    1,150    1,200    1,150 
Total Liabilities      201,827    206,734    149,705    147,009    221,664    202,146 
                                  
Members’ equity      -    -    -    -    -    - 
Total Liabilities and Equity     $201,827   $206,734   $149,705   $147,009   $221,664   $202,146 

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-213

 

 

LANDA APP LLC (LANDA APP )

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED BALANCE SHEETS

AS OF JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 8697
Ashley Way
Pro Forma
   Landa
Series 8819
Leafwood
Court
Pro Forma
   Landa
Series 8855
Rugby Court
Pro Forma
   Landa
Series 9020
Sterling Ridge
Lane
Pro Forma
   Landa
Series 9150
Spillers
Drive SW
Pro Forma
   Landa
Series 925
Mote Road
Pro Forma
 
Assets:                           
Cash & restricted cash  A  $70,814   $64,497   $62,920   $36,280   $63,364   $65,214 
Investments in single-family residential properties, net  B   148,595    219,687    159,874    202,025    190,785    248,369 
Total Assets      219,409    284,184    222,794    238,305    254,149    313,583 
                                  
Liabilities:                                 
Acquisition note payable  C   218,459    282,606    221,665    236,659    253,159    311,830 
Tenant security deposit  A   950    1,578    1,129    1,646    990    1,753 
Total Liabilities      219,409    284,184    222,794    238,305    254,149    313,583 
                                  
Members’ equity      -    -    -    -    -    - 
Total Liabilities and Equity     $219,409   $284,184   $222,794   $238,305   $254,149   $313,583 

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-214

 

 

LANDA APP LLC (LANDA APP )

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED BALANCE SHEETS

AS OF JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

    Notes   Landa Series 9409 Forest Knoll Drive Pro Forma     Landa Series 9434 Cedar Creek Place Pro Forma     Landa Series 9597 Pintail Trail Pro Forma     Landa Series 974 Laurel Street Pro Forma     Landa Series 1701 Summerwoods Lane Pro Forma  
Assets:                                  
Cash & restricted cash   A   $ 65,168     $ 65,431     $ 64,581     $ 65,308     $ 4,178  
Investments in single-family residential properties, net   B     244,258       267,653       237,829       214,402       169,225  
Total Assets         309,426       333,084       302,410       279,710       173,403  
                                             
Liabilities:                                            
Acquisition note payable   C     307,642       331,780       301,292       278,299       172,405  
Tenant security deposit   A     1,784       1,304       1,118       1,411       998  
Total Liabilities         309,426       333,084       302,410       279,710       173,403  
                                             
Members’ equity         -       -       -       -       -  
Total Liabilities and Equity       $ 309,426     $ 333,084     $ 302,410     $ 279,710     $ 173,403  

 

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-215

 

 

LANDA APP LLC (LANDA APP )

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED BALANCE SHEETS

AS OF JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

    Notes   Landa
Series 1741
Park Lane
Pro Forma
    Total Pro Forma Condensed Combined Balance Sheets  
Assets:                
Cash & restricted cash   A   $ 4,361     $ 11,114,632  
Investments in single-family residential properties, net   B     191,485       38,557,188  
Total Assets         195,846       49,671,820  
                     
Liabilities:                    
Acquisition note payable   C     195,085       49,414,437  
Tenant security deposit   A     761       257,383  
Total Liabilities         195,846       49,671,820  
                     
Members’ equity         -       -  
Total Liabilities and Equity       $ 195,846     $ 49,671,820  

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-216

 

 

LANDA APP LLC (LANDA APP )

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED BALANCE SHEETS

AS OF JUNE 30, 2022

(UNAUDITED)

 

    Notes   Total
Pro Forma
Condensed
Combined
Balance
Sheets
    Landa
Series 115
Sardis
Street
    Landa
Series 1394
Oakview
Circle
    Landa
Series 1701
Summerwoods
Lane
    Landa
Series 1741
Park Lane
    Landa
Series 209
Timber Wolf
Trail
 
Assets:                                        
Cash & restricted cash   A     11,114,632     $ 5,750     $ 3,500     $ 39,580     $ 23,008     $ 6,316  
Escrow         -       -       852       -       -       461  
Due from related party         -       -       6,022       -       -       5,876  
Investments in single-family residential properties, net   B     38,557,188       107,314       74,043       -       -       111,319  
Total Assets         49,671,820       113,064       84,417       39,580       23,008       123,972  
                                                     
Liabilities:                                                    
Due to related party         -       564       -       25,356       8,512       -  
Other liabilities         -       764       2,550       14,224       14,496       1,369  
Acquisition note payable   C     49,414,437       117,304       -       -       -       58,077  
Mortgage payable         -       -       44,015       -       -       61,750  
Tenant security deposit   A     257,383       -       500       -       -       775  
Total Liabilities         49,671,820       118,632       47,065       39,580       23,008       121,971  
                                                     
Members’ equity         -       (5,568 )     37,352       -       -       2,001  
Total Liabilities and Equity         49,671,820     $ 113,064     $ 84,417     $ 39,580     $ 23,008     $ 123,972  

 

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-217

 

 

LANDA APP LLC (LANDA APP )

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED BALANCE SHEETS

AS OF JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 2505
Oak Circle
   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
 
Assets:                           
Cash & restricted cash  A  $8,536   $7,100   $4,881   $3,462   $48,596   $3,705 
Escrow      595    579    726    1,186    1,193    1,183 
Due from related party      -    3,181    1,562    1,597    -    - 
Investments in single-family residential properties, net  B   98,611    119,909    93,031    109,896    109,896    109,896 
Total Assets      107,742    130,769    100,200    116,141    159,685    114,784 
                                  
Liabilities:                                 
Due to related party      10,433    -    -    -    46,392    776 
Other liabilities      1,002    7,675    1,261    998    -    - 
Acquisition note payable  C   21,770    61,012    15,945    -    -    - 
Mortgage payable      76,700    62,400    84,500    77,925    67,535    77,925 
Tenant security deposit  A   1,250    950    600    950    875    975 
Total Liabilities      111,155    132,037    102,306    79,873    114,802    79,676 
                                  
Members’ equity      (3,413)   (1,268)   (2,106)   36,268    44,883    35,108 
Total Liabilities and Equity     $107,742   $130,769   $100,200   $116,141   $159,685   $114,784 

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-218

 

 

LANDA APP LLC (LANDA APP )

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED BALANCE SHEETS

AS OF JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  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
 
Assets:                           
Cash & restricted cash  A  $2,717   $49,972   $7,126   $5,321   $57,953   $1,847 
Escrow      1,259    794    1,061    623    1,196    1,121 
Due from related party      -    -    -         -    872 
Investments in single-family residential properties, net  B   109,896    146,793    132,077    80,568    175,070    106,902 
Total Assets      113,872    197,559    140,264    86,512    234,219    110,742 
                                  
Liabilities:                                 
Due to related party      164    47,108    4,664    3,099    57,719    - 
Other liabilities      -    -    -    -    100    - 
Acquisition note payable  C   -    -    -    -    -    - 
Mortgage payable      77,925    104,250    93,750    49,400    124,425    82,500 
Tenant security deposit  A   875    1,207    1,125    835    1,207    1,050 
Total Liabilities      78,964    152,565    99,539    53,334    183,451    83,550 
                                  
Members’ equity      34,908    44,994    40,725    33,178    50,768    27,192 
Total Liabilities and Equity     $113,872   $197,559   $140,264   $86,512   $234,219   $110,742 

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-219

 

 

LANDA APP LLC (LANDA APP )

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED BALANCE SHEETS

AS OF JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  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
 
Assets:                           
Cash & restricted cash  A  $2,663   $12,753   $1,653   $1,093   $2,420   $1,660 
Escrow      1,354    1,159    1,262    756    546    273 
Due from related party      751    -    534    1,063    -    195 
Investments in single-family residential properties, net  B   129,068    101,067    92,639    58,467    62,590    83,490 
Total Assets      133,836    114,979    96,088    61,379    65,556    85,618 
                                  
Liabilities:                                 
Due to related party      -    19,658    -    -    4,913    - 
Other liabilities      -    15    -    -    220    - 
Acquisition note payable  C   -    -    -    -    -    - 
Mortgage payable      95,250    82,500    71,250    45,000    46,500    64,500 
Tenant security deposit  A   1,150    1,250    971    1,000    1,100    1,025 
Total Liabilities      96,400    103,423    72,221    46,000    52,733    65,525 
                                  
Members’ equity      37,436    11,556    23,867    15,379    12,823    20,093 
Total Liabilities and Equity     $133,836   $114,979   $96,088   $61,379   $65,556   $85,618 

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-220

 

 

LANDA APP LLC (LANDA APP )

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED BALANCE SHEETS

AS OF JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

    Notes   Landa
Series 687
Utoy Court
    Landa
Series 729
Winter Lane
    Landa
Series 7349
Exeter
Court
    Landa
Series 8645
Embrey
Drive
    Landa
Series 8780
Churchill
Place
    Landa
Series 8796
Parliament
Place
 
Assets:                                        
Cash & restricted cash   A   $ 2,671     $ 317     $ 1,961     $ 1,945     $ 3,573     $ 32,905  
Escrow         904       1,075       1,171       1,073       1,197       1,099  
Due from related party         -       -       819       930       -       -  
Investments in single-family residential properties, net   B     111,573       109,928       106,948       114,929       128,134       106,176  
Total Assets         115,148       111,320       110,899       118,877       132,904       140,180  
                                                     
Liabilities:                                                    
Due to related party         3,533       578       -       -       42       30,198  
Other liabilities         -       -       -       -       -       -  
Acquisition note payable   C     -       -       -       -       -       -  
Mortgage payable         82,500       82,500       71,500       84,750       94,500       78,750  
Tenant security deposit   A     975       1,060       1,060       1,103       1,260       1,050  
Total Liabilities         87,008       84,138       72,560       85,853       95,802       109,998  
                                                     
Members’ equity         28,140       27,182       38,339       33,024       37,102       30,182  
Total Liabilities and Equity       $ 115,148     $ 111,320     $ 110,899     $ 118,877     $ 132,904     $ 140,180  

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-221

 

 

LANDA APP LLC (LANDA APP )

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED BALANCE SHEETS

AS OF JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  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
 
Assets:                           
Cash & restricted cash  A  $42,100   $5,370   $30,860   $5,451   $5,925   $44,779 
Escrow      1,006    854    907    847    913    859 
Due from related party      -    782    -    5,209    999    - 
Investments in single-family residential properties, net  B   137,647    115,093    127,982    114,020    127,981    119,399 
Total Assets      180,753    122,099    159,749    125,527    135,818    165,037 
                                  
Liabilities:                                 
Due to related party      49,033    -    59,438    -    -    60,212 
Other liabilities      -    -    -    -    -    - 
Acquisition note payable  C   -    -    -    -    -    - 
Mortgage payable      96,357    80,424    76,700    68,250    89,529    71,500 
Tenant security deposit  A   975    800    925    925    1,050    950 
Total Liabilities      146,365    81,224    137,063    69,175    90,579    132,662 
                                  
Members’ equity      34,388    40,875    22,686    56,352    45,239    32,375 
Total Liabilities and Equity     $180,753   $122,099   $159,749   $125,527   $135,818   $165,037 

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-222

 

 

LANDA APP LLC (LANDA APP )

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED BALANCE SHEETS

AS OF JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  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
 
Assets:                           
Cash & restricted cash  A  $27,098   $41,028   $22,530   $16,528   $6,192   $48,907 
Escrow      890    914    1,072    1,003    927    856 
Due from related party      -    -    -         722    - 
Investments in single-family residential properties, net  B   136,584    132,288    141,956    149,474    126,919    124,770 
Total Assets      164,572    174,230    165,558    167,005    134,760    174,533 
                                  
Liabilities:                                 
Due to related party      65,240    55,101    59,307    63,859    -    44,496 
Other liabilities      -    -    -    -    -    - 
Acquisition note payable  C   -    -    -    -    -    - 
Mortgage payable      81,900    84,500    99,392    94,250    87,750    87,253 
Tenant security deposit  A   900    975    1,025    1,000    1,110    950 
Total Liabilities      148,040    140,576    159,724    159,109    88,860    132,699 
                                  
Members’ equity      16,532    33,654    5,834    7,896    45,900    41,834 
Total Liabilities and Equity     $164,572   $174,230   $165,558   $167,005   $134,760   $174,533 

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-223

 

 

LANDA APP LLC (LANDA APP )

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED BALANCE SHEETS

AS OF JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

    Notes   Landa
Series 8677
Ashley
Way
    Landa
Series 8678
Ashley
Way
    Landa
Series 8679
Ashley
Way
    Landa
Series 8683
Ashley
Way
    Total
Combining
Balance Sheets
per 1-SA
    Total
Pro Forma
Condensed
Combined
Balance Sheets
and
Total Combining
Balance Sheets
per 1-SA
 
Assets:                                        
Cash & restricted cash   A   $ 48,032     $ 18,749     $ 6,819     $ 11,992     $ 727,344     $ 11,841,976  
Escrow         823       1,090       1,008       879       39,546       39,546  
Due from related party                 -       5       -       31,119       31,119  
Investments in single-family residential properties, net   B     117,251       158,067       126,919       116,177       4,962,757       43,519,945  
Total Assets         166,106       177,906       134,751       129,048       5,760,766       55,432,586  
                                                     
Liabilities:                                                    
Due to related party         41,447       64,713       -       278       826,833       826,833  
Other liabilities         -       -       -       -       44,674       44,674  
Acquisition note payable   C     -       -       -       -       274,108       49,688,545  
Mortgage payable         81,942       104,000       88,770       81,183       3,358,200       3,358,200  
Tenant security deposit   A     1,050       925       1,000       975       41,713       299,096  
Total Liabilities         124,439       169,638       89,770       82,436       4,545,528       54,217,348  
                                                     
Members’ equity         41,667       8,268       44,981       46,612       1,215,238       1,215,238  
Total Liabilities and Equity       $ 166,106     $ 177,906     $ 134,751     $ 129,048     $ 5,760,766     $ 55,432,586  

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

Notes

 

A. Reflects adjustments to cash and cash reserves and assumed tenant security deposits liability at closing of each property acquisition and acquisition note payable.

 

B. Reflects adjustments related to the closing of property acquisitions, including the closing costs primarily consisting of the acquisition fees and property due diligence fee and the related building depreciation for the period presented.

 

C. Reflects adjustments related to the acquisition note payable obtained to fund the property acquisitions.

 

F-224

 

 

LANDA SERIES 10 OAK WOOD LANE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 10
Oak Wood Lane
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 10
Oak Wood Lane
Pro Forma
 
Rental income  $       -   $1,219   $-      $1,219 
                        
Expenses                       
Real estate taxes   -    624    -       624 
Homeowners association fees   -    -    -       - 
Insurance expense   -    281    -       281 
Repairs & maintenance   -    144    -       144 
Other expenses   -    245    -       245 
Management fee   -    -    834   E   834 
Depreciation expense   -    -    3,734   B   3,734 
Interest expense   -    -    5,725   C   5,725 
Total Expenses   -    1,294    10,293       11,587 
                        
Net income (loss) before provision for income tax   -    (75)   (10,293)      (10,368)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $(75)  $(10,293)     $(10,368)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-225

 

 

LANDA SERIES 10 WINDRIDGE DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 10
Windridge Drive
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 10
Windridge Drive
Pro Forma
 
Rental income  $                   -   $7,707   $-      $7,707 
                        
Expenses                       
Real estate taxes   -    684    -       684 
Homeowners association fees   -    -    -       - 
Insurance expense   -    242    -       242 
Repairs & maintenance   -    198    -       198 
Other expenses   -    -    -       - 
Management fee   -    -    669   E   669 
Depreciation expense   -    -    3,174   B   3,174 
Interest expense   -    -    5,769   C   5,769 
Total Expenses   -    1,124    9,612       10,736 
                        
Net income (loss) before provision for income tax   -    6,583    (9,612)      (3,029)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $6,583   $(9,612)     $(3,029)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-226

 

 

LANDA SERIES 1000 FOX VALLEY TRAIL

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 1000
Fox Valley Trail
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 1000
Fox Valley Trail
Pro Forma
 
Rental income  $              -   $1,500   $-      $1,500 
                        
Expenses                       
Real estate taxes   -    1,430    -       1,430 
Homeowners association fees   -    -    -       - 
Insurance expense   -    301    -       301 
Repairs & maintenance   -    -    -       - 
Other expenses   -    287    -       287 
Management fee   -    -    900   E   900 
Depreciation expense   -    -    4,056   B   4,056 
Interest expense   -    -    6,705   C   6,705 
Total Expenses   -    2,018    11,661       13,679 
                        
Net income (loss) before provision for income tax   -    (518)   (11,661)      (12,179)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $(518)  $(11,661)     $(12,179)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-227

 

 

LANDA SERIES 1007 LEEWARD WAY

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 1007
Leeward Way
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 1007
Leeward Way
Pro Forma
 
Rental income  $                 -   $6,402   $-      $6,402 
                        
Expenses                       
Real estate taxes   -    964    -       964 
Homeowners association fees   -    -    -       - 
Insurance expense   -    288    -       288 
Repairs & maintenance   -    1,600    -       1,600 
Other expenses   -    -    -       - 
Management fee   -    -    512   E   512 
Depreciation expense   -    -    3,873   B   3,873 
Interest expense   -    -    6,754   C   6,754 
Total Expenses   -    2,852    11,139       13,991 
                        
Net income (loss) before provision for income tax   -    3,550    (11,139)      (7,589)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $3,550   $(11,139)     $(7,589)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-228

 

 

LANDA SERIES 10119 COMMONS WAY

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 10119
Commons Way
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 10119
Commons Way
Pro Forma
 
Rental income  $               -   $7,314   $-      $7,314 
                        
Expenses                       
Real estate taxes   -    1,128    -       1,128 
Homeowners association fees   -    -    -       - 
Insurance expense   -    295    -       295 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    585   E   585 
Depreciation expense   -    -    3,978   B   3,978 
Interest expense   -    -    6,895   C   6,895 
Total Expenses   -    1,423    11,458       12,881 
                        
Net income (loss) before provision for income tax   -    5,891    (11,458)      (5,567)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $5,891   $(11,458)     $(5,567)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-229

 

 

LANDA SERIES 10121 MORRIS DRIVE SW

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 10121
Morris Drive SW
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 10121
Morris Drive SW
Pro Forma
 
Rental income  $          -   $-   $-      $- 
                        
Expenses                       
Real estate taxes   -    513    -       513 
Homeowners association fees   -    -    -       - 
Insurance expense   -    96    -       96 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    798   E   798 
Depreciation expense   -    -    3,525   B   3,525 
Interest expense   -    -    6,260   C   6,260 
Total Expenses   -    609    10,583       11,192 
                        
Net income (loss) before provision for income tax   -    (609)   (10,583)      (11,192)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $(609)  $(10,583)     $(11,192)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-230

 

 

LANDA SERIES 10183 STARR STREET SW

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 10183
Starr Street SW
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 10183
Starr Street SW
Pro Forma
 
Rental income  $         -   $6,090   $-      $6,090 
                        
Expenses                       
Real estate taxes   -    522    -       522 
Homeowners association fees   -    -    -       - 
Insurance expense   -    245    -       245 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    487   E   487 
Depreciation expense   -    -    3,366   B   3,366 
Interest expense   -    -    6,039   C   6,039 
Total Expenses   -    767    9,892       10,659 
                        
Net income (loss) before provision for income tax   -    5,323    (9,892)      (4,569)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $5,323   $(9,892)     $(4,569)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-231

 

 

LANDA SERIES 103 STARLAKE DRIVE 

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 103
Starlake Drive
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 103
Starlake Drive
Pro Forma
 
Rental income  $                -   $6,474   $-      $6,474 
                        
Expenses                       
Real estate taxes   -    746    -       746 
Homeowners association fees   -    -    -       - 
Insurance expense   -    239    -       239 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    518   E   518 
Depreciation expense   -    -    3,333   B   3,333 
Interest expense   -    -    6,027   C   6,027 
Total Expenses   -    985    9,878       10,863 
                        
Net income (loss) before provision for income tax   -    5,489    (9,878)      (4,389)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $5,489   $(9,878)     $(4,389)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-232

 

 

LANDA SERIES 104 SUMMERFIELD DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 104
Summerfield Drive
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 104
Summerfield Drive
Pro Forma
 
Rental income  $                  -   $2,332   $-      $2,332 
                        
Expenses                       
Real estate taxes   -    1,141    -       1,141 
Homeowners association fees   -    -    -       - 
Insurance expense   -    288    -       288 
Repairs & maintenance   -    -    -       - 
Other expenses   -    231    -       231 
Management fee   -    -    866   E   866 
Depreciation expense   -    -    3,875   B   3,875 
Interest expense   -    -    6,751   C   6,751 
Total Expenses   -    1,660    11,492       13,152 
                        
Net income (loss) before provision for income tax   -    672    (11,492)      (10,820)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $672   $(11,492)     $(10,820)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-233

 

 

LANDA SERIES 10433 CANDLELIGHT ROAD

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 10433
Candlelight Road
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 10433
Candlelight Road
Pro Forma
 
Rental income  $              -   $10,294   $-      $10,294 
                        
Expenses                       
Real estate taxes   -    1,024    -       1,024 
Homeowners association fees   -    -    -       - 
Insurance expense   -    243    -       243 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    784   E   784 
Depreciation expense   -    -    3,967   B   3,967 
Interest expense   -    -    6,880   C   6,880 
Total Expenses   -    1,267    11,631       12,898 
                        
Net income (loss) before provision for income tax   -    9,027    (11,631)      (2,604)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $9,027   $(11,631)     $(2,604)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-234

 

 

LANDA SERIES 105 ANNE STREET

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 105
Anne Street
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 105
Anne Street
Pro Forma
 
Rental income  $            -   $6,840   $-      $6,840 
                        
Expenses                       
Real estate taxes   -    484    -       484 
Homeowners association fees   -    -    -       - 
Insurance expense   -    238    -       238 
Repairs & maintenance   -    5,569    -       5,569 
Other expenses   -    -    -       - 
Management fee   -    -    547   E   547 
Depreciation expense   -    -    3,121   B   3,121 
Interest expense   -    -    5,695   C   5,695 
Total Expenses   -    6,291    9,363       15,654 
                        
Net income (loss) before provision for income tax   -    549    (9,363)      (8,814)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $549   $(9,363)     $(8,814)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-235

 

 

LANDA SERIES 107 OAKWOOD CIRCLE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 107
Oakwood Circle
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 107
Oakwood Circle
Pro Forma
 
Rental income  $               -   $6,372   $-      $6,372 
                        
Expenses                       
Real estate taxes   -    405    -       405 
Homeowners association fees   -    -    -       - 
Insurance expense   -    180    -       180 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    600   E   600 
Depreciation expense   -    -    2,249   B   2,249 
Interest expense   -    -    4,473   C   4,473 
Total Expenses   -    585    7,322       7,907 
                        
Net income (loss) before provision for income tax   -    5,787    (7,322)      (1,535)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $5,787   $(7,322)     $(1,535)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-236

 

 

LANDA SERIES 109 AMBERWOOD LANE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 109
Amberwood Lane
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 109
Amberwood Lane
Pro Forma
 
Rental income  $           -   $5,568   $-      $5,568 
                        
Expenses                       
Real estate taxes   -    488    -       488 
Homeowners association fees   -    -    -       - 
Insurance expense   -    199    -       199 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    445   E   445 
Depreciation expense   -    -    2,528   B   2,528 
Interest expense   -    -    4,866   C   4,866 
Total Expenses   -    687    7,839       8,526 
                        
Net income (loss) before provision for income tax   -    4,881    (7,839)      (2,958)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $4,881   $(7,839)     $(2,958)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-237

 

 

LANDA SERIES 110 SHENANDOAH DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 110
Shenandoah Drive
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 110
Shenandoah Drive
Pro Forma
 
Rental income  $            -   $7,198   $-      $7,198 
                        
Expenses                       
Real estate taxes   -    799    -       799 
Homeowners association fees   -    -    -       - 
Insurance expense   -    260    -       260 
Repairs & maintenance   -    1,284    -       1,284 
Other expenses   -    -    -       - 
Management fee   -    -    566   E   566 
Depreciation expense   -    -    4,048   B   4,048 
Interest expense   -    -    6,993   C   6,993 
Total Expenses   -    2,343    11,607       13,950 
                        
Net income (loss) before provision for income tax   -    4,855    (11,607)      (6,752)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $4,855   $(11,607)     $(6,752)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-238

 

 

LANDA SERIES 111 FIR DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 111
Fir Drive
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 111
Fir Drive
Pro Forma
 
Rental income  $              -   $3,924   $-      $3,924 
                        
Expenses                       
Real estate taxes   -    743    -       743 
Homeowners association fees   -    -    -       - 
Insurance expense   -    204    -       204 
Repairs & maintenance   -    -    -       - 
Other expenses   -    200    -       200 
Management fee   -    -    720   E   720 
Depreciation expense   -    -    2,912   B   2,912 
Interest expense   -    -    5,402   C   5,402 
Total Expenses   -    1,147    9,034       10,181 
                        
Net income (loss) before provision for income tax   -    2,777    (9,034)      (6,257)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $2,777   $(9,034)     $(6,257)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-239

 

 

LANDA SERIES 1110 PARKVIEW DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 1110
Parkview Drive
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 1110
Parkview Drive
Pro Forma
 
Rental income  $        -   $1,856   $-      $1,856 
                        
Expenses                       
Real estate taxes   -    435    -       435 
Homeowners association fees   -    -    -       - 
Insurance expense   -    246    -       246 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    642   E   642 
Depreciation expense   -    -    3,243   B   3,243 
Interest expense   -    -    5,866   C   5,866 
Total Expenses   -    681    9,751       10,432 
                        
Net income (loss) before provision for income tax   -    1,175    (9,751)      (8,576)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $1,175   $(9,751)     $(8,576)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-240

 

 

LANDA SERIES 11187 SHANNON CIRCLE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

    Landa
Series 11187
Shannon Circle
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 11187
Shannon Circle
Pro Forma
 
Rental income  $                -   $8,908   $-      $8,908 
                        
Expenses                       
Real estate taxes   -    859    -       859 
Homeowners association fees   -    -    -       - 
Insurance expense   -    300    -       300 
Repairs & maintenance   -    75    -       75 
Other expenses   -    -    -       - 
Management fee   -    -    824   E   824 
Depreciation expense   -    -    4,049   B   4,049 
Interest expense   -    -    6,995   C   6,995 
Total Expenses   -    1,234    11,868       13,102 
                        
Net income (loss) before provision for income tax   -    7,674    (11,868)      (4,194)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $7,674   $(11,868)     $(4,194)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-241

 

 

LANDA SERIES 112 RIDGE STREET

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 112
Ridge Street
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 112
Ridge Street
Pro Forma
 
Rental income  $          -   $7,277   $-      $7,277 
                        
Expenses                       
Real estate taxes   -    1,105    -       1,105 
Homeowners association fees   -    -    -       - 
Insurance expense   -    259    -       259 
Repairs & maintenance   -    1,360    -       1,360 
Other expenses   -    -    -       - 
Management fee   -    -    573   E   573 
Depreciation expense   -    -    4,030   B   4,030 
Interest expense   -    -    6,968   C   6,968 
Total Expenses   -    2,724    11,571       14,295 
                        
Net income (loss) before provision for income tax   -    4,553    (11,571)      (7,018)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $4,553   $(11,571)     $(7,018)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-242

 

 

LANDA SERIES 11322 MICHELLE WAY

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 11322
Michelle Way
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 11322
Michelle Way
Pro Forma
 
Rental income  $           -   $7,125   $-      $7,125 
                        
Expenses                       
Real estate taxes   -    952    -       952 
Homeowners association fees   -    240    -       240 
Insurance expense   -    197    -       197 
Repairs & maintenance   -    188    -       188 
Other expenses   -    -    -       - 
Management fee   -    -    630   E   630 
Depreciation expense   -    -    3,087   B   3,087 
Interest expense   -    -    5,647   C   5,647 
Total Expenses   -    1,577    9,364       10,941 
                        
Net income (loss) before provision for income tax   -    5,548    (9,364)      (3,816)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $5,548   $(9,364)     $(3,816)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-243

 

 

LANDA SERIES 114 STARLAKE DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 114
Starlake Drive
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa Series 114 Starlake Drive
Pro Forma
 
Rental income  $              -   $6,919   $-      $6,919 
                        
Expenses                       
Real estate taxes   -    738    -       738 
Homeowners association fees   -    -    -       - 
Insurance expense   -    238    -       238 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    536   E   536 
Depreciation expense   -    -    3,123   B   3,123 
Interest expense   -    -    5,702   C   5,702 
Total Expenses   -    976    9,361       10,337 
                        
Net income (loss) before provision for income tax   -    5,943    (9,361)      (3,418)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $5,943   $(9,361)     $(3,418)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-244

 

 

LANDA SERIES 11447 S GROVE DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 11447
S Grove Drive
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 11447
S Grove Drive
Pro Forma
 
Rental income  $        -   $9,268   $-      $9,268 
                        
Expenses                       
Real estate taxes   -    1,023    -       1,023 
Homeowners association fees   -    225    -       225 
Insurance expense   -    272    -       272 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    846   E   846 
Depreciation expense   -    -    3,630   B   3,630 
Interest expense   -    -    6,408   C   6,408 
Total Expenses   -    1,520    10,884       12,404 
                        
Net income (loss) before provision for income tax   -    7,748    (10,884)      (3,136)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $7,748   $(10,884)     $(3,136)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-245

 

 

LANDA SERIES 1147 VILLAGE WAY

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 1147
Village Way
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 1147
Village Way
Pro Forma
 
Rental income  $         -   $4,995   $-      $4,995 
                        
Expenses                       
Real estate taxes   -    1,792    -       1,792 
Homeowners association fees   -    1,266    -       1,266 
Insurance expense   -    194    -       194 
Repairs & maintenance   -    81    -       81 
Other expenses   -    -    -       - 
Management fee   -    -    791   E   791 
Depreciation expense   -    -    3,890   B   3,890 
Interest expense   -    -    6,773   C   6,773 
Total Expenses   -    3,333    11,454       14,787 
                        
Net income (loss) before provision for income tax   -    1,662    (11,454)      (9,792)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $1,662   $(11,454)     $(9,792)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-246

 

 

LANDA SERIES 115 LAKEVIEW DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

  Landa
Series 115
Lakeview Drive
   Historical
Property
Operations
   Pro Forma Adjustments   Notes  Landa
Series 115
Lakeview Drive
Pro Forma
 
Rental income  $            -   $7,332   $-      $7,332 
                        
Expenses                       
Real estate taxes   -    1,091    -       1,091 
Homeowners association fees   -    -    -       - 
Insurance expense   -    273    -       273 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    587   E   587 
Depreciation expense   -    -    3,646   B   3,646 
Interest expense   -    -    6,430   C   6,430 
Total Expenses   -    1,364    10,663       12,027 
                        
Net income (loss) before provision for income tax   -    5,968    (10,663)      (4,695)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $5,968   $(10,663)     $(4,695)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-247

 

 

LANDA SERIES 1160 GABLE TERRACE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 1160
Gable Terrace
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 1160
Gable Terrace
Pro Forma
 
Rental income  $         -   $7,410   $-      $7,410 
                        
Expenses                       
Real estate taxes   -    1,349    -       1,349 
Homeowners association fees   -    75    -       75 
Insurance expense   -    285    -       285 
Repairs & maintenance   -    955    -       955 
Other expenses   -    -    -       - 
Management fee   -    -    593   E   593 
Depreciation expense   -    -    3,891   B   3,891 
Interest expense   -    -    6,776   C   6,776 
Total Expenses   -    2,664    11,260       13,924 
                        
Net income (loss) before provision for income tax   -    4,746    (11,260)      (6,514)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $4,746   $(11,260)     $(6,514)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-248

 

 

LANDA SERIES 1190 KIRKLAND ROAD

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 1190
Kirkland Road
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 1190
Kirkland Road
Pro Forma
 
Rental income  $         -   $8,970   $-      $8,970 
                        
Expenses                       
Real estate taxes   -    691    -       691 
Homeowners association fees   -    -    -       - 
Insurance expense   -    314    -       314 
Repairs & maintenance   -    287    -       287 
Other expenses   -    -    -       - 
Management fee   -    -    798   E   798 
Depreciation expense   -    -    4,256   B   4,256 
Interest expense   -    -    7,285   C   7,285 
Total Expenses   -    1,292    12,339       13,631 
                        
Net income (loss) before provision for income tax   -    7,678    (12,339)      (4,661)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $7,678   $(12,339)     $(4,661)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-249

 

 

LANDA SERIES 12 MINTZ STREET

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 12
Mintz Street
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 12
Mintz Street
Pro Forma
 
Rental income  $      -   $7,266   $-      $7,266 
                        
Expenses                       
Real estate taxes   -    807    -       807 
Homeowners association fees   -    -    -       - 
Insurance expense   -    250    -       250 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    720   E   720 
Depreciation expense   -    -    3,297   B   3,297 
Interest expense   -    -    5,941   C   5,941 
Total Expenses   -    1,057    9,958       11,015 
                        
Net income (loss) before provision for income tax   -    6,209    (9,958)      (3,749)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $6,209   $(9,958)     $(3,749)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-250

 

 

LANDA SERIES 120 ROSEWOOD DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 120
Rosewood Drive
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 120
Rosewood Drive
Pro Forma
 
Rental income  $              -   $7,248   $-      $7,248 
                        
Expenses                       
Real estate taxes   -    1,076    -       1,076 
Homeowners association fees   -    -    -       - 
Insurance expense   -    274    -       274 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    580   E   580 
Depreciation expense   -    -    3,663   B   3,663 
Interest expense   -    -    6,455   C   6,455 
Total Expenses   -    1,350    10,698       12,048 
                        
Net income (loss) before provision for income tax   -    5,898    (10,698)      (4,800)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $5,898   $(10,698)     $(4,800)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-251

 

 

LANDA SERIES 1201 KILRUSH DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 1201
Kilrush
Drive
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 1201
Kilrush Drive
Pro Forma
 
Rental income  $     -   $13,818   $-      $13,818 
                        
Expenses                       
Real estate taxes   -    1,598    -       1,598 
Homeowners association fees   -    -    -       - 
Insurance expense   -    499    -       499 
Repairs & maintenance   -    725    -       725 
Other expenses   -    -    -       - 
Management fee   -    -    1,105   E   1,105 
Depreciation expense   -    -    7,663   B   7,663 
Interest expense   -    -    12,058   C   12,058 
Total Expenses   -    2,822    20,826       23,648 
                        
Net income (loss) before provision for income tax   -    10,996    (20,826)      (9,830)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $10,996   $(20,826)     $(9,830)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-252

 

 

LANDA SERIES 124 LIBBY LANE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 124
Libby
Lane
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 124
Libby Lane
Pro Forma
 
Rental income  $        -   $3,255   $-      $3,255 
                        
Expenses                       
Real estate taxes   -    572    -       572 
Homeowners association fees   -    -    -       - 
Insurance expense   -    197    -       197 
Repairs & maintenance   -    565    -       565 
Other expenses   -    137    -       137 
Management fee   -    -    775   E   775 
Depreciation expense   -    -    2,918   B   2,918 
Interest expense   -    -    5,411   C   5,411 
Total Expenses   -    1,471    9,104       10,575 
                        
Net income (loss) before provision for income tax   -    1,784    (9,104)      (7,320)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $1,784   $(9,104)     $(7,320)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-253

 

 

LANDA SERIES 126 E MIMOSA DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 126
E Mimosa Drive
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 126
E Mimosa Drive
Pro Forma
 
Rental income  $             -   $1,990   $-      $1,990 
                        
Expenses                       
Real estate taxes   -    621    -       621 
Homeowners association fees   -    -    -       - 
Insurance expense   -    242    -       242 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    681   E   681 
Depreciation expense   -    -    3,175   B   3,175 
Interest expense   -    -    5,770   C   5,770 
Total Expenses   -    863    9,626       10,489 
                        
Net income (loss) before provision for income tax   -    1,127    (9,626)      (8,499)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $1,127   $(9,626)     $(8,499)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-254

 

 

LANDA SERIES 12641 ALCOVY ROAD

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 12641
Alcovy Road
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 12641
Alcovy Road
Pro Forma
 
Rental income  $      -   $8,360   $-      $8,360 
                        
Expenses                       
Real estate taxes   -    736    -       736 
Homeowners association fees   -    -    -       - 
Insurance expense   -    296    -       296 
Repairs & maintenance   -    46    -       46 
Other expenses   -    -    -       - 
Management fee   -    -    739   E   739 
Depreciation expense   -    -    3,994   B   3,994 
Interest expense   -    -    6,918   C   6,918 
Total Expenses   -    1,078    11,651       12,729 
                        
Net income (loss) before provision for income tax   -    7,282    (11,651)      (4,369)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $7,282   $(11,651)     $(4,369)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-255

 

 

LANDA SERIES 1320 WINONA AVENUE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 1320
Winona Avenue
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 1320
Winona Avenue
Pro Forma
 
Rental income  $         -   $5,700   $-      $5,700 
                        
Expenses                       
Real estate taxes   -    326    -       326 
Homeowners association fees   -    -    -       - 
Insurance expense   -    204    -       204 
Repairs & maintenance   -    240    -       240 
Other expenses   -    -    -       - 
Management fee   -    -    456   E   456 
Depreciation expense   -    -    2,602   B   2,602 
Interest expense   -    -    4,968   C   4,968 
Total Expenses   -    770    8,026       8,796 
                        
Net income (loss) before provision for income tax   -    4,930    (8,026)      (3,096)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $4,930   $(8,026)     $(3,096)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-256

 

 

LANDA SERIES 133 DOVE LANDING

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 133
Dove Landing
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 133
Dove Landing
Pro Forma
 
Rental income  $            -   $3,631   $-      $3,631 
                        
Expenses                       
Real estate taxes   -    513    -       513 
Homeowners association fees   -    -    -       - 
Insurance expense   -    210    -       210 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    485   E   485 
Depreciation expense   -    -    2,703   B   2,703 
Interest expense   -    -    5,109   C   5,109 
Total Expenses   -    723    8,297       9,020 
                        
Net income (loss) before provision for income tax   -    2,908    (8,297)      (5,389)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $2,908   $(8,297)     $(5,389)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-257

 

 

LANDA SERIES 137 SOUTHERN SHORES ROAD

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 137
Southern Shores Road
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 137
Southern Shores Road
Pro Forma
 
Rental income  $          -   $6,500   $-      $6,500 
                        
Expenses                       
Real estate taxes   -    683    -       683 
Homeowners association fees   -    -    -       - 
Insurance expense   -    197    -       197 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    569   E   569 
Depreciation expense   -    -    2,915   B   2,915 
Interest expense   -    -    5,406   C   5,406 
Total Expenses   -    880    8,890       9,770 
                        
Net income (loss) before provision for income tax   -    5,620    (8,890)      (3,270)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $5,620   $(8,890)     $(3,270)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-258

 

 

LANDA SERIES 138 SANDALWOOD CIRCLE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 138
Sandalwood Circle
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 138
Sandalwood Circle
Pro Forma
 
Rental income  $          -   $-   $-      $- 
                        
Expenses                       
Real estate taxes   -    612    -       612 
Homeowners association fees   -    630    -       630 
Insurance expense   -    169    -       169 
Repairs & maintenance   -    19,429    -       19,429 
Other expenses   -    299    -       299 
Management fee   -    -    832   E   832 
Depreciation expense   -    -    3,707   B   3,707 
Interest expense   -    -    5,706   C   5,706 
Total Expenses   -    21,139    10,245       31,384 
                        
Net income (loss) before provision for income tax   -    (21,139)   (10,245)      (31,384)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $(21,139)  $(10,245)     $(31,384)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-259

 

 

LANDA SERIES 140 HIGH RIDGE ROAD

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 140
High Ridge Road
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 140
High Ridge Road
Pro Forma
 
Rental income  $        -   $6,402   $-      $6,402 
                        
Expenses                       
Real estate taxes   -    758    -       758 
Homeowners association fees   -    -    -       - 
Insurance expense   -    242    -       242 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    512   E   512 
Depreciation expense   -    -    3,646   B   3,646 
Interest expense   -    -    6,430   C   6,430 
Total Expenses   -    1,000    10,588       11,588 
                        
Net income (loss) before provision for income tax   -    5,402    (10,588)      (5,186)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $5,402   $(10,588)     $(5,186)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-260

 

 

LANDA SERIES 141 LONGSTREET CIRCLE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 141
Longstreet Circle
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 141
Longstreet Circle
Pro Forma
 
Rental income  $         -   $7,552   $-      $7,552 
                        
Expenses                       
Real estate taxes   -    755    -       755 
Homeowners association fees   -    -    -       - 
Insurance expense   -    321    -       321 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    566   E   566 
Depreciation expense   -    -    4,379   B   4,379 
Interest expense   -    -    7,457   C   7,457 
Total Expenses   -    1,076    12,402       13,478 
                        
Net income (loss) before provision for income tax   -    6,476    (12,402)      (5,926)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $6,476   $(12,402)     $(5,926)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-261

 

 

LANDA SERIES 1443 PEBBLE RIDGE LANE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 1443
Pebble Ridge Lane
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 1443
Pebble Ridge Lane
Pro Forma
 
Rental income  $         -   $4,672   $-      $4,672 
                        
Expenses                       
Real estate taxes   -    1,020    -       1,020 
Homeowners association fees   -    -    -       - 
Insurance expense   -    309    -       309 
Repairs & maintenance   -    82    -       82 
Other expenses   -    -    -       - 
Management fee   -    -    916   E   916 
Depreciation expense   -    -    4,189   B   4,189 
Interest expense   -    -    7,191   C   7,191 
Total Expenses   -    1,411    12,296       13,707 
                        
Net income (loss) before provision for income tax   -    3,261    (12,296)      (9,035)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $3,261   $(12,296)     $(9,035)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-262

 

 

LANDA SERIES 1445 MAPLE VALLEY COURT

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 1445
Maple Valley Court
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 1445
Maple Valley Court
Pro Forma
 
Rental income  $       -   $7,050   $-      $7,050 
                        
Expenses                       
Real estate taxes   -    932    -       932 
Homeowners association fees   -    180    -       180 
Insurance expense   -    226    -       226 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    580   E   580 
Depreciation expense   -    -    2,278   B   2,278 
Interest expense   -    -    4,514   C   4,514 
Total Expenses   -    1,338    7,372       8,710 
                        
Net income (loss) before provision for income tax   -    5,712    (7,372)      (1,660)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $5,712   $(7,372)     $(1,660)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-263

 

 

LANDA SERIES 146 CRYSTAL BROOK

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 146
Crystal Brook
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 146
Crystal Brook
Pro Forma
 
Rental income  $       -   $6,792   $-      $6,792 
                        
Expenses                       
Real estate taxes   -    829    -       829 
Homeowners association fees   -    -    -       - 
Insurance expense   -    171    -       171 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    600   E   600 
Depreciation expense   -    -    2,464   B   2,464 
Interest expense   -    -    4,775   C   4,775 
Total Expenses   -    1,000    7,839       8,839 
                        
Net income (loss) before provision for income tax   -    5,792    (7,839)      (2,047)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $5,792   $(7,839)     $(2,047)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-264

 

 

LANDA SERIES 1473 BROWNLEAF DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 1473
Brownleaf Drive
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 1473
Brownleaf Drive
Pro Forma
 
Rental income  $           -   $7,164   $-      $7,164 
                        
Expenses                       
Real estate taxes   -    921    -       921 
Homeowners association fees   -    -    -       - 
Insurance expense   -    269    -       269 
Repairs & maintenance   -    55    -       55 
Other expenses   -    -    -       - 
Management fee   -    -    764   E   764 
Depreciation expense   -    -    3,595   B   3,595 
Interest expense   -    -    6,358   C   6,358 
Total Expenses   -    1,245    10,717       11,962 
                        
Net income (loss) before provision for income tax   -    5,919    (10,717)      (4,798)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $5,919   $(10,717)     $(4,798)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-265

 

 

LANDA SERIES 1485 BOLA COURT

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 1485
Bola Court
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 1485
Bola Court
Pro Forma
 
Rental income  $     -   $8,480   $-      $8,480 
                        
Expenses                       
Real estate taxes   -    674    -       674 
Homeowners association fees   -    -    -       - 
Insurance expense   -    244    -       244 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    770   E   770 
Depreciation expense   -    -    3,209   B   3,209 
Interest expense   -    -    5,818   C   5,818 
Total Expenses   -    918    9,797       10,715 
                        
Net income (loss) before provision for income tax   -    7,562    (9,797)      (2,235)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $7,562   $(9,797)     $(2,235)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-266

 

 

LANDA SERIES 1490 DIPLOMAT DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 1490
Diplomat Drive
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 1490
Diplomat Drive
Pro Forma
 
Rental income  $            -   $3,585   $-      $3,585 
                        
Expenses                       
Real estate taxes   -    1,409    -       1,409 
Homeowners association fees   -    -    -       - 
Insurance expense   -    346    -       346 
Repairs & maintenance   -    -    -       - 
Other expenses   -    82    -       82 
Management fee   -    -    863   E   863 
Depreciation expense   -    -    4,749   B   4,749 
Interest expense   -    -    7,976   C   7,976 
Total Expenses   -    1,837    13,588       15,425 
                        
Net income (loss) before provision for income tax   -    1,748    (13,588)      (11,840)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $1,748   $(13,588)     $(11,840)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-267

 

 

LANDA SERIES 153 CLIFFSIDE COURT

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 153
Cliffside Court
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 153
Cliffside Court
Pro Forma
 
Rental income  $           -   $5,190   $-      $5,190 
                        
Expenses                       
Real estate taxes   -    602    -       602 
Homeowners association fees   -    -    -       - 
Insurance expense   -    135    -       135 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    415   E   415 
Depreciation expense   -    -    2,039   B   2,039 
Interest expense   -    -    4,182   C   4,182 
Total Expenses   -    737    6,636       7,373 
                        
Net income (loss) before provision for income tax   -    4,453    (6,636)      (2,183)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $4,453   $(6,636)     $(2,183)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-268

 

 

LANDA SERIES 157 WELLS ROAD

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 157
Wells Road
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 157
Wells Road
Pro Forma
 
Rental income  $       -   $5,406   $-      $5,406 
                        
Expenses                       
Real estate taxes   -    657    -       657 
Homeowners association fees   -    -    -       - 
Insurance expense   -    205    -       205 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    432   E   432 
Depreciation expense   -    -    2,615   B   2,615 
Interest expense   -    -    4,986   C   4,986 
Total Expenses   -    862    8,033       8,895 
                        
Net income (loss) before provision for income tax   -    4,544    (8,033)      (3,489)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $4,544   $(8,033)     $(3,489)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-269

 

 

LANDA SERIES 160 CHIMNEY RIDGE TRAIL

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 160
Chimney Ridge Trail
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 160
Chimney Ridge Trail
Pro Forma
 
Rental income  $         -   $8,970   $-      $8,970 
                        
Expenses                       
Real estate taxes   -    1,061    -       1,061 
Homeowners association fees   -    -    -       - 
Insurance expense   -    274    -       274 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    718   E   718 
Depreciation expense   -    -    3,663   B   3,663 
Interest expense   -    -    6,455   C   6,455 
Total Expenses   -    1,335    10,836       12,171 
                        
Net income (loss) before provision for income tax   -    7,635    (10,836)      (3,201)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $7,635   $(10,836)     $(3,201)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-270

 

 

LANDA SERIES 164 LONGSTREET CIRCLE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 164
Longstreet Circle
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 164
Longstreet Circle
Pro Forma
 
Rental income  $      -   $6,966   $-      $6,966 
                        
Expenses                       
Real estate taxes   -    907    -       907 
Homeowners association fees   -    -    -       - 
Insurance expense   -    276    -       276 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    557   E   557 
Depreciation expense   -    -    3,698   B   3,698 
Interest expense   -    -    6,504   C   6,504 
Total Expenses   -    1,183    10,759       11,942 
                        
Net income (loss) before provision for income tax   -    5,783    (10,759)      (4,976)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $5,783   $(10,759)     $(4,976)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-271

 

 

LANDA SERIES 1666 W POPLAR STREET

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 1666
W Poplar Street
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 1666
W Poplar Street
Pro Forma
 
Rental income  $        -   $6,732   $-      $6,732 
                        
Expenses                       
Real estate taxes   -    460    -       460 
Homeowners association fees   -    -    -       - 
Insurance expense   -    188    -       188 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    539   E   539 
Depreciation expense   -    -    2,773   B   2,773 
Interest expense   -    -    5,207   C   5,207 
Total Expenses   -    648    8,519       9,167 
                        
Net income (loss) before provision for income tax   -    6,084    (8,519)      (2,435)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $6,084   $(8,519)     $(2,435)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-272

 

 

LANDA SERIES 168 BROOKVIEW DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 168
Brookview Drive
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 168
Brookview Drive
Pro Forma
 
Rental income  $         -   $3,878   $-      $3,878 
                        
Expenses                       
Real estate taxes   -    814    -       814 
Homeowners association fees   -    300    -       300 
Insurance expense   -    206    -       206 
Repairs & maintenance   -    21,817    -       21,817 
Other expenses   -    287    -       287 
Management fee   -    -    534   E   534 
Depreciation expense   -    -    1,712   B   1,712 
Interest expense   -    -    2,975   C   2,975 
Total Expenses   -    23,424    5,221       28,645 
                        
Net income (loss) before provision for income tax   -    (19,546)   (5,221)      (24,767)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $(19,546)  $(5,221)     $(24,767)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-273

 

 

LANDA SERIES 1683 SPOONBILL ROAD

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 1683
Spoonbill
Road
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 1683
Spoonbill Road
Pro Forma
 
Rental income  $              -   $1,800   $-      $1,800 
                        
Expenses                       
Real estate taxes   -    694    -       694 
Homeowners association fees   -    -    -       - 
Insurance expense   -    229    -       229 
Repairs & maintenance   -    535    -       535 
Other expenses   -    -    -       - 
Management fee   -    -    696   E   696 
Depreciation expense   -    -    2,982   B   2,982 
Interest expense   -    -    5,500   C   5,500 
Total Expenses   -    1,458    9,178       10,636 
                        
Net income (loss) before provision for income tax   -    342    (9,178)      (8,836)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $342   $(9,178)     $(8,836)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-274

 

 

LANDA SERIES 1689 VICEROY WAY

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 1689
Viceroy
Way
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 1689
Viceroy Way
Pro Forma
 
Rental income  $              -   $8,222   $-      $8,222 
                        
Expenses                       
Real estate taxes   -    1,672    -       1,672 
Homeowners association fees   -    -    -       - 
Insurance expense   -    260    -       260 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    696   E   696 
Depreciation expense   -    -    3,563   B   3,563 
Interest expense   -    -    6,314   C   6,314 
Total Expenses   -    1,932    10,573       12,505 
                        
Net income (loss) before provision for income tax   -    6,290    (10,573)      (4,283)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $6,290   $(10,573)     $(4,283)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-275

 

 

LANDA SERIES 171 DAVIDSON DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 171
Davidson Drive
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 171
Davidson Drive
Pro Forma
 
Rental income  $           -   $2,308   $-      $2,308 
                        
Expenses                       
Real estate taxes   -    845    -       845 
Homeowners association fees   -    -    -       - 
Insurance expense   -    291    -       291 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    965   E   965 
Depreciation expense   -    -    3,925   B   3,925 
Interest expense   -    -    6,820   C   6,820 
Total Expenses   -    1,136    11,710       12,846 
                        
Net income (loss) before provision for income tax   -    1,172    (11,710)      (10,538)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $1,172   $(11,710)     $(10,538)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-276

 

 

LANDA SERIES 1768 GLEN VIEW WAY

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 1768
Glen View Way
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 1768
Glen View Way
Pro Forma
 
Rental income  $       -   $5,610   $-      $5,610 
                        
Expenses                       
Real estate taxes   -    879    -       879 
Homeowners association fees   -    210    -       210 
Insurance expense   -    234    -       234 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    785   E   785 
Depreciation expense   -    -    3,055   B   3,055 
Interest expense   -    -    5,639   C   5,639 
Total Expenses   -    1,323    9,479       10,802 
                        
Net income (loss) before provision for income tax   -    4,287    (9,479)      (5,192)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $4,287   $(9,479)     $(5,192)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-277

 

 

LANDA SERIES 181 WATERCRESS COURT

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 181
Watercress Court
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 181
Watercress Court
Pro Forma
 
Rental income  $          -   $5,375   $-      $5,375 
                        
Expenses                       
Real estate taxes   -    903    -       903 
Homeowners association fees   -    130    -       130 
Insurance expense   -    186    -       186 
Repairs & maintenance   -    135    -       135 
Other expenses   -    299    -       299 
Management fee   -    -    840   E   840 
Depreciation expense   -    -    3,471   B   3,471 
Interest expense   -    -    6,185   C   6,185 
Total Expenses   -    1,653    10,496       12,149 
                        
Net income (loss) before provision for income tax   -    3,722    (10,496)      (6,774)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $3,722   $(10,496)     $(6,774)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-278

 

 

LANDA SERIES 188 TIMBERLINE ROAD

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 188
Timberline Road
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 188
Timberline Road
Pro Forma
 
Rental income  $           -   $5,158   $-      $5,158 
                        
Expenses                       
Real estate taxes   -    183    -       183 
Homeowners association fees   -    -    -       - 
Insurance expense   -    154    -       154 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    399   E   399 
Depreciation expense   -    -    1,655   B   1,655 
Interest expense   -    -    3,641   C   3,641 
Total Expenses   -    337    5,695       6,032 
                        
Net income (loss) before provision for income tax   -    4,821    (5,695)      (874)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $4,821   $(5,695)     $(874)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-279

 

 

LANDA SERIES 189 SHENANDOAH DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 189
Shenandoah Drive
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 189
Shenandoah Drive
Pro Forma
 
Rental income  $         -   $7,384   $-      $7,384 
                        
Expenses                       
Real estate taxes   -    860    -       860 
Homeowners association fees   -    -    -       - 
Insurance expense   -    209    -       209 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    644   E   644 
Depreciation expense   -    -    3,174   B   3,174 
Interest expense   -    -    5,769   C   5,769 
Total Expenses   -    1,069    9,587       10,656 
                        
Net income (loss) before provision for income tax   -    6,315    (9,587)      (3,272)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $6,315   $(9,587)     $(3,272)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-280

 

 

LANDA SERIES 1903 OLD CONCORD DRIVE SE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 1903
Old Concord Drive SE
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 1903
Old Concord Drive SE
Pro Forma
 
Rental income  $      -   $6,576   $-      $6,576 
                        
Expenses                       
Real estate taxes   -    647    -       647 
Homeowners association fees   -    -    -       - 
Insurance expense   -    297    -       297 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    526   E   526 
Depreciation expense   -    -    4,012   B   4,012 
Interest expense   -    -    6,943   C   6,943 
Total Expenses   -    944    11,481       12,425 
                        
Net income (loss) before provision for income tax   -    5,632    (11,481)      (5,849)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $5,632   $(11,481)     $(5,849)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-281

 

 

LANDA SERIES 195 BRANCHWOOD DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 195
Branchwood Drive
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 195
Branchwood Drive
Pro Forma
 
Rental income  $       -   $-   $-      $- 
                        
Expenses                       
Real estate taxes   -    789    -       789 
Homeowners association fees   -    -    -       - 
Insurance expense   -    305    -       305 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    828   E   828 
Depreciation expense   -    -    4,134   B   4,134 
Interest expense   -    -    7,114   C   7,114 
Total Expenses   -    1,094    12,076       13,170 
                        
Net income (loss) before provision for income tax   -    (1,094)   (12,076)      (13,170)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $(1,094)  $(12,076)     $(13,170)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-282

 

 

LANDA SERIES 195 FAIRCLIFT DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 195
Fairclift Drive
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 195
Fairclift Drive
Pro Forma
 
Rental income  $          -   $7,632   $-      $7,632 
                        
Expenses                       
Real estate taxes   -    615    -       615 
Homeowners association fees   -    -    -       - 
Insurance expense   -    273    -       273 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    611   E   611 
Depreciation expense   -    -    3,646   B   3,646 
Interest expense   -    -    6,430   C   6,430 
Total Expenses   -    888    10,687       11,575 
                        
Net income (loss) before provision for income tax   -    6,744    (10,687)      (3,943)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $6,744   $(10,687)     $(3,943)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-283

 

 

LANDA SERIES 195 HUNTERS TRACE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 195
Hunters Trace
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 195
Hunters Trace
Pro Forma
 
Rental income  $        -   $3,316   $-      $3,316 
                        
Expenses                       
Real estate taxes   -    814    -       814 
Homeowners association fees   -    -    -       - 
Insurance expense   -    246    -       246 
Repairs & maintenance   -    18,315    -       18,315 
Other expenses   -    314    -       314 
Management fee   -    -    771   E   771 
Depreciation expense   -    -    3,822   B   3,822 
Interest expense   -    -    7,131   C   7,131 
Total Expenses   -    19,689    11,724       31,413 
                        
Net income (loss) before provision for income tax   -    (16,373)   (11,724)      (28,097)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $(16,373)  $(11,724)     $(28,097)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-284

 

 

LANDA SERIES 196 MONTEGO CIRCLE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 196
Montego Circle
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 196
Montego Circle
Pro Forma
 
Rental income  $          -   $7,956   $-      $7,956 
                        
Expenses                       
Real estate taxes   -    795    -       795 
Homeowners association fees   -    -    -       - 
Insurance expense   -    225    -       225 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    636   E   636 
Depreciation expense   -    -    3,349   B   3,349 
Interest expense   -    -    6,014   C   6,014 
Total Expenses   -    1,020    9,999       11,019 
                        
Net income (loss) before provision for income tax   -    6,936    (9,999)      (3,063)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $6,936   $(9,999)     $(3,063)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-285

 

 

LANDA SERIES 20 CHIMNEY SMOKE DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 20
Chimney Smoke Drive
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 20
Chimney Smoke Drive
Pro Forma
 
Rental income  $          -   $8,658   $-      $8,658 
                        
Expenses                       
Real estate taxes   -    1,145    -       1,145 
Homeowners association fees   -    -    -       - 
Insurance expense   -    274    -       274 
Repairs & maintenance   -    2,396    -       2,396 
Other expenses   -    -    -       - 
Management fee   -    -    813   E   813 
Depreciation expense   -    -    3,663   B   3,663 
Interest expense   -    -    6,455   C   6,455 
Total Expenses   -    3,815    10,931       14,746 
                        
Net income (loss) before provision for income tax   -    4,843    (10,931)      (6,088)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $4,843   $(10,931)     $(6,088)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-286

 

 

LANDA SERIES 204 N MAIN COURT

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 204
N Main Court
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 204
N Main Court
Pro Forma
 
Rental income  $          -   $6,912   $-      $6,912 
                        
Expenses                       
Real estate taxes   -    939    -       939 
Homeowners association fees   -    -    -       - 
Insurance expense   -    210    -       210 
Repairs & maintenance   -    687    -       687 
Other expenses   -    -    -       - 
Management fee   -    -    553   E   553 
Depreciation expense   -    -    2,703   B   2,703 
Interest expense   -    -    5,109   C   5,109 
Total Expenses   -    1,836    8,365       10,201 
                        
Net income (loss) before provision for income tax   -    5,076    (8,365)      (3,289)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $5,076   $(8,365)     $(3,289)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-287

 

 

LANDA SERIES 2055 GROVE WAY

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 2055
Grove Way
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 2055
Grove Way
Pro Forma
 
Rental income  $        -   $-   $-      $- 
                        
Expenses                       
Real estate taxes   -    972    -       972 
Homeowners association fees   -    225    -       225 
Insurance expense   -    234    -       234 
Repairs & maintenance   -    106    -       106 
Other expenses   -    299    -       299 
Management fee   -    -    810   E   810 
Depreciation expense   -    -    3,052   B   3,052 
Interest expense   -    -    5,598   C   5,598 
Total Expenses   -    1,836    9,460       11,296 
                        
Net income (loss) before provision for income tax   -    (1,836)   (9,460)      (11,296)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $(1,836)  $(9,460)     $(11,296)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-288

 

 

LANDA SERIES 212 FLEETA DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 212
Fleeta Drive
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 212
Fleeta Drive
Pro Forma
 
Rental income  $        -   $8,718   $-      $8,718 
                        
Expenses                       
Real estate taxes   -    690    -       690 
Homeowners association fees   -    -    -       - 
Insurance expense   -    215    -       215 
Repairs & maintenance   -    2,150    -       2,150 
Other expenses   -    -    -       - 
Management fee   -    -    764   E   764 
Depreciation expense   -    -    2,808   B   2,808 
Interest expense   -    -    5,257   C   5,257 
Total Expenses   -    3,055    8,829       11,884 
                        
Net income (loss) before provision for income tax   -    5,663    (8,829)      (3,166)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $5,663   $(8,829)     $(3,166)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-289

 

 

LANDA SERIES 215 CENTRAL LAKE CIRCLE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 215
Central Lake Circle
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 215
Central Lake Circle
Pro Forma
 
Rental income  $         -   $3,178   $-      $3,178 
                        
Expenses                       
Real estate taxes   -    585    -       585 
Homeowners association fees   -    -    -       - 
Insurance expense   -    253    -       253 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    647   E   647 
Depreciation expense   -    -    3,348   B   3,348 
Interest expense   -    -    6,013   C   6,013 
Total Expenses   -    838    10,008       10,846 
                        
Net income (loss) before provision for income tax   -    2,340    (10,008)      (7,668)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $2,340   $(10,008)     $(7,668)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-290

 

 

LANDA SERIES 217 GLENLOCH COURT

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 217
Glenloch Court
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 217
Glenloch Court
Pro Forma
 
Rental income  $          -   $9,540   $-      $9,540 
                        
Expenses                       
Real estate taxes   -    1,237    -       1,237 
Homeowners association fees   -    -    -       - 
Insurance expense   -    330    -       330 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    809   E   809 
Depreciation expense   -    -    4,013   B   4,013 
Interest expense   -    -    6,944   C   6,944 
Total Expenses   -    1,567    11,766       13,333 
                        
Net income (loss) before provision for income tax   -    7,973    (11,766)      (3,793)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $7,973   $(11,766)     $(3,793)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-291

 

 

LANDA SERIES 2177 E CHESTER CIRCLE SE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 2177
E Chester Circle SE
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 2177
E Chester Circle SE
Pro Forma
 
Rental income  $         -   $5,745   $-      $5,745 
                        
Expenses                       
Real estate taxes   -    697    -       697 
Homeowners association fees   -    -    -       - 
Insurance expense   -    302    -       302 
Repairs & maintenance   -    80    -       80 
Other expenses   -    -    -       - 
Management fee   -    -    936   E   936 
Depreciation expense   -    -    4,082   B   4,082 
Interest expense   -    -    7,041   C   7,041 
Total Expenses   -    1,079    12,059       13,138 
                        
Net income (loss) before provision for income tax   -    4,666    (12,059)      (7,393)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $4,666   $(12,059)     $(7,393)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-292

 

 

LANDA SERIES 221 LAKEVIEW DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 221
Lakeview Drive
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 221
Lakeview Drive
Pro Forma
 
Rental income  $           -   $7,258   $-      $7,258 
                        
Expenses                       
Real estate taxes   -    1,178    -       1,178 
Homeowners association fees   -    -    -       - 
Insurance expense   -    286    -       286 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    553   E   553 
Depreciation expense   -    -    3,838   B   3,838 
Interest expense   -    -    6,699   C   6,699 
Total Expenses   -    1,464    11,090       12,554 
                        
Net income (loss) before provision for income tax   -    5,794    (11,090)      (5,296)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $5,794   $(11,090)     $(5,296)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-293

 

 

LANDA SERIES 2264 CHESTNUT HILL CIRCLE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 2264
Chestnut Hill Circle
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 2264
Chestnut Hill Circle
Pro Forma
 
Rental income  $            -   $8,638   $-      $8,638 
                        
Expenses                       
Real estate taxes   -    1,908    -       1,908 
Homeowners association fees   -    -    -       - 
Insurance expense   -    377    -       377 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    680   E   680 
Depreciation expense   -    -    5,148   B   5,148 
Interest expense   -    -    8,535   C   8,535 
Total Expenses   -    2,285    14,363       16,648 
                        
Net income (loss) before provision for income tax   -    6,353    (14,363)      (8,010)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $6,353   $(14,363)     $(8,010)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-294

 

 

LANDA SERIES 235 LAZY HOLLOW LANE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 235
Lazy Hollow Lane
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 235
Lazy Hollow Lane
Pro Forma
 
Rental income  $        -   $6,972   $-      $6,972 
                        
Expenses                       
Real estate taxes   -    886    -       886 
Homeowners association fees   -    -    -       - 
Insurance expense   -    287    -       287 
Repairs & maintenance   -    397    -       397 
Other expenses   -    -    -       - 
Management fee   -    -    558   E   558 
Depreciation expense   -    -    3,856   B   3,856 
Interest expense   -    -    6,733   C   6,733 
Total Expenses   -    1,570    11,147       12,717 
                        
Net income (loss) before provision for income tax   -    5,402    (11,147)      (5,745)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $5,402   $(11,147)     $(5,745)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-295

 

 

LANDA SERIES 2425 CORNELL CIRCLE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 2425
Cornell Circle
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 2425
Cornell Circle
Pro Forma
 
Rental income  $         -   $8,760   $-      $8,760 
                        
Expenses                       
Real estate taxes   -    1,498    -       1,498 
Homeowners association fees   -    -    -       - 
Insurance expense   -    321    -       321 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    701   E   701 
Depreciation expense   -    -    4,380   B   4,380 
Interest expense   -    -    7,458   C   7,458 
Total Expenses   -    1,819    12,539       14,358 
                        
Net income (loss) before provision for income tax   -    6,941    (12,539)      (5,598)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $6,941   $(12,539)     $(5,598)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-296

 

 

LANDA SERIES 2443 HODGES FARM ROAD

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 2443
Hodges Farm Road
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 2443
Hodges Farm Road
Pro Forma
 
Rental income  $         -   $7,314   $-      $7,314 
                        
Expenses                       
Real estate taxes   -    712    -       712 
Homeowners association fees   -    -    -       - 
Insurance expense   -    230    -       230 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    585   E   585 
Depreciation expense   -    -    3,000   B   3,000 
Interest expense   -    -    5,525   C   5,525 
Total Expenses   -    942    9,110       10,052 
                        
Net income (loss) before provision for income tax   -    6,372    (9,110)      (2,738)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $6,372   $(9,110)     $(2,738)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-297

 

 

LANDA SERIES 25 PLEASANT VALLEY ROAD

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 25
Pleasant Valley Road
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 25
Pleasant Valley Road
Pro Forma
 
Rental income  $        -   $7,153   $-      $7,153 
                        
Expenses                       
Real estate taxes   -    1,020    -       1,020 
Homeowners association fees   -    -    -       - 
Insurance expense   -    254    -       254 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    788   E   788 
Depreciation expense   -    -    3,611   B   3,611 
Interest expense   -    -    6,381   C   6,381 
Total Expenses   -    1,274    10,780       12,054 
                        
Net income (loss) before provision for income tax   -    5,879    (10,780)      (4,901)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $5,879   $(10,780)     $(4,901)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-298

 

 

LANDA SERIES 253 MARCO DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 253
Marco Drive
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 253
Marco Drive
Pro Forma
 
Rental income  $         -   $6,003   $-      $6,003 
                        
Expenses                       
Real estate taxes   -    650    -       650 
Homeowners association fees   -    -    -       - 
Insurance expense   -    197    -       197 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    613   E   613 
Depreciation expense   -    -    2,794   B   2,794 
Interest expense   -    -    5,237   C   5,237 
Total Expenses   -    847    8,644       9,491 
                        
Net income (loss) before provision for income tax   -    5,156    (8,644)      (3,488)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $5,156   $(8,644)     $(3,488)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-299

 

 

LANDA SERIES 255 COUNTRYSIDE LANE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 255
Countryside Lane
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 255
Countryside Lane
Pro Forma
 
Rental income  $            -   $9,120   $-      $9,120 
                        
Expenses                       
Real estate taxes   -    787    -       787 
Homeowners association fees   -    -    -       - 
Insurance expense   -    282    -       282 
Repairs & maintenance   -    45    -       45 
Other expenses   -    -    -       - 
Management fee   -    -    826   E   826 
Depreciation expense   -    -    3,786   B   3,786 
Interest expense   -    -    6,626   C   6,626 
Total Expenses   -    1,114    11,238       12,352 
                        
Net income (loss) before provision for income tax   -    8,006    (11,238)      (3,232)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $8,006   $(11,238)     $(3,232)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-300

 

 

LANDA SERIES 258 ROCKY POINT ROAD

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 258
Rocky Point Road
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 258
Rocky Point Road
Pro Forma
 
Rental income  $         -   $6,820   $-      $6,820 
                        
Expenses                       
Real estate taxes   -    1,030    -       1,030 
Homeowners association fees   -    -    -       - 
Insurance expense   -    285    -       285 
Repairs & maintenance   -    491    -       491 
Other expenses   -    27    -       27 
Management fee   -    -    554   E   554 
Depreciation expense   -    -    4,117   B   4,117 
Interest expense   -    -    7,091   C   7,091 
Total Expenses   -    1,833    11,762       13,595 
                        
Net income (loss) before provision for income tax   -    4,987    (11,762)      (6,775)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $4,987   $(11,762)     $(6,775)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-301

 

 

LANDA SERIES 263 ROCKY POINT ROAD

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 263
Rocky Point Road
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 263
Rocky Point Road
Pro Forma
 
Rental income  $       -   $-   $-      $- 
                        
Expenses                       
Real estate taxes   -    708    -       708 
Homeowners association fees   -    -    -       - 
Insurance expense   -    266    -       266 
Repairs & maintenance   -    743    -       743 
Other expenses   -    350    -       350 
Management fee   -    -    611   E   611 
Depreciation expense   -    -    3,541   B   3,541 
Interest expense   -    -    6,283   C   6,283 
Total Expenses   -    2,067    10,435       12,502 
                        
Net income (loss) before provision for income tax   -    (2,067)   (10,435)      (12,502)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $(2,067)  $(10,435)     $(12,502)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-302

 

 

LANDA SERIES 268 BROOKVIEW DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 268
Brookview Drive
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 268
Brookview Drive
Pro Forma
 
Rental income  $          -   $7,938   $-      $7,938 
                        
Expenses                       
Real estate taxes   -    816    -       816 
Homeowners association fees   -    300    -       300 
Insurance expense   -    206    -       206 
Repairs & maintenance   -    127    -       127 
Other expenses   -    -    -       - 
Management fee   -    -    605   E   605 
Depreciation expense   -    -    2,082   B   2,082 
Interest expense   -    -    4,239   C   4,239 
Total Expenses   -    1,449    6,926       8,375 
                        
Net income (loss) before provision for income tax   -    6,489    (6,926)      (437)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $6,489   $(6,926)     $(437)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-303

 

 

LANDA SERIES 270 MOUNTAIN LANE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 270
Mountain Lane
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 270
Mountain Lane
Pro Forma
 
Rental income  $          -   $-   $-      $- 
                        
Expenses                       
Real estate taxes   -    738    -       738 
Homeowners association fees   -    -    -       - 
Insurance expense   -    270    -       270 
Repairs & maintenance   -    -    -       - 
Other expenses   -    461    -       461 
Management fee   -    -    822   E   822 
Depreciation expense   -    -    4,230   B   4,230 
Interest expense   -    -    6,563   C   6,563 
Total Expenses   -    1,469    11,615       13,084 
                        
Net income (loss) before provision for income tax   -    (1,469)   (11,615)      (13,084)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $(1,469)  $(11,615)     $(13,084)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-304

 

 

LANDA SERIES 270 MOUNTAIN WAY

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 270
Mountain Way
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 270
Mountain Way
Pro Forma
 
Rental income  $           -   $4,550   $-      $4,550 
                        
Expenses                       
Real estate taxes   -    715    -       715 
Homeowners association fees   -    -    -       - 
Insurance expense   -    275    -       275 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    870   E   870 
Depreciation expense   -    -    3,681   B   3,681 
Interest expense   -    -    6,479   C   6,479 
Total Expenses   -    990    11,030       12,020 
                        
Net income (loss) before provision for income tax   -    3,560    (11,030)      (7,470)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $3,560   $(11,030)     $(7,470)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-305

 

 

LANDA SERIES 270 PLEASANT HILL DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 270
Pleasant Hill Drive
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 270
Pleasant Hill Drive
Pro Forma
 
Rental income  $         -   $6,666   $-      $6,666 
                        
Expenses                       
Real estate taxes   -    752    -       752 
Homeowners association fees   -    -    -       - 
Insurance expense   -    309    -       309 
Repairs & maintenance   -    14,050    -       14,050 
Other expenses   -    260    -       260 
Management fee   -    -    779   E   779 
Depreciation expense   -    -    4,147   B   4,147 
Interest expense   -    -    6,147   C   6,147 
Total Expenses   -    15,371    11,073       26,444 
                        
Net income (loss) before provision for income tax   -    (8,705)   (11,073)      (19,778)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $(8,705)  $(11,073)     $(19,778)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-306

 

 

LANDA SERIES 2794 NORFAIR LOOP

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 2794
Norfair Loop
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 2794
Norfair Loop
Pro Forma
 
Rental income  $         -   $7,396   $-      $7,396 
                        
Expenses                       
Real estate taxes   -    1,281    -       1,281 
Homeowners association fees   -    198    -       198 
Insurance expense   -    218    -       218 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    665   E   665 
Depreciation expense   -    -    2,808   B   2,808 
Interest expense   -    -    5,256   C   5,256 
Total Expenses   -    1,697    8,729       10,426 
                        
Net income (loss) before provision for income tax   -    5,699    (8,729)      (3,030)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $5,699   $(8,729)     $(3,030)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-307

 

 

LANDA SERIES 2813 VICKSBURG COURT

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 2813
Vicksburg Court
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 2813
Vicksburg Court
Pro Forma
 
Rental income  $       -   $8,885   $-      $8,885 
                        
Expenses                       
Real estate taxes   -    762    -       762 
Homeowners association fees   -    -    -       - 
Insurance expense   -    319    -       319 
Repairs & maintenance   -    245    -       245 
Other expenses   -    -    -       - 
Management fee   -    -    688   E   688 
Depreciation expense   -    -    4,484   B   4,484 
Interest expense   -    -    7,605   C   7,605 
Total Expenses   -    1,326    12,777       14,103 
                        
Net income (loss) before provision for income tax   -    7,559    (12,777)      (5,218)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $7,559   $(12,777)     $(5,218)

  

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-308

 

 

LANDA SERIES 2933 COFFER DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 2933
Coffer Drive
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 2933
Coffer Drive
Pro Forma
 
Rental income  $         -   $8,083   $-      $8,083 
                        
Expenses                       
Real estate taxes   -    596    -       596 
Homeowners association fees   -    -    -       - 
Insurance expense   -    242    -       242 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    672   E   672 
Depreciation expense   -    -    3,581   B   3,581 
Interest expense   -    -    6,339   C   6,339 
Total Expenses   -    838    10,592       11,430 
                        
Net income (loss) before provision for income tax   -    7,245    (10,592)      (3,347)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $7,245   $(10,592)     $(3,347)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-309

 

 

LANDA SERIES 30 HIGH RIDGE ROAD

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 30
High Ridge Road
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 30
High Ridge Road
Pro Forma
 
Rental income  $         -   $8,880   $-      $8,880 
                        
Expenses                       
Real estate taxes   -    689    -       689 
Homeowners association fees   -    -    -       - 
Insurance expense   -    240    -       240 
Repairs & maintenance   -    430    -       430 
Other expenses   -    -    -       - 
Management fee   -    -    800   E   800 
Depreciation expense   -    -    4,402   B   4,402 
Interest expense   -    -    7,489   C   7,489 
Total Expenses   -    1,359    12,691       14,050 
                        
Net income (loss) before provision for income tax   -    7,521    (12,691)      (5,170)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $7,521   $(12,691)     $(5,170)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-310

 

 

LANDA SERIES 30 ROOSEVELT ROAD

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 30
Roosevelt Road
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 30
Roosevelt Road
Pro Forma
 
Rental income  $          -   $1,214   $-      $1,214 
                        
Expenses                       
Real estate taxes   -    1,072    -       1,072 
Homeowners association fees   -    -    -       - 
Insurance expense   -    281    -       281 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    780   E   780 
Depreciation expense   -    -    3,628   B   3,628 
Interest expense   -    -    6,406   C   6,406 
Total Expenses   -    1,353    10,814       12,167 
                        
Net income (loss) before provision for income tax   -    (139)   (10,814)      (10,953)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $(139)  $(10,814)     $(10,953)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-311

 

 

LANDA SERIES 3011 RAINTREE DRIVE SE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 3011
Raintree Drive SE
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 3011
Raintree Drive SE
Pro Forma
 
Rental income  $     -   $-   $-      $- 
                        
Expenses                       
Real estate taxes   -    1,054    -       1,054 
Homeowners association fees   -    -    -       - 
Insurance expense   -    224    -       224 
Repairs & maintenance   -    -    -       - 
Other expenses   -    183    -       183 
Management fee   -    -    764   E   764 
Depreciation expense   -    -    3,931   B   3,931 
Interest expense   -    -    6,975   C   6,975 
Total Expenses   -    1,461    11,670       13,131 
                        
Net income (loss) before provision for income tax   -    (1,461)   (11,670)      (13,131)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $(1,461)  $(11,670)     $(13,131)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-312

 

 

LANDA SERIES 304 DEERFIELD DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 304
Deerfield Drive
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 304
Deerfield Drive
Pro Forma
 
Rental income  $           -   $-   $-      $- 
                        
Expenses                       
Real estate taxes   -    891    -       891 
Homeowners association fees   -    -    -       - 
Insurance expense   -    273    -       273 
Repairs & maintenance   -    20,360    -       20,360 
Other expenses   -    299    -       299 
Management fee   -    -    847   E   847 
Depreciation expense   -    -    3,653   B   3,653 
Interest expense   -    -    6,567   C   6,567 
Total Expenses   -    21,823    11,067       32,890 
                        
Net income (loss) before provision for income tax   -    (21,823)   (11,067)      (32,890)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $(21,823)  $(11,067)     $(32,890)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-313

 

 

LANDA SERIES 3043 HIGHWAY 81 S

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 3043
Highway 81 S
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 3043
Highway 81 S
Pro Forma
 
Rental income  $            -   $6,132   $-      $6,132 
                        
Expenses                       
Real estate taxes   -    771    -       771 
Homeowners association fees   -    -    -       - 
Insurance expense   -    220    -       220 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    491   E   491 
Depreciation expense   -    -    2,529   B   2,529 
Interest expense   -    -    4,865   C   4,865 
Total Expenses   -    991    7,885       8,876 
                        
Net income (loss) before provision for income tax   -    5,141    (7,885)      (2,744)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $5,141   $(7,885)     $(2,744)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-314

 

 

LANDA SERIES 313 BLUE HERON DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 313
Blue Heron Drive
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 313
Blue Heron Drive
Pro Forma
 
Rental income  $             -   $2,134   $-      $2,134 
                        
Expenses                       
Real estate taxes   -    1,066    -       1,066 
Homeowners association fees   -    -    -       - 
Insurance expense   -    244    -       244 
Repairs & maintenance   -    -    -       - 
Other expenses   -    314    -       314 
Management fee   -    -    745   E   745 
Depreciation expense   -    -    3,402   B   3,402 
Interest expense   -    -    6,108   C   6,108 
Total Expenses   -    1,624    10,255       11,879 
                        
Net income (loss) before provision for income tax   -    510    (10,255)      (9,745)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $510   $(10,255)     $(9,745)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-315

 

 

LANDA SERIES 3202 CHIPPEWA DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 3202
Chippewa Drive
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 3202
Chippewa Drive
Pro Forma
 
Rental income  $           -   $7,938   $-      $7,938 
                        
Expenses                       
Real estate taxes   -    689    -       689 
Homeowners association fees   -    -    -       - 
Insurance expense   -    255    -       255 
Repairs & maintenance   -    4,130    -       4,130 
Other expenses   -    -    -       - 
Management fee   -    -    635   E   635 
Depreciation expense   -    -    3,856   B   3,856 
Interest expense   -    -    6,724   C   6,724 
Total Expenses   -    5,074    11,215       16,289 
                        
Net income (loss) before provision for income tax   -    2,864    (11,215)      (8,351)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $2,864   $(11,215)     $(8,351)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-316

 

 

LANDA SERIES 35 CLAY COURT

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 35
Clay Court
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 35
Clay Court
Pro Forma
 
Rental income  $        -   $1,185   $-      $1,185 
                        
Expenses                       
Real estate taxes   -    833    -       833 
Homeowners association fees   -    -    -       - 
Insurance expense   -    278    -       278 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    816   E   816 
Depreciation expense   -    -    4,359   B   4,359 
Interest expense   -    -    6,822   C   6,822 
Total Expenses   -    1,111    11,997       13,108 
                        
Net income (loss) before provision for income tax   -    74    (11,997)      (11,923)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $74   $(11,997)     $(11,923)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-317

 

 

LANDA SERIES 350 CADIZ LANE S

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 350
Cadiz Lane S
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 350
Cadiz Lane S
Pro Forma
 
Rental income  $        -   $7,248   $-      $7,248 
                        
Expenses                       
Real estate taxes   -    782    -       782 
Homeowners association fees   -    -    -       - 
Insurance expense   -    244    -       244 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    580   E   580 
Depreciation expense   -    -    3,506   B   3,506 
Interest expense   -    -    6,234   C   6,234 
Total Expenses   -    1,026    10,320       11,346 
                        
Net income (loss) before provision for income tax   -    6,222    (10,320)      (4,098)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $6,222   $(10,320)     $(4,098)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-318

 

 

LANDA SERIES 351 WESLEY PARK DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 351
Wesley Park Drive
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 351
Wesley Park Drive
Pro Forma
 
Rental income  $        -   $7,196   $-      $7,196 
                        
Expenses                       
Real estate taxes   -    855    -       855 
Homeowners association fees   -    -    -       - 
Insurance expense   -    204    -       204 
Repairs & maintenance   -    1,952    -       1,952 
Other expenses   -    -    -       - 
Management fee   -    -    730   E   730 
Depreciation expense   -    -    3,244   B   3,244 
Interest expense   -    -    5,867   C   5,867 
Total Expenses   -    3,011    9,841       12,852 
                        
Net income (loss) before provision for income tax   -    4,185    (9,841)      (5,656)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $4,185   $(9,841)     $(5,656)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-319

 

 

LANDA SERIES 3603 MANHATTAN DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 3603
Manhattan Drive
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 3603
Manhattan Drive
Pro Forma
 
Rental income  $           -   $1,075   $-      $1,075 
                        
Expenses                       
Real estate taxes   -    1,289    -       1,289 
Homeowners association fees   -    -    -       - 
Insurance expense   -    316    -       316 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    888   E   888 
Depreciation expense   -    -    4,292   B   4,292 
Interest expense   -    -    7,336   C   7,336 
Total Expenses   -    1,605    12,516       14,121 
                        
Net income (loss) before provision for income tax   -    (530)   (12,516)      (13,046)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $(530)  $(12,516)     $(13,046)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-320

 

 

LANDA SERIES 3667 PATTI PARKWAY

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 3667
Patti
Parkway
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 3667
Patti Parkway
Pro Forma
 
Rental income  $            -   $9,762   $-      $9,762 
                        
Expenses                       
Real estate taxes   -    1,655    -       1,655 
Homeowners association fees   -    -    -       - 
Insurance expense   -    372    -       372 
Repairs & maintenance   -    5,961    -       5,961 
Other expenses   -    -    -       - 
Management fee   -    -    781   E   781 
Depreciation expense   -    -    5,148   B   5,148 
Interest expense   -    -    8,535   C   8,535 
Total Expenses   -    7,988    14,464       22,452 
                        
Net income (loss) before provision for income tax   -    1,774    (14,464)      (12,690)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $1,774   $(14,464)     $(12,690)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-321

 

 

LANDA SERIES 404 BARBERRY LANE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 404
Barberry Lane
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 404
Barberry Lane
Pro Forma
 
Rental income  $        -   $7,264   $-      $7,264 
                        
Expenses                       
Real estate taxes   -    947    -       947 
Homeowners association fees   -    -    -       - 
Insurance expense   -    273    -       273 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    602   E   602 
Depreciation expense   -    -    3,648   B   3,648 
Interest expense   -    -    6,433   C   6,433 
Total Expenses   -    1,220    10,683       11,903 
                        
Net income (loss) before provision for income tax   -    6,044    (10,683)      (4,639)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $6,044   $(10,683)     $(4,639)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-322

 

 

LANDA SERIES 412 KENDALL LANE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

  

   Landa
Series 412
Kendall Lane
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 412
Kendall Lane
Pro Forma
 
Rental income  $          -   $7,416   $-      $7,416 
                        
Expenses                       
Real estate taxes   -    938    -       938 
Homeowners association fees   -    163    -       163 
Insurance expense   -    284    -       284 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    593   E   593 
Depreciation expense   -    -    3,822   B   3,822 
Interest expense   -    -    6,677   C   6,677 
Total Expenses   -    1,385    11,092       12,477 
                        
Net income (loss) before provision for income tax   -    6,031    (11,092)      (5,061)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $6,031   $(11,092)     $(5,061)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-323

 

 

LANDA SERIES 416 AUTUMN LAKE COURT

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 416
Autumn Lake Court
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 416
Autumn Lake Court
Pro Forma
 
Rental income  $           -   $8,010   $-      $8,010 
                        
Expenses                       
Real estate taxes   -    972    -       972 
Homeowners association fees   -    125    -       125 
Insurance expense   -    252    -       252 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    796   E   796 
Depreciation expense   -    -    3,332   B   3,332 
Interest expense   -    -    5,990   C   5,990 
Total Expenses   -    1,349    10,118       11,467 
                        
Net income (loss) before provision for income tax   -    6,661    (10,118)      (3,457)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $6,661   $(10,118)     $(3,457)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-324

 

 

LANDA SERIES 43 DARWIN DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 43
Darwin Drive
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 43
Darwin Drive
Pro Forma
 
Rental income  $           -   $6,878   $-      $6,878 
                        
Expenses                       
Real estate taxes   -    703    -       703 
Homeowners association fees   -    -    -       - 
Insurance expense   -    224    -       224 
Repairs & maintenance   -    360    -       360 
Other expenses   -    -    -       - 
Management fee   -    -    609   E   609 
Depreciation expense   -    -    3,104   B   3,104 
Interest expense   -    -    5,672   C   5,672 
Total Expenses   -    1,287    9,385       10,672 
                        
Net income (loss) before provision for income tax   -    5,591    (9,385)      (3,794)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $5,591   $(9,385)     $(3,794)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-325

 

 

LANDA SERIES 432 MANOR ESTATES DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 432
Manor Estates Drive
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 432
Manor Estates Drive
Pro Forma
 
Rental income  $        -   $8,326   $-      $8,326 
                        
Expenses                       
Real estate taxes   -    996    -       996 
Homeowners association fees   -    -    -       - 
Insurance expense   -    303    -       303 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    720   E   720 
Depreciation expense   -    -    4,102   B   4,102 
Interest expense   -    -    7,069   C   7,069 
Total Expenses   -    1,299    11,891       13,190 
                        
Net income (loss) before provision for income tax   -    7,027    (11,891)      (4,864)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $7,027   $(11,891)     $(4,864)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-326

 

 

LANDA SERIES 440 FREESTONE DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 440
Freestone Drive
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 440
Freestone Drive
Pro Forma
 
Rental income  $             -   $8,316   $-      $8,316 
                        
Expenses                       
Real estate taxes   -    662    -       662 
Homeowners association fees   -    -    -       - 
Insurance expense   -    314    -       314 
Repairs & maintenance   -    6,398    -       6,398 
Other expenses   -    -    -       - 
Management fee   -    -    665   E   665 
Depreciation expense   -    -    4,264   B   4,264 
Interest expense   -    -    7,459   C   7,459 
Total Expenses   -    7,374    12,388       19,762 
                        
Net income (loss) before provision for income tax   -    942    (12,388)      (11,446)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $942   $(12,388)     $(11,446)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-327

 

  

LANDA SERIES 4447 LAKE BREEZE DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 4447
Lake Breeze Drive
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 4447
Lake Breeze Drive
Pro Forma
 
Rental income  $          -   $8,234   $-      $8,234 
                        
Expenses                       
Real estate taxes   -    1,633    -       1,633 
Homeowners association fees   -    -    -       - 
Insurance expense   -    333    -       333 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    627   E   627 
Depreciation expense   -    -    4,554   B   4,554 
Interest expense   -    -    7,703   C   7,703 
Total Expenses   -    1,966    12,884       14,850 
                        
Net income (loss) before provision for income tax   -    6,268    (12,884)      (6,616)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $6,268   $(12,884)     $(6,616)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-328

 

 

LANDA SERIES 445 INDEPENDENCE DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

  

   Landa
Series 445
Independence Drive
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 445
Independence Drive
Pro Forma
 
Rental income  $                  -   $2,372   $-      $2,372 
                        
Expenses                       
Real estate taxes   -    960    -       960 
Homeowners association fees   -    -    -       - 
Insurance expense   -    295    -       295 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    830   E   830 
Depreciation expense   -    -    3,973   B   3,973 
Interest expense   -    -    6,723   C   6,723 
Total Expenses   -    1,255    11,526       12,781 
                        
Net income (loss) before provision for income tax   -    1,117    (11,526)      (10,409)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $1,117   $(11,526)     $(10,409)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-329

 

 

LANDA SERIES 449 KARA LANE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 449
Kara Lane
   Historical
Property
Operations
   Pro Forma Adjustments   Notes  Landa
Series 449
Kara Lane
Pro Forma
 
Rental income  $         -   $2,175   $-      $2,175 
                        
Expenses                       
Real estate taxes   -    993    -       993 
Homeowners association fees   -    100    -       100 
Insurance expense   -    289    -       289 
Repairs & maintenance   -    120    -       120 
Other expenses   -    260    -       260 
Management fee   -    -    852   E   852 
Depreciation expense   -    -    3,861   B   3,861 
Interest expense   -    -    5,972   C   5,972 
Total Expenses   -    1,762    10,685       12,447 
                        
Net income (loss) before provision for income tax   -    413    (10,685)      (10,272)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $413   $(10,685)     $(10,272)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-330

 

 

LANDA SERIES 45 BLUE JAY DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 45
Blue Jay Drive
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 45
Blue Jay Drive
Pro Forma
 
Rental income  $          -   $9,919   $-      $9,919 
                        
Expenses                       
Real estate taxes   -    1,142    -       1,142 
Homeowners association fees   -    -    -       - 
Insurance expense   -    339    -       339 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    800   E   800 
Depreciation expense   -    -    4,729   B   4,729 
Interest expense   -    -    7,947   C   7,947 
Total Expenses   -    1,481    13,476       14,957 
                        
Net income (loss) before provision for income tax   -    8,438    (13,476)      (5,038)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $8,438   $(13,476)     $(5,038)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-331

 

 

LANDA SERIES 45 LAUREL WAY

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 45
Laurel Way
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 45
Laurel Way
Pro Forma
 
Rental income  $           -   $9,459   $-      $9,459 
                        
Expenses                       
Real estate taxes   -    853    -       853 
Homeowners association fees   -    -    -       - 
Insurance expense   -    331    -       331 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    804   E   804 
Depreciation expense   -    -    4,518   B   4,518 
Interest expense   -    -    7,652   C   7,652 
Total Expenses   -    1,184    12,974       14,158 
                        
Net income (loss) before provision for income tax   -    8,275    (12,974)      (4,699)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $8,275   $(12,974)     $(4,699)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-332

 

 

LANDA SERIES 4702 SAINT JAMES WAY

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 4702
Saint James Way
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 4702
Saint James Way
Pro Forma
 
Rental income  $    -   $5,847   $-      $5,847 
                        
Expenses                       
Real estate taxes   -    1,215    -       1,215 
Homeowners association fees   -    300    -       300 
Insurance expense   -    227    -       227 
Repairs & maintenance   -    -    -       - 
Other expenses   -    260    -       260 
Management fee   -    -    737   E   737 
Depreciation expense   -    -    3,349   B   3,349 
Interest expense   -    -    6,018   C   6,018 
Total Expenses   -    2,002    10,104       12,106 
                        
Net income (loss) before provision for income tax   -    3,845    (10,104)      (6,259)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $3,845   $(10,104)     $(6,259)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-333

 

 

LANDA SERIES 4732 PINEDALE DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 4732
Pinedale Drive
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 4732
Pinedale Drive
Pro Forma
 
Rental income  $          -   $6,459   $-      $6,459 
                        
Expenses                       
Real estate taxes   -    584    -       584 
Homeowners association fees   -    -    -       - 
Insurance expense   -    192    -       192 
Repairs & maintenance   -    13,200    -       13,200 
Other expenses   -    -    -       - 
Management fee   -    -    535   E   535 
Depreciation expense   -    -    2,826   B   2,826 
Interest expense   -    -    5,281   C   5,281 
Total Expenses   -    13,976    8,642       22,618 
                        
Net income (loss) before provision for income tax   -    (7,517)   (8,642)      (16,159)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $(7,517)  $(8,642)     $(16,159)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-334

 

 

LANDA SERIES 497 HIGHWAY 212

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 497
Highway 212
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 497
Highway 212
Pro Forma
 
Rental income  $             -   $5,580   $-      $5,580 
                        
Expenses                       
Real estate taxes   -    573    -       573 
Homeowners association fees   -    -    -       - 
Insurance expense   -    266    -       266 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    446   E   446 
Depreciation expense   -    -    3,540   B   3,540 
Interest expense   -    -    6,282   C   6,282 
Total Expenses   -    839    10,268       11,107 
                        
Net income (loss) before provision for income tax   -    4,741    (10,268)      (5,527)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $4,741   $(10,268)     $(5,527)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-335

 

 

LANDA SERIES 5039 EAST STREET

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 5039
East Street
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 5039
East Street
Pro Forma
 
Rental income  $         -   $3,875   $-      $3,875 
                        
Expenses                       
Real estate taxes   -    818    -       818 
Homeowners association fees   -    -    -       - 
Insurance expense   -    190    -       190 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    581   E   581 
Depreciation expense   -    -    2,388   B   2,388 
Interest expense   -    -    4,668   C   4,668 
Total Expenses   -    1,008    7,637       8,645 
                        
Net income (loss) before provision for income tax   -    2,867    (7,637)      (4,770)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $2,867   $(7,637)     $(4,770)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-336

 

 

LANDA SERIES 5040 HUNTSHIRE LANE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 5040
Huntshire Lane
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 5040
Huntshire Lane
Pro Forma
 
Rental income  $           -   $1,166   $-      $1,166 
                        
Expenses                       
Real estate taxes   -    2,326    -       2,326 
Homeowners association fees   -    263    -       263 
Insurance expense   -    499    -       499 
Repairs & maintenance   -    1,281    -       1,281 
Other expenses   -    -    -       - 
Management fee   -    -    1,200   E   1,200 
Depreciation expense   -    -    6,659   B   6,659 
Interest expense   -    -    10,012   C   10,012 
Total Expenses   -    4,369    17,871       22,240 
                        
Net income (loss) before provision for income tax   -    (3,203)   (17,871)      (21,074)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $(3,203)  $(17,871)     $(21,074)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-337

 

 

LANDA SERIES 513 JARRETT COURT

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 513
Jarrett Court
   Historical
Property
Operations
   Pro Forma
Adjustments
   Notes  Landa
Series 513
Jarrett Court
Pro Forma
 
Rental income  $            -   $-   $-      $- 
                        
Expenses                       
Real estate taxes   -    1,034    -       1,034 
Homeowners association fees   -    -    -       - 
Insurance expense   -    240    -       240 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    804   E   804 
Depreciation expense   -    -    3,699   B   3,699 
Interest expense   -    -    6,505   C   6,505 
Total Expenses   -    1,274    11,008       12,282 
                        
Net income (loss) before provision for income tax   -    (1,274)   (11,008)      (12,282)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $(1,274)  $(11,008)     $(12,282)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-338

 

 

LANDA SERIES 5143 PINECREST DRIVE SW

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 5143
Pinecrest Drive SW
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 5143
Pinecrest Drive SW
Pro Forma
 
Rental income  $      -   $1,245   $-      $1,245 
                        
Expenses                       
Real estate taxes   -    466    -       466 
Homeowners association fees   -    -    -       - 
Insurance expense   -    191    -       191 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    563   E   563 
Depreciation expense   -    -    2,703   B   2,703 
Interest expense   -    -    5,110   C   5,110 
Total Expenses   -    657    8,376       9,033 
                        
Net income (loss) before provision for income tax   -    588    (8,376)      (7,788)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $588   $(8,376)     $(7,788)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-339

 

 

LANDA SERIES 524 SAWMILL ROAD

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 524
Sawmill Road
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 524
Sawmill Road
Pro Forma
 
Rental income  $      -   $-   $-      $- 
                        
Expenses                       
Real estate taxes   -    585    -       585 
Homeowners association fees   -    -    -       - 
Insurance expense   -    290    -       290 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    760   E   760 
Depreciation expense   -    -    3,893   B   3,893 
Interest expense   -    -    6,383   C   6,383 
Total Expenses   -    875    11,036       11,911 
                        
Net income (loss) before provision for income tax   -    (875)   (11,036)      (11,911)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $(875)  $(11,036)     $(11,911)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-340

 

 

LANDA SERIES 5329 SHIREWICK LANE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 5329
Shirewick Lane
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 5329
Shirewick Lane
Pro Forma
 
Rental income  $       -   $8,144   $-      $8,144 
                        
Expenses                       
Real estate taxes   -    1,454    -       1,454 
Homeowners association fees   -    -    -       - 
Insurance expense   -    329    -       329 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    641   E   641 
Depreciation expense   -    -    4,484   B   4,484 
Interest expense   -    -    7,605   C   7,605 
Total Expenses   -    1,783    12,730       14,513 
                        
Net income (loss) before provision for income tax   -    6,361    (12,730)      (6,369)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $6,361   $(12,730)     $(6,369)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-341

 

 

LANDA SERIES 540 COWAN ROAD

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 540
Cowan Road
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 540
Cowan Road
Pro Forma
 
Rental income  $       -   $8,486   $-      $8,486 
                        
Expenses                       
Real estate taxes   -    630    -       630 
Homeowners association fees   -    -    -       - 
Insurance expense   -    284    -       284 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    765   E   765 
Depreciation expense   -    -    3,867   B   3,867 
Interest expense   -    -    6,740   C   6,740 
Total Expenses   -    914    11,372       12,286 
                        
Net income (loss) before provision for income tax   -    7,572    (11,372)      (3,800)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $7,572   $(11,372)     $(3,800)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-342

 

 

LANDA SERIES 5411 ROCKY PINE DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 5411
Rocky Pine Drive
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 5411
Rocky Pine Drive
Pro Forma
 
Rental income  $     -   $7,314   $-      $7,314 
                        
Expenses                       
Real estate taxes   -    1,384    -       1,384 
Homeowners association fees   -    -    -       - 
Insurance expense   -    298    -       298 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    585   E   585 
Depreciation expense   -    -    4,033   B   4,033 
Interest expense   -    -    6,972   C   6,972 
Total Expenses   -    1,682    11,590       13,272 
                        
Net income (loss) before provision for income tax   -    5,632    (11,590)      (5,958)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $5,632   $(11,590)     $(5,958)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-343

 

 

LANDA SERIES 55 MYRTLE GROVE LANE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 55
Myrtle Grove Lane
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 55
Myrtle Grove Lane
Pro Forma
 
Rental income  $     -   $6,110   $-      $6,110 
                        
Expenses                       
Real estate taxes   -    745    -       745 
Homeowners association fees   -    -    -       - 
Insurance expense   -    279    -       279 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    810   E   810 
Depreciation expense   -    -    3,733   B   3,733 
Interest expense   -    -    6,553   C   6,553 
Total Expenses   -    1,024    11,096       12,120 
                        
Net income (loss) before provision for income tax   -    5,086    (11,096)      (6,010)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $5,086   $(11,096)     $(6,010)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-344

 

 

LANDA SERIES 550 COWAN ROAD

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 550
Cowan Road
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 550
Cowan Road
Pro Forma
 
Rental income  $       -   $-   $-      $- 
                        
Expenses                       
Real estate taxes   -    530    -       530 
Homeowners association fees   -    -    -       - 
Insurance expense   -    246    -       246 
Repairs & maintenance   -    311    -       311 
Other expenses   -    303    -       303 
Management fee   -    -    759   E   759 
Depreciation expense   -    -    3,235   B   3,235 
Interest expense   -    -    5,643   C   5,643 
Total Expenses   -    1,390    9,637       11,027 
                        
Net income (loss) before provision for income tax   -    (1,390)   (9,637)      (11,027)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $(1,390)  $(9,637)     $(11,027)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-345

 

 

LANDA SERIES 5581 FOX GLEN CIRCLE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 5581
Fox Glen Circle
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 5581
Fox Glen Circle
Pro Forma
 
Rental income  $     -   $-   $-      $- 
                        
Expenses                       
Real estate taxes   -    2,073    -       2,073 
Homeowners association fees   -    -    -       - 
Insurance expense   -    239    -       239 
Repairs & maintenance   -    21,735    -       21,735 
Other expenses   -    -    -       - 
Management fee   -    -    1,084   E   1,084 
Depreciation expense   -    -    6,551   B   6,551 
Interest expense   -    -    9,781   C   9,781 
Total Expenses   -    24,047    17,416       41,463 
                        
Net income (loss) before provision for income tax   -    (24,047)   (17,416)      (41,463)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $(24,047)  $(17,416)     $(41,463)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-346

 

 

LANDA SERIES 565 MOUNTAINVIEW DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 565
Mountainview Drive
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 565
Mountainview Drive
Pro Forma
 
Rental income  $       -   $-   $-      $- 
                        
Expenses                       
Real estate taxes   -    904    -       904 
Homeowners association fees   -    -    -       - 
Insurance expense   -    467    -       467 
Repairs & maintenance   -    162    -       162 
Other expenses   -    -    -       - 
Management fee   -    -    826   E   826 
Depreciation expense   -    -    4,083   B   4,083 
Interest expense   -    -    6,373   C   6,373 
Total Expenses   -    1,533    11,282       12,815 
                        
Net income (loss) before provision for income tax   -    (1,533)   (11,282)      (12,815)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $(1,533)  $(11,282)     $(12,815)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-347

 

 

LANDA SERIES 5737 STRATHMOOR MANOR CIRCLE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 5737
Strathmoor Manor Circle
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 5737
Strathmoor Manor Circle
Pro Forma
 
Rental income  $      -   $3,132   $-      $3,132 
                        
Expenses                       
Real estate taxes   -    950    -       950 
Homeowners association fees   -    396    -       396 
Insurance expense   -    280    -       280 
Repairs & maintenance   -    345    -       345 
Other expenses   -    -    -       - 
Management fee   -    -    499   E   499 
Depreciation expense   -    -    3,139   B   3,139 
Interest expense   -    -    5,721   C   5,721 
Total Expenses   -    1,971    9,359       11,330 
                        
Net income (loss) before provision for income tax   -    1,161    (9,359)      (8,198)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $1,161   $(9,359)     $(8,198)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-348

 

 

LANDA SERIES 5801 STRATHMOOR MANOR CIRCLE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 5801
Strathmoor Manor Circle
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 5801
Strathmoor Manor Circle
Pro Forma
 
Rental income  $      -   $1,340   $-      $1,340 
                        
Expenses                       
Real estate taxes   -    930    -       930 
Homeowners association fees   -    261    -       261 
Insurance expense   -    204    -       204 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    789   E   789 
Depreciation expense   -    -    3,279   B   3,279 
Interest expense   -    -    5,916   C   5,916 
Total Expenses   -    1,395    9,984       11,379 
                        
Net income (loss) before provision for income tax   -    (55)   (9,984)      (10,039)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $(55)  $(9,984)     $(10,039)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-349

 

 

LANDA SERIES 6104-6106 OAKWOOD CIRCLE SW

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

  

Landa
Series 6104-6106
Oakwood Circle SW

   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 6104-6106
Oakwood Circle SW
Pro Forma
 
Rental income  $         -   $9,240   $-      $9,240 
                        
Expenses                       
Real estate taxes   -    467    -       467 
Homeowners association fees   -    -    -       - 
Insurance expense   -    532    -       532 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    739   E   739 
Depreciation expense   -    -    3,035   B   3,035 
Interest expense   -    -    5,577   C   5,577 
Total Expenses   -    999    9,351       10,350 
                        
Net income (loss) before provision for income tax   -    8,241    (9,351)      (1,110)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $8,241   $(9,351)     $(1,110)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-350

 

 

LANDA SERIES 6107 SHADOW GLEN COURT

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 6107
Shadow Glen Court
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 6107
Shadow Glen Court
Pro Forma
 
Rental income  $      -   $2,613   $-      $2,613 
                        
Expenses                       
Real estate taxes   -    482    -       482 
Homeowners association fees   -    -    -       - 
Insurance expense   -    172    -       172 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    739   E   739 
Depreciation expense   -    -    2,476   B   2,476 
Interest expense   -    -    4,792   C   4,792 
Total Expenses   -    654    8,007       8,661 
                        
Net income (loss) before provision for income tax   -    1,959    (8,007)      (6,048)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $1,959   $(8,007)     $(6,048)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-351

 

 

LANDA SERIES 6111-6113 PINE GLEN CIRCLE SW

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 6111-6113
Pine Glen Circle SW
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 6111-6113
Pine Glen Circle SW
Pro Forma
 
Rental income  $      -   $7,683   $-      $7,683 
                        
Expenses                       
Real estate taxes   -    904    -       904 
Homeowners association fees   -    -    -       - 
Insurance expense   -    428    -       428 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    1,084   E   1,084 
Depreciation expense   -    -    6,388   B   6,388 
Interest expense   -    -    10,272   C   10,272 
Total Expenses   -    1,332    17,744       19,076 
                        
Net income (loss) before provision for income tax   -    6,351    (17,744)      (11,393)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $6,351   $(17,744)     $(11,393)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-352

 

 

LANDA SERIES 6119 PINENEEDLE DRIVE SW

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 6119
Pineneedle Drive SW
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 6119
Pineneedle Drive SW
Pro Forma
 
Rental income  $      -   $3,932   $-      $3,932 
                        
Expenses                       
Real estate taxes   -    475    -       475 
Homeowners association fees   -    -    -       - 
Insurance expense   -    146    -       146 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    837   E   837 
Depreciation expense   -    -    1,725   B   1,725 
Interest expense   -    -    3,738   C   3,738 
Total Expenses   -    621    6,300       6,921 
                        
Net income (loss) before provision for income tax   -    3,311    (6,300)      (2,989)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $3,311   $(6,300)     $(2,989)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-353

 

 

LANDA SERIES 615 BARSHAY DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 615
Barshay Drive
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 615
Barshay Drive
Pro Forma
 
Rental income  $      -   $8,339   $-      $8,339 
                        
Expenses                       
Real estate taxes   -    677    -       677 
Homeowners association fees   -    138    -       138 
Insurance expense   -    242    -       242 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    732   E   732 
Depreciation expense   -    -    3,734   B   3,734 
Interest expense   -    -    6,569   C   6,569 
Total Expenses   -    1,057    11,035       12,092 
                        
Net income (loss) before provision for income tax   -    7,282    (11,035)      (3,753)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $7,282   $(11,035)     $(3,753)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-354

 

 

LANDA SERIES 6168 WHEAT STREET NE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 6168
Wheat Street NE
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 6168
Wheat Street NE
Pro Forma
 
Rental income  $    -   $5,311   $-      $5,311 
                        
Expenses                       
Real estate taxes   -    335    -       335 
Homeowners association fees   -    -    -       - 
Insurance expense   -    179    -       179 
Repairs & maintenance   -    1,716    -       1,716 
Other expenses   -    -    -       - 
Management fee   -    -    405   E   405 
Depreciation expense   -    -    2,061   B   2,061 
Interest expense   -    -    4,228   C   4,228 
Total Expenses   -    2,230    6,694       8,924 
                        
Net income (loss) before provision for income tax   -    3,081    (6,694)      (3,613)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $3,081   $(6,694)     $(3,613)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-355

 

 

LANDA SERIES 6178 GREEN ACRES DRIVE SW

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 6178
Green Acres Drive SW
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 6178
Green Acres Drive SW
Pro Forma
 
Rental income  $     -   $2,803   $-      $2,803 
                        
Expenses                       
Real estate taxes   -    680    -       680 
Homeowners association fees   -    -    -       - 
Insurance expense   -    214    -       214 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    708   E   708 
Depreciation expense   -    -    2,641   B   2,641 
Interest expense   -    -    5,027   C   5,027 
Total Expenses   -    894    8,376       9,270 
                        
Net income (loss) before provision for income tax   -    1,909    (8,376)      (6,467)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $1,909   $(8,376)     $(6,467)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-356

 

 

LANDA SERIES 6386 FORESTER WAY

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 6386
Forester Way
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 6386
Forester Way
Pro Forma
 
Rental income  $      -   $4,560   $-      $4,560 
                        
Expenses                       
Real estate taxes   -    1,360    -       1,360 
Homeowners association fees   -    -    -       - 
Insurance expense   -    284    -       284 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    892   E   892 
Depreciation expense   -    -    3,823   B   3,823 
Interest expense   -    -    6,679   C   6,679 
Total Expenses   -    1,644    11,394       13,038 
                        
Net income (loss) before provision for income tax   -    2,916    (11,394)      (8,478)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $2,916   $(11,394)     $(8,478)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-357

 

 

LANDA SERIES 6404 WALNUT WAY

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 6404
Walnut Way
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 6404
Walnut Way
Pro Forma
 
Rental income  $    -   $7,862   $-      $7,862 
                        
Expenses                       
Real estate taxes   -    1,162    -       1,162 
Homeowners association fees   -    240    -       240 
Insurance expense   -    266    -       266 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    609   E   609 
Depreciation expense   -    -    3,541   B   3,541 
Interest expense   -    -    6,283   C   6,283 
Total Expenses   -    1,668    10,433       12,101 
                        
Net income (loss) before provision for income tax   -    6,194    (10,433)      (4,239)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $6,194   $(10,433)     $(4,239)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-358

 

 

LANDA SERIES 643 SYCAMORE DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 643
Sycamore Drive
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 643
Sycamore Drive
Pro Forma
 
Rental income  $     -   $7,470   $-      $7,470 
                        
Expenses                       
Real estate taxes   -    1,112    -       1,112 
Homeowners association fees   -    -    -       - 
Insurance expense   -    224    -       224 
Repairs & maintenance   -    937    -       937 
Other expenses   -    -    -       - 
Management fee   -    -    598   E   598 
Depreciation expense   -    -    3,395   B   3,395 
Interest expense   -    -    6,079   C   6,079 
Total Expenses   -    2,273    10,072       12,345 
                        
Net income (loss) before provision for income tax   -    5,197    (10,072)      (4,875)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $5,197   $(10,072)     $(4,875)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-359

 

 

LANDA SERIES 65 FREEDOM COURT

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 65
Freedom Court
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 65
Freedom Court
Pro Forma
 
Rental income  $      -   $9,210   $-      $9,210 
                        
Expenses                       
Real estate taxes   -    800    -       800 
Homeowners association fees   -    -    -       - 
Insurance expense   -    244    -       244 
Repairs & maintenance   -    365    -       365 
Other expenses   -    -    -       - 
Management fee   -    -    737   E   737 
Depreciation expense   -    -    3,752   B   3,752 
Interest expense   -    -    6,612   C   6,612 
Total Expenses   -    1,409    11,101       12,510 
                        
Net income (loss) before provision for income tax   -    7,801    (11,101)      (3,300)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $7,801   $(11,101)     $(3,300)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-360

 

 

LANDA SERIES 653 GEORGETOWN LANE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 653
Georgetown Lane
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 653
Georgetown Lane
Pro Forma
 
Rental income  $     -   $7,306   $-      $7,306 
                        
Expenses                       
Real estate taxes   -    815    -       815 
Homeowners association fees   -    250    -       250 
Insurance expense   -    273    -       273 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    762   E   762 
Depreciation expense   -    -    3,647   B   3,647 
Interest expense   -    -    6,432   C   6,432 
Total Expenses   -    1,338    10,841       12,179 
                        
Net income (loss) before provision for income tax   -    5,968    (10,841)      (4,873)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $5,968   $(10,841)     $(4,873)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-361

 

 

LANDA SERIES 6635 KIMBERLY MILL ROAD

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 6635
Kimberly Mill Road
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 6635
Kimberly Mill Road
Pro Forma
 
Rental income  $     -   $2,438   $-      $2,438 
                        
Expenses                       
Real estate taxes   -    878    -       878 
Homeowners association fees   -    -    -       - 
Insurance expense   -    243    -       243 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    838   E   838 
Depreciation expense   -    -    4,335   B   4,335 
Interest expense   -    -    7,396   C   7,396 
Total Expenses   -    1,121    12,569       13,690 
                        
Net income (loss) before provision for income tax   -    1,317    (12,569)      (11,252)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $1,317   $(12,569)     $(11,252)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-362

 

 

LANDA SERIES 6653 BEDFORD ROAD

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 6653
Bedford
Road
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 6653
Bedford Road
Pro Forma
 
Rental income  $    -   $-   $-      $- 
                        
Expenses                       
Real estate taxes   -    954    -       954 
Homeowners association fees   -    -    -       - 
Insurance expense   -    222    -       222 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    742   E   742 
Depreciation expense   -    -    3,524   B   3,524 
Interest expense   -    -    6,269   C   6,269 
Total Expenses   -    1,176    10,535       11,711 
                        
Net income (loss) before provision for income tax   -    (1,176)   (10,535)      (11,711)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $(1,176)  $(10,535)     $(11,711)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-363

 

 

LANDA SERIES 6710 SUNSET HILLS BOULEVARD

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 6710
Sunset Hills Boulevard
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 6710
Sunset Hills Boulevard
Pro Forma
 
Rental income  $      -   $6,300   $-      $6,300 
                        
Expenses                       
Real estate taxes   -    837    -       837 
Homeowners association fees   -    150    -       150 
Insurance expense   -    221    -       221 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    504   E   504 
Depreciation expense   -    -    2,860   B   2,860 
Interest expense   -    -    5,329   C   5,329 
Total Expenses   -    1,208    8,693       9,901 
                        
Net income (loss) before provision for income tax   -    5,092    (8,693)      (3,601)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $5,092   $(8,693)     $(3,601)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-364

 

 

LANDA SERIES 6762 BENT CREEK DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 6762
Bent Creek Drive
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 6762
Bent Creek Drive
Pro Forma
 
Rental income  $    -   $-   $-      $- 
                        
Expenses                       
Real estate taxes   -    1,001    -       1,001 
Homeowners association fees   -    -    -       - 
Insurance expense   -    203    -       203 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    680   E   680 
Depreciation expense   -    -    3,541   B   3,541 
Interest expense   -    -    6,283   C   6,283 
Total Expenses   -    1,204    10,504       11,708 
                        
Net income (loss) before provision for income tax   -    (1,204)   (10,504)      (11,708)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $(1,204)  $(10,504)     $(11,708)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-365

 

 

LANDA SERIES 683 WOOD PATH COURT

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 683
Wood Path Court
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 683
Wood Path Court
Pro Forma
 
Rental income  $     -   $540   $-      $540 
                        
Expenses                       
Real estate taxes   -    1,141    -       1,141 
Homeowners association fees   -    -    -       - 
Insurance expense   -    336    -       336 
Repairs & maintenance   -    660    -       660 
Other expenses   -    -    -       - 
Management fee   -    -    864   E   864 
Depreciation expense   -    -    4,594   B   4,594 
Interest expense   -    -    7,391   C   7,391 
Total Expenses   -    2,137    12,849       14,986 
                        
Net income (loss) before provision for income tax   -    (1,597)   (12,849)      (14,446)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $(1,597)  $(12,849)     $(14,446)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-366

 

 

LANDA SERIES 70 SHENANDOAH LANE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 70
Shenandoah Lane
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 70
Shenandoah Lane
Pro Forma
 
Rental income  $       -   $8,885   $-      $8,885 
                        
Expenses                       
Real estate taxes   -    960    -       960 
Homeowners association fees   -    -    -       - 
Insurance expense   -    326    -       326 
Repairs & maintenance   -    3,384    -       3,384 
Other expenses   -    -    -       - 
Management fee   -    -    849   E   849 
Depreciation expense   -    -    4,448   B   4,448 
Interest expense   -    -    7,554   C   7,554 
Total Expenses   -    4,670    12,851       17,521 
                        
Net income (loss) before provision for income tax   -    4,215    (12,851)      (8,636)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $4,215   $(12,851)     $(8,636)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-367

 

 

LANDA SERIES 709 GEORGETOWN COURT

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 709
Georgetown Court
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 709
Georgetown Court
Pro Forma
 
Rental income  $      -   $1,204   $-      $1,204 
                        
Expenses                       
Real estate taxes   -    851    -       851 
Homeowners association fees   -    250    -       250 
Insurance expense   -    229    -       229 
Repairs & maintenance   -    72    -       72 
Other expenses   -    314    -       314 
Management fee   -    -    805   E   805 
Depreciation expense   -    -    3,490   B   3,490 
Interest expense   -    -    6,211   C   6,211 
Total Expenses   -    1,716    10,506       12,222 
                        
Net income (loss) before provision for income tax   -    (512)   (10,506)      (11,018)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $(512)  $(10,506)     $(11,018)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-368

 

 

LANDA SERIES 7107 GEIGER STREET NW

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 7107
Geiger Street NW
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 7107
Geiger Street NW
Pro Forma
 
Rental income  $   -   $2,465   $-      $2,465 
                        
Expenses                       
Real estate taxes   -    159    -       159 
Homeowners association fees   -    -    -       - 
Insurance expense   -    153    -       153 
Repairs & maintenance   -    82    -       82 
Other expenses   -    -    -       - 
Management fee   -    -    512   E   512 
Depreciation expense   -    -    1,637   B   1,637 
Interest expense   -    -    3,616   C   3,616 
Total Expenses   -    394    5,765       6,159 
                        
Net income (loss) before provision for income tax   -    2,071    (5,765)      (3,694)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $2,071   $(5,765)     $(3,694)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-369

 

 

LANDA SERIES 7205 LAKEVIEW DRIVE SW

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 7205
Lakeview Drive SW
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 7205
Lakeview Drive SW
Pro Forma
 
Rental income  $     -   $3,498   $-      $3,498 
                        
Expenses                       
Real estate taxes   -    664    -       664 
Homeowners association fees   -    -    -       - 
Insurance expense   -    280    -       280 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    876   E   876 
Depreciation expense   -    -    3,751   B   3,751 
Interest expense   -    -    6,577   C   6,577 
Total Expenses   -    944    11,204       12,148 
                        
Net income (loss) before provision for income tax   -    2,554    (11,204)      (8,650)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $2,554   $(11,204)     $(8,650)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-370

 

 

LANDA SERIES 750 GEORGETOWN COURT

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 750
Georgetown Court
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 750
Georgetown Court
Pro Forma
 
Rental income  $      -   $6,625   $-      $6,625 
                        
Expenses                       
Real estate taxes   -    865    -       865 
Homeowners association fees   -    250    -       250 
Insurance expense   -    221    -       221 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    534   E   534 
Depreciation expense   -    -    2,703   B   2,703 
Interest expense   -    -    5,109   C   5,109 
Total Expenses   -    1,336    8,346       9,682 
                        
Net income (loss) before provision for income tax   -    5,289    (8,346)      (3,057)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $5,289   $(8,346)     $(3,057)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-371

 

 

LANDA SERIES 752 CHESTNUT DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 752
Chestnut Drive
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 752
Chestnut Drive
Pro Forma
 
Rental income  $    -   $5,412   $-      $5,412 
                        
Expenses                       
Real estate taxes   -    332    -       332 
Homeowners association fees   -    -    -       - 
Insurance expense   -    180    -       180 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    433   E   433 
Depreciation expense   -    -    2,232   B   2,232 
Interest expense   -    -    4,449   C   4,449 
Total Expenses   -    512    7,114       7,626 
                        
Net income (loss) before provision for income tax   -    4,900    (7,114)      (2,214)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $4,900   $(7,114)     $(2,214)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-372

 

 

LANDA SERIES 773 VILLA WAY

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 773
Villa Way
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 773
Villa Way
Pro Forma
 
Rental income  $   -   $5,862   $-      $5,862 
                        
Expenses                       
Real estate taxes   -    702    -       702 
Homeowners association fees   -    330    -       330 
Insurance expense   -    214    -       214 
Repairs & maintenance   -    401    -       401 
Other expenses   -    -    -       - 
Management fee   -    -    469   E   469 
Depreciation expense   -    -    1,446   B   1,446 
Interest expense   -    -    2,697   C   2,697 
Total Expenses   -    1,647    4,612       6,259 
                        
Net income (loss) before provision for income tax   -    4,215    (4,612)      (397)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $4,215   $(4,612)     $(397)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-373

 

 

LANDA SERIES 7781 MOUNTAIN CREEK WAY

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 7781
Mountain Creek Way
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 7781
Mountain Creek Way
Pro Forma
 
Rental income  $     -   $7,872   $-      $7,872 
                        
Expenses                       
Real estate taxes   -    1,081    -       1,081 
Homeowners association fees   -    -    -       - 
Insurance expense   -    307    -       307 
Repairs & maintenance   -    776    -       776 
Other expenses   -    -    -       - 
Management fee   -    -    590   E   590 
Depreciation expense   -    -    3,892   B   3,892 
Interest expense   -    -    6,774   C   6,774 
Total Expenses   -    2,164    11,256       13,420 
                        
Net income (loss) before provision for income tax   -    5,708    (11,256)      (5,548)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $5,708   $(11,256)     $(5,548)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-374

 

 

LANDA SERIES 7950 WOODLAKE DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 7950
Woodlake Drive
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 7950
Woodlake Drive
Pro Forma
 
Rental income  $     -   $7,420   $-      $7,420 
                        
Expenses                       
Real estate taxes   -    912    -       912 
Homeowners association fees   -    -    -       - 
Insurance expense   -    250    -       250 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    629   E   629 
Depreciation expense   -    -    3,087   B   3,087 
Interest expense   -    -    5,647   C   5,647 
Total Expenses   -    1,162    9,363       10,525 
                        
Net income (loss) before provision for income tax   -    6,258    (9,363)      (3,105)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $6,258   $(9,363)     $(3,105)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-375

 

 

LANDA SERIES 80 HIGH RIDGE ROAD

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 80
High Ridge Road
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 80
High Ridge Road
Pro Forma
 
Rental income  $    -   $8,100   $-      $8,100 
                        
Expenses                       
Real estate taxes   -    913    -       913 
Homeowners association fees   -    -    -       - 
Insurance expense   -    273    -       273 
Repairs & maintenance   -    2,450    -       2,450 
Other expenses   -    -    -       - 
Management fee   -    -    648   E   648 
Depreciation expense   -    -    3,908   B   3,908 
Interest expense   -    -    6,797   C   6,797 
Total Expenses   -    3,636    11,353       14,989 
                        
Net income (loss) before provision for income tax   -    4,464    (11,353)      (6,889)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $4,464   $(11,353)     $(6,889)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-376

 

 

LANDA SERIES 800 MILLS DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 800
Mills Drive
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 800
Mills Drive
Pro Forma
 
Rental income  $     -   $2,346   $-      $2,346 
                        
Expenses                       
Real estate taxes   -    702    -       702 
Homeowners association fees   -    -    -       - 
Insurance expense   -    327    -       327 
Repairs & maintenance   -    304    -       304 
Other expenses   -    -    -       - 
Management fee   -    -    798   E   798 
Depreciation expense   -    -    4,466   B   4,466 
Interest expense   -    -    7,579   C   7,579 
Total Expenses   -    1,333    12,843       14,176 
                        
Net income (loss) before provision for income tax   -    1,013    (12,843)      (11,830)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $1,013   $(12,843)     $(11,830)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-377

 

 

LANDA SERIES 808 HILLANDALE LANE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 808
Hillandale Lane
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 808
Hillandale Lane
Pro Forma
 
Rental income  $     -   $8,730   $-      $8,730 
                        
Expenses                       
Real estate taxes   -    1,138    -       1,138 
Homeowners association fees   -    600    -       600 
Insurance expense   -    254    -       254 
Repairs & maintenance   -    515    -       515 
Other expenses   -    -    -       - 
Management fee   -    -    645   E   645 
Depreciation expense   -    -    3,629   B   3,629 
Interest expense   -    -    6,420   C   6,420 
Total Expenses   -    2,507    10,694       13,201 
                        
Net income (loss) before provision for income tax   -    6,223    (10,694)      (4,471)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $6,223   $(10,694)     $(4,471)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-378

 

 

LANDA SERIES 8110 DEVONSHIRE DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 8110
Devonshire Drive
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 8110
Devonshire Drive
Pro Forma
 
Rental income  $     -   $7,256   $-      $7,256 
                        
Expenses                       
Real estate taxes   -    453    -       453 
Homeowners association fees   -    -    -       - 
Insurance expense   -    172    -       172 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    709   E   709 
Depreciation expense   -    -    2,476   B   2,476 
Interest expense   -    -    4,792   C   4,792 
Total Expenses   -    625    7,977       8,602 
                        
Net income (loss) before provision for income tax   -    6,631    (7,977)      (1,346)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $6,631   $(7,977)     $(1,346)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-379

 

 

LANDA SERIES 8121 SPILLERS DRIVE SW

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 8121
Spillers Drive SW
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 8121
Spillers Drive SW
Pro Forma
 
Rental income  $    -   $7,314   $-      $7,314 
                        
Expenses                       
Real estate taxes   -    376    -       376 
Homeowners association fees   -    -    -       - 
Insurance expense   -    169    -       169 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    585   E   585 
Depreciation expense   -    -    2,990   B   2,990 
Interest expense   -    -    5,511   C   5,511 
Total Expenses   -    545    9,086       9,631 
                        
Net income (loss) before provision for income tax   -    6,769    (9,086)      (2,317)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $6,769   $(9,086)     $(2,317)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-380

 

 

LANDA SERIES 8233 CREEKLINE COURT

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 8233
Creekline Court
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 8233
Creekline Court
Pro Forma
 
Rental income  $     -   $6,100   $-      $6,100 
                        
Expenses                       
Real estate taxes   -    999    -       999 
Homeowners association fees   -    -    -       - 
Insurance expense   -    250    -       250 
Repairs & maintenance   -    2,110    -       2,110 
Other expenses   -    -    -       - 
Management fee   -    -    480   E   480 
Depreciation expense   -    -    3,708   B   3,708 
Interest expense   -    -    6,607   C   6,607 
Total Expenses   -    3,359    10,795       14,154 
                        
Net income (loss) before provision for income tax   -    2,741    (10,795)      (8,054)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $2,741   $(10,795)     $(8,054)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-381

 

 

LANDA SERIES 8302 STERLING LAKES DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 8302
Sterling
Lakes Drive
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 8302
Sterling Lakes Drive
Pro Forma
 
Rental income  $    -   $4,848   $-      $4,848 
                        
Expenses                       
Real estate taxes   -    903    -       903 
Homeowners association fees   -    100    -       100 
Insurance expense   -    294    -       294 
Repairs & maintenance   -    535    -       535 
Other expenses   -    -    -       - 
Management fee   -    -    756   E   756 
Depreciation expense   -    -    3,960   B   3,960 
Interest expense   -    -    6,871   C   6,871 
Total Expenses   -    1,832    11,587       13,419 
                        
Net income (loss) before provision for income tax   -    3,016    (11,587)      (8,571)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $3,016   $(11,587)     $(8,571)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-382

 

 

LANDA SERIES 843 TRAMORE DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 843
Tramore Drive
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 843
Tramore Drive
Pro Forma
 
Rental income  $     -   $9,920   $-      $9,920 
                        
Expenses                       
Real estate taxes   -    1,065    -       1,065 
Homeowners association fees   -    -    -       - 
Insurance expense   -    139    -       139 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    768   E   768 
Depreciation expense   -    -    2,360   B   2,360 
Interest expense   -    -    4,399   C   4,399 
Total Expenses   -    1,204    7,527       8,731 
                        
Net income (loss) before provision for income tax   -    8,716    (7,527)      1,189 
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $8,716   $(7,527)     $1,189 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-383

 

 

LANDA SERIES 85 KIRKLAND COURT

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 85
Kirkland Court
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 85
Kirkland Court
Pro Forma
 
Rental income  $      -   $6,875   $-      $6,875 
                        
Expenses                       
Real estate taxes   -    924    -       924 
Homeowners association fees   -    -    -       - 
Insurance expense   -    329    -       329 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    851   E   851 
Depreciation expense   -    -    4,379   B   4,379 
Interest expense   -    -    7,458   C   7,458 
Total Expenses   -    1,253    12,688       13,941 
                        
Net income (loss) before provision for income tax   -    5,622    (12,688)      (7,066)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $5,622   $(12,688)     $(7,066)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-384

 

 

LANDA SERIES 85 THORN THICKET WAY

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 85
Thorn Thicket Way
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 85
Thorn Thicket Way
Pro Forma
 
Rental income  $   -   $7,375   $-      $7,375 
                        
Expenses                       
Real estate taxes   -    1,018    -       1,018 
Homeowners association fees   -    -    -       - 
Insurance expense   -    279    -       279 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    595   E   595 
Depreciation expense   -    -    3,787   B   3,787 
Interest expense   -    -    6,627   C   6,627 
Total Expenses   -    1,297    11,009       12,306 
                        
Net income (loss) before provision for income tax   -    6,078    (11,009)      (4,931)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $6,078   $(11,009)     $(4,931)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-385

 

 

LANDA SERIES 8658 ASHLEY WAY

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 8658
Ashley Way
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 8658
Ashley Way
Pro Forma
 
Rental income  $    -   $1,858   $-      $1,858 
                        
Expenses                       
Real estate taxes   -    533    -       533 
Homeowners association fees   -    -    -       - 
Insurance expense   -    163    -       163 
Repairs & maintenance   -    1,298    -       1,298 
Other expenses   -    299    -       299 
Management fee   -    -    576   E   576 
Depreciation expense   -    -    2,110   B   2,110 
Interest expense   -    -    4,295   C   4,295 
Total Expenses   -    2,293    6,981       9,274 
                        
Net income (loss) before provision for income tax   -    (435)   (6,981)      (7,416)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $(435)  $(6,981)     $(7,416)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-386

 

 

LANDA SERIES 8667 ASHLEY WAY

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 8667
Ashley Way
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 8667
Ashley Way
Pro Forma
 
Rental income  $     -   $7,040   $-      $7,040 
                        
Expenses                       
Real estate taxes   -    490    -       490 
Homeowners association fees   -    -    -       - 
Insurance expense   -    110    -       110 
Repairs & maintenance   -    128    -       128 
Other expenses   -    -    -       - 
Management fee   -    -    528   E   528 
Depreciation expense   -    -    1,716   B   1,716 
Interest expense   -    -    3,077   C   3,077 
Total Expenses   -    728    5,321       6,049 
                        
Net income (loss) before provision for income tax   -    6,312    (5,321)      991 
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $6,312   $(5,321)     $991 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-387

 

 

LANDA SERIES 8671 ASHLEY WAY

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 8671
Ashley Way
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 8671
Ashley Way
Pro Forma
 
Rental income  $    -   $6,300   $-      $6,300 
                        
Expenses                       
Real estate taxes   -    490    -       490 
Homeowners association fees   -    -    -       - 
Insurance expense   -    128    -       128 
Repairs & maintenance   -    128    -       128 
Other expenses   -    -    -       - 
Management fee   -    -    504   E   504 
Depreciation expense   -    -    2,185   B   2,185 
Interest expense   -    -    4,517   C   4,517 
Total Expenses   -    746    7,206       7,952 
                        
Net income (loss) before provision for income tax   -    5,554    (7,206)      (1,652)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $5,554   $(7,206)     $(1,652)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-388

 

 

LANDA SERIES 8676 ASHLEY WAY

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 8676
Ashley Way
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 8676
Ashley Way
Pro Forma
 
Rental income  $    -   $-   $-      $- 
                        
Expenses                       
Real estate taxes   -    583    -       583 
Homeowners association fees   -    -    -       - 
Insurance expense   -    243    -       243 
Repairs & maintenance   -    88    -       88 
Other expenses   -    -    -       - 
Management fee   -    -    504   E   504 
Depreciation expense   -    -    2,106   B   2,106 
Interest expense   -    -    4,628   C   4,628 
Total Expenses   -    914    7,238       8,152 
                        
Net income (loss) before provision for income tax   -    (914)   (7,238)      (8,152)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $(914)  $(7,238)     $(8,152)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-389

 

 

LANDA SERIES 8691 ASHLEY WAY

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 8691
Ashley Way
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 8691
Ashley Way
Pro Forma
 
Rental income  $    -   $-   $-      $- 
                        
Expenses                       
Real estate taxes   -    677    -       677 
Homeowners association fees   -    -    -       - 
Insurance expense   -    291    -       291 
Repairs & maintenance   -    48    -       48 
Other expenses   -    -    -       - 
Management fee   -    -    552   E   552 
Depreciation expense   -    -    1,429   B   1,429 
Interest expense   -    -    3,342   C   3,342 
Total Expenses   -    1,016    5,323       6,339 
                        
Net income (loss) before provision for income tax   -    (1,016)   (5,323)      (6,339)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $(1,016)  $(5,323)     $(6,339)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-390

 

 

LANDA SERIES 8692 ASHLEY WAY

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 8692
Ashley Way
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 8692
Ashley Way
Pro Forma
 
Rental income  $    -   $-   $-      $- 
                        
Expenses                       
Real estate taxes   -    744    -       744 
Homeowners association fees   -    -    -       - 
Insurance expense   -    276    -       276 
Repairs & maintenance   -    48    -       48 
Other expenses   -    -    -       - 
Management fee   -    -    552   E   552 
Depreciation expense   -    -    1,691   B   1,691 
Interest expense   -    -    3,282   C   3,282 
Total Expenses   -    1,068    5,525       6,593 
                        
Net income (loss) before provision for income tax   -    (1,068)   (5,525)      (6,593)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $(1,068)  $(5,525)     $(6,593)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-391

 

 

LANDA SERIES 8693 ASHLEY WAY

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 8693
Ashley Way
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 8693
Ashley Way
Pro Forma
 
Rental income  $    -   $-   $-      $- 
                        
Expenses                       
Real estate taxes   -    674    -       674 
Homeowners association fees   -    -    -       - 
Insurance expense   -    287    -       287 
Repairs & maintenance   -    48    -       48 
Other expenses   -    -    -       - 
Management fee   -    -    576   E   576 
Depreciation expense   -    -    2,086   B   2,086 
Interest expense   -    -    4,960   C   4,960 
Total Expenses   -    1,009    7,622       8,631 
                        
Net income (loss) before provision for income tax   -    (1,009)   (7,622)      (8,631)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $(1,009)  $(7,622)     $(8,631)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-392

 

 

LANDA SERIES 8694 ASHLEY WAY

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 8694
Ashley Way
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 8694
Ashley Way
Pro Forma
 
Rental income  $    -   $-   $-      $- 
                        
Expenses                       
Real estate taxes   -    658    -       658 
Homeowners association fees   -    -    -       - 
Insurance expense   -    145    -       145 
Repairs & maintenance   -    48    -       48 
Other expenses   -    -    -       - 
Management fee   -    -    552   E   552 
Depreciation expense   -    -    2,284   B   2,284 
Interest expense   -    -    4,522   C   4,522 
Total Expenses   -    851    7,358       8,209 
                        
Net income (loss) before provision for income tax   -    (851)   (7,358)      (8,209)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $(851)  $(7,358)     $(8,209)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-393

 

 

LANDA SERIES 8697 ASHLEY WAY

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 8697
Ashley Way
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 8697
Ashley Way
Pro Forma
 
Rental income  $     -   $5,700   $-      $5,700 
                        
Expenses                       
Real estate taxes   -    638    -       638 
Homeowners association fees   -    -    -       - 
Insurance expense   -    145    -       145 
Repairs & maintenance   -    48    -       48 
Other expenses   -    -    -       - 
Management fee   -    -    456   E   456 
Depreciation expense   -    -    2,432   B   2,432 
Interest expense   -    -    4,915   C   4,915 
Total Expenses   -    831    7,803       8,634 
                        
Net income (loss) before provision for income tax   -    4,869    (7,803)      (2,934)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $4,869   $(7,803)     $(2,934)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-394

 

 

LANDA SERIES 8819 LEAFWOOD COURT

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 8819
Leafwood Court
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 8819
Leafwood Court
Pro Forma
 
Rental income  $     -   $-   $-      $- 
                        
Expenses                       
Real estate taxes   -    803    -       803 
Homeowners association fees   -    -    -       - 
Insurance expense   -    269    -       269 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    757   E   757 
Depreciation expense   -    -    3,595   B   3,595 
Interest expense   -    -    6,359   C   6,359 
Total Expenses   -    1,072    10,711       11,783 
                        
Net income (loss) before provision for income tax   -    (1,072)   (10,711)      (11,783)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $(1,072)  $(10,711)     $(11,783)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-395

 

 

LANDA SERIES 8855 RUGBY COURT

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 8855
Rugby Court
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 8855
Rugby Court
Pro Forma
 
Rental income  $    -   $6,778   $-      $6,778 
                        
Expenses                       
Real estate taxes   -    694    -       694 
Homeowners association fees   -    -    -       - 
Insurance expense   -    205    -       205 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    542   E   542 
Depreciation expense   -    -    2,616   B   2,616 
Interest expense   -    -    4,987   C   4,987 
Total Expenses   -    899    8,145       9,044 
                        
Net income (loss) before provision for income tax   -    5,879    (8,145)      (2,266)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $5,879   $(8,145)     $(2,266)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-396

 

 

LANDA SERIES 9020 STERLING RIDGE LANE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 9020
Sterling Ridge Lane
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 9020
Sterling Ridge Lane
Pro Forma
 
Rental income  $    -   $2,505   $-      $2,505 
                        
Expenses                       
Real estate taxes   -    784    -       784 
Homeowners association fees   -    -    -       - 
Insurance expense   -    252    -       252 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    790   E   790 
Depreciation expense   -    -    3,306   B   3,306 
Interest expense   -    -    5,325   C   5,325 
Total Expenses   -    1,036    9,421       10,457 
                        
Net income (loss) before provision for income tax   -    1,469    (9,421)      (7,952)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $1,469   $(9,421)     $(7,952)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-397

 

 

LANDA SERIES 9150 SPILLERS DRIVE SW

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 9150
Spillers Drive SW
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 9150
Spillers Drive SW
Pro Forma
 
Rental income  $     -   $5,940   $-      $5,940 
                        
Expenses                       
Real estate taxes   -    808    -       808 
Homeowners association fees   -    -    -       - 
Insurance expense   -    238    -       238 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    475   E   475 
Depreciation expense   -    -    3,122   B   3,122 
Interest expense   -    -    5,696   C   5,696 
Total Expenses   -    1,046    9,293       10,339 
                        
Net income (loss) before provision for income tax   -    4,894    (9,293)      (4,399)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $4,894   $(9,293)     $(4,399)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-398

 

 

LANDA SERIES 925 MOTE ROAD

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 925
Mote Road
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 925
Mote Road
Pro Forma
 
Rental income  $     -   $5,170   $-      $5,170 
                        
Expenses                       
Real estate taxes   -    633    -       633 
Homeowners association fees   -    -    -       - 
Insurance expense   -    301    -       301 
Repairs & maintenance   -    82    -       82 
Other expenses   -    -    -       - 
Management fee   -    -    841   E   841 
Depreciation expense   -    -    4,064   B   4,064 
Interest expense   -    -    7,016   C   7,016 
Total Expenses   -    1,016    11,921       12,937 
                        
Net income (loss) before provision for income tax   -    4,154    (11,921)      (7,767)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $4,154   $(11,921)     $(7,767)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-399

 

 

LANDA SERIES 9409 FOREST KNOLL DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 9409
Forest Knoll Drive
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 9409
Forest Knoll Drive
Pro Forma
 
Rental income  $    -   $9,729   $-      $9,729 
                        
Expenses                       
Real estate taxes   -    968    -       968 
Homeowners association fees   -    -    -       - 
Insurance expense   -    296    -       296 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    856   E   856 
Depreciation expense   -    -    3,997   B   3,997 
Interest expense   -    -    6,922   C   6,922 
Total Expenses   -    1,264    11,775       13,039 
                        
Net income (loss) before provision for income tax   -    8,465    (11,775)      (3,310)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $8,465   $(11,775)     $(3,310)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-400

 

 

LANDA SERIES 9434 CEDAR CREEK PLACE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 9434
Cedar Creek Place
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 9434
Cedar Creek Place
Pro Forma
 
Rental income  $       -   $7,824   $-      $7,824 
                        
Expenses                       
Real estate taxes   -    1,135    -       1,135 
Homeowners association fees   -    360    -       360 
Insurance expense   -    290    -       290 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    626   E   626 
Depreciation expense   -    -    4,380   B   4,380 
Interest expense   -    -    7,465   C   7,465 
Total Expenses   -    1,785    12,471       14,256 
                        
Net income (loss) before provision for income tax   -    6,039    (12,471)      (6,432)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $6,039   $(12,471)     $(6,432)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-401

 

 

LANDA SERIES 9597 PINTAIL TRAIL

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 9597
Pintail Trail
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 9597
Pintail Trail
Pro Forma
 
Rental income  $    -   $3,354   $-      $3,354 
                        
Expenses                       
Real estate taxes   -    1,150    -       1,150 
Homeowners association fees   -    -    -       - 
Insurance expense   -    251    -       251 
Repairs & maintenance   -    -    -       - 
Other expenses   -    -    -       - 
Management fee   -    -    537   E   537 
Depreciation expense   -    -    3,892   B   3,892 
Interest expense   -    -    6,779   C   6,779 
Total Expenses   -    1,401    11,208       12,609 
                        
Net income (loss) before provision for income tax   -    1,953    (11,208)      (9,255)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $1,953   $(11,208)     $(9,255)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-402

 

 

LANDA SERIES 974 LAUREL STREET

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 974
Laurel Street
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 974
Laurel Street
Pro Forma
 
Rental income  $      -   $7,677   $-      $7,677 
                        
Expenses                       
Real estate taxes   -    998    -       998 
Homeowners association fees   -    -    -       - 
Insurance expense   -    264    -       264 
Repairs & maintenance   -    915    -       915 
Other expenses   -    -    -       - 
Management fee   -    -    677   E   677 
Depreciation expense   -    -    3,508   B   3,508 
Interest expense   -    -    6,262   C   6,262 
Total Expenses   -    2,177    10,447       12,624 
                        
Net income (loss) before provision for income tax   -    5,500    (10,447)      (4,947)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $5,500   $(10,447)     $(4,947)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-403

 

 

LANDA SERIES 1701 SUMMERWOODS LANE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 1701
Summerwoods Lane
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 1701
Summerwoods Lane
Pro Forma
 
Rental income  $      -   $5,985   $-      $5,985 
                        
Expenses                       
Real estate taxes   -    887    -       887 
Homeowners association fees   -    300    -       300 
Insurance expense   -    162    -       162 
Repairs & maintenance   -    149    -       149 
Other expenses   -    -    -       - 
Management fee   -    -    479   E   479 
Depreciation expense   -    -    2,769   B   2,769 
Interest expense   -    -    3,879   C   3,879 
Total Expenses   -    1,498    7,127       8,625 
                        
Net income (loss) before provision for income tax   -    4,487    (7,127)      (2,640)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $4,487   $(7,127)     $(2,640)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-404

 

 

LANDA SERIES 1741 PARK LANE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Landa
Series 1741
Park Lane
   Historical Property Operations   Pro Forma
Adjustments
   Notes  Landa
Series 1741
Park Lane
Pro Forma
 
Rental income  $     -   $4,948   $-      $4,948 
                        
Expenses                       
Real estate taxes   -    907    -       907 
Homeowners association fees   -    -    -       - 
Insurance expense   -    187    -       187 
Repairs & maintenance   -    -    -       - 
Other expenses   -    153    -       153 
Management fee   -    -    365   E   365 
Depreciation expense   -    -    3,133   B   3,133 
Interest expense   -    -    4,389   C   4,389 
Total Expenses   -    1,247    7,887       9,134 
                        
Net income (loss) before provision for income tax   -    3,701    (7,887)      (4,186)
Provision for income taxes   -    -    -   D   - 
Net income (loss)  $-   $3,701   $(7,887)     $(4,186)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

Notes:

 

BReflects adjustments related to the closing of property acquisitions, including the closing costs primarily consisting of the acquisition fees and property due diligence fees and the related building depreciation for the periods presented.

 

CReflects adjustments related to the Acquisition Notes payable that were obtained to fund the property acquisitions and the related interest expense for the period presented.

  

For the Prior Series (as defined and indicated on the Master Series Table), the Acquisition Notes have previously been refinanced and the rate and interest expense can be found in the Company’s Form 1-K/A and Form 1-SA incorporated by reference in this filing.

 

For the New Series (as defined and indicated on the Master Series Table), a portion of the Acquisition Notes are expected to be refinanced at the closing of the offering with a Refinance Note at a market rate of interest that is expected to be in the range of 7% to 10% per annum, that will be secured by the property and mature between one (1) and five (5) years after the refinancing. The Refinance Notes are anticipated to have principal amounts that (i) are less than the Acquisition Notes and (ii) represent a loan to value ratio of approximately 65% of the original purchase price of each series.

 

F-405

 

 

The table below represents the interest expense and Net Income/(Loss) per New Series based on (i) each Refinance Note (x) having a principal amount equal to 65% of the original purchase price of each series and (y) having either a 7% and 10% interest rate; and (ii) each Acquisition Note (x) being partially paid down by the Refinance Note and having a remaining principal amount equal to the original Acquisition Note less the Refinance Note and (y) having an interest rate equal to 4.5%. 

 

   Proposed   Remaining   Total 6 Mos Interest   June   Total 6 Mos Interest   June 
Series Name  Refinance Note   Acquisition
Note
   Expense @
7% (1)
   Proforma
Income/(Loss)
   Expense @
10% (1)
   Proforma
Income/(Loss)
 
Landa Series 10 Oak Wood Lane  $152,673   $101,782   $7,634   $(13,167)  $9,924   $(14,567)
Landa Series 10 Windridge Drive  $153,853   $102,569   $7,693   $(5,850)  $10,000   $(7,260)
Landa Series 1000 Fox Valley Trail  $178,791   $119,194   $8,940   $(15,457)  $11,621   $(17,096)
Landa Series 1007 Leeward Way  $180,094   $120,063   $9,005   $(10,891)  $11,706   $(12,542)
Landa Series 10119 Commons Way  $183,870   $122,580   $9,193   $(8,938)  $11,952   $(10,623)
Landa Series 10121 Morris Drive SW  $166,941   $111,294   $8,347   $(14,253)  $10,851   $(15,783)
Landa Series 10183 Starr Street SW  $161,030   $107,353   $8,051   $(7,521)  $10,467   $(8,997)
Landa Series 103 Starlake Drive  $160,730   $107,153   $8,036   $(7,336)  $10,447   $(8,809)
Landa Series 104 Summerfield Drive  $180,035   $120,024   $9,002   $(14,121)  $11,702   $(15,771)
Landa Series 10433 Candlelight Road  $183,454   $122,303   $9,173   $(5,967)  $11,925   $(7,649)
Landa Series 105 Anne Street  $151,869   $101,246   $7,593   $(11,598)  $9,871   $(12,990)
Landa Series 107 Oakwood Circle  $119,269   $79,512   $5,963   $(3,722)  $7,752   $(4,815)
Landa Series 109 Amberwood Lane  $129,770   $86,513   $6,489   $(5,337)  $8,435   $(6,527)
Landa Series 110 Shenandoah Drive  $186,478   $124,319   $9,324   $(10,171)  $12,121   $(11,880)
Landa Series 111 Fir Drive  $144,064   $96,042   $7,203   $(8,898)  $9,364   $(10,219)
Landa Series 1110 Parkview Drive  $156,436   $104,291   $7,822   $(11,444)  $10,168   $(12,878)
Landa Series 11187 Shannon Circle  $186,531   $124,354   $9,327   $(7,614)  $12,125   $(9,324)
Landa Series 112 Ridge Street  $185,825   $123,884   $9,291   $(10,425)  $12,079   $(12,128)
Landa Series 11322 Michelle Way  $150,589   $100,393   $7,529   $(6,577)  $9,788   $(7,957)
Landa Series 114 Starlake Drive  $152,062   $101,375   $7,603   $(6,206)  $9,884   $(7,600)
Landa Series 11447 S Grove Drive  $170,869   $113,913   $8,543   $(6,269)  $11,106   $(7,835)
Landa Series 1147 Village Way  $180,606   $120,404   $9,030   $(13,103)  $11,739   $(14,759)
Landa Series 115 Lakeview Drive  $171,472   $114,314   $8,574   $(7,839)  $11,146   $(9,410)
Landa Series 1160 Gable Terrace  $180,705   $120,470   $9,035   $(9,827)  $11,746   $(11,483)
Landa Series 1190 Kirkland Road  $194,275   $129,516   $9,714   $(8,223)  $12,628   $(10,004)
Landa Series 12 Mintz Street  $158,421   $105,614   $7,921   $(6,653)  $10,297   $(8,106)
Landa Series 120 Rosewood Drive  $172,124   $114,749   $8,606   $(7,956)  $11,188   $(9,533)
Landa Series 1201 Kilrush Drive  $321,552   $214,368   $16,078   $(15,725)  $20,901   $(18,673)
Landa Series 124 Libby Lane  $144,291   $96,194   $7,215   $(9,965)  $9,379   $(11,288)

 

F-406

 

 

   Proposed   Remaining   Total 6 Mos Interest   June   Total 6 Mos Interest   June 
Series Name  Refinance Note   Acquisition
Note
   Expense @
7% (1)
   Proforma
Income/(Loss)
   Expense @
10% (1)
   Proforma
Income/(Loss)
 
Landa Series 126 E Mimosa Drive  $153,871   $102,580   $7,694   $(11,320)  $10,002   $(12,730)
Landa Series 12641 Alcovy Road  $184,489   $122,992   $9,224   $(7,751)  $11,992   $(9,442)
Landa Series 1320 Winona Avenue  $132,477   $88,318   $6,624   $(5,525)  $8,611   $(6,739)
Landa Series 133 Dove Landing  $136,235   $90,823   $6,812   $(7,887)  $8,855   $(9,135)
Landa Series 137 Southern Shores Road  $144,161   $96,107   $7,208   $(5,913)  $9,370   $(7,234)
Landa Series 138 Sandalwood Circle  $152,170   $101,446   $7,608   $(34,174)  $9,891   $(35,569)
Landa Series 140 High Ridge Road  $171,470   $114,313   $8,574   $(8,330)  $11,146   $(9,901)
Landa Series 141 Longstreet Circle  $198,841   $132,561   $9,942   $(9,571)  $12,925   $(11,394)
Landa Series 1443 Pebble Ridge Lane  $191,766   $127,844   $9,588   $(12,551)  $12,465   $(14,309)
Landa Series 1445 Maple Valley Court  $120,379   $80,253   $6,019   $(3,867)  $7,825   $(4,970)
Landa Series 146 Crystal Brook  $127,320   $84,880   $6,366   $(4,381)  $8,276   $(5,548)
Landa Series 1473 Brownleaf Drive  $169,553   $113,035   $8,478   $(7,906)  $11,021   $(9,461)
Landa Series 1485 Bola Court  $155,158   $103,439   $7,758   $(5,080)  $10,085   $(6,502)
Landa Series 1490 Diplomat Drive  $212,682   $141,788   $10,634   $(15,739)  $13,824   $(17,689)
Landa Series 153 Cliffside Court  $111,514   $74,342   $5,576   $(4,227)  $7,248   $(5,250)
Landa Series 157 Wells Road  $132,972   $88,648   $6,649   $(5,927)  $8,643   $(7,146)
Landa Series 160 Chimney Ridge Trail  $172,124   $114,749   $8,606   $(6,357)  $11,188   $(7,934)
Landa Series 164 Longstreet Circle  $173,429   $115,619   $8,671   $(8,156)  $11,273   $(9,745)
Landa Series 1666 W Poplar Street  $138,843   $92,562   $6,942   $(4,980)  $9,025   $(6,253)
Landa Series 168 Brookview Drive  $79,346   $52,897   $3,967   $(26,222)  $5,157   $(26,949)
Landa Series 1683 Spoonbill Road  $146,675   $97,783   $7,334   $(11,525)  $9,534   $(12,870)
Landa Series 1689 Viceroy Way  $168,377   $112,251   $8,419   $(7,370)  $10,944   $(8,913)
Landa Series 171 Davidson Drive  $181,879   $121,253   $9,094   $(13,872)  $11,822   $(15,540)
Landa Series 1768 Glen View Way  $150,372   $100,248   $7,519   $(7,949)  $9,774   $(9,327)
Landa Series 181 Watercress Court  $164,945   $109,963   $8,247   $(9,798)  $10,721   $(11,310)
Landa Series 188 Timberline Road  $97,081   $64,721   $4,854   $(2,654)  $6,310   $(3,544)
Landa Series 189 Shenandoah Drive  $153,852   $102,568   $7,693   $(6,093)  $10,000   $(7,503)
Landa Series 1903 Old Concord Drive SE  $185,141   $123,427   $9,257   $(9,243)  $12,034   $(10,940)
Landa Series 195 Branchwood Drive  $189,708   $126,472   $9,485   $(16,648)  $12,331   $(18,387)
Landa Series 195 Fairclift Drive  $171,472   $114,314   $8,574   $(7,087)  $11,146   $(8,658)
Landa Series 195 Hunters Trace  $190,173   $126,782   $9,509   $(31,584)  $12,361   $(33,327)
Landa Series 196 Montego Circle  $160,377   $106,918   $8,019   $(6,003)  $10,425   $(7,473)
Landa Series 20 Chimney Smoke Drive  $172,124   $114,749   $8,606   $(9,244)  $11,188   $(10,821)

 

F-407

 

 

   Proposed   Remaining   Total 6 Mos Interest   June   Total 6 Mos Interest   June 
Series Name  Refinance Note   Acquisition
Note
   Expense @
7% (1)
   Proforma
Income/(Loss)
   Expense @
10% (1)
   Proforma
Income/(Loss)
 
Landa Series 204 N Main Court  $136,235   $90,823   $6,812   $(5,787)  $8,855   $(7,035)
Landa Series 2055 Grove Way  $149,285   $99,524   $7,464   $(14,033)  $9,704   $(15,401)
Landa Series 212 Fleeta Drive  $140,179   $93,453   $7,009   $(5,736)  $9,112   $(7,021)
Landa Series 215 Central Lake Circle  $160,351   $106,900   $8,018   $(10,608)  $10,423   $(12,078)
Landa Series 217 Glenloch Court  $185,173   $123,449   $9,259   $(7,188)  $12,036   $(8,885)
Landa Series 2177 E Chester Circle SE  $187,770   $125,180   $9,389   $(10,835)  $12,205   $(12,557)
Landa Series 221 Lakeview Drive  $178,649   $119,100   $8,932   $(8,571)  $11,612   $(10,209)
Landa Series 2264 Chestnut Hill Circle  $227,588   $151,725   $11,379   $(12,182)  $14,793   $(14,269)
Landa Series 235 Lazy Hollow Lane  $179,556   $119,704   $8,978   $(9,037)  $11,671   $(10,683)
Landa Series 2425 Cornell Circle  $198,879   $132,586   $9,944   $(9,244)  $12,927   $(11,067)
Landa Series 2443 Hodges Farm Road  $147,328   $98,218   $7,366   $(5,439)  $9,576   $(6,790)
Landa Series 25 Pleasant Valley Road  $170,165   $113,443   $8,508   $(8,021)  $11,061   $(9,581)
Landa Series 253 Marco Drive  $139,657   $93,104   $6,983   $(6,048)  $9,078   $(7,329)
Landa Series 255 Countryside Lane  $176,692   $117,795   $8,835   $(6,471)  $11,485   $(8,091)
Landa Series 258 Rocky Point Road  $189,088   $126,059   $9,454   $(10,242)  $12,291   $(11,975)
Landa Series 263 Rocky Point Road  $167,556   $111,704   $8,378   $(15,574)  $10,891   $(17,110)
Landa Series 268 Brookview Drive  $113,045   $75,363   $5,652   $(2,509)  $7,348   $(3,546)
Landa Series 270 Mountain Lane  $175,010   $116,673   $8,750   $(16,293)  $11,376   $(17,897)
Landa Series 270 Mountain Way  $172,777   $115,184   $8,639   $(10,638)  $11,230   $(12,221)
Landa Series 270 Pleasant Hill Drive  $163,925   $109,283   $8,196   $(22,783)  $10,655   $(24,286)
Landa Series 2794 Norfair Loop  $140,150   $93,433   $7,007   $(5,599)  $9,110   $(6,884)
Landa Series 2813 Vicksburg Court  $202,791   $135,194   $10,140   $(8,936)  $13,181   $(10,795)
Landa Series 2933 Coffer Drive  $169,029   $112,686   $8,451   $(6,446)  $10,987   $(7,995)
Landa Series 30 High Ridge Road  $199,707   $133,138   $9,985   $(8,831)  $12,981   $(10,662)
Landa Series 30 Roosevelt Road  $170,818   $113,878   $8,541   $(14,085)  $11,103   $(15,650)
Landa Series 3011 Raintree Drive SE  $186,008   $124,005   $9,300   $(16,541)  $12,091   $(18,246)
Landa Series 304 Deerfield Drive  $175,107   $116,738   $8,755   $(36,100)  $11,382   $(37,705)
Landa Series 3043 Highway 81 S  $129,735   $86,490   $6,487   $(5,122)  $8,433   $(6,312)
Landa Series 313 Blue Heron Drive  $162,874   $108,583   $8,144   $(12,731)  $10,587   $(14,224)
Landa Series 3202 Chippewa Drive  $179,301   $119,534   $8,965   $(11,638)  $11,655   $(13,282)
Landa Series 35 Clay Court  $181,918   $121,279   $9,096   $(15,258)  $11,825   $(16,926)
Landa Series 350 Cadiz Lane S  $166,250   $110,833   $8,312   $(7,146)  $10,806   $(8,670)
Landa Series 351 Wesley Park Drive  $156,462   $104,308   $7,823   $(8,524)  $10,170   $(9,959)
Landa Series 3603 Manhattan Drive  $195,616   $130,411   $9,781   $(16,632)  $12,715   $(18,425)
Landa Series 3667 Patti Parkway  $227,590   $151,727   $11,380   $(16,862)  $14,793   $(18,949)
Landa Series 404 Barberry Lane  $171,535   $114,357   $8,577   $(7,784)  $11,150   $(9,356)
Landa Series 412 Kendall Lane  $178,058   $118,705   $8,903   $(8,325)  $11,574   $(9,958)
Landa Series 416 Autumn Lake Court  $159,726   $106,484   $7,986   $(6,385)  $10,382   $(7,849)

 

F-408

 

 

   Proposed   Remaining   Total 6 Mos Interest   June   Total 6 Mos Interest   June 
Series Name  Refinance Note   Acquisition
Note
   Expense @
7% (1)
   Proforma
Income/(Loss)
   Expense @
10% (1)
   Proforma
Income/(Loss)
 
Landa Series 43 Darwin Drive  $151,242   $100,828   $7,562   $(6,567)  $9,831   $(7,953)
Landa Series 432 Manor Estates Drive  $188,502   $125,668   $9,425   $(8,320)  $12,253   $(10,048)
Landa Series 440 Freestone Drive  $198,898   $132,598   $9,945   $(15,092)  $12,928   $(16,916)
Landa Series 4447 Lake Breeze Drive  $205,404   $136,936   $10,270   $(10,382)  $13,351   $(12,265)
Landa Series 445 Independence Drive  $179,268   $119,512   $8,963   $(13,696)  $11,652   $(15,339)
Landa Series 449 Kara Lane  $159,241   $106,161   $7,962   $(13,191)  $10,351   $(14,651)
Landa Series 45 Blue Jay Drive  $211,927   $141,285   $10,596   $(8,923)  $13,775   $(10,866)
Landa Series 45 Laurel Way  $204,060   $136,040   $10,203   $(8,440)  $13,264   $(10,311)
Landa Series 4702 Saint James Way  $160,472   $106,981   $8,024   $(9,201)  $10,431   $(10,672)
Landa Series 4732 Pinedale Drive  $140,831   $93,888   $7,042   $(18,741)  $9,154   $(20,032)
Landa Series 497 Highway 212  $167,527   $111,684   $8,376   $(8,598)  $10,889   $(10,134)
Landa Series 5039 East Street  $124,489   $82,993   $6,224   $(7,052)  $8,092   $(8,193)
Landa Series 5040 Huntshire Lane  $266,991   $177,994   $13,350   $(25,969)  $17,354   $(28,416)
Landa Series 513 Jarrett Court  $173,468   $115,645   $8,673   $(15,462)  $11,275   $(17,052)
Landa Series 5143 Pinecrest Drive SW  $136,262   $90,842   $6,813   $(10,286)  $8,857   $(11,535)
Landa Series 524 Sawmill Road  $170,208   $113,472   $8,510   $(15,031)  $11,063   $(16,592)
Landa Series 5329 Shirewick Lane  $202,794   $135,196   $10,140   $(10,087)  $13,182   $(11,946)
Landa Series 540 Cowan Road  $179,734   $119,823   $8,987   $(7,095)  $11,683   $(8,743)
Landa Series 5411 Rocky Pine Drive  $185,931   $123,954   $9,297   $(9,367)  $12,086   $(11,071)
Landa Series 55 Myrtle Grove Lane  $174,734   $116,489   $8,737   $(9,213)  $11,358   $(10,815)
Landa Series 550 Cowan Road  $150,470   $100,313   $7,523   $(13,786)  $9,781   $(15,165)
Landa Series 5581 Fox Glen Circle  $260,829   $173,886   $13,041   $(46,245)  $16,954   $(48,636)
Landa Series 565 Mountainview Drive  $169,941   $113,294   $8,497   $(15,931)  $11,046   $(17,488)
Landa Series 5737 Strathmoor Manor Circle  $152,548   $101,699   $7,627   $(10,995)  $9,916   $(12,393)
Landa Series 5801 Strathmoor Manor Circle  $157,767   $105,178   $7,888   $(12,931)  $10,255   $(14,378)
Landa Series 6104-6106 Oakwood Circle SW  $148,712   $99,141   $7,436   $(3,836)  $9,666   $(5,200)
Landa Series 6107 Shadow Glen Court  $127,777   $85,185   $6,389   $(8,391)  $8,305   $(9,562)
Landa Series 6111-6113 Pine Glen Circle SW  $273,918   $182,612   $13,696   $(16,415)  $17,805   $(18,926)
Landa Series 6119 Pineneedle Drive SW  $99,693   $66,462   $4,985   $(4,817)  $6,480   $(5,731)
Landa Series 615 Barshay Drive  $175,178   $116,786   $8,759   $(6,965)  $11,387   $(8,570)
Landa Series 6168 Wheat Street NE  $112,739   $75,159   $5,637   $(5,680)  $7,328   $(6,713)
Landa Series 6178 Green Acres Drive SW  $134,061   $89,374   $6,703   $(8,925)  $8,714   $(10,154)

 

F-409

 

 

   Proposed   Remaining   Total 6 Mos Interest   June   Total 6 Mos Interest   June 
Series Name  Refinance Note   Acquisition
Note
   Expense @
7% (1)
   Proforma
Income/(Loss)
   Expense @
10% (1)
   Proforma
Income/(Loss)
 
Landa Series 6386 Forester Way  $178,100   $118,733   $8,905   $(11,743)  $11,576   $(13,376)
Landa Series 6404 Walnut Way  $167,556   $111,704   $8,378   $(7,311)  $10,891   $(8,847)
Landa Series 643 Sycamore Drive  $162,111   $108,074   $8,106   $(7,847)  $10,537   $(9,333)
Landa Series 65 Freedom Court  $176,331   $117,554   $8,817   $(6,533)  $11,461   $(8,149)
Landa Series 653 Georgetown Lane  $171,522   $114,348   $8,576   $(8,018)  $11,149   $(9,590)
Landa Series 6635 Kimberly Mill Road  $197,227   $131,485   $9,861   $(14,868)  $12,820   $(16,676)
Landa Series 6653 Bedford Road  $167,174   $111,449   $8,359   $(14,776)  $10,866   $(16,308)
Landa Series 6710 Sunset Hills Boulevard  $142,107   $94,738   $7,105   $(6,206)  $9,237   $(7,509)
Landa Series 6762 Bent Creek Drive  $167,555   $111,703   $8,378   $(14,780)  $10,891   $(16,316)
Landa Series 683 Wood Path Court  $197,085   $131,390   $9,854   $(18,059)  $12,811   $(19,866)
Landa Series 70 Shenandoah Lane  $201,451   $134,300   $10,073   $(12,329)  $13,094   $(14,176)
Landa Series 709 Georgetown Court  $165,635   $110,423   $8,282   $(14,055)  $10,766   $(15,573)
Landa Series 7107 Geiger Street NW  $96,429   $64,286   $4,821   $(5,462)  $6,268   $(6,346)
Landa Series 7205 Lakeview Drive SW  $175,387   $116,924   $8,769   $(11,865)  $11,400   $(13,473)
Landa Series 750 Georgetown Court  $136,233   $90,822   $6,812   $(5,555)  $8,855   $(6,803)
Landa Series 752 Chestnut Drive  $118,639   $79,093   $5,932   $(4,389)  $7,712   $(5,477)
Landa Series 773 Villa Way  $71,906   $47,938   $3,595   $(1,714)  $4,674   $(2,373)
Landa Series 7781 Mountain Creek Way  $180,648   $120,432   $9,032   $(8,860)  $11,742   $(10,516)
Landa Series 7950 Woodlake Drive  $150,589   $100,393   $7,529   $(5,866)  $9,788   $(7,246)
Landa Series 80 High Ridge Road  $181,258   $120,839   $9,063   $(10,212)  $11,782   $(11,874)
Landa Series 800 Mills Drive  $202,103   $134,735   $10,105   $(15,535)  $13,137   $(17,388)
Landa Series 808 Hillandale Lane  $171,202   $114,135   $8,560   $(7,610)  $11,128   $(9,179)
Landa Series 8110 Devonshire Drive  $127,777   $85,185   $6,389   $(3,689)  $8,305   $(4,860)
Landa Series 8121 Spillers Drive SW  $146,967   $97,978   $7,348   $(5,011)  $9,553   $(6,359)
Landa Series 8233 Creekline Court  $176,191   $117,461   $8,810   $(11,284)  $11,452   $(12,899)
Landa Series 8302 Sterling Lakes Drive  $183,217   $122,145   $9,161   $(11,930)  $11,909   $(13,609)
Landa Series 843 Tramore Drive  $117,293   $78,196   $5,865   $(961)  $7,624   $(2,037)
Landa Series 85 Kirkland Court  $198,876   $132,584   $9,944   $(10,712)  $12,927   $(12,535)
Landa Series 85 Thorn Thicket Way  $176,731   $117,821   $8,837   $(8,171)  $11,488   $(9,791)
Landa Series 8658 Ashley Way  $114,545   $76,363   $5,727   $(9,516)  $7,445   $(10,566)
Landa Series 8667 Ashley Way  $82,042   $54,695   $4,102   $(513)  $5,333   $(1,265)
Landa Series 8671 Ashley Way  $120,466   $80,311   $6,023   $(3,861)  $7,830   $(4,965)
Landa Series 8676 Ashley Way  $123,410   $82,273   $6,171   $(10,415)  $8,022   $(11,546)
Landa Series 8691 Ashley Way  $89,133   $59,422   $4,457   $(7,973)  $5,794   $(8,790)

 

F-410

 

 

   Proposed   Remaining   Total 6 Mos Interest   June   Total 6 Mos Interest   June 
Series Name  Refinance Note   Acquisition
Note
   Expense @
7% (1)
   Proforma
Income/(Loss)
   Expense @
10% (1)
   Proforma
Income/(Loss)
 
Landa Series 8692 Ashley Way  $87,515   $58,344   $4,376   $(8,197)  $5,688   $(9,000)
Landa Series 8693 Ashley Way  $132,279   $88,186   $6,614   $(11,056)  $8,598   $(12,269)
Landa Series 8694 Ashley Way  $120,598   $80,398   $6,030   $(10,420)  $7,839   $(11,525)
Landa Series 8697 Ashley Way  $131,075   $87,383   $6,554   $(5,337)  $8,520   $(6,539)
Landa Series 8819 Leafwood Court  $169,564   $113,043   $8,478   $(14,892)  $11,022   $(16,446)
Landa Series 8855 Rugby Court  $132,999   $88,666   $6,650   $(4,704)  $8,645   $(5,923)
Landa Series 9020 Sterling Ridge Lane  $141,996   $94,664   $7,100   $(10,555)  $9,230   $(11,857)
Landa Series 9150 Spillers Drive SW  $151,895   $101,264   $7,595   $(7,184)  $9,873   $(8,576)
Landa Series 925 Mote Road  $187,098   $124,732   $9,355   $(11,197)  $12,161   $(12,912)
Landa Series 9409 Forest Knoll Drive  $184,585   $123,057   $9,229   $(6,694)  $11,998   $(8,386)
Landa Series 9434 Cedar Creek Place  $199,068   $132,712   $9,953   $(10,082)  $12,939   $(11,906)
Landa Series 9597 Pintail Trail  $180,775   $120,517   $9,039   $(12,569)  $11,750   $(14,226)
Landa Series 974 Laurel Street  $166,979   $111,319   $8,349   $(8,008)  $10,854   $(9,539)
Landa Series 1701 Summerwoods Lane  $103,443   $68,962   $5,172   $(4,536)  $6,724   $(5,485)
Landa Series 1741 Park Lane  $117,051   $78,034   $5,853   $(6,332)  $7,608   $(7,405)

 

(1)

Both the 7% and 10%. Interest expense columns include the remaining acquisition note balance of 4.5% interest expense

 

DThe Company elected not to pro forma the provision for income taxes as there were losses and a full deferred tax asset valuation allowance was assumed.

 

EReflects adjustments for property management fee expense based on contractual terms to be entered into under management agreements with the Manager at closing of this offering for the periods presented.

 

F-411

 

 

LANDA SERIES 10 OAK WOOD LANE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

    Landa
Series 10 Oak
Wood Lane
    Historical
Property
Operations
(H)
    Historical
Property
Operations
(I)
    Pro Forma
Adjustments
    Notes   Landa
Series 10 Oak
Wood Lane
Pro Forma
 
Rental Income   $   -     $ 13,591     $ 1,140     $ -         $ 14,731  
                                             
Expenses                                            
Real Estate Taxes     -       1,151       97       -           1,248  
Homeowner Association Fees     -       -       -       -           -  
Property Insurance     -       820       44       -           864  
Repairs and Maintenance     -       515       -       -           515  
Other Expenses     -       94       -       -           94  
Management fee     -       -       -       1,668     E     1,668  
Depreciation and amortization     -       -       -       7,467     B     7,467  
Interest Expense     -       -       -       11,451     C     11,451  
Total Expenses     -       2,580       141       20,586           23,307  
                                             
Net Income (loss) before provision for income tax     -       11,011       999       (20,586 )         (8,576 )
Provision for income taxes     -       -       -       -     D     -  
Net Income (loss)   $ -     $ 11,011     $ 999     $ (20,586 )       $ (8,576 )

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-412

 

 

LANDA SERIES 10 WINDRIDGE DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 10
Windridge
Drive
   Historical
Property
Operations
(H)
   Historical
Property
Operations
(I)
   Pro Forma
Adjustments
   Notes  Landa
Series 10
Windridge
Drive Pro-Forma
 
Rental Income  $    -   $10,956   $1,099   $-      $12,055 
                             
Expenses                            
Real Estate Taxes   -    1,262    107    -       1,369 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    633    38    -       671 
Repairs and Maintenance   -    2,515    -    -       2,515 
Other Expenses   -    361    -    -       361 
Management fee   -    -    -    1,338   E   1,338 
Depreciation and amortization   -    -    -    6,349   B   6,349 
Interest Expense   -    -    -    11,539   C   11,539 
Total Expenses   -    4,771    145    19,226       24,142 
                             
Net Income (loss) before provision for income tax   -    6,185    954    (19,226)      (12,087)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $6,185   $954   $(19,226)     $(12,087)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-413

 

 

LANDA SERIES 1000 FOX VALLEY TRAIL

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

    Landa
Series 1000
Fox Valley
Trail
    Historical
Property
Operations
(H)
    Historical
Property
Operations
(I)
    Pro Forma
Adjustments
   Notes   Landa
Series 1000
Fox Valley
Trail Pro-
Forma
 
Rental Income  $-   $13,963   $1,193   $-      $15,156 
                             
Expenses                            
Real Estate Taxes   -    2,637    223    -       2,860 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    826    48    -       874 
Repairs and Maintenance   -    805    -    -       805 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,800   E   1,800 
Depreciation and amortization   -    -    -    8,112   B   8,112 
Interest Expense   -    -    -    13,409   C   13,409 
Total Expenses   -    4,268    271    23,321       27,860 
                             
Net Income (loss) before provision for income tax   -    9,695    922    (23,321)      (12,704)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $9,695   $922   $(23,321)     $(12,704)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-414

 

 

LANDA SERIES 1007 LEEWARD WAY

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 1007
Leeward Way
   Historical
Property
Operations
(H)
   Historical
Property
Operations
(I)
   Pro Forma
Adjustments
   Notes  Landa
Series 1007
Leeward Way
Pro Forma
 
Rental Income  $     -   $11,656   $1,016   $-      $12,672 
                             
Expenses                            
Real Estate Taxes   -    1,777    150    -       1,927 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    863    45    -       908 
Repairs and Maintenance   -    185    -    -       185 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,024   E   1,024 
Depreciation and amortization   -    -    -    7,746   B   7,746 
Interest Expense   -    -    -    13,507   C   13,507 
Total Expenses   -    2,825    195    22,277       25,297 
                             
Net Income (loss) before provision for income tax   -    8,831    821    (22,277)      (12,625)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $8,831   $821   $(22,277)     $(12,625)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-415

 

 

LANDA SERIES 10119 COMMONS WAY

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 10119
Commons Way
   Historical
Property
Operations
(H)
   Historical
Property
Operations
(I)
   Pro Forma
Adjustments
   Notes  Landa
Series 10119
Commons Way
Pro Forma
 
Rental Income  $      -   $13,074   $1,140   $-      $14,214 
                             
Expenses                            
Real Estate Taxes   -    2,080    176    -       2,256 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    1,151    47    -       1,198 
Repairs and Maintenance   -    461    -    -       461 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,170   E   1,170 
Depreciation and amortization   -    -    -    7,956   B   7,956 
Interest Expense   -    -    -    13,790   C   13,790 
Total Expenses   -    3,692    223    22,916       26,831 
                             
Net Income (loss) before provision for income tax   -    9,382    917    (22,916)      (12,617)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $9,382   $917   $(22,916)     $(12,617)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-416

 

 

LANDA SERIES 10121 MORRIS DRIVE SW

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 10121
Morris Drive
SW
   Historical
Property
Operations
(F)
   Historical
Property
Operations
(G)
   Pro Forma
Adjustments
   Notes  Landa
Series 10121
Morris Drive
SW Pro Forma
 
Rental Income  $      -   $10,080   $1,440   $-      $11,520 
                             
Expenses                            
Real Estate Taxes   -    895    131    -       1,026 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    357    25    -       382 
Repairs and Maintenance   -    1,275    -    -       1,275 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,596   E   1,596 
Depreciation and amortization   -    -    -    7,049   B   7,049 
Interest Expense   -    -    -    12,521   C   12,521 
Total Expenses   -    2,527    156    21,166       23,849 
                             
Net Income (loss) before provision for income tax   -    7,553    1,284    (21,166)      (12,329)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $7,553   $1,284   $(21,166)     $(12,329)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-417

 

 

LANDA SERIES 10183 STARR STREET SW

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 10183
Starr Street SW
   Historical
Property
Operations
(F)
   Historical
Property
Operations
(G)
   Pro Forma
Adjustments
   Notes  Landa
Series 10183
Starr Street
SW
Pro Forma
 
Rental Income  $          -   $10,202   $1,523   $-      $11,725 
                             
Expenses                            
Real Estate Taxes   -    910    133    -       1,043 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    1,011    63    -       1,074 
Repairs and Maintenance   -    812    -    -       812 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    974   E   974 
Depreciation and amortization   -    -    -    6,733   B   6,733 
Interest Expense   -    -    -    12,077   C   12,077 
Total Expenses   -    2,733    196    19,784       22,713 
                             
Net Income (loss) before provision for income tax   -    7,469    1,327    (19,784)      (10,988)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $7,469   $1,327   $(19,784)     $(10,988)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-418

 

 

LANDA SERIES 103 STARLAKE DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 103
Starlake Drive
   Historical
Property
Operations
(F)
   Historical
Property
Operations
(G)
   Pro Forma
Adjustments
   Notes  Landa
Series 103
Starlake Drive
Pro Forma
 
Rental Income  $    -   $11,230   $1,619   $-      $12,849 
                             
Expenses                            
Real Estate Taxes   -    1,302    191    -       1,493 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    948    61    -       1,009 
Repairs and Maintenance   -    299    -    -       299 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,036   E   1,036 
Depreciation and amortization   -    -    -    6,666   B   6,666 
Interest Expense   -    -    -    12,055   C   12,055 
Total Expenses   -    2,549    252    19,757       22,558 
                             
Net Income (loss) before provision for income tax   -    8,681    1,367    (19,757)      (9,709)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $8,681   $1,367   $(19,757)     $(9,709)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-419

 

 

LANDA SERIES 104 SUMMERFIELD DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 104
Summerfield
Drive
   Historical
Property
Operations
(H)
   Historical
Property
Operations
(I)
   Pro Forma
Adjustments
   Notes  Landa
Series 104
Summerfield
Drive
Pro-Forma
 
Rental Income  $      -   $12,901   $1,091   $-      $13,992 
                             
Expenses                            
Real Estate Taxes   -    2,104    178    -       2,282 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    803    45    -       848 
Repairs and Maintenance   -    1,545    -    -       1,545 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,733   E   1,733 
Depreciation and amortization   -    -    -    7,750   B   7,750 
Interest Expense   -    -    -    13,503   C   13,503 
Total Expenses   -    4,452    223    22,986       27,661 
                             
Net Income (loss) before provision for income tax   -    8,449    868    (22,986)      (13,669)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $8,449   $868   $(22,986)     $(13,669)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-420

 

 

LANDA SERIES 10433 CANDLELIGHT RD

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 10433
Candlelight Rd
   Historical
Property
Operations
(F)
   Historical
Property
Operations
(G)
   Pro Forma
Adjustments
   Notes  Landa
Series 10433
Candlelight Rd
Pro Forma
 
Rental Income  $        -   $12,117   $1,731   $-      $13,848 
                             
Expenses                            
Real Estate Taxes   -    1,787    262    -       2,049 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    630    63    -       693 
Repairs and Maintenance   -    -    -    -       - 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,569   E   1,569 
Depreciation and amortization   -    -    -    7,933   B   7,933 
Interest Expense   -    -    -    13,759   C   13,759 
Total Expenses   -    2,417    325    23,261       26,003 
                             
Net Income (loss) before provision for income tax   -    9,700    1,406    (23,261)      (12,155)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $9,700   $1,406   $(23,261)     $(12,155)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-421

 

 

LANDA SERIES 105 ANNE STREET

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa App
Series 105
Anne Street
   Historical
Property
Operations
(H)
   Historical
Property
Operations
(I)
   Pro Forma
Adjustments
   Notes  Landa
Series 105
Anne Street
Pro Forma
 
Rental Income  $      -   $11,899   $1,066   $-      $12,965 
                             
Expenses                            
Real Estate Taxes   -    897    76    -       973 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    629    38    -       667 
Repairs and Maintenance   -    2,055    -    -       2,055 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,094   E   1,094 
Depreciation and amortization   -    -    -    6,242   B   6,242 
Interest Expense   -    -    -    11,390   C   11,390 
Total Expenses   -    3,581    114    18,726       22,421 
                             
Net Income (loss) before provision for income tax   -    8,318    952    (18,726)      (9,456)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $8,318   $952   $(18,726)     $(9,456)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-422

 

 

LANDA SERIES 107 OAKWOOD CIRCLE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 107
Oakwood
Circle
   Historical
Property
Operations
(H)
   Historical
Property
Operations
(I)
   Pro Forma
Adjustments
   Notes  Landa
Series 107
Oakwood
Circle Pro
Forma
 
Rental Income  $      -   $9,531   $819   $-      $10,350 
                             
Expenses                            
Real Estate Taxes   -    748    63    -       811 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    686    29    -       715 
Repairs and Maintenance   -    -    -    -       - 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,199   E   1,199 
Depreciation and amortization   -    -    -    4,497   B   4,497 
Interest Expense   -    -    -    8,945   C   8,945 
Total Expenses   -    1,434    92    14,641       16,167 
                             
Net Income (loss) before provision for income tax   -    8,097    727    (14,641)      (5,817)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $8,097   $727   $(14,641)     $(5,817)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-423

 

 

LANDA SERIES 109 AMBERWOOD LANE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 109
Amberwood
Lane
   Historical
Property
Operations
(H)
   Historical
Property
Operations
(I)
   Pro Forma
Adjustments
   Notes  Landa
Series 109
Amberwood
Lane Pro-
Forma
 
Rental Income  $      -   $9,897   $868   $-      $10,765 
                             
Expenses                            
Real Estate Taxes   -    901    76    -       977 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    832    31    -       863 
Repairs and Maintenance   -    640    -    -       640 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    891   E   891 
Depreciation and amortization   -    -    -    5,056   B   5,056 
Interest Expense   -    -    -    9,733   C   9,733 
Total Expenses   -    2,373    107    15,680       18,160 
                             
Net Income (loss) before provision for income tax   -    7,524    761    (15,680)      (7,395)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $7,524   $761   $(15,680)     $(7,395)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-424

 

 

LANDA SERIES 110 SHENANDOAH DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 110
Shenandoah
Drive
   Historical
Property
Operations
(F)
  

Historical
Property
Operations
(G)

   Pro Forma
Adjustments
   Notes  Landa
Series 110
Shenandoah
Drive Pro-
Forma
 
Rental Income  $      -   $11,988   $1,770   $-      $13,758 
                             
Expenses                            
Real Estate Taxes   -    1,394    204    -       1,598 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    1,100    66    -       1,166 
Repairs and Maintenance   -    2,035    -    -       2,035 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,133   E   1,133 
Depreciation and amortization   -    -    -    8,095   B   8,095 
Interest Expense   -    -    -    13,986   C   13,986 
Total Expenses   -    4,529    270    23,214       28,013 
                             
Net Income (loss) before provision for income tax   -    7,459    1,500    (23,214)      (14,255)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $7,459   $1,500   $(23,214)     $(14,255)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-425

 

 

LANDA SERIES 111 FIR DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 111 Fir
Drive
   Historical
Property
Operations
(F)
   Historical
Property
Operations
(G)
   Pro Forma
Adjustments
   Notes  Landa
Series 111 Fir
Drive Pro-
Forma
 
Rental Income  $      -   $10,174   $1,472   $-      $11,646 
                             
Expenses                            
Real Estate Taxes   -    1,206    177    -       1,383 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    741    52    -       793 
Repairs and Maintenance   -    -    -    -       - 
Other Expenses   -    188    -    -       188 
Management fee   -    -    -    1,440   E   1,440 
Depreciation and amortization   -    -    -    5,825   B   5,825 
Interest Expense   -    -    -    10,805   C   10,805 
Total Expenses   -    2,135    229    18,070       20,434 
                             
Net Income (loss) before provision for income tax   -    8,039    1,243    (18,070)      (8,788)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $8,039   $1,243   $(18,070)     $(8,788)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-426

 

 

LANDA SERIES 1110 PARKVIEW DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 1110
Parkview Drive
   Historical
Property
Operations
(H)
   Historical
Property
Operations
(I)
   Pro Forma
Adjustments
   Notes  Landa
Series 1110
Parkview Drive
Pro Forma
 
Rental Income  $       -   $10,232   $868   $-      $11,100 
                             
Expenses                            
Real Estate Taxes   -    803    68    -       871 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    644    39    -       683 
Repairs and Maintenance   -    2,538    -    -       2,538 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,284   E   1,284 
Depreciation and amortization   -    -    -    6,487   B   6,487 
Interest Expense   -    -    -    11,733   C   11,733 
Total Expenses   -    3,985    107    19,504       23,596 
                             
Net Income (loss) before provision for income tax   -    6,247    761    (19,504)      (12,496)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $6,247   $761   $(19,504)     $(12,496)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-427

 

 

LANDA SERIES 11187 SHANNON CIRCLE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 11187
Shannon
Circle
   Historical
Property
Operations
(H)
   Historical
Property
Operations
(I)
   Pro Forma
Adjustments
   Notes  Landa
Series 11187
Shannon
Circle Pro-
Forma
 
Rental Income  $      -   $11,496   $972   $-      $12,468 
                             
Expenses                            
Real Estate Taxes   -    1,585    134    -       1,719 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    742    47    -       789 
Repairs and Maintenance   -    1,548    -    -       1,548 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,648   E   1,648 
Depreciation and amortization   -    -    -    8,098   B   8,098 
Interest Expense   -    -    -    13,990   C   13,990 
Total Expenses   -    3,875    181    23,736       27,792 
                             
Net Income (loss) before provision for income tax   -    7,621    791    (23,736)      (15,324)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $7,621   $791   $(23,736)     $(15,324)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-428

 

 

LANDA SERIES 112 RIDGE STREET

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 112
Ridge Street
   Historical
Property
Operations
(F)
   Historical
Property
Operations
(G)
   Pro Forma
Adjustments
   Notes  Landa
Series 112
Ridge Street
Pro Forma
 
Rental Income  $     -   $12,119   $1,790   $-      $13,909 
                             
Expenses                            
Real Estate Taxes   -    1,928    282    -       2,210 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    1,050    67    -       1,117 
Repairs and Maintenance   -    485    -    -       485 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,145   E   1,145 
Depreciation and amortization   -    -    -    8,060   B   8,060 
Interest Expense   -    -    -    13,937   C   13,937 
Total Expenses   -    3,463    349    23,142       26,954 
                             
Net Income (loss) before provision for income tax   -    8,656    1,441    (23,142)      (13,045)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $8,656   $1,441   $(23,142)     $(13,045)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-429

 

 

LANDA SERIES 11322 MICHELLE WAY

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 11322
Michelle
Way
   Historical
Property
Operations
(F)
   Historical
Property
Operations
(G)
   Pro Forma
Adjustments
   Notes  Landa
Series 11322
Michelle
Way
Pro Forma
 
Rental Income  $     -   $11,286   $1,638   $-      $12,924 
                             
Expenses                            
Real Estate Taxes   -    1,306    191    -       1,497 
Homeowner Association Fees   -    360    120    -       480 
Property Insurance   -    672    51    -       723 
Repairs and Maintenance   -    945    -    -       945 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,260   E   1,260 
Depreciation and amortization   -    -    -    6,174   B   6,174 
Interest Expense   -    -    -    11,294   C   11,294 
Total Expenses   -    3,283    362    18,728       22,373 
                             
Net Income (loss) before provision for income tax   -    8,003    1,276    (18,728)      (9,449)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $8,003   $1,276   $(18,728)     $(9,449)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-430

 

 

LANDA SERIES 114 STARLAKE DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 114
Starlake Drive
   Historical
Property
Operations
(H)
   Historical
Property
Operations
(I)
   Pro Forma
Adjustments
   Notes  Landa
Series 114
Starlake Drive
Pro Forma
 
Rental Income  $     -   $12,092   $1,044   $-      $13,136 
                             
Expenses                            
Real Estate Taxes   -    1,362    115    -       1,477 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    675    38    -       713 
Repairs and Maintenance   -    131    545    -       676 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,071   E   1,071 
Depreciation and amortization   -    -    -    6,247   B   6,247 
Interest Expense   -    -    -    11,405   C   11,405 
Total Expenses   -    2,168    698    18,723       21,589 
                             
Net Income (loss) before provision for income tax   -    9,924    346    (18,723)      (8,453)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $9,924   $346   $(18,723)     $(8,453)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-431

 

 

LANDA SERIES 11447 S GROVE DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 11447 S
Grove Drive
   Historical
Property
Operations
(H)
   Historical
Property
Operations
(I)
   Pro Forma
Adjustments
   Notes  Landa
Series 11447 S
Grove Drive
Pro Forma
 
Rental Income  $     -   $11,683   $987   $-      $12,670 
                             
Expenses                            
Real Estate Taxes   -    1,495    126    -       1,621 
Homeowner Association Fees   -    415    35    -       450 
Property Insurance   -    625    43    -       668 
Repairs and Maintenance   -    130    -    -       130 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,692   E   1,692 
Depreciation and amortization   -    -    -    7,260   B   7,260 
Interest Expense   -    -    -    12,815   C   12,815 
Total Expenses   -    2,665    204    21,767       24,636 
                             
Net Income (loss) before provision for income tax   -    9,018    783    (21,767)      (11,966)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $9,018   $783   $(21,767)     $(11,966)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-432

 

 

LANDA SERIES 1147 VILLAGE WAY

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 1147
Village Way
   Historical
Property
Operations
(F)
   Historical
Property
Operations
(G)
   Pro Forma
Adjustments
   Notes  Landa
Series 1147
Village Way
Pro Forma
 
Rental Income  $      -   $9,160   $1,838   $-      $10,998 
                             
Expenses                            
Real Estate Taxes   -    2,085    305    -       2,390 
Homeowner Association Fees   -    2,216    317    -       2,533 
Property Insurance   -    820    50    -       870 
Repairs and Maintenance   -    7,438    -    -       7,438 
Other Expenses   -    183    -    -       183 
Management fee   -    -    -    1,582   E   1,582 
Depreciation and amortization   -    -    -    7,781   B   7,781 
Interest Expense   -    -    -    13,545   C   13,545 
Total Expenses   -    12,742    672    22,908       36,322 
                             
Net Income (loss) before provision for income tax   -    (3,582)   1,166    (22,908)      (25,324)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $(3,582)  $1,166   $(22,908)     $(25,324)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-433

 

 

LANDA SERIES 115 LAKEVIEW DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 115
Lakeview Drive
   Historical
Property
Operations
(H)
   Historical
Property
Operations
(I)
   Pro Forma
Adjustments
   Notes  Landa
Series 115
Lakeview Drive
Pro Forma
 
Rental Income  $     -   $13,107   $1,143   $-      $14,250 
                             
Expenses                            
Real Estate Taxes   -    2,012    170    -       2,182 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    1,020    43    -       1,063 
Repairs and Maintenance   -    -    -    -       - 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,173   E   1,173 
Depreciation and amortization   -    -    -    7,292   B   7,292 
Interest Expense   -    -    -    12,860   C   12,860 
Total Expenses   -    3,032    213    21,325       24,570 
                             
Net Income (loss) before provision for income tax   -    10,075    930    (21,325)      (10,320)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $10,075   $930   $(21,325)     $(10,320)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-434

 

 

LANDA SERIES 1160 GABLE TERRACE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 1160
Gable Terrace
   Historical
Property
Operations
(F)
   Historical
Property
Operations
(G)
   Pro Forma
Adjustments
   Notes  Landa
Series 1160
Gable Terrace
Pro Forma
 
Rental Income  $    -   $12,554   $1,853   $-      $14,407 
                             
Expenses                            
Real Estate Taxes   -    2,354    345    -       2,699 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    1,156    73    -       1,229 
Repairs and Maintenance   -    1,835    -    -       1,835 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,186   E   1,186 
Depreciation and amortization   -    -    -    7,781   B   7,781 
Interest Expense   -    -    -    13,553   C   13,553 
Total Expenses   -    5,345    418    22,520       28,283 
                             
Net Income (loss) before provision for income tax   -    7,209    1,435    (22,520)      (13,876)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $7,209   $1,435   $(22,520)     $(13,876)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-435

 

 

LANDA SERIES 1190 KIRKLAND ROAD

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 1190
Kirkland Road
   Historical
Property
Operations
(H)
   Historical
Property
Operations
(I)
   Pro Forma
Adjustments
   Notes  Landa
Series 1190
Kirkland Road
Pro Forma
 
Rental Income  $      -   $12,038   $1,739   $-      $13,777 
                             
Expenses                            
Real Estate Taxes   -    1,275    108    -       1,383 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    644    50    -       694 
Repairs and Maintenance   -    8,920    -    -       8,920 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,596   E   1,596 
Depreciation and amortization   -    -    -    8,513   B   8,513 
Interest Expense   -    -    -    14,571   C   14,571 
Total Expenses   -    10,839    158    24,680       35,677 
                             
Net Income (loss) before provision for income tax   -    1,199    1,581    (24,680)      (21,900)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $1,199   $1,581   $(24,680)     $(21,900)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-436

 

 

LANDA SERIES 12 MINTZ STREET

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 12
Mintz Street
   Historical
Property
Operations
(H)
   Historical
Property
Operations
(I)
   Pro Forma
Adjustments
   Notes  Landa
Series 12
Mintz Street
Pro Forma
 
Rental Income  $     -   $11,282   $974   $-      $12,256 
                             
Expenses                            
Real Estate Taxes   -    1,489    126    -       1,615 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    999    39    -       1,038 
Repairs and Maintenance   -    909    -    -       909 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,439   E   1,439 
Depreciation and amortization   -    -    -    6,593   B   6,593 
Interest Expense   -    -    -    11,882   C   11,882 
Total Expenses   -    3,397    165    19,914       23,476 
                             
Net Income (loss) before provision for income tax   -    7,885    809    (19,914)      (11,220)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $7,885   $809   $(19,914)     $(11,220)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-437

 

 

LANDA SERIES 120 ROSEWOOD DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 120
Rosewood
Drive
   Historical
Property
Operations
(H)
   Historical
Property
Operations
(I)
   Pro Forma
Adjustments
   Notes  Landa
Series 120
Rosewood
Drive Pro-
Forma
 
Rental Income  $      -   $12,958   $1,130   $-      $14,088 
                             
Expenses                            
Real Estate Taxes   -    1,984    168    -       2,152 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    1,030    43    -       1,073 
Repairs and Maintenance   -    610    -    -       610 
Other Expenses   -    95    -    -       95 
Management fee   -    -    -    1,160   E   1,160 
Depreciation and amortization   -    -    -    7,327   B   7,327 
Interest Expense   -    -    -    12,909   C   12,909 
Total Expenses   -    3,719    211    21,396       25,326 
                             
Net Income (loss) before provision for income tax   -    9,239    919    (21,396)      (11,238)
Provision for income taxes   -    -    -    -   D   

-

 
Net Income (loss)  $-   $9,239   $919   $(21,396)     $(11,238)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-438

 

 

LANDA SERIES 1201 KILRUSH DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 1201
Kilrush Drive
   Historical
Property
Operations
(F)
   Historical
Property
Operations
(G)
   Pro Forma
Adjustments
  Notes  Landa
Series 1201
Kilrush Drive
Pro Forma
 
Rental Income  $ -   $22,882   $3,455   $-      $26,337 
                             
Expenses                            
Real Estate Taxes   -    2,788    408    -       3,196 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    1,913    128    -       2,041 
Repairs and Maintenance   -    1,585    -    -       1,585 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    2,211   E   2,211 
Depreciation and amortization   -    -    -    15,326   B   15,326 
Interest Expense   -    -    -    24,116   C   24,116 
Total Expenses   -    6,286    536    41,653       48,475 
                             
Net Income (loss) before provision for income tax   -    16,596    2,919    (41,653)      (22,138)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $16,596   $2,919   $(41,653)     $(22,138)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-439

 

 

LANDA SERIES 124 LIBBY LANE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 124
Libby Lane
   Historical
Property
Operations
(F)
   Historical
Property
Operations
(G)
   Pro Forma
Adjustments
   Notes  Landa
Series 124
Libby Lane
Pro Forma
 
Rental Income  $      -   $11,240   $1,628   $-      $12,868 
                             
Expenses                            
Real Estate Taxes   -    997    146    -       1,143 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    538    51    -       589 
Repairs and Maintenance   -    1,594    -    -       1,594 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,550   E   1,550 
Depreciation and amortization   -    -    -    5,837   B   5,837 
Interest Expense   -    -    -    10,822   C   10,822 
Total Expenses   -    3,129    197    18,209       21,535 
                             
Net Income (loss) before provision for income tax   -    8,111    1,431    (18,209)      (8,667)
Provision for income taxes   -    -    -    -   D   

-

 
Net Income (loss)  $-   $8,111   $1,431   $(18,209)     $(8,667)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-440

 

 

LANDA SERIES 126 E MIMOSA DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 126 E
Mimosa Drive
   Historical
Property
Operations
(H)
   Historical
Property
Operations
(I)
   Pro Forma
Adjustments
   Notes  Landa
Series 126 E
Mimosa Drive
Pro Forma
 
Rental Income  $      -   $9,375   $931   $-      $10,306 
                             
Expenses                            
Real Estate Taxes   -    816    69    -       885 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    475    38    -       513 
Repairs and Maintenance   -    95    -    -       95 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,361   E   1,361 
Depreciation and amortization   -    -    -    6,350   B   6,350 
Interest Expense   -    -    -    11,540   C   11,540 
Total Expenses   -    1,386    107    19,251       20,744 
                             
Net Income (loss) before provision for income tax   -    7,989    824    (19,251)      (10,438)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $7,989   $824   $(19,251)     $(10,438)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-441

 

 

LANDA SERIES 12641 ALCOVY ROAD

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 12641
Alcovy Road
   Historical
Property
Operations
(H)
   Historical
Property
Operations
(I)
   Pro Forma
Adjustments
   Notes  Landa
Series 12641
Alcovy Road
Pro Forma
 
Rental Income  $      -   $10,089   $1,029   $-      $11,118 
                             
Expenses                            
Real Estate Taxes   -    1,357    115    -       1,472 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    530    47    -       577 
Repairs and Maintenance   -    1,790    -    -       1,790 
Other Expenses   -    52    -    -       52 
Management fee   -    -    -    1,478   E   1,478 
Depreciation and amortization   -    -    -    7,989   B   7,989 
Interest Expense   -    -    -    13,837   C   13,837 
Total Expenses   -    3,729    162    23,304       27,195 
                             
Net Income (loss) before provision for income tax   -    6,360    867    (23,304)      (16,077)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $6,360   $867   $(23,304)     $(16,077)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-442

 

 

LANDA SERIES 1320 WINONA AVENUE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 1320
Winona
Avenue
   Historical
Property
Operations
(F)
   Historical
Property
Operations
(G)
   Pro Forma
Adjustments
   Notes  Landa
Series 1320
Winona
Avenue Pro-
Forma
 
Rental Income  $     -   $2,375   $1,425   $-      $3,800 
                             
Expenses                            
Real Estate Taxes   -    569    83    -       652 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    440    53    -       493 
Repairs and Maintenance   -    8,060    -    -       8,060 
Other Expenses   -    269    -    -       269 
Management fee   -    -    -    912   E   912 
Depreciation and amortization   -    -    -    5,204   B   5,204 
Interest Expense   -    -    -    9,936   C   9,936 
Total Expenses   -    9,338    136    16,052       25,526 
                             
Net Income (loss) before provision for income tax   -    (6,963)   1,289    (16,052)      (21,726)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $(6,963)  $1,289   $(16,052)     $(21,726)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-443

 

 

LANDA SERIES 133 DOVE LANDING

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 133
Dove Landing
   Historical
Property
Operations
(H)
   Historical
Property
Operations
(I)
   Pro Forma
Adjustments
   Notes  Landa
Series 133
Dove Landing
Pro Forma
 
Rental Income  $      -   $10,844   $946   $-      $11,790 
                             
Expenses                            
Real Estate Taxes   -    262    22    -       284 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    947    33    -       980 
Repairs and Maintenance   -    1,206    -    -       1,206 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    971   E   971 
Depreciation and amortization   -    -    -    5,405   B   5,405 
Interest Expense   -    -    -    10,218   C   10,218 
Total Expenses   -    2,415    55    16,594       19,064 
                             
Net Income (loss) before provision for income tax   -    8,429    891    (16,594)      (7,274)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $8,429   $891   $(16,594)     $(7,274)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-444

 

 

LANDA SERIES 137 SOUTHERN SHORES ROAD

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 137
Southern
Shores Road
   Historical
Property
Operations
(F)
   Historical
Property
Operations
(G)
   Pro Forma
Adjustments
   Notes   Landa
Series 137
Southern
Shores Road
Pro Forma
 
Rental Income  $-   $10,862   $1,595   $-        $12,457 
                               
Expenses                              
Real Estate Taxes   -    1,192    175    -         1,367 
Homeowner Association Fees   -    -    -    -         - 
Property Insurance   -    738    51    -         789 
Repairs and Maintenance   -    237    -    -         237 
Other Expenses   -    -    -    -         - 
Management fee   -    -    -    1,138    E    1,138 
Depreciation and amortization   -    -    -    5,830    B    5,830 
Interest Expense   -    -    -    10,812    C    10,812 
Total Expenses   -    2,167    226    17,780         20,173 
                               
Net Income (loss) before provision for income tax   -    8,695    1,369    (17,780)        (7,716)
Provision for income taxes   -    -    -    -    D    - 
Net Income (loss)  $-   $8,695   $1,369   $(17,780)       $(7,716)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-445

 

 

LANDA SERIES 138 SANDALWOOD CIRCLE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 138
Sandalwood
Circle
   Historical
Property
Operations
(F)
   Historical
Property
Operations
(G)
   Pro Forma
Adjustments
   Notes   Landa
Series 138
Sandalwood
Circle Pro-
Forma
 
Rental Income  $-   $10,540   $29   $-        $10,569 
                               
Expenses                              
Real Estate Taxes   -    994    146    -         1,140 
Homeowner Association Fees   -    1,103    158    -         1,261 
Property Insurance   -    569    44    -         613 
Repairs and Maintenance   -    2,106    396    -         2,502 
Other Expenses   -    200    -    -         200 
Management fee   -    -    -    1,665    E    1,665 
Depreciation and amortization   -    -    -    7,413    B    7,413 
Interest Expense   -    -    -    11,413    C    11,413 
Total Expenses   -    4,972    744    20,491         26,207 
                               
Net Income (loss) before provision for income tax   -    5,568    (715)   (20,491)        (15,638)
Provision for income taxes   -    -    -    -    D    - 
Net Income (loss)  $-   $5,568   $(715)  $(20,491)       $(15,638)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-446

 

 

LANDA SERIES 140 HIGH RIDGE ROAD

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 140
High Ridge
Road
   Historical
Property
Operations
(F)
   Historical
Property
Operations
(G)
   Pro Forma
Adjustments
   Notes  Landa
Series 140
High Ridge
Road Pro-
Forma
 
Rental Income  $      -   $10,784   $1,601   $-      $12,385 
                             
Expenses                            
Real Estate Taxes   -    1,322    194    -       1,516 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    961    62    -       1,023 
Repairs and Maintenance   -    1,375    -    -       1,375 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,024   E   1,024 
Depreciation and amortization   -    -    -    7,292   B   7,292 
Interest Expense   -    -    -    12,860   C   12,860 
Total Expenses   -    3,658    256    21,176       25,090 
                             
Net Income (loss) before provision for income tax   -    7,126    1,345    (21,176)      (12,705)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $7,126   $1,345   $(21,176)     $(12,705)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-447

 

 

LANDA SERIES 141 LONGSTREET CIRCLE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 141
Longstreet
Circle
   Historical
Property
Operations
(H)
   Historical
Property
Operations
(I)
   Pro Forma
Adjustments
   Notes  Landa
Series 141
Longstreet
Circle Pro-
Forma
 
Rental Income  $      -   $12,386   $1,104   $-      $13,490 
                             
Expenses                            
Real Estate Taxes   -    1,393    118    -       1,511 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    804    51    -       855 
Repairs and Maintenance   -    1,237    -    -       1,237 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,133   E   1,133 
Depreciation and amortization   -    -    -    8,757   B   8,757 
Interest Expense   -    -    -    14,913   C   14,913 
Total Expenses   -    3,434    169    24,803       28,406 
                             
Net Income (loss) before provision for income tax   -    8,952    935    (24,803)      (14,916)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $8,952   $935   $(24,803)     $(14,916)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-448

 

 

LANDA SERIES 1443 PEBBLE RIDGE LANE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 1443
Pebble Ridge
Lane
   Historical
Property
Operations
(H)
   Historical
Property
Operations
(I)
   Pro Forma
Adjustments
   Notes  Landa
Series 1443
Pebble Ridge
Lane Pro-
Forma
 
Rental Income  $       -   $12,659   $1,093   $-      $13,752 
                             
Expenses                            
Real Estate Taxes   -    1,881    159    -       2,040 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    726    49    -       775 
Repairs and Maintenance   -    -    -    -       - 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,832   E   1,832 
Depreciation and amortization   -    -    -    8,378   B   8,378 
Interest Expense   -    -    -    14,382   C   14,382 
Total Expenses   -    2,607    208    24,592       27,407 
                             
Net Income (loss) before provision for income tax   -    10,052    885    (24,592)      (13,655)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $10,052   $885   $(24,592)     $(13,655)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-449

 

 

LANDA SERIES 1445 MAPLE VALLEY COURT

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 1445
Maple Valley
Court
   Historical
Property
Operations
(J)
   Pro Forma
Adjustments
   Notes  Landa
Series 1445
Maple Valley
Court Pro-
Forma
 
Rental Income  $     -   $13,620   $876      $14,496 
                        
Expenses                       
Real Estate Taxes   -    1,253    -       1,253 
Homeowner Association Fees   -    360    -       360 
Property Insurance   -    543    -       543 
Repairs and Maintenance   -    -    -       - 
Other Expenses   -    -    -       - 
Management fee   -    -    1,160   E   1,160 
Depreciation and amortization   -    -    4,557   B   4,557 
Interest Expense   -    -    9,028   C   9,028 
Total Expenses   -    2,156    14,745       16,901 
                        
Net Income (loss) before provision for income tax   -    11,464    (13,869)      (2,405)
Provision for income taxes   -    -    -   D   - 
Net Income (loss)  $-   $11,464   $(13,869)     $(2,405)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-450

 

 

LANDA SERIES 146 CRYSTAL BROOK

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 146
Crystal Brook
   Historical
Property
Operations
(F)
   Historical
Property
Operations
(G)
   Pro Forma
Adjustments
   Notes  Landa
Series 146
Crystal Brook
Pro Forma
 
Rental Income  $      -   $10,530   $1,521   $-      $12,051 
                             
Expenses                            
Real Estate Taxes   -    1,447    212    -       1,659 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    496    44    -       540 
Repairs and Maintenance   -    356    -    -       356 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,200   E   1,200 
Depreciation and amortization   -    -    -    4,928   B   4,928 
Interest Expense   -    -    -    9,549   C   9,549 
Total Expenses   -    2,299    256    15,677       18,232 
                             
Net Income (loss) before provision for income tax   -    8,231    1,265    (15,677)      (6,181)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $8,231   $1,265   $(15,677)     $(6,181)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-451

 

 

LANDA SERIES 1473 BROWNLEAF DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 1473
Brownleaf
Drive
   Historical
Property
Operations
(H)
   Historical
Property
Operations
(I)
   Pro Forma
Adjustments
   Notes  Landa
Series 1473
Brownleaf
Drive Pro-
Forma
 
Rental Income  $      -   $10,893   $931   $-      $11,824 
                             
Expenses                            
Real Estate Taxes   -    1,286    109    -       1,395 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    707    43    -       750 
Repairs and Maintenance   -    -    -    -       - 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,528   E   1,528 
Depreciation and amortization   -    -    -    7,189   B   7,189 
Interest Expense   -    -    -    12,716   C   12,716 
Total Expenses   -    1,993    152    21,433       23,578 
                             
Net Income (loss) before provision for income tax   -    8,900    779    (21,433)      (11,754)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $8,900   $779   $(21,433)     $(11,754)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-452

 

 

LANDA SERIES 1485 BOLA COURT

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 1485
Bola Court
   Historical
Property
Operations
(H)
   Historical
Property
Operations
(I)
   Pro Forma
Adjustments
   Notes  Landa
Series 1485
Bola Court
Pro Forma
 
Rental Income  $      -   $11,586   $964   $-      $12,550 
                             
Expenses                            
Real Estate Taxes   -    1,243    105    -       1,348 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    832    39    -       871 
Repairs and Maintenance   -    135    -    -       135 
Other Expenses   -    95    -    -       95 
Management fee   -    -    -    1,541   E   1,541 
Depreciation and amortization   -    -    -    6,419   B   6,419 
Interest Expense   -    -    -    11,637   C   11,637 
Total Expenses   -    2,305    144    19,597       22,046 
                             
Net Income (loss) before provision for income tax   -    9,281    820    (19,597)      (9,496)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $9,281   $820   $(19,597)     $(9,496)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-453

 

 

LANDA SERIES 1490 DIPLOMAT DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 1490
Diplomat Drive
   Historical
Property
Operations
(H)
   Historical
Property
Operations
(I)
   Pro Forma
Adjustments
   Notes  Landa
Series 1490
Diplomat Drive
Pro Forma
 
Rental Income  $      -   $9,907   $1,118   $-      $11,025 
                             
Expenses                            
Real Estate Taxes   -    2,598    220    -       2,818 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    684    55    -       739 
Repairs and Maintenance   -    6,736    -    -       6,736 
Other Expenses   -    46    -    -       46 
Management fee   -    -    -    1,725   E   1,725 
Depreciation and amortization   -    -    -    9,498   B   9,498 
Interest Expense   -    -    -    15,951   C   15,951 
Total Expenses   -    10,064    275    27,174       37,513 
                             
Net Income (loss) before provision for income tax   -    (157)   843    (27,174)      (26,488)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $(157)  $843   $(27,174)     $(26,488)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-454

 

 

LANDA SERIES 153 CLIFFSIDE COURT

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 153
Cliffside Court
   Historical
Property
Operations
(F)
   Historical
Property
Operations
(G)
   Pro Forma
Adjustments
   Notes  Landa
Series 153
Cliffside Court
Pro Forma
 
Rental Income  $      -   $8,923   $1,298   $-      $10,221 
                             
Expenses                            
Real Estate Taxes   -    685    100    -       785 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    635    35    -       670 
Repairs and Maintenance   -    120    -    -       120 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    830   E   830 
Depreciation and amortization   -    -    -    4,078   B   4,078 
Interest Expense   -    -    -    8,364   C   8,364 
Total Expenses   -    1,440    135    13,272       14,847 
                             
Net Income (loss) before provision for income tax   -    7,483    1,163    (13,272)      (4,626)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $7,483   $1,163   $(13,272)     $(4,626)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-455

 

 

LANDA SERIES 157 WELLS ROAD

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 157
Wells Road
   Historical
Property
Operations
(H)
   Historical
Property
Operations
(I)
   Pro Forma
Adjustments
   Notes  Landa
Series 157
Wells Road
Pro Forma
 
Rental Income  $       -   $9,510   $843   $-      $10,353 
                             
Expenses                            
Real Estate Taxes   -    1,182    100    -       1,282 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    839    32    -       871 
Repairs and Maintenance   -    2,750    -    -       2,750 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    865   E   865 
Depreciation and amortization   -    -    -    5,231   B   5,231 
Interest Expense   -    -    -    9,973   C   9,973 
Total Expenses   -    4,771    132    16,069       20,972 
                             
Net Income (loss) before provision for income tax   -    4,739    711    (16,069)      (10,619)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $4,739   $711   $(16,069)     $(10,619)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-456

 

 

LANDA SERIES 160 CHIMNEY RIDGE TRAIL

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 160
Chimney Ridge
Trail
   Historical
Property
Operations
(H)
   Historical
Property
Operations
(I)
   Pro Forma
Adjustments
   Notes  Landa
Series 160
Chimney Ridge
Trail Pro Forma
 
Rental Income  $        -   $12,613   $1,399   $-      $14,012 
                             
Expenses                            
Real Estate Taxes   -    1,920    162    -       2,082 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    1,020    43    -       1,063 
Repairs and Maintenance   -    4,085    -    -       4,085 
Other Expenses   -    416    -    -       416 
Management fee   -    -    -    1,435   E   1,435 
Depreciation and amortization   -    -    -    7,327   B   7,327 
Interest Expense   -    -    -    12,909   C   12,909 
Total Expenses   -    7,441    205    21,671       29,317 
                             
Net Income (loss) before provision for income tax   -    5,172    1,194    (21,671)      (15,305)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $5,172   $1,194   $(21,671)     $(15,305)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-457

 

 

LANDA SERIES 164 LONGSTREET CIRCLE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 164
Longstreet
Circle
   Historical
Property
Operations
(H)
   Historical
Property
Operations
(I)
   Pro Forma
Adjustments
   Notes  Landa
Series 164
Longstreet
Circle Pro Forma
 
Rental Income  $       -   $12,318   $1,086   $-      $13,404 
                             
Expenses                            
Real Estate Taxes   -    1,672    141    -       1,813 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    919    44    -       963 
Repairs and Maintenance   -    185    -    -       185 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,115   E   1,115 
Depreciation and amortization   -    -    -    7,397   B   7,397 
Interest Expense   -    -    -    13,007   C   13,007 
Total Expenses   -    2,776    185    21,519       24,480 
                             
Net Income (loss) before provision for income tax   -    9,542    901    (21,519)      (11,076)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $9,542   $901   $(21,519)     $(11,076)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-458

 

 

LANDA SERIES 1666 W POPLAR STREET

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 1666 W
Poplar Street
   Historical
Property
Operations
(F)
   Historical
Property
Operations
(G)
   Pro Forma
Adjustments
   Notes  Landa
Series 1666 W
Poplar Street
Pro Forma
 
Rental Income  $    -   $11,269   $1,683   $-      $12,952 
                             
Expenses                            
Real Estate Taxes   -    802    118    -       920 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    800    48    -       848 
Repairs and Maintenance   -    130    -    -       130 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,077   E   1,077 
Depreciation and amortization   -    -    -    5,545   B   5,545 
Interest Expense   -    -    -    10,413   C   10,413 
Total Expenses   -    1,732    166    17,035       18,933 
                             
Net Income (loss) before provision for income tax   -    9,537    1,517    (17,035)      (5,981)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $9,537   $1,517   $(17,035)     $(5,981)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-459

 

 

LANDA SERIES 168 BROOKVIEW DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 168
Brookview
Drive
   Historical
Property
Operations
(K)
   Pro Forma
Adjustments
   Notes  Landa
Series 168
Brookview
Drive Pro Forma
 
Rental Income  $     -   $6,923   $6,433      $13,356 
                        
Expenses                       
Real Estate Taxes   -    1,261    368       1,629 
Homeowner Association Fees   -    622    181       803 
Property Insurance   -    635    185       820 
Repairs and Maintenance   -    968    -       968 
Other Expenses   -    -    -       - 
Management fee   -    -    1,068   E   1,068 
Depreciation and amortization   -    -    3,424   B   3,424 
Interest Expense   -    -    5,951   C   5,951 
Total Expenses   -    3,486    11,177       14,663 
                        
Net Income (loss) before provision for income tax   -    3,437    (4,744)      (1,307)
Provision for income taxes   -    -    -   D   - 
Net Income (loss)  $-   $3,437   $(4,744)     $(1,307)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-460

 

 

LANDA SERIES 1683 SPOONBILL ROAD

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 1683
Spoonbill Road
   Historical
Property
Operations
(H)
   Historical
Property
Operations
(I)
   Pro Forma
Adjustments
   Notes  Landa
Series 1683
Spoonbill Road
Pro Forma
 
Rental Income  $      -   $10,478   $842   $-      $11,320 
                             
Expenses                            
Real Estate Taxes   -    1,280    108    -       1,388 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    895    36    -       931 
Repairs and Maintenance   -    2,110    -    -       2,110 
Other Expenses   -    620    -    -       620 
Management fee   -    -    -    1,393   E   1,393 
Depreciation and amortization   -    -    -    5,964   B   5,964 
Interest Expense   -    -    -    11,001   C   11,001 
Total Expenses   -    4,905    144    18,358       23,407 
                             
Net Income (loss) before provision for income tax   -    5,573    698    (18,358)      (12,087)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $5,573   $698   $(18,358)     $(12,087)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-461

 

 

LANDA SERIES 1689 VICEROY WAY

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 1689
Viceroy Way
   Historical
Property
Operations
(F)
   Historical
Property
Operations
(G)
   Pro Forma
Adjustments
   Notes  Landa
Series 1689
Viceroy Way
Pro Forma
 
Rental Income  $    -   $13,698   $2,022   $-      $15,720 
                             
Expenses                            
Real Estate Taxes   -    2,917    427    -       3,344 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    818    67    -       885 
Repairs and Maintenance   -    1,460    -    -       1,460 
Other Expenses   -    -    200    -       200 
Management fee   -    -    -    1,392   E   1,392 
Depreciation and amortization   -    -    -    7,126   B   7,126 
Interest Expense   -    -    -    12,628   C   12,628 
Total Expenses   -    5,195    694    21,146       27,035 
                             
Net Income (loss) before provision for income tax   -    8,503    1,328    (21,146)      (11,315)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $8,503   $1,328   $(21,146)     $(11,315)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-462

 

 

LANDA SERIES 171 DAVIDSON DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 171
Davidson Drive
   Historical
Property
Operations
(H)
   Historical
Property
Operations
(I)
   Pro Forma
Adjustments
   Notes  Landa
Series 171
Davidson Drive
Pro Forma
 
Rental Income  $    -   $12,396   $1,028   $-      $13,424 
                             
Expenses                            
Real Estate Taxes   -    1,559    132    -       1,691 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    735    46    -       781 
Repairs and Maintenance   -    4,690    -    -       4,690 
Other Expenses   -    236    -    -       236 
Management fee   -    -    -    1,930   E   1,930 
Depreciation and amortization   -    -    -    7,849   B   7,849 
Interest Expense   -    -    -    13,641   C   13,641 
Total Expenses   -    7,220    178    23,420       30,818 
                             
Net Income (loss) before provision for income tax   -    5,176    850    (23,420)      (17,394)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $5,176   $850   $(23,420)     $(17,394)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-463

 

 

LANDA SERIES 1768 GLEN VIEW WAY

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 1768
Glen View Way
   Historical
Property
Operations
(H)
   Historical
Property
Operations
(I)
   Pro Forma
Adjustments
   Notes  Landa
Series 1768
Glen View Way
Pro Forma
 
Rental Income  $    -   $6,777   $1,029   $-      $7,806 
                             
Expenses                            
Real Estate Taxes   -    1,264    107    -       1,371 
Homeowner Association Fees   -    215    33    -       248 
Property Insurance   -    570    37    -       607 
Repairs and Maintenance   -    7,030    -    -       7,030 
Other Expenses   -    139    -    -       139 
Management fee   -    -    -    1,570   E   1,570 
Depreciation and amortization   -    -    -    6,109   B   6,109 
Interest Expense   -    -    -    11,278   C   11,278 
Total Expenses   -    9,218    177    18,957       28,352 
                             
Net Income (loss) before provision for income tax   -    (2,441)   852    (18,957)      (20,546)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $(2,441)  $852   $(18,957)     $(20,546)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-464

 

 

LANDA SERIES 181 WATERCRESS COURT

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 181
Watercress
Court
   Historical
Property
Operations
(F)
   Historical
Property
Operations
(G)
   Pro Forma
Adjustments
   Notes  Landa
Series 181
Watercress
Court Pro-
Forma
 
Rental Income  $    -   $10,013   $1,613   $-      $11,626 
                             
Expenses                            
Real Estate Taxes   -    1,575    231    -       1,806 
Homeowner Association Fees   -    228    33    -       261 
Property Insurance   -    787    48    -       835 
Repairs and Maintenance   -    3,499    -    -       3,499 
Other Expenses   -    432    -    -       432 
Management fee   -    -    -    1,680   E   1,680 
Depreciation and amortization   -    -    -    6,942   B   6,942 
Interest Expense   -    -    -    12,371   C   12,371 
Total Expenses   -    6,521    312    20,993       27,826 
                             
Net Income (loss) before provision for income tax   -    3,492    1,301    (20,993)      (16,200)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $3,492   $1,301   $(20,993)     $(16,200)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-465

 

 

LANDA SERIES 188 TIMBERLINE ROAD

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 188
Timberline
Road
   Historical
Property
Operations
(F)
   Historical
Property
Operations
(G)
   Pro Forma
Adjustments
   Notes  Landa
Series 188
Timberline
Road Pro-
Forma
 
Rental Income  $    -   $8,454   $1,248   $-      $9,702 
                             
Expenses                            
Real Estate Taxes   -    319    47    -       366 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    425    40    -       465 
Repairs and Maintenance   -    280    -    -       280 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    799   E   799 
Depreciation and amortization   -    -    -    3,309   B   3,309 
Interest Expense   -    -    -    7,281   C   7,281 
Total Expenses   -    1,024    87    11,389       12,500 
                             
Net Income (loss) before provision for income tax   -    7,430    1,161    (11,389)      (2,798)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $7,430   $1,161   $(11,389)     $(2,798)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-466

 

 

LANDA SERIES 189 SHENANDOAH DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 189
Shenandoah
Drive
   Historical
Property
Operations
(F)
   Historical
Property
Operations
(G)
   Pro Forma
Adjustments
   Notes  Landa
Series 189
Shenandoah
Drive Pro-
Forma
 
Rental Income  $-   $10,920   $1,763   $-      $12,683 
                             
Expenses                            
Real Estate Taxes   -    1,501    220    -       1,721 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    609    54    -       663 
Repairs and Maintenance   -    4,065    -    -       4,065 
Other Expenses   -    470    -    -       470 
Management fee          -    -    -    1,288   E   1,288 
Depreciation and amortization   -    -    -    6,349   B   6,349 
Interest Expense   -    -    -    11,539   C   11,539 
Total Expenses   -    6,645    274    19,176       26,095 
                             
Net Income (loss) before provision for income tax   -    4,275    1,489    (19,176)      (13,412)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $4,275   $1,489   $(19,176)     $(13,412)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-467

 

 

LANDA SERIES 1903 OLD CONCORD DRIVE SE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 1903
Old
Concord
Drive SE
   Historical Property Operations (H)   Historical Property Operations (I)   Pro Forma Adjustments   Notes  Landa
Series 1903
Old
Concord
Drive SE
Pro Forma
 
Rental Income  $     -   $11,693   $1,025   $-      $12,718 
                             
Expenses                            
Real Estate Taxes   -    1,193    101    -       1,294 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    762    47    -       809 
Repairs and Maintenance   -    990    -    -       990 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,052   E   1,052 
Depreciation and amortization   -    -    -    8,024   B   8,024 
Interest Expense   -    -    -    13,886   C   13,886 
Total Expenses   -    2,945    148    22,962       26,055 
                             
Net Income (loss) before provision for income tax   -    8,748    877    (22,962)      (13,337)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $8,748   $877   $(22,962)     $(13,337)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-468

 

 

LANDA SERIES 195 BRANCHWOOD DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 195
Branchwood
Drive
   Historical Property Operations (H)   Historical Property Operations (I)   Pro Forma Adjustments   Notes  Landa
Series 195
Branchwood
Drive
Pro Forma
 
Rental Income  $-   $12,315   $1,041   $-      $13,356 
                             
Expenses                            
Real Estate Taxes   -    1,455    123    -       1,578 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    753    48    -       801 
Repairs and Maintenance   -    1,190    -    -       1,190 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,655   E   1,655 
Depreciation and amortization   -    -    -    8,268   B   8,268 
Interest Expense   -    -    -    14,228   C   14,228 
Total Expenses   -    3,398    171    24,151       27,720 
                             
Net Income (loss) before provision for income tax   -    8,917    870    (24,151)      (14,364)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $8,917   $870   $(24,151)     $(14,364)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-469

 

 

LANDA SERIES 195 FAIRCLIFT DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa Series 195 Fairclift Drive   Historical Property Operations (H)   Historical Property Operations (I)   Pro Forma Adjustments   Notes  Landa Series 195 Fairclift Drive Pro Forma 
Rental Income  $-   $13,488   $1,140   $-      $14,628 
                             
Expenses                            
Real Estate Taxes       -    1,135    96    -       1,231 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    877    43    -       920 
Repairs and Maintenance   -    999    -    -       999 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,221   E   1,221 
Depreciation and amortization   -    -    -    7,292   B   7,292 
Interest Expense   -    -    -    12,860   C   12,860 
Total Expenses   -    3,011    139    21,373       24,523 
                             
Net Income (loss) before provision for income tax   -    10,477    1,001    (21,373)      (9,895)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $10,477   $1,001   $(21,373)     $(9,895)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-470

 

 

LANDA SERIES 195 HUNTERS TRACE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 195
Hunters
Trace
   Historical Property Operations (F)   Historical Property Operations (G)   Pro Forma Adjustments   Notes  Landa Series 195 Hunters Trace
Pro Forma
 
Rental Income  $-   $11,414   $1,631   $-      $13,045 
                                         
Expenses                            
Real Estate Taxes   -    1,420    208    -       1,628 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    1,008    63    -       1,071 
Repairs and Maintenance   -    276    -    -       276 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,543   E   1,543 
Depreciation and amortization   -    -    -    7,643   B   7,643 
Interest Expense   -    -    -    14,263   C   14,263 
Total Expenses   -    2,704    271    23,449       26,424 
                             
Net Income (loss) before provision for income tax   -    8,710    1,360    (23,449)      (13,379)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $8,710   $1,360   $(23,449)     $(13,379)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-471

 

 

LANDA SERIES 196 MONTEGO CIRCLE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

    Landa
Series 196
Montego
Circle
    Historical
Property
Operations
(F)
    Historical
Property
Operations
(G)
    Pro Forma
Adjustments
    Notes   Landa
Series 196
Montego
Circle
Pro Forma
 
Rental Income   $    -     $ 11,246     $ 1,607     $ -         $ 12,853  
                                                          
Expenses                                            
Real Estate Taxes     -       1,388       203       -           1,591  
Homeowner Association Fees     -       -       -       -           -  
Property Insurance     -       810       58       -           868  
Repairs and Maintenance     -       -       -       -           -  
Other Expenses     -       -       -       -           -  
Management fee     -       -       -       1,273     E     1,273  
Depreciation and amortization     -       -       -       6,698     B     6,698  
Interest Expense     -       -       -       12,028     C     12,028  
Total Expenses     -       2,198       261       19,999           22,458  
                                             
Net Income (loss) before provision for income tax     -       9,048       1,346       (19,999 )         (9,605 )
Provision for income taxes     -       -       -       -     D     -  
Net Income (loss)   $ -     $ 9,048     $ 1,346     $ (19,999 )       $ (9,605 )

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-472

 

 

LANDA SERIES 20 CHIMNEY SMOKE DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

    Landa
Series 20
Chimney
Smoke
Drive
    Historical
Property
Operations
(H)
    Historical
Property
Operations
(I)
    Pro Forma
Adjustments
    Notes   Landa
Series 20
Chimney
Smoke
Drive
Pro Forma
 
Rental Income   $             -     $ 12,171     $ 1,029     $ -         $ 13,200  
                                             
Expenses                                            
Real Estate Taxes     -       2,111       178       -           2,289  
Homeowner Association Fees     -       -       -       -           -  
Property Insurance     -       1,079       43       -           1,122  
Repairs and Maintenance     -       2,110       -       -           2,110  
Other Expenses     -       -       -       -           -  
Management fee     -       -       -       1,625     E     1,625  
Depreciation and amortization     -       -       -       7,327     B     7,327  
Interest Expense     -       -       -       12,909     C     12,909  
Total Expenses     -       5,300       221       21,861           27,382  
                                             
Net Income (loss) before provision for income tax     -       6,871       808       (21,861 )         (14,182 )
Provision for income taxes     -       -       -       -     D     -  
Net Income (loss)   $ -     $ 6,871     $ 808     $ (21,861 )       $ (14,182 )

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-473

 

 

LANDA SERIES 204 N MAIN COURT

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

    Landa
Series 204
N Main
Court
    Historical
Property
Operations
(H)
    Historical
Property
Operations
(I)
    Pro Forma Adjustments     Notes   Landa
Series 204
N Main
Court
Pro Forma
 
Rental Income   $            -     $ 12,161     $ 1,078     $ -         $ 13,239  
                                             
Expenses                                            
Real Estate Taxes     -       1,674       142       -           1,816  
Homeowner Association Fees     -       -       -       -           -  
Property Insurance     -       856       33       -           889  
Repairs and Maintenance     -       275       -       -           275  
Other Expenses     -       -       -       -           -  
Management fee     -       -       -       1,106     E     1,106  
Depreciation and amortization     -       -       -       5,405     B     5,405  
Interest Expense     -       -       -       10,218     C     10,218  
Total Expenses     -       2,805       175       16,729           19,709  
                                             
Net Income (loss) before provision for income tax     -       9,356       903       (16,729 )         (6,470 )
Provision for income taxes     -       -       -       -     D     -  
Net Income (loss)   $ -     $ 9,356     $ 903     $ (16,729 )       $ (6,470 )

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-474

 

 

LANDA SERIES 2055 GROVE WAY

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

    Landa
Series 2055
Grove Way
    Historical
Property
Operations
(H)
    Historical
Property
Operations
(I)
    Pro Forma
Adjustments
    Notes   Landa
Series 2055
Grove Way
Pro Forma
 
Rental Income   $           -     $ 8,795     $ -     $ -         $ 8,795  
                                             
Expenses                                            
Real Estate Taxes     -       1,413       119       -           1,532  
Homeowner Association Fees     -       415       35       -           450  
Property Insurance     -       801       37       -           838  
Repairs and Maintenance     -       1,631       -       -           1,631  
Other Expenses     -       -       -       -           -  
Management fee     -       -       -       1,620     E     1,620  
Depreciation and amortization     -       -       -       6,104     B     6,104  
Interest Expense     -       -       -       11,196     C     11,196  
Total Expenses     -       4,260       191       18,920           23,371  
                                             
Net Income (loss) before provision for income tax     -       4,535       (191 )     (18,920 )         (14,576 )
Provision for income taxes     -       -       -       -     D     -  
Net Income (loss)   $ -     $ 4,535     $ (191 )   $ (18,920 )       $ (14,576 )

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-475

 

 

LANDA SERIES 212 FLEETA DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 212 Fleeta
Drive
  

Historical
Property
Operations (F)

  

Historical
Property
Operations (G)

  

Pro Forma

Adjustments
   Notes  Landa Series 212 Fleeta Drive
Pro Forma
 
Rental Income  $              -   $10,802   $1,763   $-      $12,565 
                             
Expenses                            
Real Estate Taxes   -    1,203    176    -       1,379 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    678    55    -       733 
Repairs and Maintenance   -    3,510    -    -       3,510 
Other Expenses   -    128    -    -       128 
Management fee   -    -    -    1,528   E   1,528 
Depreciation and amortization   -    -    -    5,617   B   5,617 
Interest Expense   -    -    -    10,513   C   10,513 
Total Expenses   -    5,519    231    17,658       23,408 
                             
Net Income (loss) before provision for income tax   -    5,283    1,532    (17,658)      (10,843)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $5,283   $1,532   $(17,658)     $(10,843)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-476

 

 

LANDA SERIES 215 CENTRAL LAKE CIRCLE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 215 Central Lake Circle
  

Historical
Property
Operations
(H)

  

Historical
Property
Operations
(I)

  

Pro Forma

Adjustments
   Notes  Landa Series 215 Central Lake Circle
Pro Forma
 
Rental Income  $-   $9,159   $959   $-      $10,118 
                                        
Expenses                            
Real Estate Taxes   -    1,080    91    -       1,171 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    534    40    -       574 
Repairs and Maintenance   -    485    -    -       485 
Other Expenses   -    94    -    -       94 
Management fee   -    -    -    1,293   E   1,293 
Depreciation and amortization   -    -    -    6,697   B   6,697 
Interest Expense   -    -    -    12,026   C   12,026 
Total Expenses   -    2,193    131    20,016       22,340 
                             
Net Income (loss) before provision for income tax   -    6,966    828    (20,016)      (12,222)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $6,966   $828   $(20,016)     $(12,222)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-477

 

 

LANDA SERIES 217 GLENLOCH COURT

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 217 Glenloch Court
  

Historical
Property
Operations (F)

  

Historical
Property
Operations (G)

  

Pro Forma

Adjustments
   Notes  Landa
Series 217 Glenloch Court
Pro Forma
 
Rental Income  $         -   $13,616   $2,100   $-      $15,716 
                             
Expenses                            
Real Estate Taxes   -    2,124    311    -       2,435 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    1,241    85    -       1,326 
Repairs and Maintenance   -    2,450    -    -       2,450 
Other Expenses   -    318    -    -       318 
Management fee   -    -    -    1,618   E   1,618 
Depreciation and amortization   -    -    -    8,025   B   8,025 
Interest Expense   -    -    -    13,888   C   13,888 
Total Expenses   -    6,133    396    23,531       30,060 
                             
Net Income (loss) before provision for income tax   -    7,483    1,704    (23,531)      (14,344)
Provision for income taxes   -    -    -    -   D   

-

 
Net Income (loss)  $-   $7,483   $1,704   $(23,531)     $(14,344)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-478

 

 

LANDA SERIES 2177 E CHESTER CIRCLE SE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa Series 2177 E Chester Circle SE  

Historical
Property
Operations
(H)

  

Historical
Property
Operations
(I)

  

Pro Forma

Adjustments
   Notes  Landa Series 2177 E Chester Circle SE Pro Forma 
Rental Income  $           -   $14,478   $1,250   $-      $15,728 
                             
Expenses                            
Real Estate Taxes   -    1,286    109    -       1,395 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    980    48    -       1,028 
Repairs and Maintenance   -    495    -    -       495 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,872   E   1,872 
Depreciation and amortization   -    -    -    8,164   B   8,164 
Interest Expense   -    -    -    14,083   C   14,083 
Total Expenses   -    2,761    157    24,119       27,037 
                             
Net Income (loss) before provision for income tax   -    11,717    1,093    (24,119)      (11,309)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $11,717   $1,093   $(24,119)     $(11,309)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-479

 

 

LANDA SERIES 221 LAKEVIEW DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 221 Lakeview Drive
   Historical
Property
Operations
(H)
   Historical
Property
Operations
(I)
  

Pro Forma

Adjustments
   Notes  Landa
Series 221 Lakeview Drive
Pro Forma
 
Rental Income  $             -   $12,356   $1,078   $-      $13,434 
                             
Expenses                            
Real Estate Taxes   -    2,173    184    -       2,357 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    1,048    45    -       1,093 
Repairs and Maintenance   -    329    -    -       329 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,106   E   1,106 
Depreciation and amortization   -    -    -    7,676   B   7,676 
Interest Expense   -    -    -    13,399   C   13,399 
Total Expenses   -    3,550    229    22,181       25,960 
                             
Net Income (loss) before provision for income tax   -    8,806    849    (22,181)      (12,526)
Provision for income taxes   -    -    -    -   D   

-

 
Net Income (loss)  $-   $8,806   $849   $(22,181)     $(12,526)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-480

 

 

LANDA SERIES 2264 CHESTNUT HILL CIRCLE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 2264 Chestnut Hill Circle
   Historical
Property
Operations (F)
   Historical
Property
Operations (G)
  

Pro Forma

Adjustments
   Notes  Landa Series 2264 Chestnut Hill Circle Pro Forma 
Rental Income  $          -   $14,448   $2,124   $-      $16,572 
                             
Expenses                            
Real Estate Taxes   -    3,329    488    -       3,817 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    1,103    97    -       1,200 
Repairs and Maintenance   -    2,842    -    -       2,842 
Other Expenses   -    140    -    -       140 
Management fee   -    -    -    1,359   E   1,359 
Depreciation and amortization   -    -    -    10,296   B   10,296 
Interest Expense   -    -    -    17,069   C   17,069 
Total Expenses   -    7,414    585    28,724       36,723 
                             
Net Income (loss) before provision for income tax   -    7,034    1,539    (28,724)      (20,151)
Provision for income taxes   -    -    -    -   D   

-

 
Net Income (loss)  $-   $7,034   $1,539   $(28,724)     $(20,151)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-481

 

 

LANDA SERIES 235 LAZY HOLLOW LANE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 235 Lazy Hollow Lane
   Historical
Property
Operations
(H)
   Historical Property Operations (I)  

Pro Forma

Adjustments
   Notes   Landa
Series 235 Lazy Hollow Lane
Pro Forma
 
Rental Income  $          -   $12,467   $1,087   $-       $13,554 
                              
Expenses                             
Real Estate Taxes   -    1,634    138    -        1,772 
Homeowner Association Fees   -    -    -    -        - 
Property Insurance   -    1,131    45    -        1,176 
Repairs and Maintenance   -    505    -    -        505 
Other Expenses   -    -    -    -        - 
Management fee   -    -    -    1,116   E    1,116 
Depreciation and amortization   -    -    -    7,712   B    7,712 
Interest Expense   -    -    -    13,467   C    13,467 
Total Expenses   -    3,270    183    22,295        25,748 
                              
Net Income (loss) before provision for income tax   -    9,197    904    (22,295)       (12,194)
Provision for income taxes   -    -    -    -   D    

-

 
Net Income (loss)  $-   $9,197   $904   $(22,295)      $(12,194)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-482

 

 

LANDA SERIES 2425 CORNELL CIRCLE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 2425 Cornell Circle
   Historical
Property
Operations
(H)
  

Historical
Property
Operations
(I)

  

Pro Forma

Adjustments
   Notes  Landa Series 2425 Cornell Circle
Pro Forma
 
Rental Income  $          -   $15,668   $1,366   $-      $17,034 
                             
Expenses                            
Real Estate Taxes   -    2,687    227    -       2,914 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    1,187    51    -       1,238 
Repairs and Maintenance   -    490    -    -       490 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,402   E   1,402 
Depreciation and amortization   -    -    -    8,759   B   8,759 
Interest Expense   -    -    -    14,916   C   14,916 
Total Expenses   -    4,364    278    25,077       29,719 
                             
Net Income (loss) before provision for income tax   -    11,304    1,088    (25,077)      (12,685)
Provision for income taxes   -    -    -    -   D   

-

 
Net Income (loss)  $-   $11,304   $1,088   $(25,077)     $(12,685)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-483

 

 

LANDA SERIES 2443 HODGES FARM ROAD

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 2443 Hodges Farm Road
  

Historical
Property
Operations
(H)

  

Historical
Property
Operations
(I)

  

Pro Forma

Adjustments
   Notes  Landa
Series 2443 Hodges Farm Road
Pro Forma
 
Rental Income  $          -   $13,284   $1,158   $-      $14,442 
                             
Expenses                            
Real Estate Taxes   -    1,312    111    -       1,423 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    1,044    36    -       1,080 
Repairs and Maintenance   -    420    -    -       420 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,170   E   1,170 
Depreciation and amortization   -    -    -    5,999   B   5,999 
Interest Expense   -    -    -    11,050   C   11,050 
Total Expenses   -    2,776    147    18,219       21,142 
                             
Net Income (loss) before provision for income tax   -    10,508    1,011    (18,219)      (6,700)
Provision for income taxes   -    -    -    -   D   

-

 
Net Income (loss)  $-   $10,508   $1,011   $(18,219)     $(6,700)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-484

 

 

LANDA SERIES 25 PLEASANT VALLEY ROAD

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 25 Pleasant Valley Road
   Historical
Property
Operations (F)
   Historical
Property
Operations (G)
  

Pro Forma

Adjustments
   Notes  Landa
Series 25 Pleasant Valley Road
Pro Forma
 
Rental Income  $           -   $10,825   $1,590   $-      $12,415 
                             
Expenses                            
Real Estate Taxes   -    1,779    261    -       2,040 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    836    65    -       901 
Repairs and Maintenance   -    3,538    134    -       3,672 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,575   E   1,575 
Depreciation and amortization   -    -    -    7,222   B   7,222 
Interest Expense   -    -    -    12,762   C   12,762 
Total Expenses   -    6,153    460    21,559       28,172 
                             
Net Income (loss) before provision for income tax   -    4,672    1,130    (21,559)      (15,757)
Provision for income taxes   -    -    -    -   D   

-

 
Net Income (loss)  $-   $4,672   $1,130   $(21,559)     $(15,757)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-485

 

 

LANDA SERIES 253 MARCO DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 253 Marco Drive
   Historical
Property
Operations (F)
   Historical
Property
Operations (G)
  

Pro Forma

Adjustments
   Notes  Landa
Series 253 Marco Drive
Pro Forma
 
Rental Income  $        -   $9,653   $1,418   $-      $11,071 
                             
Expenses                            
Real Estate Taxes   -    314    46    -       360 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    533    51    -       584 
Repairs and Maintenance   -    450    -    -       450 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,227   E   1,227 
Depreciation and amortization   -    -    -    5,589   B   5,589 
Interest Expense   -    -    -    10,474   C   10,474 
Total Expenses   -    1,297    97    17,290       18,684 
                             
Net Income (loss) before provision for income tax   -    8,356    1,321    (17,290)      (7,613)
Provision for income taxes   -    -    -    -   D   

-

 
Net Income (loss)  $-   $8,356   $1,321   $(17,290)     $(7,613)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-486

 

 

LANDA SERIES 255 COUNTRYSIDE LANE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 255 Countryside Lane
   Historical
Property
Operations
(H)
   Historical
Property
Operations
(I)
  

Pro Forma

Adjustments
   Notes  Landa Series 255 Countryside Lane
Pro Forma
 
Rental Income  $            -   $12,244   $1,046   $-      $13,290 
                             
Expenses                            
Real Estate Taxes   -    1,452    123    -       1,575 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    1,110    44    -       1,154 
Repairs and Maintenance   -    686    -    -       686 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,652   E   1,652 
Depreciation and amortization   -    -    -    7,571   B   7,571 
Interest Expense   -    -    -    13,252   C   13,252 
Total Expenses   -    3,248    167    22,475       25,890 
                             
Net Income (loss) before provision for income tax   -    8,996    879    (22,475)      (12,600)
Provision for income taxes   -    -    -    -   D   

-

 
Net Income (loss)  $-   $8,996   $879   $(22,475)     $(12,600)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-487

 

 

LANDA SERIES 258 ROCKY POINT ROAD

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 258 Rocky Point Road
   Historical
Property
Operations (F)
  

Historical
Property
Operations (G)

  

Pro Forma

Adjustments
   Notes  Landa
Series 258 Rocky Point Road Pro Forma
 
Rental Income  $        -   $9,782   $2,750   $-      $12,532 
                             
Expenses                            
Real Estate Taxes   -    1,796    263    -       2,059 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    905    74    -       979 
Repairs and Maintenance   -    4,910    -    -       4,910 
Other Expenses   -    215    -    -       215 
Management fee   -    -    -    1,109   E   1,109 
Depreciation and amortization   -    -    -    8,235   B   8,235 
Interest Expense   -    -    -    14,182   C   14,182 
Total Expenses   -    7,826    337    23,526       31,689 
                             
Net Income (loss) before provision for income tax   -    1,956    2,413    (23,526)      (19,157)
Provision for income taxes   -    -    -    -   D   

-

 
Net Income (loss)  $-   $1,956   $2,413   $(23,526)     $(19,157)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-488

 

 

LANDA SERIES 263 ROCKY POINT ROAD

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 263
Rocky
Point Road
  

Historical
Property
Operations
(H)

  

Historical
Property
Operations
(I)

   Pro Forma
Adjustments
   Notes  Landa
Series 263 Rocky Point
Road
Pro Forma
 
Rental Income  $    -   $13,354   $1,190   $-      $14,544 
                             
Expenses                            
Real Estate Taxes   -    1,305    110    -       1,415 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    1,082    42    -       1,124 
Repairs and Maintenance   -    727    -    -       727 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,221   E   1,221 
Depreciation and amortization   -    -    -    7,082   B   7,082 
Interest Expense   -    -    -    12,567   C   12,567 
Total Expenses   -    3,114    152    20,870       24,136 
                             
Net Income (loss) before provision for income tax   -    10,240    1,038    (20,870)      (9,592)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $10,240   $1,038   $(20,870)     $(9,592)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-489

 

 

LANDA SERIES 268 BROOKVIEW DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 268
Brookview
Drive
   Historical
Property
Operations
(K)
   Pro Forma
Adjustments
   Notes  Landa
Series 268
Brookview
Drive
Pro Forma
 
Rental Income  $         -  

11,448

  

3,672

     

15,120

 
                            
Expenses                       
Real Estate Taxes       -    

1,264

    

368

       

1,632

 
Homeowner Association Fees   -    

622

    

181

       

803

 
Property Insurance   -    

635

    

185

       

820

 
Repairs and Maintenance   -    -    -       - 
Other Expenses   -    -    -       - 
Management fee   -    -    1,210   E   1,210 
Depreciation and amortization   -    -    4,164   B   4,164 
Interest Expense   -    -    8,478   C   8,478 
Total Expenses   -    

2,521

    

14,586

       

17,107

 
                        
Net Income (loss) before provision for income tax   -    

8,927

    

(10,914)

       

(1,987)

 
Provision for income taxes   -    -    -   D   - 
Net Income (loss)  $-    

8,927

    

(10,914)

       

(1,987)

 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-490

 

 

LANDA SERIES 270 MOUNTAIN LANE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 270
Mountain
Lane
   Historical
Property
Operations
(H)
   Historical
Property
Operations
(I)
   Pro Forma
Adjustments
   Notes  Landa
Series 270
Mountain
Lane
Pro Forma
 
Rental Income  $-   $12,243   $1,749   $-      $13,992 
                                   
Expenses                            
Real Estate Taxes   -    1,288    189    -       1,477 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    802    69    -       871 
Repairs and Maintenance   -    -    -    -       - 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,644   E   1,644 
Depreciation and amortization   -    -    -    8,461   B   8,461 
Interest Expense   -    -    -    13,126   C   13,126 
Total Expenses   -    2,090    258    23,231       25,579 
                             
Net Income (loss) before provision for income tax   -    10,153    1,491    (23,231)      (11,587)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $10,153   $1,491   $(23,231)     $(11,587)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-491

 

 

LANDA SERIES 270 MOUNTAIN WAY

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 270
Mountain Way
   Historical
Property
Operations
(F)
   Historical
Property
Operations
(G)
   Pro Forma
Adjustments
   Notes  Landa
Series 270
Mountain Way
Pro Forma
 
Rental Income  $       -   $12,580   $-   $-      $12,580 
                             
Expenses                            
Real Estate Taxes   -    1,319    112    -       1,431 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    1,065    43    -       1,108 
Repairs and Maintenance   -    4,102    -    -       4,102 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,740   E   1,740 
Depreciation and amortization   -    -    -    7,362   B   7,362 
Interest Expense   -    -    -    12,958   C   12,958 
Total Expenses   -    6,486    155    22,060       28,701 
                             
Net Income (loss) before provision for income tax   -    6,094    (155)   (22,060)      (16,121)
Provision for income taxes   -    -    -    -   D     
Net Income (loss)  $-   $6,094   $(155)  $(22,060)     $(16,121)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-492

 

 

LANDA SERIES 270 PLEASANT HILL DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

    Landa
Series 270
Pleasant
Hill Drive
    Historical
Property
Operations
(F)
    Historical
Property
Operations
(G)
    Pro Forma
Adjustments
    Notes   Landa
Series 270
Pleasant
Hill Drive
Pro Forma
 
Rental Income   $       -     $ 12,527     $ 1,790     $ -         $ 14,317  
                                             
Expenses                                            
Real Estate Taxes     -       1,311       192       -           1,503  
Homeowner Association Fees     -       -       -       -           -  
Property Insurance     -       1,096       80       -           1,176  
Repairs and Maintenance     -       -       -       -           -  
Other Expenses     -       -       -       -           -  
Management fee     -       -       -       1,558     E     1,558  
Depreciation and amortization     -       -       -       8,294     B     8,294  
Interest Expense     -       -       -       12,294     C     12,294  
Total Expenses     -       2,407       272       22,146           24,825  
                                             
Net Income (loss) before provision for income tax     -       10,120       1,518       (22,146 )         (10,508 )
Provision for income taxes     -       -       -       -     D     -  
Net Income (loss)   $ -     $ 10,120     $ 1,518     $ (22,146 )       $ (10,508 )

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-493

 

 

LANDA SERIES 2794 NORFAIR LOOP

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 2794
Norfair
Loop
   Historical
Property
Operations
(H)
   Historical
Property
Operations
(I)
   Pro Forma
Adjustments
   Notes  Landa
Series 2794
Norfair Loop
Pro Forma
 
Rental Income  $       -   $11,264   $967   $-      $12,231 
                             
Expenses                            
Real Estate Taxes   -    2,362    200    -       2,562 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    783    34    -       817 
Repairs and Maintenance   -    911    -    -       911 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,330   E   1,330 
Depreciation and amortization   -    -    -    5,615   B   5,615 
Interest Expense   -    -    -    10,511   C   10,511 
Total Expenses   -    4,056    234    17,456       21,746 
                             
Net Income (loss) before provision for income tax   -    7,208    733    (17,456)      (9,515)
Provision for income taxes   -    -    -    -   D   -  
Net Income (loss)  $-   $7,208   $733   $(17,456)     $(9,515)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-494

 

 

LANDA SERIES 2813 VICKSBURG COURT

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 2813
Vicksburg
Court
   Historical
Property
Operations
(F)
   Historical
Property
Operations
(G)
   Pro Forma
Adjustments
   Notes  Landa
Series 2813
Vicksburg Court
Pro Forma
 
Rental Income  $     -   $14,480   $2,150   $-      $16,630 
                             
Expenses                            
Real Estate Taxes   -    1,329    195    -       1,524 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    1,011    82    -       1,093 
Repairs and Maintenance   -    725    -    -       725 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,376   E   1,376 
Depreciation and amortization   -    -    -    8,969   B   8,969 
Interest Expense   -    -    -    15,209   C   15,209 
Total Expenses   -    3,065    277    25,554       28,896 
                             
Net Income (loss) before provision for income tax   -    11,415    1,873    (25,554)      (12,266)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $11,415   $1,873   $(25,554)     $(12,266)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-495

 

 

LANDA SERIES 2933 COFFER DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 2933
Coffer Drive
   Historical
Property
Operations
(F)
   Historical
Property
Operations
(G)
   Pro Forma
Adjustments
   Notes  Landa
Series 2933
Coffer Drive
Pro Forma
 
Rental Income  $  -   $10,235   $1,470   $-      $11,705 
                             
Expenses                            
Real Estate Taxes   -    1,039    152    -       1,191 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    524    62    -       586 
Repairs and Maintenance   -    670    -    -       670 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,345   E   1,345 
Depreciation and amortization   -    -    -    7,161   B   7,161 
Interest Expense   -    -    -    12,677   C   12,677 
Total Expenses   -    2,233    214    21,183       23,630 
                             
Net Income (loss) before provision for income tax   -    8,002    1,256    (21,183)      (11,925)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $8,002   $1,256   $(21,183)     $(11,925)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-496

 

 

LANDA SERIES 30 HIGH RIDGE ROAD

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

    Landa
Series 30
High Ridge
Road
   

Historical
Property

Operations
(F)

    Historical
Property
Operations
(G)
    Pro Forma
Adjustments
    Notes   Landa
Series 30
High Ridge
Road
Pro Forma
 
Rental Income   $     -     $ 11,605     $ 1,055     $ -         $ 12,660  
                                             
Expenses                                            
Real Estate Taxes     -       1,202       176       -           1,378  
Homeowner Association Fees     -       -       -       -           -  
Property Insurance     -       600       62       -           662  
Repairs and Maintenance     -       1,558       450       -           2,008  
Other Expenses     -       -       -       -           -  
Management fee     -       -       -       1,599     E     1,599  
Depreciation and amortization     -       -       -       8,803     B     8,803  
Interest Expense     -       -       -       14,978     C     14,978  
Total Expenses     -       3,360       688       25,380           29,428  
                                             
Net Income (loss) before provision for income tax     -       8,245       367       (25,380 )         (16,768 )
Provision for income taxes     -       -       -       -     D     -  
Net Income (loss)   $ -     $ 8,245     $ 367     $ (25,380 )       $ (16,768 )

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-497

 

 

LANDA SERIES 30 ROOSEVELT ROAD

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 30
Roosevelt
Road
   Historical
Property
Operations
(F)
   Historical
Property
Operations
(G)
   Pro Forma
Adjustments
   Notes  Landa
Series 30
Roosevelt
Road
Pro Forma
 
Rental Income  $       -   $12,678   $1,821   $-      $14,499 
                             
Expenses                            
Real Estate Taxes   -    1,869    274    -       2,143 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    1,083    72    -       1,155 
Repairs and Maintenance   -    390    -    -       390 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,560   E   1,560 
Depreciation and amortization   -    -    -    7,257   B   7,257 
Interest Expense   -    -    -    12,811   C   12,811 
Total Expenses   -    3,342    346    21,628       25,316 
                             
Net Income (loss) before provision for income tax   -    9,336    1,475    (21,628)      (10,817)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $9,336   $1,475   $(21,628)     $(10,817)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-498

 

 

LANDA SERIES 3011 RAINTREE DRIVE SE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 3011
Raintree
Drive SE
   Historical
Property
Operations
(F)
   Historical
Property
Operations
(G)
   Pro Forma
Adjustments
   Notes  Landa
Series 3011
Raintree Drive SE
Pro Forma
 
Rental Income  $    -   $12,377   $1,768   $-      $14,145 
                             
Expenses                            
Real Estate Taxes   -    1,838    269    -       2,107 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    994    57    -       1,051 
Repairs and Maintenance   -    -    -    -       - 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,528   E   1,528 
Depreciation and amortization   -    -    -    7,863   B   7,863 
Interest Expense   -    -    -    13,951   C   13,951 
Total Expenses   -    2,832    326    23,342       26,500 
                             
Net Income (loss) before provision for income tax   -    9,545    1,442    (23,342)      (12,355)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $9,545   $1,442   $(23,342)     $(12,355)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-499

 

 

LANDA SERIES 304 DEERFIELD DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

    Landa
Series 304
Deerfield
Drive
    Historical
Property
Operations
(H)
    Historical
Property
Operations
(I)
    Pro Forma
Adjustments
    Notes   Landa
Series 304
Deerfield Drive
Pro Forma
 
Rental Income   $          -     $ 8,715     $ -     $ -         $ 8,715  
                                             
Expenses                                            
Real Estate Taxes     -       1,643       139       -           1,782  
Homeowner Association Fees     -       -       -       -           -  
Property Insurance     -       798       43       -           841  
Repairs and Maintenance     -       5,057       -       -           5,057  
Other Expenses     -       440       -       -           440  
Management fee     -       -       -       1,693     E     1,693  
Depreciation and amortization     -       -       -       7,305     B     7,305  
Interest Expense     -       -       -       13,133     C     13,133  
Total Expenses     -       7,938       182       22,131           30,251  
                                             
Net Income (loss) before provision for income tax     -       777       (182 )     (22,131 )         (21,536 )
Provision for income taxes     -       -       -       -     D     -  
Net Income (loss)   $ -     $ 777     $ (182 )   $ (22,131 )       $ (21,536 )

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-500

 

 

LANDA SERIES 3043 HIGHWAY 81 S

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

    Landa
Series 3043
Highway 81 S
    Historical
Property
Operations
(F)
    Historical
Property
Operations
(G)
    Pro Forma
Adjustments
    Notes   Landa
Series 3043
Highway 81 S
Pro Forma
 
Rental Income   $        -     $ 7,619     $ 1,533     $ -         $ 9,152  
                                             
Expenses                                            
Real Estate Taxes     -       673       99       -           772  
Homeowner Association Fees     -       -       -       -           -  
Property Insurance     -       607       56       -           663  
Repairs and Maintenance     -       3,730       -       -           3,730  
Other Expenses     -       240       -       -           240  
Management fee     -       -       -       981     E     981  
Depreciation and amortization     -       -       -       5,057     B     5,057  
Interest Expense     -       -       -       9,730     C     9,730  
Total Expenses     -       5,250       155       15,768           21,173  
                                             
Net Income (loss) before provision for income tax     -       2,369       1,378       (15,768 )         (12,021 )
Provision for income taxes     -       -       -       -     D     -  
Net Income (loss)   $ -     $ 2,369     $ 1,378     $ (15,768 )       $ (12,021 )

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-501

 

 

LANDA SERIES 313 BLUE HERON DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 313
Blue Heron
Drive
   Historical
Property
Operations
(F)
   Historical
Property
Operations
(G)
   Pro Forma
Adjustments
   Notes  Landa
Series 313
Blue Heron
Drive
Pro Forma
 
Rental Income  $                  -   $11,840   $1,710   $-      $13,550 
                             
Expenses                            
Real Estate Taxes   -    1,859    272    -       2,131 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    1,001    63    -       1,064 
Repairs and Maintenance   -    1,670    -    -       1,670 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,491   E   1,491 
Depreciation and amortization   -    -    -    6,804   B   6,804 
Interest Expense   -    -    -    12,216   C   12,216 
Total Expenses   -    4,530    335    20,511       25,376 
                             
Net Income (loss) before provision for income tax   -    7,310    1,375    (20,511)      (11,826)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $7,310   $1,375   $(20,511)     $(11,826)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-502

 

 

LANDA SERIES 3202 CHIPPEWA DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 3202
Chippewa Drive
   Historical
Property
Operations
(F)
   Historical
Property
Operations
(G)
   Pro Forma
Adjustments
   Notes  Landa
Series 3202
Chippewa
Drive
Pro Forma
 
Rental Income  $     -   $10,800   $1,890   $-      $12,690 
                             
Expenses                            
Real Estate Taxes   -    1,202    176    -       1,378 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    1,166    66    -       1,232 
Repairs and Maintenance   -    4,027    -    -       4,027 
Other Expenses   -    376    -    -       376 
Management fee   -    -    -    1,270   E   1,270 
Depreciation and amortization   -    -    -    7,711   B   7,711 
Interest Expense   -    -    -    13,448   C   13,448 
Total Expenses   -    6,771    242    22,429       29,442 
                             
Net Income (loss) before provision for income tax   -    4,029    1,648    (22,429)      (16,752)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $4,029   $1,648   $(22,429)     $(16,752)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-503

 

 

LANDA SERIES 35 CLAY COURT

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 35
Clay Court
   Historical
Property
Operations
(F)
   Historical
Property
Operations
(G)
   Pro Forma
Adjustments
   Notes  Landa
Series 35
Clay Court
Pro Forma
 
Rental Income  $     -   $12,376   $1,778   $-      $14,154 
                             
Expenses                            
Real Estate Taxes   -    1,454    213    -       1,667 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    906    71    -       977 
Repairs and Maintenance   -    3,135    -    -       3,135 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,631   E   1,631 
Depreciation and amortization   -    -    -    8,719   B   8,719 
Interest Expense   -    -    -    13,644   C   13,644 
Total Expenses   -    5,495    284    23,994       29,773 
                             
Net Income (loss) before provision for income tax   -    6,881    1,494    (23,994)      (15,619)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $6,881   $1,494   $(23,994)     $(15,619)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-504

 

 

LANDA SERIES 350 CADIZ LANE S

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 350
Cadiz
Lane S
   Historical
Property
Operations
(F)
   Historical
Property
Operations
(G)
   Pro Forma
Adjustments
   Notes  Landa
Series 350
Cadiz
Lane S
Pro Forma
 
Rental Income  $      -   $12,004   $1,812   $-      $13,816 
                             
Expenses                            
Real Estate Taxes   -    1,364    200    -       1,564 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    873    63    -       936 
Repairs and Maintenance   -    1,960    -    -       1,960 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,160   E   1,160 
Depreciation and amortization   -    -    -    7,012   B   7,012 
Interest Expense   -    -    -    12,469   C   12,469 
Total Expenses   -    4,197    263    20,641       25,101 
                             
Net Income (loss) before provision for income tax   -    7,807    1,549    (20,641)      (11,285)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $7,807   $1,549   $(20,641)     $(11,285)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-505

 

 

LANDA SERIES 351 WESLEY PARK DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 351
Wesley Park
Drive
   Historical
Property
Operations (F)
   Historical
Property
Operations (G)
   Pro Forma
Adjustments
   Notes  Landa
Series 351
Wesley Park
Drive
Pro Forma
 
Rental Income  $       -   $10,674   $1,559   $-      $12,233 
                             
Expenses                            
Real Estate Taxes   -    1,491    218    -       1,709 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    922    52    -       974 
Repairs and Maintenance   -    1,533    -    -       1,533 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,459   E   1,459 
Depreciation and amortization   -    -    -    6,488   B   6,488 
Interest Expense   -    -    -    11,735   C   11,735 
Total Expenses   -    3,946    270    19,682       23,898 
                             
Net Income (loss) before provision for income tax   -    6,728    1,289    (19,682)      (11,665)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $6,728   $1,289   $(19,682)     $(11,665)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-506

 

 

LANDA SERIES 3603 MANHATTAN DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

    Landa
Series 3603
Manhattan Drive
    Historical
Property
Operations (H)
    Historical
Property
Operations
(I)
    Pro Forma
Adjustments
    Notes   Landa
Series 3603
Manhattan Drive
Pro Forma
 
Rental Income   $        -     $ 12,171     $ 1,029     $ -         $ 13,200  
                                             
Expenses                                            
Real Estate Taxes     -       2,377       201       -           2,578  
Homeowner Association Fees     -       -       -       -           -  
Property Insurance     -       1,093       50       -           1,143  
Repairs and Maintenance     -       -       -       -           -  
Other Expenses     -       -       -       -           -  
Management fee     -       -       -       1,777     E     1,777  
Depreciation and amortization     -       -       -       8,584     B     8,584  
Interest Expense     -       -       -       14,671     C     14,671  
Total Expenses     -       3,470       251       25,032           28,753  
                                             
Net Income (loss) before provision for income tax     -       8,701       778       (25,032 )         (15,553 )
Provision for income taxes     -       -       -       -     D     -  
Net Income (loss)   $ -     $ 8,701     $ 778     $ (25,032 )       $ (15,553 )

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-507

 

 

LANDA SERIES 3667 PATTI PARKWAY

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 3667
Patti
Parkway
   Historical
Property
Operations
(H)
   Historical
Property
Operations
(I)
   Pro Forma
Adjustments
   Notes  Landa Series 3667
Patti Parkway
Pro Forma
 
Rental Income  $   -   $17,082   $1,522   $-      $18,604 
                             
Expenses                            
Real Estate Taxes   -    3,051    258    -       3,309 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    1,333    59    -       1,392 
Repairs and Maintenance   -    2,641    -    -       2,641 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,562   E   1,562 
Depreciation and amortization   -    -    -    10,296   B   10,296 
Interest Expense   -    -    -    17,069   C   17,069 
Total Expenses   -    7,025    317    28,927       36,269 
                             
Net Income (loss) before provision for income tax   -    10,057    1,205    (28,927)      (17,665)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $10,057   $1,205   $(28,927)     $(17,665)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-508

 

  

LANDA SERIES 404 BARBERRY LANE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 404
Barberry
Lane
   Historical Property Operations (H)   Historical Property Operations (I)   Pro Forma Adjustments   Notes  Landa
Series 404
Barberry
Lane Pro
Forma
 
Rental Income  $      -   $12,286   $1,050   $-      $13,336 
                             
Expenses                            
Real Estate Taxes   -    1,746    148    -       1,894 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    701    43    -       744 
Repairs and Maintenance   -    967    -    -       967 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,205   E   1,205 
Depreciation and amortization   -    -    -    7,295   B   7,295 
Interest Expense   -    -    -    12,865   C   12,865 
Total Expenses   -    3,414    191    21,365       24,970 
                             
Net Income (loss) before provision for income tax   -    8,872    859    (21,365)      (11,634)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $8,872   $859   $(21,365)     $(11,634)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-509

 

 

LANDA SERIES 412 KENDALL LANE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 412
Kendall
Lane
   Historical Property Operations (H)   Historical Property Operations (I)   Pro Forma Adjustments   Notes  Landa
Series 412
Kendall
Lane
Pro Forma
 
Rental Income  $     -   $13,046   $1,156   $-      $14,202 
                             
Expenses                            
Real Estate Taxes   -    1,730    146    -       1,876 
Homeowner Association Fees   -    300    25    -       325 
Property Insurance   -    690    45    -       735 
Repairs and Maintenance   -    362    -    -       362 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,187   E   1,187 
Depreciation and amortization   -    -    -    7,644   B   7,644 
Interest Expense   -    -    -    13,354   C   13,354 
Total Expenses   -    3,082    216    22,185       25,483 
                             
Net Income (loss) before provision for income tax   -    9,964    940    (22,185)      (11,281)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $9,964   $940   $(22,185)     $(11,281)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-510

 

 

LANDA SERIES 416 AUTUMN LAKE COURT

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 416
Autumn
Lake Court
   Historical Property Operations (H)   Historical Property Operations (I)   Pro Forma Adjustments   Notes  Landa Series 416 Autumn Lake Court Pro Forma 
Rental Income  $      -   $12,715   $1,097   $-      $13,812 
                             
Expenses                            
Real Estate Taxes   -    1,730    146    -       1,876 
Homeowner Association Fees   -    231    19    -       250 
Property Insurance   -    919    40    -       959 
Repairs and Maintenance   -    -    -    -       - 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,593   E   1,593 
Depreciation and amortization   -    -    -    6,663   B   6,663 
Interest Expense   -    -    -    11,979   C   11,979 
Total Expenses   -    2,880    205    20,235       23,320 
                             
Net Income (loss) before provision for income tax   -    9,835    892    (20,235)      (9,508)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $9,835   $892   $(20,235)     $(9,508)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-511

 

 

LANDA SERIES 43 DARWIN DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 43
Darwin
Drive
   Historical Property Operations (F)   Historical Property Operations (G)   Pro Forma Adjustments   Notes  Landa
Series 43
Darwin
Drive
Pro Forma
 
Rental Income  $      -   $9,461   $1,352   $-      $10,813 
                             
Expenses                            
Real Estate Taxes   -    1,227    180    -       1,407 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    922    57    -       979 
Repairs and Maintenance   -    1,791    -    -       1,791 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,218   E   1,218 
Depreciation and amortization   -    -    -    6,209   B   6,209 
Interest Expense   -    -    -    11,343   C   11,343 
Total Expenses   -    3,940    237    18,770       22,947 
                             
Net Income (loss) before provision for income tax   -    5,521    1,115    (18,770)      (12,134)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $5,521   $1,115   $(18,770)     $(12,134)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-512

 

 

LANDA SERIES 432 MANOR ESTATES DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 432
Manor
Estates
Drive
   Historical Property Operations (H)   Historical Property Operations (I)   Pro Forma Adjustments   Notes  Landa
Series 432
Manor
Estates
Drive
Pro Forma
 
Rental Income  $      -   $12,890   $1,090   $-      $13,980 
                             
Expenses                            
Real Estate Taxes   -    1,836    155    -       1,991 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    767    48    -       815 
Repairs and Maintenance   -    -    -    -       - 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,439   E   1,439 
Depreciation and amortization   -    -    -    8,204   B   8,204 
Interest Expense   -    -    -    14,138   C   14,138 
Total Expenses   -    2,603    203    23,781       26,587 
                             
Net Income (loss) before provision for income tax   -    10,287    887    (23,781)      (12,607)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $10,287   $887   $(23,781)     $(12,607)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-513

 

 

LANDA SERIES 440 FREESTONE DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 440
Freestone
Drive
   Historical Property Operations (H)   Historical Property Operations (I)   Pro Forma Adjustments   Notes  Landa
Series 440
Freestone
Drive
Pro Forma
 
Rental Income  $      -   $14,555   $1,297   $-      $15,852 
                             
Expenses                            
Real Estate Taxes   -    1,221    103    -       1,324 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    1,246    50    -       1,296 
Repairs and Maintenance   -    1,915    -    -       1,915 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,331   E   1,331 
Depreciation and amortization   -    -    -    8,528   B   8,528 
Interest Expense   -    -    -    14,917   C   14,917 
Total Expenses   -    4,382    153    24,776       29,311 
                             
Net Income (loss) before provision for income tax   -    10,173    1,144    (24,776)      (13,459)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $10,173   $1,144   $(24,776)     $(13,459)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-514

 

 

LANDA SERIES 4447 LAKE BREEZE DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 4447
Lake
Breeze
Drive
   Historical Property Operations (H)   Historical Property Operations (I)   Pro Forma Adjustments   Notes  Landa
Series 4447
Lake
Breeze
Drive
Pro Forma
 
Rental Income  $     -   $14,684   $1,296   $-      $15,980 
                             
Expenses                            
Real Estate Taxes   -    3,011    255    -       3,266 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    1,584    53    -       1,637 
Repairs and Maintenance   -    255    -    -       255 
Other Expenses   -    140    -    -       140 
Management fee   -    -    -    1,255   E   1,255 
Depreciation and amortization   -    -    -    9,108   B   9,108 
Interest Expense   -    -    -    15,405   C   15,405 
Total Expenses   -    4,990    308    25,768       31,066 
                             
Net Income (loss) before provision for income tax   -    9,694    988    (25,768)      (15,086)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $9,694   $988   $(25,768)     $(15,086)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-515

 

 

LANDA SERIES 445 INDEPENDENCE DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 445
Independence Drive
   Historical Property Operations (H)   Historical Property Operations (I)   Pro Forma Adjustments   Notes  Landa
Series 445
Independence
Drive
Pro Forma
 
Rental Income  $     -   $13,056   $1,109   $-      $14,165 
                             
Expenses                            
Real Estate Taxes   -    1,770    150    -       1,920 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    688    47    -       735 
Repairs and Maintenance   -    -    -    -       - 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,660   E   1,660 
Depreciation and amortization   -    -    -    7,945   B   7,945 
Interest Expense   -    -    -    13,445   C   13,445 
Total Expenses   -    2,458    197    23,050       25,705 
                             
Net Income (loss) before provision for income tax   -    10,598    912    (23,050)      (11,540)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $10,598   $912   $(23,050)     $(11,540)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-516

 

 

LANDA SERIES 449 KARA LANE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 449
Kara Lane
   Historical Property Operations (H)   Historical Property Operations
(I)
   Pro Forma Adjustments   Notes  Landa
Series 449
Kara Lane Pro Forma
 
Rental Income  $      -   $13,095   $-   $-      $13,095 
                             
Expenses                            
Real Estate Taxes   -    1,831    155    -       1,986 
Homeowner Association Fees   -    184    16    -       200 
Property Insurance   -    695    46    -       741 
Repairs and Maintenance   -    589    -    -       589 
Other Expenses   -    111    -    -       111 
Management fee   -    -    -    1,703   E   1,703 
Depreciation and amortization   -    -    -    7,722   B   7,722 
Interest Expense   -    -    -    11,943   C   11,943 
Total Expenses   -    3,410    217    21,368       24,995 
                             
Net Income (loss) before provision for income tax   -    9,685    (217)   (21,368)      (11,900)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $9,685   $(217)  $(21,368)     $(11,900)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-517

 

 

LANDA SERIES 45 BLUE JAY DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 45
Blue Jay
Drive
   Historical Property Operations (F)   Historical Property Operations (G)   Pro Forma Adjustments   Notes  Landa
Series 45
Blue Jay
Drive
Pro Forma
 
Rental Income  $     -   $16,574   $2,381   $-      $18,955 
                             
Expenses                            
Real Estate Taxes   -    1,992    292    -       2,284 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    1,350    87    -       1,437 
Repairs and Maintenance   -    360    -    -       360 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,599   E   1,599 
Depreciation and amortization   -    -    -    9,458   B   9,458 
Interest Expense   -    -    -    15,895   C   15,895 
Total Expenses   -    3,702    379    26,952       31,033 
                             
Net Income (loss) before provision for income tax   -    12,872    2,002    (26,952)      (12,078)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $12,872   $2,002   $(26,952)     $(12,078)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-518

 

 

LANDA SERIES 45 LAUREL WAY

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 45
Laurel
Way
   Historical Property Operations (F)   Historical Property Operations (G)   Pro Forma Adjustments   Notes  Landa
Series 45
Laurel
Way
Pro Forma
 
Rental Income  $      -   $13,410   $1,134   $-      $14,544 
                             
Expenses                            
Real Estate Taxes   -    1,573    133    -       1,706 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    675    52    -       727 
Repairs and Maintenance   -    588    -    -       588 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,608   E   1,608 
Depreciation and amortization   -    -    -    9,037   B   9,037 
Interest Expense   -    -    -    15,305   C   15,305 
Total Expenses   -    2,836    185    25,950       28,971 
                             
Net Income (loss) before provision for income tax   -    10,574    949    (25,950)      (14,427)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $10,574   $949   $(25,950)     $(14,427)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-519

 

  

LANDA SERIES 4702 SAINT JAMES WAY

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 4702
Saint
James
Way
   Historical Property Operations (F)   Historical Property Operations (G)   Pro Forma Adjustments   Notes  Landa
Series 4702
Saint
James
Way
Pro Forma
 
Rental Income  $        -   $11,550   $1,650   $-      $13,200 
                             
Expenses                            
Real Estate Taxes   -    2,120    311    -       2,431 
Homeowner Association Fees   -    481    69    -       550 
Property Insurance   -    820    58    -       878 
Repairs and Maintenance   -    130    -    -       130 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,475   E   1,475 
Depreciation and amortization   -    -    -    6,698   B   6,698 
Interest Expense   -    -    -    12,035   C   12,035 
Total Expenses   -    3,551    438    20,208       24,197 
                             
Net Income (loss) before provision for income tax   -    7,999    1,212    (20,208)      (10,997)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $7,999   $1,212   $(20,208)     $(10,997)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-520

 

 

LANDA SERIES 4732 PINEDALE DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 4732
Pinedale
Drive
   Historical Property Operations (F)   Historical Property Operations (G)   Pro Forma Adjustments   Notes  Landa
Series 4732
Pinedale
Drive
Pro Forma
 
Rental Income  $       -   $9,909   $1,431   $-      $11,340 
                             
Expenses                            
Real Estate Taxes   -    1,019    149    -       1,168 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    602    49    -       651 
Repairs and Maintenance   -    1,375    -    -       1,375 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,069   E   1,069 
Depreciation and amortization   -    -    -    5,652   B   5,652 
Interest Expense   -    -    -    10,562   C   10,562 
Total Expenses   -    2,996    198    17,283       20,477 
                             
Net Income (loss) before provision for income tax   -    6,913    1,233    (17,283)      (9,137)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $6,913   $1,233   $(17,283)     $(9,137)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-521

 

 

LANDA SERIES 497 HIGHWAY 212

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 497
Highway
212
   Historical Property Operations (H)   Historical Property Operations
(I)
   Pro Forma Adjustments   Notes  Landa
Series 497
Highway
212
Pro Forma
 
Rental Income  $     -   $10,010   $870   $-      $10,880 
                             
Expenses                            
Real Estate Taxes   -    1,056    89    -       1,145 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    714    42    -       756 
Repairs and Maintenance   -    -    -    -       - 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    893   E   893 
Depreciation and amortization   -    -    -    7,081   B   7,081 
Interest Expense   -    -    -    12,564   C   12,564 
Total Expenses   -    1,770    131    20,538       22,439 
                             
Net Income (loss) before provision for income tax   -    8,240    739    (20,538)      (11,559)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $8,240   $739   $(20,538)     $(11,559)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-522

 

 

LANDA SERIES 5039 EAST STREET

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 5039
East Street
   Historical Property Operations (H)   Historical Property Operations (I)   Pro Forma Adjustments   Notes  Landa
Series 5039
East Street
Pro Forma
 
Rental Income  $     -   $8,575   $725   $-      $9,300 
                             
Expenses                            
Real Estate Taxes   -    851    72    -       923 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    665    30    -       695 
Repairs and Maintenance   -    485    -    -       485 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,163   E   1,163 
Depreciation and amortization   -    -    -    4,777   B   4,777 
Interest Expense   -    -    -    9,337   C   9,337 
Total Expenses   -    2,001    102    15,277       17,380 
                             
Net Income (loss) before provision for income tax   -    6,574    623    (15,277)      (8,080)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $6,574   $623   $(15,277)     $(8,080)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-523

 

 

LANDA SERIES 5040 HUNTSHIRE LANE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 5040
Huntshire
Lane
   Historical Property Operations (F)   Historical Property Operations (G)   Pro Forma Adjustments   Notes  Landa
Series 5040
Huntshire
Lane
Pro Forma
 
Rental Income  $    -   $14,917   $-   $-      $14,917 
                             
Expenses                            
Real Estate Taxes   -    3,408    499    -       3,907 
Homeowner Association Fees   -    459    66    -       525 
Property Insurance   -    617    128    -       745 
Repairs and Maintenance   -    5,738    -    -       5,738 
Other Expenses   -    760    -    -       760 
Management fee   -    -    -    2,399   E   2,399 
Depreciation and amortization   -    -    -    13,318   B   13,318 
Interest Expense   -    -    -    20,024   C   20,024 
Total Expenses   -    10,982    693    35,741       47,416 
                             
Net Income (loss) before provision for income tax   -    3,935    (693)   (35,741)      (32,499)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $3,935   $(693)  $(35,741)     $(32,499)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-524

 

 

LANDA SERIES 513 JARRETT COURT

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 513
Jarrett
Court
   Historical Property Operations (F)   Historical Property Operations (G)   Pro Forma Adjustments   Notes  Landa
Series 513
Jarrett
Court
Pro Forma
 
Rental Income  $     -   $12,411   $1,773   $-      $14,184 
                             
Expenses                            
Real Estate Taxes   -    1,804    264    -       2,068 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    803    62    -       865 
Repairs and Maintenance   -    450    -    -       450 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,609   E   1,609 
Depreciation and amortization   -    -    -    7,399   B   7,399 
Interest Expense   -    -    -    13,010   C   13,010 
Total Expenses   -    3,057    326    22,018       25,401 
                             
Net Income (loss) before provision for income tax   -    9,354    1,447    (22,018)      (11,217)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $9,354   $1,447   $(22,018)     $(11,217)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-525

 

 

LANDA SERIES 5143 PINECREST DRIVE SW

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 5143
Pinecrest
Drive SW
   Historical Property Operations (F)   Historical Property Operations (G)   Pro Forma Adjustments   Notes  Landa
Series 5143
Pinecrest
Drive SW
Pro Forma
 
Rental Income  $      -   $9,639   $1,377   $-      $11,016 
                             
Expenses                            
Real Estate Taxes   -    813    119    -       932 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    369    49    -       418 
Repairs and Maintenance   -    1,429    -    -       1,429 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,126   E   1,126 
Depreciation and amortization   -    -    -    5,407   B   5,407 
Interest Expense   -    -    -    10,220   C   10,220 
Total Expenses   -    2,611    168    16,753       19,532 
                             
Net Income (loss) before provision for income tax   -    7,028    1,209    (16,753)      (8,516)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $7,028   $1,209   $(16,753)     $(8,516)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-526

 

 

LANDA SERIES 524 SAWMILL ROAD

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 524
Sawmill
Road
   Historical Property Operations (H)   Historical Property Operations
(I)
   Pro Forma Adjustments   Notes  Landa
Series 524
Sawmill
Road
Pro Forma
 
Rental Income  $      -   $11,551   $977   $-      $12,528 
                             
Expenses                            
Real Estate Taxes   -    1,078    91    -       1,169 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    818    46    -       864 
Repairs and Maintenance   -    4,802    -    -       4,802 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,520   E   1,520 
Depreciation and amortization   -    -    -    7,785   B   7,785 
Interest Expense   -    -    -    12,766   C   12,766 
Total Expenses   -    6,698    137    22,071       28,906 
                             
Net Income (loss) before provision for income tax   -    4,853    840    (22,071)      (16,378)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $4,853   $840   $(22,071)     $(16,378)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-527

 

 

LANDA SERIES 5329 SHIREWICK LANE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 5329
Shirewick
Lane
   Historical Property Operations (H)   Historical Property Operations (I)   Pro Forma Adjustments   Notes  Landa
Series 5329
Shirewick
Lane
Pro Forma
 
Rental Income  $    -   $14,476   $1,249   $-      $15,725 
                             
Expenses                            
Real Estate Taxes   -    2,681    227    -       2,908 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    1,201    52    -       1,253 
Repairs and Maintenance   -    1,260    -    -       1,260 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,282   E   1,282 
Depreciation and amortization   -    -    -    8,969   B   8,969 
Interest Expense   -    -    -    15,210   C   15,210 
Total Expenses   -    5,142    279    25,461       30,882 
                             
Net Income (loss) before provision for income tax   -    9,334    970    (25,461)      (15,157)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $9,334   $970   $(25,461)     $(15,157)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-528

 

 

LANDA SERIES 540 COWAN ROAD

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 540
Cowan
Road
   Historical Property Operations (F)   Historical Property Operations (G)   Pro Forma Adjustments   Notes  Landa
Series 540
Cowan
Road
Pro Forma
 
Rental Income  $     -   $11,018   $1,583   $-      $12,601 
                             
Expenses                            
Real Estate Taxes   -    1,098    161    -       1,259 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    707    73    -       780 
Repairs and Maintenance   -    754    -    -       754 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,530   E   1,530 
Depreciation and amortization   -    -    -    7,734   B   7,734 
Interest Expense   -    -    -    13,480   C   13,480 
Total Expenses   -    2,559    234    22,744       25,537 
                             
Net Income (loss) before provision for income tax   -    8,459    1,349    (22,744)      (12,936)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $8,459   $1,349   $(22,744)     $(12,936)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-529

 

 

LANDA SERIES 5411 ROCKY PINE DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 5411
Rocky
Pine
Drive
   Historical Property Operations (H)   Historical Property Operations
(I)
   Pro Forma Adjustments   Notes  Landa
Series 5411
Rocky
Pine
Drive
Pro Forma
 
Rental Income  $     -   $13,143   $1,140   $-      $14,283 
                             
Expenses                            
Real Estate Taxes   -    2,553    216    -       2,769 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    709    47    -       756 
Repairs and Maintenance   -    -    -    -       - 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,170   E   1,170 
Depreciation and amortization   -    -    -    8,066   B   8,066 
Interest Expense   -    -    -    13,945   C   13,945 
Total Expenses   -    3,262    263    23,181       26,706 
                             
Net Income (loss) before provision for income tax   -    9,881    877    (23,181)      (12,423)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $9,881   $877   $(23,181)     $(12,423)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-530

 

 

LANDA SERIES 55 MYRTLE GROVE LANE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 55
Myrtle
Grove
Lane
   Historical Property Operations (H)   Historical Property Operations (I)   Pro Forma Adjustments   Notes  Landa
Series 55
Myrtle
Grove
Lane
Pro Forma
 
Rental Income  $    -   $11,326   $1,099   $-      $12,425 
                             
Expenses                            
Real Estate Taxes   -    1,374    116    -       1,490 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    1,072    44    -       1,116 
Repairs and Maintenance   -    4,050    -    -       4,050 
Other Expenses   -    232    -    -       232 
Management fee   -    -    -    1,620   E   1,620 
Depreciation and amortization   -    -    -    7,467   B   7,467 
Interest Expense   -    -    -    13,105   C   13,105 
Total Expenses   -    6,728    160    22,192       29,080 
                             
Net Income (loss) before provision for income tax   -    4,598    939    (22,192)      (16,655)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $4,598   $939   $(22,192)     $(16,655)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-531

 

 

LANDA SERIES 550 COWAN ROAD

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

    Landa
Series 550
Cowan
Road
    Historical
Property
Operations
(H)
    Historical
Property
Operations
(I)
    Pro Forma
Adjustments
    Notes   Landa
Series 550
Cowan
Road
Pro Forma
 
Rental Income   $        -     $ 11,009     $ 931     $ -         $ 11,940  
                                             
Expenses                                            
Real Estate Taxes     -       977       83       -           1,060  
Homeowner Association Fees     -       -       -       -           -  
Property Insurance     -       691       39       -           730  
Repairs and Maintenance     -       2,130       1,338       -           3,468  
Other Expenses     -       -       -       -           -  
Management fee     -       -       -       1,518     E     1,518  
Depreciation and amortization     -       -       -       6,470     B     6,470  
Interest Expense     -       -       -       11,285     C     11,285  
Total Expenses     -       3,798       1,460       19,273           24,531  
                                             
Net Income (loss) before provision for income tax     -       7,211       (529 )     (19,273 )         (12,591 )
Provision for income taxes     -       -       -       -     D     -  
Net Income (loss)   $ -     $ 7,211     $ (529 )   $ (19,273 )       $ (12,591 )

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-532

 

 

LANDA SERIES 5581 FOX GLEN CIRCLE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 5581
Fox Glen
Circle
   Historical Property Operations (H)   Historical Property Operations (I)   Pro Forma Adjustments   Notes  Landa
Series 5581
Fox Glen
Circle
Pro Forma
 
Rental Income  $     -   $16,112   $1,413   $-      $17,525 
                             
Expenses                            
Real Estate Taxes   -    3,823    323    -       4,146 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    1,695    74    -       1,769 
Repairs and Maintenance   -    2,625    -    -       2,625 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    2,169   E   2,169 
Depreciation and amortization   -    -    -    13,102   B   13,102 
Interest Expense   -    -    -    19,562   C   19,562 
Total Expenses   -    8,143    397    34,833       43,373 
                             
Net Income (loss) before provision for income tax   -    7,969    1,016    (34,833)      (25,848)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $7,969   $1,016   $(34,833)     $(25,848)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-533

 

 

LANDA SERIES 565 MOUNTAINVIEW DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 565
Mountainview
Drive
   Historical Property Operations (F)   Historical Property Operations (G)   Pro Forma Adjustments   Notes  Landa
Series 565
Mountainview
Drive
Pro Forma
 
Rental Income  $       -   $11,351   $1,622   $-      $12,973 
                             
Expenses                            
Real Estate Taxes   -    1,578    231    -       1,809 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    843    72    -       915 
Repairs and Maintenance   -    1,620    2,300    -       3,920 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,651   E   1,651 
Depreciation and amortization   -    -    -    8,165   B   8,165 
Interest Expense   -    -    -    12,746   C   12,746 
Total Expenses   -    4,041    2,603    22,562       29,206 
                             
Net Income (loss) before provision for income tax   -    7,310    (981)   (22,562)      (16,233)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $7,310   $(981)  $(22,562)     $(16,233)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-534

 

 

LANDA SERIES 5737 STRATHMOOR MANOR CIRCLE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 5737
Strathmoor
Manor
Circle
   Historical Property Operations (H)   Historical Property Operations
(I)
   Pro Forma Adjustments   Notes  Landa
Series 5737
Strathmoor
Manor
Circle
Pro Forma
 
Rental Income  $      -   $12,930   $972   $-      $13,902 
                             
Expenses                            
Real Estate Taxes   -    1,752    148    -       1,900 
Homeowner Association Fees   -    790    62    -       852 
Property Insurance   -    863    38    -       901 
Repairs and Maintenance   -    120    -    -       120 
Other Expenses   -    250    -    -       250 
Management fee   -    -    -    997   E   997 
Depreciation and amortization   -    -    -    6,279   B   6,279 
Interest Expense   -    -    -    11,441   C   11,441 
Total Expenses   -    3,775    248    18,717       22,740 
                             
Net Income (loss) before provision for income tax   -    9,155    724    (18,717)      (8,838)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $9,155   $724   $(18,717)     $(8,838)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-535

 

 

LANDA SERIES 5801 STRATHMOOR MANOR CIRCLE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

    Landa
Series 5801
Strathmoor
Manor
Circle
    Historical Property Operations (F)     Historical Property Operations (G)     Pro Forma Adjustments     Notes   Landa
Series 5801
Strathmoor
Manor
Circle
Pro Forma
 
Rental Income   $       -     $ 10,763     $ 1,538     $ -         $ 12,301  
                                             
Expenses                                            
Real Estate Taxes     -       1,622       238       -           1,860  
Homeowner Association Fees     -       456       65       -           521  
Property Insurance     -       817       52       -           869  
Repairs and Maintenance     -       -       -       -           -  
Other Expenses     -       -       -       -           -  
Management fee     -       -       -       1,577     E     1,577  
Depreciation and amortization     -       -       -       6,558     B     6,558  
Interest Expense     -       -       -       11,833     C     11,833  
Total Expenses     -       2,895       355       19,968           23,218  
                                             
Net Income (loss) before provision for income tax     -       7,868       1,183       (19,968 )         (10,917 )
Provision for income taxes     -       -       -       -     D     -  
Net Income (loss)   $ -     $ 7,868     $ 1,183     $ (19,968 )       $ (10,917 )

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-536

 

 

LANDA SERIES 6104-6106 OAKWOOD CIRCLE SW

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

    Landa
Series 6104-6106
Oakwood
Circle SW
    Historical Property Operations (H)     Historical Property Operations
(I)
    Pro Forma Adjustments     Notes   Landa
Series 6104-6106
Oakwood
Circle SW
Pro Forma
 
Rental Income   $        -     $ 8,648     $ 754     $ -         $ 9,402  
                                             
Expenses                                            
Real Estate Taxes     -       861       73       -           934  
Homeowner Association Fees     -       -       -       -           -  
Property Insurance     -       668       37       -           705  
Repairs and Maintenance     -       -       -       -           -  
Other Expenses     -       -       -       -           -  
Management fee     -       -       -       1,478     E     1,478  
Depreciation and amortization     -       -       -       6,069     B     6,069  
Interest Expense     -       -       -       11,153     C     11,153  
Total Expenses     -       1,529       110       18,700           20,339  
                                             
Net Income (loss) before provision for income tax     -       7,119       644       (18,700 )         (10,937 )
Provision for income taxes     -       -       -       -     D     -  
Net Income (loss)   $ -     $ 7,119     $ 644     $ (18,700 )       $ (10,937 )

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-537

 

 

LANDA SERIES 6107 SHADOW GLEN COURT

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 6107
Shadow
Glen Court
   Historical Property Operations (F)   Historical Property Operations (G)   Pro Forma Adjustments   Notes  Landa
Series 6107
Shadow
Glen Court
Pro Forma
 
Rental Income  $     -   $8,950   $1,307   $-      $10,257 
                             
Expenses                            
Real Estate Taxes   -    841    123    -       964 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    417    44    -       461 
Repairs and Maintenance   -    700    -    -       700 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,478   E   1,478 
Depreciation and amortization   -    -    -    4,953   B   4,953 
Interest Expense   -    -    -    9,583   C   9,583 
Total Expenses   -    1,958    167    16,014       18,139 
                             
Net Income (loss) before provision for income tax   -    6,992    1,140    (16,014)      (7,882)
Provision for income taxes   -    -    -    -   D   - 
Net Income (loss)  $-   $6,992   $1,140   $(16,014)     $(7,882)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-538

 

 

LANDA SERIES 6111-6113 PINE GLEN CIRCLE SW

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

    Landa Series 6111-6113 Pine Glen Circle SW     Historical Property Operations (F)     Historical Property Operations (G)     Pro Forma Adjustments     Notes   Landa Series 6111-6113 Pine Glen Circle SW Pro Forma  
Rental Income   $         -     $ 17,455     $ 2,578     $ -         $ 20,033  
                                             
Expenses                                            
Real Estate Taxes     -       788       116       -           904  
Homeowner Association Fees     -       -       -       -           -  
Property Insurance     -       642       110       -           752  
Repairs and Maintenance     -       1,585       -       -           1,585  
Other Expenses     -       -       -       -           -  
Management fee     -       -       -       2,169     E     2,169  
Depreciation and amortization     -       -       -       12,776     B     12,776  
Interest Expense     -       -       -       20,544     C     20,544  
Total Expenses     -       3,015       226       35,489           38,730  
                                             
Net Income (loss) before provision for income tax     -       14,440       2,352       (35,489 )         (18,697 )
Provision for income taxes     -       -       -       -     D     -  
Net Income (loss)   $ -     $ 14,440     $ 2,352     $ (35,489 )       $ (18,697 )

 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-539

 

 

LANDA SERIES 6119 PINENEEDLE DRIVE SW

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

    Landa
Series 6119
Pineneedle
Drive SW
    Historical Property Operations (H)     Historical Property Operations (I)     Pro Forma Adjustments     Notes   Landa
Series 6119
Pineneedle
Drive SW
Pro Forma
 
Rental Income   $      -     $ 10,652     $ 920     $ -         $ 11,572  
                                             
Expenses                                            
Real Estate Taxes     -       876       74       -           950  
Homeowner Association Fees     -       -       -       -           -  
Property Insurance     -       623       23       -           646  
Repairs and Maintenance     -       1,941       -       -           1,941  
Other Expenses     -       119       -       -           119  
Management fee     -       -       -       1,674     E     1,674  
Depreciation and amortization     -       -       -       3,449     B     3,449  
Interest Expense     -       -       -       7,477     C     7,477  
Total Expenses     -       3,559       97       12,600           16,256  
                                             
Net Income (loss) before provision for income tax     -       7,093       823       (12,600 )         (4,684 )
Provision for income taxes     -       -       -       -     D     -  
Net Income (loss)   $ -     $ 7,093     $ 823     $ (12,600 )       $ (4,684 )

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-540

 

 

LANDA SERIES 615 BARSHAY DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

    Landa
Series 615
Barshay Drive
    Historical
Property
Operations
(F)
    Historical
Property
Operations
(G)
    Pro Forma
Adjustments
   Notes   Landa
Series 615
Barshay Drive
Pro Forma
 
Rental Income  $-   $12,510   $1,749   $-      $14,259 
                             
Expenses                            
Real Estate Taxes   -    1,181    173    -       1,354 
Homeowner Association Fees   -    2,504    34    -       2,538 
Property Insurance   -    1,037    62    -       1,099 
Repairs and Maintenance   -    857    1,078    -       1,935 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,463   E   1,463 
Depreciation and amortization   -    -    -    7,468   B   7,468 
Interest Expense   -    -    -    13,138   C   13,138 
Total Expenses   -    5,579    1,347    22,069       28,995 
                             
Net Income (loss) before provision for income tax   -    6,931    402    (22,069)      (14,736)
Provision for income taxes   -    -    -    -   D   -  
Net Income (loss)  $-   $6,931   $402   $(22,069)     $(14,736)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-541

 

 

LANDA SERIES 6168 WHEAT STREET NE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

      Landa
Series 6168
Wheat Street NE
      Historical
Property
Operations
(F)
      Historical
Property
Operations
(G)
      Pro Forma
Adjustments
    Notes     Landa
Series 6168
Wheat Street NE
Pro Forma
 
Rental Income   $ -     $ 8,564     $ 1,265     $ -         $ 9,829  
                                             
Expenses                                            
Real Estate Taxes     -       584       86       -           670  
Homeowner Association Fees     -       -       -       -           -  
Property Insurance     -       416       46       -           462  
Repairs and Maintenance     -       1,910       261       -           2,171  
Other Expenses     -       -       -       -           -  
Management fee     -       -       -       809     E     809  
Depreciation and amortization     -       -       -       4,122     B     4,122  
Interest Expense     -       -       -       8,455     C     8,455  
Total Expenses     -       2,910       393       13,386           16,689  
                                             
Net Income (loss) before provision for income tax     -       5,654       872       (13,386 )         (6,860 )
Provision for income taxes     -       -       -       -     D      
Net Income (loss)   $ -     $ 5,654     $ 872     $ (13,386 )       $ (6,860 )

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-542

 

 

LANDA SERIES 6178 GREEN ACRES DRIVE SW

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

      Landa
Series 6178
Green Acres
Drive SW
      Historical
Property
Operations
(F)
      Historical
Property
Operations
(G)
      Pro Forma
Adjustments
    Notes    

Landa
Series 6178
Green Acres
Drive SW

Pro Forma

 
Rental Income   $ -     $ 10,038     $ 1,446     $ -         $ 11,484  
                                             
Expenses                                            
Real Estate Taxes     -       1,186       174       -           1,360  
Homeowner Association Fees     -       -       -       -           -  
Property Insurance     -       577       55       -           632  
Repairs and Maintenance     -       2,608       198       -           2,806  
Other Expenses     -       -       -       -           -  
Management fee     -       -       -       1,415     E     1,415  
Depreciation and amortization     -       -       -       5,282     B     5,282  
Interest Expense     -       -       -       10,055     C     10,055  
Total Expenses     -       4,371       427       16,752           21,550  
                                             
Net Income (loss) before provision for income tax     -       5,667       1,019       (16,752 )         (10,066 )
Provision for income taxes     -       -       -       -     D      
Net Income (loss)   $ -     $ 5,667     $ 1,019     $ (16,752 )       $ (10,066 )

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-543

 

 

LANDA SERIES 6386 FORESTER WAY

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

    Landa
Series 6386
Forester Way
    

Historical
Property
Operations

(H)

    Historical
Property
Operations
(I)
    Pro Forma
Adjustments
   Notes   Landa
Series 6386
Forester Way
Pro Forma
 
Rental Income  $-   $12,354   $1,066   $-      $13,420 
                             
Expenses                            
Real Estate Taxes   -    2,508    212    -       2,720 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    690    45    -       735 
Repairs and Maintenance   -    -    -    -       - 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,784   E   1,784 
Depreciation and amortization   -    -    -    7,647   B   7,647 
Interest Expense   -    -    -    13,357   C   13,357 
Total Expenses   -    3,198    257    22,788       26,243 
                             
Net Income (loss) before provision for income tax   -    9,156    809    (22,788)      (12,823)
Provision for income taxes   -    -    -    -   D   -  
Net Income (loss)  $-   $9,156   $809   $(22,788)     $(12,823)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-544

 

 

LANDA SERIES 6404 WALNUT WAY

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

    Landa
Series 6404
Walnut Way
    Historical
Property
Operations
(H)
    Historical
Property
Operations
(I)
    Pro Forma
Adjustments
   Notes   Landa
Series 6404
Walnut Way
Pro Forma
 
Rental Income  $-   $14,163   $1,186   $-      $15,349 
                             
Expenses                            
Real Estate Taxes   -    1,442    122    -       1,564 
Homeowner Association Fees   -    443    37    -       480 
Property Insurance   -    1,176    42    -       1,218 
Repairs and Maintenance   -    200    -    -       200 
Other Expenses   -    243    -    -       243 
Management fee   -    -    -    1,217   E   1,217 
Depreciation and amortization   -    -    -    7,082   B   7,082 
Interest Expense   -    -    -    12,567   C   12,567 
Total Expenses   -    3,504    201    20,866       24,571 
                             
Net Income (loss) before provision for income tax   -    10,659    985    (20,866)      (9,222)
Provision for income taxes   -    -    -    -   D   -  
Net Income (loss)  $-   $10,659   $985   $(20,866)     $(9,222)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-545

 

 

LANDA SERIES 643 SYCAMORE DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 643
Sycamore Drive
   Historical
Property
Operations
(F)
   Historical
Property
Operations
(G)
   Pro Forma
Adjustments
   Notes  Landa
Series 643
Sycamore Drive
Pro Forma
 
Rental Income  $            -   $12,513   $1,868   $-      $14,381 
                             
Expenses                            
Real Estate Taxes   -    1,949    286    -       2,235 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    689    57    -       746 
Repairs and Maintenance   -    -    -    -       - 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,195   E   1,195 
Depreciation and amortization   -    -    -    6,791   B   6,791 
Interest Expense   -    -    -    12,158   C   12,158 
Total Expenses   -    2,638    343    20,144       23,125 
                             
Net Income (loss) before provision for income tax   -    9,875    1,525    (20,144)      (8,744)
Provision for income taxes   -    -    -    -   D   -  
Net Income (loss)  $-   $9,875   $1,525   $(20,144)     $(8,744)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-546

 

 

LANDA SERIES 65 FREEDOM COURT

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 65
Freedom Court
   Historical
Property
Operations
(F)
   Historical
Property
Operations
(G)
   Pro Forma
Adjustments
   Notes  Landa
Series 65
Freedom Court
Pro Forma
 
Rental Income  $           -   $11,687   $2,092   $-      $13,779 
                             
Expenses                            
Real Estate Taxes   -    1,396    204    -       1,600 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    1,064    63    -       1,127 
Repairs and Maintenance   -    -    -    -       - 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,474   E   1,474 
Depreciation and amortization   -    -    -    7,504   B   7,504 
Interest Expense   -    -    -    13,225   C   13,225 
Total Expenses   -    2,460    267    22,203       24,930 
                             
Net Income (loss) before provision for income tax   -    9,227    1,825    (22,203)      (11,151)
Provision for income taxes   -    -    -    -   D   -  
Net Income (loss)  $-   $9,227   $1,825   $(22,203)     $(11,151)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-547

 

 

LANDA SERIES 653 GEORGETOWN LANE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

    Landa
Series 653
Georgetown
Lane
    Historical
Property
Operations
(H)
    Historical
Property
Operations
(I)
    Pro Forma
Adjustments
    Notes   Landa
Series 653
Georgetown
Lane
Pro Forma
 
Rental Income   $            -     $ 11,198     $ 966     $ -         $ 12,164  
                                             
Expenses                                            
Real Estate Taxes     -       1,503       127       -           1,630  
Homeowner Association Fees     -       461       39       -           500  
Property Insurance     -       622       43       -           665  
Repairs and Maintenance     -       983       -       -           983  
Other Expenses     -       -       -       -           -  
Management fee     -       -       -       1,524     E     1,524  
Depreciation and amortization     -       -       -       7,295     B     7,295  
Interest Expense     -       -       -       12,864     C     12,864  
Total Expenses     -       3,569       209       21,683           25,461  
                                             
Net Income (loss) before provision for income tax     -       7,629       757       (21,683 )         (13,297 )
Provision for income taxes     -       -       -       -     D      
Net Income (loss)   $ -     $ 7,629     $ 757     $ (21,683 )       $ (13,297 )

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-548

 

 

LANDA SERIES 6635 KIMBERLY MILL ROAD

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 6635
Kimberly Mill Road
   Historical
Property
Operations
(F)
   Historical
Property
Operations
(G)
   Pro Forma
Adjustments
   Notes  Landa
Series 6635
Kimberly Mill Road
Pro Forma
 
Rental Income  $           -   $12,800   $1,829   $-      $14,629 
                             
Expenses                            
Real Estate Taxes   -    1,532    224    -       1,756 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    618    63    -       681 
Repairs and Maintenance   -    516    -    -       516 
Other Expenses   -    -    200    -       200 
Management fee   -    -    -    1,676   E   1,676 
Depreciation and amortization   -    -    -    8,671   B   8,671 
Interest Expense   -    -    -    14,792   C   14,792 
Total Expenses   -    2,666    487    25,139       28,292 
                             
Net Income (loss) before provision for income tax   -    10,134    1,342    (25,139)      (13,663)
Provision for income taxes   -    -    -    -   D   -  
Net Income (loss)  $-   $10,134   $1,342   $(25,139)     $(13,663)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-549

 

 

LANDA SERIES 6653 BEDFORD ROAD

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 6653
Bedford Road
   Historical
Property
Operations
(F)
   Historical
Property
Operations
(G)
   Pro Forma
Adjustments
   Notes  Landa
Series 6653
Bedford Road
Pro Forma
 
Rental Income  $            -   $10,238   $1,463   $-      $11,701 
                             
Expenses                            
Real Estate Taxes   -    1,665    244    -       1,909 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    873    57    -       930 
Repairs and Maintenance   -    2,320    -    -       2,320 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,483   E   1,483 
Depreciation and amortization   -    -    -    7,048   B   7,048 
Interest Expense   -    -    -    12,538   C   12,538 
Total Expenses   -    4,858    301    21,069       26,228 
                             
Net Income (loss) before provision for income tax   -    5,380    1,162    (21,069)      (14,527)
Provision for income taxes   -    -    -    -   D   -  
Net Income (loss)  $-   $5,380   $1,162   $(21,069)     $(14,527)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-550

 

 

LANDA SERIES 6710 SUNSET HILLS BOULEVARD

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 6710
Sunset Hills
Boulevard
   Historical
Property
Operations
(H)
   Historical
Property
Operations
(I)
   Pro Forma
Adjustments
   Notes  Landa
Series 6710
Sunset Hills
Boulevard
Pro Forma
 
Rental Income  $          -   $11,123   $982   $-      $12,105 
                             
Expenses                            
Real Estate Taxes   -    1,543    130    -       1,673 
Homeowner Association Fees   -    277    23    -       300 
Property Insurance   -    832    35    -       867 
Repairs and Maintenance   -    1,260    -    -       1,260 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,008   E   1,008 
Depreciation and amortization   -    -    -    5,720   B   5,720 
Interest Expense   -    -    -    10,658   C   10,658 
Total Expenses   -    3,912    188    17,386       21,486 
                             
Net Income (loss) before provision for income tax   -    7,211    794    (17,386)      (9,381)
Provision for income taxes   -    -    -    -   D   -  
Net Income (loss)  $-   $7,211   $794   $(17,386)     $(9,381)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-551

 

 

LANDA SERIES 6762 BENT CREEK DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 6762
Bent Creek
Drive
   Historical
Property
Operations
(F)
   Historical
Property
Operations
(G)
   Pro Forma
Adjustments
   Notes  Landa
Series 6762
Bent Creek
Drive
Pro Forma
 
Rental Income  $               -   $12,012   $572   $-      $12,584 
                             
Expenses                            
Real Estate Taxes   -    1,746    256    -       2,002 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    994    52    -       1,046 
Repairs and Maintenance   -    70    -    -       70 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,359   E   1,359 
Depreciation and amortization   -    -    -    7,082   B   7,082 
Interest Expense   -    -    -    12,567   C   12,567 
Total Expenses   -    2,810    308    21,008       24,126 
                             
Net Income (loss) before provision for income tax   -    9,202    264    (21,008)      (11,542)
Provision for income taxes   -    -    -    -   D   -  
Net Income (loss)  $-   $9,202   $264   $(21,008)     $(11,542)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-552

 

 

LANDA SERIES 683 WOOD PATH COURT

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

    Landa
Series 683
Wood Path
Court
    Historical
Property
Operations
(H)
    Historical
Property
Operations
(I)
    Pro Forma
Adjustments
    Notes   Landa
Series 683
Wood Path
Court
Pro Forma
 
Rental Income   $             -     $ 13,786     $ 1,166     $ -         $ 14,952  
                                             
Expenses                                            
Real Estate Taxes     -       2,103       178       -           2,281  
Homeowner Association Fees     -       -       -       -           -  
Property Insurance     -       659       53       -           712  
Repairs and Maintenance     -       320       -       -           320  
Other Expenses     -       -       -       -           -  
Management fee     -       -       -       1,728     E     1,728  
Depreciation and amortization     -       -       -       9,187     B     9,187  
Interest Expense     -       -       -       14,781     C     14,781  
Total Expenses     -       3,082       231       25,696           29,009  
                                             
Net Income (loss) before provision for income tax     -       10,704       935       (25,696 )         (14,057 )
Provision for income taxes     -       -       -       -     D      
Net Income (loss)   $ -     $ 10,704     $ 935     $ (25,696 )       $ (14,057 )

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-553

 

 

LANDA SERIES 70 SHENANDOAH LANE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 70
Shenandoah
Lane
   Historical
Property
Operations
(H)
   Historical
Property
Operations
(I)
   Pro Forma
Adjustments
   Notes  Landa
Series 70
Shenandoah
Lane
Pro Forma
 
Rental Income  $             -   $12,585   $1,080   $-      $13,665 
                             
Expenses                            
Real Estate Taxes   -    1,770    150    -       1,920 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    822    52    -       874 
Repairs and Maintenance   -    2,300    -    -       2,300 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,697   E   1,697 
Depreciation and amortization   -    -    -    8,897   B   8,897 
Interest Expense   -    -    -    15,109   C   15,109 
Total Expenses   -    4,892    202    25,703       30,797 
                             
Net Income (loss) before provision for income tax   -    7,693    878    (25,703)      (17,132)
Provision for income taxes   -    -    -    -   D   -  
Net Income (loss)  $-   $7,693   $878   $(25,703)     $(17,132)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-554

 

 

LANDA SERIES 709 GEORGETOWN COURT

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 709
Georgetown
Court
   Historical
Property
Operations
(F)
   Historical
Property
Operations
(G)
   Pro Forma
Adjustments
   Notes  Landa
Series 709
Georgetown
Court
Pro Forma
 
Rental Income  $             -   $12,044   $1,778   $-      $13,822 
                             
Expenses                            
Real Estate Taxes   -    1,492    219    -       1,711 
Homeowner Association Fees   -    768    63    -       831 
Property Insurance   -    590    59    -       649 
Repairs and Maintenance   -    1,312    -    -       1,312 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,611   E   1,611 
Depreciation and amortization   -    -    -    6,979   B   6,979 
Interest Expense   -    -    -    12,423   C   12,423 
Total Expenses   -    4,162    341    21,013       25,516 
                             
Net Income (loss) before provision for income tax   -    7,882    1,437    (21,013)      (11,694)
Provision for income taxes   -    -    -    -   D   -  
Net Income (loss)  $-   $7,882   $1,437   $(21,013)     $(11,694)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-555

 

 

LANDA SERIES 7107 GEIGER STREET NW

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

    Landa
Series 7107
Geiger Street NW
    Historical
Property
Operations
(F)
    Historical
Property
Operations
(G)
    Pro Forma
Adjustments
    Notes   Landa
Series 7107
Geiger Street NW
Pro Forma
 
Rental Income   $            -     $ 8,831     $ 1,221     $ -         $ 10,052  
                                             
Expenses                                            
Real Estate Taxes     -       277       41       -           318  
Homeowner Association Fees     -       -       -       -           -  
Property Insurance     -       451       39       -           490  
Repairs and Maintenance     -       559       -       -           559  
Other Expenses     -       119       -       -           119  
Management fee     -       -       -       1,024     E     1,024  
Depreciation and amortization     -       -       -       3,274     B     3,274  
Interest Expense     -       -       -       7,232     C     7,232  
Total Expenses     -       1,406       80       11,530           13,016  
                                             
Net Income (loss) before provision for income tax     -       7,425       1,141       (11,530 )         (2,964 )
Provision for income taxes     -       -       -       -     D      
Net Income (loss)   $ -     $ 7,425     $ 1,141     $ (11,530 )       $ (2,964 )

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-556

 

 

LANDA SERIES 7205 LAKEVIEW DRIVE SW

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

    Landa
Series 7205
Lakeview Drive SW
    Historical
Property
Operations
(H)
    Historical
Property
Operations
(I)
    Pro Forma
Adjustments
    Notes   Landa
Series 7205
Lakeview Drive SW
Pro Forma
 
Rental Income   $            -     $ 12,703     $ 1,091     $ -         $ 13,794  
                                             
Expenses                                            
Real Estate Taxes     -       1,224       104       -           1,328  
Homeowner Association Fees     -       -       -       -           -  
Property Insurance     -       787       44       -           831  
Repairs and Maintenance     -       185       -       -           185  
Other Expenses     -       -       -       -           -  
Management fee     -       -       -       1,751     E     1,751  
Depreciation and amortization     -       -       -       7,501     B     7,501  
Interest Expense     -       -       -       13,154     C     13,154  
Total Expenses     -       2,196       148       22,406           24,750  
                                             
Net Income (loss) before provision for income tax     -       10,507       943       (22,406 )         (10,956 )
Provision for income taxes     -       -       -       -     D      
Net Income (loss)   $ -     $ 10,507     $ 943     $ (22,406 )       $ (10,956 )

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-557

 

 

LANDA SERIES 750 GEORGETOWN COURT

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

    Landa
Series 750
Georgetown
Court
    Historical
Property
Operations
(F)
    Historical
Property
Operations
(G)
    Pro Forma
Adjustments
    Notes   Landa
Series 750
Georgetown
Court
Pro Forma
 
Rental Income   $            -     $ 11,114     $ 1,590     $ -         $ 12,704  
                                             
Expenses                                            
Real Estate Taxes     -       1,509       221       -           1,730  
Homeowner Association Fees     -       738       63       -           801  
Property Insurance     -       803       57       -           860  
Repairs and Maintenance     -       -       -       -           -  
Other Expenses     -       -       -       -           -  
Management fee     -       -       -       1,068     E     1,068  
Depreciation and amortization     -       -       -       5,405     B     5,405  
Interest Expense     -       -       -       10,217     C     10,217  
Total Expenses     -       3,050       341       16,690           20,081  
                                             
Net Income (loss) before provision for income tax     -       8,064       1,249       (16,690 )         (7,377 )
Provision for income taxes     -       -       -       -     D      
Net Income (loss)   $ -     $ 8,064     $ 1,249     $ (16,690 )       $ (7,377 )

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-558

 

 

LANDA SERIES 752 CHESTNUT DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 752
Chestnut Drive
   Historical
Property
Operations
(F)
   Historical
Property
Operations
(G)
   Pro Forma
Adjustments
   Notes  Landa
Series 752
Chestnut Drive
Pro Forma
 
Rental Income  $            -   $9,020   $1,289   $-      $10,309 
                             
Expenses                            
Real Estate Taxes   -    580    85    -       665 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    445    46    -       491 
Repairs and Maintenance   -    470    -    -       470 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    866   E   866 
Depreciation and amortization   -    -    -    4,463   B   4,463 
Interest Expense   -    -    -    8,898   C   8,898 
Total Expenses   -    1,495    131    14,227       15,853 
                             
Net Income (loss) before provision for income tax   -    7,525    1,158    (14,227)      (5,544)
Provision for income taxes   -    -    -    -   D   -  
Net Income (loss)  $-   $7,525   $1,158   $(14,227)     $(5,544)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-559

 

 

LANDA SERIES 773 VILLA WAY

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

    Landa
Series 773
Villa Way
    Historical
Property
Operations
(K)
    Pro Forma
Adjustments
    Notes   Landa
Series 773
Villa Way
Pro Forma
 
Rental Income   $          -     $ 8,640     $ 3,084         $ 11,724  
                                     
Expenses                                    
Real Estate Taxes     -       1,087       317           1,404  
Homeowner Association Fees     -       681       199           880  
Property Insurance     -       332       97           429  
Repairs and Maintenance     -       12,916       -           12,916  
Other Expenses     -       -       -           -  
Management fee     -       -       938     E     938  
Depreciation and amortization     -       -       2,893     B     2,893  
Interest Expense     -       -       5,393     C     5,393  
Total Expenses     -       15,016       9,837           24,853  
                                     
Net Income (loss) before provision for income tax     -       (6,376 )     (6,753 )         (13,129 )
Provision for income taxes     -       -       -     D      
Net Income (loss)   $ -     $ (6,376 )   $ (6,753 )       $ (13,129 )

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-560

 

 

LANDA SERIES 7781 MOUNTAIN CREEK WAY

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 7781
Mountain
Creek Way
   Historical
Property
Operations
(F)
   Historical
Property
Operations
(G)
   Pro Forma
Adjustments
   Notes  Landa
Series 7781
Mountain
Creek Way
Pro Forma
 
Rental Income  $            -   $12,600   $1,845   $-      $14,445 
                             
Expenses                            
Real Estate Taxes   -    1,885    276    -       2,161 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    1,049    79    -       1,128 
Repairs and Maintenance   -    2,890    -    -       2,890 
Other Expenses   -    -    200    -       200 
Management fee   -    -    -    1,181   E   1,181 
Depreciation and amortization   -    -    -    7,783   B   7,783 
Interest Expense   -    -    -    13,549   C   13,549 
Total Expenses   -    5,824    555    22,513       28,892 
                             
Net Income (loss) before provision for income tax   -    6,776    1,290    (22,513)      (14,447)
Provision for income taxes   -    -    -    -   D   -  
Net Income (loss)  $-   $6,776   $1,290   $(22,513)     $(14,447)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-561

 

 

LANDA SERIES 7950 WOODLAKE DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 7950
Woodlake
Drive
   Historical
Property
Operations
(F)
   Historical
Property
Operations
(G)
   Pro Forma
Adjustments
   Notes  Landa
Series 7950
Woodlake
Drive
Pro Forma
 
Rental Income  $         -   $10,878   $1,800   $-      $12,678 
                             
Expenses                            
Real Estate Taxes   -    1,592    233    -       1,825 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    794    64    -       858 
Repairs and Maintenance   -    2,790    42    -       2,832 
Other Expenses   -    38    -    -       38 
Management fee   -    -    -    1,258   E   1,258 
Depreciation and amortization   -    -    -    6,174   B   6,174 
Interest Expense   -    -    -    11,294   C   11,294 
Total Expenses   -    5,214    339    18,726       24,279 
                             
Net Income (loss) before provision for income tax   -    5,664    1,461    (18,726)      (11,601)
Provision for income taxes   -    -    -    -   D   -  
Net Income (loss)  $-   $5,664   $1,461   $(18,726)     $(11,601)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-562

 

 

LANDA SERIES 80 HIGH RIDGE ROAD

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 80
High Ridge
Road
   Historical
Property
Operations
(F)
   Historical
Property
Operations
(G)
   Pro Forma
Adjustments
   Notes  Landa
Series 80
High Ridge
Road
Pro Forma
 
Rental Income  $       -   $10,409   $2,066   $-      $12,475 
                             
Expenses                            
Real Estate Taxes   -    1,593    233    -       1,826 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    968    70    -       1,038 
Repairs and Maintenance   -    4,795    899    -       5,694 
Other Expenses   -    127    -    -       127 
Management fee   -    -    -    1,296   E   1,296 
Depreciation and amortization   -    -    -    7,816   B   7,816 
Interest Expense   -    -    -    13,594   C   13,594 
Total Expenses   -    7,483    1,202    22,706       31,391 
                             
Net Income (loss) before provision for income tax   -    2,926    864    (22,706)      (18,916)
Provision for income taxes   -    -    -    -   D   -  
Net Income (loss)  $-   $2,926   $864   $(22,706)     $(18,916)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-563

 

 

LANDA SERIES 800 MILLS DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 800
Mills Drive
   Historical
Property
Operations
(H)
   Historical
Property
Operations
(I)
   Pro Forma
Adjustments
   Notes  Landa
Series 800
Mills Drive
Pro Forma
 
Rental Income  $            -   $12,845   $1,097   $-      $13,942 
                             
Expenses                            
Real Estate Taxes   -    1,295    109    -       1,404 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    726    52    -       778 
Repairs and Maintenance   -    -    -    -       - 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,596   E   1,596 
Depreciation and amortization   -    -    -    8,932   B   8,932 
Interest Expense   -    -    -    15,158   C   15,158 
Total Expenses   -    2,021    161    25,686       27,868 
                             
Net Income (loss) before provision for income tax   -    10,824    936    (25,686)      (13,926)
Provision for income taxes   -    -    -    -   D   -  
Net Income (loss)  $-   $10,824   $936   $(25,686)     $(13,926)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-564

 

 

LANDA SERIES 808 HILLANDALE LANE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 808
Hillandale Lane
   Historical
Property
Operations
(F)
   Historical
Property
Operations
(G)
   Pro Forma
Adjustments
   Notes  Landa
Series 808
Hillandale
Lane
Pro Forma
 
Rental Income  $            -   $13,251   $1,974   $-      $15,225 
                             
Expenses                            
Real Estate Taxes   -    1,986    291    -       2,277 
Homeowner Association Fees   -    1,205    150    -       1,355 
Property Insurance   -    846    65    -       911 
Repairs and Maintenance   -    1,335    -    -       1,335 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,289   E   1,289 
Depreciation and amortization   -    -    -    7,258   B   7,258 
Interest Expense   -    -    -    12,840   C   12,840 
Total Expenses   -    5,372    506    21,387       27,265 
                             
Net Income (loss) before provision for income tax   -    7,879    1,468    (21,387)      (12,040)
Provision for income taxes   -    -    -    -   D   -  
Net Income (loss)  $-   $7,879   $1,468   $(21,387)     $(12,040)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-565

 

 

LANDA SERIES 8110 DEVONSHIRE DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 8110
Devonshire
Drive
   Historical
Property
Operations
(F)
   Historical
Property
Operations
(G)
   Pro Forma
Adjustments
   Notes  Landa
Series 8110
Devonshire
Drive
Pro Forma
 
Rental Income  $            -   $9,742   $1,613   $-      $11,355 
                             
Expenses                            
Real Estate Taxes   -    790    116    -       906 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    456    44    -       500 
Repairs and Maintenance   -    3,470    -    -       3,470 
Other Expenses   -    296    -    -       296 
Management fee   -    -    -    1,419   E   1,419 
Depreciation and amortization   -    -    -    4,953   B   4,953 
Interest Expense   -    -    -    9,583   C   9,583 
Total Expenses   -    5,012    160    15,955       21,127 
                             
Net Income (loss) before provision for income tax   -    4,730    1,453    (15,955)      (9,772)
Provision for income taxes   -    -    -    -   D   -  
Net Income (loss)  $-   $4,730   $1,453   $(15,955)     $(9,772)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-566

 

 

LANDA SERIES 8121 SPILLERS DRIVE SW

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 8121
Spillers Drive
SW
   Historical
Property
Operations
(F)
   Historical
Property
Operations
(G)
   Pro Forma
Adjustments
   Notes  Landa
Series 8121
Spillers Drive
SW
Pro Forma
 
Rental Income  $           -   $9,744   $1,392   $-      $11,136 
                             
Expenses                            
Real Estate Taxes   -    656    96    -       752 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    370    44    -       414 
Repairs and Maintenance   -    360    -    -       360 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,170   E   1,170 
Depreciation and amortization   -    -    -    5,980   B   5,980 
Interest Expense   -    -    -    11,023   C   11,023 
Total Expenses   -    1,386    140    18,173       19,699 
                             
Net Income (loss) before provision for income tax   -    8,358    1,252    (18,173)      (8,563)
Provision for income taxes   -    -    -    -   D   -  
Net Income (loss)  $-   $8,358   $1,252   $(18,173)     $(8,563)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-567

 

 

LANDA SERIES 8233 CREEKLINE COURT

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 8233
Creekline
Court
   Historical
Property
Operations
(F)
   Historical
Property
Operations
(G)
   Pro Forma
Adjustments
   Notes  Landa
Series 8233
Creekline
Court
Pro Forma
 
Rental Income  $              -   $10,332   $1,500   $-      $11,832 
                             
Expenses                            
Real Estate Taxes   -    1,752    257    -       2,009 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    664    64    -       728 
Repairs and Maintenance   -    5,908    -    -       5,908 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    960   E   960 
Depreciation and amortization   -    -    -    7,417   B   7,417 
Interest Expense   -    -    -    13,214   C   13,214 
Total Expenses   -    8,324    321    21,591       30,236 
                             
Net Income (loss) before provision for income tax   -    2,008    1,179    (21,591)      (18,404)
Provision for income taxes   -    -    -    -   D   -  
Net Income (loss)  $-   $2,008   $1,179   $(21,591)     $(18,404)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-568

 

 

LANDA SERIES 8302 STERLING LAKES DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

    Landa
Series 8302
Sterling Lakes
Drive
    Historical
Property
Operations
(H)
    Historical
Property
Operations
(I)
    Pro Forma
Adjustments
    Notes   Landa
Series 8302
Sterling Lakes
Drive
Pro Forma
 
Rental Income   $             -     $ 12,737     $ 1,134     $ -         $ 13,871  
                                             
Expenses                                            
Real Estate Taxes     -       1,665       141       -           1,806  
Homeowner Association Fees     -       184       16       -           200  
Property Insurance     -       1,305       46       -           1,351  
Repairs and Maintenance     -       1,553       -       -           1,553  
Other Expenses     -       -       -       -           -  
Management fee     -       -       -       1,513     E     1,513  
Depreciation and amortization     -       -       -       7,921     B     7,921  
Interest Expense     -       -       -       13,741     C     13,741  
Total Expenses     -       4,707       203       23,175           28,085  
                                             
Net Income (loss) before provision for income tax     -       8,030       931       (23,175 )         (14,214 )
Provision for income taxes     -       -       -       -     D      
Net Income (loss)   $ -     $ 8,030     $ 931     $ (23,175 )       $ (14,214 )

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-569

 

 

LANDA SERIES 843 TRAMORE DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 843
Tramore Drive
   Historical
Property
Operations
(M)
   Pro Forma
Adjustments
   Notes  Landa
Series 843
Tramore Drive
Pro Forma
 
Rental Income  $           -   $5,160   $14,040      $19,200 
                        
Expenses                       
Real Estate Taxes   -    939    1,191       2,130 
Homeowner Association Fees   -    -    -       - 
Property Insurance   -    208    264       472 
Repairs and Maintenance   -    388    -       388 
Other Expenses   -    -    -       - 
Management fee   -    -    1,536   E   1,536 
Depreciation and amortization   -    -    4,720   B   4,720 
Interest Expense   -    -    8,797   C   8,797 
Total Expenses   -    1,535    16,508       18,043 
                        
Net Income (loss) before provision for income tax   -    3,625    (2,468)      1,157 
Provision for income taxes   -    -    -   D   -  
Net Income (loss)  $-   $3,625   $(2,468)     $1,157 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-570

 

 

LANDA SERIES 85 KIRKLAND COURT

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 85
Kirkland Court
   Historical
Property
Operations
(F)
   Historical
Property
Operations
(G)
   Pro Forma
Adjustments
   Notes  Landa
Series 85
Kirkland Court
Pro Forma
 
Rental Income  $            -   $12,065   $2,063   $-      $14,128 
                             
Expenses                            
Real Estate Taxes   -    1,612    236    -       1,848 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    1,083    85    -       1,168 
Repairs and Maintenance   -    4,548    -    -       4,548 
Other Expenses   -    384    -    -       384 
Management fee   -    -    -    1,701   E   1,701 
Depreciation and amortization   -    -    -    8,759   B   8,759 
Interest Expense   -    -    -    14,916   C   14,916 
Total Expenses   -    7,627    321    25,376       33,324 
                             
Net Income (loss) before provision for income tax   -    4,438    1,742    (25,376)      (19,196)
Provision for income taxes   -    -    -    -   D   -  
Net Income (loss)  $-   $4,438   $1,742   $(25,376)     $(19,196)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-571

 

 

LANDA SERIES 85 THORN THICKET WAY

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 85
Thorn Thicket
Way
   Historical
Property
Operations
(F)
   Historical
Property
Operations
(G)
   Pro Forma
Adjustments
   Notes  Landa
Series 85
Thorn Thicket
Way
Pro Forma
 
Rental Income  $           -   $12,323   $1,770   $-      $14,093 
                             
Expenses                            
Real Estate Taxes   -    1,776    260    -       2,036 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    815    72    -       887 
Repairs and Maintenance   -    285    -    -       285 
Other Expenses   -    -    200    -       200 
Management fee   -    -    -    1,189   E   1,189 
Depreciation and amortization   -    -    -    7,573   B   7,573 
Interest Expense   -    -    -    13,255   C   13,255 
Total Expenses   -    2,876    532    22,017       25,425 
                             
Net Income (loss) before provision for income tax   -    9,447    1,238    (22,017)      (11,332)
Provision for income taxes   -    -    -    -   D   -  
Net Income (loss)  $-   $9,447   $1,238   $(22,017)     $(11,332)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-572

 

 

LANDA SERIES 8658 ASHLEY WAY

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 8658
Ashley Way
   Historical
Property
Operations
(L)
   Pro Forma
Adjustments
   Notes  Landa Series 8658
Ashley Way
Pro Forma
 
Rental Income  $       -   $4,983   $9,417      $14,400 
                        
Expenses                       
Real Estate Taxes   -    478    587       1,065 
Homeowner Association Fees   -    -    -       - 
Property Insurance   -    164    201       365 
Repairs and Maintenance   -    587    -       587 
Other Expenses   -    -    -       - 
Management fee   -    -    1,152   E   1,152 
Depreciation and amortization   -    -    4,220   B   4,220 
Interest Expense   -    -    8,591   C   8,591 
Total Expenses   -    1,229    14,751       15,980 
                        
Net Income (loss) before provision for income tax   -    3,754    (5,334)      (1,580)
Provision for income taxes   -    -    -   D   -  
Net Income (loss)  $-   $3,754   $(5,334)     $(1,580)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-573

 

 

LANDA SERIES 8667 ASHLEY WAY

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 8667
Ashley Way
   Historical
Property
Operations
(L)
   Pro Forma
Adjustments
   Notes  Landa
Series 8667
Ashley Way
Pro Forma
 
Rental Income  $             -   $2,803   $10,397      $13,200 
                        
Expenses                       
Real Estate Taxes   -    440    539       979 
Homeowner Association Fees   -    -    -       - 
Property Insurance   -    167    205       372 
Repairs and Maintenance   -    8,287    -       8,287 
Other Expenses   -    -    -       - 
Management fee   -    -    1,056   E   1,056 
Depreciation and amortization   -    -    3,432   B   3,432 
Interest Expense   -    -    6,153   C   6,153 
Total Expenses   -    8,894    11,385       20,279 
                        
Net Income (loss) before provision for income tax   -    (6,091)   (988)      (7,079)
Provision for income taxes   -    -    -   D   -  
Net Income (loss)  $-   $(6,091)  $(988)     $(7,079)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-574

 

 

LANDA SERIES 8671 ASHLEY WAY

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 8671
Ashley Way
   Historical
Property
Operations
(L)
   Pro Forma
Adjustments
   Notes  Landa
Series 8671
Ashley Way
Pro Forma
 
Rental Income  $         -   $4,505   $8,095      $12,600 
                        
Expenses                       
Real Estate Taxes   -    440    539       979 
Homeowner Association Fees   -    -    -       - 
Property Insurance   -    168    206       374 
Repairs and Maintenance   -    798    -       798 
Other Expenses   -    -    -       - 
Management fee   -    -    1,008   E   1,008 
Depreciation and amortization   -    -    4,370   B   4,370 
Interest Expense   -    -    9,035   C   9,035 
Total Expenses   -    1,406    15,158       16,564 
                        
Net Income (loss) before provision for income tax   -    3,099    (7,063)      (3,964)
Provision for income taxes   -    -    -   D   -  
Net Income (loss)  $-   $3,099   $(7,063)     $(3,964)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-575

 

 

LANDA SERIES 8676 ASHLEY WAY

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 8676
Ashley Way
   Historical
Property
Operations
(L)
   Pro Forma
Adjustments
   Notes  Landa
Series 8676
Ashley Way
Pro Forma
 
Rental Income  $          -   $-   $12,600      $12,600 
                        
Expenses                       
Real Estate Taxes   -    524    642       1,166 
Homeowner Association Fees   -    -    -       - 
Property Insurance   -    178    219       397 
Repairs and Maintenance   -    17,214    -       17,214 
Other Expenses   -    -    -       - 
Management fee   -    -    1,008   E   1,008 
Depreciation and amortization   -    -    4,213   B   4,213 
Interest Expense   -    -    9,256   C   9,256 
Total Expenses   -    17,916    15,338       33,254 
                        
Net Income (loss) before provision for income tax   -    (17,916)   (2,738)      (20,654)
Provision for income taxes   -    -    -   D   -  
Net Income (loss)  $-   $(17,916)  $(2,738)     $(20,654)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-576

 

 

LANDA SERIES 8691 ASHLEY WAY

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 8691
Ashley Way
   Historical
Property
Operations
(L)
   Pro Forma
Adjustments
   Notes  Landa
Series 8691
Ashley Way
Pro Forma
 
Rental Income  $         -   $-   $13,800      $13,800 
                        
Expenses                       
Real Estate Taxes   -    608    746       1,354 
Homeowner Association Fees   -    -    -       - 
Property Insurance   -    205    252       457 
Repairs and Maintenance   -    641    -       641 
Other Expenses   -    -    -       - 
Management fee   -    -    1,104   E   1,104 
Depreciation and amortization   -    -    2,858   B   2,858 
Interest Expense   -    -    6,685   C   6,685 
Total Expenses   -    1,454    11,645       13,099 
                        
Net Income (loss) before provision for income tax   -    (1,454)   2,155       701 
Provision for income taxes   -    -    -   D   -  
Net Income (loss)  $-   $(1,454)  $2,155      $701 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-577

 

 

LANDA SERIES 8692 ASHLEY WAY

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 8692
Ashley Way
   Historical
Property
Operations
(L)
   Pro Forma
Adjustments
   Notes  Landa
Series 8692
Ashley Way
Pro Forma
 
Rental Income  $           -   $-   $13,800      $13,800 
                        
Expenses                       
Real Estate Taxes   -    668    819       1,487 
Homeowner Association Fees   -    -    -       - 
Property Insurance   -    192    236       428 
Repairs and Maintenance   -    420    -       420 
Other Expenses   -    -    -       - 
Management fee   -    -    1,104   E   1,104 
Depreciation and amortization   -    -    3,382   B   3,382 
Interest Expense   -    -    6,564   C   6,564 
Total Expenses   -    1,280    12,105       13,385 
                        
Net Income (loss) before provision for income tax   -    (1,280)   1,695       415 
Provision for income taxes   -    -    -   D   -  
Net Income (loss)  $-   $(1,280)  $1,695      $415 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-578

 

 

LANDA SERIES 8693 ASHLEY WAY

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 8693
Ashley Way
   Historical
Property
Operations
(L)
   Pro Forma
Adjustments
   Notes  Landa
Series 8693
Ashley Way
Pro Forma
 
Rental Income  $        -   $-   $14,400      $14,400 
                        
Expenses                       
Real Estate Taxes   -    606    743       1,349 
Homeowner Association Fees   -    -    -       - 
Property Insurance   -    197    242       439 
Repairs and Maintenance   -    -    -       - 
Other Expenses   -    -    -       - 
Management fee   -    -    1,152   E   1,152 
Depreciation and amortization   -    -    4,172   B   4,172 
Interest Expense   -    -    9,921   C   9,921 
Total Expenses   -    803    16,230       17,033 
                        
Net Income (loss) before provision for income tax   -    (803)   (1,830)      (2,633)
Provision for income taxes   -    -    -   D   -  
Net Income (loss)  $-   $(803)  $(1,830)     $(2,633)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-579

 

 

LANDA SERIES 8694 ASHLEY WAY

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 8694
Ashley Way
   Historical
Property
Operations
(L)
   Pro Forma
Adjustments
   Notes  Landa
Series 8694
Ashley Way
Pro Forma
 
Rental Income  $          -   $-   $13,800      $13,800 
                        
Expenses                       
Real Estate Taxes   -    591    725       1,316 
Homeowner Association Fees   -    -    -       - 
Property Insurance   -    185    227       412 
Repairs and Maintenance   -    1,205    -       1,205 
Other Expenses   -    -    -       - 
Management fee   -    -    1,104   E   1,104 
Depreciation and amortization   -    -    4,568   B   4,568 
Interest Expense   -    -    9,045   C   9,045 
Total Expenses   -    1,981    15,669       17,650 
                        
Net Income (loss) before provision for income tax   -    (1,981)   (1,869)      (3,850)
Provision for income taxes   -    -    -   D   -  
Net Income (loss)  $-   $(1,981)  $(1,869)     $(3,850)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-580

 

 

LANDA SERIES 8697 ASHLEY WAY

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 8697
Ashley Way
   Historical
Property
Operations
(L)
   Pro Forma
Adjustments
   Notes  Landa
Series 8697
Ashley Way
Pro Forma
 
Rental Income  $        -   $5,118   $6,282      $11,400 
                        
Expenses                       
Real Estate Taxes   -    573    702       1,275 
Homeowner Association Fees   -    -    -       - 
Property Insurance   -    189    232       421 
Repairs and Maintenance   -    9,040    -       9,040 
Other Expenses   -    -    -       - 
Management fee   -    -    912   E   912 
Depreciation and amortization   -    -    4,863   B   4,863 
Interest Expense   -    -    9,831   C   9,831 
Total Expenses   -    9,802    16,540       26,342 
                        
Net Income (loss) before provision for income tax   -    (4,684)   (10,258)      (14,942)
Provision for income taxes   -    -    -   D   -  
Net Income (loss)  $-   $(4,684)  $(10,258)     $(14,942)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-581

 

 

LANDA SERIES 8819 LEAFWOOD COURT

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 8819
Leafwood Court
   Historical
Property
Operations
(H)
   Historical
Property
Operations
(I)
   Pro Forma
Adjustments
   Notes  Landa
Series 8819
Leafwood
Court
Pro Forma
 
Rental Income  $          -   $10,622   $898   $-      $11,520 
                             
Expenses                            
Real Estate Taxes   -    1,481    125    -       1,606 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    740    43    -       783 
Repairs and Maintenance   -    145    -    -       145 
Other Expenses   -    -    -    -       - 
Management fee   -    -    -    1,515   E   1,515 
Depreciation and amortization   -    -    -    7,190   B   7,190 
Interest Expense   -    -    -    12,717   C   12,717 
Total Expenses   -    2,366    168    21,422       23,956 
                             
Net Income (loss) before provision for income tax   -    8,256    730    (21,422)      (12,436)
Provision for income taxes   -    -    -    -   D   -  
Net Income (loss)  $-   $8,256   $730   $(21,422)     $(12,436)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-582

 

 

LANDA SERIES 8855 RUGBY COURT

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 8855
Rugby Court
   Historical
Property
Operations
(F)
   Historical
Property
Operations
(G)
   Pro Forma
Adjustments
   Notes  Landa
Series 8855
Rugby Court
Pro Forma
 
Rental Income  $-   $9,068   $1,613   $-      $10,681 
                             
Expenses                            
Real Estate Taxes   -    1,211    177    -       1,388 
Homeowner Association Fees   -    -    -    -       - 
Property Insurance   -    470    53    -       523 
Repairs and Maintenance   -    5,403    -    -       5,403 
Other Expenses   -    302    -    -       302 
Management fee   -    -    -    1,084   E   1,084 
Depreciation and amortization   -    -    -    5,232   B   5,232 
Interest Expense   -    -    -    9,975   C   9,975 
Total Expenses   -    7,386    230    16,291       23,907 
                             
Net Income (loss) before provision for income tax   -    1,682    1,383    (16,291)      (13,226)
Provision for income taxes   -    -    -    -   D   -  
Net Income (loss)  $-   $1,682   $1,383   $(16,291)     $(13,226)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-583

 

 

LANDA SERIES 9020 STERLING RIDGE LANE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa Series 9020 Sterling Ridge Lane   Historical Property Operations (H)   Historical Property Operations (I)   Pro Forma Adjustments   Notes   Landa Series 9020 Sterling Ridge Lane Pro Forma 
Rental Income  $      -   $11,658   $992   $-        $12,650 
                               
Expenses                              
Real Estate Taxes   -    1,445    122    -         1,567 
Homeowner Association Fees   -    -    -    -         - 
Property Insurance   -    797    40    -         837 
Repairs and Maintenance   -    328    -    -         328 
Other Expenses   -    -    -    -         - 
Management fee   -    -    -    1,580    E    1,580 
Depreciation and amortization   -    -    -    6,612    B    6,612 
Interest Expense   -    -    -    10,650    C    10,650 
Total Expenses   -    2,570    162    18,842         21,574 
                               
Net Income (loss) before provision for income tax   -    9,088    830    (18,842)        (8,924)
Provision for income taxes   -    -    -    -    D    - 
Net Income (loss)  $-   $9,088   $830   $(18,842)       $(8,924)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-584

 

 

LANDA SERIES 9150 SPILLERS DRIVE SW

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa Series 9150 Spillers Drive SW   Historical Property Operations (H)   Historical Property Operations (I)   Pro Forma Adjustments   Notes   Landa Series 9150 Spillers Drive SW Pro Forma 
Rental Income  $    -   $10,864   $926   $-        $11,790 
                               
Expenses                              
Real Estate Taxes   -    1,489    126    -         1,615 
Homeowner Association Fees   -    -    -    -         - 
Property Insurance   -    922    38    -         960 
Repairs and Maintenance   -    555    -    -         555 
Other Expenses   -    -    -    -         - 
Management fee   -    -    -    950    E    950 
Depreciation and amortization   -    -    -    6,244    B    6,244 
Interest Expense   -    -    -    11,392    C    11,392 
Total Expenses   -    2,966    164    18,586         21,716 
                               
Net Income (loss) before provision for income tax   -    7,898    762    (18,586)        (9,926)
Provision for income taxes   -    -    -    -    D    - 
Net Income (loss)  $-   $7,898   $762   $(18,586)       $(9,926)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-585

 

 

LANDA SERIES 925 MOTE ROAD

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa Series 925 Mote Road   Historical Property Operations (H)   Historical Property Operations (I)   Pro Forma Adjustments   Notes   Landa Series 925 Mote Road Pro Forma 
Rental Income  $    -   $11,146   $967   $-        $12,113 
                               
Expenses                              
Real Estate Taxes   -    1,168    99    -         1,267 
Homeowner Association Fees   -    -    -    -         - 
Property Insurance   -    548    48    -         596 
Repairs and Maintenance   -    170    -    -         170 
Other Expenses   -    -    -    -         - 
Management fee   -    -    -    1,683    E    1,683 
Depreciation and amortization   -    -    -    8,128    B    8,128 
Interest Expense   -    -    -    14,032    C    14,032 
Total Expenses   -    1,886    147    23,843         25,876 
                               
Net Income (loss) before provision for income tax   -    9,260    820    (23,843)        (13,763)
Provision for income taxes   -    -    -    -    D    - 
Net Income (loss)  $-   $9,260   $820   $(23,843)       $(13,763)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-586

 

 

LANDA SERIES 9409 FOREST KNOLL DRIVE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa Series 9409 Forest Knoll Drive   Historical Property Operations (H)   Historical Property Operations (I)   Pro Forma Adjustments   Notes   Landa Series 9409 Forest Knoll Drive Pro Forma 
Rental Income  $   -   $12,744   $1,076   $-        $13,820 
                               
Expenses                              
Real Estate Taxes   -    1,786    151    -         1,937 
Homeowner Association Fees   -    -    -    -         - 
Property Insurance   -    747    47    -         794 
Repairs and Maintenance   -    70    -    -         70 
Other Expenses   -    -    -    -         - 
Management fee   -    -    -    1,713    E    1,713 
Depreciation and amortization   -    -    -    7,994    B    7,994 
Interest Expense   -    -    -    13,844    C    13,844 
Total Expenses   -    2,603    198    23,551         26,352 
                               
Net Income (loss) before provision for income tax   -    10,141    878    (23,551)        (12,532)
Provision for income taxes   -    -    -    -    D    - 
Net Income (loss)  $-   $10,141   $878   $(23,551)       $(12,532)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-587

 

 

LANDA SERIES 9434 CEDAR CREEK PLACE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

  

Landa

Series 9434 Cedar Creek Place

   Historical Property Operations (F)   Historical Property Operations (G)   Pro Forma Adjustments   Notes   Landa Series 9434 Cedar Creek Place Pro Forma 
Rental Income  $-   $13,174   $1,956   $-        $15,130 
                               
Expenses                              
Real Estate Taxes   -    1,979    290    -         2,269 
Homeowner Association Fees   -    -    -    -         - 
Property Insurance   -    1,034    75    -         1,109 
Repairs and Maintenance   -    -    1,375    -         1,375 
Other Expenses   -    -    -    -         - 
Management fee   -    -    -    1,252    E    1,252 
Depreciation and amortization   -    -    -    8,760    B    8,760 
Interest Expense   -    -    -    14,930    C    14,930 
Total Expenses   -    3,013    1,740    24,942         29,695 
                               
Net Income (loss) before provision for income tax   -    10,161    216    (24,942)        (14,565)
Provision for income taxes   -    -    -    -    D    - 
Net Income (loss)  $-   $10,161   $216   $(24,942)       $(14,565)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-588

 

 

LANDA SERIES 9597 PINTAIL TRAIL

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

  

Landa

Series 9597 Pintail Trail

   Historical Property Operations (F)   Historical Property Operations (G)   Pro Forma Adjustments   Notes   Landa Series 9597 Pintail Trail Pro Forma 
Rental Income  $-   $11,395   $1,677   $-        $13,072 
                               
Expenses                              
Real Estate Taxes   -    2,006    294    -         2,300 
Homeowner Association Fees   -    -    -    -         - 
Property Insurance   -    673    65    -         738 
Repairs and Maintenance   -    1,010    171    -         1,181 
Other Expenses   -    -    -    -         - 
Management fee   -    -    -    1,073    E    1,073 
Depreciation and amortization   -    -    -    7,783    B    7,783 
Interest Expense   -    -    -    13,558    C    13,558 
Total Expenses   -    3,689    530    22,414         26,633 
                               
Net Income (loss) before provision for income tax   -    7,706    1,147    (22,414)        (13,561)
Provision for income taxes   -    -    -    -    D    - 
Net Income (loss)  $-   $7,706   $1,147   $(22,414)       $(13,561)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-589

 

 

LANDA SERIES 974 LAUREL STREET

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa Series 974 Laurel Street   Historical Property Operations (H)   Historical Property Operations
(I)
   Pro Forma Adjustments   Notes   Landa Series 974 Laurel Street Pro Forma 
Rental Income  $-   $9,969   $843   $-        $10,812 
                               
Expenses                              
Real Estate Taxes   -    1,388    117    -         1,505 
Homeowner Association Fees   -    -    -    -         - 
Property Insurance   -    658    42    -         700 
Repairs and Maintenance   -    210    -    -         210 
Other Expenses   -    -    -    -         - 
Management fee   -    -    -    1,355    E    1,355 
Depreciation and amortization   -    -    -    7,017    B    7,017 
Interest Expense   -    -    -    12,523    C    12,523 
Total Expenses   -    2,256    159    20,895         23,310 
                               
Net Income (loss) before provision for income tax   -    7,713    684    (20,895)        (12,498)
Provision for income taxes   -    -    -    -    D    - 
Net Income (loss)  $-   $7,713   $684   $(20,895)       $(12,498)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-590

 

 

LANDA SERIES 1701 SUMMERWOODS LANE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 1701 Summerwoods Lane
   Historical Property Operations (J)   Pro Forma Adjustments   Notes  

Landa

Series 1701 Summerwoods Lane Pro Forma

 
Rental Income  $          -   $11,638   $     -       $11,638 
                         
Expenses                        
Real Estate Taxes   -    1,774    -        1,774 
Homeowner Association Fees   -    600    -        600 
Property Insurance   -    360    -        360 
Repairs and Maintenance   -    898    -        898 
Other Expenses   -    -    -        - 
Management fee   -    -    958   E    958 
Depreciation and amortization   -    -    5,538   B    5,538 
Interest Expense   -    -    7,758   C    7,758 
Total Expenses   -    3,632    14,254        17,886 
                         
Net Income (loss) before provision for income tax   -    8,006    (14,254)       (6,248)
Provision for income taxes   -    -    -   D    - 
Net Income (loss)  $-   $8,006   $(14,254)      $(6,248)

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-591

 

 

LANDA SERIES 1741 PARK LANE

PRO FORMA CONDENSED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Landa
Series 1741 Park Lane
   Historical Property Operations (J)   Pro Forma Adjustments   Notes   Landa Series 1741 Park Lane Pro Forma 
Rental Income  $         -   $8,700   $-        $8,700 
                          
Expenses                         
Real Estate Taxes   -    1,814    -         1,814 
Homeowner Association Fees   -    -    -         - 
Property Insurance   -    420    -         420 
Repairs and Maintenance   -    881    -         881 
Other Expenses   -    -    -         - 
Management fee   -    -    731    E    731 
Depreciation and amortization   -    -    6,267    B    6,267 
Interest Expense   -    -    8,779    C    8,779 
Total Expenses   -    3,115    15,777         18,892 
                          
Net Income (loss) before provision for income tax   -    5,585    (15,777)        (10,192)
Provision for income taxes   -    -    -    D    - 
Net Income (loss)  $-   $5,585   $(15,777)       $(10,192)

 

Notes:

 

BReflects adjustments related to the closing of property acquisitions, including the closing costs primarily consisting of the acquisition fees and property due diligence fees and the related building depreciation for the periods presented.

 

C

For the Prior Series (as defined and indicated on the Master Series Table), the Acquisition Notes have previously been refinanced and the rate and interest expense can be found in the Company’s Form 1-K/A and Form 1-SA incorporated by reference in this filing.

 

For the New Series (as defined and indicated on the Master Series Table), a portion of the Acquisition Notes are expected to be refinanced at the closing of the offering with a Refinance Note at a market rate of interest that is expected to be in the range of 7% to 10% per annum, that will be secured by the property and mature between one (1) and five (5) years after the refinancing. The Refinance Notes are anticipated to have principal amounts that (i) are less than the Acquisition Notes and (ii) represent a loan to value ratio of approximately 65% of the original purchase price of each series.

 

F-592

 

 

The table below represents the interest expense and Net Income/(Loss) per New Series based on (i) each Refinance Note (x) having a principal amount equal to 65% of the original purchase price of each series and (y) having either a 7% and 10% interest rate; and (ii) each Acquisition Note (x) being partially paid down by the Refinance Note and having a remaining principal amount equal to the original Acquisition Note less the Refinance Note and (y) having an interest rate equal to 4.5%.

 

   Proposed   Remaining   Annual Interest   December   Annual Interest   December 
Series Name  Refinance Note   Acquisition Note   Expense @ 7% (1)   Pro Forma
Income/(Loss)
   Expense @ 10% (1)   Pro Forma
Income/(Loss)
 
Landa Series 10 Oak Wood Lane  $152,673   $101,782   $15,267   $(12,393)  $19,848   $(16,973)
Landa Series 10 Windridge Drive  $153,853   $102,569   $15,385   $(15,933)  $20,001   $(20,549)
Landa Series 1000 Fox Valley Trail  $178,791   $119,194   $17,879   $(17,174)  $23,243   $(22,537)
Landa Series 1007 Leeward Way  $180,094   $120,063   $18,009   $(17,127)  $23,412   $(22,530)
Landa Series 10119 Commons Way  $183,870   $122,580   $18,387   $(17,214)  $23,903   $(22,730)
Landa Series 10121 Morris Drive SW  $166,941   $111,294   $16,694   $(16,503)  $21,702   $(21,511)
Landa Series 10183 Starr Street SW  $161,030   $107,353   $16,103   $(15,014)  $20,934   $(19,845)
Landa Series 103 Starlake Drive  $160,730   $107,153   $16,073   $(13,727)  $20,895   $(18,549)
Landa Series 104 Summerfield Drive  $180,035   $120,024   $18,004   $(18,170)  $23,405   $(23,571)
Landa Series 10433 Candlelight Road  $183,454   $122,303   $18,345   $(16,741)  $23,849   $(22,245)
Landa Series 105 Anne Street  $151,869   $101,246   $15,187   $(13,253)  $19,743   $(17,809)
Landa Series 107 Oakwood Circle  $119,269   $79,512   $11,927   $(8,799)  $15,505   $(12,377)
Landa Series 109 Amberwood Lane  $129,770   $86,513   $12,977   $(10,639)  $16,870   $(14,532)
Landa Series 110 Shenandoah Drive  $186,478   $124,319   $18,648   $(18,917)  $24,242   $(24,511)
Landa Series 111 Fir Drive  $144,064   $96,042   $14,406   $(12,390)  $18,728   $(16,712)
Landa Series 1110 Parkview Drive  $156,436   $104,291   $15,644   $(16,407)  $20,337   $(21,100)
Landa Series 11187 Shannon Circle  $186,531   $124,354   $18,653   $(19,987)  $24,249   $(25,583)
Landa Series 112 Ridge Street  $185,825   $123,884   $18,583   $(17,691)  $24,157   $(23,265)
Landa Series 11322 Michelle Way  $150,589   $100,393   $15,059   $(13,214)  $19,577   $(17,731)
Landa Series 114 Starlake Drive  $152,062   $101,375   $15,206   $(12,255)  $19,768   $(16,816)
Landa Series 11447 S Grove Drive  $170,869   $113,913   $17,087   $(16,238)  $22,213   $(21,364)
Landa Series 1147 Village Way  $180,606   $120,404   $18,061   $(29,839)  $23,479   $(35,257)

 

F-593

 

 

   Proposed   Remaining   Annual Interest   December   Annual Interest   December 
Series Name  Refinance Note   Acquisition Note   Expense @ 7% (1)   Pro Forma
Income/(Loss)
   Expense @ 10% (1)   Pro Forma
Income/(Loss)
 
Landa Series 115 Lakeview Drive  $171,472   $114,314   $17,147   $(14,607)  $22,291   $(19,751)
Landa Series 1160 Gable Terrace  $180,705   $120,470   $18,070   $(18,394)  $23,492   $(23,815)
Landa Series 1190 Kirkland Road  $194,275   $129,516   $19,427   $(26,757)  $25,256   $(32,585)
Landa Series 12 Mintz Street  $158,421   $105,614   $15,842   $(15,181)  $20,595   $(19,933)
Landa Series 120 Rosewood Drive  $172,124   $114,749   $17,212   $(15,541)  $22,376   $(20,705)
Landa Series 1201 Kilrush Drive  $321,552   $214,368   $32,155   $(30,177)  $41,802   $(39,823)
Landa Series 124 Libby Lane  $144,291   $96,194   $14,429   $(12,274)  $18,758   $(16,603)
Landa Series 126 E Mimosa Drive  $153,871   $102,580   $15,387   $(14,285)  $20,003   $(18,901)
Landa Series 12641 Alcovy Road  $184,489   $122,992   $18,449   $(20,689)  $23,984   $(26,224)
Landa Series 1320 Winona Avenue  $132,477   $88,318   $13,248   $(25,038)  $17,222   $(29,012)
Landa Series 133 Dove Landing  $136,235   $90,823   $13,623   $(10,680)  $17,710   $(14,767)
Landa Series 137 Southern Shores Road  $144,161   $96,107   $14,416   $(11,320)  $18,741   $(15,645)
Landa Series 138 Sandalwood Circle  $152,170   $101,446   $15,217   $(19,442)  $19,782   $(24,007)
Landa Series 140 High Ridge Road  $171,470   $114,313   $17,147   $(16,992)  $22,291   $(22,136)
Landa Series 141 Longstreet Circle  $198,841   $132,561   $19,884   $(19,887)  $25,849   $(25,852)
Landa Series 1443 Pebble Ridge Lane  $191,766   $127,844   $19,177   $(18,449)  $24,930   $(24,202)
Landa Series 1445 Maple Valley Court  $120,379   $80,253   $12,038   $(5,414)  $15,649   $(9,026)
Landa Series 146 Crystal Brook  $127,320   $84,880   $12,732   $(9,364)  $16,552   $(13,184)
Landa Series 1473 Brownleaf Drive  $169,553   $113,035   $16,955   $(15,993)  $22,042   $(21,079)
Landa Series 1485 Bola Court  $155,158   $103,439   $15,516   $(13,375)  $20,171   $(18,030)
Landa Series 1490 Diplomat Drive  $212,682   $141,788   $21,268   $(31,805)  $27,649   $(38,185)
Landa Series 153 Cliffside Court  $111,514   $74,342   $11,151   $(7,414)  $14,497   $(10,759)
Landa Series 157 Wells Road  $132,972   $88,648   $13,297   $(13,943)  $17,286   $(17,932)
Landa Series 160 Chimney Ridge Trail  $172,124   $114,749   $17,212   $(19,608)  $22,376   $(24,772)
Landa Series 164 Longstreet Circle  $173,429   $115,619   $17,343   $(15,412)  $22,546   $(20,615)

 

F-594

 

 

   Proposed   Remaining   Annual Interest   December   Annual Interest   December 
Series Name  Refinance Note   Acquisition Note   Expense@ 7% (1)   Pro Forma
Income/(Loss)
   Expense @ 10% (1)   Pro Forma
Income/(Loss)
 
Landa Series 1666 W Poplar Street  $138,843   $92,562   $13,884   $(9,452)  $18,050   $(13,617)
Landa Series 168 Brookview Drive  $79,346   $52,897   $7,935   $(3,291)  $10,315   $(5,671)
Landa Series 1683 Spoonbill Road  $146,675   $97,783   $14,668   $(15,754)  $19,068   $(20,154)
Landa Series 1689 Viceroy Way  $168,377   $112,251   $16,838   $(15,524)  $21,889   $(20,576)
Landa Series 171 Davidson Drive  $181,879   $121,253   $18,188   $(21,941)  $23,644   $(27,397)
Landa Series 1768 Glen View Way  $150,372   $100,248   $15,037   $(24,305)  $19,548   $(28,816)
Landa Series 181 Watercress Court  $164,945   $109,963   $16,494   $(20,324)  $21,443   $(25,272)
Landa Series 188 Timberline Road  $97,081   $64,721   $9,708   $(5,225)  $12,621   $(8,137)
Landa Series 189 Shenandoah Drive  $153,852   $102,568   $15,385   $(17,258)  $20,001   $(21,874)
Landa Series 1903 Old Concord Drive SE  $185,141   $123,427   $18,514   $(17,966)  $24,068   $(23,520)
Landa Series 195 Branchwood Drive  $189,708   $126,472   $18,971   $(19,107)  $24,662   $(24,798)
Landa Series 195 Fairclift Drive  $171,472   $114,314   $17,147   $(14,182)  $22,291   $(19,326)
Landa Series 195 Hunters Trace  $190,173   $126,782   $19,017   $(18,133)  $24,722   $(23,839)
Landa Series 196 Montego Circle  $160,377   $106,918   $16,038   $(13,614)  $20,849   $(18,426)
Landa Series 20 Chimney Smoke Drive  $172,124   $114,749   $17,212   $(18,485)  $22,376   $(23,649)
Landa Series 204 N Main Court  $136,235   $90,823   $13,623   $(9,876)  $17,710   $(13,963)
Landa Series 2055 Grove Way  $149,285   $99,524   $14,929   $(18,308)  $19,407   $(22,787)
Landa Series 212 Fleeta Drive  $140,179   $93,453   $14,018   $(14,347)  $18,223   $(18,553)
Landa Series 215 Central Lake Circle  $160,351   $106,900   $16,035   $(16,231)  $20,846   $(21,041)
Landa Series 217 Glenloch Court  $185,173   $123,449   $18,517   $(18,973)  $24,072   $(24,529)
Landa Series 2177 E Chester Circle SE  $187,770   $125,180   $18,777   $(16,003)  $24,410   $(21,636)
Landa Series 221 Lakeview Drive  $178,649   $119,100   $17,865   $(16,992)  $23,224   $(22,352)
Landa Series 2264 Chestnut Hill Circle  $227,588   $151,725   $22,759   $(25,841)  $29,586   $(32,668)
Landa Series 235 Lazy Hollow Lane  $179,556   $119,704   $17,956   $(16,683)  $23,342   $(22,070)

 

F-595

 

 

   Proposed   Remaining   Annual Interest   December   Annual Interest   December 
Series Name  Refinance Note   Acquisition Note   Expense @ 7% (1)   Pro Forma
Income/(Loss)
   Expense @ 10% (1)   Pro Forma
Income/(Loss)
 
Landa Series 2425 Cornell Circle  $198,879   $132,586   $19,888   $(17,657)  $25,854   $(23,623)
Landa Series 2443 Hodges Farm Road  $147,328   $98,218   $14,733   $(10,383)  $19,153   $(14,803)
Landa Series 25 Pleasant Valley Road  $170,165   $113,443   $17,017   $(20,011)  $22,121   $(25,116)
Landa Series 253 Marco Drive  $139,657   $93,104   $13,966   $(11,104)  $18,155   $(15,294)
Landa Series 255 Countryside Lane  $176,692   $117,795   $17,669   $(17,017)  $22,970   $(22,318)
Landa Series 258 Rocky Point Road  $189,088   $126,059   $18,909   $(23,884)  $24,581   $(29,557)
Landa Series 263 Rocky Point Road  $167,556   $111,704   $16,756   $(13,781)  $21,782   $(18,808)
Landa Series 268 Brookview Drive  $113,045   $75,363   $11,304   $(4,813)  $14,696   $(8,204)
Landa Series 270 Mountain Lane  $175,010   $116,673   $17,501   $(15,962)  $22,751   $(21,213)
Landa Series 270 Mountain Way  $172,777   $115,184   $17,278   $(20,440)  $22,461   $(25,624)
Landa Series 270 Pleasant Hill Drive  $163,925   $109,283   $16,392   $(14,606)  $21,310   $(19,524)
Landa Series 2794 Norfair Loop  $140,150   $93,433   $14,015   $(13,019)  $18,219   $(17,223)
Landa Series 2813 Vicksburg Court  $202,791   $135,194   $20,279   $(17,336)  $26,363   $(23,420)
Landa Series 2933 Coffer Drive  $169,029   $112,686   $16,903   $(16,151)  $21,974   $(21,222)
Landa Series 30 High Ridge Road  $199,707   $133,138   $19,971   $(21,761)  $25,962   $(27,752)
Landa Series 30 Roosevelt Road  $170,818   $113,878   $17,082   $(15,087)  $22,206   $(20,212)
Landa Series 3011 Raintree Drive SE  $186,008   $124,005   $18,601   $(17,005)  $24,181   $(22,585)
Landa Series 304 Deerfield Drive  $175,107   $116,738   $17,511   $(25,914)  $22,764   $(31,167)
Landa Series 3043 Highway 81 S  $129,735   $86,490   $12,974   $(15,264)  $16,866   $(19,156)
Landa Series 313 Blue Heron Drive  $162,874   $108,583   $16,287   $(15,898)  $21,174   $(20,784)
Landa Series 3202 Chippewa Drive  $179,301   $119,534   $17,930   $(21,235)  $23,309   $(26,614)
Landa Series 35 Clay Court  $181,918   $121,279   $18,192   $(20,167)  $23,649   $(25,624)
Landa Series 350 Cadiz Lane S  $166,250   $110,833   $16,625   $(15,441)  $21,612   $(20,429)
Landa Series 351 Wesley Park Drive  $156,462   $104,308   $15,646   $(15,577)  $20,340   $(20,270)

 

F-596

 

 

   Proposed   Remaining   Annual Interest   December   Annual Interest   December 
Series Name  Refinance Note   Acquisition Note   Expense @ 7% (1)   Pro Forma
Income/(Loss)
   Expense @ 10% (1)   Pro Forma
Income/(Loss)
 
Landa Series 3603 Manhattan Drive  $195,616   $130,411   $19,562   $(20,443)  $25,430   $(26,312)
Landa Series 3667 Patti Parkway  $227,590   $151,727   $22,759   $(23,355)  $29,587   $(30,182)
Landa Series 404 Barberry Lane  $171,535   $114,357   $17,154   $(15,922)  $22,300   $(21,068)
Landa Series 412 Kendall Lane  $178,058   $118,705   $17,806   $(15,732)  $23,148   $(21,074)
Landa Series 416 Autumn Lake Court  $159,726   $106,484   $15,973   $(13,501)  $20,764   $(18,293)
Landa Series 43 Darwin Drive  $151,242   $100,828   $15,124   $(15,915)  $19,661   $(20,452)
Landa Series 432 Manor Estates Drive  $188,502   $125,668   $18,850   $(17,320)  $24,505   $(22,975)
Landa Series 440 Freestone Drive  $198,898   $132,598   $19,890   $(18,431)  $25,857   $(24,398)
Landa Series 4447 Lake Breeze Drive  $205,404   $136,936   $20,540   $(20,221)  $26,703   $(26,383)
Landa Series 445 Independence Drive  $179,268   $119,512   $17,927   $(16,022)  $23,305   $(21,400)
Landa Series 449 Kara Lane  $159,241   $106,161   $15,924   $(15,881)  $20,701   $(20,658)
Landa Series 45 Blue Jay Drive  $211,927   $141,285   $21,193   $(17,376)  $27,550   $(23,734)
Landa Series 45 Laurel Way  $204,060   $136,040   $20,406   $(19,529)  $26,528   $(25,650)
Landa Series 4702 Saint James Way  $160,472   $106,981   $16,047   $(15,009)  $20,861   $(19,823)
Landa Series 4732 Pinedale Drive  $140,831   $93,888   $14,083   $(12,658)  $18,308   $(16,883)
Landa Series 497 Highway 212  $167,527   $111,684   $16,753   $(15,747)  $21,778   $(20,773)
Landa Series 5039 East Street  $124,489   $82,993   $12,449   $(11,192)  $16,184   $(14,927)
Landa Series 5040 Huntshire Lane  $266,991   $177,994   $26,699   $(39,174)  $34,709   $(47,184)
Landa Series 513 Jarrett Court  $173,468   $115,645   $17,347   $(15,554)  $22,551   $(20,758)
Landa Series 5143 Pinecrest Drive SW  $136,262   $90,842   $13,626   $(11,923)  $17,714   $(16,010)
Landa Series 524 Sawmill Road  $170,208   $113,472   $17,021   $(20,633)  $22,127   $(25,739)
Landa Series 5329 Shirewick Lane  $202,794   $135,196   $20,279   $(20,227)  $26,363   $(26,311)
Landa Series 540 Cowan Road  $179,734   $119,823   $17,973   $(17,429)  $23,365   $(22,821)

 

F-597

 

 

   Proposed   Remaining   Annual Interest   December   Annual Interest   December 
Series Name  Refinance Note   Acquisition Note   Expense @ 7% (1)   Pro Forma
Income/(Loss)
   Expense @ 10% (1)   Pro Forma
Income/(Loss)
 
Landa Series 5411 Rocky Pine Drive  $185,931   $123,954   $18,593   $(17,071)  $24,171   $(22,649)
Landa Series 55 Myrtle Grove Lane  $174,734   $116,489   $17,473   $(21,023)  $22,715   $(26,265)
Landa Series 550 Cowan Road  $150,470   $100,313   $15,047   $(16,353)  $19,561   $(20,867)
Landa Series 5581 Fox Glen Circle  $260,829   $173,886   $26,083   $(32,369)  $33,908   $(40,194)
Landa Series 565 Mountainview Drive  $169,941   $113,294   $16,994   $(20,482)  $22,092   $(25,580)
Landa Series 5737 Strathmoor Manor Circle  $152,548   $101,699   $15,255   $(12,652)  $19,831   $(17,228)
Landa Series 5801 Strathmoor Manor Circle  $157,767   $105,178   $15,777   $(14,861)  $20,510   $(19,594)
Landa Series 6104-6106 Oakwood Circle SW  $148,712   $99,141   $14,871   $(14,655)  $19,333   $(19,116)
Landa Series 6107 Shadow Glen Court  $127,777   $85,185   $12,778   $(11,076)  $16,611   $(14,910)
Landa Series 6111-6113 Pine Glen Circle SW  $273,918   $182,612   $27,392   $(25,545)  $35,609   $(33,762)
Landa Series 6119 Pineneedle Drive SW  $99,693   $66,462   $9,969   $(7,176)  $12,960   $(10,167)
Landa Series 615 Barshay Drive  $175,178   $116,786   $17,518   $(19,115)  $22,773   $(24,371)
Landa Series 6168 Wheat Street NE  $112,739   $75,159   $11,274   $(9,678)  $14,656   $(13,061)
Landa Series 6178 Green Acres Drive SW  $134,061   $89,374   $13,406   $(13,418)  $17,428   $(17,439)
Landa Series 6386 Forester Way  $178,100   $118,733   $17,810   $(17,275)  $23,153   $(22,618)
Landa Series 6404 Walnut Way  $167,556   $111,704   $16,756   $(13,411)  $21,782   $(18,438)
Landa Series 643 Sycamore Drive  $162,111   $108,074   $16,211   $(12,797)  $21,074   $(17,660)
Landa Series 65 Freedom Court  $176,331   $117,554   $17,633   $(15,559)  $22,923   $(20,849)
Landa Series 653 Georgetown Lane  $171,522   $114,348   $17,152   $(17,585)  $22,298   $(22,731)
Landa Series 6635 Kimberly Mill Road  $197,227   $131,485   $19,723   $(18,594)  $25,640   $(24,510)
Landa Series 6653 Bedford Road  $167,174   $111,449   $16,717   $(18,706)  $21,733   $(23,722)
Landa Series 6710 Sunset Hills Boulevard  $142,107   $94,738   $14,211   $(12,934)  $18,474   $(17,197)
Landa Series 6762 Bent Creek Drive  $167,555   $111,703   $16,756   $(15,731)  $21,782   $(20,758)
Landa Series 683 Wood Path Court  $197,085   $131,390   $19,709   $(18,984)  $25,621   $(24,897)

 

F-598

 

 

   Proposed   Remaining   Annual Interest   December   Annual Interest   December 
Series Name  Refinance Note   Acquisition Note   Expense @ 7% (1)   Pro Forma
Income/(Loss)
   Expense @ 10% (1)   Pro Forma
Income/(Loss)
 
Landa Series 70 Shenandoah Lane  $201,451   $134,300   $20,145   $(22,168)  $26,189   $(28,212)
Landa Series 709 Georgetown Court  $165,635   $110,423   $16,563   $(15,835)  $21,533   $(20,804)
Landa Series 7107 Geiger Street NW  $96,429   $64,286   $9,643   $(5,375)  $12,536   $(8,268)
Landa Series 7205 Lakeview Drive SW  $175,387   $116,924   $17,539   $(15,341)  $22,800   $(20,602)
Landa Series 750 Georgetown Court  $136,233   $90,822   $13,623   $(10,783)  $17,710   $(14,870)
Landa Series 752 Chestnut Drive  $118,639   $79,093   $11,864   $(8,510)  $15,423   $(12,069)
Landa Series 773 Villa Way  $71,906   $47,938   $7,191   $(14,927)  $9,348   $(17,084)
Landa Series 7781 Mountain Creek Way  $180,648   $120,432   $18,065   $(18,963)  $23,484   $(24,383)
Landa Series 7950 Woodlake Drive  $150,589   $100,393   $15,059   $(15,366)  $19,577   $(19,883)
Landa Series 80 High Ridge Road  $181,258   $120,839   $18,126   $(23,447)  $23,564   $(28,885)
Landa Series 800 Mills Drive  $202,103   $134,735   $20,210   $(18,979)  $26,273   $(25,042)
Landa Series 808 Hillandale Lane  $171,202   $114,135   $17,120   $(16,320)  $22,256   $(21,456)
Landa Series 8110 Devonshire Drive  $127,777   $85,185   $12,778   $(12,966)  $16,611   $(16,800)
Landa Series 8121 Spillers Drive SW  $146,967   $97,978   $14,697   $(12,237)  $19,106   $(16,646)
Landa Series 8233 Creekline Court  $176,191   $117,461   $17,619   $(22,809)  $22,905   $(28,095)
Landa Series 8302 Sterling Lakes Drive  $183,217   $122,145   $18,322   $(18,794)  $23,818   $(24,291)
Landa Series 843 Tramore Drive  $117,293   $78,196   $11,729   $(1,775)  $15,248   $(5,294)
Landa Series 85 Kirkland Court  $198,876   $132,584   $19,888   $(24,168)  $25,854   $(30,134)
Landa Series 85 Thorn Thicket Way  $176,731   $117,821   $17,673   $(15,750)  $22,975   $(21,052)
Landa Series 8658 Ashley Way  $114,545   $76,363   $11,454   $(4,444)  $14,891   $(7,880)
Landa Series 8667 Ashley Way  $82,042   $54,695   $8,204   $(9,130)  $10,666   $(11,591)
Landa Series 8671 Ashley Way  $120,466   $80,311   $12,047   $(6,976)  $15,661   $(10,590)
Landa Series 8676 Ashley Way  $123,410   $82,273   $12,341   $(23,739)  $16,043   $(27,442)
Landa Series 8691 Ashley Way  $89,133   $59,422   $8,913   $(1,527)  $11,587   $(4,201)

 

F-599

 

 

   Proposed   Remaining   Annual Interest   December   Annual Interest   December 
Series Name  Refinance Note   Acquisition Note   Expense @ 7% (1)   Pro Forma
Income/(Loss)
   Expense @ 10% (1)   Pro Forma
Income/(Loss)
 
Landa Series 8692 Ashley Way  $87,515   $58,344   $8,752   $(1,773)  $11,377   $(4,398)
Landa Series 8693 Ashley Way  $132,279   $88,186   $13,228   $(5,940)  $17,196   $(9,908)
Landa Series 8694 Ashley Way  $120,598   $80,398   $12,060   $(6,865)  $15,678   $(10,483)
Landa Series 8697 Ashley Way  $131,075   $87,383   $13,107   $(18,219)  $17,040   $(22,151)
Landa Series 8819 Leafwood Court  $169,564   $113,043   $16,956   $(16,675)  $22,043   $(21,762)
Landa Series 8855 Rugby Court  $132,999   $88,666   $13,300   $(16,551)  $17,290   $(20,541)
Landa Series 9020 Sterling Ridge Lane  $141,996   $94,664   $14,200   $(12,474)  $18,459   $(16,734)
Landa Series 9150 Spillers Drive SW  $151,895   $101,264   $15,190   $(13,723)  $19,746   $(18,280)
Landa Series 925 Mote Road  $187,098   $124,732   $18,710   $(18,440)  $24,323   $(24,053)
Landa Series 9409 Forest Knoll Drive  $184,585   $123,057   $18,459   $(17,147)  $23,996   $(22,684)
Landa Series 9434 Cedar Creek Place  $199,068   $132,712   $19,907   $(19,542)  $25,879   $(25,514)
Landa Series 9597 Pintail Trail  $180,775   $120,517   $18,078   $(18,080)  $23,501   $(23,504)
Landa Series 974 Laurel Street  $166,979   $111,319   $16,698   $(16,672)  $21,707   $(21,682)
Landa Series 1701 Summerwoods Lane  $103,443   $68,962   $10,344   $(8,834)  $13,448   $(11,937)
Landa Series 1741 Park Lane  $117,051   $78,034   $11,705   $(13,118)  $15,217   $(16,630)

 

(1)Both the 7% and 10%. Interest expense columns include the remaining acquisition note balance of 4.5% interest expense

 

F-600

 

 

DThe Company elected not to pro forma the provision for income taxes as there were losses and a full deferred tax asset valuation allowance was assumed.
  
E Reflects adjustments for property management fee expense based on contractual terms to be entered into under management agreements with the Manager at closing of this offering for the periods presented.
   
F

Reflects the revenue and certain expenses under the previous ownership from January 1, 2021 to November 14, 2021.

   
G

Reflects the revenue and certain expenses under the ownership of Landa Properties, LLC from November 15, 2021 to December 31, 2021. 

   
H

Reflects the revenue and certain expenses under the previous ownership from January 1, 2021 to December 1, 2021. 

   
I

Reflects the revenue and certain expenses under the ownership of Landa Properties, LLC from December 2, 2021 to December 31, 2021. 

   
J

Reflects the revenue and certain expenses under the ownership of Landa Properties, LLC from January 1, 2021 to December 31, 2021. 

   
K

Reflects the revenue and certain expenses under the ownership of Landa Properties, LLC from March 23, 2021 to December 31, 2021. 

   
L

Reflects the revenue and certain expenses under the ownership of Landa Properties, LLC from July 20, 2021 to December 31, 2021. 

   
M

Reflects the revenue and certain expenses under the ownership of Landa Properties, LLC from July 23, 2021 to December 31, 2021. 

 

The accompanying notes are an integral part of this unaudited condensed pro forma financial statement.

 

F-601

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

   Notes  Landa App
LLC
   Landa
Series 10
Oak Wood Lane
Pro Forma
   Landa
Series 10
Windridge Drive
Pro Forma
   Landa
Series 1000
Fox Valley Trail
Pro Forma
   Landa
Series 1007
Leeward Way
Pro Forma
   Landa
Series 10119 Commons Way
Pro Forma
 
Rental income     $      -   $1,219   $7,707   $1,500   $6,402   $7,314 
                                  
Expenses                                 
Real estate taxes      -    624    684    1,430    964    1,128 
Homeowners association fees      -    -    -    -    -    - 
Insurance expense      -    281    242    301    288    295 
Repairs & maintenance      -    144    198    -    1,600    - 
Other expenses      -    245    -    287    -    - 
Management fee  E   -    834    669    900    512    585 
Depreciation expense  B   -    3,734    3,174    4,056    3,873    3,978 
Interest expense  C   -    5,725    5,769    6,705    6,754    6,895 
Total expenses      -    11,587    10,736    13,679    13,991    12,881 
                                  
Net income (loss) before provision for income tax      -    (10,368)   (3,029)   (12,179)   (7,589)   (5,567)
Provision for income taxes  D   -    -    -    -    -    - 
Net income (loss)     $-   $(10,368)  $(3,029)  $(12,179)  $(7,589)  $(5,567)

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-602

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 10121
Morris Drive SW
Pro Forma
   Landa
Series 10183
Starr Street SW
Pro Forma
   Landa
Series 103
Starlake Drive
Pro Forma
   Landa
Series 104
Summerfield Drive
Pro Forma
   Landa
Series 10433
Candlelight Road
Pro Forma
   Landa
Series 105
Anne Street
Pro Forma
 
Rental income     $-   $6,090   $6,474   $2,332   $10,294   $6,840 
                                  
Expenses                                 
Real estate taxes      513    522    746    1,141    1,024    484 
Homeowners association fees      -    -    -    -    -    - 
Insurance expense      96    245    239    288    243    238 
Repairs & maintenance      -    -    -    -    -    5,569 
Other expenses      -    -    -    231    -    - 
Management fee  E   798    487    518    866    784    547 
Depreciation expense  B   3,525    3,366    3,333    3,875    3,967    3,121 
Interest expense  C   6,260    6,039    6,027    6,751    6,880    5,695 
Total expenses      11,192    10,659    10,863    13,152    12,898    15,654 
                                  
Net income (loss) before provision for income tax      (11,192)   (4,569)   (4,389)   (10,820)   (2,604)   (8,814)
Provision for income taxes  D   -    -    -    -    -    - 
Net income (loss)     $(11,192)  $(4,569)  $(4,389)  $(10,820)  $(2,604)  $(8,814)

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-603

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 107
Oakwood Circle
Pro Forma
   Landa
Series 109 Amberwood Lane
Pro Forma
   Landa
Series 110
Shenandoah Drive
Pro Forma
   Landa
Series 111
Fir Drive
Pro Forma
   Landa
Series 1110
Parkview Drive
Pro Forma
   Landa
Series 11187
Shannon Circle
Pro Forma
 
Rental income     $6,372   $5,568   $7,198   $3,924   $1,856   $8,908 
                                  
Expenses                                 
Real estate taxes      405    488    799    743    435    859 
Homeowners association fees      -    -    -    -    -    - 
Insurance expense      180    199    260    204    246    300 
Repairs & maintenance      -    -    1,284    -    -    75 
Other expenses      -    -    -    200    -    - 
Management fee  E   600    445    566    720    642    824 
Depreciation expense  B   2,249    2,528    4,048    2,912    3,243    4,049 
Interest expense  C   4,473    4,866    6,993    5,402    5,866    6,995 
Total expenses      7,907    8,526    13,950    10,181    10,432    13,102 
                                  
Net income (loss) before provision for income tax      (1,535)   (2,958)   (6,752)   (6,257)   (8,576)   (4,194)
Provision for income taxes  D   -    -    -    -    -    - 
Net income (loss)     $(1,535)  $(2,958)  $(6,752)  $(6,257)  $(8,576)  $(4,194)

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-604

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 112
Ridge Street
Pro Forma
   Landa
Series 11322
Michelle Way
Pro Forma
   Landa
Series 114
Starlake Drive
Pro Forma
   Landa
Series 11447
S Grove Drive
Pro Forma
   Landa
Series 1147
Village Way
Pro Forma
   Landa
Series 115
Lakeview Drive
Pro Forma
 
Rental income     $7,277   $7,125   $6,919   $9,268   $4,995   $7,332 
                                  
Expenses                                 
Real estate taxes      1,105    952    738    1,023    1,792    1,091 
Homeowners association fees      -    240    -    225    1,266    - 
Insurance expense      259    197    238    272    194    273 
Repairs & maintenance      1,360    188    -    -    81    - 
Other expenses      -    -    -    -    -    - 
Management fee  E   573    630    536    846    791    587 
Depreciation expense  B   4,030    3,087    3,123    3,630    3,890    3,646 
Interest expense  C   6,968    5,647    5,702    6,408    6,773    6,430 
Total expenses      14,295    10,941    10,337    12,404    14,787    12,027 
                                  
Net income (loss) before provision for income tax      (7,018)   (3,816)   (3,418)   (3,136)   (9,792)   (4,695)
Provision for income taxes  D   -    -    -    -    -    - 
Net income (loss)     $(7,018)  $(3,816)  $(3,418)  $(3,136)  $(9,792)  $(4,695)

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-605

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 1160
Gable Terrace
Pro Forma
   Landa
Series 1190
Kirkland Road
Pro Forma
   Landa
Series 12
Mintz Street
Pro Forma
   Landa
Series 120
Rosewood Drive
Pro Forma
   Landa
Series 1201
Kilrush Drive
Pro Forma
   Landa
Series 124
Libby Lane
Pro Forma
 
Rental income     $7,410   $8,970   $7,266   $7,248   $13,818   $3,255 
                                  
Expenses                                 
Real estate taxes      1,349    691    807    1,076    1,598    572 
Homeowners association fees      75    -    -    -    -    - 
Insurance expense      285    314    250    274    499    197 
Repairs & maintenance      955    287    -    -    725    565 
Other expenses      -    -    -    -    -    137 
Management fee  E   593    798    720    580    1,105    775 
Depreciation expense  B   3,891    4,256    3,297    3,663    7,663    2,918 
Interest expense  C   6,776    7,285    5,941    6,455    12,058    5,411 
Total expenses      13,924    13,631    11,015    12,048    23,648    10,575 
                                  
Net income (loss) before provision for income tax      (6,514)   (4,661)   (3,749)   (4,800)   (9,830)   (7,320)
Provision for income taxes  D   -    -    -    -    -    - 
Net income (loss)     $(6,514)  $(4,661)  $(3,749)  $(4,800)  $(9,830)  $(7,320)

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-606

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 126
E Mimosa Drive
Pro Forma
   Landa
Series 12641
Alcovy Road
Pro Forma
   Landa
Series 1320
Winona Avenue
Pro Forma
   Landa
Series 133
Dove Landing
Pro Forma
   Landa
Series 137
Southern Shores Road
Pro Forma
   Landa
Series 138
Sandalwood Circle
Pro Forma
 
Rental income     $1,990   $8,360   $5,700   $3,631   $6,500   $- 
                                  
Expenses                                 
Real estate taxes      621    736    326    513    683    612 
Homeowners association fees      -    -    -    -    -    630 
Insurance expense      242    296    204    210    197    169 
Repairs & maintenance      -    46    240    -    -    19,429 
Other expenses      -    -    -    -    -    299 
Management fee  E   681    739    456    485    569    832 
Depreciation expense  B   3,175    3,994    2,602    2,703    2,915    3,707 
Interest expense  C   5,770    6,918    4,968    5,109    5,406    5,706 
Total expenses      10,489    12,729    8,796    9,020    9,770    31,384 
                                  
Net income (loss) before provision for income tax      (8,499)   (4,369)   (3,096)   (5,389)   (3,270)   (31,384)
Provision for income taxes  D   -    -    -    -    -    - 
Net income (loss)     $(8,499)  $(4,369)  $(3,096)  $(5,389)  $(3,270)  $(31,384)

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-607

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 140
High Ridge Road
Pro Forma
   Landa
Series 141
Longstreet Circle
Pro Forma
   Landa
Series 1443
Pebble Ridge Lane
Pro Forma
   Landa
Series 1445
Maple Valley Court
Pro Forma
   Landa
Series 146
Crystal Brook
Pro Forma
  

Landa

Series 1473
Brownleaf Drive
Pro Forma

 
Rental income     $6,402   $7,552   $4,672   $7,050   $6,792   $7,164 
                                  
Expenses                                 
Real estate taxes      758    755    1,020    932    829    921 
Homeowners association fees      -    -    -    180    -    - 
Insurance expense      242    321    309    226    171    269 
Repairs & maintenance      -    -    82    -    -    55 
Other expenses      -    -    -    -    -    - 
Management fee  E   512    566    916    580    600    764 
Depreciation expense  B   3,646    4,379    4,189    2,278    2,464    3,595 
Interest expense  C   6,430    7,457    7,191    4,514    4,775    6,358 
Total expenses      11,588    13,478    13,707    8,710    8,839    11,962 
                                  
Net income (loss) before provision for income tax      (5,186)   (5,926)   (9,035)   (1,660)   (2,047)   (4,798)
Provision for income taxes  D   -    -    -    -    -    - 
Net income (loss)     $(5,186)  $(5,926)  $(9,035)  $(1,660)  $(2,047)  $(4,798)

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-608

 

 

LANDA APP LLC (LANDA APP) 

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS 

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 1485
Bola Court
Pro Forma
   Landa
Series 1490
Diplomat Drive
Pro Forma
   Landa
Series 153
Cliffside Court
Pro Forma
   Landa
Series 157
Wells Road
Pro Forma
   Landa
Series 160
Chimney Ridge Trail
Pro Forma
   Landa
Series 164
Longstreet Circle
Pro Forma
 
Rental income     $8,480   $3,585   $5,190   $5,406   $8,970   $6,966 
                                  
Expenses                                 
Real estate taxes      674    1,409    602    657    1,061    907 
Homeowners association fees      -    -    -    -    -    - 
Insurance expense      244    346    135    205    274    276 
Repairs & maintenance      -    -    -    -    -    - 
Other expenses      -    82    -    -    -    - 
Management fee  E   770    863    415    432    718    557 
Depreciation expense  B   3,209    4,749    2,039    2,615    3,663    3,698 
Interest expense  C   5,818    7,976    4,182    4,986    6,455    6,504 
Total expenses      10,715    15,425    7,373    8,895    12,171    11,942 
                                  
Net income (loss) before provision for income tax      (2,235)   (11,840)   (2,183)   (3,489)   (3,201)   (4,976)
Provision for income taxes  D   -    -    -    -    -    - 
Net income (loss)     $(2,235)  $(11,840)  $(2,183)  $(3,489)  $(3,201)  $(4,976)

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-609

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 1666
W Poplar Street
Pro Forma
   Landa
Series 168
Brookview Drive
Pro Forma
   Landa
Series 1683
Spoonbill Road
Pro Forma
   Landa
Series 1689
Viceroy Way
Pro Forma
   Landa
Series 171
Davidson Drive
Pro Forma
   Landa
Series 1768
Glen View Way
Pro Forma
 
Rental income     $6,732   $3,878   $1,800   $8,222   $2,308   $5,610 
                                  
Expenses                                 
Real estate taxes      460    814    694    1,672    845    879 
Homeowners association fees      -    300    -    -    -    210 
Insurance expense      188    206    229    260    291    234 
Repairs & maintenance      -    21,817    535    -    -    - 
Other expenses      -    287    -    -    -    - 
Management fee  E   539    534    696    696    965    785 
Depreciation expense  B   2,773    1,712    2,982    3,563    3,925    3,055 
Interest expense  C   5,207    2,975    5,500    6,314    6,820    5,639 
Total expenses      9,167    28,645    10,636    12,505    12,846    10,802 
                                  
Net income (loss) before provision for income tax      (2,435)   (24,767)   (8,836)   (4,283)   (10,538)   (5,192)
Provision for income taxes  D   -    -    -    -    -    - 
Net income (loss)     $(2,435)  $(24,767)  $(8,836)  $(4,283)  $(10,538)  $(5,192)

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-610

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 181
Watercress Court
Pro Forma
   Landa
Series 188
Timberline Road
Pro Forma
   Landa
Series 189
Shenandoah Drive
Pro Forma
   Landa
Series 1903
Old Concord Drive SE
Pro Forma
   Landa
Series 195
Branchwood Drive
Pro Forma
   Landa
Series 195
Fairclift Drive
Pro Forma
 
Rental income     $5,375   $5,158   $7,384   $6,576   $-   $7,632 
                                  
Expenses                                 
Real estate taxes      903    183    860    647    789    615 
Homeowners association fees      130    -    -    -    -    - 
Insurance expense      186    154    209    297    305    273 
Repairs & maintenance      135    -    -    -    -    - 
Other expenses      299    -    -    -    -    - 
Management fee  E   840    399    644    526    828    611 
Depreciation expense  B   3,471    1,655    3,174    4,012    4,134    3,646 
Interest expense  C   6,185    3,641    5,769    6,943    7,114    6,430 
Total expenses      12,149    6,032    10,656    12,425    13,170    11,575 
                                  
Net income (loss) before provision for income tax      (6,774)   (874)   (3,272)   (5,849)   (13,170)   (3,943)
Provision for income taxes  D   -    -    -    -    -    - 
Net income (loss)     $(6,774)  $(874)  $(3,272)  $(5,849)  $(13,170)  $(3,943)

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-611

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 195
Hunters Trace
Pro Forma
   Landa
Series 196
Montego Circle
Pro Forma
   Landa
Series 20
Chimney Smoke Drive
Pro Forma
   Landa
Series 204
N Main Court
Pro Forma
   Landa
Series 2055
Grove Way
Pro Forma
   Landa
Series 212
Fleeta Drive
Pro Forma
 
Rental income     $3,316   $7,956   $8,658   $6,912   $-   $8,718 
                                  
Expenses                                 
Real estate taxes      814    795    1,145    939    972    690 
Homeowners association fees      -    -    -    -    225    - 
Insurance expense      246    225    274    210    234    215 
Repairs & maintenance      18,315    -    2,396    687    106    2,150 
Other expenses      314    -    -    -    299    - 
Management fee  E   771    636    813    553    810    764 
Depreciation expense  B   3,822    3,349    3,663    2,703    3,052    2,808 
Interest expense  C   7,131    6,014    6,455    5,109    5,598    5,257 
Total expenses      31,413    11,019    14,746    10,201    11,296    11,884 
                                  
Net income (loss) before provision for income tax      (28,097)   (3,063)   (6,088)   (3,289)   (11,296)   (3,166)
Provision for income taxes  D   -    -    -    -    -    - 
Net income (loss)     $(28,097)  $(3,063)  $(6,088)  $(3,289)  $(11,296)  $(3,166)

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-612

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 215
Central Lake Circle
Pro Forma
   Landa
Series 217
Glenloch Court
Pro Forma
   Landa
Series 2177
E Chester Circle SE
Pro Forma
   Landa
Series 221
Lakeview Drive
Pro Forma
   Landa
Series 2264
Chestnut Hill Circle
Pro Forma
   Landa
Series 235
Lazy Hollow Lane
Pro Forma
 
Rental income     $3,178   $9,540   $5,745   $7,258   $8,638   $6,972 
                                  
Expenses                                 
Real estate taxes      585    1,237    697    1,178    1,908    886 
Homeowners association fees      -    -    -    -    -    - 
Insurance expense      253    330    302    286    377    287 
Repairs & maintenance      -    -    80    -    -    397 
Other expenses      -    -    -    -    -    - 
Management fee  E   647    809    936    553    680    558 
Depreciation expense  B   3,348    4,013    4,082    3,838    5,148    3,856 
Interest expense  C   6,013    6,944    7,041    6,699    8,535    6,733 
Total expenses      10,846    13,333    13,138    12,554    16,648    12,717 
                                  
Net income (loss) before provision for income tax      (7,668)   (3,793)   (7,393)   (5,296)   (8,010)   (5,745)
Provision for income taxes  D   -    -    -    -    -    - 
Net income (loss)     $(7,668)  $(3,793)  $(7,393)  $(5,296)  $(8,010)  $(5,745)

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-613

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 2425
Cornell Circle
Pro Forma
   Landa
Series 2443
Hodges Farm Road
Pro Forma
   Landa
Series 25
Pleasant Valley Road
Pro Forma
   Landa
Series 253
Marco Drive
Pro Forma
   Landa
Series 255
Countryside Lane
Pro Forma
   Landa
Series 258
Rocky Point Road
Pro Forma
 
Rental income     $8,760   $7,314   $7,153   $6,003   $9,120   $6,820 
                                  
Expenses                                 
Real estate taxes      1,498    712    1,020    650    787    1,030 
Homeowners association fees      -    -    -    -    -    - 
Insurance expense      321    230    254    197    282    285 
Repairs & maintenance      -    -    -    -    45    491 
Other expenses      -    -    -    -    -    27 
Management fee  E   701    585    788    613    826    554 
Depreciation expense  B   4,380    3,000    3,611    2,794    3,786    4,117 
Interest expense  C   7,458    5,525    6,381    5,237    6,626    7,091 
Total expenses      14,358    10,052    12,054    9,491    12,352    13,595 
                                  
Net income (loss) before provision for income tax      (5,598)   (2,738)   (4,901)   (3,488)   (3,232)   (6,775)
Provision for income taxes  D   -    -    -    -    -    - 
Net income (loss)     $(5,598)  $(2,738)  $(4,901)  $(3,488)  $(3,232)  $(6,775)

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-614

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 263
Rocky Point Road
Pro Forma
   Landa
Series 268
Brookview Drive
Pro Forma
   Landa
Series 270
Mountain Lane
Pro Forma
   Landa
Series 270
Mountain Way
Pro Forma
   Landa
Series 270
Pleasant Hill Drive
Pro Forma
   Landa
Series 2794
Norfair Loop
Pro Forma
 
Rental income     $-   $7,938   $-   $4,550   $6,666   $7,396 
                                  
Expenses                                 
Real estate taxes      708    816    738    715    752    1,281 
Homeowners association fees      -    300    -    -    -    198 
Insurance expense      266    206    270    275    309    218 
Repairs & maintenance      743    127    -    -    14,050    - 
Other expenses      350    -    461    -    260    - 
Management fee  E   611    605    822    870    779    665 
Depreciation expense  B   3,541    2,082    4,230    3,681    4,147    2,808 
Interest expense  C   6,283    4,239    6,563    6,479    6,147    5,256 
Total expenses      12,502    8,375    13,084    12,020    26,444    10,426 
                                  
Net income (loss) before provision for income tax      (12,502)   (437)   (13,084)   (7,470)   (19,778)   (3,030)
Provision for income taxes  D   -    -    -    -    -    - 
Net income (loss)     $(12,502)  $(437)  $(13,084)  $(7,470)  $(19,778)  $(3,030)

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-615

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

    Notes   Landa
Series 2813
Vicksburg Court
Pro Forma
   Landa
Series 2933
Coffer Drive
Pro Forma
   Landa
Series 30
High Ridge Road
Pro Forma
   Landa
Series 30
Roosevelt Road
Pro Forma
   Landa
Series 3011
Raintree Drive SE
Pro Forma
 
Rental income       $ 8,885     $ 8,083     $ 8,880     $ 1,214     $ -  
                                             
Expenses                                            
Real estate taxes         762       596       689       1,072       1,054  
Homeowners association fees         -       -       -       -       -  
Insurance expense         319       242       240       281       224  
Repairs & maintenance         245       -       430       -       -  
Other expenses         -       -       -       -       183  
Management fee   E     688       672       800       780       764  
Depreciation expense   B     4,484       3,581       4,402       3,628       3,931  
Interest expense   C     7,605       6,339       7,489       6,406       6,975  
Total expenses         14,103       11,430       14,050       12,167       13,131  
                                             
Net income (loss) before provision for income tax         (5,218 )     (3,347 )     (5,170 )     (10,953 )     (13,131 )
Provision for income taxes   D     -       -       -       -       -  
Net income (loss)       $ (5,218 )   $ (3,347 )   $ (5,170 )   $ (10,953 )   $ (13,131 )

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-616

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 304
Deerfield Drive
Pro Forma
   Landa
Series 3043
Highway 81 S
Pro Forma
   Landa
Series 313
Blue Heron Drive
Pro Forma
   Landa
Series 3202
Chippewa Drive
Pro Forma
   Landa
Series 35
Clay Court
Pro Forma
   Landa
Series 350
Cadiz Lane S
Pro Forma
 
Rental income     $-   $6,132   $2,134   $7,938   $1,185   $7,248 
                                  
Expenses                                 
Real estate taxes      891    771    1,066    689    833    782 
Homeowners association fees      -    -    -    -    -    - 
Insurance expense      273    220    244    255    278    244 
Repairs & maintenance      20,360    -    -    4,130    -    - 
Other expenses      299    -    314    -    -    - 
Management fee  E   847    491    745    635    816    580 
Depreciation expense  B   3,653    2,529    3,402    3,856    4,359    3,506 
Interest expense  C   6,567    4,865    6,108    6,724    6,822    6,234 
Total expenses      32,890    8,876    11,879    16,289    13,108    11,346 
                                  
Net income (loss) before provision for income tax      (32,890)   (2,744)   (9,745)   (8,351)   (11,923)   (4,098)
Provision for income taxes  D   -    -    -    -    -    - 
Net income (loss)     $(32,890)  $(2,744)  $(9,745)  $(8,351)  $(11,923)  $(4,098)

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-617

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 351
Wesley Park Drive
Pro Forma
   Landa
Series 3603
Manhattan Drive
Pro Forma
   Landa
Series 3667
Patti Parkway
Pro Forma
   Landa
Series 404
Barberry Lane
Pro Forma
   Landa
Series 412
Kendall Lane
Pro Forma
   Landa
Series 416
Autumn Lake Court
Pro Forma
 
Rental income     $7,196   $1,075   $9,762   $7,264   $7,416   $8,010 
                                  
Expenses                                 
Real estate taxes      855    1,289    1,655    947    938    972 
Homeowners association fees      -    -    -    -    163    125 
Insurance expense      204    316    372    273    284    252 
Repairs & maintenance      1,952    -    5,961    -    -    - 
Other expenses      -    -    -    -    -    - 
Management fee  E   730    888    781    602    593    796 
Depreciation expense  B   3,244    4,292    5,148    3,648    3,822    3,332 
Interest expense  C   5,867    7,336    8,535    6,433    6,677    5,990 
Total expenses      12,852    14,121    22,452    11,903    12,477    11,467 
                                  
Net income (loss) before provision for income tax      (5,656)   (13,046)   (12,690)   (4,639)   (5,061)   (3,457)
Provision for income taxes  D   -    -    -    -    -    - 
Net income (loss)     $(5,656)  $(13,046)  $(12,690)  $(4,639)  $(5,061)  $(3,457)

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-618

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 43
Darwin Drive
Pro Forma
   Landa
Series 432
Manor Estates Drive
Pro Forma
   Landa
Series 440
Freestone Drive
Pro Forma
   Landa
Series 4447
Lake Breeze Drive
Pro Forma
   Landa
Series 445
Independence Drive
Pro Forma
   Landa
Series 449
Kara Lane
Pro Forma
 
Rental income     $6,878   $8,326   $8,316   $8,234   $2,372   $2,175 
                                  
Expenses                                 
Real estate taxes      703    996    662    1,633    960    993 
Homeowners association fees      -    -    -    -    -    100 
Insurance expense      224    303    314    333    295    289 
Repairs & maintenance      360    -    6,398    -    -    120 
Other expenses      -    -    -    -    -    260 
Management fee  E   609    720    665    627    830    852 
Depreciation expense  B   3,104    4,102    4,264    4,554    3,973    3,861 
Interest expense  C   5,672    7,069    7,459    7,703    6,723    5,972 
Total expenses      10,672    13,190    19,762    14,850    12,781    12,447 
                                  
Net income (loss) before provision for income tax      (3,794)   (4,864)   (11,446)   (6,616)   (10,409)   (10,272)
Provision for income taxes  D   -    -    -    -    -    - 
Net income (loss)     $(3,794)  $(4,864)  $(11,446)  $(6,616)  $(10,409)  $(10,272)

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-619

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 45
Blue Jay Drive
Pro Forma
   Landa
Series 45
Laurel Way
Pro Forma
   Landa
Series 4702
Saint James Way
Pro Forma
   Landa
Series 4732
Pinedale Drive
Pro Forma
   Landa
Series 497
Highway 212
Pro Forma
   Landa
Series 5039
East Street
Pro Forma
 
Rental income     $9,919   $9,459   $5,847   $6,459   $5,580   $3,875 
                                  
Expenses                                 
Real estate taxes      1,142    853    1,215    584    573    818 
Homeowners association fees      -    -    300    -    -    - 
Insurance expense      339    331    227    192    266    190 
Repairs & maintenance      -    -    -    13,200    -    - 
Other expenses      -    -    260    -    -    - 
Management fee  E   800    804    737    535    446    581 
Depreciation expense  B   4,729    4,518    3,349    2,826    3,540    2,388 
Interest expense  C   7,947    7,652    6,018    5,281    6,282    4,668 
Total expenses      14,957    14,158    12,106    22,618    11,107    8,645 
                                  
Net income (loss) before provision for income tax      (5,038)   (4,699)   (6,259)   (16,159)   (5,527)   (4,770)
Provision for income taxes  D   -    -    -    -    -    - 
Net income (loss)     $(5,038)  $(4,699)  $(6,259)  $(16,159)  $(5,527)  $(4,770)

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-620

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 5040
Huntshire Lane
Pro Forma
   Landa
Series 513
Jarrett Court
Pro Forma
   Landa
Series 5143
Pinecrest Drive SW
Pro Forma
   Landa
Series 524
Sawmill Road
Pro Forma
   Landa
Series 5329
Shirewick Lane
Pro Forma
 
Rental income     $1,166   $-   $1,245   $-   $8,144 
                             
Expenses                            
Real estate taxes      2,326    1,034    466    585    1,454 
Homeowners association fees      263    -    -    -    - 
Insurance expense      499    240    191    290    329 
Repairs & maintenance      1,281    -    -    -    - 
Other expenses      -    -    -    -    - 
Management fee  E   1,200    804    563    760    641 
Depreciation expense  B   6,659    3,699    2,703    3,893    4,484 
Interest expense  C   10,012    6,505    5,110    6,383    7,605 
Total expenses      22,240    12,282    9,033    11,911    14,513 
                             
Net income (loss) before provision for income tax      (21,074)   (12,282)   (7,788)   (11,911)   (6,369)
Provision for income taxes  D   -    -    -    -    - 
Net income (loss)     $(21,074)  $(12,282)  $(7,788)  $(11,911)  $(6,369)

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-621

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 540
Cowan Road
Pro Forma
   Landa
Series 5411
Rocky Pine Drive
Pro Forma
   Landa
Series 55
Myrtle Grove Lane
Pro Forma
   Landa
Series 550
Cowan Road
Pro Forma
   Landa
Series 5581
Fox Glen Circle
Pro Forma
 
Rental income     $8,486   $7,314   $6,110   $-   $- 
                             
Expenses                            
Real estate taxes      630    1,384    745    530    2,073 
Homeowners association fees      -    -    -    -    - 
Insurance expense      284    298    279    246    239 
Repairs & maintenance      -    -    -    311    21,735 
Other expenses      -    -    -    303    - 
Management fee  E   765    585    810    759    1,084 
Depreciation expense  B   3,867    4,033    3,733    3,235    6,551 
Interest expense  C   6,740    6,972    6,553    5,643    9,781 
Total expenses      12,286    13,272    12,120    11,027    41,463 
                             
Net income (loss) before provision for income tax      (3,800)   (5,958)   (6,010)   (11,027)   (41,463)
Provision for income taxes  D   -    -    -    -    - 
Net income (loss)     $(3,800)  $(5,958)  $(6,010)  $(11,027)  $(41,463)

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-622

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 565
Mountainview Drive
Pro Forma
   Landa
Series 5737
Strathmoor Manor Circle
Pro Forma
   Landa
Series 5801
Strathmoor Manor Circle
Pro Forma
   Landa
Series 6104-6106
Oakwood Circle SW
Pro Forma
   Landa
Series 6107
Shadow Glen Court
Pro Forma
   Landa
Series 6111-6113
Pine Glen Circle SW
Pro Forma
 
Rental income     $-   $3,132   $1,340   $9,240   $2,613   $7,683 
                                  
Expenses                                 
Real estate taxes      904    950    930    467    482    904 
Homeowners association fees      -    396    261    -    -    - 
Insurance expense      467    280    204    532    172    428 
Repairs & maintenance      162    345    -    -    -    - 
Other expenses      -    -    -    -    -    - 
Management fee  E   826    499    789    739    739    1,084 
Depreciation expense  B   4,083    3,139    3,279    3,035    2,476    6,388 
Interest expense  C   6,373    5,721    5,916    5,577    4,792    10,272 
Total expenses      12,815    11,330    11,379    10,350    8,661    19,076 
                                  
Net income (loss) before provision for income tax      (12,815)   (8,198)   (10,039)   (1,110)   (6,048)   (11,393)
Provision for income taxes  D   -    -    -    -    -    - 
Net income (loss)     $(12,815)  $(8,198)  $(10,039)  $(1,110)  $(6,048)  $(11,393)

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-623

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 6119
Pineneedle Drive SW
Pro Forma
   Landa
Series 615
Barshay Drive
Pro Forma
   Landa
Series 6168
Wheat
Street NE
Pro Forma
   Landa
Series 6178
Green Acres Drive SW
Pro Forma
   Landa
Series 6386
Forester Way
Pro Forma
   Landa
Series 6404
Walnut Way
Pro Forma
 
Rental income     $3,932   $8,339   $5,311   $2,803   $4,560   $7,862 
                                  
Expenses                                 
Real estate taxes      475    677    335    680    1,360    1,162 
Homeowners association fees      -    138    -    -    -    240 
Insurance expense      146    242    179    214    284    266 
Repairs & maintenance      -    -    1,716    -    -    - 
Other expenses      -    -    -    -    -    - 
Management fee  E   837    732    405    708    892    609 
Depreciation expense  B   1,725    3,734    2,061    2,641    3,823    3,541 
Interest expense  C   3,738    6,569    4,228    5,027    6,679    6,283 
Total expenses      6,921    12,092    8,924    9,270    13,038    12,101 
                                  
Net income (loss) before provision for income tax      (2,989)   (3,753)   (3,613)   (6,467)   (8,478)   (4,239)
Provision for income taxes  D   -    -    -    -    -    - 
Net income (loss)     $(2,989)  $(3,753)  $(3,613)  $(6,467)  $(8,478)  $(4,239)

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-624

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 643
Sycamore Drive
Pro Forma
   Landa
Series 65
Freedom Court
Pro Forma
   Landa
Series 653
Georgetown Lane
Pro Forma
   Landa
Series 6635
Kimberly Mill Road
Pro Forma
   Landa
Series 6653
Bedford Road
Pro Forma
   Landa
Series 6710
Sunset Hills Boulevard
Pro Forma
 
Rental income     $7,470   $9,210   $7,306   $2,438   $-   $6,300 
                                  
Expenses                                 
Real estate taxes      1,112    800    815    878    954    837 
Homeowners association fees      -    -    250    -    -    150 
Insurance expense      224    244    273    243    222    221 
Repairs & maintenance      937    365    -    -    -    - 
Other expenses      -    -    -    -    -    - 
Management fee  E   598    737    762    838    742    504 
Depreciation expense  B   3,395    3,752    3,647    4,335    3,524    2,860 
Interest expense  C   6,079    6,612    6,432    7,396    6,269    5,329 
Total expenses      12,345    12,510    12,179    13,690    11,711    9,901 
                                  
Net income (loss) before provision for income tax      (4,875)   (3,300)   (4,873)   (11,252)   (11,711)   (3,601)
Provision for income taxes  D   -    -    -    -    -    - 
Net income (loss)     $(4,875)  $(3,300)  $(4,873)  $(11,252)  $(11,711)  $(3,601)

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-625

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 6762
Bent Creek Drive
Pro Forma
   Landa
Series 683
Wood Path Court
Pro Forma
   Landa
Series 70
Shenandoah Lane
Pro Forma
   Landa
Series 709
Georgetown Court
Pro Forma
   Landa
Series 7107
Geiger Street NW
Pro Forma
   Landa
Series 7205
Lakeview Drive SW
Pro Forma
 
Rental income     $-   $540   $8,885   $1,204   $2,465   $3,498 
                                  
Expenses                                 
Real estate taxes      1,001    1,141    960    851    159    664 
Homeowners association fees      -    -    -    250    -    - 
Insurance expense      203    336    326    229    153    280 
Repairs & maintenance      -    660    3,384    72    82    - 
Other expenses      -    -    -    314    -    - 
Management fee  E   680    864    849    805    512    876 
Depreciation expense  B   3,541    4,594    4,448    3,490    1,637    3,751 
Interest expense  C   6,283    7,391    7,554    6,211    3,616    6,577 
Total expenses      11,708    14,986    17,521    12,222    6,159    12,148 
                                  
Net income (loss) before provision for income tax      (11,708)   (14,446)   (8,636)   (11,018)   (3,694)   (8,650)
Provision for income taxes  D   -    -    -    -    -    - 
Net income (loss)     $(11,708)  $(14,446)  $(8,636)  $(11,018)  $(3,694)  $(8,650)

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-626

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 750
Georgetown Court
Pro Forma
   Landa
Series 752
Chestnut Drive
Pro Forma
   Landa
Series 773
Villa Way
Pro Forma
   Landa
Series 7781
Mountain Creek Way
Pro Forma
   Landa
Series 7950
Woodlake Drive
Pro Forma
   Landa
Series 80
High Ridge Road
Pro Forma
 
Rental income     $6,625   $5,412   $5,862   $7,872   $7,420   $8,100 
                                  
Expenses                                 
Real estate taxes      865    332    702    1,081    912    913 
Homeowners association fees      250    -    330    -    -    - 
Insurance expense      221    180    214    307    250    273 
Repairs & maintenance      -    -    401    776    -    2,450 
Other expenses      -    -    -    -    -    - 
Management fee  E   534    433    469    590    629    648 
Depreciation expense  B   2,703    2,232    1,446    3,892    3,087    3,908 
Interest expense  C   5,109    4,449    2,697    6,774    5,647    6,797 
Total expenses      9,682    7,626    6,259    13,420    10,525    14,989 
                                  
Net income (loss) before provision for income tax      (3,057)   (2,214)   (397)   (5,548)   (3,105)   (6,889)
Provision for income taxes  D   -    -    -    -    -    - 
Net income (loss)     $(3,057)  $(2,214)  $(397)  $(5,548)  $(3,105)  $(6,889)

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-627

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 800
Mills Drive
Pro Forma
   Landa
Series 808
Hillandale Lane
Pro Forma
   Landa
Series 8110
Devonshire Drive
Pro Forma
   Landa
Series 8121
Spillers Drive SW
Pro Forma
   Landa
Series 8233
Creekline Court
Pro Forma
   Landa
Series 8302
Sterling Lakes Drive
Pro Forma
 
Rental income     $2,346   $8,730   $7,256   $7,314   $6,100   $4,848 
                                  
Expenses                                 
Real estate taxes      702    1,138    453    376    999    903 
Homeowners association fees      -    600    -    -    -    100 
Insurance expense      327    254    172    169    250    294 
Repairs & maintenance      304    515    -    -    2,110    535 
Other expenses      -    -    -    -    -    - 
Management fee  E   798    645    709    585    480    756 
Depreciation expense  B   4,466    3,629    2,476    2,990    3,708    3,960 
Interest expense  C   7,579    6,420    4,792    5,511    6,607    6,871 
Total expenses      14,176    13,201    8,602    9,631    14,154    13,419 
                                  
Net income (loss) before provision for income tax      (11,830)   (4,471)   (1,346)   (2,317)   (8,054)   (8,571)
Provision for income taxes  D   -    -    -    -    -    - 
Net income (loss)     $(11,830)  $(4,471)  $(1,346)  $(2,317)  $(8,054)  $(8,571)

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-628

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

    Notes   Landa
Series 843
Tramore Drive
Pro Forma
    Landa
Series 85
Kirkland Court
Pro Forma
    Landa
Series 85
Thorn Thicket Way
Pro Forma
    Landa
Series 8658
Ashley Way
Pro Forma
    Landa
Series 8667
Ashley Way
Pro Forma
 
Rental income       $ 9,920     $ 6,875     $ 7,375     $ 1,858     $ 7,040  
                                             
Expenses                                            
Real estate taxes         1,065       924       1,018       533       490  
Homeowners association fees         -       -       -       -       -  
Insurance expense         139       329       279       163       110  
Repairs & maintenance         -       -       -       1,298       128  
Other expenses         -       -       -       299       -  
Management fee   E     768       851       595       576       528  
Depreciation expense   B     2,360       4,379       3,787       2,110       1,716  
Interest expense   C     4,399       7,458       6,627       4,295       3,077  
Total expenses         8,731       13,941       12,306       9,274       6,049  
                                             
Net income (loss) before provision for income tax         1,189       (7,066 )     (4,931 )     (7,416 )     991  
Provision for income taxes   D     -       -       -       -       -  
Net income (loss)       $ 1,189     $ (7,066 )   $ (4,931 )   $ (7,416 )   $ 991  

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-629

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 8671
Ashley Way
Pro Forma
   Landa
Series 8676
Ashley Way
Pro Forma
   Landa
Series 8691
Ashley Way
Pro Forma
   Landa
Series 8692
Ashley Way
Pro Forma
   Landa
Series 8693
Ashley Way
Pro Forma
   Landa
Series 8694
Ashley Way
Pro Forma
 
Rental income     $6,300   $-   $-   $-   $-   $- 
                                  
Expenses                                 
Real estate taxes      490    583    677    744    674    658 
Homeowners association fees      -    -    -    -    -    - 
Insurance expense      128    243    291    276    287    145 
Repairs & maintenance      128    88    48    48    48    48 
Other expenses      -    -    -    -    -    - 
Management fee  E   504    504    552    552    576    552 
Depreciation expense  B   2,185    2,106    1,429    1,691    2,086    2,284 
Interest expense  C   4,517    4,628    3,342    3,282    4,960    4,522 
Total expenses      7,952    8,152    6,339    6,593    8,631    8,209 
                                  
Net income (loss) before provision for income tax      (1,652)   (8,152)   (6,339)   (6,593)   (8,631)   (8,209)
Provision for income taxes  D   -    -    -    -    -    - 
Net income (loss)     $(1,652)  $(8,152)  $(6,339)  $(6,593)  $(8,631)  $(8,209)

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-630

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 8697
Ashley Way
Pro Forma
   Landa
Series 8819
Leafwood Court
Pro Forma
   Landa
Series 8855
Rugby Court
Pro Forma
   Landa
Series 9020
Sterling Ridge Lane
Pro Forma
   Landa
Series 9150
Spillers Drive SW
Pro Forma
   Landa
Series 925
Mote Road
Pro Forma
 
Rental income     $5,700   $-   $6,778   $2,505   $5,940   $5,170 
                                  
Expenses                                 
Real estate taxes      638    803    694    784    808    633 
Homeowners association fees      -    -    -    -    -    - 
Insurance expense      145    269    205    252    238    301 
Repairs & maintenance      48    -    -    -    -    82 
Other expenses      -    -    -    -    -    - 
Management fee  E   456    757    542    790    475    841 
Depreciation expense  B   2,432    3,595    2,616    3,306    3,122    4,064 
Interest expense  C   4,915    6,359    4,987    5,325    5,696    7,016 
Total expenses      8,634    11,783    9,044    10,457    10,339    12,937 
                                  
Net income (loss) before provision for income tax      (2,934)   (11,783)   (2,266)   (7,952)   (4,399)   (7,767)
Provision for income taxes  D   -    -    -    -    -    - 
Net income (loss)     $(2,934)  $(11,783)  $(2,266)  $(7,952)  $(4,399)  $(7,767)

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-631

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

    Notes   Landa
Series 9409
Forest Knoll Drive
Pro Forma
    Landa
Series 9434
Cedar Creek Place
Pro Forma
    Landa
Series 9597
Pintail Trail
Pro Forma
    Landa
Series 974
Laurel Street
Pro Forma
    Landa
Series 1701
Summerwoods Lane
Pro Forma
 
Rental income       $ 9,729     $ 7,824     $ 3,354     $ 7,677     $ 5,985  
                                             
Expenses                                            
Real estate taxes         968       1,135       1,150       998       887  
Homeowners association fees         -       360       -       -       300  
Insurance expense         296       290       251       264       162  
Repairs & maintenance         -       -       -       915       149  
Other expenses         -       -       -       -       -  
Management fee   E     856       626       537       677       479  
Depreciation expense   B     3,997       4,380       3,892       3,508       2,769  
Interest expense   C     6,922       7,465       6,779       6,262       3,879  
Total expenses         13,039       14,256       12,609       12,624       8,625  
                                             
Net income (loss) before provision for income tax         (3,310 )     (6,432 )     (9,255 )     (4,947 )     (2,640 )
Provision for income taxes   D     -       -       -       -       -  
Net income (loss)       $ (3,310 )   $ (6,432 )   $ (9,255 )   $ (4,947 )   $ (2,640 )

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-632

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS 

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

    Notes   Landa
Series 1741
Park Lane
Pro Forma
    Total
Pro Forma
Condensed
Combined
Statements of
Operations
 
Rental income       $ 4,948     $ 985,898  
                     
Expenses                    
Real estate taxes         907       157,068  
Homeowners association fees         -       8,555  
Insurance expense         187       46,165  
Repairs & maintenance         -       189,282  
Other expenses         153       6,163  
Management fee   E     365       123,544  
Depreciation expense   B     3,133       630,931  
Interest expense   C     4,389       1,111,822  
Total expenses         9,134       2,273,530  
                     
Net income (loss) before provision for income tax         (4,186 )     (1,287,632 )
Provision for income taxes   D     -       -  
Net income (loss)       $ (4,186 )   $ (1,287,632 )

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-633

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS

AND COMBINING STATEMENT OF OPERATIONS PER FORM 1-SA

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

 

    Notes   Total
Pro Forma
Condensed
Combined
Statements of
Operations
    Landa
Series 115
Sardis Street
    Landa
Series 1394
Oakview
Circle
    Landa
Series 1701
Summerwoods
Lane
    Landa
Series 1741
Park Lane
    Landa
Series 209
Timber
Wolf Trail
 
Rental income       $ 985,898     $ 5,822     $ 4,883     $ 3,990     $ 3,273     $ 4,650  
                                                     
Expenses                                                    
Real estate taxes         157,068       471       784       591       605       415  
Homeowners association fees         8,555       -       -       200       -       180  
Insurance expense         46,165       206       193       108       124       161  
Repairs & maintenance         189,282       -       -       149       -       -  
Other expenses         6,163       -       -       -       -       -  
Management fee   E     123,544       402       390       319       243       372  
Depreciation expense   B     630,931       1,984       1,112       930       1,264       1,719  
Interest expense   C     1,111,822       1,565       1,068       842       1,058       1,510  
Total expenses         2,273,530       4,628       3,547       3,139       3,294       4,357  
                                                     
Net income (loss) before provision for income tax         (1,287,632 )     1,194       1,336       851       (21 )     293  
Gain on sale of real estate         -       -       -       70,269       72,481       -  
Provision for income taxes   D     -       -       -       (14,224 )     (14,496 )     -  
Net income (loss)       $ (1,287,632 )   $ 1,194     $ 1,336     $ 56,896     $ 57,964     $ 293  

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-634

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS

AND COMBINING STATEMENT OF OPERATIONS PER FORM 1-SA

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 2505
Oak Circle
   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
 
Rental income     $7,500   $6,284   $4,331   $5,723   $5,305   $5,953 
                                  
Expenses                                 
Real estate taxes      538    431    666    887    887    887 
Homeowners association fees      -    180    -    300    300    300 
Insurance expense      155    135    164    168    175    164 
Repairs & maintenance      134    -    -    -    -    - 
Other expenses      -    -    -    -    -    - 
Management fee  E   600    479    346    458    424    468 
Depreciation expense  B   1,525    1,891    1,537    1,708    1,708    1,708 
Interest expense  C   1,808    1,528    1,981    1,766    1,531    1,766 
Total expenses      4,760    4,644    4,694    5,287    5,025    5,293 
                                  
Net income (loss) before provision for income tax      2,740    1,640    (363)   436    280    660 
Gain on sale of real estate      -    -    -    -    -    - 
Provision for income taxes  D   -    -    -    -    -    - 
Net income (loss)     $2,740   $1,640   $(363)  $436   $280   $660 

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-635

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS

AND COMBINING STATEMENT OF OPERATIONS PER FORM 1-SA

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  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
 
Rental income     $5,347   $6,972   $6,721   $4,820   $6,972   $6,063 
                                  
Expenses                                 
Real estate taxes      887    976    980    355    1,090    798 
Homeowners association fees      300    900    900    834    478    - 
Insurance expense      233    192    192    226    184    200 
Repairs & maintenance      -    862    1,647    -    1,855    - 
Other expenses      -    -    -    -    -    - 
Management fee  E   428    558    538    386    558    485 
Depreciation expense  B   1,708    2,282    2,053    1,252    2,722    1,662 
Interest expense  C   1,766    2,363    2,125    1,120    2,820    1,870 
Total expenses      5,322    8,133    8,435    4,173    9,707    5,015 
                                  
Net income (loss) before provision for income tax      25    (1,161)   (1,714)   647    (2,735)   1,048 
Gain on sale of real estate      -    -    -    -    -    - 
Provision for income taxes  D   -    -    -    -    -    - 
Net income (loss)     $25   $(1,161)  $(1,714)  $647   $(2,735)  $1,048 

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-636

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS

AND COMBINING STATEMENT OF OPERATIONS PER FORM 1-SA

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  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
 
Rental income     $7,232   $2,203   $5,705   $5,974   $6,462   $6,894 
                                  
Expenses                                 
Real estate taxes      985    955    933    455    450    823 
Homeowners association fees      -    225    -    1,320    1,320    - 
Insurance expense      215    389    184    166    158    200 
Repairs & maintenance      -    6,541    -    -    5,748    1,555 
Other expenses      -    -    -    -    -    - 
Management fee  E   550    167    484    462    508    551 
Depreciation expense  B   2,006    1,571    1,440    904    967    1,290 
Interest expense  C   2,159    1,870    1,615    1,014    1,048    1,453 
Total expenses      5,915    11,718    4,656    4,321    10,199    5,872 
                                  
Net income (loss) before provision for income tax      1,317    (9,515)   1,049    1,653    (3,737)   1,022 
Gain on sale of real estate      -    -    -    -    -    - 
Provision for income taxes  D   -    -    -    -    -    - 
Net income (loss)     $1,317   $(9,515)  $1,049   $1,653   $(3,737)  $1,022 

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-637

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS

AND COMBINING STATEMENT OF OPERATIONS PER FORM 1-SA

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 687
Utoy Court
   Landa
Series 729
Winter Lane
   Landa
Series 7349
Exeter Court
   Landa
Series 8645
Embrey Drive
   Landa
Series 8780
Churchill Place
   Landa
Series 8796
Parliament Place
 
Rental income     $5,532   $4,001   $6,301   $6,366   $7,275   $6,063 
                                  
Expenses                                 
Real estate taxes      616    746    826    737    833    778 
Homeowners association fees      -    -    -    -    -    - 
Insurance expense      188    209    211    217    228    206 
Repairs & maintenance      3,618    1,560    -    161    458    - 
Other expenses      -    -    -    -    -    - 
Management fee  E   450    320    504    509    582    485 
Depreciation expense  B   1,724    1,699    1,653    1,776    1,980    1,641 
Interest expense  C   1,859    1,859    1,611    1,910    2,117    1,775 
Total expenses      8,455    6,393    4,805    5,310    6,198    4,885 
                                  
Net income (loss) before provision for income tax      (2,923)   (2,392)   1,496    1,056    1,077    1,178 
Gain on sale of real estate      -    -    -    -    -    - 
Provision for income taxes  D   -    -    -    -    -    - 
Net income (loss)     $(2,923)  $(2,392)  $1,496   $1,056   $1,077   $1,178 

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-638

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS

AND COMBINING STATEMENT OF OPERATIONS PER FORM 1-SA

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  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 
Rental income     $5,755   $5,869   $4,416   $5,516   $6,063   $5,485 
                                  
Expenses                                 
Real estate taxes      598    503    531    496    533    500 
Homeowners association fees      -    -    -    -    -    - 
Insurance expense      172    150    163    151    165    156 
Repairs & maintenance      171    -    171    264    171    171 
Other expenses      -    -    -    -    -    - 
Management fee  E   460    470    353    441    485    439 
Depreciation expense  B   2,127    1,779    1,978    1,762    1,978    1,835 
Interest expense  C   2,171    1,812    1,728    1,538    2,017    1,602 
Total expenses      5,699    4,714    4,924    4,652    5,349    4,703 
                                  
Net income (loss) before provision for income tax      56    1,155    (508)   864    714    782 
Gain on sale of real estate      -    -    -    -    -    - 
Provision for income taxes  D   -    -    -    -    -    - 
Net income (loss)     $56   $1,155   $(508)  $864   $714   $782 

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-639

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS

AND COMBINING STATEMENT OF OPERATIONS PER FORM 1-SA

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  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
 
Rental income     $4,297   $5,630   $5,919   $5,774   $6,352   $4,535 
                                  
Expenses                                 
Real estate taxes      511    531    641    584    542    492 
Homeowners association fees      -    -    -    -    -    - 
Insurance expense      170    167    177    183    165    161 
Repairs & maintenance      80    160    80    80    234    717 
Other expenses      -    -    -    -    -    - 
Management fee  E   344    450    473    462    508    363 
Depreciation expense  B   2,099    2,033    2,181    2,297    1,950    1,917 
Interest expense  C   1,835    1,893    2,226    2,111    1,966    1,954 
Total expenses      5,039    5,234    5,778    5,717    5,365    5,604 
                                  
Net income (loss) before provision for income tax      (742)   396    141    57    987    (1,069)
Gain on sale of real estate      -    -    -    -    -    - 
Provision for income taxes  D   -    -    -    -    -    - 
Net income (loss)     $(742)  $396   $141   $57   $987   $(1,069)

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-640

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS

AND COMBINING STATEMENT OF OPERATIONS PER FORM 1-SA

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

   Notes  Landa
Series 8677
Ashley Way
   Landa
Series 8678
Ashley Way
   Landa
Series 8679
Ashley Way
   Landa
Series 8683
Ashley Way
   Total
Combining
Statements of
Operations per
Form 1-SA
 
Rental income     $6,063   $5,341   $5,774   $5,728   $253,134 
                             
Expenses                            
Real estate taxes      471    643    604    514    30,079 
Homeowners association fees      -    -    -    -    7,737 
Insurance expense      155    189    162    154    8,191 
Repairs & maintenance      80    80    80    120    26,947 
Other expenses      -    -    -    -    - 
Management fee  E   485    427    462    450    20,098 
Depreciation expense  B   1,802    2,429    1,950    1,785    79,318 
Interest expense  C   1,836    2,330    1,988    1,818    79,602 
Total expenses      4,829    6,098    5,246    4,841    251,972 
                             
Net income (loss) before provision for income tax      1,234    (757)   528    887    1,162 
Gain on sale of real estate      -    -    -    -    142,750 
Provision for income taxes  D   -    -    -    -    (28,720)
Net income (loss)     $1,234   $(757)  $528   $887   $115,192 

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-641

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS

AND COMBINING STATEMENT OF OPERATIONS PER FORM 1-SA

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

(CONTINUED)

 

    Notes   Total
Pro Forma
Condensed
Combined
Statements of
Operations
    Total
Combining
Statements of
Operations
per 1-SA
    Less: Landa
Series 1701
Summerwoods
Lane (1)
    Less: Landa
Series 1741
Park Lane (1)
    Total
Pro Forma
Condensed
Combined
Statements of
Operations and Total
Combining
Statements of
Operations per
Form 1-SA
 
Rental income       $ 985,898     $ 253,134     $ (3,990 )   $ (3,273 )   $ 1,231,769  
                                             
Expenses                                            
Real estate taxes         157,068       30,079       (591 )     (605 )     185,951  
Homeowners association fees         8,555       7,737       (200 )     -       16,092  
Insurance expense         46,165       8,191       (108 )     (124 )     54,124  
Repairs & maintenance         189,282       26,947       (149 )     -       216,080  
Other expenses         6,163       -       -       -       6,163  
Management fee   E     123,544       20,098       (319 )     (243 )     143,080  
Depreciation expense   B     630,931       79,318       (930 )     (1,264 )     708,055  
Interest expense   C     1,111,822       79,602       (842 )     (1,058 )     1,189,524  
Total expenses         2,273,530       251,972       (3,139 )     (3,294 )     2,519,069  
                                             
Net income (loss) before provision for income tax         (1,287,632 )     1,162       (851 )     21       (1,287,300 )
Gain on sale of real estate         -       142,750       -       -       142,750  
Provision for income taxes   D     -       (28,720 )     -       -       (28,720 )
Net income (loss)       $ (1,287,632 )   $ 115,192     $ (851 )   $ 21     $ (1,173,270 )

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

(1) Operations shown through April 15, 2022, in connection with the planned sale of the Property underlying Landa Series 1701 Summerwoods Lane, located at 1701 Summerwoods Lane, Griffin, GA 30224, and the Property underlying Landa Series 1741 Park Lane, located at 1741 Park Lane, Griffin, GA 30224. Landa Series 1701 Summerwoods Lane and Landa Series 1741 Park Lane are both Series that were previously qualified and subsequently closed their offering on September 3, 2021. Both Series are being offered as “New” Series in this Offering Circular. The Company previously filed a separate offering statement for the offer and sale of shares of forty-five (45) separate Series of the Company (the “Separate Offering Series”). Of these forty-five (45) offerings of Separate Offering Series, five (5) were withdrawn before any shares of such Separate Offering Series were issued, and two were previously liquidated when their underlying property was sold to Landa Properties: Landa Series 1701 Summerwoods Lane and Landa Series 1741 Park Lane (the “Previously Liquidated Series”). The Company is now offering new Shares of the Previously Liquidated Series as part of the offering pursuant to this Offering Circular.

 

F-642

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Notes  Landa
Series
1703 Summerwoods Lane Pro Forma
   Landa
Series
1712 Summerwoods Lane Pro Forma
   Landa
Series
1743 Summerwoods Lane Pro Forma
   Landa
Series
1750 Summerwoods Lane Pro Forma
   Landa Series 4267 High Park Lane Pro Forma   Landa Series 4474 Highwood Park Drive
Pro Forma
 
Rental Income     $11,400   $10,500   $11,700   $10,500   $14,484   $13,500 
                                  
Expenses                                 
Real Estate Taxes      1,332    1,332    1,332    1,332    1,380    1,860 
Homeowner Association Fees      -    -    -    -    -    - 
Property Insurance      408    408    408    408    528    480 
Repairs and Maintenance      -    -    -    -    -    - 
Other Expenses      -    -    -    -    -    - 
Management fee  E   912    840    936    840    1,159    1,080 
Depreciation and amortization  B   3,628    3,628    3,628    3,628    4,846    4,361 
Interest Expense  C   5,083    5,083    5,083    5,083    6,790    6,109 
Total Expenses      11,363    11,291    11,387    11,291    14,703    13,890 
                                  
Net Income (loss) before provision for income tax      37    (791)   313    (791)   (219)   (390)
Provision for income taxes  D   -    -    -    -    -    - 
Net Income (loss)     $37   $(791)  $313   $(791)  $(219)  $(390)

 

The accompanying notes are integral part of these unaudited pro forma financial statements.

 

F-643

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

(Continued)

 

   Notes   Landa Series 8569 Creekwood Way Pro Forma   Landa Series 9439 Lakeview Road Pro Forma   Landa Series
10167 Port Royal Court Pro Forma
   Landa Series 1246 Elgin Way Pro Forma   Landa Series 1910 Grove Way Pro Forma   Landa Series 593 Country Lane Pro Forma 
Rental Income       $10,020   $14,484   $12,600   $13,800   $14,100   $11,652 
                                    
Expenses                                   
Real Estate Taxes        732    2,136    1,248    1,716    1,488    1,632 
Homeowner Association Fees        -    -    -    -    -    - 
Property Insurance        324    612    408    468    384    360 
Repairs and Maintenance        -    -    -    -    -    - 
Other Expenses        -    -    -    -    -    - 
Management fee   E    802    1,159    1,008    1,104    1,128    932 
Depreciation and amortization   B    2,678    5,819    3,553    4,290    3,359    3,079 
Interest Expense   C    3,751    8,151    4,977    6,009    4,705    4,313 
Total Expenses        8,287    17,877    11,194    13,587    11,064    10,316 
                                    
Net Income (loss) before provision for income tax        1,733    (3,393)   1,406    213    3,036    1,336 
Provision for income taxes   D    -    -    -    -    -    - 
Net Income (loss)       $1,733   $(3,393)  $1,406   $213   $3,036   $1,336 

 

The accompanying notes are integral part of these unaudited pro forma financial statements.

 

F-644

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

(Continued)

 

   Notes   Landa Series 6436 Stone Terrace Pro Forma   Landa Series 6440 Woodstone Terrace Pro Forma   Landa Series 6848 Sandy Creek Drive Pro Forma   Landa Series 687 Utoy Court Pro Forma   Landa Series 729 Winter Lane Pro Forma   Landa Series 7349 Exeter Court Pro Forma 
Rental Income       $12,000   $13,200   $12,300   $11,700   $12,720   $12,720 
                                    
Expenses                                   
Real Estate Taxes        720    720    1,032    948    1,164    1,668 
Homeowner Association Fees        -    -    -    -    -    - 
Property Insurance        252    264    324    420    408    408 
Repairs and Maintenance        -    -    -    -    -    - 
Other Expenses        -    -    -    -    -    - 
Management fee   E    960    1,056    984    936    1,018    1,018 
Depreciation and amortization   B    1,943    2,080    2,775    3,708    3,653    3,554 
Interest Expense   C    2,722    2,913    3,887    5,194    5,117    4,979 
Total Expenses        6,597    7,033    9,002    11,206    11,360    11,627 
                                    
Net Income (loss) before provision for income tax        5,403    6,167    3,298    494    1,360    1,093 
Provision for income taxes   D    -    -    -    -    -    - 
Net Income (loss)       $5,403   $6,167   $3,298   $494   $1,360   $1,093 

 

The accompanying notes are integral part of these unaudited pro forma financial statements.

 

F-645

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

(Continued)

 

   Notes   Landa Series 8645 Embrey Drive Pro Forma   Landa Series 8780 Churchill Place Pro Forma   Landa Series 8796 Parliament Place Pro Forma   Landa Series 8641 Ashley Way Pro Forma   Landa Series 8651 Ashley Way Pro Forma   Landa Series 8652 Ashley Way Pro Forma 
Rental Income       $13,236   $15,120   $12,600   $11,700   $9,600   $11,100 
                                    
Expenses                                   
Real Estate Taxes        1,296    1,560    1,296    996    804    888 
Homeowner Association Fees        -    -    -    -    -    - 
Property Insurance        420    468    396    408    372    384 
Repairs and Maintenance        -    -    -    -    -    - 
Other Expenses        -    -    -    -    -    - 
Management fee   E    1,059    1,210    1,008    936    768    888 
Depreciation and amortization   B    3,819    3,970    3,529    4,574    3,825    4,253 
Interest Expense   C    5,350    5,965    4,943    6,584    5,505    6,121 
Total Expenses        11,944    13,173    11,172    13,498    11,274    12,534 
                                    
Net Income (loss) before provision for income tax        1,292    1,947    1,428    (1,798)   (1,674)   (1,434)
Provision for income taxes   D    -    -    -    -    -    - 
Net Income (loss)       $1,292   $1,947   $1,428   $(1,798)  $(1,674)  $(1,434)

 

The accompanying notes are integral part of these unaudited pro forma financial statements.

 

F-646

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

(Continued)

 

   Notes   Landa Series 8653 Ashley Way Pro Forma   Landa Series 8654 Ashley Way Pro Forma   Landa Series 8655 Ashley Way Pro Forma   Landa Series 8659 Ashley Way Pro Forma   Landa Series 8662 Ashley Way Pro Forma   Landa Series 8668 Ashley Way Pro Forma 
Rental Income       $11,100   $12,600   $11,400   $10,800   $11,700   $12,300 
                                    
Expenses                                   
Real Estate Taxes        828    888    1,020    1,044    888    1,248 
Homeowner Association Fees        -    -    -    -    -    - 
Property Insurance        372    384    384    372    384    432 
Repairs and Maintenance        -    -    -    -    -    - 
Other Expenses        -    -    -    -    -    - 
Management fee   E    888    1,008    912    864    936    984 
Depreciation and amortization   B    3,789    4,253    3,968    4,539    4,396    4,717 
Interest Expense   C    5,453    6,121    5,965    6,532    6,327    7,093 
Total Expenses        11,330    12,654    12,249    13,351    12,931    14,474 
                                    
Net Income (loss) before provision for income tax        (230)   (54)   (849)   (2,551)   (1,231)   (2,174)
Provision for income taxes   D    -    -    -    -    -    - 
Net Income (loss)       $(230)  $(54)  $(849)  $(2,551)  $(1,231)  $(2,174)

 

The accompanying notes are integral part of these unaudited pro forma financial statements.

 

F-647

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

(Continued)

 

   Notes   Landa Series 8670 Ashley Way Pro Forma   Landa Series 8674 Ashley Way Pro Forma   Landa Series 8675 Ashley Way Pro Forma   Landa Series 8677 Ashley Way Pro Forma   Landa Series 8678 Ashley Way Pro Forma   Landa Series 8679 Ashley Way Pro Forma 
Rental Income       $12,000   $13,320   $11,400   $12,600   $11,100   $12,000 
                                    
Expenses                                   
Real Estate Taxes        1,164    1,092    1,008    756    1,260    1,188 
Homeowner Association Fees        -    -    -    -    -    - 
Property Insurance        408    384    384    372    420    432 
Repairs and Maintenance        -    -    -    -    -    - 
Other Expenses        -    -    -    -    -    - 
Management fee   E    960    1,066    912    1,008    888    960 
Depreciation and amortization   B    4,967    4,217    4,146    3,896    5,253    4,217 
Interest Expense   C    7,149    6,070    5,967    5,607    7,560    6,070 
Total Expenses        14,648    12,829    12,417    11,639    15,381    12,867 
                                    
Net Income (loss) before provision for income tax        (2,648)   491    (1,017)   961    (4,281)   (867)
Provision for income taxes   D    -    -    -    -    -    - 
Net Income (loss)       $(2,648)  $491   $(1,017)  $961   $(4,281)  $(867)

 

The accompanying notes are integral part of these unaudited pro forma financial statements.

 

F-648

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

(Continued)

 

   Notes   Landa Series 8663 Ashley Way Pro Forma  

Landa

Series Pro Forma Totals(1)

 
Rental Income       $11,700   $450,756 
                
Expenses               
Real Estate Taxes        1,044    44,040 
Homeowner Association Fees        -    - 
Property Insurance        396    14,844 
Repairs and Maintenance        -    - 
Other Expenses        -    - 
Management fee   E    936    36,063 
Depreciation and amortization   B    3,861    144,399 
Interest Expense   C    5,804    206,135 
Total Expenses        12,041    445,481 
                
Net Income (loss) before provision for income tax        (341)   5,275 
Provision for income taxes   D    -    - 
Net Income (loss)       $(341)  $5,275 

 

The accompanying notes are integral part of these unaudited pro forma financial statements.

 

(1)The above referenced Pro Forma Condensed Combined Statement of Operations are being presented to represent the Series that were qualified in January 2022 but were not included in the December 31, 2021 Audited Financial Statements issued as of December 31, 2021 as they were not owned by Landa App LLC until 2022. They are referenced in Footnote ten (10) Subsequent events of the December 31, 2021 Audited Financial Statements.

 

F-649

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

 

   Notes  Landa App LLC   Landa Series 10 Oak Wood Lane
Pro Forma
   Landa Series 10 Windridge Drive
Pro Forma
   Landa Series 1000 Fox Valley Trail
Pro Forma
   Landa Series 1007 Leeward Way
Pro Forma
   Landa Series 10119 Commons Way
Pro Forma
 
Rental Income     $      -   $14,731   $12,055   $15,156   $12,672   $14,214 
                                  
Expenses                                 
Real Estate Taxes     -    1,248    1,369    2,860    1,927    2,256 
Homeowner Association Fees      -    -    -    -    -    - 
Property Insurance      -    864    671    874    908    1,198 
Repairs and Maintenance      -    515    2,515    805    185    461 
Other Expenses      -    94    361    -    -    - 
Management fee  E   -    1,668    1,338    1,800    1,024    1,170 
Depreciation and amortization  B   -    7,467    6,349    8,112    7,746    7,956 
Interest Expense  C   -    11,451    11,539    13,409    13,507    13,790 
Total Expenses      -    23,307    24,142    27,860    25,297    26,831 
                                  
Net Income (loss) before provision for income tax      -    (8,576)   (12,087)   (12,704)   (12,625)   (12,617)
Provision for income taxes  D   -    -    -    -    -    - 
Net Income (loss)     $-   $(8,576)  $(12,087)  $(12,704)  $(12,625)  $(12,617)

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-650

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

(Continued)

 

   Notes  Landa Series 10121 Morris Drive SW
Pro Forma
   Landa Series 10183 Starr Street SW
Pro Forma
   Landa Series 103 Starlake Drive
Pro Forma
   Landa Series 104 Summerfield Drive
Pro Forma
   Landa Series 10433 Candlelight Rd
Pro Forma
   Landa Series 105 Anne Street
Pro Forma
 
Rental Income     $11,520   $11,725   $12,849   $13,992   $13,848   $12,965 
                                  
Expenses                                 
Real Estate Taxes     1,026    1,043    1,493    2,282    2,049    973 
Homeowner Association Fees      -    -    -    -    -    - 
Property Insurance      382    1,074    1,009    848    693    667 
Repairs and Maintenance      1,275    812    299    1,545    -    2,055 
Other Expenses      -    -    -    -    -    - 
Management fee  E   1,596    974    1,036    1,733    1,569    1,094 
Depreciation and amortization  B   7,049    6,733    6,666    7,750    7,933    6,242 
Interest Expense  C   12,521    12,077    12,055    13,503    13,759    11,390 
Total Expenses      23,849    22,713    22,558    27,661    26,003    22,421 
                                  
Net Income (loss) before provision for income tax      (12,329)   (10,988)   (9,709)   (13,669)   (12,155)   (9,456)
Provision for income taxes  D   -    -    -    -    -    - 
Net Income (loss)     $(12,329)  $(10,988)  $(9,709)  $(13,669)  $(12,155)  $(9,456)

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-651

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

(Continued)

 

   Notes  Landa Series 107 Oakwood Circle
Pro Forma
   Landa Series 109 Amberwood Lane
Pro Forma
   Landa Series 110 Shenandoah Drive
Pro Forma
   Landa Series 111 Fir Drive
Pro Forma
   Landa Series 1110 Parkview Drive
Pro Forma
   Landa Series 11187 Shannon Circle
Pro Forma
 
Rental Income     $10,350   $10,765   $13,758   $11,646   $11,100   $12,468 
                                  
Expenses                                 
Real Estate Taxes      811    977    1,598    1,383    871    1,719 
Homeowner Association Fees      -    -    -    -    -    - 
Property Insurance      715    863    1,166    793    683    789 
Repairs and Maintenance      -    640    2,035    -    2,538    1,548 
Other Expenses      -    -    -    188    -    - 
Management fee  E   1,199    891    1,133    1,440    1,284    1,648 
Depreciation and amortization  B   4,497    5,056    8,095    5,825    6,487    8,098 
Interest Expense  C   8,945    9,733    13,986    10,805    11,733    13,990 
Total Expenses      16,167    18,160    28,013    20,434    23,596    27,792 
                                  
Net Income (loss) before provision for income tax      (5,817)   (7,395)   (14,255)   (8,788)   (12,496)   (15,324)
Provision for income taxes  D   -    -    -    -    -    - 
Net Income (loss)     $(5,817)  $(7,395)  $(14,255)  $(8,788)  $(12,496)  $(15,324)

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-652

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

(Continued)

 

   Notes  Landa Series 112 Ridge Street
Pro Forma
   Landa Series 11322 Michelle Way
Pro Forma
   Landa Series 114 Starlake Drive
Pro Forma
   Landa Series 11447 S Grove Drive
Pro Forma
   Landa Series 1147 Village Way
Pro Forma
   Landa Series 115 Lakeview Drive
Pro Forma
 
Rental Income     $13,909   $12,924   $13,136   $12,670   $10,998   $14,250 
                                  
Expenses                                 
Real Estate Taxes     2,210    1,497    1,477    1,621    2,390    2,182 
Homeowner Association Fees      -    480    -    450    2,533    - 
Property Insurance      1,117    723    713    668    870    1,063 
Repairs and Maintenance      485    945    676    130    7,438    - 
Other Expenses      -    -    -    -    183    - 
Management fee  E   1,145    1,260    1,071    1,692    1,582    1,173 
Depreciation and amortization  B   8,060    6,174    6,247    7,260    7,781    7,292 
Interest Expense  C   13,937    11,294    11,405    12,815    13,545    12,860 
Total Expenses      26,954    22,373    21,589    24,636    36,322    24,570 
                                  
Net Income (loss) before provision for income tax      (13,045)   (9,449)   (8,453)   (11,966)   (25,324)   (10,320)
Provision for income taxes  D   -    -    -    -    -    - 
Net Income (loss)     $(13,045)  $(9,449)  $(8,453)  $(11,966)  $(25,324)  $(10,320)

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-653

 

  

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

(Continued)

 

   Notes  Landa Series 1160 Gable Terrace
Pro Forma
   Landa Series 1190 Kirkland Road
Pro Forma
   Landa Series 12 Mintz Street
Pro Forma
   Landa Series 120 Rosewood Drive
Pro Forma
   Landa Series 1201 Kilrush Drive
Pro Forma
 
Rental Income     $14,407   $13,777   $12,256   $14,088   $26,337 
                             
Expenses                            
Real Estate Taxes      2,699    1,383    1,615    2,152    3,196 
Homeowner Association Fees      -    -    -    -    - 
Property Insurance      1,229    694    1,038    1,073    2,041 
Repairs and Maintenance      1,835    8,920    909    610    1,585 
Other Expenses      -    -    -    95    - 
Management fee  E   1,186    1,596    1,439    1,160    2,211 
Depreciation and amortization  B   7,781    8,513    6,593    7,327    15,326 
Interest Expense  C   13,553    14,571    11,882    12,909    24,116 
Total Expenses      28,283    35,677    23,476    25,326    48,475 
                             
Net Income (loss) before provision for income tax      (13,876)   (21,900)   (11,220)   (11,238)   (22,138)
Provision for income taxes  D   -    -    -    -    - 
Net Income (loss)     $(13,876)  $(21,900)  $(11,220)  $(11,238)  $(22,138)

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-654

 

  

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

(Continued)

 

   Notes  Landa Series 124 Libby Lane
Pro Forma
   Landa Series 126 E Mimosa Drive
Pro Forma
   Landa Series 12641 Alcovy Road
Pro Forma
   Landa Series 1320 Winona Avenue
Pro Forma
   Landa Series 133 Dove Landing
Pro Forma
   Landa Series 137 Southern Shores
Road
Pro Forma
 
Rental Income     $12,868   $10,306   $11,118   $3,800   $11,790   $12,457 
                                  
Expenses                                 
Real Estate Taxes      1,143    885    1,472    652    284    1,367 
Homeowner Association Fees      -    -    -    -    -    - 
Property Insurance      589    513    577    493    980    789 
Repairs and Maintenance      1,594    95    1,790    8,060    1,206    237 
Other Expenses      -    -    52    269    -    - 
Management fee  E   1,550    1,361    1,478    912    971    1,138 
Depreciation and amortization  B   5,837    6,350    7,989    5,204    5,405    5,830 
Interest Expense  C   10,822    11,540    13,837    9,936    10,218    10,812 
Total Expenses      21,535    20,744    27,195    25,526    19,064    20,173 
                                  
Net Income (loss) before provision for income tax      (8,667)   (10,438)   (16,077)   (21,726)   (7,274)   (7,716)
Provision for income taxes  D   -    -    -    -    -    - 
Net Income (loss)     $(8,667)  $(10,438)  $(16,077)  $(21,726)  $(7,274)  $(7,716)

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-655

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

(Continued)

 

   Notes  Landa Series 138 Sandalwood Circle
Pro Forma
   Landa Series 140 High Ridge Road
Pro Forma
   Landa Series 141 Longstreet Circle
Pro Forma
   Landa Series 1443 Pebble Ridge Lane
Pro Forma
   Landa Series 1445 Maple Valley Court
Pro Forma
 
Rental Income     $10,569   $12,385   $13,490   $13,752   $14,496 
                             
Expenses                            
Real Estate Taxes      1,140    1,516    1,511    2,040    1,253 
Homeowner Association Fees      1,261    -    -    -    360 
Property Insurance      613    1,023    855    775    543 
Repairs and Maintenance      2,502    1,375    1,237    -    - 
Other Expenses      200    -    -    -    - 
Management fee  E   1,665    1,024    1,133    1,832    1,160 
Depreciation and amortization  B   7,413    7,292    8,757    8,378    4,557 
Interest Expense  C   11,413    12,860    14,913    14,382    9,028 
Total Expenses      26,207    25,090    28,406    27,407    16,901 
                             
Net Income (loss) before provision for income tax      (15,638)   (12,705)   (14,916)   (13,655)   (2,405)
Provision for income taxes  D   -    -    -    -    - 
Net Income (loss)     $(15,638)  $(12,705)  $(14,916)  $(13,655)  $(2,405)

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-656

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

(Continued)

 

   Notes 

Landa Series 146 Crystal Brook

Pro Forma

   Landa Series 1473 Brownleaf Drive Pro Forma   Landa Series 1485 Bola Court
Pro Forma
   Landa Series 1490 Diplomat Drive Pro Forma   Landa Series 153 Cliffside Court Pro Forma 
Rental Income     $12,051   $11,824   $12,550   $11,025   $10,221 
                             
Expenses                            
Real Estate Taxes      1,659    1,395    1,348    2,818    785 
Homeowner Association Fees      -    -    -    -    - 
Property Insurance      540    750    871    739    670 
Repairs and Maintenance      356    -    135    6,736    120 
Other Expenses      -    -    95    46    - 
Management fee  E   1,200    1,528    1,541    1,725    830 
Depreciation and amortization  B   4,928    7,189    6,419    9,498    4,078 
Interest Expense  C   9,549    12,716    11,637    15,951    8,364 
Total Expenses      18,232    23,578    22,046    37,513    14,847 
                             
Net Income (loss) before provision for income tax      (6,181)   (11,754)   (9,496)   (26,488)   (4,626)
Provision for income taxes  D   -    -    -    -    - 
Net Income (loss)     $(6,181)  $(11,754)  $(9,496)  $(26,488)  $(4,626)

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-657

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

(Continued)

 

   Notes  Landa Series 157 Wells Road Pro Forma   Landa Series 160 Chimney Ridge Trail Pro Forma   Landa
Series 164 Longstreet Circle Pro Forma
   Landa Series 1666 W Poplar Street Pro Forma 
Rental Income    $10,353   $14,012   $13,404   $12,952 
                        
Expenses                       
Real Estate Taxes     1,282    2,082    1,813    920 
Homeowner Association Fees     -    -    -    - 
Property Insurance     871    1,063    963    848 
Repairs and Maintenance     2,750    4,085    185    130 
Other Expenses     -    416    -    - 
Management fee  E   865    1,435    1,115    1,077 
Depreciation and amortization  B   5,231    7,327    7,397    5,545 
Interest Expense  C   9,973    12,909    13,007    10,413 
Total Expenses     20,972    29,317    24,480    18,933 
                        
Net Income (loss) before provision for income tax     (10,619)   (15,305)   (11,076)   (5,981)
Provision for income taxes  D   -    -    -    - 
Net Income (loss)    $(10,619)  $(15,305)  $(11,076)  $(5,981)

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-658

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

(Continued)

 

   Notes  Landa Series 168 Brookview Drive Pro Forma   Landa Series 1683 Spoonbill Road Pro Forma   Landa Series 1689 Viceroy Way Pro Forma   Landa Series 171 Davidson Drive Pro Forma   Landa Series 1768 Glen View Way Pro Forma   Landa
Series 181 Watercress Court Pro Forma
 
Rental Income    $13,356   $11,320   $15,720   $13,424   $7,806   $11,626 
                                  
Expenses                                 
Real Estate Taxes     1,629    1,388    3,344    1,691    1,371    1,806 
Homeowner Association Fees     803    -    -    -    248    261 
Property Insurance     820    931    885    781    607    835 
Repairs and Maintenance     968    2,110    1,460    4,690    7,030    3,499 
Other Expenses     -    620    200    236    139    432 
Management fee  E   1,068    1,393    1,392    1,930    1,570    1,680 
Depreciation and amortization  B   3,424    5,964    7,126    7,849    6,109    6,942 
Interest Expense  C   5,951    11,001    12,628    13,641    11,278    12,371 
Total Expenses     14,663    23,407    27,035    30,818    28,352    27,826 
                                  
Net Income (loss) before provision for income tax     (1,307)   (12,087)   (11,315)   (17,394)   (20,546)   (16,200)
Provision for income taxes  D   -    -    -    -    -    - 
Net Income (loss)    $(1,307)  $(12,087)  $(11,315)  $(17,394)  $(20,546)  $(16,200)

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-659

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

(Continued)

 

   Notes  Landa
Series 188 Timberline Road Pro Forma
   Landa
Series 189 Shenandoah Drive Pro Forma
   Landa Series 1903 Old Concord Drive SE Pro Forma   Landa
Series 195 Branchwood Drive Pro Forma
   Landa Series 195 Fairclift Drive Pro Forma   Landa Series 195 Hunters Trace Pro Forma 
Rental Income    $9,702   $12,683   $12,718   $13,356   $14,628   $13,045 
                                  
Expenses                                 
Real Estate Taxes     366    1,721    1,294    1,578    1,231    1,628 
Homeowner Association Fees     -    -    -    -    -    - 
Property Insurance     465    663    809    801    920    1,071 
Repairs and Maintenance     280    4,065    990    1,190    999    276 
Other Expenses     -    470    -    -    -    - 
Management fee  E   799    1,288    1,052    1,655    1,221    1,543 
Depreciation and amortization  B   3,309    6,349    8,024    8,268    7,292    7,643 
Interest Expense  C   7,281    11,539    13,886    14,228    12,860    14,263 
Total Expenses     12,500    26,095    26,055    27,720    24,523    26,424 
                                  
Net Income (loss) before provision for income tax     (2,798)   (13,412)   (13,337)   (14,364)   (9,895)   (13,379)
Provision for income taxes  D   -    -    -    -    -    - 
Net Income (loss)    $(2,798)  $(13,412)  $(13,337)  $(14,364)  $(9,895)  $(13,379)

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-660

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

(Continued)

 

   Notes  Landa Series 196 Montego Circle Pro Forma   Landa Series 20 Chimney Smoke Drive Pro Forma   Landa Series 204 N Main Court Pro Forma   Landa Series 2055 Grove Way Pro Forma   Landa Series 212 Fleeta Drive Pro Forma 
Rental Income     $12,853   $13,200   $13,239   $8,795   $12,565 
                             
Expenses                            
Real Estate Taxes      1,591    2,289    1,816    1,532    1,379 
Homeowner Association Fees      -    -    -    450    - 
Property Insurance      868    1,122    889    838    733 
Repairs and Maintenance      -    2,110    275    1,631    3,510 
Other Expenses      -    -    -    -    128 
Management fee  E   1,273    1,625    1,106    1,620    1,528 
Depreciation and amortization  B   6,698    7,327    5,405    6,104    5,617 
Interest Expense  C   12,028    12,909    10,218    11,196    10,513 
Total Expenses      22,458    27,382    19,709    23,371    23,408 
                             
Net Income (loss) before provision for income tax      (9,605)   (14,182)   (6,470)   (14,576)   (10,843)
Provision for income taxes  D   -    -    -    -    - 
Net Income (loss)     $(9,605)  $(14,182)  $(6,470)  $(14,576)  $(10,843)

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-661

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

(Continued)

 

   Notes  Landa Series 215 Central Lake Circle Pro Forma   Landa Series 217 Glenloch Court Pro Forma   Landa Series 2177 E Chester Circle SE Pro Forma   Landa Series 221 Lakeview Drive Pro Forma   Landa Series 2264 Chestnut Hill Circle Pro Forma 
Rental Income     $10,118   $15,716   $15,728   $13,434   $16,572 
                             
Expenses                            
Real Estate Taxes      1,171    2,435    1,395    2,357    3,817 
Homeowner Association Fees      -    -    -    -    - 
Property Insurance      574    1,326    1,028    1,093    1,200 
Repairs and Maintenance      485    2,450    495    329    2,842 
Other Expenses      94    318    -    -    140 
Management fee  E   1,293    1,618    1,872    1,106    1,359 
Depreciation and amortization  B   6,697    8,025    8,164    7,676    10,296 
Interest Expense  C   12,026    13,888    14,083    13,399    17,069 
Total Expenses      22,340    30,060    27,037    25,960    36,723 
                             
Net Income (loss) before provision for income tax      (12,222)   (14,344)   (11,309)   (12,526)   (20,151)
Provision for income taxes  D   -    -    -    -    - 
Net Income (loss)     $(12,222)  $(14,344)  $(11,309)  $(12,526)  $(20,151)

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-662

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

(Continued)

 

   Notes  Landa Series 235 Lazy Hollow Lane Pro Forma   Landa Series 2425 Cornell Circle Pro Forma   Landa Series 2443 Hodges Farm Road Pro Forma   Landa Series 25 Pleasant Valley Road Pro Forma   Landa Series 253 Marco Drive Pro Forma   Landa Series 255 Countryside Lane Pro Forma 
Rental Income    $13,554   $17,034   $14,442   $12,415   $11,071   $13,290 
                                  
Expenses                                 
Real Estate Taxes     1,772    2,914    1,423    2,040    360    1,575 
Homeowner Association Fees     -    -    -    -    -    - 
Property Insurance     1,176    1,238    1,080    901    584    1,154 
Repairs and Maintenance     505    490    420    3,672    450    686 
Other Expenses     -    -    -    -    -    - 
Management fee  E   1,116    1,402    1,170    1,575    1,227    1,652 
Depreciation and amortization  B   7,712    8,759    5,999    7,222    5,589    7,571 
Interest Expense  C   13,467    14,916    11,050    12,762    10,474    13,252 
Total Expenses     25,748    29,719    21,142    28,172    18,684    25,890 
                                  
Net Income (loss) before provision for income tax     (12,194)   (12,685)   (6,700)   (15,757)   (7,613)   (12,600)
Provision for income taxes  D   -    -    -    -    -    - 
Net Income (loss)    $(12,194)  $(12,685)  $(6,700)  $(15,757)  $(7,613)  $(12,600)

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-663

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

(Continued)

 

   Notes  Landa Series 258 Rocky Point Road Pro Forma   Landa Series 263 Rocky Point Road Pro Forma   Landa
Series 268 Brookview Drive Pro Forma
   Landa Series 270 Mountain Lane Pro Forma   Landa Series 270 Mountain Way Pro Forma   Landa Series 270 Pleasant Hill Drive Pro Forma 
Rental Income    $12,532   $14,544   $15,120   $13,992   $12,580   $14,317 
                                  
Expenses                                 
Real Estate Taxes     2,059    1,415    1,632    1,477    1,431    1,503 
Homeowner Association Fees     -    -    803    -    -    - 
Property Insurance     979    1,124    820    871    1,108    1,176 
Repairs and Maintenance     4,910    727    -    -    4,102    - 
Other Expenses     215    -    -    -    -    - 
Management fee  E   1,109    1,221    1,210    1,644    1,740    1,558 
Depreciation and amortization  B   8,235    7,082    4,164    8,461    7,362    8,294 
Interest Expense  C   14,182    12,567    8,478    13,126    12,958    12,294 
Total Expenses     31,689    24,136    17,107    25,579    28,701    24,825 
                                  
Net Income (loss) before provision for income tax     (19,157)   (9,592)   (1,987)   (11,587)   (16,121)   (10,508)
Provision for income taxes  D   -    -    -    -    -    - 
Net Income (loss)    $(19,157)  $(9,592)  $(1,987)  $(11,587)  $(16,121)  $(10,508)

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-664

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

(Continued)

 

    Notes   Landa Series 2794 Norfair Loop Pro Forma     Landa Series 2813 Vicksburg Court Pro Forma     Landa Series 2933 Coffer Drive Pro Forma     Landa Series 30 High Ridge Road Pro Forma     Landa Series 30 Roosevelt Road Pro Forma  
Rental Income       $ 12,231     $ 16,630     $ 11,705     $ 12,660     $ 14,499  
                                             
Expenses                                            
Real Estate Taxes         2,562       1,524       1,191       1,378       2,143  
Homeowner Association Fees         -       -       -       -       -  
Property Insurance         817       1,093       586       662       1,155  
Repairs and Maintenance         911       725       670       2,008       390  
Other Expenses         -       -       -       -       -  
Management fee   E     1,330       1,376       1,345       1,599       1,560  
Depreciation and amortization   B     5,615       8,969       7,161       8,803       7,257  
Interest Expense   C     10,511       15,209       12,677       14,978       12,811  
Total Expenses         21,746       28,896       23,630       29,428       25,316  
                                             
Net Income (loss) before provision for income tax         (9,515 )     (12,266 )     (11,925 )     (16,768 )     (10,817 )
Provision for income taxes   D     -       -       -       -       -  
Net Income (loss)       $ (9,515 )   $ (12,266 )   $ (11,925 )   $ (16,768 )   $ (10,817 )

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-665

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

(Continued)

 

    Notes   Landa Series 3011 Raintree Drive SE Pro Forma     Landa Series 304 Deerfield Drive Pro Forma     Landa Series 3043 Highway 81 S Pro Forma     Landa Series 313 Blue Heron Drive Pro Forma     Landa Series 3202 Chippewa Drive Pro Forma  
                                   
Rental Income       $ 14,145     $ 8,715     $ 9,152     $ 13,550     $ 12,690  
                                             
Expenses                                            
Real Estate Taxes         2,107       1,782       772       2,131       1,378  
Homeowner Association Fees         -       -       -       -       -  
Property Insurance         1,051       841       663       1,064       1,232  
Repairs and Maintenance         -       5,057       3,730       1,670       4,027  
Other Expenses         -       440       240       -       376  
Management fee   E     1,528       1,693       981       1,491       1,270  
Depreciation and amortization   B     7,863       7,305       5,057       6,804       7,711  
Interest Expense   C     13,951       13,133       9,730       12,216       13,448  
Total Expenses         26,500       30,251       21,173       25,376       29,442  
                                             
Net Income (loss) before provision for income tax         (12,355 )     (21,536 )     (12,021 )     (11,826 )     (16,752 )
Provision for income taxes   D     -       -       -       -       -  
Net Income (loss)       $ (12,355 )   $ (21,536 )   $ (12,021 )   $ (11,826 )   $ (16,752 )

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-666

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

(Continued)

 

    Notes   Landa Series 35 Clay Court Pro Forma     Landa Series 350 Cadiz Lane S Pro Forma     Landa Series 351 Wesley Park Drive Pro Forma     Landa Series 3603 Manhattan Drive Pro Forma     Landa Series 3667 Patti Parkway Pro Forma  
Rental Income       $ 14,154     $ 13,816     $ 12,233     $ 13,200     $ 18,604  
                                             
Expenses                                            
Real Estate Taxes         1,667       1,564       1,709       2,578       3,309  
Homeowner Association Fees         -       -       -       -       -  
Property Insurance         977       936       974       1,143       1,392  
Repairs and Maintenance         3,135       1,960       1,533       -       2,641  
Other Expenses         -       -       -       -       -  
Management fee   E     1,631       1,160       1,459       1,777       1,562  
Depreciation and amortization   B     8,719       7,012       6,488       8,584       10,296  
Interest Expense   C     13,644       12,469       11,735       14,671       17,069  
Total Expenses         29,773       25,101       23,898       28,753       36,269  
                                             
Net Income (loss) before provision for income tax         (15,619 )     (11,285 )     (11,665 )     (15,553 )     (17,665 )
Provision for income taxes   D     -       -       -       -       -  
Net Income (loss)       $ (15,619 )   $ (11,285 )   $ (11,665 )   $ (15,553 )   $ (17,665 )

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-667

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(Unaudited)

(Continued)

 

    Notes   Landa Series 404 Barberry Lane Pro Forma     Landa Series 412 Kendall Lane Pro Forma     Landa Series 416 Autumn Lake Court Pro Forma     Landa Series 43 Darwin Drive Pro Forma     Landa Series 432 Manor Estates Drive Pro Forma  
Rental Income       $ 13,336     $ 14,202     $ 13,812     $ 10,813     $ 13,980  
                                             
Expenses                                            
Real Estate Taxes         1,894       1,876       1,876       1,407       1,991  
Homeowner Association Fees         -       325       250       -       -  
Property Insurance         744       735       959       979       815  
Repairs and Maintenance         967       362       -       1,791       -  
Other Expenses         -       -       -       -       -  
Management fee   E     1,205       1,187       1,593       1,218       1,439  
Depreciation and amortization   B     7,295       7,644       6,663       6,209       8,204  
Interest Expense   C     12,865       13,354       11,979       11,343       14,138  
Total Expenses         24,970       25,483       23,320       22,947       26,587  
                                             
Net Income (loss) before provision for income tax         (11,634 )     (11,281 )     (9,508 )     (12,134 )     (12,607 )
Provision for income taxes   D     -       -       -       -       -  
Net Income (loss)       $ (11,634 )   $ (11,281 )   $ (9,508 )   $ (12,134 )   $ (12,607 )

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-668

 

  

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(Unaudited)

(Continued)

 

    Notes   Landa Series 440 Freestone Drive Pro Forma     Landa Series 4447 Lake Breeze Drive Pro Forma     Landa Series 445 Independence Drive Pro Forma     Landa Series 449 Kara Lane Pro Forma     Landa Series 45 Blue Jay Drive Pro Forma  
Rental Income       $ 15,852     $ 15,980     $ 14,165     $ 13,095     $ 18,955  
                                             
Expenses                                            
Real Estate Taxes         1,324       3,266       1,920       1,986       2,284  
Homeowner Association Fees         -       -       -       200       -  
Property Insurance         1,296       1,637       735       741       1,437  
Repairs and Maintenance         1,915       255       -       589       360  
Other Expenses         -       140       -       111       -  
Management fee   E     1,331       1,255       1,660       1,703       1,599  
Depreciation and amortization   B     8,528       9,108       7,945       7,722       9,458  
Interest Expense   C     14,917       15,405       13,445       11,943       15,895  
Total Expenses         29,311       31,066       25,705       24,995       31,033  
                                             
Net Income (loss) before provision for income tax         (13,459 )     (15,086 )     (11,540 )     (11,900 )     (12,078 )
Provision for income taxes   D     -       -       -       -       -  
Net Income (loss)       $ (13,459 )   $ (15,086 )   $ (11,540 )   $ (11,900 )   $ (12,078 )

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-669

 

  

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(Unaudited)

(Continued)

 

    Notes   Landa Series 45 Laurel Way Pro Forma     Landa Series 4702 Saint James Way Pro Forma     Landa Series 4732 Pinedale Drive Pro Forma     Landa Series 497 Highway 212 Pro Forma     Landa Series 5039 East Street Pro Forma  
Rental Income       $ 14,544     $ 13,200     $ 11,340     $ 10,880     $ 9,300  
                                             
Expenses                                            
Real Estate Taxes         1,706       2,431       1,168       1,145       923  
Homeowner Association Fees         -       550       -       -       -  
Property Insurance         727       878       651       756       695  
Repairs and Maintenance         588       130       1,375       -       485  
Other Expenses         -       -       -       -       -  
Management fee   E     1,608       1,475       1,069       893       1,163  
Depreciation and amortization   B     9,037       6,698       5,652       7,081       4,777  
Interest Expense   C     15,305       12,035       10,562       12,564       9,337  
Total Expenses         28,971       24,197       20,477       22,439       17,380  
                                             
Net Income (loss) before provision for income tax         (14,427 )     (10,997 )     (9,137 )     (11,559 )     (8,080 )
Provision for income taxes   D     -       -       -       -       -  
Net Income (loss)       $ (14,427 )   $ (10,997 )   $ (9,137 )   $ (11,559 )   $ (8,080 )

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-670

 

  

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(Unaudited)

(Continued)

 

   Notes  Landa Series 5040 Huntshire Lane Pro Forma   Landa Series 513 Jarrett Court Pro Forma   Landa Series 5143 Pinecrest Drive SW Pro Forma   Landa Series 524 Sawmill Road Pro Forma   Landa Series 5329 Shirewick Lane Pro Forma 
Rental Income     $14,917   $14,184   $11,016   $12,528   $15,725 
                             
Expenses                            
Real Estate Taxes      3,907    2,068    932    1,169    2,908 
Homeowner Association Fees      525    -    -    -    - 
Property Insurance      745    865    418    864    1,253 
Repairs and Maintenance      5,738    450    1,429    4,802    1,260 
Other Expenses      760    -    -    -    - 
Management fee  E   2,399    1,609    1,126    1,520    1,282 
Depreciation and amortization  B   13,318    7,399    5,407    7,785    8,969 
Interest Expense  C   20,024    13,010    10,220    12,766    15,210 
Total Expenses      47,416    25,401    19,532    28,906    30,882 
                             
Net Income (loss) before provision for income tax      (32,499)   (11,217)   (8,516)   (16,378)   (15,157)
Provision for income taxes  D   -    -    -    -    - 
Net Income (loss)     $(32,499)  $(11,217)  $(8,516)  $(16,378)  $(15,157)

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-671

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(Unaudited)

(Continued)

 

   Notes  Landa Series 540 Cowan Road Pro Forma   Landa Series 5411 Rocky Pine Drive Pro Forma   Landa Series 55 Myrtle Grove Lane Pro Forma   Landa Series 550 Cowan Road Pro Forma   Landa Series 5581 Fox Glen Circle Pro Forma 
Rental Income     $12,601   $14,283   $12,425   $11,940   $17,525 
                             
Expenses                            
Real Estate Taxes      1,259    2,769    1,490    1,060    4,146 
Homeowner Association Fees      -    -    -    -    - 
Property Insurance      780    756    1,116    730    1,769 
Repairs and Maintenance      754    -    4,050    3,468    2,625 
Other Expenses      -    -    232    -    - 
Management fee  E   1,530    1,170    1,620    1,518    2,169 
Depreciation and amortization  B   7,734    8,066    7,467    6,470    13,102 
Interest Expense  C   13,480    13,945    13,105    11,285    19,562 
Total Expenses      25,537    26,706    29,080    24,531    43,373 
                             
Net Income (loss) before provision for income tax      (12,936)   (12,423)   (16,655)   (12,591)   (25,848)
Provision for income taxes  D   -    -    -    -    - 
Net Income (loss)     $(12,936)  $(12,423)  $(16,655)  $(12,591)  $(25,848)

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-672

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(Unaudited)

(Continued)

 

   Notes   Landa Series
565 Mountainview
Drive Pro Forma
   Landa Series
5737 Strathmoor
Manor Circle Pro Forma
   Landa Series
5801 Strathmoor
Manor Circle Pro Forma
   Landa Series 6104-6106
Oakwood
Circle SW Pro Forma
   Landa Series
6107 Shadow Glen
Court Pro Forma
 
Rental Income       $12,973   $13,902   $12,301   $9,402   $10,257 
                               
Expenses                              
Real Estate Taxes        1,809    1,900    1,860    934    964 
Homeowner Association Fees        -    852    521    -    - 
Property Insurance        915    901    869    705    461 
Repairs and Maintenance        3,920    120    -    -    700 
Other Expenses        -    250    -    -    - 
Management fee   E    1,651    997    1,577    1,478    1,478 
Depreciation and amortization   B    8,165    6,279    6,558    6,069    4,953 
Interest Expense   C    12,746    11,441    11,833    11,153    9,583 
Total Expenses        29,206    22,740    23,218    20,339    18,139 
                               
Net Income (loss) before provision for income tax        (16,233)   (8,838)   (10,917)   (10,937)   (7,882) 
Provision for income taxes   D    -    -    -    -    - 
Net Income (loss)       $(16,233)  $(8,838)  $(10,917)  $(10,937)  $(7,882) 

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-673

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(Unaudited)

(Continued)

 

    Notes   Landa Series
6111-6113 Pine Glen
Circle SW Pro Forma
    Landa Series
6119 Pineneedle
Drive SW Pro Forma
    Landa Series
615 Barshay Drive
Pro Forma
    Landa Series
6168 Wheat Street NE
Pro Forma
    Landa Series
6178 Green Acres
Drive SW Pro Forma
 
Rental Income       $ 20,033     $ 11,572     $ 14,259     $ 9,829     $ 11,484  
                                             
Expenses                                            
Real Estate Taxes         904       950       1,354       670       1,360  
Homeowner Association Fees         -       -       2,538       -       -  
Property Insurance         752       646       1,099       462       632  
Repairs and Maintenance         1,585       1,941       1,935       2,171       2,806  
Other Expenses         -       119       -       -       -  
Management fee   E     2,169       1,674       1,463       809       1,415  
Depreciation and amortization   B     12,776       3,449       7,468       4,122       5,282  
Interest Expense   C     20,544       7,477       13,138       8,455       10,055  
Total Expenses         38,730       16,256       28,995       16,689       21,550  
                                             
Net Income (loss) before provision for income tax         (18,697 )     (4,684 )     (14,736 )     (6,860 )     (10,066 )
Provision for income taxes   D     -       -       -       -       -  
Net Income (loss)       $ (18,697 )   $ (4,684 )   $ (14,736 )   $ (6,860 )   $ (10,066 )

  

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-674

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(Unaudited)

(Continued)

 

   Notes  Landa Series
6386 Forester Way
Pro Forma
   Landa Series
6404 Walnut Way Pro-
Forma
   Landa Series
643 Sycamore
Drive Pro Forma
   Landa Series
65 Freedom Court
Pro Forma
   Landa Series
653 Georgetown
Lane Pro Forma
 
Rental Income     $13,420   $15,349   $14,381   $13,779   $12,164 
                             
Expenses                            
Real Estate Taxes      2,720    1,564    2,235    1,600    1,630 
Homeowner Association Fees      -    480    -    -    500 
Property Insurance      735    1,218    746    1,127    665 
Repairs and Maintenance      -    200    -    -    983 
Other Expenses      -    243    -    -    - 
Management fee  E   1,784    1,217    1,195    1,474    1,524 
Depreciation and amortization  B   7,647    7,082    6,791    7,504    7,295 
Interest Expense  C   13,357    12,567    12,158    13,225    12,864 
Total Expenses      26,243    24,571    23,125    24,930    25,461 
                             
Net Income (loss) before provision for income tax      (12,823)   (9,222)   (8,744)   (11,151)   (13,297)
Provision for income taxes  D   -    -    -    -    - 
Net Income (loss)     $(12,823)  $(9,222)  $(8,744)  $(11,151)  $(13,297)

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-675

 

 

LANDA APP LLC (LANDA APP )

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(Unaudited)

(Continued)

 

   Notes  Landa Series
6635 Kimberly Mill
Road Pro Forma
   Landa Series
6653 Bedford Road
Pro Forma
   Landa Series
6710 Sunset Hills
Boulevard Pro-
Forma
   Landa Series
6762 Bent Creek
Drive Pro Forma
   Landa Series
683 Wood Path
Court Pro Forma
 
Rental Income     $14,629   $11,701   $12,105   $12,584   $14,952 
                             
Expenses                            
Real Estate Taxes      1,756    1,909    1,673    2,002    2,281 
Homeowner Association Fees      -    -    300    -    - 
Property Insurance      681    930    867    1,046    712 
Repairs and Maintenance      516    2,320    1,260    70    320 
Other Expenses      200    -    -    -    - 
Management fee  E   1,676    1,483    1,008    1,359    1,728 
Depreciation and amortization  B   8,671    7,048    5,720    7,082    9,187 
Interest Expense  C   14,792    12,538    10,658    12,567    14,781 
Total Expenses      28,292    26,228    21,486    24,126    29,009 
                             
Net Income (loss) before provision for income tax      (13,663)   (14,527)   (9,381)   (11,542)   (14,057)
Provision for income taxes  D   -    -    -    -    - 
Net Income (loss)     $(13,663)  $(14,527)  $(9,381)  $(11,542)  $(14,057)

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-676

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

(Continued)

 

    Notes   Landa Series 70 Shenandoah
Lane Pro Forma
    Landa Series 709 Georgetown
Court Pro Forma
    Landa Series 7107 Geiger Street NW
Pro Forma
    Landa Series 7205 Lakeview
Drive SW
Pro Forma
    Landa Series 750 Georgetown
Court Pro Forma
    Landa Series 752 Chestnut
Drive Pro Forma
 
Rental Income       $ 13,665     $ 13,822     $ 10,052     $ 13,794     $ 12,704     $ 10,309  
                                                     
Expenses                                                    
Real Estate Taxes         1,920       1,711       318       1,328       1,730       665  
Homeowner Association Fees         -       831       -       -       801       -  
Property Insurance         874       649       490       831       860       491  
Repairs and Maintenance         2,300       1,312       559       185       -       470  
Other Expenses         -       -       119       -       -       -  
Management fee   E     1,697       1,611       1,024       1,751       1,068       866  
Depreciation and amortization   B     8,897       6,979       3,274       7,501       5,405       4,463  
Interest Expense   C     15,109       12,423       7,232       13,154       10,217       8,898  
Total Expenses         30,797       25,516       13,016       24,750       20,081       15,853  
                                                     
Net Income (loss) before provision for income tax         (17,132 )     (11,694 )     (2,964 )     (10,956 )     (7,377 )     (5,544 )
Provision for income taxes   D     -       -       -       -       -       -  
Net Income (loss)       $ (17,132 )   $ (11,694 )   $ (2,964 )   $ (10,956 )   $ (7,377 )   $ (5,544 )

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-677

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

(Continued)

 

    Notes   Landa Series 773 Villa Way
Pro Forma
    Landa Series 7781 Mountain Creek
Way Pro Forma
    Landa Series 7950 Woodlake
Drive Pro Forma
    Landa Series 80 High Ridge
Road Pro Forma
    Landa Series 800 Mills Drive
Pro Forma
 
Rental Income       $ 11,724     $ 14,445     $ 12,678     $ 12,475     $ 13,942  
                                             
Expenses                                            
Real Estate Taxes         1,404       2,161       1,825       1,826       1,404  
Homeowner Association Fees         880       -       -       -       -  
Property Insurance         429       1,128       858       1,038       778  
Repairs and Maintenance         12,916       2,890       2,832       5,694       -  
Other Expenses         -       200       38       127       -  
Management fee   E     938       1,181       1,258       1,296       1,596  
Depreciation and amortization   B     2,893       7,783       6,174       7,816       8,932  
Interest Expense   C     5,393       13,549       11,294       13,594       15,158  
Total Expenses         24,853       28,892       24,279       31,391       27,868  
                                             
Net Income (loss) before provision for income tax         (13,129 )     (14,447 )     (11,601 )     (18,916 )     (13,926 )
Provision for income taxes   D     -       -       -       -       -  
Net Income (loss)       $ (13,129 )   $ (14,447 )   $ (11,601 )   $ (18,916 )   $ (13,926 )

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-678

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

(Continued)

 

    Notes   Landa
Series 808
Hillandale
Lane
Pro Forma
    Landa
Series 8110
Devonshire
Drive Pro Forma
    Landa
Series 8121
Spillers
Drive SW
Pro Forma
    Landa
Series 8233
Creekline
Court Pro
Forma
    Landa
Series 8302
Sterling
Lakes
Drive Pro
Forma
 
Rental Income       $ 15,225     $ 11,355     $ 11,136     $ 11,832     $ 13,871  
                                             
Expenses                                            
Real Estate Taxes         2,277       906       752       2,009       1,806  
Homeowner Association Fees         1,355       -       -       -       200  
Property Insurance         911       500       414       728       1,351  
Repairs and Maintenance         1,335       3,470       360       5,908       1,553  
Other Expenses         -       296       -       -       -  
Management fee   E     1,289       1,419       1,170       960       1,513  
Depreciation and amortization   B     7,258       4,953       5,980       7,417       7,921  
Interest Expense   C     12,840       9,583       11,023       13,214       13,741  
Total Expenses         27,265       21,127       19,699       30,236       28,085  
                                             
Net Income (loss) before provision for income tax         (12,040 )     (9,772 )     (8,563 )     (18,404 )     (14,214 )
Provision for income taxes   D     -       -       -       -       -  
Net Income (loss)       $ (12,040 )   $ (9,772 )   $ (8,563 )   $ (18,404 )   $ (14,214 )

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-679

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

(Continued)

 

   Notes  Landa Series
843 Tramore Drive
Pro Forma
   Landa Series 85
Kirkland Court Pro-
Forma
   Landa Series
85 Thorn Thicket
Way Pro Forma
   Landa Series 8658
Ashley Way
Pro Forma
   Landa Series
8667 Ashley Way
Pro Forma
   Landa Series
8671 Ashley Way
Pro Forma
 
Rental Income     $19,200   $14,128   $14,093   $14,400   $13,200   $12,600 
                                  
Expenses                                 
Real Estate Taxes      2,130    1,848    2,036    1,065    979    979 
Homeowner Association Fees      -    -    -    -    -    - 
Property Insurance      472    1,168    887    365    372    374 
Repairs and Maintenance      388    4,548    285    587    8,287    798 
Other Expenses      -    384    200    -    -    - 
Management fee  E   1,536    1,701    1,189    1,152    1,056    1,008 
Depreciation and amortization  B   4,720    8,759    7,573    4,220    3,432    4,370 
Interest Expense  C   8,797    14,916    13,255    8,591    6,153    9,035 
Total Expenses      18,043    33,324    25,425    15,980    20,279    16,564 
                                  
Net Income (loss) before provision for income tax      1,157    (19,196)   (11,332)   (1,580)   (7,079)   (3,964)
Provision for income taxes  D   -    -    -    -    -    - 
Net Income (loss)     $1,157   $(19,196)  $(11,332)  $(1,580)  $(7,079)  $(3,964)

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-680

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

(Continued)

 

   Notes  Landa Series
8676 Ashley Way
Pro Forma
   Landa Series
8691 Ashley Way Pro-
Forma
   Landa Series
8692 Ashley Way Pro-
Forma
   Landa Series
8693 Ashley Way Pro-
Forma
   Landa Series
8694 Ashley Way Pro-
Forma
   Landa Series
8697 Ashley Way
Pro Forma
 
Rental Income     $12,600   $13,800   $13,800   $14,400   $13,800   $11,400 
                                  
Expenses                                 
Real Estate Taxes      1,166    1,354    1,487    1,349    1,316    1,275 
Homeowner Association Fees      -    -    -    -    -    - 
Property Insurance      397    457    428    439    412    421 
Repairs and Maintenance      17,214    641    420    -    1,205    9,040 
Other Expenses      -    -    -    -    -    - 
Management fee  E   1,008    1,104    1,104    1,152    1,104    912 
Depreciation and amortization  B   4,213    2,858    3,382    4,172    4,568    4,863 
Interest Expense  C   9,256    6,685    6,564    9,921    9,045    9,831 
Total Expenses      33,254    13,099    13,385    17,033    17,650    26,342 
                                  
Net Income (loss) before provision for income tax      (20,654)   701    415    (2,633)   (3,850)   (14,942)
Provision for income taxes  D   -    -    -    -    -    - 
Net Income (loss)     $(20,654)  $701   $415   $(2,633)  $(3,850)  $(14,942)

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-681

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

(Continued)

 

   Notes  Landa Series 8819 Leafwood
Court Pro Forma
   Landa Series 8855 Rugby Court Pro-
Forma
   Landa Series 9020 Sterling Ridge
Lane Pro Forma
   Landa Series 9150 Spillers Drive SW
Pro Forma
   Landa Series 925 Mote Road
Pro Forma
 
Rental Income     $11,520   $10,681   $12,650   $11,790   $12,113 
                             
Expenses                            
Real Estate Taxes      1,606    1,388    1,567    1,615    1,267 
Homeowner Association Fees      -    -    -    -    - 
Property Insurance      783    523    837    960    596 
Repairs and Maintenance      145    5,403    328    555    170 
Other Expenses      -    302    -    -    - 
Management fee  E   1,515    1,084    1,580    950    1,683 
Depreciation and amortization  B   7,190    5,232    6,612    6,244    8,128 
Interest Expense  C   12,717    9,975    10,650    11,392    14,032 
Total Expenses      23,956    23,907    21,574    21,716    25,876 
                             
Net Income (loss) before provision for income tax      (12,436)   (13,226)   (8,924)   (9,926)   (13,763)
Provision for income taxes  D   -    -    -    -    - 
Net Income (loss)     $(12,436)  $(13,226)  $(8,924)  $(9,926)  $(13,763)

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-682

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

(Continued)

 

    Notes   Landa Series 9409 Forest Knoll
Drive Pro Forma
    Landa Series 9434 Cedar Creek
Place Pro Forma
    Landa Series 9597 Pintail Trail
Pro Forma
    Landa Series 974 Laurel Street
Pro Forma
    Landa
Series 1701 Summerwoods
Lane Pro Forma
 
Rental Income       $ 13,820     $ 15,130     $ 13,072     $ 10,812     $ 11,638  
                                             
Expenses                                            
Real Estate Taxes         1,937       2,269       2,300       1,505       1,774  
Homeowner Association Fees         -       -       -       -       600  
Property Insurance         794       1,109       738       700       360  
Repairs and Maintenance         70       1,375       1,181       210       898  
Other Expenses         -       -       -       -       -  
Management fee   E     1,713       1,252       1,073       1,355       958  
Depreciation and amortization   B     7,994       8,760       7,783       7,017       5,538  
Interest Expense   C     13,844       14,930       13,558       12,523       7,758  
Total Expenses         26,352       29,695       26,633       23,310       17,886  
                                             
Net Income (loss) before provision for income tax         (12,532 )     (14,565 )     (13,561 )     (12,498 )     (6,248 )
Provision for income taxes   D     -       -       -       -       -  
Net Income (loss)       $ (12,532 )   $ (14,565 )   $ (13,561 )   $ (12,498 )   $ (6,248 )

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements.

 

F-683

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

FOR THE YEAR ENDED DECEMBER 31, 2021

(UNAUDITED)

(Continued)

 

    Notes   Landa Series 1741 Park Lane
Pro Forma
    Total Pro Forma Condensed Combined Statement of Operations  
Rental Income       $ 8,700     $ 2,358,518  
                     
Expenses                    
Real Estate Taxes         1,814       302,945  
Homeowner Association Fees         -       19,357  
Property Insurance         420       152,139  
Repairs and Maintenance         881       310,110  
Other Expenses         -       9,768  
Management fee   E     731       247,086  
Depreciation and amortization   B     6,267       1,261,868  
Interest Expense   C     8,779       2,223,649  
Total Expenses         18,892       4,526,922  
                     
Net Income (loss) before provision for income tax         (10,192 )     (2,168,404 )
Provision for income taxes   D     -       -  
Net Income (loss)       $ (10,192 )   $ (2,168,404 )

 

The accompanying notes are an integral part of these unaudited condensed combined pro forma financial statements. 

 

F-684

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED STATEMENT OF OPERATIONS PER FORM 1-K/A

FOR THE YEAR ENDED DECEMBER 31, 2021

(AUDITED)

 

   Notes   Landa
Series
115
Sardis
Street
   Landa
Series 1394
Oakview
Circle
   Landa Series
1701
Summerwoods
Lane
   Landa Series
1741
Summerwoods
Lane
   Landa
Series
209
Timber
Wolf
Trail
   Landa
Series
2505 Oak
Circle
 
Rental Income       $9,700   $9,300   $11,590   $8,700   $9,300   $9,552 
                                    
Expenses                                   
Real Estate Taxes        943    1,567    1,774    1,813    830    1,077 
Homeowner Association Fees        -    -    660    -    335    - 
Property Insurance        445    363    388    476    439    417 
Repairs and Maintenance        3,889    -    948    881    -    4,543 
Other Expenses        -    4    -    -    -    - 
Management fee   E    776    744    927    696    744    764 
Advertising        -    -    -    -    -    260 
Bad debt expense        -    -    -    -    -    1,997 
Depreciation and amortization   B    3,967    2,223    2,790    3,793    3,437    3,050 
Interest Expense   C    2,880    1,466    1,596    2,468    2,154    1,511 
                                    
Total Expenses        12,900    6,367    9,083    10,127    7,939    13,619 
                                    
Net Income (loss) before provision for income tax        (3,200)   2,933    2,507    (1,427)   1,361    (4,067)
Provision for income taxes   D    -    733    627    -    340    - 
Net Income (loss)       $(3,200)  $2,200   $1,880   $(1,427)  $1,021   $(4,067)

 

The accompanying notes are an integral part of these financial statements. 

 

F-685

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED STATEMENT OF OPERATIONS PER FORM 1-K/A

FOR THE YEAR ENDED DECEMBER 31, 2021

(AUDITED)

(Continued)

 

   Notes  Landa
Series 271
Timber
Wolf Trail
   Landa
Series 29
Holly
Grove
   Total
Combined
Statement of
Operations
per Form
1-K/A
 
Rental Income     $11,832   $8,480   $78,454 
                   
Expenses                  
Real Estate Taxes      862    1,331    10,197 
Homeowner Association Fees      335    -    1,330 
Property Insurance      444    388    3,360 
Repairs and Maintenance      -    1,907    12,168 
Other Expenses      -    -    4 
Management fee  E   924    679    6,254 
Advertising      -    -    260 
Bad debt expense      -    -    1,997 
Depreciation and amortization  B   3,782    3,073    26,115 
Interest Expense  C   2,474    1,683    16,232 
                   
Total Expenses      8,821    9,061    77,917 
                   
Net Income (loss) before provision for income tax      3,011    (581)   537 
Provision for income taxes  D   753    -    2,453 
Net Income (loss)     $2,258   $(581)  $(1,916)

 

The accompanying notes are an integral part of these financial statements.

 

F-686

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS

AND COMBINED STATEMENT OF OPERATIONS PER FORM 1-K/A

FOR THE YEAR ENDED DECEMBER 31, 2021

 

    Notes   Pro Forma
Condensed
Statement of
Operations (1)
    Pro Forma
Condensed
Statement of
Operations
    Combined
Statement
of
Operations
per 1-K/A
    Less: Landa
Series 1701
Summerwoods
Lane (2)
    Less:
Landa
Series
1741
Park
Lane (2)
    Total Pro
Forma
Condensed
Statement
of
Operations
and Total
Combined
Statement
of
Operations
per 1-K/A
 
Rental Income       $ 450,756     $ 2,358,518     $ 78,454     $ (11,590 )   $ (8,700 )   $ 2,867,438  
                                                     
Expenses                                                    
Real Estate Taxes         44,040       302,945       10,197       (1,774 )     (1,813 )     353,595  
Homeowner Association Fees         -       19,357       1,330       (660 )     -       20,027  
Property Insurance         14,844       152,139       3,360       (388 )     (476 )     169,479  
Repairs and Maintenance         -       310,110       12,168       (948 )     (881 )     320,449  
Other Expenses         -       9,768       4       -       -       9,772  
Management fee   E     36,063       247,086       6,254       (927 )     (696 )     287,780  
Advertising         -       -       260       -       -       260  
Bad debt expense         -       -       1,997       -       -       1,997  
Depreciation and amortization   B     144,399       1,261,868       26,115       (2,790 )     (3,793 )     1,425,799  
Interest Expense   C     206,135       2,223,649       16,232       (1,596 )     (2,468 )     2,441,952  
                                                     
Total Expenses         445,481       4,526,922       77,917       (9,083 )     (10,127 )     5,031,110  
                                                     
Net Income (loss) before provision for income tax         5,275       (2,168,404 )     537       (2,507 )     1,427       (2,163,672 )
                                                     
Provision for income taxes   D     -       -       2,453       (627 )     -       1,826  
                                                     
Net Income (loss)       $ 5,275     $ (2,168,404 )   $ (1,916 )   $ (1,880 )   $ 1,427     $ (2,165,498 )

 

(1)The above referenced Pro Forma Condensed Combined Statement of Operations are being presented to represent the Series that were qualified in January 2022 but were not included in the December 31, 2021 Audited Financial Statements issued as of December 31, 2021 as they were not owned by Landa App LLC until 2022. They are referenced in Footnote ten (10) Subsequent events of the December 31, 2021 Audited Financial Statements.

 

(2)Landa Series 1701 Summerwoods Lane and Landa Series 1741 Park Lane are both Series that were previously qualified and subsequently closed their offering on September 3, 2021. Both Series are being offered as “New” Series in this Offering Circular. The Company previously filed a separate offering statement for the offer and sale of shares of forty-five (45) separate Series of the Company (the “Separate Offering Series”). Of these forty-five (45) offerings of Separate Offering Series, five (5) were withdrawn before any shares of such Separate Offering Series were issued, and two were previously liquidated when their underlying property was sold to Landa Properties: Landa Series 1701 Summerwoods Lane and Landa Series 1741 Park Lane (the “Previously Liquidated Series”). The Company is now offering new Shares of the Previously Liquidated Series as part of the offering pursuant to this Offering Circular.

 

F-687

 

 

Notes:

 

BReflects adjustments related to the closing of property acquisitions, including the closing costs primarily consisting of the acquisition fees and property due diligence fees and the related building depreciation for the periods presented.

 

C

For the Prior Series (as defined and indicated on the Master Series Table), the Acquisition Notes have previously been refinanced and the rate and interest expense can be found in the Company’s Form 1-K/A and Form 1-SA incorporated by reference in this filing.

 

For the New Series (as defined and indicated on the Master Series Table), a portion of the Acquisition Notes are expected to be refinanced at the closing of the offering with a Refinance Note at a market rate of interest that is expected to be in the range of 7% to 10% per annum, that will be secured by the property and mature between one (1) and five (5) years after the refinancing. The Refinance Notes are anticipated to have principal amounts that (i) are less than the Acquisition Notes and (ii) represent a loan to value ratio of approximately 65% of the original purchase price of each series.

 

The table below represents the interest expense and Net Income/(Loss) per New Series based on (i) each Refinance Note (x) having a principal amount equal to 65% of the original purchase price of each series and (y) having either a 7% and 10% interest rate; and (ii) each Acquisition Note (x) being partially paid down by the Refinance Note and having a remaining principal amount equal to the original Acquisition Note less the Refinance Note and (y) having an interest rate equal to 4.5%.

 

   Proposed
Refinance
   Remaining
Acquisition
   Total 6 Mos Interest
Expense @
   June Proforma   Total 6 Mos Interest
Expense @
   June Proforma 
Series Name  Note   Note   7% (1)   Income/(Loss)   10% (1)   Income/(Loss) 
Landa Series 10 Oak Wood Lane  $152,673   $101,782   $7,634   $(13,167)  $9,924   $(14,567)
Landa Series 10 Windridge Drive  $153,853   $102,569   $7,693   $(5,850)  $10,000   $(7,260)
Landa Series 1000 Fox Valley Trail  $178,791   $119,194   $8,940   $(15,457)  $11,621   $(17,096)
Landa Series 1007 Leeward Way  $180,094   $120,063   $9,005   $(10,891)  $11,706   $(12,542)
Landa Series 10119 Commons Way  $183,870   $122,580   $9,193   $(8,938)  $11,952   $(10,623)
Landa Series 10121 Morris Drive SW  $166,941   $111,294   $8,347   $(14,253)  $10,851   $(15,783)
Landa Series 10183 Starr Street SW  $161,030   $107,353   $8,051   $(7,521)  $10,467   $(8,997)
Landa Series 103 Starlake Drive  $160,730   $107,153   $8,036   $(7,336)  $10,447   $(8,809)
Landa Series 104 Summerfield Drive  $180,035   $120,024   $9,002   $(14,121)  $11,702   $(15,771)
Landa Series 10433 Candlelight Road  $183,454   $122,303   $9,173   $(5,967)  $11,925   $(7,649)
Landa Series 105 Anne Street  $151,869   $101,246   $7,593   $(11,598)  $9,871   $(12,990)
Landa Series 107 Oakwood Circle  $119,269   $79,512   $5,963   $(3,722)  $7,752   $(4,815)
Landa Series 109 Amberwood Lane  $129,770   $86,513   $6,489   $(5,337)  $8,435   $(6,527)
Landa Series 110 Shenandoah Drive  $186,478   $124,319   $9,324   $(10,171)  $12,121   $(11,880)
Landa Series 111 Fir Drive  $144,064   $96,042   $7,203   $(8,898)  $9,364   $(10,219)
Landa Series 1110 Parkview Drive  $156,436   $104,291   $7,822   $(11,444)  $10,168   $(12,878)
Landa Series 11187 Shannon Circle  $186,531   $124,354   $9,327   $(7,614)  $12,125   $(9,324)
Landa Series 112 Ridge Street  $185,825   $123,884   $9,291   $(10,425)  $12,079   $(12,128)
Landa Series 11322 Michelle Way  $150,589   $100,393   $7,529   $(6,577)  $9,788   $(7,957)
Landa Series 114 Starlake Drive  $152,062   $101,375   $7,603   $(6,206)  $9,884   $(7,600)
Landa Series 11447 S Grove Drive  $170,869   $113,913   $8,543   $(6,269)  $11,106   $(7,835)
Landa Series 1147 Village Way  $180,606   $120,404   $9,030   $(13,103)  $11,739   $(14,759)

 

F-688

 

 

   Proposed
Refinance
   Remaining
Acquisition
   Total 6 Mos Interest
Expense @
   June Proforma   Total 6 Mos Interest
Expense @
   June Proforma 
Series Name  Note   Note   7% (1)   Income/(Loss)   10% (1)   Income/(Loss) 
Landa Series 115 Lakeview Drive  $171,472   $114,314   $8,574   $(7,839)  $11,146   $(9,410)
Landa Series 1160 Gable Terrace  $180,705   $120,470   $9,035   $(9,827)  $11,746   $(11,483)
Landa Series 1190 Kirkland Road  $194,275   $129,516   $9,714   $(8,223)  $12,628   $(10,004)
Landa Series 12 Mintz Street  $158,421   $105,614   $7,921   $(6,653)  $10,297   $(8,106)
Landa Series 120 Rosewood Drive  $172,124   $114,749   $8,606   $(7,956)  $11,188   $(9,533)
Landa Series 1201 Kilrush Drive  $321,552   $214,368   $16,078   $(15,725)  $20,901   $(18,673)
Landa Series 124 Libby Lane  $144,291   $96,194   $7,215   $(9,965)  $9,379   $(11,288)
Landa Series 126 E Mimosa Drive  $153,871   $102,580   $7,694   $(11,320)  $10,002   $(12,730)
Landa Series 12641 Alcovy Road  $184,489   $122,992   $9,224   $(7,751)  $11,992   $(9,442)
Landa Series 1320 Winona Avenue  $132,477   $88,318   $6,624   $(5,525)  $8,611   $(6,739)
Landa Series 133 Dove Landing  $136,235   $90,823   $6,812   $(7,887)  $8,855   $(9,135)
Landa Series 137 Southern Shores Road  $144,161   $96,107   $7,208   $(5,913)  $9,370   $(7,234)
Landa Series 138 Sandalwood Circle  $152,170   $101,446   $7,608   $(34,174)  $9,891   $(35,569)
Landa Series 140 High Ridge Road  $171,470   $114,313   $8,574   $(8,330)  $11,146   $(9,901)
Landa Series 141 Longstreet Circle  $198,841   $132,561   $9,942   $(9,571)  $12,925   $(11,394)
Landa Series 1443 Pebble Ridge Lane  $191,766   $127,844   $9,588   $(12,551)  $12,465   $(14,309)
Landa Series 1445 Maple Valley Court  $120,379   $80,253   $6,019   $(3,867)  $7,825   $(4,970)
Landa Series 146 Crystal Brook  $127,320   $84,880   $6,366   $(4,381)  $8,276   $(5,548)
Landa Series 1473 Brownleaf Drive  $169,553   $113,035   $8,478   $(7,906)  $11,021   $(9,461)
Landa Series 1485 Bola Court  $155,158   $103,439   $7,758   $(5,080)  $10,085   $(6,502)
Landa Series 1490 Diplomat Drive  $212,682   $141,788   $10,634   $(15,739)  $13,824   $(17,689)
Landa Series 153 Cliffside Court  $111,514   $74,342   $5,576   $(4,227)  $7,248   $(5,250)
Landa Series 157 Wells Road  $132,972   $88,648   $6,649   $(5,927)  $8,643   $(7,146)
Landa Series 160 Chimney Ridge Trail  $172,124   $114,749   $8,606   $(6,357)  $11,188   $(7,934)

 

F-689

 

 

   Proposed
Refinance
   Remaining
Acquisition
   Total 6 Mos Interest
Expense @
   June Proforma   Total 6 Mos Interest
Expense @
   June Proforma 
Series Name  Note   Note   7% (1)   Income/(Loss)   10% (1)   Income/(Loss) 
Landa Series 164 Longstreet Circle  $173,429   $115,619   $8,671   $(8,156)  $11,273   $(9,745)
Landa Series 1666 W Poplar Street  $138,843   $92,562   $6,942   $(4,980)  $9,025   $(6,253)
Landa Series 168 Brookview Drive  $79,346   $52,897   $3,967   $(26,222)  $5,157   $(26,949)
Landa Series 1683 Spoonbill Road  $146,675   $97,783   $7,334   $(11,525)  $9,534   $(12,870)
Landa Series 1689 Viceroy Way  $168,377   $112,251   $8,419   $(7,370)  $10,944   $(8,913)
Landa Series 171 Davidson Drive  $181,879   $121,253   $9,094   $(13,872)  $11,822   $(15,540)
Landa Series 1768 Glen View Way  $150,372   $100,248   $7,519   $(7,949)  $9,774   $(9,327)
Landa Series 181 Watercress Court  $164,945   $109,963   $8,247   $(9,798)  $10,721   $(11,310)
Landa Series 188 Timberline Road  $97,081   $64,721   $4,854   $(2,654)  $6,310   $(3,544)
Landa Series 189 Shenandoah Drive  $153,852   $102,568   $7,693   $(6,093)  $10,000   $(7,503)
Landa Series 1903 Old Concord Drive SE  $185,141   $123,427   $9,257   $(9,243)  $12,034   $(10,940)
Landa Series 195 Branchwood Drive  $189,708   $126,472   $9,485   $(16,648)  $12,331   $(18,387)
Landa Series 195 Fairclift Drive  $171,472   $114,314   $8,574   $(7,087)  $11,146   $(8,658)
Landa Series 195 Hunters Trace  $190,173   $126,782   $9,509   $(31,584)  $12,361   $(33,327)
Landa Series 196 Montego Circle  $160,377   $106,918   $8,019   $(6,003)  $10,425   $(7,473)
Landa Series 20 Chimney Smoke Drive  $172,124   $114,749   $8,606   $(9,244)  $11,188   $(10,821)
Landa Series 204 N Main Court  $136,235   $90,823   $6,812   $(5,787)  $8,855   $(7,035)
Landa Series 2055 Grove Way  $149,285   $99,524   $7,464   $(14,033)  $9,704   $(15,401)
Landa Series 212 Fleeta Drive  $140,179   $93,453   $7,009   $(5,736)  $9,112   $(7,021)
Landa Series 215 Central Lake Circle  $160,351   $106,900   $8,018   $(10,608)  $10,423   $(12,078)
Landa Series 217 Glenloch Court  $185,173   $123,449   $9,259   $(7,188)  $12,036   $(8,885)
Landa Series 2177 E Chester Circle SE  $187,770   $125,180   $9,389   $(10,835)  $12,205   $(12,557)
Landa Series 221 Lakeview Drive  $178,649   $119,100   $8,932   $(8,571)  $11,612   $(10,209)
Landa Series 2264 Chestnut Hill Circle  $227,588   $151,725   $11,379   $(12,182)  $14,793   $(14,269)

 

F-690

 

 

   Proposed
Refinance
   Remaining
Acquisition
   Total 6 Mos Interest
Expense @
   June Proforma   Total 6 Mos Interest
Expense @
   June Proforma 
Series Name  Note   Note   7% (1)   Income/(Loss)   10% (1)   Income/(Loss) 
Landa Series 235 Lazy Hollow Lane  $179,556   $119,704   $8,978   $(9,037)  $11,671   $(10,683)
Landa Series 2425 Cornell Circle  $198,879   $132,586   $9,944   $(9,244)  $12,927   $(11,067)
Landa Series 2443 Hodges Farm Road  $147,328   $98,218   $7,366   $(5,439)  $9,576   $(6,790)
Landa Series 25 Pleasant Valley Road  $170,165   $113,443   $8,508   $(8,021)  $11,061   $(9,581)
Landa Series 253 Marco Drive  $139,657   $93,104   $6,983   $(6,048)  $9,078   $(7,329)
Landa Series 255 Countryside Lane  $176,692   $117,795   $8,835   $(6,471)  $11,485   $(8,091)
Landa Series 258 Rocky Point Road  $189,088   $126,059   $9,454   $(10,242)  $12,291   $(11,975)
Landa Series 263 Rocky Point Road  $167,556   $111,704   $8,378   $(15,574)  $10,891   $(17,110)
Landa Series 268 Brookview Drive  $113,045   $75,363   $5,652   $(2,509)  $7,348   $(3,546)
Landa Series 270 Mountain Lane  $175,010   $116,673   $8,750   $(16,293)  $11,376   $(17,897)
Landa Series 270 Mountain Way  $172,777   $115,184   $8,639   $(10,638)  $11,230   $(12,221)
Landa Series 270 Pleasant Hill Drive  $163,925   $109,283   $8,196   $(22,783)  $10,655   $(24,286)
Landa Series 2794 Norfair Loop  $140,150   $93,433   $7,007   $(5,599)  $9,110   $(6,884)
Landa Series 2813 Vicksburg Court  $202,791   $135,194   $10,140   $(8,936)  $13,181   $(10,795)
Landa Series 2933 Coffer Drive  $169,029   $112,686   $8,451   $(6,446)  $10,987   $(7,995)
Landa Series 30 High Ridge Road  $199,707   $133,138   $9,985   $(8,831)  $12,981   $(10,662)
Landa Series 30 Roosevelt Road  $170,818   $113,878   $8,541   $(14,085)  $11,103   $(15,650)
Landa Series 3011 Raintree Drive SE  $186,008   $124,005   $9,300   $(16,541)  $12,091   $(18,246)
Landa Series 304 Deerfield Drive  $175,107   $116,738   $8,755   $(36,100)  $11,382   $(37,705)
Landa Series 3043 Highway 81 S  $129,735   $86,490   $6,487   $(5,122)  $8,433   $(6,312)
Landa Series 313 Blue Heron Drive  $162,874   $108,583   $8,144   $(12,731)  $10,587   $(14,224)
Landa Series 3202 Chippewa Drive  $179,301   $119,534   $8,965   $(11,638)  $11,655   $(13,282)
Landa Series 35 Clay Court  $181,918   $121,279   $9,096   $(15,258)  $11,825   $(16,926)
Landa Series 350 Cadiz Lane S  $166,250   $110,833   $8,312   $(7,146)  $10,806   $(8,670)

 

F-691

 

 

   Proposed
Refinance
   Remaining
Acquisition
   Total 6 Mos Interest
Expense @
   June Proforma   Total 6 Mos Interest
Expense @
   June Proforma 
Series Name  Note   Note   7% (1)   Income/(Loss)   10% (1)   Income/(Loss) 
Landa Series 351 Wesley Park Drive  $156,462   $104,308   $7,823   $(8,524)  $10,170   $(9,959)
Landa Series 3603 Manhattan Drive  $195,616   $130,411   $9,781   $(16,632)  $12,715   $(18,425)
Landa Series 3667 Patti Parkway  $227,590   $151,727   $11,380   $(16,862)  $14,793   $(18,949)
Landa Series 404 Barberry Lane  $171,535   $114,357   $8,577   $(7,784)  $11,150   $(9,356)
Landa Series 412 Kendall Lane  $178,058   $118,705   $8,903   $(8,325)  $11,574   $(9,958)
Landa Series 416 Autumn Lake Court  $159,726   $106,484   $7,986   $(6,385)  $10,382   $(7,849)
Landa Series 43 Darwin Drive  $151,242   $100,828   $7,562   $(6,567)  $9,831   $(7,953)
Landa Series 432 Manor Estates Drive  $188,502   $125,668   $9,425   $(8,320)  $12,253   $(10,048)
Landa Series 440 Freestone Drive  $198,898   $132,598   $9,945   $(15,092)  $12,928   $(16,916)
Landa Series 4447 Lake Breeze Drive  $205,404   $136,936   $10,270   $(10,382)  $13,351   $(12,265)
Landa Series 445 Independence Drive  $179,268   $119,512   $8,963   $(13,696)  $11,652   $(15,339)
Landa Series 449 Kara Lane  $159,241   $106,161   $7,962   $(13,191)  $10,351   $(14,651)
Landa Series 45 Blue Jay Drive  $211,927   $141,285   $10,596   $(8,923)  $13,775   $(10,866)
Landa Series 45 Laurel Way  $204,060   $136,040   $10,203   $(8,440)  $13,264   $(10,311)
Landa Series 4702 Saint James Way  $160,472   $106,981   $8,024   $(9,201)  $10,431   $(10,672)
Landa Series 4732 Pinedale Drive  $140,831   $93,888   $7,042   $(18,741)  $9,154   $(20,032)
Landa Series 497 Highway 212  $167,527   $111,684   $8,376   $(8,598)  $10,889   $(10,134)
Landa Series 5039 East Street  $124,489   $82,993   $6,224   $(7,052)  $8,092   $(8,193)
Landa Series 5040 Huntshire Lane  $266,991   $177,994   $13,350   $(25,969)  $17,354   $(28,416)
Landa Series 513 Jarrett Court  $173,468   $115,645   $8,673   $(15,462)  $11,275   $(17,052)
Landa Series 5143 Pinecrest Drive SW  $136,262   $90,842   $6,813   $(10,286)  $8,857   $(11,535)
Landa Series 524 Sawmill Road  $170,208   $113,472   $8,510   $(15,031)  $11,063   $(16,592)
Landa Series 5329 Shirewick Lane  $202,794   $135,196   $10,140   $(10,087)  $13,182   $(11,946)
Landa Series 540 Cowan Road  $179,734   $119,823   $8,987   $(7,095)  $11,683   $(8,743)
Landa Series 5411 Rocky Pine Drive  $185,931   $123,954   $9,297   $(9,367)  $12,086   $(11,071)
Landa Series 55 Myrtle Grove Lane  $174,734   $116,489   $8,737   $(9,213)  $11,358   $(10,815)

 

F-692

 

 

   Proposed
Refinance
   Remaining
Acquisition
   Total 6 Mos Interest
Expense @
   June Proforma   Total 6 Mos Interest
Expense @
   June Proforma 
Series Name  Note   Note   7% (1)   Income/(Loss)   10% (1)   Income/(Loss) 
Landa Series 550 Cowan Road  $150,470   $100,313   $7,523   $(13,786)  $9,781   $(15,165)
Landa Series 5581 Fox Glen Circle  $260,829   $173,886   $13,041   $(46,245)  $16,954   $(48,636)
Landa Series 565 Mountainview Drive  $169,941   $113,294   $8,497   $(15,931)  $11,046   $(17,488)
Landa Series 5737 Strathmoor Manor Circle  $152,548   $101,699   $7,627   $(10,995)  $9,916   $(12,393)
Landa Series 5801 Strathmoor Manor Circle  $157,767   $105,178   $7,888   $(12,931)  $10,255   $(14,378)
Landa Series 6104-6106 Oakwood Circle SW  $148,712   $99,141   $7,436   $(3,836)  $9,666   $(5,200)
Landa Series 6107 Shadow Glen Court  $127,777   $85,185   $6,389   $(8,391)  $8,305   $(9,562)
Landa Series 6111-6113 Pine Glen Circle SW  $273,918   $182,612   $13,696   $(16,415)  $17,805   $(18,926)
Landa Series 6119 Pineneedle Drive SW  $99,693   $66,462   $4,985   $(4,817)  $6,480   $(5,731)
Landa Series 615 Barshay Drive  $175,178   $116,786   $8,759   $(6,965)  $11,387   $(8,570)
Landa Series 6168 Wheat Street NE  $112,739   $75,159   $5,637   $(5,680)  $7,328   $(6,713)
Landa Series 6178 Green Acres Drive SW  $134,061   $89,374   $6,703   $(8,925)  $8,714   $(10,154)
Landa Series 6386 Forester Way  $178,100   $118,733   $8,905   $(11,743)  $11,576   $(13,376)
Landa Series 6404 Walnut Way  $167,556   $111,704   $8,378   $(7,311)  $10,891   $(8,847)
Landa Series 643 Sycamore Drive  $162,111   $108,074   $8,106   $(7,847)  $10,537   $(9,333)
Landa Series 65 Freedom Court  $176,331   $117,554   $8,817   $(6,533)  $11,461   $(8,149)
Landa Series 653 Georgetown Lane  $171,522   $114,348   $8,576   $(8,018)  $11,149   $(9,590)
Landa Series 6635 Kimberly Mill Road  $197,227   $131,485   $9,861   $(14,868)  $12,820   $(16,676)
Landa Series 6653 Bedford Road  $167,174   $111,449   $8,359   $(14,776)  $10,866   $(16,308)
Landa Series 6710 Sunset Hills Boulevard  $142,107   $94,738   $7,105   $(6,206)  $9,237   $(7,509)
Landa Series 6762 Bent Creek Drive  $167,555   $111,703   $8,378   $(14,780)  $10,891   $(16,316)
Landa Series 683 Wood Path Court  $197,085   $131,390   $9,854   $(18,059)  $12,811   $(19,866)

 

F-693

 

 

   Proposed
Refinance
   Remaining
Acquisition
   Total 6 Mos Interest
Expense @
   June Proforma   Total 6 Mos Interest
Expense @
   June Proforma 
Series Name  Note   Note   7% (1)   Income/(Loss)   10% (1)   Income/(Loss) 
Landa Series 70 Shenandoah Lane  $201,451   $134,300   $10,073   $(12,329)  $13,094   $(14,176)
Landa Series 709 Georgetown Court  $165,635   $110,423   $8,282   $(14,055)  $10,766   $(15,573)
Landa Series 7107 Geiger Street NW  $96,429   $64,286   $4,821   $(5,462)  $6,268   $(6,346)
Landa Series 7205 Lakeview Drive SW  $175,387   $116,924   $8,769   $(11,865)  $11,400   $(13,473)
Landa Series 750 Georgetown Court  $136,233   $90,822   $6,812   $(5,555)  $8,855   $(6,803)
Landa Series 752 Chestnut Drive  $118,639   $79,093   $5,932   $(4,389)  $7,712   $(5,477)
Landa Series 773 Villa Way  $71,906   $47,938   $3,595   $(1,714)  $4,674   $(2,373)
Landa Series 7781 Mountain Creek Way  $180,648   $120,432   $9,032   $(8,860)  $11,742   $(10,516)
Landa Series 7950 Woodlake Drive  $150,589   $100,393   $7,529   $(5,866)  $9,788   $(7,246)
Landa Series 80 High Ridge Road  $181,258   $120,839   $9,063   $(10,212)  $11,782   $(11,874)
Landa Series 800 Mills Drive  $202,103   $134,735   $10,105   $(15,535)  $13,137   $(17,388)
Landa Series 808 Hillandale Lane  $171,202   $114,135   $8,560   $(7,610)  $11,128   $(9,179)
Landa Series 8110 Devonshire Drive  $127,777   $85,185   $6,389   $(3,689)  $8,305   $(4,860)
Landa Series 8121 Spillers Drive SW  $146,967   $97,978   $7,348   $(5,011)  $9,553   $(6,359)
Landa Series 8233 Creekline Court  $176,191   $117,461   $8,810   $(11,284)  $11,452   $(12,899)
Landa Series 8302 Sterling Lakes Drive  $183,217   $122,145   $9,161   $(11,930)  $11,909   $(13,609)
Landa Series 843 Tramore Drive  $117,293   $78,196   $5,865   $(961)  $7,624   $(2,037)
Landa Series 85 Kirkland Court  $198,876   $132,584   $9,944   $(10,712)  $12,927   $(12,535)
Landa Series 85 Thorn Thicket Way  $176,731   $117,821   $8,837   $(8,171)  $11,488   $(9,791)
Landa Series 8658 Ashley Way  $114,545   $76,363   $5,727   $(9,516)  $7,445   $(10,566)
Landa Series 8667 Ashley Way  $82,042   $54,695   $4,102   $(513)  $5,333   $(1,265)
Landa Series 8671 Ashley Way  $120,466   $80,311   $6,023   $(3,861)  $7,830   $(4,965)
Landa Series 8676 Ashley Way  $123,410   $82,273   $6,171   $(10,415)  $8,022   $(11,546)
Landa Series 8691 Ashley Way  $89,133   $59,422   $4,457   $(7,973)  $5,794   $(8,790)

 

F-694

 

 

   Proposed
Refinance
   Remaining
Acquisition
   Total 6 Mos Interest
Expense @
   June Proforma   Total 6 Mos Interest
Expense @
   June Proforma 
Series Name  Note   Note   7% (1)   Income/(Loss)   10% (1)   Income/(Loss) 
Landa Series 8692 Ashley Way  $87,515   $58,344   $4,376   $(8,197)  $5,688   $(9,000)
Landa Series 8693 Ashley Way  $132,279   $88,186   $6,614   $(11,056)  $8,598   $(12,269)
Landa Series 8694 Ashley Way  $120,598   $80,398   $6,030   $(10,420)  $7,839   $(11,525)
Landa Series 8697 Ashley Way  $131,075   $87,383   $6,554   $(5,337)  $8,520   $(6,539)
Landa Series 8819 Leafwood Court  $169,564   $113,043   $8,478   $(14,892)  $11,022   $(16,446)
Landa Series 8855 Rugby Court  $132,999   $88,666   $6,650   $(4,704)  $8,645   $(5,923)
Landa Series 9020 Sterling Ridge Lane  $141,996   $94,664   $7,100   $(10,555)  $9,230   $(11,857)
Landa Series 9150 Spillers Drive SW  $151,895   $101,264   $7,595   $(7,184)  $9,873   $(8,576)
Landa Series 925 Mote Road  $187,098   $124,732   $9,355   $(11,197)  $12,161   $(12,912)
Landa Series 9409 Forest Knoll Drive  $184,585   $123,057   $9,229   $(6,694)  $11,998   $(8,386)
Landa Series 9434 Cedar Creek Place  $199,068   $132,712   $9,953   $(10,082)  $12,939   $(11,906)
Landa Series 9597 Pintail Trail  $180,775   $120,517   $9,039   $(12,569)  $11,750   $(14,226)
Landa Series 974 Laurel Street  $166,979   $111,319   $8,349   $(8,008)  $10,854   $(9,539)
Landa Series 1701 Summerwoods Lane  $103,443   $68,962   $5,172   $(4,536)  $6,724   $(5,485)
Landa Series 1741 Park Lane  $117,051   $78,034   $5,853   $(6,332)  $7,608   $(7,405)

 

(1)Both the 7% and 10%. Interest expense columns include the remaining acquisition note balance of 4.5% interest expense

 

F-695

 

 

   Proposed
Refinance
   Remaining
Acquisition
   Annual Interest
Expense @
   December Pro Forma   Annual Interest
Expense @
   December Pro Forma 
Series Name  Note   Note   7% (1)   Income/(Loss)   10% (1)   Income/(Loss) 
Landa Series 10 Oak Wood Lane  $152,673   $101,782   $15,267   $(12,393)  $19,848   $(16,973)
Landa Series 10 Windridge Drive  $153,853   $102,569   $15,385   $(15,933)  $20,001   $(20,549)
Landa Series 1000 Fox Valley Trail  $178,791   $119,194   $17,879   $(17,174)  $23,243   $(22,537)
Landa Series 1007 Leeward Way  $180,094   $120,063   $18,009   $(17,127)  $23,412   $(22,530)
Landa Series 10119 Commons Way  $183,870   $122,580   $18,387   $(17,214)  $23,903   $(22,730)
Landa Series 10121 Morris Drive SW  $166,941   $111,294   $16,694   $(16,503)  $21,702   $(21,511)
Landa Series 10183 Starr Street SW  $161,030   $107,353   $16,103   $(15,014)  $20,934   $(19,845)
Landa Series 103 Starlake Drive  $160,730   $107,153   $16,073   $(13,727)  $20,895   $(18,549)
Landa Series 104 Summerfield Drive  $180,035   $120,024   $18,004   $(18,170)  $23,405   $(23,571)
Landa Series 10433 Candlelight Road  $183,454   $122,303   $18,345   $(16,741)  $23,849   $(22,245)
Landa Series 105 Anne Street  $151,869   $101,246   $15,187   $(13,253)  $19,743   $(17,809)
Landa Series 107 Oakwood Circle  $119,269   $79,512   $11,927   $(8,799)  $15,505   $(12,377)
Landa Series 109 Amberwood Lane  $129,770   $86,513   $12,977   $(10,639)  $16,870   $(14,532)
Landa Series 110 Shenandoah Drive  $186,478   $124,319   $18,648   $(18,917)  $24,242   $(24,511)
Landa Series 111 Fir Drive  $144,064   $96,042   $14,406   $(12,390)  $18,728   $(16,712)
Landa Series 1110 Parkview Drive  $156,436   $104,291   $15,644   $(16,407)  $20,337   $(21,100)
Landa Series 11187 Shannon Circle  $186,531   $124,354   $18,653   $(19,987)  $24,249   $(25,583)
Landa Series 112 Ridge Street  $185,825   $123,884   $18,583   $(17,691)  $24,157   $(23,265)
Landa Series 11322 Michelle Way  $150,589   $100,393   $15,059   $(13,214)  $19,577   $(17,731)
Landa Series 114 Starlake Drive  $152,062   $101,375   $15,206   $(12,255)  $19,768   $(16,816)
Landa Series 11447 S Grove Drive  $170,869   $113,913   $17,087   $(16,238)  $22,213   $(21,364)
Landa Series 1147 Village Way  $180,606   $120,404   $18,061   $(29,839)  $23,479   $(35,257)
Landa Series 115 Lakeview Drive  $171,472   $114,314   $17,147   $(14,607)  $22,291   $(19,751)
Landa Series 1160 Gable Terrace  $180,705   $120,470   $18,070   $(18,394)  $23,492   $(23,815)
Landa Series 1190 Kirkland Road  $194,275   $129,516   $19,427   $(26,757)  $25,256   $(32,585)
Landa Series 12 Mintz Street  $158,421   $105,614   $15,842   $(15,181)  $20,595   $(19,933)

 

F-696

 

 

   Proposed
Refinance
   Remaining
Acquisition
   Annual Interest
Expense @
   December Pro Forma   Annual Interest
Expense @
   December Pro Forma 
Series Name  Note   Note   7% (1)   Income/(Loss)   10% (1)   Income/(Loss) 
Landa Series 120 Rosewood Drive  $172,124   $114,749   $17,212   $(15,541)  $22,376   $(20,705)
Landa Series 1201 Kilrush Drive  $321,552   $214,368   $32,155   $(30,177)  $41,802   $(39,823)
Landa Series 124 Libby Lane  $144,291   $96,194   $14,429   $(12,274)  $18,758   $(16,603)
Landa Series 126 E Mimosa Drive  $153,871   $102,580   $15,387   $(14,285)  $20,003   $(18,901)
Landa Series 12641 Alcovy Road  $184,489   $122,992   $18,449   $(20,689)  $23,984   $(26,224)
Landa Series 1320 Winona Avenue  $132,477   $88,318   $13,248   $(25,038)  $17,222   $(29,012)
Landa Series 133 Dove Landing  $136,235   $90,823   $13,623   $(10,680)  $17,710   $(14,767)
Landa Series 137 Southern Shores Road  $144,161   $96,107   $14,416   $(11,320)  $18,741   $(15,645)
Landa Series 138 Sandalwood Circle  $152,170   $101,446   $15,217   $(19,442)  $19,782   $(24,007)
Landa Series 140 High Ridge Road  $171,470   $114,313   $17,147   $(16,992)  $22,291   $(22,136)
Landa Series 141 Longstreet Circle  $198,841   $132,561   $19,884   $(19,887)  $25,849   $(25,852)
Landa Series 1443 Pebble Ridge Lane  $191,766   $127,844   $19,177   $(18,449)  $24,930   $(24,202)
Landa Series 1445 Maple Valley Court  $120,379   $80,253   $12,038   $(5,414)  $15,649   $(9,026)
Landa Series 146 Crystal Brook  $127,320   $84,880   $12,732   $(9,364)  $16,552   $(13,184)
Landa Series 1473 Brownleaf Drive  $169,553   $113,035   $16,955   $(15,993)  $22,042   $(21,079)
Landa Series 1485 Bola Court  $155,158   $103,439   $15,516   $(13,375)  $20,171   $(18,030)
Landa Series 1490 Diplomat Drive  $212,682   $141,788   $21,268   $(31,805)  $27,649   $(38,185)
Landa Series 153 Cliffside Court  $111,514   $74,342   $11,151   $(7,414)  $14,497   $(10,759)
Landa Series 157 Wells Road  $132,972   $88,648   $13,297   $(13,943)  $17,286   $(17,932)
Landa Series 160 Chimney Ridge Trail  $172,124   $114,749   $17,212   $(19,608)  $22,376   $(24,772)
Landa Series 164 Longstreet Circle  $173,429   $115,619   $17,343   $(15,412)  $22,546   $(20,615)
Landa Series 1666 W Poplar Street  $138,843   $92,562   $13,884   $(9,452)  $18,050   $(13,617)
Landa Series 168 Brookview Drive  $79,346   $52,897   $7,935   $(3,291)  $10,315   $(5,671)
Landa Series 1683 Spoonbill Road  $146,675   $97,783   $14,668   $(15,754)  $19,068   $(20,154)
Landa Series 1689 Viceroy Way  $168,377   $112,251   $16,838   $(15,524)  $21,889   $(20,576)
Landa Series 171 Davidson Drive  $181,879   $121,253   $18,188   $(21,941)  $23,644   $(27,397)

 

F-697

 

 

   Proposed
Refinance
   Remaining
Acquisition
   Annual Interest
Expense @
   December Pro Forma   Annual Interest
Expense @
   December Pro Forma 
Series Name  Note   Note   7% (1)   Income/(Loss)   10% (1)   Income/(Loss) 
Landa Series 1768 Glen View Way  $150,372   $100,248   $15,037   $(24,305)  $19,548   $(28,816)
Landa Series 181 Watercress Court  $164,945   $109,963   $16,494   $(20,324)  $21,443   $(25,272)
Landa Series 188 Timberline Road  $97,081   $64,721   $9,708   $(5,225)  $12,621   $(8,137)
Landa Series 189 Shenandoah Drive  $153,852   $102,568   $15,385   $(17,258)  $20,001   $(21,874)
Landa Series 1903 Old Concord Drive SE  $185,141   $123,427   $18,514   $(17,966)  $24,068   $(23,520)
Landa Series 195 Branchwood Drive  $189,708   $126,472   $18,971   $(19,107)  $24,662   $(24,798)
Landa Series 195 Fairclift Drive  $171,472   $114,314   $17,147   $(14,182)  $22,291   $(19,326)
Landa Series 195 Hunters Trace  $190,173   $126,782   $19,017   $(18,133)  $24,722   $(23,839)
Landa Series 196 Montego Circle  $160,377   $106,918   $16,038   $(13,614)  $20,849   $(18,426)
Landa Series 20 Chimney Smoke Drive  $172,124   $114,749   $17,212   $(18,485)  $22,376   $(23,649)
Landa Series 204 N Main Court  $136,235   $90,823   $13,623   $(9,876)  $17,710   $(13,963)
Landa Series 2055 Grove Way  $149,285   $99,524   $14,929   $(18,308)  $19,407   $(22,787)
Landa Series 212 Fleeta Drive  $140,179   $93,453   $14,018   $(14,347)  $18,223   $(18,553)
Landa Series 215 Central Lake Circle  $160,351   $106,900   $16,035   $(16,231)  $20,846   $(21,041)
Landa Series 217 Glenloch Court  $185,173   $123,449   $18,517   $(18,973)  $24,072   $(24,529)
Landa Series 2177 E Chester Circle SE  $187,770   $125,180   $18,777   $(16,003)  $24,410   $(21,636)
Landa Series 221 Lakeview Drive  $178,649   $119,100   $17,865   $(16,992)  $23,224   $(22,352)
Landa Series 2264 Chestnut Hill Circle  $227,588   $151,725   $22,759   $(25,841)  $29,586   $(32,668)
Landa Series 235 Lazy Hollow Lane  $179,556   $119,704   $17,956   $(16,683)  $23,342   $(22,070)
Landa Series 2425 Cornell Circle  $198,879   $132,586   $19,888   $(17,657)  $25,854   $(23,623)
Landa Series 2443 Hodges Farm Road  $147,328   $98,218   $14,733   $(10,383)  $19,153   $(14,803)
Landa Series 25 Pleasant Valley Road  $170,165   $113,443   $17,017   $(20,011)  $22,121   $(25,116)
Landa Series 253 Marco Drive  $139,657   $93,104   $13,966   $(11,104)  $18,155   $(15,294)
Landa Series 255 Countryside Lane  $176,692   $117,795   $17,669   $(17,017)  $22,970   $(22,318)
Landa Series 258 Rocky Point Road  $189,088   $126,059   $18,909   $(23,884)  $24,581   $(29,557)
Landa Series 263 Rocky Point Road  $167,556   $111,704   $16,756   $(13,781)  $21,782   $(18,808)

 

F-698

 

 

   Proposed
Refinance
   Remaining
Acquisition
   Annual Interest
Expense @
   December Pro Forma   Annual Interest
Expense @
   December Pro Forma 
Series Name  Note   Note   7% (1)   Income/(Loss)   10% (1)   Income/(Loss) 
Landa Series 268 Brookview Drive  $113,045   $75,363   $11,304   $(4,813)  $14,696   $(8,204)
Landa Series 270 Mountain Lane  $175,010   $116,673   $17,501   $(15,962)  $22,751   $(21,213)
Landa Series 270 Mountain Way  $172,777   $115,184   $17,278   $(20,440)  $22,461   $(25,624)
Landa Series 270 Pleasant Hill Drive  $163,925   $109,283   $16,392   $(14,606)  $21,310   $(19,524)
Landa Series 2794 Norfair Loop  $140,150   $93,433   $14,015   $(13,019)  $18,219   $(17,223)
Landa Series 2813 Vicksburg Court  $202,791   $135,194   $20,279   $(17,336)  $26,363   $(23,420)
Landa Series 2933 Coffer Drive  $169,029   $112,686   $16,903   $(16,151)  $21,974   $(21,222)
Landa Series 30 High Ridge Road  $199,707   $133,138   $19,971   $(21,761)  $25,962   $(27,752)
Landa Series 30 Roosevelt Road  $170,818   $113,878   $17,082   $(15,087)  $22,206   $(20,212)
Landa Series 3011 Raintree Drive SE  $186,008   $124,005   $18,601   $(17,005)  $24,181   $(22,585)
Landa Series 304 Deerfield Drive  $175,107   $116,738   $17,511   $(25,914)  $22,764   $(31,167)
Landa Series 3043 Highway 81 S  $129,735   $86,490   $12,974   $(15,264)  $16,866   $(19,156)
Landa Series 313 Blue Heron Drive  $162,874   $108,583   $16,287   $(15,898)  $21,174   $(20,784)
Landa Series 3202 Chippewa Drive  $179,301   $119,534   $17,930   $(21,235)  $23,309   $(26,614)
Landa Series 35 Clay Court  $181,918   $121,279   $18,192   $(20,167)  $23,649   $(25,624)
Landa Series 350 Cadiz Lane S  $166,250   $110,833   $16,625   $(15,441)  $21,612   $(20,429)
Landa Series 351 Wesley Park Drive  $156,462   $104,308   $15,646   $(15,577)  $20,340   $(20,270)
Landa Series 3603 Manhattan Drive  $195,616   $130,411   $19,562   $(20,443)  $25,430   $(26,312)
Landa Series 3667 Patti Parkway  $227,590   $151,727   $22,759   $(23,355)  $29,587   $(30,182)
Landa Series 404 Barberry Lane  $171,535   $114,357   $17,154   $(15,922)  $22,300   $(21,068)
Landa Series 412 Kendall Lane  $178,058   $118,705   $17,806   $(15,732)  $23,148   $(21,074)
Landa Series 416 Autumn Lake Court  $159,726   $106,484   $15,973   $(13,501)  $20,764   $(18,293)
Landa Series 43 Darwin Drive  $151,242   $100,828   $15,124   $(15,915)  $19,661   $(20,452)
Landa Series 432 Manor Estates Drive  $188,502   $125,668   $18,850   $(17,320)  $24,505   $(22,975)
Landa Series 440 Freestone Drive  $198,898   $132,598   $19,890   $(18,431)  $25,857   $(24,398)
Landa Series 4447 Lake Breeze Drive  $205,404   $136,936   $20,540   $(20,221)  $26,703   $(26,383)

 

F-699

 

 

   Proposed
Refinance
   Remaining
Acquisition
   Annual Interest
Expense @
   December Pro Forma   Annual Interest
Expense @
   December Pro Forma 
Series Name  Note   Note   7% (1)   Income/(Loss)   10% (1)   Income/(Loss) 
Landa Series 445 Independence Drive  $179,268   $119,512   $17,927   $(16,022)  $23,305   $(21,400)
Landa Series 449 Kara Lane  $159,241   $106,161   $15,924   $(15,881)  $20,701   $(20,658)
Landa Series 45 Blue Jay Drive  $211,927   $141,285   $21,193   $(17,376)  $27,550   $(23,734)
Landa Series 45 Laurel Way  $204,060   $136,040   $20,406   $(19,529)  $26,528   $(25,650)
Landa Series 4702 Saint James Way  $160,472   $106,981   $16,047   $(15,009)  $20,861   $(19,823)
Landa Series 4732 Pinedale Drive  $140,831   $93,888   $14,083   $(12,658)  $18,308   $(16,883)
Landa Series 497 Highway 212  $167,527   $111,684   $16,753   $(15,747)  $21,778   $(20,773)
Landa Series 5039 East Street  $124,489   $82,993   $12,449   $(11,192)  $16,184   $(14,927)
Landa Series 5040 Huntshire Lane  $266,991   $177,994   $26,699   $(39,174)  $34,709   $(47,184)
Landa Series 513 Jarrett Court  $173,468   $115,645   $17,347   $(15,554)  $22,551   $(20,758)
Landa Series 5143 Pinecrest Drive SW  $136,262   $90,842   $13,626   $(11,923)  $17,714   $(16,010)
Landa Series 524 Sawmill Road  $170,208   $113,472   $17,021   $(20,633)  $22,127   $(25,739)
Landa Series 5329 Shirewick Lane  $202,794   $135,196   $20,279   $(20,227)  $26,363   $(26,311)
Landa Series 540 Cowan Road  $179,734   $119,823   $17,973   $(17,429)  $23,365   $(22,821)
Landa Series 5411 Rocky Pine Drive  $185,931   $123,954   $18,593   $(17,071)  $24,171   $(22,649)
Landa Series 55 Myrtle Grove Lane  $174,734   $116,489   $17,473   $(21,023)  $22,715   $(26,265)
Landa Series 550 Cowan Road  $150,470   $100,313   $15,047   $(16,353)  $19,561   $(20,867)
Landa Series 5581 Fox Glen Circle  $260,829   $173,886   $26,083   $(32,369)  $33,908   $(40,194)
Landa Series 565 Mountainview Drive  $169,941   $113,294   $16,994   $(20,482)  $22,092   $(25,580)
Landa Series 5737 Strathmoor Manor Circle  $152,548   $101,699   $15,255   $(12,652)  $19,831   $(17,228)
Landa Series 5801 Strathmoor Manor Circle  $157,767   $105,178   $15,777   $(14,861)  $20,510   $(19,594)
Landa Series 6104-6106 Oakwood Circle SW  $148,712   $99,141   $14,871   $(14,655)  $19,333   $(19,116)

 

F-700

 

 

   Proposed
Refinance
   Remaining
Acquisition
   Annual Interest
Expense @
   December Pro Forma   Annual Interest
Expense @
   December Pro Forma 
Series Name  Note   Note   7% (1)   Income/(Loss)   10% (1)   Income/(Loss) 
Landa Series 6107 Shadow Glen Court  $127,777   $85,185   $12,778   $(11,076)  $16,611   $(14,910)
Landa Series 6111-6113 Pine Glen Circle SW  $273,918   $182,612   $27,392   $(25,545)  $35,609   $(33,762)
Landa Series 6119 Pineneedle Drive SW  $99,693   $66,462   $9,969   $(7,176)  $12,960   $(10,167)
Landa Series 615 Barshay Drive  $175,178   $116,786   $17,518   $(19,115)  $22,773   $(24,371)
Landa Series 6168 Wheat Street NE  $112,739   $75,159   $11,274   $(9,678)  $14,656   $(13,061)
Landa Series 6178 Green Acres Drive SW  $134,061   $89,374   $13,406   $(13,418)  $17,428   $(17,439)
Landa Series 6386 Forester Way  $178,100   $118,733   $17,810   $(17,275)  $23,153   $(22,618)
Landa Series 6404 Walnut Way  $167,556   $111,704   $16,756   $(13,411)  $21,782   $(18,438)
Landa Series 643 Sycamore Drive  $162,111   $108,074   $16,211   $(12,797)  $21,074   $(17,660)
Landa Series 65 Freedom Court  $176,331   $117,554   $17,633   $(15,559)  $22,923   $(20,849)
Landa Series 653 Georgetown Lane  $171,522   $114,348   $17,152   $(17,585)  $22,298   $(22,731)
Landa Series 6635 Kimberly Mill Road  $197,227   $131,485   $19,723   $(18,594)  $25,640   $(24,510)
Landa Series 6653 Bedford Road  $167,174   $111,449   $16,717   $(18,706)  $21,733   $(23,722)
Landa Series 6710 Sunset Hills Boulevard  $142,107   $94,738   $14,211   $(12,934)  $18,474   $(17,197)
Landa Series 6762 Bent Creek Drive  $167,555   $111,703   $16,756   $(15,731)  $21,782   $(20,758)
Landa Series 683 Wood Path Court  $197,085   $131,390   $19,709   $(18,984)  $25,621   $(24,897)
Landa Series 70 Shenandoah Lane  $201,451   $134,300   $20,145   $(22,168)  $26,189   $(28,212)
Landa Series 709 Georgetown Court  $165,635   $110,423   $16,563   $(15,835)  $21,533   $(20,804)
Landa Series 7107 Geiger Street NW  $96,429   $64,286   $9,643   $(5,375)  $12,536   $(8,268)
Landa Series 7205 Lakeview Drive SW  $175,387   $116,924   $17,539   $(15,341)  $22,800   $(20,602)
Landa Series 750 Georgetown Court  $136,233   $90,822   $13,623   $(10,783)  $17,710   $(14,870)
Landa Series 752 Chestnut Drive  $118,639   $79,093   $11,864   $(8,510)  $15,423   $(12,069)
Landa Series 773 Villa Way  $71,906   $47,938   $7,191   $(14,927)  $9,348   $(17,084)
Landa Series 7781 Mountain Creek Way  $180,648   $120,432   $18,065   $(18,963)  $23,484   $(24,383)
Landa Series 7950 Woodlake Drive  $150,589   $100,393   $15,059   $(15,366)  $19,577   $(19,883)
Landa Series 80 High Ridge Road  $181,258   $120,839   $18,126   $(23,447)  $23,564   $(28,885)

 

F-701

 

 

   Proposed
Refinance
   Remaining
Acquisition
   Annual Interest
Expense @
   December Pro Forma   Annual Interest
Expense @
   December Pro Forma 
Series Name  Note   Note   7% (1)   Income/(Loss)   10% (1)   Income/(Loss) 
Landa Series 800 Mills Drive  $202,103   $134,735   $20,210   $(18,979)  $26,273   $(25,042)
Landa Series 808 Hillandale Lane  $171,202   $114,135   $17,120   $(16,320)  $22,256   $(21,456)
Landa Series 8110 Devonshire Drive  $127,777   $85,185   $12,778   $(12,966)  $16,611   $(16,800)
Landa Series 8121 Spillers Drive SW  $146,967   $97,978   $14,697   $(12,237)  $19,106   $(16,646)
Landa Series 8233 Creekline Court  $176,191   $117,461   $17,619   $(22,809)  $22,905   $(28,095)
Landa Series 8302 Sterling Lakes Drive  $183,217   $122,145   $18,322   $(18,794)  $23,818   $(24,291)
Landa Series 843 Tramore Drive  $117,293   $78,196   $11,729   $(1,775)  $15,248   $(5,294)
Landa Series 85 Kirkland Court  $198,876   $132,584   $19,888   $(24,168)  $25,854   $(30,134)
Landa Series 85 Thorn Thicket Way  $176,731   $117,821   $17,673   $(15,750)  $22,975   $(21,052)
Landa Series 8658 Ashley Way  $114,545   $76,363   $11,454   $(4,444)  $14,891   $(7,880)
Landa Series 8667 Ashley Way  $82,042   $54,695   $8,204   $(9,130)  $10,666   $(11,591)
Landa Series 8671 Ashley Way  $120,466   $80,311   $12,047   $(6,976)  $15,661   $(10,590)
Landa Series 8676 Ashley Way  $123,410   $82,273   $12,341   $(23,739)  $16,043   $(27,442)
Landa Series 8691 Ashley Way  $89,133   $59,422   $8,913   $(1,527)  $11,587   $(4,201)
Landa Series 8692 Ashley Way  $87,515   $58,344   $8,752   $(1,773)  $11,377   $(4,398)
Landa Series 8693 Ashley Way  $132,279   $88,186   $13,228   $(5,940)  $17,196   $(9,908)
Landa Series 8694 Ashley Way  $120,598   $80,398   $12,060   $(6,865)  $15,678   $(10,483)
Landa Series 8697 Ashley Way  $131,075   $87,383   $13,107   $(18,219)  $17,040   $(22,151)
Landa Series 8819 Leafwood Court  $169,564   $113,043   $16,956   $(16,675)  $22,043   $(21,762)
Landa Series 8855 Rugby Court  $132,999   $88,666   $13,300   $(16,551)  $17,290   $(20,541)
Landa Series 9020 Sterling Ridge Lane  $141,996   $94,664   $14,200   $(12,474)  $18,459   $(16,734)
Landa Series 9150 Spillers Drive SW  $151,895   $101,264   $15,190   $(13,723)  $19,746   $(18,280)
Landa Series 925 Mote Road  $187,098   $124,732   $18,710   $(18,440)  $24,323   $(24,053)
Landa Series 9409 Forest Knoll Drive  $184,585   $123,057   $18,459   $(17,147)  $23,996   $(22,684)
Landa Series 9434 Cedar Creek Place  $199,068   $132,712   $19,907   $(19,542)  $25,879   $(25,514)
Landa Series 9597 Pintail Trail  $180,775   $120,517   $18,078   $(18,080)  $23,501   $(23,504)
Landa Series 974 Laurel Street  $166,979   $111,319   $16,698   $(16,672)  $21,707   $(21,682)
Landa Series 1701 Summerwoods Lane  $103,443   $68,962   $10,344   $(8,834)  $13,448   $(11,937)
Landa Series 1741 Park Lane  $117,051   $78,034   $11,705   $(13,118)  $15,217   $(16,630)

 

(1)Both the 7% and 10%. Interest expense columns include the remaining acquisition note balance of 4.5%

 

DThe Company elected not to pro forma the provision for income taxes as there were losses and a full deferred tax asset valuation allowance was assumed.

 

EReflects adjustments for property management fee expense based on contractual terms to be entered into under management agreements with the Manager at closing of this offering for the periods presented.

 

F-702

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS

 

1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation

 

The accompanying unaudited pro forma combined financial statements for the period of January 1, 2022 to June 30, 2022 and January 1, 2021 to December 31, 2021 should be read in conjunction with (i) the Company’s historical combined balance sheet as of June 30, 2022 and historical combined statements of operations for the periods then ended; and (ii) the “Risk Factors,” “Cautionary Note Regarding Forward-Looking Statements” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections in this Offering.

 

The Company has based the unaudited pro forma adjustments on available information and assumptions that it believes are reasonable. The unaudited pro forma combined financial statements are presented for informational purposes only and are not necessarily indicative of what the Company’s actual financial position would have been as of June 30, 2022, what actual results of operations would have been for the period ended June 30, 2022 and December 31, 2021, and are not indicative of future results of operations or financial condition and should not be viewed as indicative of future results of operations or financial condition.

 

The unaudited pro forma condensed combined financial statements of Landa App LLC and each of the Series grouped together as the Landa App Group Series are being presented on a combined basis, in accordance with US GAAP (ASC 810, Consolidation) due to common control by Landa Holdings, Inc., in its capacity as Manager to the Company and each Series.

 

The unaudited pro forma condensed combined financial statements include the single- family homes that underlie Series previously formed by the Company and the one hundred and eighty-one (181) single-family homes, (each a “Property,” and collectively, the “Properties”) included in this Offering Circular, located in the metropolitan areas of Georgia. Each Property was acquired or will be acquired after qualification by each respective Series in the Master Series table below:

 

Series   Property   Property Acquisition Date(2)   Rental Operation Commencement Date(3)   Series Acquisition Date
Landa Series 115 Sardis Street   115 Sardis Street, Barnesville, GA 30204   7/10/2020   7/10/2020   7/10/2021
Landa Series 1394 Oakview Circle   1394 Oakview Circle, Forest Park, GA 30297   7/10/2020   7/10/2020   7/10/2021
Landa Series 1701 Summerwoods Lane (5)   1701 Summerwoods Lane, Griffin, GA 30224   7/10/2020   7/10/2020   7/10/2021
Landa Series 1741 Park Lane (5)   1741 Park Lane, Griffin, GA 30224   7/10/2020   7/10/2020   7/10/2021
Landa Series 209 Timber Wolf Trail   209 Timber Wolf Trail, Griffin, GA 30224   7/10/2020   7/10/2020   7/10/2021

 

F-703

 

 

Landa Series 2505 Oak Circle   2505 Oak Circle, Ellenwood, GA 30294   7/10/2020   7/10/2020   7/10/2021
Landa Series 271 Timber Wolf Trail   271 Timber Wolf Trail, Griffin, GA, 30224   7/10/2020   7/10/2020   7/10/2021
Landa Series 29 Holly Grove Road   29 Holly Grove Road, Griffin, GA 30224   7/10/2020   7/10/2020   7/10/2021
Landa Series 10167 Port Royal Court   10167 Port Royal Court, Jonesboro, GA, 30238   3/23/2021   3/23/2021   1/10/2022
Landa Series 1246 Elgin Way   1246 Elgin Way, Riverdale, GA, 30296   3/23/2021   3/23/2021   1/10/2022
Landa Series 1703 Summerwoods Lane   1703 Summerwoods Lane, Griffin, GA, 30224   8/29/2019   8/29/2019   1/10/2022
Landa Series 1712 Summerwoods Lane   1712 Summerwoods Lane, Griffin, GA, 30224   7/31/2019   7/31/2019   1/10/2022
Landa Series 1743 Summerwoods Lane   1743 Summerwoods Lane, Griffin, GA, 30224   8/29/2019   8/29/2019   1/10/2022
Landa Series 1750 Summerwoods Lane   1750 Summerwoods Lane, Griffin, GA, 30224   10/24/2019   10/24/2019   1/10/2022
Landa Series 1910 Grove Way   1910 Grove Way, Hampton, GA, 30228   3/23/2021   3/23/2021   1/10/2022
Landa Series 4267 High Park Lane   4267 High Park Lane, East Point, GA, 30344   10/24/2019   10/24/2019   1/10/2022
Landa Series 4474 Highwood Park Drive   4474 Highwood Park Drive, Atlanta, GA, 30344   7/31/2019   7/31/2019   1/10/2022
Landa Series 593 Country Lane   593 Country Lane, Jonesboro, GA, 30238   3/23/2021   3/23/2021   1/10/2022
Landa Series 6436 Stone Terrace   6436 Stone Terrace, Morrow, GA, 30260   3/23/2021   3/23/2021   1/10/2022
Landa Series 6440 Woodstone Terrace   6440 Woodstone Terrace, Morrow, GA, 30260   3/23/2021   3/23/2021   1/10/2022
Landa Series 6848 Sandy Creek Drive   6848 Sandy Creek Drive, Riverdale, GA, 30274   3/23/2021   3/23/2021   1/10/2022
Landa Series 687 Utoy Court   687 Utoy Court, Jonesboro, GA, 30238   3/23/2021   3/23/2021   1/10/2022

 

F-704

 

 

Landa Series 729 Winter Lane   729 Winter Lane, Jonesboro, GA, 30238   3/23/2021   3/23/2021   1/10/2022
Landa Series 7349 Exeter Court   7349 Exeter Court, Riverdale, GA, 30296   3/23/2021   3/23/2021   1/10/2022
Landa Series 8569 Creekwood Way   8569 Creekwood Way, Jonesboro, GA, 30238   8/29/2019   8/29/2019   1/10/2022
Landa Series 8641 Ashley Way   8641 Ashley Way, Douglasville, Georgia 30134   7/19/2021   7/19/2021   1/10/2022
Landa Series 8645 Embrey Drive   8645 Embrey Drive, Jonesboro, GA, 30236   3/23/2021   3/23/2021   1/10/2022
Landa Series 8651 Ashley Way   8651 Ashley Way, Douglasville, Georgia 30134   7/19/2021   7/19/2021   1/10/2022
Landa Series 8652 Ashley Way   8652 Ashley Way, Douglasville, Georgia 30134   7/19/2021   7/19/2021   1/10/2022
Landa Series 8653 Ashley Way   8653 Ashley Way, Douglasville, Georgia 30134   7/19/2021   7/19/2021   1/10/2022
Landa Series 8654 Ashley Way   8654 Ashley Way, Douglasville, Georgia 30134   7/19/2021   7/19/2021   1/10/2022
Landa Series 8655 Ashley Way   8655 Ashley Way, Douglasville, Georgia 30134   7/19/2021   7/19/2021   1/10/2022
Landa Series 8659 Ashley Way   8659 Ashley Way, Douglasville, Georgia 30134   7/19/2021   7/19/2021   1/10/2022
Landa Series 8662 Ashley Way   8662 Ashley Way, Douglasville, Georgia 30134   7/19/2021   7/19/2021   1/10/2022
Landa Series 8668 Ashley Way   8668 Ashley Way, Douglasville, Georgia 30134   7/19/2021   7/19/2021   1/10/2022
Landa Series 8670 Ashley Way   8670 Ashley Way, Douglasville, Georgia 30134   7/19/2021   7/19/2021   1/10/2022
Landa Series 8674 Ashley Way   8674 Ashley Way, Douglasville, Georgia 30134   7/19/2021   7/19/2021   1/10/2022
Landa Series 8675 Ashley Way   8675 Ashley Way, Douglasville, Georgia 30134   7/19/2021   7/19/2021   1/10/2022
Landa Series 8677 Ashley Way   8677 Ashley Way, Douglasville, Georgia 30134   7/19/2021   7/19/2021   1/10/2022
Landa Series 8678 Ashley Way   8678 Ashley Way, Douglasville, Georgia 30134   7/19/2021   7/19/2021   1/10/2022

 

F-705

 

 

Landa Series 8679 Ashley Way   8679 Ashley Way, Douglasville, Georgia 30134   7/19/2021   7/19/2021   1/10/2022
Landa Series 8683 Ashley Way   8683 Ashley Way, Douglasville, Georgia 30134   7/19/2021   7/19/2021   1/10/2022
Landa Series 8780 Churchill Place   8780 Churchill Place, Jonesboro, GA, 30238   3/23/2021   3/23/2021   1/10/2022
Landa Series 8796 Parliament Place   8796 Parliament Place, Jonesboro, GA, 30238   3/23/2021   3/23/2021   1/10/2022
Landa Series 9439 Lakeview Road   9439 Lakeview Road, Union City, GA, 30291   8/29/2019   8/29/2019   1/10/2022
Landa Series 10 Oak Wood Lane (1) 10 Oak Wood Lane, Covington, GA 30016   12/2/2021   12/2/2021   -
Landa Series 10 Windridge Drive (1) 10 Windridge Drive, Covington, GA 30014   12/2/2021   12/2/2021   -
Landa Series 1000 Fox Valley Trail (1) 1000 Fox Valley Trail, Stone Mountain, GA 30088   12/2/2021   12/2/2021   -
Landa Series 1007 Leeward Way (1) 1007 Leeward Way, Jonesboro, GA 30238   12/2/2021   12/2/2021   -
Landa Series 10119 Commons Way (1) 10119 Commons Way, Jonesboro, GA 30238   12/2/2021   12/2/2021   -
Landa Series 10121 Morris Drive SW (1) 10121 Morris Drive SW, Covington, GA 30014   11/15/2021   11/15/2021   -
Landa Series 10183 Starr Street SW (1) 10183 Starr Street SW, Covington, GA 30014   11/15/2021   11/15/2021   -
Landa Series 103 Starlake Drive (1) 103 Starlake Drive, Jackson, GA 30260   11/15/2021   11/15/2021   -
Landa Series 104 Summerfield Drive (1) 104 Summerfield Drive, McDonough, GA 30253   12/2/2021   12/2/2021   -
Landa Series 10433 Candlelight Road (1) 10433 Candlelight Road, Jonesboro, GA 30238   11/15/2021   11/15/2021   -
Landa Series 105 Anne Street (1) 105 Anne Street, Hampton, GA 30228   12/2/2021   12/2/2021   -
Landa Series 107 Oakwood Circle (1) 107 Oakwood Circle, Griffin, GA 30223   12/2/2021   12/2/2021   -
Landa Series 109 Amberwood Lane (1) 109 Amberwood Lane, Griffin, GA 30223   12/2/2021   12/2/2021   -

 

F-706

 

 

Landa Series 110 Shenandoah Drive (1) 110 Shenandoah Drive, Covington, GA 30016   11/15/2021   11/15/2021   -
Landa Series 111 Fir Drive (1) 111 Fir Drive, McDonough, GA 30253   11/15/2021   11/15/2021   -
Landa Series 1110 Parkview Drive (1) 1110 Parkview Drive, Griffin, GA 30224   12/2/2021   12/2/2021   -
Landa Series 11187 Shannon Circle (1) 11187 Shannon Circle, Hampton, GA 30228   12/2/2021   12/2/2021   -
Landa Series 112 Ridge Street (1) 112 Ridge Street, Locust Grove, GA 30248   11/15/2021   11/15/2021   -
Landa Series 11322 Michelle Way (1) 11322 Michelle Way, Hampton, GA 30228   11/15/2021   11/15/2021   -
Landa Series 114 Starlake Drive (1) 114 Starlake Drive, Jackson, GA 30233   12/2/2021   12/2/2021   -
Landa Series 11447 S Grove Drive (1) 11447 S Grove Drive, Hampton, GA 30228   12/2/2021   12/2/2021   -
Landa Series 1147 Village Way (1) 1147 Village Way, Stone Mountain, GA 30088   11/15/2021   11/15/2021   -
Landa Series 115 Lakeview Drive (1) 115 Lakeview Drive, Stockbridge, GA 30281   12/2/2021   12/2/2021   -
Landa Series 1160 Gable Terrace (1) 1160 Gable Terrace, Jonesboro, GA 30236   11/15/2021   11/15/2021   -
Landa Series 1190 Kirkland Road (1) 1190 Kirkland Road, Covington, GA 30016   12/2/2021   12/2/2021   -
Landa Series 12 Mintz Street (1) 12 Mintz Street, Griffin, GA 30223   12/2/2021   12/2/2021   -
Landa Series 120 Rosewood Drive (1) 120 Rosewood Drive, McDonough, GA 30253   12/2/2021   12/2/2021   -
Landa Series 1201 Kilrush Drive (1) 1201 Kilrush Drive, Mableton, GA 30126   11/15/2021   11/15/2021   -
Landa Series 124 Libby Lane (1) 124 Libby Lane, Jonesboro, GA 30238   11/15/2021   11/15/2021   -
Landa Series 126 E Mimosa Drive (1) 126 E Mimosa Drive, Jonesboro, GA 30236   12/2/2021   12/2/2021   -
Landa Series 12641 Alcovy Road (1) 12641 Alcovy Road, Covington, GA 30014   12/2/2021   12/2/2021   -

 

F-707

 

 

Landa Series 1320 Winona Avenue (1) 1320 Winona Avenue, Griffin, GA 30223   11/15/2021   11/15/2021   -
Landa Series 133 Dove Landing (1) 133 Dove Landing, Social Circle, GA 30025   12/2/2021   12/2/2021   -
Landa Series 137 Southern Shores Road (1) 137 Southern Shores Road, Jackson, GA 30233   11/15/2021   11/15/2021   -
Landa Series 138 Sandalwood Circle (1) 138 Sandalwood Circle, Lawrenceville, GA 30046   11/15/2021   7/22/2022   -
Landa Series 140 High Ridge Road (1) 140 High Ridge Road, Covington, GA 30014   11/15/2021   11/15/2021   -
Landa Series 141 Longstreet Circle (1) 141 Longstreet Circle, Oxford, GA 30054   12/2/2021   12/2/2021   -
Landa Series 1443 Pebble Ridge Lane (1) 1443 Pebble Ridge Lane, Hampton, GA 30228   12/2/2021   12/2/2021   -
Landa Series 1445 Maple Valley Court (1) 1445 Maple Valley Court, Union City, GA 30291   11/2/2020   11/2/2020   -
Landa Series 146 Crystal Brook (1) 146 Crystal Brook, Griffin, GA 30223   11/15/2021   11/15/2021   -
Landa Series 1473 Brownleaf Drive (1) 1473 Brownleaf Drive, Jonesboro, GA 30236   12/2/2021   12/2/2021   -
Landa Series 1485 Bola Court (1) 1485 Bola Court, Jonesboro, GA 30238   12/2/2021   12/2/2021   -
Landa Series 1490 Diplomat Drive (1) 1490 Diplomat Drive, Riverdale, GA 30296   12/2/2021   12/2/2021   -
Landa Series 153 Cliffside Court (1) 153 Cliffside Court, Riverdale, GA 30274   11/15/2021   11/15/2021   -
Landa Series 157 Wells Road (1) 157 Wells Road, Jenkinsburg, GA 30234   12/2/2021   12/2/2021   -
Landa Series 160 Chimney Ridge Trail (1) 160 Chimney Ridge Trail, Stockbridge, GA 30281   12/2/2021   12/2/2021   -
Landa Series 164 Longstreet Circle (1) 164 Longstreet Circle, Oxford, GA 30054   12/2/2021   12/2/2021   -
Landa Series 1666 W Poplar Street (1) 1666 W Poplar Street, Griffin, GA 30224   11/15/2021   11/15/2021   -
Landa Series 168 Brookview Drive (1) 168 Brookview Drive, Riverdale, GA 30274   3/23/2021   3/17/2022   -

 

F-708

 

 

Landa Series 1683 Spoonbill Road (1) 1683 Spoonbill Road, Hampton, GA 30238   12/2/2021   12/2/2021   -
Landa Series 1689 Viceroy Way (1) 1689 Viceroy Way, Riverdale, GA 30296   11/15/2021   11/15/2021   -
Landa Series 171 Davidson Drive (1) 171 Davidson Drive, Griffin, GA 30223   12/2/2021   12/2/2021   -
Landa Series 1768 Glen View Way (1) 1768 Glen View Way, Hampton, GA 30228   12/2/2021   12/2/2021   -
Landa Series 181 Watercress Court (1) 181 Watercress Court, Stockbridge, GA 30281   11/15/2021   11/15/2021   -
Landa Series 188 Timberline Road (1) 188 Timberline Road, Jackson, GA 30233   11/15/2021   11/15/2021   -
Landa Series 189 Shenandoah Drive (1) 189 Shenandoah Drive, Riverdale, GA 30274   11/15/2021   11/15/2021   -
Landa Series 1903 Old Concord Drive SE (1) 1903 Old Concord Drive SE, Covington, GA 30016   12/2/2021   12/2/2021   -
Landa Series 195 Branchwood Drive (1) 195 Branchwood Drive, Covington, GA 30016   12/2/2021   12/2/2021   -
Landa Series 195 Fairclift Drive (1) 195 Fairclift Drive, Covington, GA 30016   12/2/2021   12/2/2021   -
Landa Series 195 Hunters Trace (1) 195 Hunters Trace, Covington, GA 30014   11/15/2021   11/15/2021   -
Landa Series 196 Montego Circle (1) 196 Montego Circle, Riverdale, GA 30274   11/15/2021   11/15/2021   -
Landa Series 20 Chimney Smoke Drive (1) 20 Chimney Smoke Drive, Stockbridge, GA 30281   12/2/2021   12/2/2021   -
Landa Series 204 N Main Court (1) 204 N Main Court, Stockbridge, GA 30281   12/2/2021   12/2/2021   -
Landa Series 2055 Grove Way (1) 2055 Grove Way, Hampton, GA 30228   12/2/2021   9/24/2022   -
Landa Series 212 Fleeta Drive (1) 212 Fleeta Drive, Covington, GA 30016   11/15/2021   11/15/2021   -
Landa Series 215 Central Lake Circle (1) 215 Central Lake Circle, Griffin, GA 30223   12/2/2021   12/2/2021   -
Landa Series 217 Glenloch Court (1) 217 Glenloch Court, Stockbridge, GA 30281   11/15/2021   11/15/2021   -

 

F-709

 

 

Landa Series 2177 E Chester Circle SE (1) 2177 E Chester Circle SE, Conyers, GA 30013   12/2/2021   12/2/2021   -
Landa Series 221 Lakeview Drive (1) 221 Lakeview Drive, Stockbridge, GA 30281   12/2/2021   12/2/2021   -
Landa Series 2264 Chestnut Hill Circle (1) 2264 Chestnut Hill Circle, Decatur, GA 30032   11/15/2021   11/15/2021   -
Landa Series 235 Lazy Hollow Lane (1) 235 Lazy Hollow Lane, Covington, GA 30016   12/2/2021   12/2/2021   -
Landa Series 2425 Cornell Circle (1) 2425 Cornell Circle, McDonough, GA 30253   12/2/2021   12/2/2021   -
Landa Series 2443 Hodges Farm Road (1) 2443 Hodges Farm Road, Mansfield, GA 30055   12/2/2021   12/2/2021   -
Landa Series 25 Pleasant Valley Road (1) 25 Pleasant Valley Road, McDonough, GA 30253   11/15/2021   11/15/2021   -
Landa Series 253 Marco Drive (1) 253 Marco Drive, Social Circle, GA 30025   11/15/2021   11/15/2021   -
Landa Series 255 Countryside Lane (1) 255 Countryside Lane, Covington, GA 30016   12/2/2021   12/2/2021   -
Landa Series 258 Rocky Point Road (1) 258 Rocky Point Road, Covington, GA 30016   11/15/2021   11/15/2021   -
Landa Series 263 Rocky Point Road (1) 263 Rocky Point Road, Covington, GA 30016   12/2/2021   12/2/2021   -
Landa Series 268 Brookview Drive (1) 268 Brookview Drive, Riverdale, GA 30274   3/23/2021   3/23/2021   -
Landa Series 270 Mountain Lane (1) 270 Mountain Lane, Covington, GA 30016   11/15/2021   11/15/2021   -
Landa Series 270 Mountain Way (1) 270 Mountain Way, Covington, GA 30016   12/2/2021   1/1/2022    -
Landa Series 270 Pleasant Hill Drive (1) 270 Pleasant Hill Drive, Covington, GA 30016   11/15/2021   11/15/2021   -
Landa Series 2794 Norfair Loop (1) 2794 Norfair Loop, Lithonia, GA 30038   12/2/2021   12/2/2021   -
Landa Series 2813 Vicksburg Court (1) 2813 Vicksburg Court, Decatur, GA 30034   11/15/2021   11/15/2021   -
Landa Series 2933 Coffer Drive (1) 2933 Coffer Drive, Ellenwood, GA 30294   11/15/2021   11/15/2021   -

 

F-710

 

 

Landa Series 30 High Ridge Road (1) 30 High Ridge Road, Covington, GA 30014   11/15/2021   11/15/2021   -
Landa Series 30 Roosevelt Road (1) 30 Roosevelt Road, Covington, GA 30016   11/15/2021   11/15/2021   -
Landa Series 3011 Raintree Drive SE (1) 3011 Raintree Drive SE, Conyers, GA 30013   11/15/2021   11/15/2021   -
Landa Series 304 Deerfield Drive (1) 304 Deerfield Drive, Jonesboro, GA 30238   12/2/2021   12/2/2021   -
Landa Series 3043 Highway 81 S (1) 3043 Highway 81 S, Covington, GA 30016   11/15/2021   11/15/2021   -
Landa Series 313 Blue Heron Drive (1) 313 Blue Heron Drive, Jonesboro, GA 30236   11/15/2021   11/15/2021   -
Landa Series 3202 Chippewa Drive (1) 3202 Chippewa Drive, Rex, GA 30273   11/15/2021   11/15/2021   -
Landa Series 35 Clay Court (1) 35 Clay Court, Covington, GA 30016   11/15/2021   11/15/2021   -
Landa Series 350 Cadiz Lane S (1) 350 Cadiz Lane S, College Park, GA 30349   11/15/2021   11/15/2021   -
Landa Series 351 Wesley Park Drive (1) 351 Wesley Park Drive, Jonesboro, GA 30238   11/15/2021   12/2/2021   -
Landa Series 3603 Manhattan Drive (1) 3603 Manhattan Drive, Decatur, GA 30034   12/2/2021   12/2/2021   -
Landa Series 3667 Patti Parkway (1) 3667 Patti Parkway, Decatur, GA 30034   12/2/2021   12/2/2021   -
Landa Series 404 Barberry Lane (1) 404 Barberry Lane, Stockbridge, GA 30281   12/2/2021   12/2/2021   -
Landa Series 412 Kendall Lane (1) 412 Kendall Lane, McDonough, GA 30253   12/2/2021   12/2/2021   -
Landa Series 416 Autumn Lake Court (1) 416 Autumn Lake Court, McDonough, GA 30253   12/2/2021   12/2/2021   -
Landa Series 43 Darwin Drive (1) 43 Darwin Drive, Jonesboro, GA 30238   11/15/2021   11/15/2021   -
Landa Series 432 Manor Estates Drive (1) 432 Manor Estates Drive, Stockbridge, GA 30281   12/2/2021   12/2/2021   -

 

F-711

 

 

Landa Series 440 Freestone Drive (1) 440 Freestone Drive, Newman, GA 30265   12/2/2021   12/2/2021   -
Landa Series 4447 Lake Breeze Drive (1) 4447 Lake Breeze Drive, Stone Mountain, GA 30083   12/2/2021   12/2/2021   -
Landa Series 445 Independence Drive (1) 445 Independence Drive, Jonesboro, GA 30238   12/2/2021   12/2/2021   -
Landa Series 449 Kara Lane (1) 449 Kara Lane, McDonough, GA 30253   12/2/2021   5/25/2022   -
Landa Series 45 Blue Jay Drive (1) 45 Blue Jay Drive, Covington, GA 30016   11/15/2021   11/15/2021   -
Landa Series 45 Laurel Way (1) 45 Laurel Way, Covington, GA 30016   11/15/2021   11/15/2021   -
Landa Series 4702 Saint James Way (1) 4702 Saint James Way, Decatur, GA 30035   11/15/2021   11/15/2021   -
Landa Series 4732 Pinedale Drive (1) 4732 Pinedale Drive, Forest Park, GA 30297   11/15/2021   11/15/2021   -
Landa Series 497 Highway 212 (1) 497 Georgia Highway 212, Covington, GA 30016   12/2/2021   12/2/2021   -
Landa Series 5039 East Street (1) 5039 East Street, Forest Park, GA 30297   12/2/2021   12/2/2021   -
Landa Series 5040 Huntshire Lane (1) 5040 Huntshire Lane, Lilburn, GA 30047   11/15/2021   6/17/2022   -
Landa Series 513 Jarrett Court (1) 513 Jarrett Court, McDonough, GA 30253   11/15/2021   11/15/2021    -
Landa Series 5143 Pinecrest Drive SW (1) 5143 Pinecrest Drive SW, Covington, GA 30014   11/15/2021   11/15/2021   -
Landa Series 524 Sawmill Road (1) 524 Sawmill Road, Hampton, GA 30228   12/2/2021   12/2/2021   -
Landa Series 5329 Shirewick Lane (1) 5329 Shirewick Lane, Lithonia, GA 30058   12/2/2021   12/2/2021   -
Landa Series 540 Cowan Road (1) 540 Cowan Road, Covington, GA 30016   11/15/2021   11/15/2021   -

 

F-712

 

 

Landa Series 5411 Rocky Pine Drive (1) 5411 Rocky Pine Drive, Lithonia, GA 30038   12/2/2021   12/2/2021   -
Landa Series 55 Myrtle Grove Lane (1) 55 Myrtle Grove Lane, Covington, GA 30014   12/2/2021   12/2/2021   -
Landa Series 550 Cowan Road (1) 550 Cowan Road, Covington, GA 30016   12/2/2021   12/2/2021   -
Landa Series 5581 Fox Glen Circle (1) 5581 Fox Glen Circle, Lithonia, GA 30038   12/2/2021   12/2/2021   -
Landa Series 565 Mountainview Drive (1) 565 Mountainview Drive, Covington, GA 30016   11/15/2021   11/15/2021   -
Landa Series 5737 Strathmoor Manor Circle (1) 5737 Strathmoor Manor Circle, Lithonia, GA 30058   12/2/2021   12/2/2021   -
Landa Series 5801 Strathmoor Manor Circle (1) 5801 Strathmoor Manor Circle, Lithonia, GA 30058   11/15/2021   11/15/2021   -
Landa Series 6104-6106 Oakwood Circle SW (1) 6104-6106 Oakwood Circle SW, Covington, GA 30014   12/2/2021   12/2/2021   -
Landa Series 6107 Shadow Glen Court (1) 6107 Shadow Glen Court, Covington, GA 30014   11/15/2021   11/15/2021   -
Landa Series 6111-6113 Pine Glen Circle SW (1) 6111-6113 Pine Glen Circle SW, Covington, GA 30014   11/15/2021   11/15/2021   -
Landa Series 6119 Pineneedle Drive SW (1) 6119 Pineneedle Drive SW, Covington, GA 30014   12/2/2021   12/2/2021   -
Landa Series 615 Barshay Drive (1) 615 Barshay Drive, Covington, GA 30016   11/15/2021   11/15/2021   -
Landa Series 6168 Wheat Street NE (1) 6168 Wheat Street NE, Covington, GA 30014   11/15/2021   11/15/2021   -
Landa Series 6178 Green Acres Drive SW (1) 6178 Green Acres Drive SW, Covington, GA 30014   11/15/2021   11/15/2021   -
Landa Series 6386 Forester Way (1) 6386 Forester Way, Lithonia, GA 30038   12/2/2021   12/2/2021   -

 

F-713

 

 

Landa Series 6404 Walnut Way (1) 6404 Walnut Way, Union City, GA 30291   12/2/2021   12/2/2021   -
Landa Series 643 Sycamore Drive (1) 643 Sycamore Drive, Jonesboro, GA 30238   11/15/2021   11/15/2021   -
Landa Series 65 Freedom Court (1) 65 Freedom Court, Covington, GA 30016   11/15/2021   12/2/2021   -
Landa Series 653 Georgetown Lane (1) 653 Georgetown Lane, Jonesboro, GA 30236   12/2/2021   11/15/2021   -
Landa Series 6635 Kimberly Mill Road (1) 6635 Kimberly Mill Road, College Park, GA 30349   11/15/2021   11/15/2021   -
Landa Series 6653 Bedford Road (1) 6653 Bedford Road, Rex, GA 30273   11/15/2021   12/2/2021   -
Landa Series 6710 Sunset Hills Boulevard (1) 6710 Sunset Hills Boulevard, Rex, GA 30273   12/2/2021   11/15/2021   -
Landa Series 6762 Bent Creek Drive (1) 6762 Bent Creek Drive, Rex, GA 30273   11/15/2021   11/15/2021   -
Landa Series 683 Wood Path Court (1) 683 Wood Path Court, Stone Mountain, GA 30083   12/2/2021   12/2/2021   -
Landa Series 70 Shenandoah Lane (1) 70 Shenandoah Lane, Covington, GA 30016   12/2/2021   12/2/2021   -
Landa Series 709 Georgetown Court (1) 709 Georgetown Court, Jonesboro, GA 30236   11/15/2021   11/15/2021   -
Landa Series 7107 Geiger Street NW (1) 7107 Geiger Street NW Covington GA 30016   11/15/2021   11/15/2021   -
Landa Series 7205 Lakeview Drive SW (1) 7205 Lakeview Drive SW, Covington, GA 30014   12/2/2021   12/2/2021   -
Landa Series 750 Georgetown Court (1) 750 Georgetown Court, Jonesboro, GA 30236   11/15/2021   11/15/2021   -
Landa Series 752 Chestnut Drive (1) 752 Chestnut Drive, Jackson, GA 30233   11/15/2021   11/15/2021    -
Landa Series 773 Villa Way (1) 773 Villa Way, Jonesboro, GA 30238   3/23/2021   3/23/2021   -
Landa Series 7781 Mountain Creek Way (1) 7781 Mountain Creek Way, Douglasville, GA 30134   11/15/2021   11/15/2021   -

 

F-714

 

 

Landa Series 7950 Woodlake Drive (1) 7950 Woodlake Drive, Riverdale, GA 30274   11/15/2021   11/15/2021   -
Landa Series 80 High Ridge Road (1) 80 High Ridge Road, Covington, GA 30014   11/15/2021   11/15/2021   -
Landa Series 800 Mills Drive (1) 800 Mills Drive, Covington, GA 30016   12/2/2021   12/2/2021   -
Landa Series 808 Hillandale Lane (1) 808 Hillandale Lane, Lithonia, GA 30058   11/15/2021   11/15/2021   -
Landa Series 8110 Devonshire Drive (1) 8110 Devonshire Drive, Jonesboro, GA 30238   11/15/2021   11/15/2021   -
Landa Series 8121 Spillers Drive SW (1) 8121 Spillers Drive SW, Covington, GA 30014   11/15/2021   11/15/2021   -
Landa Series 8233 Creekline Court (1) 8233 Creekline Court, Riverdale, GA 30274   11/15/2021   11/15/2021   -
Landa Series 8302 Sterling Lakes Drive (1) 8302 Sterling Lakes Drive, Covington, GA 30014   12/2/2021   12/2/2021   -
Landa Series 843 Tramore Drive (1) 843 Tramore Drive, Stockbridge, GA 30281   7/23/2021   7/23/2021   -
Landa Series 85 Kirkland Court (1) 85 Kirkland Court, Covington, GA 30016   11/15/2021   11/15/2021   -
Landa Series 85 Thorn Thicket Way (1) 85 Thorn Thicket Way, Rockmart, GA 30153   11/15/2021   11/15/2021   -
Landa Series 8658 Ashley Way (1) 8658 Ashley Way, Douglasville, GA 30134   7/20/2021   7/20/2021   -
Landa Series 8667 Ashley Way (1) 8667 Ashley Way, Douglasville, GA 30134   7/20/2021   7/20/2021   -
Landa Series 8671 Ashley Way (1) 8671 Ashley Way, Douglasville, GA 30134   7/20/2021   7/20/2021   -
Landa Series 8676 Ashley Way (1) 8676 Ashley Way, Douglasville, GA 30134   7/20/2021   (4)   -
Landa Series 8691 Ashley Way (1) 8691 Ashley Way, Douglasville, GA 30134   7/20/2021   10/27/2022   -
Landa Series 8692 Ashley Way (1) 8692 Ashley, Way Douglasville, GA 30134   7/20/2021   (4)   -

 

F-715

 

 

Landa Series 8693 Ashley Way (1) 8693 Ashley Way, Douglasville, GA 30134   7/20/2021   (4)   -
Landa Series 8694 Ashley Way (1) 8694 Ashley Way, Douglasville, GA 30134   7/20/2021   (4)   -
Landa Series 8697 Ashley Way (1) 8697 Ashley Way, Douglasville, GA 30134   7/20/2021   7/20/2021   -
Landa Series 8819 Leafwood Court (1) 8819 Leafwood Court, Riverdale, GA 30274   12/2/2021   12/2/2021   -
Landa Series 8855 Rugby Court (1) 8855 Rugby Court, Jonesboro, GA 30238   11/15/2021   11/15/2021   -
Landa Series 9020 Sterling Ridge Lane (1) 9020 Sterling Ridge Lane, Jonesboro, GA 30238   12/2/2021   12/2/2021   -
Landa Series 9150 Spillers Drive SW (1) 9150 Spillers Drive SW, Covington, GA 30014   12/2/2021   12/2/2021   -
Landa Series 925 Mote Road (1) 925 Mote Road, Covington, GA 30016   12/2/2021   12/2/2021   -
Landa Series 9409 Forest Knoll Drive (1) 9409 Forest Knoll Drive, Jonesboro, GA 30238   12/2/2021   11/15/2021   -
Landa Series 9434 Cedar Creek Place (1) 9434 Cedar Creek Place, Douglasville, GA 30135   11/15/2021   11/15/2021   -
Landa Series 9597 Pintail Trail (1) 9597 Pintail Trail, Jonesboro, GA 30238   11/15/2021   12/2/2021   -
Landa Series 974 Laurel Street (1) 974 Laurel Street, Lake City, GA 30260   12/2/2021   12/2/2021   -
Landa Series 1701 Summerwoods Lane (1)(5) 1701 Summerwoods Lane, Griffin, GA 30224   7/10/2020   8/19/2020   -
Landa Series 1741 Park Lane (1)(5) 1741 Park Lane, Griffin, GA 30224   7/10/2020   7/10/2020   -

 

(1)As of the date of this Offering Circular, title to this Property is currently held by Landa Properties and not by the underlying Series. We expect that Landa Properties will transfer title to the Property either to the applicable Series or to the Company for the benefit of the applicable Series (pursuant to the Master Agreement) prior to the initial Closing of sales of Shares of the Series.
(2)The date in which Landa Properties, LLC (“Landa Properties”), our affiliate and wholly-owned subsidiary of Landa Holdings, Inc., or Manager, acquired this Property from a third-party seller.
(3)The date Landa Properties commenced rental operations for this Property.
(4)This Property is currently vacant and has not commenced rental operations since it was acquired by Landa Properties.
(5)The Company previously filed a separate offering statement for the offer and sale of shares of forty-five (45) separate Series of the Company (the “Separate Offering Series”). Of these forty-five (45) offerings of Separate Offering Series, five (5) were withdrawn before any shares of such Separate Offering Series were issued, and two were previously liquidated when their underlying property was sold to Landa Properties: Landa Series 1701 Summerwoods Lane and Landa Series 1741 Park Lane (the “Previously Liquidated Series”). Proceeds from the sale of such underlying property of the Previously Liquidated Series were distributed among such Series’ shareholders and such shareholders’ shares were cancelled. The Company is now offering new Shares of the Previously Liquidated Series as part of the offering pursuant to this Offering Circular.

 

F-716

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES

FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)

 

   Landa
Series 10
Oak Wood Lane
   Landa
Series 10
Windridge Drive
   Landa
Series 1000
Fox Valley Trail
   Landa
Series 1007
Leeward Way
   Landa
Series 10119
Commons Way
   Landa
Series 10121
Morris Drive SW
   Landa
Series 10183
Starr Street SW
   Landa
Series 103
Starlake Drive
 
Rental income  $1,219   $7,707   $1,500   $6,402   $7,314   $-   $6,090   $6,474 
                                         
Rental expenses                                        
Real estate taxes   624    684    1,430    964    1,128    513    522    746 
Homeowners association fees   -    -    -    -    -    -    -    - 
Insurance expense   281    242    301    288    295    96    245    239 
Repairs & maintenance   144    198    -    1,600    -    -    -    - 
Other expenses   245    -    287    -    -    -    -    - 
Certain Operating Expenses   1,294    1,124    2,018    2,852    1,423    609    767    985 
                                         
Rental income in excess/(deficit) of certain expenses  $(75)  $6,583   $(518)  $3,550   $5,891   $(609)  $5,323   $5,489 

 

The accompanying notes are an integral part of the statement of revenues and certain expenses.

 

F-717

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES

FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)

(CONTINUED)

 

   Landa
Series 104
Summerfield Drive
   Landa
Series 10433
Candlelight Road
   Landa
Series 105
Anne Street
   Landa
Series 107
Oakwood Circle
   Landa
Series 109
Amberwood Lane
   Landa
Series 110
Shenandoah Drive
   Landa
Series 111
Fir Drive
   Landa
Series 1110
Parkview Drive
 
Rental income  $2,332   $10,294   $6,840   $6,372   $5,568   $7,198   $3,924   $1,856 
                                         
Rental expenses                                        
Real estate taxes   1,141    1,024    484    405    488    799    743    435 
Homeowners association fees   -    -    -    -    -    -    -    - 
Insurance expense   288    243    238    180    199    260    204    246 
Repairs & maintenance   -    -    5,569    -    -    1,284    -    - 
Other expenses   231    -    -    -    -    -    200    - 
Certain Operating Expenses   1,660    1,267    6,291    585    687    2,343    1,147    681 
                                         
Rental income in excess/(deficit) of certain expenses  $672   $9,027   $549   $5,787   $4,881   $4,855   $2,777   $1,175 

 

The accompanying notes are an integral part of the statement of revenues and certain expenses.

 

F-718

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES

FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)

(CONTINUED)

 

   Landa
Series 11187
Shannon Circle
   Landa
Series 112
Ridge Street
   Landa
Series 11322
Michelle Way
   Landa
Series 114
Starlake Drive
   Landa
Series 11447
S Grove Drive
   Landa
Series 1147
Village Way
   Landa
Series 115
Lakeview Drive
   Landa
Series 1160
Gable Terrace
 
Rental income  $8,908   $7,277   $7,125   $6,919   $9,268   $4,995   $7,332   $7,410 
                                         
Rental expenses                                        
Real estate taxes   859    1,105    952    738    1,023    1,792    1,091    1,349 
Homeowners association fees   -    -    240    -    225    1,266    -    75 
Insurance expense   300    259    197    238    272    194    273    285 
Repairs & maintenance   75    1,360    188    -    -    81    -    955 
Other expenses   -    -    -    -    -    -    -    - 
Certain Operating Expenses   1,234    2,724    1,577    976    1,520    3,333    1,364    2,664 
                                         
Rental income in excess/(deficit) of certain expenses  $7,674   $4,553   $5,548   $5,943   $7,748   $1,662   $5,968   $4,746 

 

The accompanying notes are an integral part of the statement of revenues and certain expenses.

 

F-719

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES

FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)

(CONTINUED)

 

   Landa
Series 1190
Kirkland Road
   Landa
Series 12
Mintz Street
   Landa
Series 120
Rosewood Drive
   Landa
Series 1201
Kilrush Drive
   Landa
Series 124
Libby Lane
   Landa
Series 126
E Mimosa Drive
   Landa
Series 12641
Alcovy Road
   Landa
Series 1320
Winona Avenue
 
Rental income  $8,970   $7,266   $7,248   $13,818   $3,255   $1,990   $8,360   $5,700 
                                         
Rental expenses                                        
Real estate taxes   691    807    1,076    1,598    572    621    736    326 
Homeowners association fees   -    -    -    -    -    -    -    - 
Insurance expense   314    250    274    499    197    242    296    204 
Repairs & maintenance   287    -    -    725    565    -    46    240 
Other expenses   -    -    -    -    137    -    -    - 
Certain Operating Expenses   1,292    1,057    1,350    2,822    1,471    863    1,078    770 
                                         
Rental income in excess/(deficit) of certain expenses  $7,678   $6,209   $5,898   $10,996   $1,784   $1,127   $7,282   $4,930 

 

The accompanying notes are an integral part of the statement of revenues and certain expenses.

 

F-720

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES

FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)

(CONTINUED)

 

   Landa
Series 133
Dove Landing
   Landa
Series 137
Southern Shores Road
   Landa
Series 138
Sandalwood Circle
   Landa
Series 140
High Ridge Road
   Landa
Series 141
Longstreet Circle
   Landa
Series 1443
Pebble Ridge Lane
   Landa
Series 1445
Maple Valley Court
   Landa
Series 146
Crystal Brook
 
Rental income  $3,631   $6,500   $-   $6,402   $7,552   $4,672   $7,050   $6,792 
                                         
Rental expenses                                        
Real estate taxes   513    683    612    758    755    1,020    932    829 
Homeowners association fees   -    -    630    -    -    -    180    - 
Insurance expense   210    197    169    242    321    309    226    171 
Repairs & maintenance   -    -    19,429    -    -    82    -    - 
Other expenses   -    -    299    -    -    -    -    - 
Certain Operating Expenses   723    880    21,139    1,000    1,076    1,411    1,338    1,000 
                                         
Rental income in excess/(deficit) of certain expenses  $2,908   $5,620   $(21,139)  $5,402   $6,476   $3,261   $5,712   $5,792 

 

The accompanying notes are an integral part of the statement of revenues and certain expenses.

 

F-721

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES

FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)

(CONTINUED)

 

   Landa
Series 1473
Brownleaf Drive
   Landa
Series 1485
Bola Court
   Landa
Series 1490
Diplomat Drive
   Landa
Series 153
Cliffside Court
   Landa
Series 157
Wells Road
   Landa
Series 160
Chimney Ridge Trail
   Landa
Series 164
Longstreet Circle
   Landa
Series 1666
W Poplar Street
 
Rental income  $7,164   $8,480   $3,585   $5,190   $5,406   $8,970   $6,966   $6,732 
                                         
Rental expenses                                        
Real estate taxes   921    674    1,409    602    657    1,061    907    460 
Homeowners association fees   -    -    -    -    -    -    -    - 
Insurance expense   269    244    346    135    205    274    276    188 
Repairs & maintenance   55    -    -    -    -    -    -    - 
Other expenses   -    -    82    -    -    -    -    - 
Certain Operating Expenses   1,245    918    1,837    737    862    1,335    1,183    648 
                                         
Rental income in excess/(deficit) of certain expenses  $5,919   $7,562   $1,748   $4,453   $4,544   $7,635   $5,783   $6,084 

 

The accompanying notes are an integral part of the statement of revenues and certain expenses.

 

F-722

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES

FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)

(CONTINUED)

 

   Landa
Series 168
Brookview Drive
   Landa
Series 1683
Spoonbill Road
   Landa
Series 1689
Viceroy Way
   Landa
Series 171
Davidson Drive
   Landa
Series 1768
Glen View Way
   Landa
Series 181
Watercress Court
   Landa
Series 188
Timberline Road
   Landa
Series 189
Shenandoah Drive
 
Rental income  $3,878   $1,800   $8,222   $2,308   $5,610   $5,375   $5,158   $7,384 
                                         
Rental expenses                                        
Real estate taxes   814    694    1,672    845    879    903    183    860 
Homeowners association fees   300    -    -    -    210    130    -    - 
Insurance expense   206    229    260    291    234    186    154    209 
Repairs & maintenance   21,817    535    -    -    -    135    -    - 
Other expenses   287    -    -    -    -    299    -    - 
Certain Operating Expenses   23,424    1,458    1,932    1,136    1,323    1,653    337    1,069 
                                         
Rental income in excess/(deficit) of certain expenses  $(19,546)  $342   $6,290   $1,172   $4,287   $3,722   $4,821   $6,315 

 

The accompanying notes are an integral part of the statement of revenues and certain expenses.

 

F-723

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES

FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)

(CONTINUED)

 

   Landa
Series 1903
Old Concord Drive SE
   Landa
Series 195
Branchwood Drive
   Landa
Series 195
Fairclift Drive
   Landa
Series 195
Hunters Trace
   Landa
Series 196
Montego Circle
   Landa
Series 20
Chimney Smoke Drive
   Landa
Series 204
N Main Court
   Landa
Series 2055
Grove Way
 
Rental income  $6,576   $-   $7,632   $3,316   $7,956   $8,658   $6,912   $- 
                                         
Rental expenses                                        
Real estate taxes   647    789    615    814    795    1,145    939    972 
Homeowners association fees   -    -    -    -    -    -    -    225 
Insurance expense   297    305    273    246    225    274    210    234 
Repairs & maintenance   -    -    -    18,315    -    2,396    687    106 
Other expenses   -    -    -    314    -    -    -    299 
Certain Operating Expenses   944    1,094    888    19,689    1,020    3,815    1,836    1,836 
                                         
Rental income in excess/(deficit) of certain expenses  $5,632   $(1,094)  $6,744   $(16,373)  $6,936   $4,843   $5,076   $(1,836)

 

The accompanying notes are an integral part of the statement of revenues and certain expenses.

 

F-724

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES

FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)

(CONTINUED)

 

   Landa
Series 212
Fleeta Drive
   Landa
Series 215
Central Lake Circle
   Landa
Series 217
Glenloch Court
   Landa
Series 2177
E Chester Circle SE
   Landa
Series 221
Lakeview Drive
   Landa
Series 2264
Chestnut Hill Circle
   Landa
Series 235
Lazy Hollow Lane
   Landa
Series 2425
Cornell Circle
 
Rental income  $8,718   $3,178   $9,540   $5,745   $7,258   $8,638   $6,972   $8,760 
                                         
Rental expenses                                        
Real estate taxes   690    585    1,237    697    1,178    1,908    886    1,498 
Homeowners association fees   -    -    -    -    -    -    -    - 
Insurance expense   215    253    330    302    286    377    287    321 
Repairs & maintenance   2,150    -    -    80    -    -    397    - 
Other expenses   -    -    -    -    -    -    -    - 
Certain Operating Expenses   3,055    838    1,567    1,079    1,464    2,285    1,570    1,819 
                                         
Rental income in excess/(deficit) of certain expenses  $5,663   $2,340   $7,973   $4,666   $5,794   $6,353   $5,402   $6,941 

 

The accompanying notes are an integral part of the statement of revenues and certain expenses.

 

F-725

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES

FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)

(CONTINUED)

 

   Landa
Series 2443
Hodges Farm Road
   Landa
Series 25
Pleasant Valley Road
   Landa
Series 253
Marco Drive
   Landa
Series 255
Countryside Lane
   Landa
Series 258
Rocky Point Road
   Landa
Series 263
Rocky Point Road
   Landa
Series 268
Brookview Drive
   Landa
Series 270
Mountain Lane
 
Rental income  $7,314   $7,153   $6,003   $9,120   $6,820   $-   $7,938   $- 
                                         
Rental expenses                                        
Real estate taxes   712    1,020    650    787    1,030    708    816    738 
Homeowners association fees   -    -    -    -    -    -    300    - 
Insurance expense   230    254    197    282    285    266    206    270 
Repairs & maintenance   -    -    -    45    491    743    127    - 
Other expenses   -    -    -    -    27    350    -    461 
Certain Operating Expenses   942    1,274    847    1,114    1,833    2,067    1,449    1,469 
                                         
Rental income in excess/(deficit) of certain expenses  $6,372   $5,879   $5,156   $8,006   $4,987   $(2,067)  $6,489   $(1,469)

 

The accompanying notes are an integral part of the statement of revenues and certain expenses.

 

F-726

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES

FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)

(CONTINUED)

 

   Landa
Series 270
Mountain Way
   Landa
Series 270
Pleasant Hill Drive
   Landa
Series 2794
Norfair Loop
   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
 
Rental income  $4,550   $6,666   $7,396   $8,885   $8,083   $8,880   $1,214   $- 
                                         
Rental expenses                                        
Real estate taxes   715    752    1,281    762    596    689    1,072    1,054 
Homeowners association fees   -    -    198    -    -    -    -    - 
Insurance expense   275    309    218    319    242    240    281    224 
Repairs & maintenance   -    14,050    -    245    -    430    -    - 
Other expenses   -    260    -    -    -    -    -    183 
Certain Operating Expenses   990    15,371    1,697    1,326    838    1,359    1,353    1,461 
                                         
Rental income in excess/(deficit) of certain expenses  $3,560   $(8,705)  $5,699   $7,559   $7,245   $7,521   $(139)  $(1,461)

 

The accompanying notes are an integral part of the statement of revenues and certain expenses.

 

F-727

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES

FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)

(CONTINUED)

 

    Landa
Series 304
Deerfield
Drive
    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
 
Rental income   $ -     $ 6,132     $ 2,134     $ 7,938     $ 1,185     $ 7,248     $ 7,196  
                                                         
Rental expenses                                                        
Real estate taxes     891       771       1,066       689       833       782       855  
Homeowners association fees     -       -       -       -       -       -       -  
Insurance expense     273       220       244       255       278       244       204  
Repairs & maintenance     20,360       -       -       4,130       -       -       1,952  
Other expenses     299       -       314       -       -       -       -  
Certain Operating Expenses     21,823       991       1,624       5,074       1,111       1,026       3,011  
                                                         
Rental income in excess/(deficit) of certain expenses   $ (21,823 )   $ 5,141     $ 510     $ 2,864     $ 74     $ 6,222     $ 4,185  

 

The accompanying notes are an integral part of the statement of revenues and certain expenses.

 

F-728

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES

FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)

(CONTINUED)

 

   Landa
Series 3603
Manhattan Drive
   Landa
Series 3667
Patti Parkway
   Landa
Series 404
Barberry Lane
   Landa
Series 412
Kendall Lane
   Landa
Series 416
Autumn Lake Court
   Landa
Series 43
Darwin Drive
   Landa
Series 432
Manor Estates Drive
   Landa
Series 440
Freestone Drive
 
Rental income  $1,075   $9,762   $7,264   $7,416   $8,010   $6,878   $8,326   $8,316 
                                         
Rental expenses                                        
Real estate taxes   1,289    1,655    947    938    972    703    996    662 
Homeowners association fees   -    -    -    163    125    -    -    - 
Insurance expense   316    372    273    284    252    224    303    314 
Repairs & maintenance   -    5,961    -    -    -    360    -    6,398 
Other expenses   -    -    -    -    -    -    -    - 
Certain Operating Expenses   1,605    7,988    1,220    1,385    1,349    1,287    1,299    7,374 
                                         
Rental income in excess/(deficit) of certain expenses  $(530)  $1,774   $6,044   $6,031   $6,661   $5,591   $7,027   $942 

 

The accompanying notes are an integral part of the statement of revenues and certain expenses.

 

F-729

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES

FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)

(CONTINUED)

 

   Landa
Series 4447
Lake Breeze Drive
   Landa
Series 445
Independence Drive
   Landa
Series 449
Kara Lane
   Landa
Series 45
Blue Jay Drive
   Landa
Series 45
Laurel Way
   Landa
Series 4702
Saint James Way
   Landa
Series 4732
Pinedale Drive
   Landa
Series 497
Highway 212
 
Rental income  $8,234   $2,372   $2,175   $9,919   $9,459   $5,847   $6,459   $5,580 
                                         
Rental expenses                                        
Real estate taxes   1,633    960    993    1,142    853    1,215    584    573 
Homeowners association fees   -    -    100    -    -    300    -    - 
Insurance expense   333    295    289    339    331    227    192    266 
Repairs & maintenance   -    -    120    -    -    -    13,200    - 
Other expenses   -    -    260    -    -    260    -    - 
Certain Operating Expenses   1,966    1,255    1,762    1,481    1,184    2,002    13,976    839 
                                         
Rental income in excess/(deficit) of certain expenses  $6,268   $1,117   $413   $8,438   $8,275   $3,845   $(7,517)  $4,741 

 

The accompanying notes are an integral part of the statement of revenues and certain expenses.

 

F-730

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES

FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)

(CONTINUED)

 

   Landa
Series 5039
East Street
   Landa
Series 5040
Huntshire Lane
   Landa
Series 513
Jarrett Court
   Landa
Series 5143
Pinecrest Drive SW
   Landa
Series 524
Sawmill Road
   Landa
Series 5329
Shirewick Lane
   Landa
Series 540
Cowan Road
 
Rental income  $3,875   $1,166   $-   $1,245   $-   $8,144   $8,486 
                                    
Rental expenses                                   
Real estate taxes   818    2,326    1,034    466    585    1,454    630 
Homeowners association fees   -    263    -    -    -    -    - 
Insurance expense   190    499    240    191    290    329    284 
Repairs & maintenance   -    1,281    -    -    -    -    - 
Other expenses   -    -    -    -    -    -    - 
Certain Operating Expenses   1,008    4,369    1,274    657    875    1,783    914 
                                    
Rental income in excess/(deficit) of certain expenses  $2,867   $(3,203)  $(1,274)  $588   $(875)  $6,361   $7,572 

 

The accompanying notes are an integral part of the statement of revenues and certain expenses.

 

F-731

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES

FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)

(CONTINUED)

 

   Landa
Series 5411
Rocky Pine Drive
   Landa
Series 55
Myrtle Grove Lane
   Landa
Series 550
Cowan Road
   Landa
Series 5581
Fox Glen Circle
   Landa
Series 565
Mountainview Drive
   Landa
Series 5737
Strathmoor Manor Circle
   Landa
Series 5801
Strathmoor Manor Circle
 
Rental income  $7,314   $6,110   $-   $-   $-   $3,132   $1,340 
                                    
Rental expenses                                   
Real estate taxes   1,384    745    530    2,073    904    950    930 
Homeowners association fees   -    -    -    -    -    396    261 
Insurance expense   298    279    246    239    467    280    204 
Repairs & maintenance   -    -    311    21,735    162    345    - 
Other expenses   -    -    303    -    -    -    - 
Certain Operating Expenses   1,682    1,024    1,390    24,047    1,533    1,971    1,395 
                                    
Rental income in excess/(deficit) of certain expenses  $5,632   $5,086   $(1,390)  $(24,047)  $(1,533)  $1,161   $(55)

 

The accompanying notes are an integral part of the statement of revenues and certain expenses.

 

F-732

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES

FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)

(CONTINUED)

 

   Landa
Series 6104-6106
Oakwood Circle SW
   Landa
Series 6107
Shadow Glen Court
   Landa
Series 6111-6113
Pine Glen Circle SW
   Landa
Series 6119
Pineneedle Drive SW
   Landa
Series 615
Barshay Drive
   Landa
Series 6168
Wheat Street NE
   Landa
Series 6178
Green Acres Drive SW
   Landa
Series 6386
Forester Way
 
Rental income  $9,240   $2,613   $7,683   $3,932   $8,339   $5,311   $2,803   $4,560 
                                         
Rental expenses                                        
Real estate taxes   467    482    904    475    677    335    680    1,360 
Homeowners association fees   -    -    -    -    138    -    -    - 
Insurance expense   532    172    428    146    242    179    214    284 
Repairs & maintenance   -    -    -    -    -    1,716    -    - 
Other expenses   -    -    -    -    -    -    -    - 
Certain Operating Expenses   999    654    1,332    621    1,057    2,230    894    1,644 
                                         
Rental income in excess/(deficit) of certain expenses  $8,241   $1,959   $6,351   $3,311   $7,282   $3,081   $1,909   $2,916 

 

The accompanying notes are an integral part of the statement of revenues and certain expenses.

 

F-733

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES

FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)

(CONTINUED)

 

   Landa
Series 6404
Walnut Way
   Landa
Series 643
Sycamore Drive
   Landa
Series 65
Freedom Court
   Landa
Series 653
Georgetown Lane
   Landa
Series 6635
Kimberly Mill Road
   Landa
Series 6653
Bedford Road
   Landa
Series 6710
Sunset Hills Boulevard
   Landa
Series 6762
Bent Creek Drive
 
Rental income  $7,862   $7,470   $9,210   $7,306   $2,438   $-   $6,300   $- 
                                         
Rental expenses                                        
Real estate taxes   1,162    1,112    800    815    878    954    837    1,001 
Homeowners association fees   240    -    -    250    -    -    150    - 
Insurance expense   266    224    244    273    243    222    221    203 
Repairs & maintenance   -    937    365    -    -    -    -    - 
Other expenses   -    -    -    -    -    -    -    - 
Certain Operating Expenses   1,668    2,273    1,409    1,338    1,121    1,176    1,208    1,204 
                                         
Rental income in excess/(deficit) of certain expenses  $6,194   $5,197   $7,801   $5,968   $1,317   $(1,176)  $5,092   $(1,204)

 

The accompanying notes are an integral part of the statement of revenues and certain expenses.

 

F-734

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES

FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)

(CONTINUED)

 

   Landa
Series 683
Wood Path Court
   Landa
Series 70
Shenandoah Lane
   Landa
Series 709
Georgetown Court
   Landa
Series 7107
Geiger Street NW
   Landa
Series 7205
Lakeview Drive SW
   Landa
Series 750
Georgetown Court
   Landa
Series 752
Chestnut Drive
   Landa
Series 773
Villa Way
 
Rental income  $540   $8,885   $1,204   $2,465   $3,498   $6,625   $5,412   $5,862 
                                         
Rental expenses                                        
Real estate taxes   1,141    960    851    159    664    865    332    702 
Homeowners association fees   -    -    250    -    -    250    -    330 
Insurance expense   336    326    229    153    280    221    180    214 
Repairs & maintenance   660    3,384    72    82    -    -    -    401 
Other expenses   -    -    314    -    -    -    -    - 
Certain Operating Expenses   2,137    4,670    1,716    394    944    1,336    512    1,647 
                                         
Rental income in excess/(deficit) of certain expenses  $(1,597)  $4,215   $(512)  $2,071   $2,554   $5,289   $4,900   $4,215 

 

The accompanying notes are an integral part of the statement of revenues and certain expenses.

 

F-735

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES

FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)

(CONTINUED)

 

   Landa
Series 7781
Mountain Creek Way
   Landa
Series 7950
Woodlake Drive
   Landa
Series 80
High Ridge Road
   Landa
Series 800
Mills Drive
   Landa
Series 808
Hillandale Lane
   Landa
Series 8110
Devonshire Drive
   Landa
Series 8121
Spillers Drive SW
   Landa
Series 8233
Creekline Court
 
Rental income  $7,872   $7,420   $8,100   $2,346   $8,730   $7,256   $7,314   $6,100 
                                         
Rental expenses                                        
Real estate taxes   1,081    912    913    702    1,138    453    376    999 
Homeowners association fees   -    -    -    -    600    -    -    - 
Insurance expense   307    250    273    327    254    172    169    250 
Repairs & maintenance   776    -    2,450    304    515    -    -    2,110 
Other expenses   -    -    -    -    -    -    -    - 
Certain Operating Expenses   2,164    1,162    3,636    1,333    2,507    625    545    3,359 
                                         
Rental income in excess/(deficit) of certain expenses  $5,708   $6,258   $4,464   $1,013   $6,223   $6,631   $6,769   $2,741 

 

The accompanying notes are an integral part of the statement of revenues and certain expenses.

 

F-736

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES

FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)

(CONTINUED)

 

    Landa
Series 8302
Sterling
Lakes
Drive
    Landa
Series 843
Tramore
Drive
    Landa
Series 85
Kirkland
Court
    Landa
Series 85
Thorn
Thicket
Way
    Landa
Series 8658
Ashley
Way
    Landa
Series 8667
Ashley
Way
    Landa
Series 8671
Ashley
Way
 
Rental income   $ 4,848     $ 9,920     $ 6,875     $ 7,375     $ 1,858     $ 7,040     $ 6,300  
                                                         
Rental expenses                                                        
Real estate taxes     903       1,065       924       1,018       533       490       490  
Homeowners association fees     100       -       -       -       -       -       -  
Insurance expense     294       139       329       279       163       110       128  
Repairs & maintenance     535       -       -       -       1,298       128       128  
Other expenses     -       -       -       -       299       -       -  
Certain Operating Expenses     1,832       1,204       1,253       1,297       2,293       728       746  
                                                         
Rental income in excess/(deficit) of certain expenses   $ 3,016     $ 8,716     $ 5,622     $ 6,078     $ (435 )   $ 6,312     $ 5,554  

 

The accompanying notes are an integral part of the statement of revenues and certain expenses.

 

F-737

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES

FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)

(CONTINUED)

 

   Landa
Series 8676
Ashley Way
   Landa
Series 8691
Ashley Way
   Landa
Series 8692
Ashley Way
   Landa
Series 8693
Ashley Way
   Landa
Series 8694
Ashley Way
   Landa
Series 8697
Ashley Way
   Landa
Series 8819
Leafwood Court
   Landa
Series 8855
Rugby Court
 
Rental income  $-   $-   $-   $-   $-   $5,700   $-   $6,778 
                                         
Rental expenses                                        
Real estate taxes   583    677    744    674    658    638    803    694 
Homeowners association fees   -    -    -    -    -    -    -    - 
Insurance expense   243    291    276    287    145    145    269    205 
Repairs & maintenance   88    48    48    48    48    48    -    - 
Other expenses   -    -    -    -    -    -    -    - 
Certain Operating Expenses   914    1,016    1,068    1,009    851    831    1,072    899 
                                         
Rental income in excess/(deficit) of certain expenses  $(914)  $(1,016)  $(1,068)  $(1,009)  $(851)  $4,869   $(1,072)  $5,879 

 

The accompanying notes are an integral part of the statement of revenues and certain expenses.

 

F-738

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES

FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)

(CONTINUED)

 

    Landa
Series 9020
Sterling
Ridge
Lane
    Landa
Series 9150
Spillers
Drive SW
    Landa
Series 925
Mote Road
    Landa
Series 9409
Forest
Knoll Drive
    Landa
Series 9434
Cedar
Creek
Place
    Landa
Series 9597
Pintail
Trail
    Landa
Series 974
Laurel
Street
 
Rental income   $ 2,505     $ 5,940     $ 5,170     $ 9,729     $ 7,824     $ 3,354     $ 7,677  
                                                         
Rental expenses                                                        
Real estate taxes     784       808       633       968       1,135       1,150       998  
Homeowners association fees     -       -       -       -       360       -       -  
Insurance expense     252       238       301       296       290       251       264  
Repairs & maintenance     -       -       82       -       -       -       915  
Other expenses     -       -       -       -       -       -       -  
Certain Operating Expenses     1,036       1,046       1,016       1,264       1,785       1,401       2,177  
                                                         
Rental income in excess/(deficit) of certain expenses   $ 1,469     $ 4,894     $ 4,154     $ 8,465     $ 6,039     $ 1,953     $ 5,500  

 

The accompanying notes are an integral part of the statement of revenues and certain expenses.

 

F-739

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES

FOR THE SIX MONTHS ENDED JUNE 30, 2022 (UNAUDITED)

(CONTINUED)

 

    Landa
Series 1701
Summerwoods
Lane
    Landa
Series 1741
Park Lane
    Total
Combined
 
Rental income   $ 5,985     $ 4,948     $ 985,898  
                         
Rental expenses                        
Real estate taxes     887       907       157,068  
Homeowners association fees     300       -       8,555  
Insurance expense     162       187       46,165  
Repairs & maintenance     149       -       189,282  
Other expenses     -       153       6,163  
Certain Operating Expenses     1,498       1,247       407,233  
                         
Rental income in excess/(deficit) of certain expenses   $ 4,487     $ 3,701     $ 578,665  

 

The accompanying notes are an integral part of the statement of revenues and certain expenses.

 

F-740

 

 

NOTES TO STATEMENT OF REVENUES AND CERTAIN EXPENSES
FOR THE SIX MONTHS ENDED JUNE 30, 2022

 

1.ORGANIZATION AND NATURE OF ACTIVITIES

 

The following table references the Single-Family Home Portfolio, which consists of one-hundred-eighty-six (186) single-family homes (each a “Property”, and collectively, the “Properties”), located in the metropolitan area in the state of Georgia:

 

Series Name   Series Name   Series Name
Landa Series 10 Oak Wood Lane   Landa Series 10 Windridge Drive   Landa Series 1000 Fox Valley Trail
Landa Series 1007 Leeward Way   Landa Series 10119 Commons Way   Landa Series 10121 Morris Drive SW
Landa Series 10183 Starr Street SW   Landa Series 103 Starlake Drive   Landa Series 104 Summerfield Drive
Landa Series 10433 Candlelight Rd   Landa Series 105 Anne Street   Landa Series 107 Oakwood Circle
Landa Series 109 Amberwood Lane   Landa Series 110 Shenandoah Drive   Landa Series 111 Fir Drive
Landa Series 1110 Parkview Drive   Landa Series 11187 Shannon Circle   Landa Series 112 Ridge Street
Landa Series 11322 Michelle Way   Landa Series 114 Starlake Drive   Landa Series 11447 S Grove Drive
Landa Series 1147 Village Way   Landa Series 115 Lakeview Drive   Landa Series 1160 Gable Terrace
Landa Series 1190 Kirkland Road   Landa Series 12 Mintz Street   Landa Series 120 Rosewood Drive
Landa Series 1201 Kilrush Drive   Landa Series 124 Libby Lane   Landa Series 126 E Mimosa Drive
Landa Series 12641 Alcovy Road   Landa Series 1320 Winona Avenue   Landa Series 133 Dove Landing
Landa Series 137 Southern Shores Road   Landa Series 138 Sandalwood Circle   Landa Series 140 High Ridge Road
Landa Series 141 Longstreet Circle   Landa Series 1443 Pebble Ridge Lane   Landa Series 1445 Maple Valley Court
Landa Series 146 Crystal Brook   Landa Series 1473 Brownleaf Drive   Landa Series 1485 Bola Court
Landa Series 1490 Diplomat Drive   Landa Series 153 Cliffside Court   Landa Series 157 Wells Road
Landa Series 160 Chimney Ridge Trail   Landa Series 164 Longstreet Circle   Landa Series 1666 W Poplar Street
Landa Series 168 Brookview Drive   Landa Series 1683 Spoonbill Road   Landa Series 1689 Viceroy Way
Landa Series 171 Davidson Drive   Landa Series 1768 Glen View Way   Landa Series 181 Watercress Court
Landa Series 188 Timberline Road   Landa Series 189 Shenandoah Drive   Landa Series 1903 Old Concord Drive SE
Landa Series 195 Branchwood Drive   Landa Series 195 Fairclift Drive   Landa Series 195 Hunters Trace
Landa Series 196 Montego Circle   Landa Series 20 Chimney Smoke Drive   Landa Series 204 N Main Court
Landa Series 2055 Grove Way   Landa Series 212 Fleeta Drive   Landa Series 215 Central Lake Circle
Landa Series 217 Glenloch Court   Landa Series 2177 E Chester Circle SE   Landa Series 221 Lakeview Drive
Landa Series 2264 Chestnut Hill Circle   Landa Series 235 Lazy Hollow Lane   Landa Series 2425 Cornell Circle
Landa Series 2443 Hodges Farm Road   Landa Series 25 Pleasant Valley Road   Landa Series 253 Marco Drive
Landa Series 255 Countryside Lane   Landa Series 258 Rocky Point Road   Landa Series 263 Rocky Point Road
Landa Series 268 Brookview Drive   Landa Series 270 Mountain Lane   Landa Series 270 Mountain Way
Landa Series 270 Pleasant Hill Drive   Landa Series 2794 Norfair Loop   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 304 Deerfield Drive
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 3603 Manhattan Drive   Landa Series 3667 Patti Parkway   Landa Series 404 Barberry Lane
Landa Series 412 Kendall Lane   Landa Series 416 Autumn Lake Court   Landa Series 43 Darwin Drive
Landa Series 432 Manor Estates Drive   Landa Series 440 Freestone Drive   Landa Series 4447 Lake Breeze Drive
Landa Series 445 Independence Drive   Landa Series 449 Kara Lane   Landa Series 45 Blue Jay Drive
Landa Series 45 Laurel Way   Landa Series 4702 Saint James Way   Landa Series 4732 Pinedale Drive
Landa Series 497 Highway 212   Landa Series 5039 East Street   Landa Series 5040 Huntshire Lane
  Landa Series 513 Jarrett Court   Landa Series 5143 Pinecrest Drive SW
Landa Series 524 Sawmill Road   Landa Series 5329 Shirewick Lane   Landa Series 540 Cowan Road
Landa Series 5411 Rocky Pine Drive   Landa Series 55 Myrtle Grove Lane   Landa Series 550 Cowan Road
  Landa Series 5581 Fox Glen Circle   Landa Series 565 Mountainview Drive

 

F-741

 

 

Series Name   Series Name   Series Name
Landa Series 5737 Strathmoor Manor Circle   Landa Series 5801 Strathmoor Manor Circle   Landa Series 6104-6106 Oakwood Circle SW
Landa Series 6107 Shadow Glen Court   Landa Series 6111-6113 Pine Glen Circle SW   Landa Series 6119 Pineneedle Drive SW
Landa Series 615 Barshay Drive   Landa Series 6168 Wheat Street NE   Landa Series 6178 Green Acres Drive SW
Landa Series 6386 Forester Way   Landa Series 6404 Walnut Way   Landa Series 643 Sycamore Drive
Landa Series 65 Freedom Court   Landa Series 653 Georgetown Lane   Landa Series 6635 Kimberly Mill Road
Landa Series 6653 Bedford Road   Landa Series 6710 Sunset Hills Boulevard   Landa Series 6762 Bent Creek Drive
Landa Series 683 Wood Path Court   Landa Series 70 Shenandoah Lane   Landa Series 709 Georgetown Court
Landa Series 7107 Geiger Street NW   Landa Series 7205 Lakeview Drive SW   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 800 Mills Drive
Landa Series 808 Hillandale Lane   Landa Series 8110 Devonshire Drive   Landa Series 8121 Spillers Drive SW
Landa Series 8233 Creekline Court   Landa Series 8302 Sterling Lakes Drive    
Landa Series 843 Tramore Drive   Landa Series 85 Kirkland Court   Landa Series 85 Thorn Thicket Way
Landa Series 8658 Ashley Way   Landa Series 8667 Ashley Way   Landa Series 8671 Ashley Way
Landa Series 8676 Ashley Way   Landa Series 8691 Ashley Way   Landa Series 8692 Ashley Way
Landa Series 8693 Ashley Way   Landa Series 8694 Ashley Way   Landa Series 8697 Ashley Way
Landa Series 8819 Leafwood Court   Landa Series 8855 Rugby Court   Landa Series 9020 Sterling Ridge Lane
Landa Series 9150 Spillers Drive SW   Landa Series 925 Mote Road    
Landa Series 9409 Forest Knoll Drive   Landa Series 9434 Cedar Creek Place   Landa Series 9597 Pintail Trail
Landa Series 974 Laurel Street   Landa Series 1701 Summerwoods Lane   Landa Series 1741 Park Lane

 

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation

 

The accompanying statement of revenues and certain operating expenses is presented in conformity with accounting principles generally accepted in the United States of America and in accordance with the provisions of Article 3-14 of Regulation S-X promulgated by the Securities and Exchange Commission (the “SEC”), which requires certain information with respect to real estate operations be included with certain filings with the SEC.

 

Accordingly, the statement excludes certain historical income and expenses that are not comparable to the proposed future operations of the Property such as certain ancillary income, amortization, depreciation, interest, management fees, utilities and corporate expenses. Therefore, the statement will not be comparable to the statements of operations of the Property after its acquisition by the respective Series listed above and are not intended to be a complete representation of the Property’s revenues and expenses.

 

Revenue

 

Revenues from rental properties are recognized on a straight-line basis over the terms of the respective leases when collectability is reasonably assured and when the tenant has taken possession or controls the physical use of the leased asset. Leases are generally for one year or less.

 

Use of Estimates

 

The preparation of the statement of revenues and certain operating expenses in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of revenues and certain operating expenses during the reporting period. Actual results could differ from those estimates.

 

Subsequent Events

 

Subsequent events have been evaluated through March 20, 2023 the date the accompanying statement of revenues and certain operating expenses was available to be issued.

 

F-742

 

 

INDEPENDENT AUDITORS’ REPORT

 

To the Manager of

Landa App LLC

 

Opinion

 

We have audited the accompanying combined statements of revenues and certain operating expenses in total and for each listed property of the Landa App LLC (Landa App) Landa App Series Group (Series) as disclosed in Note 1, for the year ended December 31, 2021, and the related notes to the combined statements of revenues and certain expenses (collectively referred to as the “financial statements”).

 

In our opinion, the financial statements referred to above present fairly, in all material respects, the combined statements of revenues and certain operating expenses, described in Note 2, of the Landa App LLC (Landa App) Landa App Series Group (Series) for the year ended December 31, 2021 in accordance with accounting principles generally accepted in the United States of America.

 

Basis for Opinion

 

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of Landa App LLC (Landa App) Landa App Series Group (Series) and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

 

Emphasis of Matter

 

We draw attention to Note 2 to the financial statement, which describes that the accompanying financial statements were prepared for the purpose of complying with the rules and regulations of Article 3-14 of Regulation S-X of the U.S. Securities and Exchange Commission and it is not intended to be a complete presentation of the Landa App LLC (Landa App) Landa App Series Group (Series) combined statements of revenues and certain expenses.

 

Responsibilities of Management for the Financial Statements

 

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

 

Auditor’s Responsibilities for the Audit of the Financial Statements

 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

 

In performing an audit in accordance with GAAS, we:

 

·Exercise professional judgment and maintain professional skepticism throughout the audit.
·Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
·Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

 

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.

 

/s/ Marcum LLP

New York, NY

August 2, 2022

 

F-743

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES

FOR THE YEAR ENDED DECEMBER 31, 2021

 

   Landa Series 10 Oak Wood Lane   Landa Series 10 Windridge Drive   Landa Series 1000 Fox Valley Trail   Landa Series 1007 Leeward Way   Landa Series 10119 Commons Way   Landa Series 10121 Morris Drive SW   Landa Series 10183 Starr Street SW   Landa Series 103 Starlake Drive 
                                 
Rental Income  $14,731   $12,055   $15,156   $12,672   $14,214   $11,520   $11,725   $12,849 
                                         
Rental Expenses                                        
Real Estate Taxes   1,248    1,369    2,860    1,927    2,256    1,026    1,043    1,493 
Homeowner Association Fees   -    -    -    -    -    -    -    - 
Property Insurance   864    671    874    908    1,198    382    1,074    1,009 
Repairs and Maintenance   515    2,515    805    185    461    1,275    812    299 
Other Expenses   94    361    -    -    -    -    -    - 
Certain Operating Expenses   2,721    4,916    4,539    3,020    3,915    2,683    2,929    2,801 
                                         
Rental Income in Excess/(Deficit) of Certain Expenses  $12,010   $7,139   $10,617   $9,652   $10,299   $8,837   $8,796   $10,048 

 

The accompanying notes are an integral part of the statement of revenues and certain expenses.

 

F-744

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES

FOR THE YEAR ENDED DECEMBER 31, 2021

(Continued)

 

   Landa
Series 104 Summerfield Drive
   Landa
Series 10433 Candlelight Rd
   Landa Series 105 Anne Street   Landa Series 107 Oakwood Circle   Landa
Series 109 Amberwood Lane
   Landa
Series 110 Shenandoah Drive
   Landa Series 111 Fir Drive   Landa Series 1110 Parkview Drive 
                                 
Rental Income  $13,992   $13,848   $12,965   $10,350   $10,765   $13,758   $11,646   $11,100 
                                         
Rental Expenses                                        
Real Estate Taxes   2,282    2,049    973    811    977    1,598    1,383    871 
Homeowner Association Fees   -    -    -    -    -    -    -    - 
Property Insurance   848    693    667    715    863    1,166    793    683 
Repairs and Maintenance   1,545    -    2,055    -    640    2,035    -    2,538 
Other Expenses   -    -    -    -    -    -    188    - 
Certain Operating Expenses   4,675    2,742    3,695    1,526    2,480    4,799    2,364    4,092 
                                         
Rental Income in Excess/(Deficit) of Certain Expenses  $9,317   $11,106   $9,270   $8,824   $8,285   $8,959   $9,282   $7,008 

 

The accompanying notes are an integral part of the statement of revenues and certain expenses.

 

F-745

 

  

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES

FOR THE YEAR ENDED DECEMBER 31, 2021

(Continued)

 

   Landa Series 11187 Shannon Circle   Landa Series 112 Ridge Street   Landa Series 11322 Michelle Way   Landa Series 114 Starlake Drive   Landa Series 11447 S Grove Drive   Landa Series 1147 Village Way   Landa Series 115 Lakeview Drive   Landa Series 1160 Gable Terrace 
                                 
Rental Income  $12,468   $13,909   $12,924   $13,136   $12,670   $10,998   $14,250   $14,407 
                                         
Rental Expenses                                        
Real Estate Taxes   1,719    2,210    1,497    1,477    1,621    2,390    2,182    2,699 
Homeowner Association Fees   -    -    480    -    450    2,533    -    - 
Property Insurance   789    1,117    723    713    668    870    1,063    1,229 
Repairs and Maintenance   1,548    485    945    676    130    7,438    -    1,835 
Other Expenses   -    -    -    -    -    183    -    - 
Certain Operating Expenses   4,056    3,812    3,645    2,866    2,869    13,414    3,245    5,763 
                                         
Rental Income in Excess/(Deficit) of Certain Expenses  $8,412   $10,097   $9,279   $10,270   $9,801   $(2,416)  $11,005   $8,644 

 

The accompanying notes are an integral part of the statement of revenues and certain expenses.

 

F-746

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES

FOR THE YEAR ENDED DECEMBER 31, 2021

(Continued)

 

   Landa Series 1190 Kirkland Road   Landa Series 12 Mintz Street   Landa
Series 120 Rosewood Drive
   Landa Series 1201 Kilrush Drive   Landa Series 124 Libby Lane   Landa Series 126 E Mimosa Drive   Landa Series 12641 Alcovy Road 
                             
Rental Income   13,777    12,256    14,088    26,337    12,868    10,306    11,118 
                                    
Rental Expenses                                   
Real Estate Taxes   1,383    1,615    2,152    3,196    1,143    885    1,472 
Homeowner Association Fees   -    -    -    -    -    -    - 
Property Insurance   694    1,038    1,073    2,041    589    513    577 
Repairs and Maintenance   8,920    909    610    1,585    1,594    95    1,790 
Other Expenses   -    -    95    -    -    -    52 
Certain Operating Expenses   10,997    3,562    3,930    6,822    3,326    1,493    3,891 
                                    
Rental Income in Excess/(Deficit) of Certain Expenses  $2,780   $8,694   $10,158   $19,515   $9,542   $8,813   $7,227 

 

The accompanying notes are an integral part of the statement of revenues and certain expenses.

 

F-747

 

  

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES

FOR THE YEAR ENDED DECEMBER 31, 2021

(Continued)

 

   Landa Series 1320 Winona Avenue   Landa Series 133 Dove Landing   Landa Series 137 Southern Shores Road   Landa
Series 138 Sandalwood Circle
   Landa Series 140 High Ridge Road   Landa
Series 141 Longstreet Circle
   Landa Series 1443 Pebble Ridge Lane 
                             
Rental Income  $3,800   $11,790   $12,457   $10,569   $12,385   $13,490   $13,752 
                                    
Rental Expenses                                   
Real Estate Taxes   652    284    1,367    1,140    1,516    1,511    2,040 
Homeowner Association Fees   -    -    -    1,261    -    -    - 
Property Insurance   493    980    789    613    1,023    855    775 
Repairs and Maintenance   8,060    1,206    237    2,502    1,375    1,237    - 
Other Expenses   269    -    -    200    -    -    - 
Certain Operating Expenses   9,474    2,470    2,393    5,716    3,914    3,603    2,815 
                                    
Rental Income in Excess/(Deficit) of Certain Expenses  $(5,674)  $9,320   $10,064   $4,853   $8,471   $9,887   $10,937 

 

The accompanying notes are an integral part of the statement of revenues and certain expenses.

 

F-748

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES

FOR THE YEAR ENDED DECEMBER 31, 2021

(Continued)

 

   Landa Series 1445 Maple Valley Court   Landa Series 146 Crystal Brook   Landa
Series 1473 Brownleaf Drive
   Landa Series 1485 Bola Court   Landa Series 1490 Diplomat Drive   Landa Series 153 Cliffside Court 
                         
Rental Income  $13,620   $12,051   $11,824   $12,550   $11,025   $10,221 
                               
Rental Expenses                              
Real Estate Taxes   1,253    1,659    1,395    1,348    2,818    785 
Homeowner Association Fees   360    -    -    -    -    - 
Property Insurance   543    540    750    871    739    670 
Repairs and Maintenance   -    356    -    135    6,736    120 
Other Expenses   -    -    -    95    46    - 
Certain Operating Expenses   2,156    2,555    2,145    2,449    10,339    1,575 
                               
Rental Income in Excess/(Deficit) of Certain Expenses  $11,464   $9,496   $9,679   $10,101   $686   $8,646 

 

The accompanying notes are an integral part of the statement of revenues and certain expenses. 

 

F-749

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES

FOR THE YEAR ENDED DECEMBER 31, 2021

(Continued)

 

   Landa Series 157 Wells Road   Landa Series 160 Chimney Ridge Trail   Landa
Series 164 Longstreet Circle
   Landa Series 1666 W Poplar Street   Landa
Series 168 Brookview Drive
   Landa
Series 1683 Spoonbill Road
   Landa Series 1689 Viceroy Way 
                             
Rental Income  $10,353   $14,012   $13,404   $12,952   $6,923   $11,320   $15,720 
                                    
Rental Expenses                                   
Real Estate Taxes   1,282    2,082    1,813    920    1,261    1,388    3,344 
Homeowner Association Fees   -    -    -    -    622    -    - 
Property Insurance   871    1,063    963    848    635    931    885 
Repairs and Maintenance   2,750    4,085    185    130    968    2,110    1,460 
Other Expenses   -    416    -    -    -    620    200 
Certain Operating Expenses   4,903    7,646    2,961    1,898    3,486    5,049    5,889 
                                    
Rental Income in Excess/(Deficit) of Certain Expenses  $5,450   $6,366   $10,443   $11,054   $3,437   $6,271   $9,831 

 

The accompanying notes are an integral part of the statement of revenues and certain expenses.

 

F-750

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES

FOR THE YEAR ENDED DECEMBER 31, 2021

(Continued)

 

   Landa Series 171 Davidson Drive   Landa Series 1768 Glen View Way   Landa Series 181 Watercress Court   Landa Series 188 Timberline Road   Landa Series 189 Shenandoah Drive   Landa Series 1903 Old Concord Drive SE   Landa Series 195 Branchwood Drive   Landa Series 195 Fairclift Drive 
                                 
Rental Income  $13,424   $7,806   $11,626   $9,702   $12,683   $12,718   $13,356   $14,628 
                                         
Rental Expenses                                        
Real Estate Taxes   1,691    1,371    1,806    366    1,721    1,294    1,578    1,231 
Homeowner Association Fees   -    248    261    -    -    -    -    - 
Property Insurance   781    607    835    465    663    809    801    920 
Repairs and Maintenance   4,690    7,030    3,499    280    4,065    990    1,190    999 
Other Expenses   236    139    432    -    470    -    -    - 
Certain Operating Expenses   7,398    9,395    6,833    1,111    6,919    3,093    3,569    3,150 
                                         
Rental Income in Excess/(Deficit) of Certain Expenses  $6,026   $(1,589)  $4,793   $8,591   $5,764   $9,625   $9,787   $11,478 

 

The accompanying notes are an integral part of the statement of revenues and certain expenses.

 

F-751

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES

FOR THE YEAR ENDED DECEMBER 31, 2021

(Continued)

 

   Landa Series 195 Hunters Trace   Landa Series 196 Montego Circle   Landa Series 20 Chimney Smoke Drive   Landa Series 204
N Main Court
   Landa Series 2055 Grove Way   Landa Series 212 Fleeta Drive   Landa Series 215 Central Lake Circle 
                             
Rental Income  $13,045   $12,853   $13,200   $13,239   $8,795   $12,565   $10,118 
                                    
Rental Expenses                                   
Real Estate Taxes   1,628    1,591    2,289    1,816    1,532    1,379    1,171 
Homeowner Association Fees   -    -    -    -    450    -    - 
Property Insurance   1,071    868    1,122    889    838    733    574 
Repairs and Maintenance   276    -    2,110    275    1,631    3,510    485 
Other Expenses   -    -    -    -    -    128    94 
Certain Operating Expenses   2,975    2,459    5,521    2,980    4,451    5,750    2,324 
                                    
Rental Income in Excess/(Deficit) of Certain Expenses  $10,070   $10,394   $7,679   $10,259   $4,344   $6,815   $7,794 

 

The accompanying notes are an integral part of the statement of revenues and certain expenses.

  

F-752

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES

FOR THE YEAR ENDED DECEMBER 31, 2021

(Continued)

 

   Landa Series 217 Glenloch Court   Landa Series 2177 E Chester Circle SE   Landa Series 221 Lakeview Drive   Landa Series 2264 Chestnut Hill Circle   Landa Series 235 Lazy Hollow Lane   Landa Series 2425 Cornell Circle   Landa Series 2443 Hodges Farm Road 
                             
Rental Income  $15,716   $15,728   $13,434   $16,572   $13,554   $17,034   $14,442 
                                    
Rental Expenses                                   
Real Estate Taxes   2,435    1,395    2,357    3,817    1,772    2,914    1,423 
Homeowner Association Fees   -    -    -    -    -    -    - 
Property Insurance   1,326    1,028    1,093    1,200    1,176    1,238    1,080 
Repairs and Maintenance   2,450    495    329    2,842    505    490    420 
Other Expenses   318    -    -    140    -    -    - 
Certain Operating Expenses   6,529    2,918    3,779    7,999    3,453    4,642    2,923 
                                    
Rental Income in Excess/(Deficit) of Certain Expenses  $9,187   $12,810   $9,655   $8,573   $10,101   $12,392   $11,519 

 

The accompanying notes are an integral part of the statement of revenues and certain expenses.

 

F-753

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES

FOR THE YEAR ENDED DECEMBER 31, 2021

(Continued)

 

   Landa Series 25 Pleasant Valley Road   Landa Series 253 Marco Drive   Landa Series 255 Countryside Lane   Landa Series 258 Rocky Point Road   Landa Series 263 Rocky Point Road   Landa Series 268 Brookview Drive   Landa Series 270 Mountain Lane   Landa Series 270 Mountain Way 
                                 
Rental Income  $12,415   $11,071   $13,290    12,532   $14,544   $11,100   $13,992   $12,580 
                                         
Rental Expenses                                        
Real Estate Taxes   2,040    360    1,575    2,059    1,415    1,264    1,477    1,431 
Homeowner Association Fees   -    -    -    -    -    622    -    - 
Property Insurance   901    584    1,154    979    1,124    635    871    1,108 
Repairs and Maintenance   3,672    450    686    4,910    727    -    -    4,102 
Other Expenses   -    -    -    215    -    -    -    - 
Certain Operating Expenses   6,613    1,394    3,415    8,163    3,266    2,521    2,348    6,641 
                                         
Rental Income in Excess/(Deficit) of Certain Expenses  $5,802   $9,677   $9,875   $4,369   $11,278   $8,927   $11,644   $5,939 

 

The accompanying notes are an integral part of the statement of revenues and certain expenses.

 

F-754

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES

FOR THE YEAR ENDED DECEMBER 31, 2021

(Continued)

 

   Landa Series 270 Pleasant Hill Drive   Landa Series 2794 Norfair Loop   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 
                             
Rental Income  $14,317   $12,231   $16,630   $11,705   $12,660   $14,499   $14,145 
                                    
Rental Expenses                                   
Real Estate Taxes   1,503    2,562    1,524    1,191    1,378    2,143    2,107 
Homeowner Association Fees   -    -    -    -    -    -    - 
Property Insurance   1,176    817    1,093    586    662    1,155    1,051 
Repairs and Maintenance   -    911    725    670    2,008    390    - 
Other Expenses   -    -    -    -    -    -    - 
Certain Operating Expenses   2,679    4,290    3,342    2,447    4,048    3,688    3,158 
                                    
Rental Income in Excess/(Deficit) of Certain Expenses  $11,638   $7,941   $13,288   $9,258   $8,612   $10,811   $10,987 

 

The accompanying notes are an integral part of the statement of revenues and certain expenses.

 

F-755

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES

FOR THE YEAR ENDED DECEMBER 31, 2021

(Continued)

 

    Landa Series 304 Deerfield Drive     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
 
                                     
Rental Income   $ 8,715     $ 9,152     $ 13,550     $ 12,690     $ 14,154     $ 13,816  
                                                 
Rental Expenses                                                
Real Estate Taxes     1,782       772       2,131       1,378       1,667       1,564  
Homeowner Association Fees     -       -       -       -       -       -  
Property Insurance     841       663       1,064       1,232       977       936  
Repairs and Maintenance     5,057       3,730       1,670       4,027       3,135       1,960  
Other Expenses     440       240       -       376       -       -  
Certain Operating Expenses     8,120       5,405       4,865       7,013       5,779       4,460  
                                                 
Rental Income in Excess/(Deficit) of Certain Expenses   $ 595     $ 3,747     $ 8,685     $ 5,677     $ 8,375     $ 9,356  

 

The accompanying notes are an integral part of the statement of revenues and certain expenses.

 

F-756

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES

FOR THE YEAR ENDED DECEMBER 31, 2021

(Continued)

 

   Landa Series 351 Wesley Park Drive   Landa Series 3603 Manhattan Drive   Landa Series 3667 Patti Parkway   Landa Series 404 Barberry Lane   Landa Series 412 Kendall Lane   Landa Series 416 Autumn Lake Court   Landa Series 43 Darwin Drive 
                             
Rental Income  $12,233   $13,200   $18,604   $13,336   $14,202   $13,812   $10,813 
                                    
Rental Expenses                                   
Real Estate Taxes   1,709    2,578    3,309    1,894    1,876    1,876    1,407 
Homeowner Association Fees   -    -    -    -    325    250    - 
Property Insurance   974    1,143    1,392    744    735    959    979 
Repairs and Maintenance   1,533    -    2,641    967    362    -    1,791 
Other Expenses   -    -    -    -    -    -    - 
Certain Operating Expenses   4,216    3,721    7,342    3,605    3,298    3,085    4,177 
                                    
Rental Income in Excess/(Deficit) of Certain Expenses  $8,017   $9,479   $11,262   $9,731   $10,904   $10,727   $6,636 

 

The accompanying notes are an integral part of the statement of revenues and certain expenses.

 

F-757

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES

FOR THE YEAR ENDED DECEMBER 31, 2021

(Continued)

 

   Landa Series 432 Manor Estates Drive   Landa
Series 440 Freestone Drive
   Landa Series 4447 Lake Breeze Drive   Landa
Series 445 Independence Drive
   Landa Series 449 Kara Lane   Landa Series 45 Blue Jay Drive   Landa Series 45 Laurel Way 
                             
Rental Income  $13,980   $15,852   $15,980   $14,165   $13,095   $18,955   $14,544 
                                    
Rental Expenses                                   
Real Estate Taxes   1,991    1,324    3,266    1,920    1,986    2,284    1,706 
Homeowner Association Fees   -    -    -    -    200    -    - 
Property Insurance   815    1,296    1,637    735    741    1,437    727 
Repairs and Maintenance   -    1,915    255    -    589    360    588 
Other Expenses   -    -    140    -    111    -    - 
Certain Operating Expenses   2,806    4,535    5,298    2,655    3,627    4,081    3,021 
                                    
Rental Income in Excess/(Deficit) of Certain Expenses  $11,174   $11,317   $10,682   $11,510   $9,468   $14,874   $11,523 

 

The accompanying notes are an integral part of the statement of revenues and certain expenses.

 

F-758

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES

FOR THE YEAR ENDED DECEMBER 31, 2021

(Continued)

 

   Landa Series 4702 Saint James Way   Landa Series 4732 Pinedale Drive   Landa Series 497 Highway 212   Landa Series 5039 East Street   Landa
Series 5040 Huntshire Lane
   Landa Series 513 Jarrett Court 
                         
Rental Income  $13,200   $11,340   $10,880   $9,300   $14,917   $14,184 
                               
Rental Expenses                              
Real Estate Taxes   2,431    1,168    1,145    923    3,907    2,068 
Homeowner Association Fees   550    -    -    -    525    - 
Property Insurance   878    651    756    695    745    865 
Repairs and Maintenance   130    1,375    -    485    5,738    450 
Other Expenses   -    -    -    -    760    - 
Certain Operating Expenses   3,989    3,194    1,901    2,103    11,675    3,383 
                               
Rental Income in Excess/(Deficit) of Certain Expenses  $9,211   $8,146   $8,979   $7,197   $3,242   $10,801 

 

The accompanying notes are an integral part of the statement of revenues and certain expenses.

 

F-759

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES

FOR THE YEAR ENDED DECEMBER 31, 2021

(Continued)

 

   Landa Series 5143 Pinecrest Drive SW   Landa Series 524 Sawmill Road   Landa Series 5329 Shirewick Lane   Landa Series 540 Cowan Road   Landa Series 5411 Rocky Pine Drive   Landa Series 55 Myrtle Grove Lane   Landa Series 550 Cowan Road 
                             
Rental Income  $11,016   $12,528   $15,725   $12,601   $14,283   $12,425   $11,940 
                                    
Rental Expenses                                   
Real Estate Taxes   932    1,169    2,908    1,259    2,769    1,490    1,060 
Homeowner Association Fees   -    -    -    -    -    -    - 
Property Insurance   418    864    1,253    780    756    1,116    730 
Repairs and Maintenance   1,429    4,802    1,260    754    -    4,050    3,468 
Other Expenses   -    -    -    -    -    232    - 
Certain Operating Expenses   2,779    6,835    5,421    2,793    3,525    6,888    5,258 
                                    
Rental Income in Excess/(Deficit) of Certain Expenses  $8,237   $5,693   $10,304   $9,808   $10,758   $5,537   $6,682 

 

The accompanying notes are an integral part of the statement of revenues and certain expenses.

 

F-760

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES

FOR THE YEAR ENDED DECEMBER 31, 2021

(Continued)

 

   Landa Series 5581 Fox Glen Circle   Landa
Series 565 Mountainview Drive
   Landa
Series 5737 Strathmoor Manor Circle
   Landa
Series 5801 Strathmoor Manor Circle
   Landa Series 6104-6106 Oakwood Circle SW   Landa Series 6107 Shadow Glen Court   Landa
Series
6111-6113
Pine Glen
Circle SW
 
                             
Rental Income  $17,525   $12,973   $13,902   $12,301   $9,402   $10,257   $20,033 
                                    
Rental Expenses                                   
Real Estate Taxes   4,146    1,809    1,900    1,860    934    964    904 
Homeowner Association Fees   -    -    852    275    -    -    - 
Property Insurance   1,769    915    901    869    705    461    752 
Repairs and Maintenance   2,625    3,920    120    -    -    700    1,585 
Other Expenses   -    -    250    -    -    -    - 
Certain Operating Expenses   8,540    6,644    4,023    3,250    1,639    2,125    3,241 
                                    
Rental Income in Excess/(Deficit) of Certain Expenses  $8,985   $6,329   $9,879   $9,051   $7,763   $8,132   $16,792 

 

The accompanying notes are an integral part of the statement of revenues and certain expenses.

 

F-761

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES

FOR THE YEAR ENDED DECEMBER 31, 2021

(Continued)

 

   Landa Series 6119 Pineneedle Drive SW   Landa Series 615 Barshay Drive   Landa Series 6168 Wheat Street NE   Landa Series 6178 Green Acres Drive SW   Landa Series 6386 Forester Way   Landa Series 6404 Walnut Way 
                         
Rental Income  $11,572   $14,259   $9,829   $11,484   $13,420   $15,349 
                               
Rental Expenses                              
Real Estate Taxes   950    1,354    670    1,360    2,720    1,564 
Homeowner Association Fees   -    2,538    -    -    -    480 
Property Insurance   646    1,099    462    632    735    1,218 
Repairs and Maintenance   1,941    1,935    2,171    2,806    -    200 
Other Expenses   119    -    -    -    -    243 
Certain Operating Expenses   3,656    6,926    3,303    4,798    3,455    3,705 
                               
Rental Income in Excess/(Deficit) of Certain Expenses  $7,916   $7,333   $6,526   $6,686   $9,965   $11,644 

 

The accompanying notes are an integral part of the statement of revenues and certain expenses.

 

F-762

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES

FOR THE YEAR ENDED DECEMBER 31, 2021

(Continued)

 

   Landa Series 643 Sycamore Drive   Landa Series 65 Freedom Court   Landa Series 653 Georgetown Lane   Landa Series 6635 Kimberly Mill Road   Landa Series 6653 Bedford Road   Landa Series 6710 Sunset Hills Boulevard   Landa Series 6762 Bent Creek Drive 
                             
Rental Income  $14,381   $13,779   $12,164   $14,629   $11,701   $12,105   $12,584 
                                    
Rental Expenses                                   
Real Estate Taxes   2,235    1,600    1,630    1,756    1,909    1,673    2,002 
Homeowner Association Fees   -    -    500    -    -    300    - 
Property Insurance   746    1,127    665    681    930    867    1,046 
Repairs and Maintenance   -    -    983    516    2,320    1,260    70 
Other Expenses   -    -    -    200    -    -    - 
Certain Operating Expenses   2,981    2,727    3,778    3,153    5,159    4,100    3,118 
                                    
Rental Income in Excess/(Deficit) of Certain Expenses  $11,400   $11,052   $8,386   $11,476   $6,542   $8,005   $9,466 

 

The accompanying notes are an integral part of the statement of revenues and certain expenses.

 

F-763

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES

FOR THE YEAR ENDED DECEMBER 31, 2021

(Continued)

 

   Landa Series 683 Wood Path Court   Landa Series 70 Shenandoah Lane   Landa Series 709 Georgetown Court   Landa Series 7107 Geiger Street NW   Landa Series 7205 Lakeview Drive SW   Landa Series 750 Georgetown Court   Landa Series 752 Chestnut Drive   Landa Series 773 Villa Way 
                                 
Rental Income  $14,952   $13,665   $13,822   $10,052   $13,794   $12,704   $10,309   $8,640 
                                         
Rental Expenses                                        
Real Estate Taxes   2,281    1,920    1,711    318    1,328    1,730    665    1,087 
Homeowner Association Fees   -    -    831    -    -    801    -    681 
Property Insurance   712    874    649    490    831    860    491    332 
Repairs and Maintenance   320    2,300    1,312    559    185    -    470    12,916 
Other Expenses   -    -    -    119    -    -    -    - 
Certain Operating Expenses   3,313    5,094    4,503    1,486    2,344    3,391    1,626    15,016 
                                         
Rental Income in Excess/(Deficit) of Certain Expenses  $11,639   $8,571   $9,319   $8,566   $11,450   $9,313   $8,683   $(6,376)

 

The accompanying notes are an integral part of the statement of revenues and certain expenses.

 

F-764

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES

FOR THE YEAR ENDED DECEMBER 31, 2021

(Continued)

 

   Landa Series 7781 Mountain Creek Way   Landa Series 7950 Woodlake Drive   Landa Series 80 High Ridge Road   Landa Series 800 Mills Drive   Landa Series 808 Hillandale Lane   Landa Series 8110 Devonshire Drive   Landa Series 8121 Spillers Drive SW 
                             
Rental Income  $14,445   $12,678   $12,475   $13,942   $15,225   $11,355   $11,136 
                                    
Rental Expenses                                   
Real Estate Taxes   2,161    1,825    1,826    1,404    2,277    906    752 
Homeowner Association Fees   -    -    -    -    1,355    -    - 
Property Insurance   1,128    858    1,038    778    911    500    414 
Repairs and Maintenance   2,890    2,832    5,694    -    1,335    3,470    360 
Other Expenses   200    38    127    -    -    296    - 
Certain Operating Expenses   6,379    5,553    8,685    2,182    5,878    5,172    1,526 
                                    
Rental Income in Excess/(Deficit) of Certain Expenses  $8,066   $7,125   $3,790   $11,760   $9,347   $6,183   $9,610 

 

The accompanying notes are an integral part of the statement of revenues and certain expenses.

 

F-765

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES

FOR THE YEAR ENDED DECEMBER 31, 2021

(Continued)

 

    Landa
Series 8233
Creekline
Court
    Landa
Series 8302
Sterling
Lakes Drive
    Landa
Series 843
Tramore
Drive
    Landa
Series 85
Kirkland
Court
    Landa
Series 85
Thorn
Thicket Way
    Landa
Series 8658
Ashley Way
    Landa
Series 8667
Ashley Way
 
                                           
Rental Income   $ 11,832     $ 13,871     $ 5,160     $ 14,128     $ 14,093     $ 4,983     $ 2,803  
                                                         
Rental Expenses                                                        
Real Estate Taxes     2,009       1,806       939       1,848       2,036       478       440  
Homeowner Association Fees     -       200       -       -       -       -       -  
Property Insurance     728       1,351       208       1,168       887       164       167  
Repairs and Maintenance     5,908       1,553       388       4,548       285       587       8,287  
Other Expenses     -       -       -       384       200       -       -  
Certain Operating Expenses     8,645       4,910       1,535       7,948       3,408       1,229       8,894  
                                                         
Rental Income in Excess/(Deficit) of Certain Expenses   $ 3,187     $ 8,961     $ 3,625     $ 6,180     $ 10,685     $ 3,754     $ (6,091 )

 

The accompanying notes are an integral part of the statement of revenues and certain expenses. 

 

F-766

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES

FOR THE YEAR ENDED DECEMBER 31, 2021

(Continued)

 

   Landa Series 8671 Ashley Way   Landa Series 8676 Ashley Way   Landa Series 8691 Ashley Way   Landa Series 8692 Ashley Way   Landa Series 8693 Ashley Way   Landa Series 8694 Ashley Way   Landa Series 8697 Ashley Way   Landa Series 8819 Leafwood Court 
                                 
Rental Income  $4,505   $-   $-   $-   $-   $-    5,118    11,520 
                                         
Rental Expenses                                        
Real Estate Taxes   440    524    608    668    606    591    573    1,606 
Homeowner Association Fees   -    -    -    -    -    -    -    - 
Property Insurance   168    178    205    192    197    185    189    783 
Repairs and Maintenance   798    17,214    641    420    -    1,205    9,040    145 
Other Expenses   -    -    -    -    -    -    -    - 
Certain Operating Expenses   1,406    17,916    1,454    1,280    803    1,981    9,802    2,534 
                                         
Rental Income in Excess/(Deficit) of Certain Expenses  $3,099   $(17,916)  $(1,454)  $(1,280)  $(803)  $(1,981)  $(4,684)  $8,986 

 

The accompanying notes are an integral part of the statement of revenues and certain expenses.

 

F-767

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES

FOR THE YEAR ENDED DECEMBER 31, 2021

(Continued)

 

    Landa Series 8855 Rugby Court     Landa Series 9020 Sterling Ridge Lane     Landa Series 9150 Spillers Drive SW     Landa Series 925 Mote Road     Landa Series 9409 Forest Knoll Drive     Landa Series 9434 Cedar Creek Place  
                                     
Rental Income   $ 10,681     $ 12,650     $ 11,790     $ 12,113     $ 13,820     $ 15,130  
                                                 
Rental Expenses                                                
Real Estate Taxes     1,388       1,567       1,615       1,267       1,937       2,269  
Homeowner Association Fees     -       -       -       -       -       -  
Property Insurance     523       837       960       596       794       1,109  
Repairs and Maintenance     5,403       328       555       170       70       1,375  
Other Expenses     302       -       -       -       -       -  
Certain Operating Expenses     7,616       2,732       3,130       2,033       2,801       4,753  
                                                 
Rental Income in Excess/(Deficit) of Certain Expenses   $ 3,065     $ 9,918     $ 8,660     $ 10,080     $ 11,019     $ 10,377  

 

The accompanying notes are an integral part of the statement of revenues and certain expenses.

 

F-768

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES

FOR THE YEAR ENDED DECEMBER 31, 2021

(Continued)

 

    Landa
Series 9597
Pintail Trail
    Landa
Series 974
Laurel
Street
    Landa
Series 1701
Summerwoods
Lane
    Landa
Series 1741
Park Lane
    Total
Combined
 
                               
Rental Income   $ 13,072     $ 10,812     $ 11,638     $ 8,700     $ 2,227,822  
                                         
Rental Expenses                                        
Real Estate Taxes     2,300       1,505       1,774       1,814       294,659  
Homeowner Association Fees     -       -       600       -       18,796  
Property Insurance     738       700       360       420       149,388  
Repairs and Maintenance     1,181       210       898       881       310,110  
Other Expenses     -       -       -       -       9,768  
Certain Operating Expenses     4,219       2,415       3,632       3,115       782,721  
                                         
Rental Income in Excess/(Deficit) of Certain Expenses   $ 8,853     $ 8,397     $ 8,006     $ 5,585     $ 1,445,101  

 

The accompanying notes are an integral part of the statement of revenues and certain expenses.

 

F-769

 

 

NOTES TO COMBINED STATEMENT OF REVENUES AND CERTAIN EXPENSES
FOR THE YEAR ENDED DECEMBER 31, 2021

 

1.ORGANIZATION AND NATURE OF ACTIVITIES

 

The following table references the Single-Family Home Portfolio, which consists of one-hundred-eighty-one (181) single-family homes (each a “Property”, and collectively, the “Properties”), located in the metropolitan area in the state of Georgia:

 

Series Name   Series Name   Series Name
Landa Series 10 Oak Wood Lane   Landa Series 10 Windridge Drive   Landa Series 1000 Fox Valley Trail
Landa Series 1007 Leeward Way   Landa Series 10119 Commons Way   Landa Series 10121 Morris Drive SW
Landa Series 10183 Starr Street SW   Landa Series 103 Starlake Drive   Landa Series 104 Summerfield Drive
Landa Series 10433 Candlelight Rd   Landa Series 105 Anne Street   Landa Series 107 Oakwood Circle
Landa Series 109 Amberwood Lane   Landa Series 110 Shenandoah Drive   Landa Series 111 Fir Drive
Landa Series 1110 Parkview Drive   Landa Series 11187 Shannon Circle   Landa Series 112 Ridge Street
Landa Series 11322 Michelle Way   Landa Series 114 Starlake Drive   Landa Series 11447 S Grove Drive
Landa Series 1147 Village Way   Landa Series 115 Lakeview Drive   Landa Series 1160 Gable Terrace
Landa Series 1190 Kirkland Road   Landa Series 12 Mintz Street   Landa Series 120 Rosewood Drive
Landa Series 1201 Kilrush Drive   Landa Series 124 Libby Lane   Landa Series 126 E Mimosa Drive
Landa Series 12641 Alcovy Road   Landa Series 1320 Winona Avenue   Landa Series 133 Dove Landing
Landa Series 137 Southern Shores Road   Landa Series 138 Sandalwood Circle   Landa Series 140 High Ridge Road
Landa Series 141 Longstreet Circle   Landa Series 1443 Pebble Ridge Lane   Landa Series 1445 Maple Valley Court
Landa Series 146 Crystal Brook   Landa Series 1473 Brownleaf Drive   Landa Series 1485 Bola Court
Landa Series 1490 Diplomat Drive   Landa Series 153 Cliffside Court   Landa Series 157 Wells Road
Landa Series 160 Chimney Ridge Trail   Landa Series 164 Longstreet Circle   Landa Series 1666 W Poplar Street
Landa Series 168 Brookview Drive   Landa Series 1683 Spoonbill Road   Landa Series 1689 Viceroy Way
Landa Series 171 Davidson Drive   Landa Series 1768 Glen View Way   Landa Series 181 Watercress Court
Landa Series 188 Timberline Road   Landa Series 189 Shenandoah Drive   Landa Series 1903 Old Concord Drive SE
Landa Series 195 Branchwood Drive   Landa Series 195 Fairclift Drive   Landa Series 195 Hunters Trace
Landa Series 196 Montego Circle   Landa Series 20 Chimney Smoke Drive   Landa Series 204 N Main Court
Landa Series 2055 Grove Way   Landa Series 212 Fleeta Drive   Landa Series 215 Central Lake Circle
Landa Series 217 Glenloch Court   Landa Series 2177 E Chester Circle SE   Landa Series 221 Lakeview Drive
Landa Series 2264 Chestnut Hill Circle   Landa Series 235 Lazy Hollow Lane   Landa Series 2425 Cornell Circle
Landa Series 2443 Hodges Farm Road   Landa Series 25 Pleasant Valley Road   Landa Series 253 Marco Drive
Landa Series 255 Countryside Lane   Landa Series 258 Rocky Point Road   Landa Series 263 Rocky Point Road
Landa Series 268 Brookview Drive   Landa Series 270 Mountain Lane   Landa Series 270 Mountain Way
Landa Series 270 Pleasant Hill Drive   Landa Series 2794 Norfair Loop   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 304 Deerfield Drive
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 3603 Manhattan Drive   Landa Series 3667 Patti Parkway   Landa Series 404 Barberry Lane
Landa Series 412 Kendall Lane   Landa Series 416 Autumn Lake Court   Landa Series 43 Darwin Drive
Landa Series 432 Manor Estates Drive   Landa Series 440 Freestone Drive   Landa Series 4447 Lake Breeze Drive
Landa Series 445 Independence Drive   Landa Series 449 Kara Lane   Landa Series 45 Blue Jay Drive
Landa Series 45 Laurel Way   Landa Series 4702 Saint James Way   Landa Series 4732 Pinedale Drive
Landa Series 497 Highway 212   Landa Series 5039 East Street   Landa Series 5040 Huntshire Lane
  Landa Series 513 Jarrett Court   Landa Series 5143 Pinecrest Drive SW
Landa Series 524 Sawmill Road   Landa Series 5329 Shirewick Lane   Landa Series 540 Cowan Road
Landa Series 5411 Rocky Pine Drive   Landa Series 55 Myrtle Grove Lane   Landa Series 550 Cowan Road
  Landa Series 5581 Fox Glen Circle   Landa Series 565 Mountainview Drive

 

F-770

 

 

Series Name   Series Name   Series Name
Landa Series 5737 Strathmoor Manor Circle   Landa Series 5801 Strathmoor Manor Circle   Landa Series 6104-6106 Oakwood Circle SW
Landa Series 6107 Shadow Glen Court   Landa Series 6111-6113 Pine Glen Circle SW   Landa Series 6119 Pineneedle Drive SW
Landa Series 615 Barshay Drive   Landa Series 6168 Wheat Street NE   Landa Series 6178 Green Acres Drive SW
Landa Series 6386 Forester Way   Landa Series 6404 Walnut Way   Landa Series 643 Sycamore Drive
Landa Series 65 Freedom Court   Landa Series 653 Georgetown Lane   Landa Series 6635 Kimberly Mill Road
Landa Series 6653 Bedford Road   Landa Series 6710 Sunset Hills Boulevard   Landa Series 6762 Bent Creek Drive
Landa Series 683 Wood Path Court   Landa Series 70 Shenandoah Lane   Landa Series 709 Georgetown Court
Landa Series 7107 Geiger Street NW   Landa Series 7205 Lakeview Drive SW   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 800 Mills Drive
Landa Series 808 Hillandale Lane   Landa Series 8110 Devonshire Drive   Landa Series 8121 Spillers Drive SW
Landa Series 8233 Creekline Court   Landa Series 8302 Sterling Lakes Drive  
Landa Series 843 Tramore Drive   Landa Series 85 Kirkland Court   Landa Series 85 Thorn Thicket Way
Landa Series 8658 Ashley Way   Landa Series 8667 Ashley Way   Landa Series 8671 Ashley Way
Landa Series 8676 Ashley Way   Landa Series 8691 Ashley Way   Landa Series 8692 Ashley Way
Landa Series 8693 Ashley Way   Landa Series 8694 Ashley Way   Landa Series 8697 Ashley Way
Landa Series 8819 Leafwood Court   Landa Series 8855 Rugby Court   Landa Series 9020 Sterling Ridge Lane
Landa Series 9150 Spillers Drive SW   Landa Series 925 Mote Road  
Landa Series 9409 Forest Knoll Drive   Landa Series 9434 Cedar Creek Place   Landa Series 9597 Pintail Trail
Landa Series 974 Laurel Street   Landa Series 1701 Summerwoods Lane   Landa Series 1741 Park Lane

 

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation

 

The accompanying statement of revenues and certain operating expenses is presented in conformity with accounting principles generally accepted in the United States of America and in accordance with the provisions of Article 3-14 of Regulation S-X promulgated by the Securities and Exchange Commission (the “SEC”), which requires certain information with respect to real estate operations be included with certain filings with the SEC.

 

Accordingly, the statement excludes certain historical income and expenses that are not comparable to the proposed future operations of the Property such as certain ancillary income, amortization, depreciation, interest, management fees, utilities and corporate expenses. Therefore, the statement will not be comparable to the statements of operations of the Property after its acquisition by the respective Series listed above and are not intended to be a complete representation of the Property’s revenues and expenses.

 

Revenue

 

Revenues from rental properties are recognized on a straight-line basis over the terms of the respective leases when collectability is reasonably assured and when the tenant has taken possession or controls the physical use of the leased asset. Leases are generally for one year or less.

 

Use of Estimates

 

The preparation of the statement of revenues and certain operating expenses in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of revenues and certain operating expenses during the reporting period. Actual results could differ from those estimates.

 

Subsequent Events

 

Subsequent events have been evaluated through May 23, 2022 the date the accompanying statement of revenues and certain operating expenses was available to be issued. 

 

F-771