Who provides a breakout for other income in your underwriting process, acquisitions or asset management?
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We don't generally underwrite any type of growth or value creation through other income - we audit the existing revenue streams to determine if they are replicable (which AM and/or leasing will provide commentary on) and underwrite either existing or a downward adjusted amount going forward.
Acquisition provides the breakout based on what the comp set is offering (pest, amenity, trash, etc.). Through that analysis may also consider adding new income streams from wifi or similar. AM helps fine tune charges based on existing portfolio and when to phase in.
At a good shop acquisitions will begin the process and vet the numbers then hand it off to asset management to confirm before anything goes to investment committee.
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