Operating expenses are the actual costs associated with operating a property including maintenance, repairs, management, utilities, property taxes and insurance. These items are considered operating expenses as they are expenses any investor would bear in order to operate the property on a day-to-day basis. Operating expenses may be fixed or variable. Operating expenses do not include debt service, income taxes, replacement reserves, capital expenditures or depreciation. These items are not considered operating expenses as they are largely determined by an individual investor’s choice of financing, personal tax situation or specific business plan for the property.
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Hypothetical example(s) are for illustrative purposes only and are not intended to represent the past or future performance of any specific investment.
Investing in alternative assets involves higher risks than traditional investments and is suitable only for sophisticated investors. Alternative investments are often sold by prospectus that discloses all risks, fees, and expenses. They are not tax efficient and an investor should consult with his/her tax advisor prior to investing. Alternative investments have higher fees than traditional investments and they may also be highly leveraged and engage in speculative investment techniques, which can magnify the potential for investment loss or gain and should not be deemed a complete investment program. The value of the investment may fall as well as rise and investors may get back less than they invested.
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