1-SA 1 ea185711-1sa_landaappllc.htm SEMIANNUAL REPORT

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 1−SA

 

☒ SEMIANNUAL REPORT PURSUANT TO REGULATION A

 

or

 

☐ SPECIAL FINANCIAL REPORT PURSUANT TO REGULATION A

 

For the fiscal Semiannual period ended June 30, 2023

 

Landa App LLC
(Exact name of issuer as specified in its charter)

 

Delaware   85-1099443
(State or other jurisdiction of
incorporation or organization)		   (I.R.S. Employer
Identification No.)

 

20 W. 22nd Street, New York, NY 10010
(Full mailing address of principal executive offices)

 

(646) 905-0931
(Issuer’s telephone number, including area code)

 

 

 

 

 

 

THIS SEMI-ANNUAL REPORT MAY CONTAIN FORWARD-LOOKING STATEMENTS AND INFORMATION RELATING TO, AMONG OTHER THINGS, THE COMPANY, ITS BUSINESS PLAN AND STRATEGY, AND ITS INDUSTRY. THESE FORWARD-LOOKING STATEMENTS ARE BASED ON THE BELIEFS OF, ASSUMPTIONS MADE BY, AND INFORMATION CURRENTLY AVAILABLE TO THE COMPANY’S MANAGEMENT. WHEN USED HEREIN, THE WORDS “ESTIMATE,” “PROJECT,” “BELIEVE,” “ANTICIPATE,” “INTEND,” “EXPECT” AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY FORWARD-LOOKING STATEMENTS. THESE STATEMENTS REFLECT MANAGEMENT’S CURRENT VIEWS WITH RESPECT TO FUTURE EVENTS AND ARE SUBJECT TO RISKS AND UNCERTAINTIES THAT COULD CAUSE THE COMPANY’S ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE CONTAINED IN THE FORWARD-LOOKING STATEMENTS. INVESTORS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD-LOOKING STATEMENTS, WHICH SPEAK ONLY AS OF THE DATE ON WHICH THEY ARE MADE.

 

Factors that could cause or contribute to these differences include those contained in the section of THE COMPANY’s latest offering circular (the “Offering Circular”) FILED WITH the Securities and Exchange Commission (“SEC”) entitled “Risk Factors”, which section is incorporated herein by reference.

 

Item 1. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and the related notes included in this report. The series-level combined supplemental information is presented for purposes of additional analysis of the combined financial statements rather than to present the financial position, results of operations and cash flows of the individual series. 

 

Overview

 

Landa App LLC (the “Company,” “we”, “us,” or “our”) is a Delaware series limited liability company. The Company was formed on November 25, 2019 as “Landa Properties A LLC”, a Delaware limited liability company pursuant to Section 18-201 of the Delaware Limited Liability Company Act. The Company was subsequently renamed “Landa App LLC” on April 30, 2020, and became a series limited liability company pursuant to Sections 18-215 and 18-218 of the Delaware Limited Liability Company Act on May 22, 2020. The Company was formed for the purpose of creating one or more series (a “Series”) and offering membership interests (“Shares”) in such Series and may form new Series from time to time. Each Series will be governed by the Master Agreement and the Series Designation or Series Operating Agreement for such Series.

 

The purpose of the Series is to acquire, hold and manage residential rental properties, including a single-family homes and duplexes (each a “Property”) and offer a unique investment opportunity for eligible investors to benefit from the performance of such Properties. The Series’ primary investment objective is to acquire desirable Properties that provide attractive, risk adjusted, returns. We intend to acquire Properties located in “metropolitan statistical areas” that provide economic growth and strong rental demand. Our objective is to manage each of the Properties in an effort to maximize net rental income and the amount of cash flow that is distributed to the holders of the Shares of the applicable Series. To that end, we will target Properties that we believe are in a stable condition as we determine through due diligence during the acquisition process. We will seek to acquire Properties that we believe will provide monthly net income distributions to investors, without holding periods, and without charging asset management fees. Real estate acquisitions will be on an opportunistic basis. However, there is no assurance that our management or acquisition objectives will be realized. We expect that the Company’s, and each Series’, sole source of income will be from rental income and any profits on the appreciation of any Property, if there is a disposition of the Property.

 

Each Series acquired or will acquire its underlying Property from Landa Properties, LLC (“Landa Properties”), which were financed initially through promissory notes issued to Landa Holdings, Inc. (the “Manager”). Shares of each Series are offered and sold through the Landa mobile application which is available on iOS and Android devices (the “Landa Mobile App”) and the Landa website (www.landa.app) (collectively, the “Landa Platform”). See the Offering Circular under the headings “Description of the Properties and Series” and “Use of Proceeds”, which can be found here and here, respectively, and are incorporated herein by reference, for a description of each of the Properties and information about their acquisition and financing.

 

1

 

 

We are a development-stage company, as we are devoting substantially all our efforts to establishing and maintaining our business and planned principal operations. As such, the reported financial information herein will likely not be indicative of future operating results or operating conditions. Because of our corporate structure, we are in large part reliant on the Manager and its employees to grow and support our business. There are a number of key factors that will have large potential impacts on our operating results going forward, including, but not limited to, the Manager’s ability to:

 

●

operate, lease, and maintain the Properties in a profitable manner;

 

●market the Landa Platform and our offerings in individual Series and attract investors to the Landa Platform;

 

●continue to develop the Landa Platform and provide the information and technology infrastructure to support the issuance of interests; and

 

●continue to build our existing infrastructure to manage the Properties at a decreasing marginal cost per Property.

 

Series with Qualified Shares as of June 30, 2023

 

Shares in two hundred and twenty six (226) Series were qualified under Regulation A (“Regulation A”) of Section 3(6) of the Securities Act of 1933, as amended, as of June 30, 2023. For more information about each Series, please see the “Master Series Table” under “Series Offerings” of our Offering Circular, which can be found here and is incorporated herein by reference and the section entitled “Recent Developments” of this Semiannual Report.

 

This Semiannual Report only includes reporting on the financial condition and results of operations as of June 30, 2023 for the one and forty (140) Series listed below. The remaining eighty six (86) Series have not yet commenced operations as of June 30, 2023 since title of each respective Property related to each Series had not yet transferred title from Landa Properties. As a result, such Series have been omitted from this report.

 

Series(1)   Address
Landa App LLC - 115 Sardis Street Barnesville GA LLC (2)   115 Sardis Street, Barnesville, GA 30204
Landa App LLC - 1394 Oakview Circle Forest Park GA LLC   1394 Oakview Circle, Forest Park, GA 30297
Landa App LLC - 1701 Summerwoods Lane Griffin GA LLC   1701 Summerwoods Lane, Griffin, GA 30224
Landa App LLC - 1741 Park Lane Griffin GA LLC   1741 Park Lane, Griffin, GA 30224
Landa App LLC - 209 Timber Wolf Trail Griffin GA LLC (2)   209 Timber Wolf Trail, Griffin, GA 30224
Landa App LLC - 2505 Oak Circle Ellenwood GA LLC(2)   2505 Oak Circle, Ellenwood, GA 30294
Landa App LLC - 271 Timber Wolf Trail Griffin GA LLC (2)   271 Timber Wolf Trail, Griffin, GA, 30224
Landa App LLC - 29 Holly Grove Road Griffin GA LLC (2)   29 Holly Grove Road, Griffin, GA 30224
Landa App LLC - 1703 Summerwoods Lane Griffin GA LLC   1703 Summerwoods Lane, Griffin, GA, 30224
Landa App LLC - 1712 Summerwoods Lane Griffin GA LLC   1712 Summerwoods Lane, Griffin, GA, 30224
Landa App LLC - 1743 Summerwoods Lane Griffin GA LLC   1743 Summerwoods Lane, Griffin, GA, 30224

 

2

 

 

Landa App LLC - 1750 Summerwoods Lane Griffin GA LLC   1750 Summerwoods Lane, Griffin, GA, 30224
Landa App LLC - 4267 High Park Lane East Point GA LLC   4267 High Park Lane, East Point, GA, 30344
Landa App LLC - 4474 Highwood Park Drive East Point GA LLC   4474 Highwood Park Drive, Atlanta, GA, 30344
Landa App LLC - 8569 Creekwood Way Jonesboro GA LLC   8569 Creekwood Way, Jonesboro, GA, 30238
Landa App LLC - 9439 Lakeview Road Union City GA LLC   9439 Lakeview Road, Union City, GA, 30291
Landa App LLC - 10167 Port Royal Court Jonesboro GA LLC   10167 Port Royal Court, Jonesboro, GA, 30238
Landa App LLC - 1246 Elgin Way Riverdale GA LLC   1246 Elgin Way, Riverdale, GA, 30296
Landa App LLC - 1910 Grove Way Hampton GA LLC   1910 Grove Way, Hampton, GA, 30228
Landa App LLC - 593 Country Lane Jonesboro GA LLC   593 Country Lane, Jonesboro, GA, 30238
Landa App LLC - 6436 Stone Terrace Morrow GA LLC   6436 Stone Terrace, Morrow, GA, 30260
Landa App LLC - 6440 Woodstone Terrace Morrow GA LLC   6440 Woodstone Terrace, Morrow, GA, 30260
Landa App LLC - 6848 Sandy Creek Drive Riverdale GA LLC   6848 Sandy Creek Drive, Riverdale, GA, 30274
Landa App LLC - 687 Utoy Court Jonesboro GA LLC   687 Utoy Court, Jonesboro, GA, 30238
Landa App LLC - 729 Winter Lane Jonesboro GA LLC   729 Winter Lane, Jonesboro, GA, 30238
Landa App LLC - 7349 Exeter Court Riverdale GA LLC   7349 Exeter Court, Riverdale, GA, 30296
Landa App LLC - 8645 Embrey Drive Jonesboro GA LLC   8645 Embrey Drive, Jonesboro, GA, 30236
Landa App LLC - 8780 Churchill Place Jonesboro GA LLC   8780 Churchill Place, Jonesboro, GA, 30238
Landa App LLC - 8796 Parliament Place Jonesboro GA LLC   8796 Parliament Place, Jonesboro, GA, 30238
Landa App LLC - 8641 Ashley Way Douglasville GA LLC   8641 Ashley Way, Douglasville, GA, 30134
Landa App LLC - 8651 Ashley Way Douglasville GA LLC   8651 Ashley Way, Douglasville, GA, 30134
Landa App LLC - 8652 Ashley Way Douglasville GA LLC   8652 Ashley Way, Douglasville, GA, 30134
Landa App LLC - 8653 Ashley Way Douglasville GA LLC   8653 Ashley Way, Douglasville, GA, 30134
Landa App LLC - 8654 Ashley Way Douglasville GA LLC   8654 Ashley Way, Douglasville, GA, 30134
Landa App LLC - 8655 Ashley Way Douglasville GA LLC   8655 Ashley Way, Douglasville, GA, 30134
Landa App LLC - 8659 Ashley Way Douglasville GA LLC   8659 Ashley Way, Douglasville, GA, 30134
Landa App LLC - 8662 Ashley Way Douglasville GA LLC   8662 Ashley Way, Douglasville, GA, 30134
Landa App LLC - 8668 Ashley Way Douglasville GA LLC   8668 Ashley Way, Douglasville, GA, 30134
Landa App LLC - 8670 Ashley Way Douglasville GA LLC   8670 Ashley Way, Douglasville, GA, 30134
Landa App LLC - 8674 Ashley Way Douglasville GA LLC   8674 Ashley Way, Douglasville, GA, 30134
Landa App LLC - 8675 Ashley Way Douglasville GA LLC   8675 Ashley Way, Douglasville, GA, 30134
Landa App LLC - 8677 Ashley Way Douglasville GA LLC   8677 Ashley Way, Douglasville, GA, 30134
Landa App LLC - 8678 Ashley Way Douglasville GA LLC   8678 Ashley Way, Douglasville, GA, 30134
Landa App LLC - 8679 Ashley Way Douglasville GA LLC   8679 Ashley Way, Douglasville, GA, 30134
Landa App LLC - 8683 Ashley Way Douglasville GA LLC   8683 Ashley Way, Douglasville, GA, 30134

 

3

 

 

Landa App LLC - 1007 Leeward Way Jonesboro GA LLC   1007 Leeward Way, Jonesboro, GA 30238
Landa App LLC - 10121 Morris Drive SW Covington GA LLC   10121 Morris Drive SW, Covington, GA 30014
Landa App LLC - 10183 Starr Street SW Covington GA LLC   10183 Starr Street SW, Covington, GA 30014
Landa App LLC - 103 Starlake Drive Jackson GA LLC   103 Starlake Drive, Jackson, GA 30260
Landa App LLC - 10433 Candlelight Road Jonesboro GA LLC   10433 Candlelight Road, Jonesboro, GA 30238
Landa App LLC - 107 Oakwood Circle Griffin GA LLC   107 Oakwood Circle, Griffin, GA 30223
Landa App LLC - 110 Shenandoah Drive Covington GA LLC   110 Shenandoah Drive, Covington, GA 30016
Landa App LLC - 111 Fir Drive McDonough GA LLC   111 Fir Drive, McDonough, GA 30253
Landa App LLC - 112 Ridge Street Locust Grove GA LLC   112 Ridge Street, Locust Grove, GA 30248
Landa App LLC - 11322 Michelle Way Hampton GA LLC   11322 Michelle Way, Hampton, GA 30228
Landa App LLC - 1147 Village Way Stone Mountain GA LLC   1147 Village Way, Stone Mountain, GA 30088
Landa App LLC - 1160 Gable Terrace Jonesboro GA LLC   1160 Gable Terrace, Jonesboro, GA 30236
Landa App LLC - 1201 Kilrush Drive Mableton GA LLC   1201 Kilrush Drive, Mableton, GA 30126
Landa App LLC - 124 Libby Lane Jonesboro GA LLC   124 Libby Lane, Jonesboro, GA 30238
Landa App LLC - 1320 Winona Avenue Griffin GA LLC   1320 Winona Avenue, Griffin, GA 30223
Landa App LLC - 137 Southern Shores Road Jackson GA LLC   137 Southern Shores Road, Jackson, GA 30233
Landa App LLC - 138 Sandalwood Circle Lawrenceville GA LLC   138 Sandalwood Circle, Lawrenceville, GA 30046
Landa App LLC - 140 High Ridge Road Covington GA LLC   140 High Ridge Road, Covington, GA 30014
Landa App LLC - 146 Crystal Brook Griffin GA LLC   146 Crystal Brook, Griffin, GA 30223
Landa App LLC - 153 Cliffside Court Riverdale GA LLC   153 Cliffside Court, Riverdale, GA 30274
Landa App LLC - 1666 West Poplar Street Griffin GA LLC   1666 West Poplar Street, Griffin, GA 30224
Landa App LLC - 168 Brookview Drive Riverdale GA LLC   168 Brookview Drive, Riverdale, GA 30274
Landa App LLC - 1689 Viceroy Way Riverdale GA LLC   1689 Viceroy Way, Riverdale, GA 30296
Landa App LLC - 181 Watercress Court Stockbridge GA LLC   181 Watercress Court, Stockbridge, GA 30281
Landa App LLC - 188 Timberline Road Jackson GA LLC   188 Timberline Road, Jackson, GA 30233
Landa App LLC - 189 Shenandoah Drive Riverdale GA LLC   189 Shenandoah Drive, Riverdale, GA 30274
Landa App LLC - 195 Hunters Trace Covington GA LKC   195 Hunters Trace, Covington, GA 30014
Landa App LLC - 196 Montego Circle Riverdale GA LLC   196 Montego Circle, Riverdale, GA 30274
Landa App LLC - 20 Chimney Smoke Drive Stockbridge GA LLC   20 Chimney Smoke Drive, Stockbridge, GA 30281
Landa App LLC - 212 Fleeta Drive Covington GA LLC   212 Fleeta Drive, Covington, GA 30016
Landa App LLC - 217 Glenloch Court Stockbridge GA LLC   217 Glenloch Court, Stockbridge, GA 30281
Landa App LLC - 2264 Chestnut Hill Circle Decatur GA LLC   2264 Chestnut Hill Circle, Decatur, GA 30032
Landa App LLC - 2425 Cornell Circle McDonough GA LLC   2425 Cornell Circle, McDonough, GA 30253
Landa App LLC - 25 Pleasant Valley Road McDonough GA LLC   25 Pleasant Valley Road, McDonough, GA 30253
Landa App LLC - 253 Marco Drive Social Circle GA LLC   253 Marco Drive, Social Circle, GA 30025
Landa App LLC - 258 Rocky Point Road Covington GA LLC   258 Rocky Point Road, Covington, GA 30016

 

4

 

 

Landa App LLC - 268 Brookview Drive Riverdale GA LLC   268 Brookview Drive, Riverdale, GA 30274
Landa App LLC - 270 Mountain Lane Covington GA LLC   270 Mountain Lane, Covington, GA 30016
Landa App LLC - 270 Pleasant Hills Drive Covington GA LLC   270 Pleasant Hills Drive, Covington, GA 30016
Landa App LLC - 2813 Vicksburg Court Decatur GA LLC   2813 Vicksburg Court, Decatur, GA 30034
Landa App LLC - 2933 Coffer Drive Ellenwood GA LLC   2933 Coffer Drive, Ellenwood, GA 30294
Landa App LLC - 30 High Ridge Road Covington GA LLC   30 High Ridge Road, Covington, GA 30014
Landa App LLC - 30 Roosevelt Road Covington GA LLC   30 Roosevelt Road, Covington, GA 30016
Landa App LLC - 3011 Raintree Drive SE Conyers GA LLC   3011 Raintree Drive SE, Conyers, GA 30013
Landa App LLC - 3043 Highway 81 S Covington GA LLC   3043 Highway 81 S, Covington, GA 30016
Landa App LLC - 313 Blue Heron Drive Jonesboro GA LLC   313 Blue Heron Drive, Jonesboro, GA 30236
Landa App LLC - 3202 Chippewa Drive Rex GA LLC   3202 Chippewa Drive, Rex, GA 30273
Landa App LLC - 35 Clay Court Covington GA LLC   35 Clay Court, Covington, GA 30016
Landa App LLC - 350 Cadiz Lane S College Park GA LLC   350 Cadiz Lane S, College Park, GA 30349
Landa App LLC - 351 Wesley Park Drive Jonesboro GA LLC   351 Wesley Park Drive, Jonesboro, GA 30238
Landa App LLC - 3667 Patti Parkway Decatur GA LLC   3667 Patti Parkway, Decatur, GA 30034
Landa App LLC - 412 Kendall Lane McDonough GA LLC   412 Kendall Lane, McDonough, GA 30253
Landa App LLC - 43 Darwin Drive Jonesboro GA LLC   43 Darwin Drive, Jonesboro, GA 30238
Landa App LLC - 45 Blue Jay Drive Covington GA LLC   45 Blue Jay Drive, Covington, GA 30016
Landa App LLC - 45 Laurel Way Covington GA LLC   45 Laurel Way, Covington, GA 30016
Landa App LLC - 4702 Saint James Way Decatur GA LLC   4702 Saint James Way, Decatur, GA 30035
Landa App LLC - 4732 Pinedale Drive Forest Park GA LLC   4732 Pinedale Drive, Forest Park, GA 30297
Landa App LLC - 5040 Huntshire Lane Lilburn GA LLC   5040 Huntshire Lane, Lilburn, GA 30047
Landa App LLC - 513 Jarrett Court McDonough GA LLC   513 Jarrett Court, McDonough, GA 30253
Landa App LLC - 5143 Pinecrest Drive SW Covington GA LLC   5143 Pinecrest Drive SW, Covington, GA 30014
Landa App LLC - 540 Cowan Road Covington GA LLC   540 Cowan Road, Covington, GA 30016
Landa App LLC - 5411 Rocky Pine Drive Lithonia GA LLC   5411 Rocky Pine Drive, Lithonia, GA 30038
Landa App LLC - 550 Cowan Road Covington GA LLC   550 Cowan Road, Covington, GA 30016
Landa App LLC - 5581 Fox Glen Circle Lithonia GA LLC   5581 Fox Glen Circle, Lithonia, GA 30038
Landa App LLC - 565 Mountainview Drive Covington GA LLC   565 Mountainview Drive, Covington, GA 30016
Landa App LLC - 5801 Strathmoor Manor Circle Lithonia GA LLC   5801 Strathmoor Manor Circle, Lithonia, GA 30058
Landa App LLC - 6107 Shadow Glen Court Covington GA LLC   6107 Shadow Glen Court, Covington, GA 30014
Landa App LLC - 6111-6113 Pine Glen Circle SW Covington GA LLC   6111-6113 Pine Glen Circle SW, Covington, GA 30014
Landa App LLC - 615 Barshay Drive Covington GA LLC   615 Barshay Drive, Covington, GA 30016
Landa App LLC - 6168 Wheat Street NE Covington GA LLC   6168 Wheat Street NE, Covington, GA 30014
Landa App LLC - 6178 Green Acres Drive SW Covington GA LLC   6178 Green Acres Drive SW, Covington, GA 30014
Landa App LLC - 6404 Walnut Way Union City GA LLC   6404 Walnut Way, Union City, GA 30291

 

5

 

 

Landa App LLC - 643 Sycamore Drive Jonesboro GA LLC   643 Sycamore Drive, Jonesboro, GA 30238
Landa App LLC - 65 Freedom Court Covington GA LLC   65 Freedom Court, Covington, GA 30016
Landa App LLC - 6635 Kimberly Mill Road College Park GA LLC   6635 Kimberly Mill Road, College Park, GA 30349
Landa App LLC - 6653 Bedford Road Rex GA LLC   6653 Bedford Road, Rex, GA 30273
Landa App LLC - 6762 Bent Creek Drive Rex GA LLC   6762 Bent Creek Drive, Rex, GA 30273
Landa App LLC - 709 Georgetown Court Jonesboro GA LLC   709 Georgetown Court, Jonesboro, GA 30236
Landa App LLC - 7107 Geiger Street NW Covington GA LLC   7107 Geiger Street NW Covington GA 30016
Landa App LLC - 750 Georgetown Court Jonesboro GA LLC   750 Georgetown Court, Jonesboro ,GA 30236
Landa App LLC - 752 Chestnut Drive Jackson GA LLC   752 Chestnut Drive, Jackson, GA 30233
Landa App LLC - 773 Villa Way Jonesboro GA LLC   773 Villa Way, Jonesboro, GA 30238
Landa App LLC - 7781 Mountain Creek Way Douglasville GA LLC   7781 Mountain Creek Way, Douglasville, GA 30134
Landa App LLC - 7950 Woodlake Drive Riverdale GA LLC   7950 Woodlake Drive, Riverdale, GA 30274
Landa App LLC - 80 High Ridge Road Covington GA LLC   80 High Ridge Road, Covington, GA 30014
Landa App LLC - 808 Hillandale Lane Lithonia GA LLC   808 Hillandale Lane, Lithonia, GA 30058
Landa App LLC - 8110 Devonshire Drive Jonesboro GA LLC   8110 Devonshire Drive, Jonesboro, GA 30238
Landa App LLC - 8121 Spillers Drive SW Covington GA LLC   8121 Spillers Drive SW, Covington, GA 30014
Landa App LLC - 8233 Creekline Court Riverdale GA LLC   8233 Creekline Court, Riverdale, GA 30274
Landa App LLC - 843 Tramore Drive Stockbridge GA LLC   843 Tramore Drive, Stockbridge, GA 30281
Landa App LLC - 85 Kirkland Court Covington GA LLC   85 Kirkland Court, Covington, GA 30016
Landa App LLC - 85 Thorn Thicket Way Rockmart GA LLC   85 Thorn Thicket Way, Rockmart, GA 30153
Landa App LLC - 8855 Rugby Court Jonesboro GA LLC   8855 Rugby Court, Jonesboro, GA 30238
Landa App LLC - 9434 Cedar Creek Place Douglasville GA LLC   9434 Cedar Creek Place, Douglasville, GA 30135
Landa App LLC - 9597 Pintail Trail Jonesboro GA LLC   9597 Pintail Trail, Jonesboro, GA 30238

 

(1) Each Series herein is also referred to below in shortened form as “Landa Series” followed by its street address only.
(2) This Series withdrew its offering and did not sell any of its Shares.

 

The Company, through each Series, commenced operations on July 10, 2020 (Inception).

 

6

 

 

Recent Developments

 

The tables below provide information with respect to recent developments of the Series including dividend payments, lease renewals, vacancies and defaults following the date of the Company’s most recent Offering Circular, which can be found here. These recent developments are incorporated by reference to their respective hyperlinked Form 1-U filed by the Company and incorporated herein by reference.

 

Form 1-U   Subject    
Filing Date and hyperlink   Leasing Status   Distributions   Other
04/05/2023   -   X   -
04/05/2023   X   -   -
04/05/2023   -   -   Transfer of Title
04/27/2023   -   -   Promissory Notes
05/04/2023   -   -   Refinance Notes; Transfer of Title
05/05/2023   -   X   -
05/05/2023   -   -   Promissory Notes
05/26/2023   -   -   Officer Departure
06/09/2023   -   X   -
06/13/2023   -   -   Refinance Notes; Transfer of Title
06/16/2023   -   X   -
07/07/2023   -   -   Refinance Note; Transfer of Title
07/07/2023   -   X   -
07/11/2023   X   -   -
07/20/2023   -   -   Refinance Notes; Transfer of Title; Property Insurance Expiration
07/26/2023   -   -   Transfer of Title
08/04/2023   -   X   -
08/04/2023   -   X   -
08/22/2023   -   -   Refinance Notes; Transfer of Title; Property Insurance Expiration
09/12/2023   -   -   Refinance Notes; Transfer of Title; Property Insurance Expiration; Board Member Resignation
09/13/2023   -   X   -
09/22/2023   -   -   Refinance Notes; Transfer of Title

 

From the period July 1, 2023 to September 28, 2023, the following Series have acquired title to their respective Properties from Landa Properties LLC and have thus commenced operations:

 

Series   Address   Acquisition Date
Landa App LLC - 157 Wells Road Jenkinsburg GA LLC   157 Wells Road, Jenkinsburg, Georgia 30234   07/20/23
Landa App LLC - 1445 Maple Valley Court Union City GA LLC   1445 Maple Valley Court, Union City, Georgia, 30291   07/25/23
Landa App LLC - 8658 Ashley Way Douglasville GA LLC   8658 Ashley Way, Douglasville, Georgia 30134   08/18/23
Landa App LLC - 1683 Spoonbill Road Hampton GA LLC   1683 Spoonbill Road, Hampton, GA 30238   09/01/23
Landa App LLC - 2443 Hodges Farm Road Mansfield GA LLC   2443 Hodges Farm Road, Mansfield, GA 30055   09/01/23
Landa App LLC - 6710 Sunset Hills Boulevard Rex GA LLC   6710 Sunset Hills Boulevard, Rex, GA 30273   09/01/23
Landa App LLC - 773 Villa Way Jonesboro GA LLC   773 Villa Way, Jonesboro, GA 30238   09/01/23
Landa App LLC - 70 Shenandoah Lane Covington GA LLC   70 Shenandoah Lane, Covington, GA 30016   09/14/23
Landa App LLC - 195 Branchwood Drive Covington GA LLC   195 Branchwood Drive, Covington, GA 30016   09/14/23
Landa App LLC - 6386 Forester Way Lithonia GA LLC   6386 Forester Way, Lithonia, GA 30038   09/14/23
Landa App LLC - 440 Freestone Drive Newman GA LLC   440 Freestone Drive, Newman, GA 30265   09/14/23
Landa App LLC - 5329 Shirewick Lane Lithonia GA LLC   5329 Shirewick Lane, Lithonia, GA 30058   09/14/23
Landa App LLC - 1903 Old Concord Drive SE Covington GA LLC   1903 Old Concord Drive SE, Covington, GA 30016   09/14/23
Landa App LLC - 1000 Fox Valley Trail Stone Mountain GA LLC   1000 Fox Valley Trail, Stone Mountain, GA 30088   09/14/23
Landa App LLC - 1443 Pebble Ridge Lane Hampton GA LLC   1443 Pebble Ridge Lane, Hampton, GA 30228   09/14/23
Landa App LLC - 141 Longstreet Circle Oxford GA LLC   141 Longstreet Circle, Oxford, GA 30054   09/14/23

 

7

 

 

Market Outlook—Real Estate Finance Markets

 

While the ongoing impact of COVID-19 has created uncertainty about the overall stability of the economic and financial market, we remain encouraged by the fundamentals of the residential housing market and believe there will be an increased demand for residential rental properties, including single-family homes and duplexes. As we look ahead the next three years, we believe improving fundamentals, transactions, and residential real estate lending activities will continue to strengthen in core United States metro markets. We also expect high foreign direct investment in United States markets and real estate assets to continue. Further, the assistance provided by governmental support programs and commitments is expected to support U.S. capital markets over the immediate future.

 

If markets continue to strengthen, the competition for risk-adjusted yield will become increasingly fierce. We believe that innovative funding options and quicker closing timelines from the Manager allow for greater financing availability in a period of rising competition amongst capital providers.

 

However, risks related to inflation, interest rate hikes and regulatory uncertainty could adversely affect growth and the values of our investments. In the event market fundamentals deteriorate, our real estate portfolio may be impaired as a result of lower occupancy, lower rental rates, and/or declining values. Further, these circumstances may materially impact the cost and availability of credit to borrowers, hampering the ability of the Manager to acquire new investments with attractive risk-reward dynamics.

 

Over the short term, we remain cautiously optimistic about the opportunity to acquire investments offering attractive risk-adjusted returns in our targeted investment markets. However, we recognize disruptions in financial markets can occur at any time. By targeting modest leverage and short target investment durations, we believe we will remain well positioned, as compared to our competitors, in the event current market dynamics deteriorate.

 

Recently, the US experienced the fastest increase in prices since 1981, leading to inflation exceeding nine percent (9%) in June 2022 and six and a half percent (6.5%) in December 2022, according to the U.S. Bureau of Labor Statistics. In response, the Federal Reserve raised interest rates by the largest amount since 1994, ending a near four-decade trend of falling, near-zero interest rates. This shift in interest rates drove mortgage rates to their highest levels in nearly 14 years. We believe that the net result of these increases in interest rates further deter home purchase activity generally, but particularly among millennials who are more likely to require debt, which ultimately may lead to an increase in demand for rentals.

 

Rising inflation may adversely affect a Series by increasing costs of goods, materials, labor, and fuel, which may increase such Series’ operating expenses. In addition, higher interest rates, may make it difficult or expensive for a Series to refinance any outstanding indebtedness, including the Acquisition Notes (as defined in the Offering Circular), with a new mortgage or other debt financing. As of the date of this Offering Circular, neither the Company nor any of the Series has been materially impacted by inflationary pressures or rising interest rates. The Manager will continue to monitor and assess economic conditions, and intends to take reasonable steps to mitigate any impact on a Series and/or its underlying Property, or the Company in general. 

 

Impact of the COVID-19 Coronavirus Pandemic

 

The international spread of COVID-19 was declared a global pandemic by the World Health Organization on March 11, 2020. The extent to which this pandemic could continue to affect our financial condition, liquidity, and results of operations is difficult to predict and depends on evolving factors, including, but not limited to, duration, scope, government actions, and other social responses. Beginning in March 2020, many states in the U.S., including Georgia, where our current Properties are located, implemented stay-at-home and shutdown orders for all “non-essential” business and activity in an aggressive effort to mitigate the spread of COVID-19. These orders have continued to evolve resulting in a full or partial lifting of these restrictions at various points over the past two years. Vaccinations for the COVID-19 virus have been widely distributed among the general U.S. population which has resulted in a loosening of previously mandated restrictions. However, the potential emergence of vaccine-resistant variants of COVID-19 could trigger restrictions to be put back in place. Such restrictions may include mandatory business shut-downs, reduced business operations and social distancing requirements.

 

The pandemic’s duration and severity and the extent of the adverse health impact on the general population and on the local population where our Properties are and will be located are unknown. These, among other items, will likely impact the economy, the unemployment rate and our operations, and could materially affect our future combined results of operations, financial condition, liquidity, investments and overall performance. In addition, our business may be affected by our ability to hire and/or maintain adequate staffing and by disruption in the supply chain for building, construction and related goods and materials. For more information, please see the section entitled “Risk Factors – The COVID-19 pandemic may adversely affect our business” of our Offering Circular, which is incorporated herein by reference.

  

8

 

 

Results of Operations

 

The following table sets forth key components of our results of operations for the six months ended June 30, 2023 and 2022.

 

   Six months ended
June 30,		 
Category  2023   2022 
Rental Income  $457,852   $253,134 
Management Fee   36,273    20,098 
Professional fees   4,414    - 
Repairs and Maintenance   98,246    26,947 
Utilities   2,156    - 
Homeowners Association Fee   11,143    7,737 
Insurance Expense   16,676    8,191 
Real Estate Taxes   72,524    30,079 
Depreciation   201,981    79,318 
Interest Expense   479,489    79,602 
Net Operating Income (Loss) before income taxes   (465,050)   1,162 
Gain on Sale of Real Estate   62,013    142,750 
Provision for income taxes   (1,530)   (28,720)
Net Income/(Loss)  $(404,567)  $115,192 

 

Revenues

 

Revenues are generated at the Series level. Each Series generates revenue through rental income earned from its underlying Property. Rental revenues consist of rental amounts collected under the lease agreements related to each Series’ Property, net of any concessions and uncollectible amounts. Each Series enters into a lease agreement with its tenants. We expect each lease agreement to have a term of one year, and in certain cases may extend to a month-to-month lease, and we expect to enter into new lease agreements with one-year terms as well.

 

The Series generated rental revenues for the six months ended June 30, 2023 and June 30, 2022, of $457,852 and $253,134, respectively. The following table summarizes the rental income by Series: 

 

   For the six months ended
June 30,		 
Series  2023   2022 
Landa Series 115 Sardis Street  $1,786   $5,822 
Landa Series 1394 Oakview Circle   5,127    4,883 
Landa Series 1701 Summerwoods Lane   3,037    3,990 
Landa Series 1741 Park Lane   2,398    3,273 
Landa Series 209 Timber Wolf Trail   1,275    4,650 
Landa Series 2505 Oak Circle   3,875    7,500 
Landa Series 271 Timber Wolf Trail   -    6,284 
Landa Series 29 Holly Grove Road   4,548    4,331 
Landa Series 10167 Port Royal Court   6,615    6,063 
Landa Series 1246 Elgin Way   7,741    7,232 
Landa Series 1703 Summerwoods Lane   6,234    5,723 
Landa Series 1712 Summerwoods Lane   2,180    5,305 
Landa Series 1743 Summerwoods Lane   7,260    5,953 
Landa Series 1750 Summerwoods Lane   7,079    5,347 
Landa Series 1910 Grove Way   702    2,203 
Landa Series 4267 High Park Lane   975    6,972 
Landa Series 4474 Highwood Park Drive   7,380    6,721 
Landa Series 593 Country Lane Drive   6,221    5,705 
Landa Series 6436 Stone Terrace   6,300    5,974 
Landa Series 6440 Woodstone Terrace   3,238    6,462 
Landa Series 6848 Sandy Creek Drive   5,763    6,894 
Landa Series 687 Utoy Court   6,012    5,532 
Landa Series 729 Winter Lane   2,046    4,001 
Landa Series 7349 Exeter Court   6,977    6,301 
Landa Series 8569 Creekwood Way   -    4,820 

 

9

 

 

Landa Series 8641 Ashley Way   6,655    5,755 
Landa Series 8645 Embrey Drive   7,800    6,366 
Landa Series 8651 Ashley Way   6,563    5,869 
Landa Series 8652 Ashley Way   6,600    4,416 
Landa Series 8653 Ashley Way   6,655    5,516 
Landa Series 8654 Ashley Way   6,615    6,063 
Landa Series 8655 Ashley Way   6,600    5,485 
Landa Series 8659 Ashley Way   8,375    4,297 
Landa Series 8662 Ashley Way   5,850    5,630 
Landa Series 8668 Ashley Way   6,900    5,919 
Landa Series 8670 Ashley Way   6,510    5,774 
Landa Series 8674 Ashley Way   3,185    6,352 
Landa Series 8675 Ashley Way   6,820    4,535 
Landa Series 8677 Ashley Way   6,710    6,063 
Landa Series 8678 Ashley Way   6,710    5,341 
Landa Series 8679 Ashley Way   6,344    5,774 
Landa Series 8683 Ashley Way   5,119    5,728 
Landa Series 8780 Churchill Place   3,377    7,275 
Landa Series 8796 Parliament Place   8,100    6,063 
Landa Series 9439 Lakeview Road   8,400    6,972 
Landa Series 1007 Leeward Way   117    - 
Landa Series 10121 Morris Drive SW   3,360    - 
Landa Series 10183 Starr Street SW   2,776    - 
Landa Series 103 Starlake Drive   2,635    - 
Landa Series 10433 Candlelight Road   -    - 
Landa Series 107 Oakwood Circle   1,005    - 
Landa Series 110 Shenandoah Drive   2,730    - 
Landa Series 111 Fir Drive   2,625    - 
Landa Series 112 Ridge Street   1,950    - 
Landa Series 11322 Michelle Way   2,889    - 
Landa Series 1147 Village Way   3,203    - 
Landa Series 1160 Gable Terrace   3,587    - 
Landa Series 1201 Kilrush Drive   5,078    - 
Landa Series 124 Libby Lane   -    - 
Landa Series 1320 Winona Avenue   -    - 
Landa Series 137 Southern Shores Road   2,548    - 
Landa Series 138 Sandalwood Circle   3,570    - 
Landa Series 140 High Ridge Road   3,045    - 
Landa Series 146 Crystal Brook   2,756    - 
Landa Series 153 Cliffside Court   2,100    - 
Landa Series 1666 West Poplar Street   2,474    - 
Landa Series 168 Brookview Drive   -    - 
Landa Series 1689 Viceroy Way   3,415    - 
Landa Series 181 Watercress Court   3,360    - 
Landa Series 188 Timberline Road   -    - 

 

10

 

 

Landa Series 189 Shenandoah Drive   2,954    - 
Landa Series 195 Hunters Trace   3,696    - 
Landa Series 196 Montego Circle   2,924    - 
Landa Series 20 Chimney Smoke Drive   1,835    - 
Landa Series 212 Fleeta Drive   638    - 
Landa Series 217 Glenloch Court   3,715    - 
Landa Series 2264 Chestnut Hill Circle   -    - 
Landa Series 2425 Cornell Circle   3,096    - 
Landa Series 25 Pleasant Valley Road   3,528    - 
Landa Series 253 Marco Drive   2,748    - 
Landa Series 258 Rocky Point Road   3,360    - 
Landa Series 268 Brookview Drive   -    - 
Landa Series 270 Mountain Lane   3,465    - 
Landa Series 270 Pleasant Hills Drive   3,579    - 
Landa Series 2813 Vicksburg Court   3,203    - 
Landa Series 2933 Coffer Drive   1,688    - 
Landa Series 30 High Ridge Road   3,674    - 
Landa Series 30 Roosevelt Road   1,788    - 
Landa Series 3011 Raintree Drive SE   -    - 
Landa Series 3043 Highway 81 S   899    - 
Landa Series 313 Blue Heron Drive   3,300    - 
Landa Series 3202 Chippewa Drive   -    - 
Landa Series 35 Clay Court   3,568    - 
Landa Series 350 Cadiz Lane S   1,675    - 
Landa Series 351 Wesley Park Drive   3,344    - 
Landa Series 3667 Patti Parkway   2,839    - 
Landa Series 412 Kendall Lane   -    - 
Landa Series 43 Darwin Drive   -    - 
Landa Series 45 Blue Jay Drive   3,674    - 
Landa Series 45 Laurel Way   -    - 
Landa Series 4702 Saint James Way   2,450    - 
Landa Series 4732 Pinedale Drive   2,690    - 
Landa Series 5040 Huntshire Lane   5,548    - 
Landa Series 513 Jarrett Court   3,358    - 
Landa Series 5143 Pinecrest Drive SW   2,589    - 
Landa Series 540 Cowan Road   3,515    - 
Landa Series 5411 Rocky Pine Drive   2,119    - 
Landa Series 550 Cowan Road   2,094    - 
Landa Series 5581 Fox Glen Circle   3,229    - 
Landa Series 565 Mountainview Drive   3,518    - 
Landa Series 5801 Strathmoor Manor Circle   3,318    - 

 

11

 

 

Landa Series 6107 Shadow Glen Court   2,586    - 
Landa Series 6111-6113 Pine Glen Circle SW   2,640    - 
Landa Series 615 Barshay Drive   161    - 
Landa Series 6168 Wheat Street NE   -    - 
Landa Series 6178 Green Acres Drive SW   3,220    - 
Landa Series 6404 Walnut Way   2,937    - 
Landa Series 643 Sycamore Drive   3,224    - 
Landa Series 65 Freedom Court   3,385    - 
Landa Series 6635 Kimberly Mill Road   -    - 
Landa Series 6653 Bedford Road   3,098    - 
Landa Series 6762 Bent Creek Drive   3,350    - 
Landa Series 709 Georgetown Court   3,570    - 
Landa Series 7107 Geiger Street NW   2,415    - 
Landa Series 750 Georgetown Court   2,513    - 
Landa Series 752 Chestnut Drive   2,027    - 
Landa Series 773 Villa Way   -    - 
Landa Series 7781 Mountain Creek Way   -    - 
Landa Series 7950 Woodlake Drive   2,882    - 
Landa Series 80 High Ridge Road   1,810    - 
Landa Series 808 Hillandale Lane   3,389    - 
Landa Series 8110 Devonshire Drive   3,407    - 
Landa Series 8121 Spillers Drive SW   2,688    - 
Landa Series 8233 Creekline Court   700    - 
Landa Series 843 Tramore Drive   5,430    - 
Landa Series 85 Kirkland Court   -    - 
Landa Series 85 Thorn Thicket Way   2,772    - 
Landa Series 8855 Rugby Court   3,094    - 
Landa Series 9434 Cedar Creek Place   3,150    - 
Landa Series 9597 Pintail Trail   3,906    - 
Total Combined Rental Income  $457,852   $253,134 

 

Operating Expenses

 

The Operating Expenses incurred by each Series prior to such Series acquiring title to its underlying Property from Landa Properties are paid by the Manager. For more information about the Operating Expenses of the Series and the Properties, please see “Description of our Business – Operating Expenses” of our Offering Circular, which can be found here and is incorporated herein by reference.

 

Each Series is responsible for its own Operating Expenses after acquiring title to its underlying Property. If the Operating Expenses exceed the amount of revenues generated from a Series and cannot be covered by any Reserves of such Series, the Manager may (a) pay such Operating Expenses and seek reimbursement and/or (b) loan the amount of the Operating Expenses to the applicable Series and be entitled to reimbursement of such amount from future revenues generated by such Series. In the case that the Manager provides a loan to a Series, the Series will be obligated to pay interest on that loan at a rate to be determined solely by the Manager, but which will be no greater than 7%.

 

12

 

 

For the six months ended June 30, 2023 and June 30, 2022, the Series in the aggregate incurred $922,902 and $251,972, respectively, in Operating Expenses (on a total combined basis). The increase in expenses is primarily due to the addition of new Series.

 

The following table summarizes the Operating Expenses by category:

 

   For the six months ended
June 30,		 
Series  2023   2022 
Management fee  $36,273   $20,098 
Professional fees   4,414    - 
Repairs & maintenance   98,246    26,947 
Utilities   2,156    - 
HOA fee   11,143    7,737 
Insurance   16,676    8,191 
Real estate taxes   72,524    30,079 
Depreciation expense   201,981    79,318 
Interest expense   479,489    79,602 
Total Operating Expenses  $922,902   $251,972 

 

The following table summarizes the Operating Expenses for each Series:

 

   For the six months ended
June 30,		 
Series  2023   2022 
Landa Series 115 Sardis Street (1)  $3,866   $4,628 
Landa Series 1394 Oakview Circle   3,799    3,547 
Landa Series 1701 Summerwoods Lane (9)   7,766    3,139 
Landa Series 1741 Park Lane (9)   6,979    3,294 
Landa Series 209 Timber Wolf Trail (2)   5,340    4,357 
Landa Series 2505 Oak Circle (3)   17,335    4,760 
Landa Series 271 Timber Wolf Trail (4)   3,758    4,644 
Landa Series 29 Holly Grove Road   5,189    4,694 
Landa Series 1703 Summerwoods Lane   5,649    5,287 
Landa Series 1712 Summerwoods Lane   6,656    5,025 
Landa Series 1743 Summerwoods Lane   8,963    5,293 
Landa Series 1750 Summerwoods Lane   5,009    5,322 
Landa Series 4267 High Park Lane   6,175    8,133 
Landa Series 4474 Highwood Park Drive   5,811    8,435 
Landa Series 8569 Creekwood Way   5,888    4,173 
Landa Series 9439 Lakeview Road   7,974    9,707 
Landa Series 10167 Port Royal Court   7,332    5,015 
Landa Series 1246 Elgin Way   5,260    5,915 
Landa Series 1910 Grove Way   4,752    11,718 
Landa Series 593 Country Lane Drive   3,874    4,656 
Landa Series 6436 Stone Terrace   5,518    4,321 
Landa Series 6440 Woodstone Terrace   7,845    10,199 
Landa Series 6848 Sandy Creek Drive   5,450    5,872 
Landa Series 687 Utoy Court   5,599    8,455 
Landa Series 729 Winter Lane   4,072    6,393 
Landa Series 7349 Exeter Court   6,588    4,805 
Landa Series 8645 Embrey Drive   6,464    5,310 
Landa Series 8780 Churchill Place   6,921    6,198 
Landa Series 8796 Parliament Place   5,840    4,885 
Landa Series 8641 Ashley Way   5,392    5,699 
Landa Series 8651 Ashley Way   6,127    4,714 

 

13

 

 

Landa Series 8652 Ashley Way   5,634    4,924 
Landa Series 8653 Ashley Way   6,215    4,652 
Landa Series 8654 Ashley Way   6,135    5,349 
Landa Series 8655 Ashley Way   6,882    4,703 
Landa Series 8659 Ashley Way   6,766    5,039 
Landa Series 8662 Ashley Way   6,511    5,234 
Landa Series 8668 Ashley Way   6,166    5,778 
Landa Series 8670 Ashley Way   5,718    5,717 
Landa Series 8674 Ashley Way   7,078    5,365 
Landa Series 8675 Ashley Way   6,360    5,604 
Landa Series 8677 Ashley Way   5,623    4,829 
Landa Series 8678 Ashley Way   10,094    6,098 
Landa Series 8679 Ashley Way   5,745    5,246 
Landa Series 8683 Ashley Way   8,601    4,841 
Landa Series 1007 Leeward Way (6)   174    - 
Landa Series 10121 Morris Drive SW (5)   6,076    - 
Landa Series 10183 Starr Street SW (5)   6,657    - 
Landa Series 103 Starlake Drive (5)   5,937    - 
Landa Series 10433 Candlelight Road (5)   10,009    - 
Landa Series 107 Oakwood Circle (7)   1,234    - 
Landa Series 110 Shenandoah Drive (5)   7,561    - 
Landa Series 111 Fir Drive (5)   5,679    - 
Landa Series 112 Ridge Street (5)   7,145    - 
Landa Series 11322 Michelle Way (5)   5,854    - 
Landa Series 1147 Village Way (5)   7,220    - 
Landa Series 1160 Gable Terrace (5)   7,573    - 
Landa Series 1201 Kilrush Drive (5)   19,502    - 
Landa Series 124 Libby Lane (5)   5,903    - 
Landa Series 1320 Winona Avenue (5)   4,512    - 
Landa Series 137 Southern Shores Road (5)   5,797    - 
Landa Series 138 Sandalwood Circle (5)   6,455    - 
Landa Series 140 High Ridge Road (5)   6,520    - 
Landa Series 146 Crystal Brook (5)   5,338    - 
Landa Series 153 Cliffside Court (5)   3,912    - 
Landa Series 1666 West Poplar Street (5)   6,644    - 
Landa Series 168 Brookview Drive (5)   2,631    - 
Landa Series 1689 Viceroy Way (5)   7,312    - 
Landa Series 181 Watercress Court (5)   6,084    - 
Landa Series 188 Timberline Road (5)   2,906    - 
Landa Series 189 Shenandoah Drive (5)   5,891    - 
Landa Series 195 Hunters Trace (5)   7,150    - 
Landa Series 196 Montego Circle (5)   7,330    - 
Landa Series 20 Chimney Smoke Drive (8)   4,914    - 
Landa Series 212 Fleeta Drive (5)   5,655    - 
Landa Series 217 Glenloch Court (5)   8,019    - 
Landa Series 2264 Chestnut Hill Circle (5)   8,827    - 
Landa Series 2425 Cornell Circle (8)   5,735    - 
Landa Series 25 Pleasant Valley Road (5)   10,682    - 
Landa Series 253 Marco Drive (5)   5,484    - 
Landa Series 258 Rocky Point Road (5)   7,299    - 
Landa Series 268 Brookview Drive (5)   5,771    - 
Landa Series 270 Mountain Lane (5)   7,117    - 
Landa Series 270 Pleasant Hills Drive (5)   6,853    - 
Landa Series 2813 Vicksburg Court (5)   8,165    - 

 

14

 

 

Landa Series 2933 Coffer Drive (5)   6,493    - 
Landa Series 30 High Ridge Road (5)   7,182    - 
Landa Series 30 Roosevelt Road (5)   6,671    - 
Landa Series 3011 Raintree Drive SE (5)   7,275    - 
Landa Series 3043 Highway 81 S (5)   12,558    - 
Landa Series 313 Blue Heron Drive (5)   6,996    - 
Landa Series 3202 Chippewa Drive (5)   6,382    - 
Landa Series 35 Clay Court (5)   7,191    - 
Landa Series 350 Cadiz Lane S (5)   6,410    - 
Landa Series 351 Wesley Park Drive (5)   7,753    - 
Landa Series 3667 Patti Parkway (8)   6,467    - 
Landa Series 412 Kendall Lane (8)   6,237    - 
Landa Series 43 Darwin Drive (5)   5,776    - 
Landa Series 45 Blue Jay Drive (5)   9,405    - 
Landa Series 45 Laurel Way (8)   4,618    - 
Landa Series 4702 Saint James Way (5)   11,392    - 
Landa Series 4732 Pinedale Drive (5)   5,437    - 
Landa Series 5040 Huntshire Lane (5)   11,896    - 
Landa Series 513 Jarrett Court (5)   10,229    - 
Landa Series 5143 Pinecrest Drive SW (5)   5,324    - 
Landa Series 540 Cowan Road (5)   7,176    - 
Landa Series 5411 Rocky Pine Drive (8)   5,145    - 
Landa Series 550 Cowan Road (8)   4,447    - 
Landa Series 5581 Fox Glen Circle (8)   7,562    - 
Landa Series 565 Mountainview Drive (5)   7,221    - 
Landa Series 5801 Strathmoor Manor Circle (5)   7,337    - 
Landa Series 6107 Shadow Glen Court (5)   5,031    - 
Landa Series 6111-6113 Pine Glen Circle SW (5)   10,282    - 
Landa Series 615 Barshay Drive (5)   6,498    - 
Landa Series 6168 Wheat Street NE (5)   4,052    - 
Landa Series 6178 Green Acres Drive SW (5)   5,333    - 
Landa Series 6404 Walnut Way (5)   4,842    - 
Landa Series 643 Sycamore Drive (5)   6,588    - 
Landa Series 65 Freedom Court (5)   6,594    - 
Landa Series 6635 Kimberly Mill Road (5)   7,197    - 
Landa Series 6653 Bedford Road (5)   6,769    - 
Landa Series 6762 Bent Creek Drive (5)   7,727    - 
Landa Series 709 Georgetown Court (5)   6,617    - 
Landa Series 7107 Geiger Street NW (5)   3,988    - 
Landa Series 750 Georgetown Court (5)   5,661    - 
Landa Series 752 Chestnut Drive (5)   5,984    - 
Landa Series 773 Villa Way (5)   2,480    - 
Landa Series 7781 Mountain Creek Way (5)   7,237    - 
Landa Series 7950 Woodlake Drive (5)   5,763    - 
Landa Series 80 High Ridge Road (5)   9,821    - 
Landa Series 808 Hillandale Lane (5)   8,416    - 
Landa Series 8110 Devonshire Drive (5)   5,040    - 
Landa Series 8121 Spillers Drive SW (5)   5,261    - 
Landa Series 8233 Creekline Court (5)   6,550    - 
Landa Series 843 Tramore Drive (5)   3,539    - 
Landa Series 85 Kirkland Court (5)   7,738    - 
Landa Series 85 Thorn Thicket Way (5)   6,734    - 
Landa Series 8855 Rugby Court (5)   5,185    - 

 

15

 

 

Landa Series 9434 Cedar Creek Place (5)   7,787    - 
Landa Series 9597 Pintail Trail (5)   11,362    - 
Total Operating Expenses  $922,902   $251,972 

 

1.Operating expense shown through March 30, 2023, in connection with the sale of the Property underlying Landa Series 115 Sardis Street, located at 115 Sardis Street, Barnesville, GA 30204.

2.Operating expense shown through May 31, 2023, in connection with the sale of the Property.
3.Operating expense shown through June 6, 2023, in connection with the sale of the Property underlying Landa Series 2505 Oak Circle, located at 2505 Oak Circle, Ellenwood, GA 30294.
4.Operating expense shown through April 14, 2023, in connection with the sale of the Property underlying Landa Series 271 Timber Wolf Trail, located at 271 Timber Wolf Trail, Griffin, GA 30224.
5.The series commenced operations on April 28, 2023.
6.The Series commenced operations on June 29, 2023.
7.The Series commenced operations on June 8, 2023.
8.The Series commenced operations on May 19, 2023.
9.The Series commenced operations on April 4, 2023.

 

Gain/Loss on Sale

 

In connection with the sale of properties, the following table summarizes the Property underlying the Series:

 

Series  Property  Date of sale
Landa Series 115 Sardis Street  115 Sardis Street, Barnesville, GA 30204  March 30, 2023
Landa Series 209 Timber Wolf Trail  209 Timber Wolf Trail, Griffin, GA 30224  May 31, 2023
Landa Series 2505 Oak Circle  2505 Oak Circle, Ellenwood, GA 30294  June 6, 2023
Landa Series 271 Timber Wolf Trail  271 Timber Wolf Trail, Griffin, GA 30224  April 14, 2023

 

For the six months ended June 30, 2023 and June 30, 2022, the Series in the aggregate recognized a gain on sale of real estate of $62,013 and $142,750. 

 

16

 

 

The following table summarizes the gain/(loss) on sale for each Series:

 

   For the Six Months Ended June 30, 
Series  2023   2022 
Landa Series 115 Sardis Street  $32,421   $- 
Landa Series 1394 Oakview Circle   -    - 
Landa Series 1701 Summerwoods Lane   -    70,269 
Landa Series 1741 Park Lane   -    72,481 
Landa Series 209 Timber Wolf Trail   (8,208)   - 
Landa Series 2505 Oak Circle   46,645    - 
Landa Series 271 Timber Wolf Trail   (8,845)   - 
Landa Series 29 Holly Grove Road   -    - 
Landa Series 1703 Summerwoods Lane   -    - 
Landa Series 1712 Summerwoods Lane   -    - 
Landa Series 1743 Summerwoods Lane   -    - 
Landa Series 1750 Summerwoods Lane   -    - 
Landa Series 4267 High Park Lane   -    - 
Landa Series 4474 Highwood Park Drive   -    - 
Landa Series 8569 Creekwood Way   -    - 
Landa Series 9439 Lakeview Road   -    - 
Landa Series 10167 Port Royal Court   -    - 
Landa Series 1246 Elgin Way   -    - 
Landa Series 1910 Grove Way   -    - 
Landa Series 593 Country Lane Drive   -    - 
Landa Series 6436 Stone Terrace   -    - 
Landa Series 6440 Woodstone Terrace   -    - 
Landa Series 6848 Sandy Creek Drive   -    - 
Landa Series 687 Utoy Court   -    - 
Landa Series 729 Winter Lane   -    - 

 

17

 

 

Landa Series 7349 Exeter Court   -    - 
Landa Series 8645 Embrey Drive   -    - 
Landa Series 8780 Churchill Place   -    - 
Landa Series 8796 Parliament Place   -    - 
Landa Series 8641 Ashley Way   -    - 
Landa Series 8651 Ashley Way   -    - 
Landa Series 8652 Ashley Way   -    - 
Landa Series 8653 Ashley Way   -    - 
Landa Series 8654 Ashley Way   -    - 
Landa Series 8655 Ashley Way   -    - 
Landa Series 8659 Ashley Way   -    - 
Landa Series 8662 Ashley Way   -    - 
Landa Series 8668 Ashley Way   -    - 
Landa Series 8670 Ashley Way   -    - 
Landa Series 8674 Ashley Way   -    - 
Landa Series 8675 Ashley Way   -    - 
Landa Series 8677 Ashley Way   -    - 
Landa Series 8678 Ashley Way   -    - 
Landa Series 8679 Ashley Way   -    - 
Landa Series 8683 Ashley Way   -    - 
Landa Series 1007 Leeward Way   -    - 
Landa Series 10121 Morris Drive SW   -    - 
Landa Series 10183 Starr Street SW   -    - 
Landa Series 103 Starlake Drive   -    - 
Landa Series 10433 Candlelight Road   -    - 
Landa Series 107 Oakwood Circle   -    - 
Landa Series 110 Shenandoah Drive   -    - 
Landa Series 111 Fir Drive   -    - 
Landa Series 112 Ridge Street   -    - 
Landa Series 11322 Michelle Way   -    - 
Landa Series 1147 Village Way   -    - 
Landa Series 1160 Gable Terrace   -    - 
Landa Series 1201 Kilrush Drive   -    - 
Landa Series 124 Libby Lane   -    - 
Landa Series 1320 Winona Avenue   -    - 
Landa Series 137 Southern Shores Road   -    - 
Landa Series 138 Sandalwood Circle   -    - 
Landa Series 140 High Ridge Road   -    - 
Landa Series 146 Crystal Brook   -    - 
Landa Series 153 Cliffside Court   -    - 
Landa Series 1666 West Poplar Street   -    - 
Landa Series 168 Brookview Drive   -    - 
Landa Series 1689 Viceroy Way   -    - 
Landa Series 181 Watercress Court   -    - 
Landa Series 188 Timberline Road   -    - 
Landa Series 189 Shenandoah Drive   -    - 
Landa Series 195 Hunters Trace   -    - 
Landa Series 196 Montego Circle   -    - 
Landa Series 20 Chimney Smoke Drive   -    - 
Landa Series 212 Fleeta Drive   -    - 
Landa Series 217 Glenloch Court   -    - 
Landa Series 2264 Chestnut Hill Circle   -    - 
Landa Series 2425 Cornell Circle   -    - 
Landa Series 25 Pleasant Valley Road   -    - 

 

18

 

 

Landa Series 253 Marco Drive   -    - 
Landa Series 258 Rocky Point Road   -    - 
Landa Series 268 Brookview Drive   -    - 
Landa Series 270 Mountain Lane   -    - 
Landa Series 270 Pleasant Hills Drive   -    - 
Landa Series 2813 Vicksburg Court   -    - 
Landa Series 2933 Coffer Drive   -    - 
Landa Series 30 High Ridge Road   -    - 
Landa Series 30 Roosevelt Road   -    - 
Landa Series 3011 Raintree Drive SE   -    - 
Landa Series 3043 Highway 81 S   -    - 
Landa Series 313 Blue Heron Drive   -    - 
Landa Series 3202 Chippewa Drive   -    - 
Landa Series 35 Clay Court   -    - 
Landa Series 350 Cadiz Lane S   -    - 
Landa Series 351 Wesley Park Drive   -    - 
Landa Series 3667 Patti Parkway   -    - 
Landa Series 412 Kendall Lane   -    - 
Landa Series 43 Darwin Drive   -    - 
Landa Series 45 Blue Jay Drive   -    - 
Landa Series 45 Laurel Way   -    - 
Landa Series 4702 Saint James Way   -    - 
Landa Series 4732 Pinedale Drive   -    - 
Landa Series 5040 Huntshire Lane   -    - 
Landa Series 513 Jarrett Court   -    - 
Landa Series 5143 Pinecrest Drive SW   -    - 
Landa Series 540 Cowan Road   -    - 
Landa Series 5411 Rocky Pine Drive   -    - 
Landa Series 550 Cowan Road   -    - 
Landa Series 5581 Fox Glen Circle   -    - 
Landa Series 565 Mountainview Drive   -    - 
Landa Series 5801 Strathmoor Manor Circle   -    - 
Landa Series 6107 Shadow Glen Court   -    - 
Landa Series 6113 Pine Glen Circle SW   -    - 
Landa Series 615 Barshay Drive   -    - 
Landa Series 6168 Wheat Street NE   -    - 
Landa Series 6178 Green Acres Drive SW   -    - 
Landa Series 6404 Walnut Way   -    - 
Landa Series 643 Sycamore Drive   -    - 
Landa Series 65 Freedom Court   -    - 
Landa Series 6635 Kimberly Mill Road   -    - 
Landa Series 6653 Bedford Road   -    - 
Landa Series 6762 Bent Creek Drive   -    - 
Landa Series 709 Georgetown Court   -    - 
Landa Series 7107 Geiger Street NW   -    - 
Landa Series 750 Georgetown Court   -    - 
Landa Series 752 Chestnut Drive   -    - 
Landa Series 773 Villa Way   -    - 
Landa Series 7781 Mountain Creek Way   -    - 
Landa Series 7950 Woodlake Drive   -    - 
Landa Series 80 High Ridge Road   -    - 
Landa Series 808 Hillandale Lane   -    - 
Landa Series 8110 Devonshire Drive   -    - 
Landa Series 8121 Spillers Drive SW   -    - 

 

19

 

 

Landa Series 8233 Creekline Court   -    - 
Landa Series 843 Tramore Drive   -    - 
Landa Series 85 Kirkland Court   -    - 
Landa Series 85 Thorn Thicket Way   -    - 
Landa Series 8855 Rugby Court   -    - 
Landa Series 9434 Cedar Creek Place   -    - 
Landa Series 9597 Pintail Trail   -    - 
Total Gain on Sale  $62,013   $142,750 

  

Net Income/(Loss)

 

As a result of the cumulative effect of the foregoing factors for the six months ended June 30, 2023 and 2022, the Series generated an aggregate net income (loss) of $(404,567) and $115,192, respectively.

 

The following table summarizes net income (loss) for each Series:

 

   For the Six Months
Ended June 30,		 
Series  2023   2022 
Landa Series 115 Sardis Street (1)  $30,341   $1,194 
Landa Series 1394 Oakview Circle   1,328    1,336 
Landa Series 1701 Summerwoods Lane (9)   (4,729)   56,896 
Landa Series 1741 Park Lane (9)   (4,581)   57,964 
Landa Series 209 Timber Wolf Trail (2)   (12,273)   293 
Landa Series 2505 Oak Circle (3)   31,655    2,740 
Landa Series 271 Timber Wolf Trail (4)   (12,603)   1,640 
Landa Series 29 Holly Grove Road   (641)   (363)
Landa Series 1703 Summerwoods Lane   (2,729)   436 
Landa Series 1712 Summerwoods Lane   (2,829)   280 
Landa Series 1743 Summerwoods Lane   1,085    660 
Landa Series 1750 Summerwoods Lane   1,268    25 
Landa Series 4267 High Park Lane   (6,999)   (1,161)
Landa Series 4474 Highwood Park Drive   48    (1,714)
Landa Series 8569 Creekwood Way   (4,072)   647 
Landa Series 9439 Lakeview Road   (201)   (2,735)
Landa Series 10167 Port Royal Court   966    1,048 
Landa Series 1246 Elgin Way   1,085    1,317 
Landa Series 1910 Grove Way   (5,186)   (9,515)
Landa Series 593 Country Lane Drive   961    1,049 
Landa Series 6436 Stone Terrace   1,548    1,653 
Landa Series 6440 Woodstone Terrace   (636)   (3,737)
Landa Series 6848 Sandy Creek Drive   245    1,022 
Landa Series 687 Utoy Court   (1,833)   (2,923)

 

20

 

 

Landa Series 729 Winter Lane   (3,404)   (2,392)
Landa Series 7349 Exeter Court   1,378    1,496 
Landa Series 8645 Embrey Drive   1,336    1,056 
Landa Series 8780 Churchill Place   (6,717)   1,077 
Landa Series 8796 Parliament Place   2,355    1,178 
Landa Series 8641 Ashley Way   67    56 
Landa Series 8651 Ashley Way   (358)   1,155 
Landa Series 8652 Ashley Way   760    (508)
Landa Series 8653 Ashley Way   1,263    864 
Landa Series 8654 Ashley Way   488    714 
Landa Series 8655 Ashley Way   966    782 
Landa Series 8659 Ashley Way   2,160    (742)
Landa Series 8662 Ashley Way   (285)   396 
Landa Series 8668 Ashley Way   18    141 
Landa Series 8670 Ashley Way   (256)   57 
Landa Series 8674 Ashley Way   (3,326)   987 
Landa Series 8675 Ashley Way   654    (1,069)
Landa Series 8677 Ashley Way   992    1,234 
Landa Series 8678 Ashley Way   (368)   (757)
Landa Series 8679 Ashley Way   (16)   528 
Landa Series 8683 Ashley Way   (504)   887 
Landa Series 1007 Leeward Way (6)   (57)   - 
Landa Series 10121 Morris Drive SW (5)   (2,716)   - 
Landa Series 10183 Starr Street SW (5)   (3,881)   - 
Landa Series 103 Starlake Drive (5)   (3,302)   - 
Landa Series 10433 Candlelight Road (5)   (10,009)   - 
Landa Series 107 Oakwood Circle (7)   (229)   - 
Landa Series 110 Shenandoah Drive (5)   (4,831)   - 
Landa Series 111 Fir Drive (5)   (3,054)   - 
Landa Series 112 Ridge Street (5)   (5,195)   - 
Landa Series 11322 Michelle Way (5)   (2,965)   - 
Landa Series 1147 Village Way (5)   (4,017)   - 
Landa Series 1160 Gable Terrace (5)   (3,986)   - 
Landa Series 1201 Kilrush Drive (5)   (14,424)   - 
Landa Series 124 Libby Lane (5)   (5,903)   - 
Landa Series 1320 Winona Avenue (5)   (4,512)   - 

 

21

 

 

Landa Series 137 Southern Shores Road (5)   (3,249)   - 
Landa Series 138 Sandalwood Circle (5)   (2,885)   - 
Landa Series 140 High Ridge Road (5)   (3,475)   - 
Landa Series 146 Crystal Brook (5)   (2,582)   - 
Landa Series 153 Cliffside Court (5)   (1,812)   - 
Landa Series 1666 West Poplar Street (5)   (4,170)   - 
Landa Series 168 Brookview Drive (5)   (2,631)   - 
Landa Series 1689 Viceroy Way (5)   (3,897)   - 
Landa Series 181 Watercress Court (5)   (2,724)   - 
Landa Series 188 Timberline Road (5)   (2,906)   - 
Landa Series 189 Shenandoah Drive (5)   (2,937)   - 
Landa Series 195 Hunters Trace (5)   (3,454)   - 
Landa Series 196 Montego Circle (5)   (4,406)   - 
Landa Series 20 Chimney Smoke Drive (8)   (3,079)   - 
Landa Series 212 Fleeta Drive (5)   (5,017)   - 
Landa Series 217 Glenloch Court (5)   (4,304)   - 
Landa Series 2264 Chestnut Hill Circle (5)   (8,827)   - 
Landa Series 2425 Cornell Circle (8)   (2,639)   - 
Landa Series 25 Pleasant Valley Road (5)   (7,154)   - 
Landa Series 253 Marco Drive (5)   (2,736)   - 
Landa Series 258 Rocky Point Road (5)   (3,939)   - 
Landa Series 268 Brookview Drive (5)   (5,771)   - 
Landa Series 270 Mountain Lane (5)   (3,652)   - 
Landa Series 270 Pleasant Hills Drive (5)   (3,274)   - 
Landa Series 2813 Vicksburg Court (5)   (4,962)   - 
Landa Series 2933 Coffer Drive (5)   (4,805)   - 
Landa Series 30 High Ridge Road (5)   (3,508)   - 
Landa Series 30 Roosevelt Road (5)   (4,883)   - 
Landa Series 3011 Raintree Drive SE (5)   (7,275)   - 
Landa Series 3043 Highway 81 S (5)   (11,659)   - 
Landa Series 313 Blue Heron Drive (5)   (3,696)   - 
Landa Series 3202 Chippewa Drive (5)   (6,382)   - 
Landa Series 35 Clay Court (5)   (3,623)   - 

 

22

 

 

Landa Series 350 Cadiz Lane S (5)   (4,735)   - 
Landa Series 351 Wesley Park Drive (5)   (4,409)   - 
Landa Series 3667 Patti Parkway (8)   (3,628)   - 
Landa Series 412 Kendall Lane (8)   (6,237)   - 
Landa Series 43 Darwin Drive (5)   (5,776)   - 
Landa Series 45 Blue Jay Drive (5)   (5,731)   - 
Landa Series 45 Laurel Way (8)   (4,618)   - 
Landa Series 4702 Saint James Way (5)   (8,942)   - 
Landa Series 4732 Pinedale Drive (5)   (2,747)   - 
Landa Series 5040 Huntshire Lane (5)   (6,348)   - 
Landa Series 513 Jarrett Court (5)   (6,871)   - 
Landa Series 5143 Pinecrest Drive SW (5)   (2,735)   - 
Landa Series 540 Cowan Road (5)   (3,661)   - 
Landa Series 5411 Rocky Pine Drive (8)   (3,026)   - 
Landa Series 550 Cowan Road (8)   (2,353)   - 
Landa Series 5581 Fox Glen Circle (8)   (4,333)   - 
Landa Series 565 Mountainview Drive (5)   (3,703)   - 
Landa Series 5801 Strathmoor Manor Circle (5)   (4,019)   - 
Landa Series 6107 Shadow Glen Court (5)   (2,445)   - 
Landa Series 6111-6113 Pine Glen Circle SW (5)   (7,642)   - 
Landa Series 615 Barshay Drive (5)   (6,337)   - 
Landa Series 6168 Wheat Street NE (5)   (4,052)   - 
Landa Series 6178 Green Acres Drive SW (5)   (2,113)   - 
Landa Series 6404 Walnut Way (5)   (1,905)   - 
Landa Series 643 Sycamore Drive (5)   (3,364)   - 
Landa Series 65 Freedom Court (5)   (3,209)   - 
Landa Series 6635 Kimberly Mill Road (5)   (7,197)   - 
Landa Series 6653 Bedford Road (5)   (3,671)   - 
Landa Series 6762 Bent Creek Drive (5)   (4,377)   - 
Landa Series 709 Georgetown Court (5)   (3,047)   - 
Landa Series 7107 Geiger Street NW (5)   (1,573)   - 
Landa Series 750 Georgetown Court (5)   (3,148)   - 

 

23

 

 

Landa Series 752 Chestnut Drive (5)   (3,957)   - 
Landa Series 773 Villa Way (5)   (2,480)   - 
Landa Series 7781 Mountain Creek Way (5)   (7,237)   - 
Landa Series 7950 Woodlake Drive (5)   (2,881)   - 
Landa Series 80 High Ridge Road (5)   (8,011)   - 
Landa Series 808 Hillandale Lane (5)   (5,027)   - 
Landa Series 8110 Devonshire Drive (5)   (1,633)   - 
Landa Series 8121 Spillers Drive SW (5)   (2,573)   - 
Landa Series 8233 Creekline Court (5)   (5,850)   - 
Landa Series 843 Tramore Drive (5)   1,891    - 
Landa Series 85 Kirkland Court (5)   (7,738)   - 
Landa Series 85 Thorn Thicket Way (5)   (3,962)   - 
Landa Series 8855 Rugby Court (5)   (2,091)   - 
Landa Series 9434 Cedar Creek Place (5)   (4,637)   - 
Landa Series 9597 Pintail Trail (5)   (7,456)   - 
Total Net Income/(Loss)  $(404,567)  $115,192 

 

1.Operating expense shown through March 30, 2023, in connection with the sale of the Property underlying Landa Series 115 Sardis Street, located at 115 Sardis Street, Barnesville, GA 30204.
2.Operating expense shown through May 31, 2023, in connection with the sale of the Property.
3.Operating expense shown through June 6, 2023, in connection with the sale of the Property underlying Landa Series 2505 Oak Circle, located at 2505 Oak Circle, Ellenwood, GA 30294.
4. Operating expense shown through April 14, 2023, in connection with the sale of the Property underlying Landa Series 271 Timber Wolf Trail, located at 271 Timber Wolf Trail, Griffin, GA 30224.
5.The series commenced operations on April 28, 2023.
6.The Series commenced operations on June 29, 2023.
7.The Series commenced operations on June 8, 2023.
8.The Series commenced operations on May 19, 2023.
9.The Series commenced operations on April 4, 2023.

 

Liquidity and Capital Resources

 

The Company commenced operations in December 2021. The Company did not commence its operations prior to the qualification of its initial Offering Statement. In addition, no Series commences its operations prior to the qualification of an offering statement (or amendment) in which such Series is included and the transfer of title of each of the Properties from Landa Properties to the applicable Series. Once a Series commences its planned principal operations, it will incur significant additional expenses. Until such time as a Series has the capacity to generate cash flows from operations, it may seek additional capital, including from the Manager.

 

24

 

 

Cash Balances

 

As of June 30, 2023, the Company itself had no cash or cash equivalents on hand. Cash is held at the Series level. On a total combined basis, as of June 30, 2023 and December 31, 2022, the Series in the aggregate had $335,182 and $176,729 on hand, respectively. The following table summarizes the cash and restricted cash by Series:

 

Series  As of
June 30,
2023		   As of
December 31,
2022		 
Landa Series 115 Sardis Street  $10   $         583 
Landa Series 1394 Oakview Circle   4,020    3,259 
Landa Series 1701 Summerwoods Lane   17,106    1,930 
Landa Series 1741 Park Lane   3,995    1,996 
Landa Series 209 Timber Wolf Trail   641    2,379 
Landa Series 2505 Oak Circle   10    2,836 
Landa Series 271 Timber Wolf Trail   5    7 
Landa Series 29 Holly Grove Road   1,480    199 
Landa Series 1703 Summerwoods Lane   52    2,886 
Landa Series 1712 Summerwoods Lane   4,973    4,253 
Landa Series 1743 Summerwoods Lane   3,766    4,285 
Landa Series 1750 Summerwoods Lane   3,213    3,560 
Landa Series 4267 High Park Lane   1,066    110 
Landa Series 4474 Highwood Park Drive   918    366 
Landa Series 8569 Creekwood Way   5,415    9,301 
Landa Series 9439 Lakeview Road   3,496    5,268 
Landa Series 10167 Port Royal Court   2,660    2,227 
Landa Series 1246 Elgin Way   2,945    1,974 
Landa Series 1910 Grove Way   1,394    8,525 
Landa Series 593 Country Lane Drive   2,506    2,528 
Landa Series 6436 Stone Terrace   1,200    1,009 
Landa Series 6440 Woodstone Terrace   778    1,179 
Landa Series 6848 Sandy Creek Drive   145    1,225 
Landa Series 687 Utoy Court   409    3,056 
Landa Series 729 Winter Lane   3,092    9,547 
Landa Series 7349 Exeter Court   3,060    2,756 
Landa Series 8645 Embrey Drive   2,121    1,007 
Landa Series 8780 Churchill Place   111    1,474 
Landa Series 8796 Parliament Place   5,178    4,641 
Landa Series 8641 Ashley Way   5,779    6,303 
Landa Series 8651 Ashley Way   3,692    5,323 
Landa Series 8652 Ashley Way   3,291    3,646 
Landa Series 8653 Ashley Way   5,375    4,715 
Landa Series 8654 Ashley Way   4,592    5,037 
Landa Series 8655 Ashley Way   9,425    10,649 
Landa Series 8659 Ashley Way   8,953    8,336 
Landa Series 8662 Ashley Way   6,282    7,032 
Landa Series 8668 Ashley Way   12,028    12,577 
Landa Series 8670 Ashley Way   3,098    1,739 
Landa Series 8674 Ashley Way   852    3,025 
Landa Series 8675 Ashley Way   4,002    2,573 
Landa Series 8677 Ashley Way   6,384    6,789 
Landa Series 8678 Ashley Way   3,578    3,761 
Landa Series 8679 Ashley Way   3,612    3,717 
Landa Series 8683 Ashley Way   5,663    7,141 
Landa Series 1007 Leeward Way   2,161    - 
Landa Series 10121 Morris Drive SW   2,037    - 
Landa Series 10183 Starr Street SW   485    - 
Landa Series 103 Starlake Drive   1,507    - 
Landa Series 10433 Candlelight Road   32    - 

 

25

 

 

Landa Series 107 Oakwood Circle   1,987    - 
Landa Series 110 Shenandoah Drive   912    - 
Landa Series 111 Fir Drive   965    - 
Landa Series 112 Ridge Street   1,167    - 
Landa Series 11322 Michelle Way   763    - 
Landa Series 1147 Village Way   1,059    - 
Landa Series 1160 Gable Terrace   3,832    - 
Landa Series 1201 Kilrush Drive   2,367    - 
Landa Series 124 Libby Lane   209    - 
Landa Series 1320 Winona Avenue   140    - 
Landa Series 137 Southern Shores Road   1,724    - 
Landa Series 138 Sandalwood Circle   5,346    - 
Landa Series 140 High Ridge Road   3,371    - 
Landa Series 146 Crystal Brook   4,581    - 
Landa Series 153 Cliffside Court   252    - 
Landa Series 1666 West Poplar Street   3,014    - 
Landa Series 168 Brookview Drive   736    - 
Landa Series 1689 Viceroy Way   1,665    - 
Landa Series 181 Watercress Court   370    - 
Landa Series 188 Timberline Road   1,508    - 
Landa Series 189 Shenandoah Drive   1,175    - 
Landa Series 195 Hunters Trace   3,958    - 
Landa Series 196 Montego Circle   378    - 
Landa Series 20 Chimney Smoke Drive   2,373    - 
Landa Series 212 Fleeta Drive   809    - 
Landa Series 217 Glenloch Court   2,681    - 
Landa Series 2264 Chestnut Hill Circle   -    - 
Landa Series 2425 Cornell Circle   714    - 
Landa Series 25 Pleasant Valley Road   471    - 
Landa Series 253 Marco Drive   2,760    - 
Landa Series 258 Rocky Point Road   2,259    - 
Landa Series 268 Brookview Drive   61    - 
Landa Series 270 Mountain Lane   5,508    - 
Landa Series 270 Pleasant Hills Drive   2,457    - 
Landa Series 2813 Vicksburg Court   1,635    - 
Landa Series 2933 Coffer Drive   58    - 
Landa Series 30 High Ridge Road   3,676    - 
Landa Series 30 Roosevelt Road   11    - 
Landa Series 3011 Raintree Drive SE   12    - 
Landa Series 3043 Highway 81 S   8,448    - 
Landa Series 313 Blue Heron Drive   3,273    - 
Landa Series 3202 Chippewa Drive   20    - 
Landa Series 35 Clay Court   3,073    - 
Landa Series 350 Cadiz Lane S   737    - 
Landa Series 351 Wesley Park Drive   415    - 
Landa Series 3667 Patti Parkway   380    - 
Landa Series 412 Kendall Lane   1,809    - 
Landa Series 43 Darwin Drive   769    - 
Landa Series 45 Blue Jay Drive   1,816    - 
Landa Series 45 Laurel Way   45    - 
Landa Series 4702 Saint James Way   2,664    - 
Landa Series 4732 Pinedale Drive   3,867    - 
Landa Series 5040 Huntshire Lane   721    - 
Landa Series 513 Jarrett Court   2,139    - 

 

26

 

 

Landa Series 5143 Pinecrest Drive SW   1,526    - 
Landa Series 540 Cowan Road   2,084    - 
Landa Series 5411 Rocky Pine Drive   1,807    - 
Landa Series 550 Cowan Road   1,513    - 
Landa Series 5581 Fox Glen Circle   1,696    - 
Landa Series 565 Mountainview Drive   3,587    - 
Landa Series 5801 Strathmoor Manor Circle   4,814    - 
Landa Series 6107 Shadow Glen Court   1,581    - 
Landa Series 6111-6113 Pine Glen Circle SW   67    - 
Landa Series 615 Barshay Drive   12    - 
Landa Series 6168 Wheat Street NE   252    - 
Landa Series 6178 Green Acres Drive SW   803    - 
Landa Series 6404 Walnut Way   6,237    - 
Landa Series 643 Sycamore Drive   5,547    - 
Landa Series 65 Freedom Court   1,662    - 
Landa Series 6635 Kimberly Mill Road   30    - 
Landa Series 6653 Bedford Road   1,078    - 
Landa Series 6762 Bent Creek Drive   2,856    - 
Landa Series 709 Georgetown Court   5,635    - 
Landa Series 7107 Geiger Street NW   3,460    - 
Landa Series 750 Georgetown Court   659    - 
Landa Series 752 Chestnut Drive   63    - 
Landa Series 773 Villa Way   3,609    - 
Landa Series 7781 Mountain Creek Way   51    - 
Landa Series 7950 Woodlake Drive   21    - 
Landa Series 80 High Ridge Road   141    - 
Landa Series 808 Hillandale Lane   6    - 
Landa Series 8110 Devonshire Drive   4,719    - 
Landa Series 8121 Spillers Drive SW   1,290    - 
Landa Series 8233 Creekline Court   2,075    - 
Landa Series 843 Tramore Drive   5,243    - 
Landa Series 85 Kirkland Court   49    - 
Landa Series 85 Thorn Thicket Way   171    - 
Landa Series 8855 Rugby Court   3,290    - 
Landa Series 9434 Cedar Creek Place   347    - 
Landa Series 9597 Pintail Trail   1,468    - 
Total Cash and Cash Equivalents  $335,182   $176,729 

 

27

 

 

On a total combined basis, as of June 30, 2023 and December 31, 2022, the Series had a restricted cash balance of $139,879 and $40,216, respectively.

 

The following table summarizes the restricted cash by Series:

 

Series  As of
June 30,
2023		   As of
December 31,
2023		 
Landa Series 115 Sardis Street  $-  $              - 
Landa Series 1394 Oakview Circle   775    775 
Landa Series 1701 Summerwoods Lane   -    925 
Landa Series 1741 Park Lane   -    - 
Landa Series 209 Timber Wolf Trail   -    500 
Landa Series 2505 Oak Circle   -    1,250 
Landa Series 271 Timber Wolf Trail   -    - 
Landa Series 29 Holly Grove Road   600    600 
Landa Series 1703 Summerwoods Lane   950    950 
Landa Series 1712 Summerwoods Lane   1,450    875 
Landa Series 1743 Summerwoods Lane   1,225    1,225 
Landa Series 1750 Summerwoods Lane   -    - 
Landa Series 4267 High Park Lane   -    975 
Landa Series 4474 Highwood Park Drive   1,000    1,000 
Landa Series 8569 Creekwood Way   -    500 
Landa Series 9439 Lakeview Road   1,050    1,050 
Landa Series 10167 Port Royal Court   915    915 
Landa Series 1246 Elgin Way   1,150    1,150 
Landa Series 1910 Grove Way   1,500    1,523 
Landa Series 593 Country Lane Drive   971    971 
Landa Series 6436 Stone Terrace   1,000    1,000 
Landa Series 6440 Woodstone Terrace   1,295    - 
Landa Series 6848 Sandy Creek Drive   1,475    975 
Landa Series 687 Utoy Court   1,157    1,157 
Landa Series 729 Winter Lane   1,975    500 
Landa Series 7349 Exeter Court   1,000    1,000 
Landa Series 8645 Embrey Drive   1,050    1,050 
Landa Series 8780 Churchill Place   1,323    1,200 
Landa Series 8796 Parliament Place   975    975 
Landa Series 8641 Ashley Way   900    900 
Landa Series 8651 Ashley Way   800    800 
Landa Series 8652 Ashley Way   2,200    2,200 
Landa Series 8653 Ashley Way   700    700 
Landa Series 8654 Ashley Way   1,350    1,350 
Landa Series 8655 Ashley Way   -    - 
Landa Series 8659 Ashley Way   1,250    2,125 
Landa Series 8662 Ashley Way   925    925 
Landa Series 8668 Ashley Way   1,000    1,000 
Landa Series 8670 Ashley Way   975    975 
Landa Series 8674 Ashley Way   1,625    1,300 
Landa Series 8675 Ashley Way   1,100    1,100 
Landa Series 8677 Ashley Way   1,050    1,050 
Landa Series 8678 Ashley Way   900    900 
Landa Series 8679 Ashley Way   1,400    925 
Landa Series 8683 Ashley Way   925    925 
Landa Series 1007 Leeward Way   950    - 
Landa Series 10121 Morris Drive SW   1,600    - 
Landa Series 10183 Starr Street SW   850    - 
Landa Series 103 Starlake Drive   990    - 
Landa Series 10433 Candlelight Road   995    - 
Landa Series 107 Oakwood Circle   825    - 
Landa Series 110 Shenandoah Drive   850    - 
Landa Series 111 Fir Drive   1,250    - 
Landa Series 112 Ridge Street   -    - 

 

28

 

 

Landa Series 11322 Michelle Way   900    - 
Landa Series 1147 Village Way   1,525    - 
Landa Series 1160 Gable Terrace   2,200    - 
Landa Series 1201 Kilrush Drive   2,100    - 
Landa Series 124 Libby Lane   1,550    - 
Landa Series 1320 Winona Avenue   -    - 
Landa Series 137 Southern Shores Road   500    - 
Landa Series 138 Sandalwood Circle   1,750    - 
Landa Series 140 High Ridge Road   1,450    - 
Landa Series 146 Crystal Brook   975    - 
Landa Series 153 Cliffside Court   820    - 
Landa Series 1666 West Poplar Street   950    - 
Landa Series 168 Brookview Drive   -    - 
Landa Series 1689 Viceroy Way   1,200    - 
Landa Series 181 Watercress Court   1,600    - 
Landa Series 188 Timberline Road   -    - 
Landa Series 189 Shenandoah Drive   1,675    - 
Landa Series 195 Hunters Trace   -    - 
Landa Series 196 Montego Circle   900    - 
Landa Series 20 Chimney Smoke Drive   1,500    - 
Landa Series 212 Fleeta Drive   1,175    - 
Landa Series 217 Glenloch Court   1,400    - 
Landa Series 2264 Chestnut Hill Circle   1,875    - 
Landa Series 2425 Cornell Circle   1,150    - 
Landa Series 25 Pleasant Valley Road   775    - 
Landa Series 253 Marco Drive   600    - 
Landa Series 258 Rocky Point Road   1,600    - 
Landa Series 268 Brookview Drive   -    - 
Landa Series 270 Mountain Lane   1,650    - 
Landa Series 270 Pleasant Hills Drive   1,623    - 
Landa Series 2813 Vicksburg Court   1,275    - 
Landa Series 2933 Coffer Drive   -    - 
Landa Series 30 High Ridge Road   935    - 
Landa Series 30 Roosevelt Road   1,625    - 
Landa Series 3011 Raintree Drive SE   995    - 
Landa Series 3043 Highway 81 S   1,180    - 
Landa Series 313 Blue Heron Drive   1,553    - 
Landa Series 3202 Chippewa Drive   -    - 
Landa Series 35 Clay Court   1,699    - 
Landa Series 350 Cadiz Lane S   -    - 
Landa Series 351 Wesley Park Drive   900    - 
Landa Series 3667 Patti Parkway   -    - 
Landa Series 412 Kendall Lane   -    - 
Landa Series 43 Darwin Drive   -    - 
Landa Series 45 Blue Jay Drive   1,425    - 

 

29

 

 

Landa Series 45 Laurel Way   975    - 
Landa Series 4702 Saint James Way   1,550    - 
Landa Series 4732 Pinedale Drive   800    - 
Landa Series 5040 Huntshire Lane   2,499    - 
Landa Series 513 Jarrett Court   1,599    - 
Landa Series 5143 Pinecrest Drive SW   1,225    - 
Landa Series 540 Cowan Road   995    - 
Landa Series 5411 Rocky Pine Drive   1,775    - 
Landa Series 550 Cowan Road   1,475    - 
Landa Series 5581 Fox Glen Circle   2,275    - 
Landa Series 565 Mountainview Drive   1,675    - 
Landa Series 5801 Strathmoor Manor Circle   1,575    - 
Landa Series 6107 Shadow Glen Court   1,175    - 
Landa Series 6111-6113 Pine Glen Circle SW   500    - 
Landa Series 615 Barshay Drive   1,100    - 
Landa Series 6168 Wheat Street NE   -    - 
Landa Series 6178 Green Acres Drive SW   1,400    - 
Landa Series 6404 Walnut Way   800    - 
Landa Series 643 Sycamore Drive   1,125    - 
Landa Series 65 Freedom Court   500    - 
Landa Series 6635 Kimberly Mill Road   -    - 
Landa Series 6653 Bedford Road   1,475    - 
Landa Series 6762 Bent Creek Drive   1,595    - 
Landa Series 709 Georgetown Court   1,700    - 
Landa Series 7107 Geiger Street NW   1,150    - 
Landa Series 750 Georgetown Court   1,190    - 
Landa Series 752 Chestnut Drive   675    - 
Landa Series 773 Villa Way   -    - 
Landa Series 7781 Mountain Creek Way   -    - 
Landa Series 7950 Woodlake Drive   1,200    - 
Landa Series 80 High Ridge Road   1,350    - 
Landa Series 808 Hillandale Lane   1,075    - 
Landa Series 8110 Devonshire Drive   2,500    - 
Landa Series 8121 Spillers Drive SW   875    - 
Landa Series 8233 Creekline Court   1,750    - 
Landa Series 843 Tramore Drive   -    - 
Landa Series 85 Kirkland Court   -    - 
Landa Series 85 Thorn Thicket Way   1,050    - 
Landa Series 8855 Rugby Court   1,075    - 
Landa Series 9434 Cedar Creek Place   1,150    - 
Landa Series 9597 Pintail Trail   1,775    - 
Total Restricted Cash  $139,879   $40,216 

 

30

 

 

Loans

 

Acquisition Notes

 

Each Series financed 100% of the costs associated with the acquisition of its Property, including an acquisition fee and expenses associated with sourcing its Property, with an Acquisition Note issued by such Series to the Manager, the terms of which are listed in the table below. Each of these Acquisition Notes represents a related-party loan between each respective Series and the Manager. The Acquisition Notes are either interest-bearing or non-interest-bearing (see table below) and are an unsecured obligation of the applicable Series The term of the Acquisition Notes are five (5) years from the Loan date.

 

The following table sets forth the net amounts of each Acquisition Note as of June 30, 2023:

 

Series  Principal
Amount (1)		  

Annual
Interest

Rate

   Loan Date (2)  Maturity
Date		  Current
Outstanding
Amount		 
Landa Series 115 Sardis Street (3)  $117,304    0.00%  7/10/2020  7/10/2025  $- 
Landa Series 1394 Oakview Circle  $80,088    0.00%  7/10/2020  7/10/2025  $- 
Landa Series 1701 Summerwoods Lane  $172,405    4.50%  4/4/2023  4/4/2028  $67,646 
Landa Series 1741 Park Lane  $195,085    4.50%  4/4/2023  4/4/2028  $121,732 
Landa Series 209 Timber Wolf Trail (3)  $119,827    0.00%  7/10/2020  7/10/2025  $- 
Landa Series 2505 Oak Circle (3)  $98,827    0.00%  7/10/2020  7/10/2025  $- 
Landa Series 271 Timber Wolf Trail (3)  $123,412    0.00%  7/10/2020  7/10/2025  $- 
Landa Series 29 Holly Grove Road (3)  $100,445    0.00%  7/10/2020  7/10/2025  $- 
Landa Series 1703 Summerwoods Lane  $113,697    4.50%  7/12/2021  7/12/2026  $- 
Landa Series 1712 Summerwoods Lane  $113,697    4.50%  7/12/2021  7/12/2026  $- 
Landa Series 1743 Summerwoods Lane  $113,697    4.50%  7/12/2021  7/12/2026  $- 
Landa Series 1750 Summerwoods Lane  $113,697    4.50%  7/12/2021  7/12/2026  $- 
Landa Series 4267 High Park Lane  $151,875    4.50%  7/12/2021  7/12/2026  $- 
Landa Series 4474 Highwood Park Drive  $136,648    4.50%  7/12/2021  7/12/2026  $- 
Landa Series 8569 Creekwood Way  $83,351    4.50%  7/12/2021  7/12/2026  $- 
Landa Series 9439 Lakeview Road  $181,134    4.50%  7/12/2021  7/12/2026  $- 
Landa Series 10167 Port Royal Court  $110,600    4.50%  7/12/2021  7/12/2026  $- 
Landa Series 1246 Elgin Way  $133,535    4.50%  7/12/2021  7/12/2026  $- 
Landa Series 1910 Grove Way  $104,562    4.50%  7/12/2021  7/12/2026  $- 
Landa Series 593 Country Lane Drive  $95,842    4.50%  7/12/2021  7/12/2026  $- 
Landa Series 6436 Stone Terrace  $60,479    4.50%  7/12/2021  7/12/2026  $- 
Landa Series 6440 Woodstone Terrace  $64,744    4.50%  7/12/2021  7/12/2026  $- 
Landa Series 6848 Sandy Creek Drive  $86,367    4.50%  7/12/2021  7/12/2026  $- 
Landa Series 687 Utoy Court  $115,422    4.50%  7/12/2021  7/12/2026  $- 
Landa Series 729 Winter Lane  $113,721    4.50%  7/12/2021  7/12/2026  $- 
Landa Series 7349 Exeter Court  $110,638    4.50%  7/12/2021  7/12/2026  $- 
Landa Series 8645 Embrey Drive  $118,895    4.50%  7/12/2021  7/12/2026  $- 
Landa Series 8780 Churchill Place  $132,557    4.50%  7/12/2021  7/12/2026  $- 
Landa Series 8796 Parliament Place  $109,839    4.50%  7/12/2021  7/12/2026  $- 
Landa Series 8641 Ashley Way  $146,307    4.50%  10/1/2021  10/1/2026  $- 
Landa Series 8651 Ashley Way  $122,325    4.50%  10/1/2021  10/1/2026  $- 
Landa Series 8652 Ashley Way  $136,029    4.50%  10/1/2021  10/1/2026  $- 
Landa Series 8653 Ashley Way  $121,183    4.50%  10/1/2021  10/1/2026  $- 
Landa Series 8654 Ashley Way  $136,029    4.50%  10/1/2021  10/1/2026  $- 
Landa Series 8655 Ashley Way  $132,552    4.50%  10/1/2021  10/1/2026  $- 
Landa Series 8659 Ashley Way  $145,165    4.50%  10/1/2021  10/1/2026  $- 
Landa Series 8662 Ashley Way  $140,597    4.50%  10/1/2021  10/1/2026  $- 
Landa Series 8668 Ashley Way  $157,614    4.50%  10/1/2021  10/1/2026  $- 
Landa Series 8670 Ashley Way  $158,870    4.50%  10/1/2021  10/1/2026  $- 
Landa Series 8674 Ashley Way  $134,887    4.50%  10/1/2021  10/1/2026  $- 

 

31

 

 

Landa Series 8675 Ashley Way  $132,603    4.50%  10/1/2021  10/1/2026  $- 
Landa Series 8677 Ashley Way  $124,609    4.50%  10/1/2021  10/1/2026  $- 
Landa Series 8678 Ashley Way  $168,006    4.50%  10/1/2021  10/1/2026  $- 
Landa Series 8679 Ashley Way  $134,887    4.50%  10/1/2021  10/1/2026  $- 
Landa Series 8683 Ashley Way  $128,971    4.50%  10/1/2021  10/1/2026  $- 
Landa Series 1007 Leeward Way  $300,157    4.50%  6/29/2023  6/29/2028  $158,157 
Landa Series 10121 Morris Drive SW  $278,235    4.50%  4/28/2023  4/28/2028  $114,871 
Landa Series 10183 Starr Street SW  $268,383    4.50%  4/28/2023  4/28/2028  $94,899 
Landa Series 103 Starlake Drive  $267,883    4.50%  4/28/2023  4/28/2028  $122,261 
Landa Series 10433 Candlelight Road  $305,757    4.50%  4/28/2023  4/28/2028  $134,673 
Landa Series 107 Oakwood Circle  $198,781    4.50%  6/8/2023  6/8/2028  $69,660 
Landa Series 110 Shenandoah Drive  $310,797    4.50%  4/28/2023  4/28/2028  $118,498 
Landa Series 111 Fir Drive  $240,106    4.50%  4/28/2023  4/28/2028  $90,236 
Landa Series 112 Ridge Street  $309,709    4.50%  4/28/2023  4/28/2028  $130,034 
Landa Series 11322 Michelle Way  $250,982    4.50%  4/28/2023  4/28/2028  $112,559 
Landa Series 1147 Village Way  $301,010    4.50%  4/28/2023  4/28/2028  $151,373 
Landa Series 1160 Gable Terrace  $301,175    4.50%  4/28/2023  4/28/2028  $95,801 
Landa Series 1201 Kilrush Drive  $535,920    4.50%  4/28/2023  4/28/2028  $212,610 
Landa Series 124 Libby Lane  $240,485    4.50%  4/28/2023  4/28/2028  $77,986 
Landa Series 1320 Winona Avenue  $220,795    4.50%  4/28/2023  4/28/2028  $113,008 
Landa Series 137 Southern Shores Road  $240,268    4.50%  4/28/2023  4/28/2028  $80,123 
Landa Series 138 Sandalwood Circle  $253,616    4.50%  4/28/2023  4/28/2028  $84,625 
Landa Series 140 High Ridge Road  $285,784    4.50%  4/28/2023  4/28/2028  $110,800 
Landa Series 146 Crystal Brook  $212,200    4.50%  4/28/2023  4/28/2028  $65,647 
Landa Series 153 Cliffside Court  $185,856    4.50%  4/28/2023  4/28/2028  $64,846 
Landa Series 1666 West Poplar Street  $231,406    4.50%  4/28/2023  4/28/2028  $73,262 
Landa Series 168 Brookview Drive  $132,243    4.50%  3/31/2023  3/31/2028  $81,759 
Landa Series 1689 Viceroy Way  $280,628    4.50%  4/28/2023  4/28/2028  $91,129 
Landa Series 181 Watercress Court  $274,908    4.50%  4/28/2023  4/28/2028  $128,065 
Landa Series 188 Timberline Road  $161,802    4.50%  4/28/2023  4/28/2028  $58,641 
Landa Series 189 Shenandoah Drive  $256,420    4.50%  4/28/2023  4/28/2028  $111,731 
Landa Series 195 Hunters Trace  $316,955    4.50%  4/28/2023  4/28/2028  $136,604 
Landa Series 196 Montego Circle  $267,295    4.50%  4/28/2023  4/28/2028  $107,324 
Landa Series 20 Chimney Smoke Drive  $286,873    4.50%  5/19/2023  5/19/2028  $83,092 
Landa Series 212 Fleeta Drive  $233,632    4.50%  4/28/2023  4/28/2028  $61,313 
Landa Series 217 Glenloch Court  $308,621    4.50%  4/28/2023  4/28/2028  $74,373 
Landa Series 2264 Chestnut Hill Circle  $379,313    4.50%  4/28/2023  4/28/2028  $151,869 
Landa Series 2425 Cornell Circle  $331,464    4.50%  5/19/2023  5/19/2028  $97,415 
Landa Series 25 Pleasant Valley Road  $283,609    4.50%  4/28/2023  4/28/2028  $122,282 
Landa Series 253 Marco Drive  $232,761    4.50%  4/28/2023  4/28/2028  $82,934 
Landa Series 258 Rocky Point Road  $315,147    4.50%  4/28/2023  4/28/2028  $128,986 
Landa Series 268 Brookview Drive  $188,408    4.50%  3/31/2023  3/31/2028  $179,551 
Landa Series 270 Mountain Lane  $291,683    4.50%  4/28/2023  4/28/2028  $97,528 
Landa Series 270 Pleasant Hills Drive  $273,208    4.50%  4/28/2023  4/28/2028  $100,461 
Landa Series 2813 Vicksburg Court  $337,986    4.50%  4/28/2023  4/28/2028  $125,869 
Landa Series 2933 Coffer Drive  $281,715    4.50%  4/28/2023  4/28/2028  $107,005 

 

32

 

 

Landa Series 30 High Ridge Road  $332,846    4.50%  4/28/2023  4/28/2028  $168,815 
Landa Series 30 Roosevelt Road  $284,696    4.50%  4/28/2023  4/28/2028  $98,660 
Landa Series 3011 Raintree Drive SE  $310,013    4.50%  4/28/2023  4/28/2028  $124,319 
Landa Series 3043 Highway 81 S  $216,225    4.50%  4/28/2023  4/28/2028  $54,936 
Landa Series 313 Blue Heron Drive  $271,457    4.50%  4/28/2023  4/28/2028  $89,345 
Landa Series 3202 Chippewa Drive  $298,834    4.50%  4/28/2023  4/28/2028  $145,317 
Landa Series 35 Clay Court  $303,197    4.50%  4/28/2023  4/28/2028  $128,222 
Landa Series 350 Cadiz Lane S  $277,083    4.50%  4/28/2023  4/28/2028  $111,288 
Landa Series 351 Wesley Park Drive  $260,770    4.50%  4/28/2023  4/28/2028  $104,357 
Landa Series 3667 Patti Parkway  $379,317    4.50%  5/19/2023  5/19/2028  $133,942 
Landa Series 412 Kendall Lane  $296,763    4.50%  5/19/2023  5/19/2028  $132,954 
Landa Series 43 Darwin Drive  $252,069    4.50%  4/28/2023  4/28/2028  $86,352 
Landa Series 45 Blue Jay Drive  $353,211    4.50%  4/28/2023  4/28/2028  $129,958 
Landa Series 45 Laurel Way  $340,100    4.50%  5/19/2023  5/19/2028  $176,972 
Landa Series 4702 Saint James Way  $267,453    4.50%  4/28/2023  4/28/2028  $120,626 
Landa Series 4732 Pinedale Drive  $234,719    4.50%  4/28/2023  4/28/2028  $110,746 
Landa Series 5040 Huntshire Lane  $444,985    4.50%  4/28/2023  4/28/2028  $124,062 
Landa Series 513 Jarrett Court  $289,113    4.50%  4/28/2023  4/28/2028  $85,071 
Landa Series 5143 Pinecrest Drive SW  $227,104    4.50%  4/28/2023  4/28/2028  $95,459 
Landa Series 540 Cowan Road  $299,557    4.50%  4/28/2023  4/28/2028  $108,876 
Landa Series 5411 Rocky Pine Drive  $309,885    4.50%  5/19/2023  5/19/2028  $126,032 
Landa Series 550 Cowan Road  $250,783    4.50%  5/19/2023  5/19/2028  $51,141 
Landa Series 5581 Fox Glen Circle  $434,715    4.50%  5/19/2023  5/19/2028  $149,620 
Landa Series 565 Mountainview Drive  $283,236    4.50%  4/28/2023  4/28/2028  $93,694 
Landa Series 5801 Strathmoor Manor Circle  $262,945    4.50%  4/28/2023  4/28/2028  $117,933 
Landa Series 6107 Shadow Glen Court  $212,961    4.50%  4/28/2023  4/28/2028  $78,601 
Landa Series 6111-6111-6113 Pine Glen Circle SW  $456,530    4.50%  4/28/2023  4/28/2028  $269,783 
Landa Series 615 Barshay Drive  $291,964    4.50%  4/28/2023  4/28/2028  $114,904 
Landa Series 6168 Wheat Street NE  $187,898    4.50%  4/28/2023  4/28/2028  $77,291 
Landa Series 6178 Green Acres Drive SW  $223,434    4.50%  4/28/2023  4/28/2028  $90,872 
Landa Series 6404 Walnut Way  $279,261    4.50%  5/19/2023  5/19/2028  $76,792 
Landa Series 643 Sycamore Drive  $270,184    4.50%  4/28/2023  4/28/2028  $88,786 
Landa Series 65 Freedom Court  $293,884    4.50%  4/28/2023  4/28/2028  $133,749 
Landa Series 6635 Kimberly Mill Road  $328,712    4.50%  4/28/2023  4/28/2028  $150,905 
Landa Series 6653 Bedford Road  $278,623    4.50%  4/28/2023  4/28/2028  $118,443 
Landa Series 6762 Bent Creek Drive  $279,258    4.50%  4/28/2023  4/28/2028  $84,418 
Landa Series 709 Georgetown Court  $276,058    4.50%  4/28/2023  4/28/2028  $77,203 
Landa Series 7107 Geiger Street NW  $160,714    4.50%  4/28/2023  4/28/2028  $- 
Landa Series 750 Georgetown Court  $227,055    4.50%  4/28/2023  4/28/2028  $72,915 
Landa Series 752 Chestnut Drive  $197,731    4.50%  4/28/2023  4/28/2028  $90,791 
Landa Series 773 Villa Way  $119,844    4.50%  3/31/2023  3/31/2028  $71,894 
Landa Series 7781 Mountain Creek Way  $301,080    4.50%  4/28/2023  4/28/2028  $97,429 
Landa Series 7950 Woodlake Drive  $250,982    4.50%  4/28/2023  4/28/2028  $108,360 
Landa Series 80 High Ridge Road  $302,097    4.50%  4/28/2023  4/28/2028  $114,660 
Landa Series 808 Hillandale Lane  $285,336    4.50%  4/28/2023  4/28/2028  $112,282 
Landa Series 8110 Devonshire Drive  $212,961    4.50%  4/28/2023  4/28/2028  $56,959 
Landa Series 8121 Spillers Drive SW  $244,946    4.50%  4/28/2023  4/28/2028  $116,228 
Landa Series 8233 Creekline Court  $293,652    4.50%  4/28/2023  4/28/2028  $139,677 
Landa Series 843 Tramore Drive  $195,489    4.50%  3/31/2023  3/31/2028  $120,647 
Landa Series 85 Kirkland Court  $331,460    4.50%  4/28/2023  4/28/2028  $121,534 
Landa Series 85 Thorn Thicket Way  $294,552    4.50%  4/28/2023  4/28/2028  $121,093 
Landa Series 8855 Rugby Court  $221,665    4.50%  4/28/2023  4/28/2028  $97,315 
Landa Series 9434 Cedar Creek Place  $331,780    4.50%  4/28/2023  4/28/2028  $133,044 
Landa Series 9597 Pintail Trail  $301,292    4.50%  4/28/2023  4/28/2028  $129,380 

 

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

(2)Each Acquisition Note was entered into on the date set forth in the table above. Interest began to accrue on the Acquisition Notes when title to the Property was transferred to the Series.

(3)The Current Outstanding Amount as of June 30, 2023.

(4)Before any securities were issued, the Company withdrew this Series.

(5)Of the $117,304 Principal Amount shown, $52,515 bears no interest and $64,789 of bears interest at 4.50% per annum.

 

33

 

 

Refinance Notes

 

The Series issued a Refinance Note to certain third-party lenders or to Landa Financing LLC, an affiliate of the Company and the Manager, the terms of which are listed in the table below. Each Refinance Note is secured by the Property underlying the respective Series. Each Series paid down, or otherwise discharged, a portion of the outstanding balance of its Acquisition Note with the Refinance Note. Each Refinance Note is secured by the Property underlying the respective Series.

 

The following table sets forth the terms and the net amounts of the Refinance Notes as of June 30, 2023.

 

Series   Principal
Amount		     Annual
Interest
Rate		     Loan
Date		   Maturity
Date		   Current
Outstanding
Amount		  
Landa Series 1394 Oakview Circle(4)   $ 44,015       4.80 %   01/18/22   (1)     44,015  
Landa Series 1701 Summerwoods Lane(4)     52,703       4.80 %   01/18/22   (1)     52,703  
Landa Series 1741 Park Lane(4)     66,476       4.80 %   01/18/22   (1)     66,476  
Landa Series 209 Timber Wolf Trail(4)     61,750       4.80 %   01/18/22   (1)     -  
Landa Series 2505 Oak Circle(4)     76,700       4.80 %   01/18/22   (1)     -  
Landa Series 271 Timber Wolf Trail(4)     62,400       4.80 %   01/18/22   (1)     -  
Landa Series 29 Holly Grove Road(4)     84,500       4.80 %   01/18/22   (1)     84,500  
Landa Series 1703 Summerwoods Lane(4)     77,925       4.80 %   01/12/22   (1)     77,925  
Landa Series 1712 Summerwoods Lane(4)     67,535       4.80 %   01/12/22   (1)     67,535  
Landa Series 1743 Summerwoods Lane(4)     77,925       4.80 %   01/12/22   (1)     77,925  
Landa Series 1750 Summerwoods Lane(4)     77,925       4.80 %   01/12/22   (1)     77,925  
Landa Series 4267 High Park Lane(4)     104,250       4.80 %   01/12/22   (1)     104,250  
Landa Series 4474 Highwood Park Drive(4)     93,750       4.80 %   01/12/22   (1)     93,750  
Landa Series 8569 Creekwood Way(4)     49,400       4.80 %   01/12/22   (1)     49,400  
Landa Series 9439 Lakeview Road(4)     124,425       4.80 %   01/12/22   (1)     124,425  
Landa Series 10167 Port Royal Court(4)     82,500       4.80 %   01/12/22   (1)     82,500  
Landa Series 1246 Elgin Way(4)     95,250       4.80 %   01/12/22   (1)     95,250  
Landa Series 1910 Grove Way(4)     82,500       4.80 %   01/13/22   (1)     82,500  
Landa Series 593 Country Lane Drive(4)     71,250       4.80 %   01/13/22   (1)     71,250  
Landa Series 6436 Stone Terrace(4)     45,000       4.80 %   01/13/22   (1)     45,000  
Landa Series 6440 Woodstone Terrace(4)     46,500       4.80 %   01/13/22   (1)     46,500  
Landa Series 6848 Sandy Creek Drive(4)     64,500       4.80 %   01/13/22   (1)     64,500  
Landa Series 687 Utoy Court(4)     82,500       4.80 %   01/13/22   (1)     82,500  
Landa Series 729 Winter Lane(4)     82,500       4.80 %   01/12/22   (1)     82,500  
Landa Series 7349 Exeter Court(4)     71,500       4.80 %   01/13/22   (1)     71,500  
Landa Series 8645 Embrey Drive(4)     84,750       4.80 %   01/13/22   (1)     84,750  
Landa Series 8780 Churchill Place(4)     94,500       4.80 %   01/13/22   (1)     94,500  
Landa Series 8796 Parliament Place(4)     78,750       4.80 %   01/13/22   (1)     78,750  
Landa Series 8641 Ashley Way(4)     96,357       4.80 %   01/13/22   (1)     96,357  
Landa Series 8651 Ashley Way(4)     80,424       4.80 %   01/13/22   (1)     80,424  
Landa Series 8652 Ashley Way(4)     76,700       4.80 %   01/14/22   (1)     76,700  
Landa Series 8653 Ashley Way(4)     68,250       4.80 %   01/14/22   (1)     68,250  
Landa Series 8654 Ashley Way(4)     89,529       4.80 %   01/14/22   (1)     89,529  
Landa Series 8655 Ashley Way(4)     71,500       4.80 %   01/14/22   (1)     71,500  
Landa Series 8659 Ashley Way(4)     81,900       4.80 %   01/14/22   (1)     81,900  
Landa Series 8662 Ashley Way(4)     84,500       4.80 %   01/14/22   (1)     84,500  
Landa Series 8668 Ashley Way(4)     99,392       4.80 %   01/14/22   (1)     99,392  
Landa Series 8670 Ashley Way(4)     94,250       4.80 %   01/14/22   (1)     94,250  
Landa Series 8674 Ashley Way(4)     87,750       4.80 %   01/14/22   (1)     87,750  
Landa Series 8675 Ashley Way(4)     87,253       4.80 %   01/14/22   (1)     87,253  
Landa Series 8677 Ashley Way(4)     81,942       4.80 %   01/14/22   (1)     81,942  
Landa Series 8678 Ashley Way(4)     104,000       4.80 %   01/14/22   (1)     104,000  
Landa Series 8679 Ashley Way(4)     88,770       4.80 %   01/13/22   (1)     88,770  
Landa Series 8683 Ashley Way(4)     81,183       4.80 %   01/12/22   (1)     81,183  
Landa Series 1007 Leeward Way(5)     142,000       11.00 %   06/29/23   07/01/24     142,000  

 

34

 

 

Landa Series 10121 Morris Drive SW(6)     160,225       (2)     04/28/23   05/01/24     160,225  
Landa Series 10183 Starr Street SW(6)     172,550       (2)     04/28/23   05/01/24     172,550  
Landa Series 103 Starlake Drive(6)     145,000       (2)     04/28/23   05/01/24     145,000  
Landa Series 10433 Candlelight Road(6)     170,375       (2)     04/28/23   05/01/24     170,375  
Landa Series 107 Oakwood Circle(7)     119,269       (3)     06/08/23   06/08/25     119,269  
Landa Series 110 Shenandoah Drive(6)     192,125       (2)     04/28/23   05/01/24     192,125  
Landa Series 111 Fir Drive(6)     145,000       (2)     04/28/23   05/01/24     145,000  
Landa Series 112 Ridge Street(6)     178,350       (2)     04/28/23   05/01/24     178,350  
Landa Series 11322 Michelle Way(6)     137,750       (2)     04/28/23   05/01/24     137,750  
Landa Series 1147 Village Way(6)     148,625       (2)     04/28/23   05/01/24     148,625  
Landa Series 1160 Gable Terrace(6)     203,000       (2)     04/28/23   05/01/24     203,000  
Landa Series 1201 Kilrush Drive(6)     322,625       (2)     04/28/23   05/01/24     322,625  
Landa Series 124 Libby Lane(6)     160,950       (2)     04/28/23   05/01/24     160,950  
Landa Series 1320 Winona Avenue(6)     106,038       (2)     04/28/23   05/01/24     106,038  
Landa Series 137 Southern Shores Road(6)     159,500       (2)     04/28/23   05/01/24     159,500  
Landa Series 138 Sandalwood Circle(6)     163,125       (2)     04/28/23   05/01/24     163,125  
Landa Series 140 High Ridge Road(6)     174,000       (2)     04/28/23   05/01/24     174,000  
Landa Series 146 Crystal Brook(6)     141,375       (2)     04/28/23   05/01/24     141,375  
Landa Series 153 Cliffside Court(6)     94,250       (2)     04/28/23   05/01/24     94,250  
Landa Series 1666 West Poplar Street(6)     155,875       (2)     04/28/23   05/01/24     155,875  
Landa Series 1689 Viceroy Way(6)     188,500       (2)     04/28/23   05/01/24     188,500  
Landa Series 181 Watercress Court(6)     142,100       (2)     04/28/23   05/01/24     142,100  
Landa Series 188 Timberline Road(6)     72,500       (2)     04/28/23   05/01/24     72,500  
Landa Series 189 Shenandoah Drive(6)     143,550       (2)     04/28/23   05/01/24     143,550  
Landa Series 195 Hunters Trace(6)     177,625       (2)     04/28/23   05/01/24     177,625  
Landa Series 196 Montego Circle(6)     159,500       (2)     04/28/23   05/01/24     159,500  
Landa Series 20 Chimney Smoke Drive(6)     200,075       (2)     05/19/23   05/19/24     200,075  
Landa Series 212 Fleeta Drive(6)     170,375       (2)     04/28/23   05/01/24     170,375  
Landa Series 217 Glenloch Court(6)     232,000       (2)     04/28/23   05/01/24     232,000  
Landa Series 2264 Chestnut Hill Circle(6)     226,200       (2)     04/28/23   05/01/24     226,200  
Landa Series 2425 Cornell Circle(6)     234,050       (2)     05/19/23   05/19/24     234,050  
Landa Series 25 Pleasant Valley Road(6)     159,500       (2)     04/28/23   05/01/24     159,500  
Landa Series 253 Marco Drive(6)     148,625       (2)     04/28/23   05/01/24     148,625  
Landa Series 258 Rocky Point Road(6)     184,875       (2)     04/28/23   05/01/24     184,875  
Landa Series 270 Mountain Lane(6)     185,600       (2)     04/28/23   05/01/24     185,600  
Landa Series 270 Pleasant Hills Drive(6)     170,375       (2)     04/28/23   05/01/24     170,375  
Landa Series 2813 Vicksburg Court(6)     210,250       (2)     04/28/23   05/01/24     210,250  
Landa Series 2933 Coffer Drive(6)     174,000       (2)     04/28/23   05/01/24     174,000  

 

35

 

 

Landa Series 30 High Ridge Road(6)     163,125       (2)     04/28/23   05/01/24     163,125  
Landa Series 30 Roosevelt Road(6)     184,875       (2)     04/28/23   05/01/24     184,875  
Landa Series 3011 Raintree Drive SE(6)     184,875       (2)     04/28/23   05/01/24     184,875  
Landa Series 3043 Highway 81 S(6)     155,875       (2)     04/28/23   05/01/24     155,875  
Landa Series 313 Blue Heron Drive(6)     174,000       (2)     04/28/23   05/01/24     174,000  
Landa Series 3202 Chippewa Drive(6)     152,250       (2)     04/28/23   05/01/24     152,250  
Landa Series 35 Clay Court(6)     174,000       (2)     04/28/23   05/01/24     174,000  
Landa Series 350 Cadiz Lane S(6)     163,125       (2)     04/28/23   05/01/24     163,125  
Landa Series 351 Wesley Park Drive(6)     152,250       (2)     04/28/23   05/01/24     152,250  
Landa Series 3667 Patti Parkway(6)     245,375       (2)     05/19/23   05/19/24     245,375  
Landa Series 412 Kendall Lane(6)     162,325       (2)     05/19/23   05/19/24     162,325  
Landa Series 43 Darwin Drive(6)     163,125       (2)     04/28/23   05/01/24     163,125  
Landa Series 45 Blue Jay Drive(6)     222,575       (2)     04/28/23   05/01/24     222,575  
Landa Series 45 Laurel Way(6)     162,325       (2)     05/19/23   05/19/24     162,325  
Landa Series 4702 Saint James Way(6)     145,725       (2)     04/28/23   05/01/24     145,725  
Landa Series 4732 Pinedale Drive(6)     123,250       (2)     04/28/23   05/01/24     123,250  
Landa Series 5040 Huntshire Lane(6)     308,125       (2)     04/28/23   05/01/24     308,125  
Landa Series 513 Jarrett Court(6)     181,250       (2)     04/28/23   05/01/24     181,250  
Landa Series 5143 Pinecrest Drive SW(6)     130,500       (2)     04/28/23   05/01/24     130,500  
Landa Series 540 Cowan Road(6)     188,500       (2)     04/28/23   05/01/24     188,500  
Landa Series 5411 Rocky Pine Drive(6)     181,200       (2)     05/19/23   05/01924     181,200  
Landa Series 550 Cowan Road(6)     196,300       (2)     05/19/23   05/19/24     196,300  
Landa Series 5581 Fox Glen Circle(6)     284,635       (2)     05/19/23   05/19/24     284,635  
Landa Series 565 Mountainview Drive(6)     188,500       (2)     04/28/23   05/01/24     188,500  
Landa Series 5801 Strathmoor Manor Circle(6)     143,550       (2)     04/28/23   05/01/24     143,550  
Landa Series 6107 Shadow Glen Court(6)     131,225       (2)     04/28/23   05/01/24     131,225  
Landa Series 6111-6113 Pine Glen Circle SW(6)     181,250       (2)     04/28/23   05/01/24     181,250  
Landa Series 615 Barshay Drive(6)     174,000       (2)     04/28/23   05/01/24     174,000  
Landa Series 6168 Wheat Street NE(6)     108,750       (2)     04/28/23   05/01/24     108,750  
Landa Series 6178 Green Acres Drive SW(6)     130,500       (2)     04/28/23   05/01/24     130,500  
Landa Series 6404 Walnut Way(6)     188,750       (2)     05/19/23   05/19/24     188,750  
Landa Series 643 Sycamore Drive(6)     178,350       (2)     04/28/23   05/01/24     178,350  
Landa Series 65 Freedom Court(6)     159,500       (2)     04/28/23   05/01/24     159,500  

 

36

 

 

Landa Series 6635 Kimberly Mill Road(6)     176,900       (2)     04/28/23   05/01/24     176,900  
Landa Series 6653 Bedford Road(6)     159,500       (2)     04/28/23   05/01/24     159,500  
Landa Series 6762 Bent Creek Drive(6)     192,125       (2)     04/28/23   05/01/24     192,125  
Landa Series 709 Georgetown Court(6)     170,375       (2)     04/28/23   05/01/24     170,375  
Landa Series 7107 Geiger Street NW(6)     126,875       (2)     04/28/23   05/01/24     126,875  
Landa Series 750 Georgetown Court(6)     152,250       (2)     04/28/23   05/01/24     152,250  
Landa Series 752 Chestnut Drive(6)     105,125       (2)     04/28/23   05/01/24     105,125  
Landa Series 7781 Mountain Creek Way(6)     202,928       (2)     04/28/23   05/01/24     202,928  
Landa Series 7950 Woodlake Drive(6)     142,100       (2)     04/28/23   05/01/24     142,100  
Landa Series 80 High Ridge Road(6)     184,875       (2)     04/28/23   05/01/24     184,875  
Landa Series 808 Hillandale Lane(6)     171,000       (2)     04/28/23   05/01/24     171,000  
Landa Series 8110 Devonshire Drive(6)     134,125       (2)     04/28/23   05/01/24     134,125  
Landa Series 8121 Spillers Drive SW(6)     126,875       (2)     04/28/23   05/01/24     126,875  
Landa Series 8233 Creekline Court(6)     152,119       (2)     04/28/23   05/01/24     152,119  
Landa Series 85 Kirkland Court(6)     206,625       (2)     04/28/23   05/01/24     206,625  
Landa Series 85 Thorn Thicket Way(6)     172,550       (2)     04/28/23   05/01/24     172,550  
Landa Series 8855 Rugby Court(6)     123,250       (2)     04/28/23   05/01/24     123,250  
Landa Series 9434 Cedar Creek Place(6)     195,750       (2)     04/28/23   05/01/24     195,750  
Landa Series 9597 Pintail Trail(6)     163,125       (2)     04/28/23   05/01/24     163,125  

  

(1)The Maturity Date is the earlier of (i) January 1, 2027 and (ii) the date on which the unpaid principal balance on the Refinance Note becomes due and payable by acceleration or otherwise or the exercise of any of lender’s rights or remedies.

(2)The interest rate is an annual rate equal to the greater of (a) the sum of (i) SOFR and (ii) seven percent (7%); and (b) twelve and a half percent (12.5%).

(3)The Refinance Note bears interest at a rate that is equal to Overnight SOFR+2%.

(4) Refinance Note issued to LendingOne, LLC
(5) Refinance Note issued to FTF Lending, LLC
(6) Refinance Note issued to L Finance LLC
(7) Refinance Note issued to Landa Financing, which is affiliated with the Company and the Manager.

 

Plan of Operations

 

We plan to launch an as of yet undetermined number of additional Series and related offerings in the next twelve (12) months with properties that we acquire from our affiliates, including Landa Properties. The proceeds from any additional offerings closed during the next twelve (12) months will be used for, among other things, the acquisition of Properties by the Series conducting the Offerings. No investor in any Series will, by virtue of its interest in such Series, including its underlying Property, have any interest in, or rights to acquire an interest in, any other Series.

 

While each Series intends to hold its Property indefinitely, as each Property reaches what the Manager believes to be its optimum value, the Manager may consider disposing of such Property. Please see “Business – Our Manager – Disposition Policies” for more information about our disposition policy with respect to the Properties.

 

We expect that the rental income earned from each Series’ Property will satisfy each Series’ cash requirements. Each Series may seek additional capital in the form of debt financing from other financing sources to satisfy any additional cash requirements, including a related-party loan between each Series and the Manager.

 

Off-Balance Sheet Arrangements

 

Neither the Company nor any of the Series had during the periods presented, and does not currently have, any off-balance sheet arrangements.

 

Critical Accounting Policies and Estimates

 

The preparation of financial statements in conformity with GAAP requires the Manager to make assumptions, estimates and judgments that affect the amounts reported, including the notes thereto, and related disclosures of commitments and contingencies, if any. We have identified certain accounting policies that are significant to the preparation of our financial statements. These accounting policies are important for an understanding of our financial condition and results of operations. Critical accounting policies are those that are most important to the portrayal of our financial condition and results of operations and require management’s difficult, subjective or complex judgment, often as a result of the need to make estimates about the effect of matters that are inherently uncertain and may change in subsequent periods. Certain accounting estimates are particularly sensitive because of their significance to financial statements and because of the possibility that future events affecting the estimate may differ significantly from management’s current judgments. 

 

37

 

 

Revenue Recognition

 

The Company adopted ASU 2014-09, Revenue from Contracts with Customers, and its related amendments, effective July 10, 2020.

 

We determine revenue recognition through the following steps:

 

●identification of a contract with a customer;

 

●identification of the performance obligations in the contract;

 

●determination of the transaction price;

 

●allocation of the transaction price to the performance obligations in the contract; and

 

●recognition of revenue when or as the performance obligations are satisfied.

 

Operating Expenses

 

If the Operating Expenses exceed the amount of revenues generated from a Series and cannot be covered by any Reserves of such Series, the Manager may (a) pay such Operating Expenses and seek reimbursement and/or (b) loan the amount of the Operating Expenses to the applicable Series and be entitled to reimbursement of such amount from future revenues generated by such Series. In the case that the Manager provides a loan to a Series, the Series will be obligated to pay interest on that loan at a rate to be determined solely by the Manager, but which will be no greater than seven percent (7%).

 

Fees to the Manager

 

Monthly Management Fee: Each Series pays the Manager a monthly management fee ranging from five percent (5%) to ten percent (10%) of Gross Monthly Rent for each Property.

 

Acquisition Fee: The Acquisition Notes issued by each Series to the Manager in connection with the acquisition of its Property included amounts attributable to an acquisition fee due to the Manager ranging from five percent (5%) to ten percent (10%) of the purchase price of the Property.

 

Property Diligence Expenses: The Acquisition Notes issued by each Series to the Manager in connection with the acquisition of its Property included amounts attributable to any and all fees, costs and expenses incurred in connection with the evaluation, discovery, and investigation of such Property incurred prior to such acquisition, including legal fees associated with the title insurance, appraisal costs and inspection costs, and any other expenses associated with the acquisition of a Property.

 

Brokerage Fee: The broker of record for each Offering is expected to receive a brokerage fee equal to 1% of the amount raised from investors through each Series’ Offering. We comply with the requirements of FASB ASC 340-10-S99-1 with regards to offering costs. Prior to the completion of a Series’ Offering, offering costs are capitalized. The deferred offering costs are charged to members’ equity upon the completion of an Offering or to expense if the Offering is not completed. The broker dealer of record is not affiliated with the Manager.

 

Administrative Costs: In accordance with FASB ASC 720, administrative costs, including accounting fees and legal fees, are expensed as incurred. See “Item 1. Business – Operating Expenses” for additional information.

 

For more information about the fees payable to the Manager, please see “Description of our Business – Our Manager – Manager Compensation” of our Offering Circular, which can be found here and is incorporated herein by reference. 

 

38

 

 

Fair Value of Financial Instruments

 

FASB guidance specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are as follows:

 

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 1 primarily consists of financial instruments whose value is based on quoted market prices such as exchange-traded instruments and listed equities.

 

Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly (e.g., quoted prices of similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active).

 

Level 3 - Unobservable inputs for the asset or liability. Financial instruments are considered Level 3 when their fair values are determined using pricing models, discounted cash flows or similar techniques and at least one significant model assumption or input is unobservable.

 

The carrying amounts reported in the balance sheets approximate their fair value.

 

Earnings (Loss) / Income per Membership Interest

 

Upon completion of an Offering, each Series intends to comply with accounting and disclosure requirements of ASC Topic 260, Earnings per Share. For each Series, earnings (loss) / income per interest will be computed by dividing net (loss) / income for a particular Series by the weighted average number of outstanding interests in that particular Series during the year.

 

Recently Issued Accounting Pronouncements

 

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). This ASU supersedes the previous revenue recognition requirements in ASC Topic 605—Revenue Recognition and most industry-specific guidance throughout the ASC. The core principle within this ASU is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration expected to be received for those goods or services. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers, which deferred the effective date for ASU 2014-09 by one year to fiscal years beginning after December 15, 2017, while providing the option to early adopt for fiscal years beginning after December 15, 2016. Transition methods under ASU 2014-09 must be through either (i) retrospective application to each prior reporting period presented or (ii) retrospective application with a cumulative effect adjustment at the date of initial application. We adopted this new standard upon formation in October 2019. The adoption of this standard did not have a material impact on our financial statements.

 

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). This ASU requires a lessee to recognize a right-of-use asset and a lease liability under most operating leases in its balance sheet. The ASU is effective for annual and interim periods beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted. We are continuing to evaluate the impact of this new standard on our financial reporting and disclosures.

 

We do not believe that any other recently issued, but not yet effective, accounting standards could have a material effect on the accompanying consolidated financial statements. As new accounting pronouncements are issued, we will adopt those that are applicable under the circumstances.

 

39

 

 

Item 3. Financial Statements

 

Index to the Unaudited Financial Statements of Landa App LLC    
Combined and Combining Balance Sheets as of June 30, 2023 (unaudited) and December 31, 2022   F-2
Combined and Combining Statement of Operations (Unaudited) for the six months ended June 30, 2023 and June 30, 2022   F-50
Combined and Combining Statement of Members’ Equity (Unaudited) for the six months ended June 30, 2023 and June 30, 2022   F-98
Combined and Combining Statement of Cash Flows (Unaudited) for the six months ended June 30, 2023 and June 30, 2022   F-122
Notes to the Financial Statements as of June 30, 2023   F-193

 

F-1

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING BALANCE SHEETS

 

   Landa App LLC   Landa Series 115
Sardis Street		   Landa Series 1394
Oakview Circle		 
   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		 
   (Unaudited)       (Unaudited)       (Unaudited)     
Assets                        
Cash  $        -   $         -   $10   $583   $4,020   $3,259 
Restricted cash             -    -    775    775 
Escrow   -    -    -    -    1,908    - 
Accounts receivable   -    -    -    851    -    367 
Due from related party   -    -    22,046    2,255    2,293    3,706 
Investments in single-family residential properties, net of depreciation   -    -    -    105,330    71,820    72,931 
                               
Total Assets  $-   $-   $22,056   $109,019   $80,816   $81,038 
                               
Liabilities                              
Due to related party  $-   $-   $-   $-   $-   $- 
Other liabilities   -    -    -    -    1,768    986 
Security deposit   -    -    -    -    775    775 
Promissory note - related party   -    -    -    64,789    -    - 
Notes Payable - related party   -    -    -    52,515    -    - 
Acquisition note payable   -    -    -    -    -    - 
Mortgage payable   -    -    -    -    44,015    44,015 
                               
Total Liabilities   -    -    -    117,304    46,558    45,776 
                               
Members’ equity (deficit)   -    -    22,056    (8,285)   34,258    35,262 
                               
Total Liabilities and Members’ Equity  $-   $-   $22,056   $109,019   $80,816   $81,038 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-2

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING BALANCE SHEETS

 

   Landa Series 1701
Summerwoods Lane (2)		   Landa Series 1741
Park Lane (2)		   Landa Series 209
Timber Wolf Trail		 
   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		 
   (Unaudited)       (Unaudited)       (Unaudited)     
Assets                        
Cash  $17,106   $1,930   $3,995   $1,996   $641   $2,379 
Restricted cash   -    925    -    -    -    500 
Escrow   520    -    547    -    235    - 
Accounts receivable   -    -    -    -    -    - 
Due from related party   13,236    11,369    17,117    12,500    3,382    1,216 
Investments in single-family residential properties, net of depreciation   167,877    -    189,960    -    -    109,600 
                               
Total Assets  $198,739   $14,224   $211,619   $14,496   $4,258   $113,695 
                               
Liabilities and Members’ Equity                              
Due to related party  $-   $-   $-   $-   $-   $- 
Other liabilities   18,326    17,780    19,513    18,115    430    1,016 
Security deposit   -    -    -    -    -    500 
Promissory note - related party   -    -    -    -    16,457    50,785 
Notes Payable - related party   -    -    -    -    -    - 
Acquisition note payable   67,646    -    121,732    -    -    - 
Mortgage payable   52,703    -    66,476    -    -    61,750 
                               
Total Liabilities   138,675    17,780    207,721    18,115    16,887    114,051 
                               
Members’ equity (deficit)   60,064    (3,556)   3,898    (3,619)   (12,629)   (356)
                               
Total Liabilities and Members’ Equity  $198,739   $14,224   $211,619   $14,496   $4,258   $113,695 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-3

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING BALANCE SHEETS

 

   Landa Series 2505
Oak Circle		   Landa Series 271
Timber Wolf Trail		   Landa Series 29
Holly Grove Road		 
   June 30, 2023   December 31,
2022		   June 30, 2023   December 31,
2022		   June 30, 2023   December 31,
2022		 
   (Unaudited)       (Unaudited)       (Unaudited)     
Assets                        
Cash  $10   $2,836   $5   $7   $1,480   $199 
Restricted cash   -    1,250    -    -    600    600 
Escrow   494    -    -    33    927    - 
Accounts receivable   -    -    -    -    -    - 
Due from related party   29,019    -    -    -    -    - 
Investments in single-family residential properties, net of depreciation   -    97,086    -    118,018    89,958    91,494 
                               
Total Assets  $29,523   $101,172   $5   $118,058   $92,965   $92,293 
                               
Liabilities and Members’ Equity                              
Due to related party  $-   $14,453   $5,902   $8,928   $1,629   $1,813 
Other liabilities   683    374    282    -    1,644    147 
Security deposit   -    1,250    -    -    600    600 
Promissory note - related party   -    11,210    11,854    52,160    9,229    9,229 
Notes Payable - related party   -    -    -    -    -    - 
Acquisition note payable   -    -    -    -    -    - 
Mortgage payable   -    76,700    -    62,400    84,500    84,500 
                               
Total Liabilities   683    103,987    18,038    123,488    97,602    96,289 
                               
Members’ equity (deficit)   28,840    (2,815)   (18,033)   (5,430)   (4,637)   (3,996)
                               
Total Liabilities and Members’ Equity  $29,523   $101,172   $5   $118,058   $92,965   $92,293 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-4

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING BALANCE SHEETS

 

   Landa Series 1703
Summerwoods Lane		   Landa Series 1712
Summerwoods Lane		   Landa Series 1743
Summerwoods Lane		 
   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		 
   (Unaudited)       (Unaudited)       (Unaudited)     
Assets                        
Cash  $52   $2,886   $4,973   $4,253   $3,766   $4,285 
Restricted cash   950    950    1,450    875    1,225    1,225 
Escrow   1,418    123    1,432    133    1,409    117 
Accounts receivable   -    -    -    -    -    - 
Due from related party   -    629    -    -    -    - 
Investments in single-family residential properties, net of depreciation   106,243    108,069    106,243    108,069    106,243    108,069 
                               
Total Assets  $108,663   $112,657   $114,098   $113,330   $112,643   $113,696 
                               
Liabilities and Members’ Equity                              
Due to related party  $868   $-   $4,226   $2,713   $856   $550 
Other liabilities   2,046    1,532    2,556    -    1,859    680 
Security deposit   950    950    1,450    875    1,225    1,225 
Promissory note - related party   -    -    -    -    -    - 
Notes Payable - related party   -    -    -    -    -    - 
Acquisition note payable   -    -    -    -    -    - 
Mortgage payable   77,925    77,925    67,535    67,535    77,925    77,925 
                               
Total Liabilities   81,789    80,407    75,767    71,123    81,865    80,380 
                               
Members’ equity (deficit)   26,874    32,250    38,331    42,207    30,778    33,316 
                               
Total Liabilities and Members’ Equity   $108,663   $112,657   $114,098   $113,330   $112,643   $113,696 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-5

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING BALANCE SHEETS

 

   Landa Series 1750
Summerwoods Lane		   Landa Series 4267
High Park Lane		   Landa Series 4474
Highwood Park Drive		 
   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		 
   (Unaudited)       (Unaudited)       (Unaudited)     
Assets                        
Cash  $3,213   $3,560   $1,066   $110   $918   $366 
Restricted cash   -    -    -    975    1,000    1,000 
Escrow   1,579    253    573    -    1,107    - 
Accounts receivable   -    -    -    4,830    -    - 
Due from related party   13    223    -    -    -    - 
Investments in single-family residential properties, net of depreciation   106,243    108,069    150,976    144,354    127,687    129,882 
                               
Total Assets  $111,048   $112,105   $152,615   $150,269   $130,712   $131,248 
                               
Liabilities and Members’ Equity                              
Due to related party  $-   $-   $15,054   $3,683   $6,116   $6,268 
Other liabilities   1,815    566    1,137    700    1,726    858 
Security deposit   -    -    -    975    1,000    1,000 
Promissory note - related party   -    -    -    -    -    - 
Notes Payable - related party   -    -    -    -    -    - 
Acquisition note payable   -    -    -    -    -    - 
Mortgage payable   77,925    77,925    104,250    104,250    93,750    93,750 
                               
Total Liabilities   79,740    78,491    120,441    109,608    102,592    101,876 
                               
Members’ equity (deficit)   31,308    33,614    32,174    40,661    28,120    29,372 
                               
Total Liabilities and Members’ Equity   $111,048   $112,105   $152,615   $150,269   $130,712   $131,248 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-6

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING BALANCE SHEETS

 

   Landa Series 8569
Creekwood Way		   Landa Series 9439
Lakeview Road		   Landa Series 10167
Port Royal Court		 
   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		 
   (Unaudited)       (Unaudited)       (Unaudited)     
Assets                        
Cash  $5,415   $9,301   $3,496   $5,268   $2,660   $2,227 
Restricted cash   -    500    1,050    1,050    915    915 
Escrow   885    252    1,308    624    1,297    - 
Accounts receivable   -    -    -    -    -    - 
Due from related party   -    -    -    -    -    - 
Investments in single-family residential properties, net of depreciation   77,890    79,229    169,252    172,161    103,350    105,126 
                               
Total Assets  $84,190   $89,282   $175,106   $179,103   $108,222   $108,268 
                               
Liabilities and Members’ Equity                              
Due to related party  $10,541   $9,042   $6,001   $5,723   $927   $325 
Other liabilities   725    81    (787)   -    1,533    465 
Security deposit   -    500    1,050    1,050    915    915 
Promissory note - related party   -    -    -    -    -    - 
Notes Payable - related party   -    -    -    -    -    - 
Acquisition note payable   -    -    -    -    -    - 
Mortgage payable   49,400    49,400    124,425    124,425    82,500    82,500 
                               
Total Liabilities   60,666    59,023    130,689    131,198    85,875    84,205 
                               
Members’ equity (deficit)   23,524    30,259    44,417    47,905    22,347    24,063 
                               
Total Liabilities and Members’ Equity   $84,190   $89,282   $175,106   $179,103   $108,222   $108,268 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-7

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING BALANCE SHEETS

 

   Landa Series 1246
Elgin Way		   Landa Series 1910
Grove Way		   Landa Series 593
Country Lane Drive		 
   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		 
   (Unaudited)       (Unaudited)       (Unaudited)     
Assets                        
Cash  $2,945   $1,974   $1,394   $8,525   $2,506   $2,528 
Restricted cash   1,150    1,150    1,500    1,523    971    971 
Escrow   1,600    -    1,368    66    1,464    - 
Accounts receivable   -    -    -    1,523    -    - 
Due from related party   -    305    -    -    -    249 
Investments in single-family residential properties, net of depreciation   124,778    126,923    97,707    99,387    89,560    91,099 
                               
Total Assets  $130,473   $130,352   $101,969   $111,024   $94,501   $94,847 
                               
Liabilities and Members’ Equity                              
Due to related party  $184   $-   $18,427   $19,770   $215   $- 
Other liabilities   1,444    85    2,551    1,062    1,910    636 
Security deposit   1,150    1,150    1,500    1,523    971    971 
Promissory note - related party   -    -    -    -    -    - 
Notes Payable - related party   -    -    -    -    -    - 
Acquisition note payable   -    -    -    -    -    - 
Mortgage payable   95,250    95,250    82,500    82,500    71,250    71,250 
                               
Total Liabilities   98,028    96,485    104,978    104,855    74,346    72,857 
                               
Members’ equity (deficit)   32,445    33,867    (3,009)   6,169    20,155    21,990 
                               
Total Liabilities and Members’ Equity  $130,473   $130,352   $101,969   $111,024   $94,501   $94,847 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-8

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING BALANCE SHEETS

 

   Landa Series 6436
Stone Terrace		   Landa Series 6440
Woodstone Terrace		   Landa Series 6848
Sandy Creek Drive		 
   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		 
   (Unaudited)       (Unaudited)       (Unaudited)     
Assets                        
Cash  $1,200   $1,009   $778   $1,179   $145   $1,225 
Restricted cash   1,000    1,000    1,295    -    1,475    975 
Escrow   787    603    668    -    578    - 
Accounts receivable   -    -    -    -    -    - 
Due from related party   -    -    -    -    -    109 
Investments in single-family residential properties, net of depreciation   56,524    57,496    60,510    61,550    80,715    82,102 
                               
Total Assets  $59,511   $60,108   $63,251   $62,729   $82,913   $84,411 
                               
Liabilities and Members’ Equity                              
Due to related party  $365   $974   $17,992   $17,916   $467   $- 
Other liabilities   1,205    526    685    -    1,753    1,597 
Security deposit   1,000    1,000    1,322    27    1,475    975 
Promissory note - related party   -    -    -    -    -    - 
Notes Payable - related party   -    -    -    -    -    - 
Acquisition note payable   -    -    -    -    -    - 
Mortgage payable   45,000    45,000    46,500    46,500    64,500    64,500 
                               
Total Liabilities   47,570    47,500    66,499    64,443    68,195    67,072 
                               
Members’ equity (deficit)   11,941    12,608    (3,248)   (1,714)    14,718    17,339 
                               
Total Liabilities and Members’ Equity  $59,511   $60,108   $63,251   $62,729   $82,913   $84,411 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-9

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING BALANCE SHEETS

 

   Landa Series 687
Utoy Court		   Landa Series 729
Winter Lane		   Landa Series 7349
Exeter Court		 
   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		 
   (Unaudited)       (Unaudited)       (Unaudited)     
Assets                        
Cash  $409   $3,056   $3,092   $9,547   $3,060   $2,756 
Restricted cash   1,157    1,157    1,975    500    1,000    1,000 
Escrow   1,151    210    1,330    102    1,305    - 
Accounts receivable   -    -    -    -    -    - 
Due from related party   -    -    1,552    -    -    236 
Investments in single-family residential properties, net of depreciation   107,865    109,719    106,274    108,101    103,394    105,171 
                               
Total Assets  $110,582   $114,142   $114,223   $118,250   $108,759   $109,163 
                               
Liabilities and Members’ Equity                              
Due to related party  $4,435   $4,175   $19,011   $18,613   $593   $- 
Other liabilities   897    -    1,383    255    2,118    1,125 
Security deposit   1,157    1,157    1,975    500    1,000    1,000 
Promissory note - related party   -    -    -    -    -    - 
Notes Payable - related party   -    -    -    -    -    - 
Acquisition note payable   -    -    -    -    -    - 
Mortgage payable   82,500    82,500    82,500    82,500    71,500    71,500 
                               
Total Liabilities   88,989    87,832    104,869    101,868    75,211    73,625 
                               
Members’ equity (deficit)   21,593    26,310    9,354    16,382    33,548    35,538 
                               
Total Liabilities and Members’ Equity  $110,582   $114,142   $114,223   $118,250   $108,759   $109,163 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-10

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING BALANCE SHEETS

 

   Landa Series 8645
Embrey Drive		   Landa Series 8780
Churchill Place		   Landa Series 8796
Parliament Place		 
   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		 
   (Unaudited)       (Unaudited)       (Unaudited)     
Assets                        
Cash  $2,121   $1,007   $111   $1,474   $5,178   $4,641 
Restricted cash   1,050    1,050    1,323    1,200    975    975 
Escrow   1,324    54    1,352    -    1,223    - 
Accounts receivable   -    -    -    -    -    - 
Due from related party   -    34    -    -    -    - 
Investments in single-family residential properties, net of depreciation   111,109    113,019    123,876    126,005    102,648    104,412 
                               
Total Assets  $115,604   $115,164   $126,662   $128,679   $110,024   $110,028 
                               
Liabilities and Members’ Equity                              
Due to related party  $289   $-   $5,721   $833   $2,277   $1,522 
Other liabilities   2,696    174    1,541    483    2,063    1,123 
Security deposit   1,050    1,050    1,323    1,200    975    975 
Promissory note - related party   -    -    -    -    -    - 
Notes Payable - related party   -    -    -    -    -    - 
Acquisition note payable   -    -    -    -    -    - 
Mortgage payable   84,750    84,750    94,500    94,500    78,750    78,750 
                               
Total Liabilities   88,785    85,974    103,085    97,016    84,065    82,370 
                               
Members’ equity (deficit)   26,819    29,190    23,577    31,663    25,959    27,658 
                               
Total Liabilities and Members’ Equity  $115,604   $115,164   $126,662   $128,679   $110,024   $110,028 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-11

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING BALANCE SHEETS

 

   Landa Series 8641
Ashley Way		   Landa Series 8651
Ashley Way		   Landa Series 8652
Ashley Way		 
   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		 
   (Unaudited)       (Unaudited)       (Unaudited)     
Assets                        
Cash  $5,779   $6,303   $3,692   $5,323   $3,291   $3,646 
Restricted cash   900    900    800    800    2,200    2,200 
Escrow   1,172    238    1,324    233    1,061    217 
Accounts receivable   -    -    -    -    -    - 
Due from related party   -    -    -    -    -    - 
Investments in single-family residential properties, net of depreciation   133,072    135,359    111,269    113,181    123,728    125,855 
                               
Total Assets  $140,923   $142,800   $117,085   $119,537   $130,280   $131,918 
                               
Liabilities and Members’ Equity                              
Due to related party  $113   $50   $5,974   $6,160   $8,548   $8,576 
Other liabilities   1,067    162    808    54    1,222    402 
Security deposit   900    900    800    800    2,200    2,200 
Promissory note - related party   -    -    -    -    -    - 
Notes Payable - related party   -    -    -    -    -    - 
Acquisition note payable   -    -    -    -    -    - 
Mortgage payable   96,357    96,357    80,424    80,424    76,700    76,700 
                               
Total Liabilities   98,437    97,469    88,006    87,438    88,670    87,878 
                               
Members’ equity (deficit)   42,486    45,331    29,079    32,099    41,610    44,040 
                               
Total Liabilities and Members’ Equity  $140,923   $142,800   $117,085   $119,537   $130,280   $131,918 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-12

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING BALANCE SHEETS

 

   Landa Series 8653
Ashley Way		   Landa Series 8654
Ashley Way		   Landa Series 8655
Ashley Way		 
   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		 
   (Unaudited)       (Unaudited)       (Unaudited)     
Assets                        
Cash  $5,375   $4,715   $4,592   $5,037   $9,425   $10,649 
Restricted cash   700    700    1,350    1,350    -    - 
Escrow   856    237    1,069    222    1,012    244 
Accounts receivable   -    -    -    -    800    - 
Due from related party   4,628    4,609    -    -    -    - 
Investments in single-family residential properties, net of depreciation   110,230    112,125    123,727    125,854    115,432    117,416 
                               
Total Assets  $121,789   $122,386   $130,738   $132,463   $126,669   $128,309 
                               
Liabilities and Members’ Equity                              
Due to related party  $-   $-   $601   $446   $6,969   $7,388 
Other liabilities   6,716    4,844    824    -    753    - 
Security deposit   700    700    1,350    1,350    -    - 
Promissory note - related party   -    -    -    -    -    - 
Notes Payable - related party   -    -    -    -    -    - 
Acquisition note payable   -    -    -    -    -    - 
Mortgage payable   68,250    68,250    89,529    89,529    71,500    71,500 
                               
Total Liabilities   75,666    73,794    92,304    91,325    79,222    78,888 
                               
Members’ equity (deficit)   46,123    48,592    38,434    41,138    47,447    49,421 
                               
Total Liabilities and Members’ Equity  $121,789   $122,386   $130,738   $132,463   $126,669   $128,309 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-13

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING BALANCE SHEETS

 

   Landa Series 8659
Ashley Way		   Landa Series 8662
Ashley Way		   Landa Series 8668
Ashley Way		 
   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		 
   (Unaudited)       (Unaudited)       (Unaudited)     
Assets                        
Cash  $8,953   $8,336   $6,282   $7,032   $12,028   $12,577 
Restricted cash   1,250    2,125    925    925    1,000    1,000 
Escrow   1,059    266    1,073    227    1,236    223 
Accounts receivable   -    -    -    -    -    - 
Due from related party   -    -    -    -    890    1,032 
Investments in single-family residential properties, net of depreciation   132,046    134,315    127,892    130,090    137,238    139,597 
                               
Total Assets  $143,308   $145,042   $136,172   $138,274   $152,392   $154,429 
                               
Liabilities and Members’ Equity                              
Due to related party  $5,501   $5,313   $1,997   $1,843   $-   $- 
Other liabilities   1,130    344    658    61    1,090    89 
Security deposit   1,250    2,125    925    925    1,000    1,000 
Promissory note - related party   -    -    -    -    -    - 
Notes Payable - related party   -    -    -    -    -    - 
Acquisition note payable   -    -    -    -    -    - 
Mortgage payable   81,900    81,900    84,500    84,500    99,392    99,392 
                               
Total Liabilities   89,781    89,682    88,080    87,329    101,482    100,481 
                               
Members’ equity (deficit)   53,527    55,360    48,092    50,945    50,910    53,948 
                               
Total Liabilities and Members’ Equity  $143,308   $145,042   $136,172   $138,274   $152,392   $154,429 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-14

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING BALANCE SHEETS

 

   Landa Series 8670
Ashley Way		   Landa Series 8674
Ashley Way		   Landa Series 8675
Ashley Way		 
   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		 
   (Unaudited)       (Unaudited)       (Unaudited)     
Assets                        
Cash  $3,098   $1,739   $852   $3,025   $4,002   $2,573 
Restricted cash   975    975    1,625    1,300    1,100    1,100 
Escrow   1,169    202    1,070    192    1,011    237 
Accounts receivable   -    -    -    -    -    - 
Due from related party   5,126    5,325    -    -    -    - 
Investments in single-family residential properties, net of depreciation   144,507    146,991    122,701    124,810    120,624    122,697 
                               
Total Assets  $154,875   $155,232   $126,248   $129,327   $126,737   $126,607 
                               
Liabilities and Members’ Equity                              
Due to related party  $-   $-   $3,028   $1,608   $4,145   $3,803 
Other liabilities   2,323    344    819    -    2,106    244 
Security deposit   975    975    1,625    1,300    1,100    1,100 
Promissory note - related party   -    -    -    -    -    - 
Notes Payable - related party   -    -    -    -    -    - 
Acquisition note payable   -    -    -    -    -    - 
Mortgage payable   94,250    94,250    87,750    87,750    87,253    87,253 
                               
Total Liabilities   97,548    95,569    93,222    90,658    94,604    92,400 
                               
Members’ equity (deficit)   57,327    59,663    33,026    38,669    32,133    34,207 
                               
Total Liabilities and Members’ Equity  $154,875   $155,232   $126,248   $129,327   $126,737   $126,607 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-15

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING BALANCE SHEETS

 

   Landa Series 8677
Ashley Way		   Landa Series 8678
Ashley Way		   Landa Series 8679
Ashley Way		 
   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		 
   (Unaudited)       (Unaudited)       (Unaudited)     
Assets                        
Cash  $6,384   $6,789   $3,578   $3,761   $3,612   $3,717 
Restricted cash   1,050    1,050    900    900    1,400    925 
Escrow   974    241    1,269    246    1,148    159 
Accounts receivable   -    -    -    -    -    - 
Due from related party   -    -    -    -    148    451 
Investments in single-family residential properties, net of depreciation   113,355    115,303    152,815    155,441    122,701    124,810 
                               
Total Assets  $121,763   $123,383   $158,562   $160,348   $129,009   $130,062 
                               
Liabilities and Members’ Equity                              
Due to related party  $1,695   $1,582   $1,676   $1,417   $-   $- 
Other liabilities   1,160    438    989    -    2,400    64 
Security deposit   1,050    1,050    900    900    1,400    925 
Promissory note - related party   -    -    -    -    -    - 
Notes Payable - related party   -    -    -    -    -    - 
Acquisition note payable   -    -    -    -    -    - 
Mortgage payable   81,942    81,942    104,000    104,000    88,770    88,770 
                               
Total Liabilities   85,847    85,012    107,565    106,317    92,570    89,759 
                               
Members’ equity (deficit)   35,916    38,371    50,997    54,031    36,439    40,303 
                               
Total Liabilities and Members’ Equity  $121,763   $123,383   $158,562   $160,348   $129,009   $130,062 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-16

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING BALANCE SHEETS

 

   Landa Series 8683
Ashley Way		   Landa Series 1007
Leeward Way (6)		   Landa Series 10121
Morris Drive SW (3)		 
   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		 
   (Unaudited)       (Unaudited)       (Unaudited)     
Assets                        
Cash  $5,663   $7,141   $2,161   $            -   $2,037   $             - 
Restricted cash   925    925    950    -    1,600    - 
Escrow   1,018    219    -    -    -    - 
Accounts receivable   -    -    -    -    -    - 
Due from related party   -    -    62,825    -    60,116    - 
Investments in single-family residential properties, net of depreciation   112,317    114,247    236,674    -    214,153    - 
                               
Total Assets  $119,923   $122,532   $302,610   $-   $277,906   $- 
                               
Liabilities and Members’ Equity                              
Due to related party  $551   $401   $-   $-   $-   $- 
Other liabilities   1,325    546    1,840    -    -    - 
Security deposit   925    925    950    -    1,600    - 
Promissory note - related party   -    -    -    -    -    - 
Notes Payable - related party   -    -    -    -    -    - 
Acquisition note payable   -    -    158,157    -    114,871    - 
Bridge note payable   -    -    142,000    -    160,225    - 
Mortgage payable   81,183    81,183    -    -    -    - 
                               
Total Liabilities   83,984    83,055    302,947    -    276,696    - 
                               
Members’ equity (deficit)   35,939    39,477    (337)   -    1,210    - 
                               
Total Liabilities and Members’ Equity  $119,923   $122,532   $302,610   $-   $277,906   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-17

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING BALANCE SHEETS

 

   Landa Series 10183
Starr Street SW (3)		   Landa Series 103
Starlake Drive (3)		   Landa Series 10433
Candlelight Road (3)		 
   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		 
   (Unaudited)       (Unaudited)       (Unaudited)     
Assets                        
Cash  $485   $       -   $1,507   $       -   $32   $       - 
Restricted cash   850    -    990    -    995    - 
Escrow   -    -    -    -    -    - 
Accounts receivable   -    -    -    -    -    - 
Due from related party   59,775    -    60,978    -    54,890    - 
Investments in single-family residential properties, net of depreciation   204,539    -    202,505    -    241,010    - 
                               
Total Assets  $265,649   $-   $265,980   $-   $296,927   $- 
                               
Liabilities and Members’ Equity                              
Due to related party  $-   $-   $-   $-   $-   $- 
Other liabilities   -    -    -    -    -    - 
Security deposit   850    -    990    -    995    - 
Promissory note - related party   -    -    -    -    -    - 
Notes Payable - related party   -    -    -    -    -    - 
Acquisition note payable   94,899    -    122,261    -    134,673    - 
Bridge note payable   172,550    -    145,000    -    170,375    - 
Mortgage payable   -    -    -    -    -    - 
                               
Total Liabilities   268,299    -    268,251    -    306,043    - 
                               
Members’ equity (deficit)   (2,650)   -    (2,271)   -    (9,116)   - 
                               
Total Liabilities and Members’ Equity  $265,649   $-   $265,980   $-   $296,927   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-18

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING BALANCE SHEETS

 

   Landa Series 107
Oakwood Circle (5)		   Landa Series 110
Shenandoah Drive (3)		   Landa Series 111
Fir Drive (3)		 
   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		 
   (Unaudited)       (Unaudited)       (Unaudited)     
Assets                        
Cash  $1,987   $       -   $912   $       -   $965   $        - 
Restricted cash   825    -    850    -    1,250    - 
Escrow   -    -    -    -    -    - 
Accounts receivable   -    -    -    -    -    - 
Due from related party   58,803    -    60,296    -    32,518    - 
Investments in single-family residential properties, net of depreciation   137,136    -    245,927    -    204,043    - 
                               
Total Assets  $198,751   $-   $307,985   $-   $238,776   $- 
                               
Liabilities and Members’ Equity                              
Due to related party  $-   $-   $-   $-   $-   $- 
Other liabilities   -    -    -    -    -    - 
Security deposit   825    -    850    -    1,250    - 
Promissory note - related party   -    -    -    -    -    - 
Notes Payable - related party   -    -    -    -    -    - 
Acquisition note payable   69,660    -    118,498    -    90,236    - 
Bridge note payable   -    -    192,125    -    145,000    - 
Mortgage payable   119,269    -    -    -    -    - 
                               
Total Liabilities   189,754    -    311,473    -    236,486    - 
                               
Members’ equity (deficit)   8,997    -    (3,488)   -    2,290    - 
                               
Total Liabilities and Members’ Equity  $198,751   $-   $307,985   $-   $238,776   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-19

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING BALANCE SHEETS

 

   Landa Series 112
Ridge Street (3)		   Landa Series 11322
Michelle Way (3)		   Landa Series 1147
Village Way (3)		 
   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		 
   (Unaudited)       (Unaudited)       (Unaudited)     
Assets                        
Cash  $1,167   $       -   $763   $       -   $1,059   $       - 
Restricted cash   -    -    900    -    1,525    - 
Escrow   -    -    -    -    -    - 
Accounts receivable   -    -    -    -    -    - 
Due from related party   60,027    -    60,098    -    33,968    - 
Investments in single-family residential properties, net of depreciation   244,866    -    187,558    -    262,399    - 
                               
Total Assets  $306,060   $-   $249,319   $-   $298,951   $- 
                               
Liabilities and Members’ Equity                              
Due to related party  $-   $-   $-   $-   $-   $- 
Other liabilities   -    -    -    -    -    - 
Security deposit   -    -    900    -    1,525    - 
Promissory note - related party   -    -    -    -    -    - 
Notes Payable - related party   -    -    -    -    -    - 
Acquisition note payable   130,034    -    112,559    -    151,373    - 
Bridge note payable   178,350    -    137,750    -    148,625    - 
Mortgage payable   -    -    -    -    -    - 
                               
Total Liabilities   308,384    -    251,209    -    301,523    - 
                               
Members’ equity (deficit)   (2,324)   -    (1,890)   -    (2,572)   - 
                               
Total Liabilities and Members’ Equity   $306,060   $-   $249,319   $-   $298,951   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-20

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING BALANCE SHEETS

 

   Landa Series 1160
Gable Terrace (3)		   Landa Series 1201
Kilrush Drive (3)		   Landa Series 124
Libby Lane (3)		 
   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		 
   (Unaudited)       (Unaudited)       (Unaudited)     
Assets                        
Cash  $3,832   $       -   $2,367   $        -   $209   $        - 
Restricted cash   2,200    -    2,100    -    1,550    - 
Escrow   -    -    -    -    -    - 
Accounts receivable   -    -    -    -    -    - 
Due from related party   60,058    -    55,790    -    20,256    - 
Investments in single-family residential properties, net of depreciation   236,386    -    465,609    -    215,454    - 
                               
Total Assets  $302,476   $-   $525,866   $-   $237,469   $- 
                               
Liabilities and Members’ Equity                              
Due to related party  $-   $-   $-   $-   $-   $- 
Other liabilities   1,793    -    -    -    -    - 
Security deposit   2,200    -    2,100    -    1,550    - 
Promissory note - related party   -    -    -    -    -    - 
Notes Payable - related party   -    -    -    -    -    - 
Acquisition note payable   95,801    -    212,610    -    77,986    - 
Bridge note payable   203,000    -    322,625    -    160,950    - 
Mortgage payable   -    -    -    -    -    - 
                               
Total Liabilities   302,794    -    537,335    -    240,486    - 
                               
Members’ equity (deficit)   (318)   -    (11,469)   -    (3,017)   - 
                               
Total Liabilities and Members’ Equity   $302,476   $-   $525,866   $-   $237,469   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-21

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING BALANCE SHEETS

 

   Landa Series 1320
Winona Avenue (3)		   Landa Series 137
Southern Shores Road (3)		   Landa Series 138
Sandalwood Circle (3)		 
   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		 
   (Unaudited)       (Unaudited)       (Unaudited)     
Assets                        
Cash  $140   $         - $  1,724 $     - $  5,346 $         - 
Restricted cash   -    -    500    -    1,750    - 
Escrow   -    -    -    -    -    - 
Accounts receivable   -    -    -    -    -    - 
Due from related party   58,356    -    60,696    -    4,742    - 
Investments in single-family residential properties, net of depreciation   158,101    -    177,103    -    244,510    - 
                               
Total Assets  $216,597   $-   $240,023   $-   $256,348   $- 
                               
Liabilities and Members’ Equity                              
Due to related party  $-   $-   $-   $-   $-   $- 
Other liabilities   -    -    1,244    -    -    - 
Security deposit   -    -    500    -    1,750    - 
Promissory note - related party   -    -    -    -    -    - 
Notes Payable - related party   -    -    -    -    -    - 
Acquisition note payable   113,008    -    80,123    -    84,625    - 
Bridge note payable   106,038    -    159,500    -    163,125    - 
Mortgage payable   -    -    -    -    -    - 
                               
Total Liabilities   219,046    -    241,367    -    249,500    - 
                               
Members’ equity (deficit)   (2,449)   -    (1,344)   -    6,848    - 
                               
Total Liabilities and Members’ Equity  $216,597   $-   $240,023   $-   $256,348   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-22

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING BALANCE SHEETS

 

   Landa Series 140
High Ridge Road (3)		   Landa Series 146
Crystal Brook (3)		   Landa Series 153
Cliffside Court (3)		 
   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		 
   (Unaudited)       (Unaudited)       (Unaudited)     
Assets                        
Cash  $3,371   $      -   $4,581   $      -   $252   $       - 
Restricted cash   1,450    -    975    -    820    - 
Escrow   -    -    -    -    -    - 
Accounts receivable   -    -    -    -    -    - 
Due from related party   60,237    -    59,123    -    59,692    - 
Investments in single-family residential properties, net of depreciation   221,519    -    149,714    -    123,889    - 
                               
Total Assets  $286,577   $-   $214,393   $-   $184,653   $- 
                               
Liabilities and Members’ Equity                              
Due to related party  $-   $-   $-   $-   $-   $- 
Other liabilities   -    -    -    -    -    - 
Security deposit   1,450    -    975    -    820    - 
Promissory note - related party   -    -    -    -    -    - 
Notes Payable - related party   -    -    -    -    -    - 
Acquisition note payable   110,800    -    65,647    -    64,846    - 
Bridge note payable   174,000    -    141,375    -    94,250    - 
Mortgage payable   -    -    -    -    -    - 
                               
Total Liabilities   286,250    -    207,997    -    159,916    - 
                               
Members’ equity (deficit)   327    -    6,396    -    24,737    - 
                               
Total Liabilities and Members’ Equity   $286,577   $-   $214,393   $-   $184,653   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-23

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING BALANCE SHEETS

 

   Landa Series 1666
West Poplar Street (3)		   Landa Series 168
Brookview Drive (1)		   Landa Series 1689
Viceroy Way (3)		 
   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		 
   (Unaudited)       (Unaudited)       (Unaudited)     
Assets                        
Cash  $3,014   $      -   $736   $      -   $1,665   $       - 
Restricted cash   950    -    -    -    1,200    - 
Escrow   -    -    -    -    -    - 
Accounts receivable   -    -    -    -    -    - 
Due from related party   59,924    -    5,368    -    59,364    - 
Investments in single-family residential properties, net of depreciation   168,455    -    125,373    -    216,488    - 
                               
Total Assets  $232,343   $-   $131,477   $-   $278,717   $- 
                               
Liabilities and Members’ Equity                              
Due to related party  $-   $-   $-   $-   $-   $- 
Other liabilities   -    -    -    -    -    - 
Security deposit   950    -    -    -    1,200    - 
Promissory note - related party   -    -    -    -    -    - 
Notes Payable - related party   -    -    -    -    -    - 
Acquisition note payable   73,262    -    81,759    -    91,129    - 
Bridge note payable   155,875    -    -    -    188,500    - 
Mortgage payable   -    -    -    -    -    - 
                               
Total Liabilities   230,087    -    81,759    -    280,829    - 
                               
Members’ equity (deficit)   2,256    -    49,718    -    (2,112)   - 
                               
Total Liabilities and Members’ Equity  $232,343   $-   $131,477   $-   $278,717   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-24

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING BALANCE SHEETS

 

   Landa Series 181
Watercress Court (3)		   Landa Series 188
Timberline Road (3)		   Landa Series 189
Shenandoah Drive (3)		 
   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		 
   (Unaudited)       (Unaudited)       (Unaudited)     
Assets                        
Cash  $370   $      -   $1,508   $      -   $1,175   $      - 
Restricted cash   1,600    -    -    -    1,675    - 
Escrow   -    -    -    -    -    - 
Accounts receivable   -    -    -    -    -    - 
Due from related party   62,289    -    59,497    -    60,066    - 
Investments in single-family residential properties, net of depreciation   210,906    -    100,534    -    192,865    - 
                               
Total Assets  $275,165   $-   $161,539   $-   $255,781   $- 
                               
Liabilities and Members’ Equity                              
Due to related party  $-   $-   $-   $-   $-   $- 
Other liabilities   -    -    -    -    -    - 
Security deposit   1,600    -    -    -    1,675    - 
Promissory note - related party   -    -    -    -    -    - 
Notes Payable - related party   -    -    -    -    -    - 
Acquisition note payable   128,065    -    58,641    -    111,731    - 
Bridge note payable   142,100    -    72,500    -    143,550    - 
Mortgage payable   -    -    -    -    -    - 
                               
Total Liabilities   271,765    -    131,141    -    256,956    - 
                               
Members’ equity (deficit)   3,400    -    30,398    -    (1,175)   - 
                               
Total Liabilities and Members’ Equity  $275,165   $-   $161,539   $-   $255,781   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-25

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING BALANCE SHEETS

 

   Landa Series 195
Hunters Trace (3)		   Landa Series 196
Montego Circle (3)		   Landa Series 20
Chimney Smoke Drive (4)		 
   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		 
   (Unaudited)       (Unaudited)       (Unaudited)     
Assets                        
Cash  $3,958   $      -   $378   $      -   $2,373   $       - 
Restricted cash   -    -    900    -    1,500    - 
Escrow   -    -    -    -    -    - 
Accounts receivable   -    -    -    -    -    - 
Due from related party   58,054    -    60,032    -    60,038    - 
Investments in single-family residential properties, net of depreciation   254,155    -    203,478    -    223,013    - 
                               
Total Assets  $316,167   $-   $264,788   $-   $286,924   $- 
                               
Liabilities and Members’ Equity                              
Due to related party  $-   $-   $-   $-   $-   $- 
Other liabilities   1,607    -    -    -    -    - 
Security deposit   -    -    900    -    1,500    - 
Promissory note - related party   -    -    -    -    -    - 
Notes Payable - related party   -    -    -    -    -    - 
Acquisition note payable   136,604    -    107,324    -    83,092    - 
Bridge note payable   177,625    -    159,500    -    200,075    - 
Mortgage payable   -    -    -    -    -    - 
                               
Total Liabilities   315,836    -    267,724    -    284,667    - 
                               
Members’ equity (deficit)   331    -    (2,936)   -    2,257    - 
                               
Total Liabilities and Members’ Equity  $316,167   $-   $264,788   $-   $286,924   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-26

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING BALANCE SHEETS

 

   Landa Series 212
Fleeta Drive (3)		   Landa Series 217
Glenloch Court (3)		   Landa Series 2264
Chestnut Hill Circle (3)		 
   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		 
   (Unaudited)       (Unaudited)       (Unaudited)     
Assets                        
Cash  $809   $      -   $2,681   $      -   $-   $       - 
Restricted cash   1,175    -    1,400    -    1,875    - 
Escrow   -    -    -    -    -    - 
Accounts receivable   -    -    -    -    -    - 
Due from related party   57,739    -    59,691    -    57,697    - 
Investments in single-family residential properties, net of depreciation   170,628    -    243,805    -    312,787    - 
                               
Total Assets  $230,351   $-   $307,577   $-   $372,359   $- 
                               
Liabilities and Members’ Equity                              
Due to related party  $-   $-   $-   $-   $-   $- 
Other liabilities   -    -    -    -    -    - 
Security deposit   1,175    -    1,400    -    1,875    - 
Promissory note - related party   -    -    -    -    -    - 
Notes Payable - related party   -    -    -    -    -    - 
Acquisition note payable   61,313    -    74,373    -    151,869    - 
Bridge note payable   170,375    -    232,000    -    226,200    - 
Mortgage payable   -    -    -    -    -    - 
                               
Total Liabilities   232,863    -    307,773    -    379,944    - 
                               
Members’ equity (deficit)   (2,512)   -    (196)   -    (7,585)   - 
                               
Total Liabilities and Members’ Equity  $230,351   $-   $307,577   $-   $372,359   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-27

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING BALANCE SHEETS

 

   Landa Series 2425
Cornell Circle (4)		   Landa Series 25
Pleasant Valley Road (3)		   Landa Series 253
Marco Drive (3)		 
   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		 
   (Unaudited)       (Unaudited)       (Unaudited)     
Assets                        
Cash  $714   $      -   $471   $      -   $2,760   $      - 
Restricted cash   1,150    -    775    -    600    - 
Escrow   -    -    -    -    -    - 
Accounts receivable   -    -    -    -    -    - 
Due from related party   60,763    -    57,578    -    59,579    - 
Investments in single-family residential properties, net of depreciation   266,610    -    219,396    -    169,778    - 
                               
Total Assets  $329,237   $-   $278,220   $-   $232,717   $- 
                               
Liabilities and Members’ Equity                              
Due to related party  $-   $-   $-   $-   $-   $- 
Other liabilities   -    -    -    -    1,342    - 
Security deposit   1,150    -    775    -    600    - 
Promissory note - related party   -    -    -    -    -    - 
Notes Payable - related party   -    -    -    -    -    - 
Acquisition note payable   97,415    -    122,282    -    82,934    - 
Bridge note payable   234,050    -    159,500    -    148,625    - 
Mortgage payable   -    -    -    -    -    - 
                               
Total Liabilities   332,615    -    282,557    -    233,501    - 
                               
Members’ equity (deficit)   (3,378)   -    (4,337)   -    (784)   - 
                               
Total Liabilities and Members’ Equity  $329,237   $-   $278,220   $-   $232,717   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-28

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING BALANCE SHEETS

 

   Landa Series 258
Rocky Point Road (3)		   Landa Series 268
Brookview Drive (1)		   Landa Series 270
Mountain Lane (3)		 
   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		 
   (Unaudited)       (Unaudited)       (Unaudited)     
Assets                        
Cash  $2,259   $             -   $61   $             -   $5,508   $             - 
Restricted cash   1,600    -    -    -    1,650    - 
Escrow   -    -    -    -    -    - 
Accounts receivable   -    -    -    -    -    - 
Due from related party   61,703    -    56,023    -    29,990    - 
Investments in single-family residential properties, net of depreciation   250,173    -    126,171    -    257,037    - 
                               
Total Assets  $315,735   $-   $182,255   $-   $294,185   $- 
                               
Liabilities and Members’ Equity                              
Due to related party  $-   $-   $-   $-   $-   $- 
Other liabilities   -    -    -    -    -    - 
Security deposit   1,600    -    -    -    1,650    - 
Promissory note - related party   -    -    -    -    -    - 
Notes Payable - related party   -    -    -    -    -    - 
Acquisition note payable   128,986    -    179,551    -    97,528    - 
Bridge note payable   184,875    -    -    -    185,600    - 
Mortgage payable   -    -    -    -    -    - 
                               
Total Liabilities   315,461    -    179,551    -    284,778    - 
                               
Members’ equity (deficit)   274    -    2,704    -    9,407    - 
                               
Total Liabilities and Members’ Equity  $315,735   $-   $182,255   $-   $294,185   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-29

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING BALANCE SHEETS

 

   Landa Series 270
Pleasant Hills Drive (3)		   Landa Series 2813
Vicksburg Court (3)		   Landa Series 2933
Coffer Drive (3)		 
   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31, 2022 
   (Unaudited)       (Unaudited)       (Unaudited)     
Assets                        
Cash  $2,457   $                 -   $1,635   $            -   $58   $          - 
Restricted cash   1,623    -    1,275    -    -    - 
Escrow   -    -    -    -    -    - 
Accounts receivable   -    -    -    -    -    - 
Due from related party   3,841    -    59,225    -    60,047    - 
Investments in single-family residential properties, net of depreciation   264,654    -    272,459    -    217,549    - 
                               
Total Assets  $272,575   $-   $334,594   $-   $277,654   $- 
                               
Liabilities and Members’ Equity                              
Due to related party  $-   $-   $-   $-   $-   $- 
Other liabilities   -    -    -    -    -    - 
Security deposit   1,623    -    1,275    -    -    - 
Promissory note - related party   -    -    -    -    -    - 
Notes Payable - related party   -    -    -    -    -    - 
Acquisition note payable   100,461    -    125,869    -    107,005    - 
Bridge note payable   170,375    -    210,250    -    174,000    - 
Mortgage payable   -    -    -    -    -    - 
                               
Total Liabilities   272,459    -    337,394    -    281,005    - 
                               
Members’ equity (deficit)   116    -    (2,800)   -    (3,351)   - 
                               
Total Liabilities and Members’ Equity  $272,575   $-   $334,594   $-   $277,654   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-30

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING BALANCE SHEETS

 

   Landa Series 30
High Ridge Road (3)		   Landa Series 30
Roosevelt Road (3)		   Landa Series 3011
Raintree Drive SE (3)		 
   June 30,
2023		   December 31,
2022		  

June 30,

2023

   December 31,
2022		   June 30,
2023		   December 31,
2022		 
   (Unaudited)       (Unaudited)       (Unaudited)     
Assets                        
Cash  $3,676   $             -   $11   $             -   $12   $             - 
Restricted cash   935    -    1,625    -    995    - 
Escrow   -    -    -    -    -    - 
Accounts receivable   -    -    1,788    -    -    - 
Due from related party   61,061    -    57,840    -    8,782    - 
Investments in single-family residential properties, net of depreciation   267,444    -    220,458    -    294,204    - 
                               
Total Assets  $333,116   $-   $281,722   $-   $303,993   $- 
                               
Liabilities and Members’ Equity                              
Due to related party  $-   $-   $-   $-   $-   $- 
Other liabilities   -    -    -    -    -    - 
Security deposit   935    -    1,625    -    995    - 
Promissory note - related party   -    -    -    -    -    - 
Notes Payable - related party   -    -    -    -    -    - 
Acquisition note payable   168,815    -    98,660    -    124,319    - 
Bridge note payable   163,125    -    184,875    -    184,875    - 
Mortgage payable   -    -    -    -    -    - 
                               
Total Liabilities   332,875    -    285,160    -    310,189    - 
                               
Members’ equity   241    -    (3,438)   -    (6,196)   - 
                               
Total Liabilities and Members’ Equity   $333,116   $-   $281,722   $-   $303,993   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-31

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING BALANCE SHEETS

 

   Landa Series 3043
Highway 81 S (3)		   Landa Series 313
Blue Heron Drive (3)		   Landa Series 3202
Chippewa Drive (3)		 
   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		 
   (Unaudited)       (Unaudited)       (Unaudited)     
Assets                        
Cash  $8,448   $             -   $3,273   $           -   $20   $          - 
Restricted cash   1,180    -    1,553    -    -    - 
Escrow   -    -    -    -    -    - 
Accounts receivable   -    -    -    -    -    - 
Due from related party   33,265    -    8,828    -    58,277    - 
Investments in single-family residential properties, net of depreciation   162,988    -    256,654    -    234,254    - 
                               
Total Assets  $205,881   $-   $270,308   $-   $292,551   $- 
                               
Liabilities and Members’ Equity                              
Due to related party  $-   $-   $-   $-   $-   $- 
Other liabilities   -    -    -    -    -    - 
Security deposit   1,180    -    1,553    -    -    - 
Promissory note - related party   -    -    -    -    -    - 
Notes Payable - related party   -    -    -    -    -    - 
Acquisition note payable   54,936    -    89,345    -    145,317    - 
Bridge note payable   155,875    -    174,000    -    152,250    - 
Mortgage payable   -    -    -    -    -    - 
                               
Total Liabilities   211,991    -    264,898    -    297,567    - 
                               
Members’ equity (deficit)   (6,110)   -    5,410    -    (5,016)   - 
                               
Total Liabilities and Members’ Equity   $205,881   $-   $270,308   $-   $292,551   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

  

F-32

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING BALANCE SHEETS

 

   Landa Series 35
Clay Court (3)		   Landa Series 350
Cadiz Lane S (3)		   Landa Series 351
Wesley Park Drive (3)		 
   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		 
   (Unaudited)       (Unaudited)       (Unaudited)     
Assets                        
Cash  $3,073   $            -   $737   $              -   $415   $             - 
Restricted cash   1,699    -    -    -    900    - 
Escrow   -    -    -    -    -    - 
Accounts receivable   -    -    -    -    -    - 
Due from related party   6,854    -    59,144    -    59,681    - 
Investments in single-family residential properties, net of depreciation   291,725    -    213,029    -    197,110    - 
                               
Total Assets  $303,351   $-   $272,910   $-   $258,106   $- 
                               
Liabilities and Members’ Equity                              
Due to related party  $-   $-   $-   $-   $-   $- 
Other liabilities   -    -    117    -    -    - 
Security deposit   1,699    -    -    -    900    - 
Promissory note - related party   -    -    -    -    -    - 
Notes Payable - related party   -    -    -    -    -    - 
Acquisition note payable   128,222    -    111,288    -    104,357    - 
Bridge note payable   174,000    -    163,125    -    152,250    - 
Mortgage payable   -    -    -    -    -    - 
                               
Total Liabilities   303,921    -    274,530    -    257,507    - 
                               
Members’ equity (deficit)   (570)   -    (1,620)   -    599    - 
                               
Total Liabilities and Members’ Equity   $303,351   $-   $272,910   $-   $258,106   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-33

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING BALANCE SHEETS

 

   Landa Series 3667
Patti Parkway (4)		   Landa Series 412
Kendall Lane (4)		   Landa Series 43
Darwin Drive (3)		 
   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		 
   (Unaudited)       (Unaudited)       (Unaudited)     
Assets                        
Cash  $380   $            -   $1,809   $         -   $769   $           - 
Restricted cash   -    -    -    -    -    - 
Escrow   -    -    -    -    -    - 
Accounts receivable   -    -    -    -    -    - 
Due from related party   61,816    -    46,590    -    56,905    - 
Investments in single-family residential properties, net of depreciation   313,395    -    242,364    -    188,619    - 
                               
Total Assets  $375,591   $-   $290,763   $-   $246,293   $- 
                               
Liabilities and Members’ Equity                              
Due to related party  $-   $-   $-   $-   $-   $- 
Other liabilities   -    -    -    -    -    - 
Security deposit   -    -    -    -    -    - 
Promissory note - related party   -    -    -    -    -    - 
Notes Payable - related party   -    -    -    -    -    - 
Acquisition note payable   133,942    -    132,954    -    86,352    - 
Bridge note payable   245,375    -    162,325    -    163,125    - 
Mortgage payable   -    -    -    -    -    - 
                               
Total Liabilities   379,317    -    295,279    -    249,477    - 
                               
Members’ equity (deficit)   (3,726)   -    (4,516)   -    (3,184)   - 
                               
Total Liabilities and Members’ Equity  $375,591   $-   $290,763   $-   $246,293   $- 

  

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-34

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING BALANCE SHEETS

 

   Landa Series 45
Blue Jay Drive (3)		   Landa Series 45
Laurel Way (4)		   Landa Series 4702
Saint James Way (3)		 
   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		 
   (Unaudited)       (Unaudited)       (Unaudited)     
Assets                        
Cash  $1,816   $             -   $45   $             -   $2,664   $             - 
Restricted cash   1,425    -    975    -    1,550    - 
Escrow   -    -    -    -    -    - 
Accounts receivable   -    -    -    -    -    - 
Due from related party   60,476    -    60,615    -    54,820    - 
Investments in single-family residential properties, net of depreciation   287,316    -    275,053    -    203,486    - 
                               
Total Assets  $351,033   $-   $336,688   $-   $262,520   $- 
                               
Liabilities and Members’ Equity                              
Due to related party  $-   $-   $-   $-   $-   $- 
Other liabilities   1,750    -    -    -    1,550    - 
Security deposit   1,425    -    975    -    1,550    - 
Promissory note - related party   -    -    -    -    -    - 
Notes Payable - related party   -    -    -    -    -    - 
Acquisition note payable   129,958    -    176,972    -    120,626    - 
Bridge note payable   222,575    -    162,325    -    145,725    - 
Mortgage payable   -    -    -    -    -    - 
                               
Total Liabilities   355,708    -    340,272    -    269,451    - 
                               
Members’ equity (deficit)   (4,675)   -    (3,584)   -    (6,931)   - 
                               
Total Liabilities and Members’ Equity   $351,033   $-   $336,688   $-   $262,520   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-35

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING BALANCE SHEETS

 

   Landa Series 4732
Pinedale Drive (3)		   Landa Series 5040
Huntshire Lane (3)		   Landa Series 513
Jarrett Court (3)		 
   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		 
   (Unaudited)       (Unaudited)       (Unaudited)     
Assets                        
Cash  $3,867   $             -   $721   $             -   $2,139   $             - 
Restricted cash   800    -    2,499    -    1,599    - 
Escrow   -    -    -    -    -    - 
Accounts receivable   -    -    -    -    -    - 
Due from related party   36,496    -    3,576    -    24,443    - 
Investments in single-family residential properties, net of depreciation   191,759    -    433,923    -    260,581    - 
                               
Total Assets  $232,922   $-   $440,719   $-   $288,762   $- 
                               
Liabilities and Members’ Equity                              
Due to related party  $-   $-   $-   $-   $-   $- 
Other liabilities   -    -    -    -    -    - 
Security deposit   800    -    2,499    -    1,599    - 
Promissory note - related party   -    -    -    -    -    - 
Notes Payable - related party   -    -    -    -    -    - 
Acquisition note payable   110,746    -    124,062    -    85,071    - 
Bridge note payable   123,250    -    308,125    -    181,250    - 
Mortgage payable   -    -    -    -    -    - 
                               
Total Liabilities   234,796    -    434,686    -    267,920    - 
                               
Members’ equity (deficit)   (1,874)   -    6,033    -    20,842    - 
                               
Total Liabilities and Members’ Equity  $232,922   $-   $440,719   $-   $288,762   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-36

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING BALANCE SHEETS

 

   Landa Series 5143
Pinecrest Drive SW (3)		   Landa Series 540
Cowan Road (3)		   Landa Series 5411
Rocky Pine Drive (4)		 
   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		 
   (Unaudited)       (Unaudited)       (Unaudited)     
Assets                        
Cash  $1,526   $             -   $2,084   $             -   $1,807   $             - 
Restricted cash   1,225    -    995    -    1,775    - 
Escrow   -    -    -    -    -    - 
Accounts receivable   -    -    -    -    -    - 
Due from related party   26,764    -    59,961    -    50,221    - 
Investments in single-family residential properties, net of depreciation   196,854    -    234,959    -    255,649    - 
                               
Total Assets  $226,369   $-   $297,999   $-   $309,452   $- 
                               
Liabilities and Members’ Equity                              
Due to related party  $-   $-   $-   $-   $-   $- 
Other liabilities   -    -    -    -    -    - 
Security deposit   1,225    -    995    -    1,775    - 
Promissory note - related party   -    -    -    -    -    - 
Notes Payable - related party   -    -    -    -    -    - 
Acquisition note payable   95,459    -    108,876    -    126,032    - 
Bridge note payable   130,500    -    188,500    -    181,200    - 
Mortgage payable   -    -    -    -    -    - 
                               
Total Liabilities   227,184    -    298,371    -    309,007    - 
                               
Members’ equity (deficit)   (815)   -    (372)   -    445    - 
                               
Total Liabilities and Members’ Equity   $226,369   $-   $297,999   $-   $309,452   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-37

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING BALANCE SHEETS

 

   Landa Series 550
Cowan Road (4)		   Landa Series 5581
Fox Glen Circle (4)		   Landa Series 565
Mountainview Drive (3)		 
   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		 
   (Unaudited)       (Unaudited)       (Unaudited)     
Assets                        
Cash  $1,513   $             -   $1,696   $             -   $3,587   $             - 
Restricted cash   1,475    -    2,275    -    1,675    - 
Escrow   -    -    -    -    -    - 
Accounts receivable   -    -    -    -    -    - 
Due from related party   8,906    -    31,407    -    6,541    - 
Investments in single-family residential properties, net of depreciation   239,479    -    398,802    -    270,318    - 
                               
Total Assets  $251,373   $-   $434,180   $-   $282,121   $- 
                               
Liabilities and Members’ Equity                              
Due to related party  $-   $-   $-   $-   $-   $- 
Other liabilities   1,475    -    1,615    -    -    - 
Security deposit   1,475    -    2,275    -    1,675    - 
Promissory note - related party   -    -    -    -    -    - 
Notes Payable - related party   -    -    -    -    -    - 
Acquisition note payable   51,141    -    149,620    -    93,694    - 
Bridge note payable   196,300    -    284,635    -    188,500    - 
Mortgage payable   -    -    -    -    -    - 
                               
Total Liabilities   250,391    -    438,145    -    283,869    - 
                               
Members’ equity (deficit)   982    -    (3,965)   -    (1,748)   - 
                               
Total Liabilities and Members’ Equity   $251,373   $-   $434,180   $-   $282,121   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-38

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING BALANCE SHEETS

 

   Landa Series 5801
Strathmoor Manor Circle (3)		   Landa Series 6107
Shadow Glen Court (3)		   Landa Series 6111-6113
Pine Glen Circle SW (3)		 
   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		 
   (Unaudited)       (Unaudited)       (Unaudited)     
Assets                        
Cash  $4,814   $             -   $1,581   $             -   $67   $             - 
Restricted cash   1,575    -    1,175    -    500    - 
Escrow   -    -    -    -    -    - 
Accounts receivable   -    -    -    -    -    - 
Due from related party   44,539    -    21,787    -    60,720    - 
Investments in single-family residential properties, net of depreciation   213,061    -    187,887    -    388,137    - 
                               
Total Assets  $263,989   $-   $212,430   $-   $449,424   $- 
                               
Liabilities and Members’ Equity                              
Due to related party  $-   $-   $-   $-   $-   $- 
Other liabilities   1,625    -    -    -    -    - 
Security deposit   1,575    -    1,175    -    500    - 
Promissory note - related party   -    -    -    -    -    - 
Notes Payable - related party   -    -    -    -    -    - 
Acquisition note payable   117,933    -    78,601    -    269,783    - 
Bridge note payable   143,550    -    131,225    -    181,250    - 
Mortgage payable   -    -    -    -    -    - 
                               
Total Liabilities   264,683    -    211,001    -    451,533    - 
                               
Members’ equity (deficit)   (694)   -    1,429    -    (2,109)   - 
                               
Total Liabilities and Members’ Equity   $263,989   $-   $212,430   $-   $449,424   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-39

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING BALANCE SHEETS

 

   Landa Series 615
Barshay Drive (3)		   Landa Series 6168
Wheat Street NE (3)		   Landa Series 6178
Green Acres Drive SW (3)		 
   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		 
   (Unaudited)       (Unaudited)       (Unaudited)     
Assets                        
Cash  $12   $             -   $252   $             -   $803   $             - 
Restricted cash   1,100    -    -    -    1,400    - 
Escrow   -    -    -    -    -    - 
Accounts receivable   -    -    -    -    -    - 
Due from related party   59,887    -    59,491    -    32,036    - 
Investments in single-family residential properties, net of depreciation   226,865    -    125,236    -    188,374    - 
                               
Total Assets  $287,864   $-   $184,979   $-   $222,613   $- 
                               
Liabilities and Members’ Equity                              
Due to related party  $-   $-   $-   $-   $-   $- 
Other liabilities   -    -    -    -    -    - 
Security deposit   1,100    -    -    -    1,400    - 
Promissory note - related party   -    -    -    -    -    - 
Notes Payable - related party   -    -    -    -    -    - 
Acquisition note payable   114,904    -    77,291    -    90,872    - 
Bridge note payable   174,000    -    108,750    -    130,500    - 
Mortgage payable   -    -    -    -    -    - 
                               
Total Liabilities   290,004    -    186,041    -    222,772    - 
                               
Members’ equity (deficit)   (2,140)   -    (1,062)   -    (159)   - 
                               
Total Liabilities and Members’ Equity   $287,864   $-   $184,979   $-   $222,613   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-40

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING BALANCE SHEETS

 

   Landa Series 6404
Walnut Way (4)		   Landa Series 643
Sycamore Drive (3)		   Landa Series 65
Freedom Court (3)		 
   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		 
   (Unaudited)       (Unaudited)       (Unaudited)     
Assets                        
Cash  $6,237   $             -   $5,547   $             -   $1,662   $             - 
Restricted cash   800    -    1,125    -    500    - 
Escrow   -    -    -    -    -    - 
Accounts receivable   -    -    -    -    -    - 
Due from related party   57,991    -    59,815    -    61,911    - 
Investments in single-family residential properties, net of depreciation   215,570    -    206,296    -    227,969    - 
                               
Total Assets  $280,598   $-   $272,783   $-   $292,042   $- 
                               
Liabilities and Members’ Equity                              
Due to related party  $-   $-   $-   $-   $-   $- 
Other liabilities   -    -    1,535    -    -    - 
Security deposit   800    -    1,125    -    500    - 
Promissory note - related party   -    -    -    -    -    - 
Notes Payable - related party   -    -    -    -    -    - 
Acquisition note payable   76,792    -    88,786    -    133,749    - 
Bridge note payable   188,750    -    178,350    -    159,500    - 
Mortgage payable   -    -    -    -    -    - 
                               
Total Liabilities   266,342    -    269,796    -    293,749    - 
                               
Members’ equity   14,256    -    2,987    -    (1,707)   - 
                               
Total Liabilities and Members’ Equity  $280,598   $-   $272,783   $-   $292,042   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

  

F-41

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING BALANCE SHEETS

 

   Landa Series 6635
Kimberly Mill Road (3)		   Landa Series 6653
Bedford Road (3)		   Landa Series 6762
Bent Creek Drive (3)		 
   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		 
   (Unaudited)       (Unaudited)       (Unaudited)     
Assets                        
Cash  $30   $             -   $1,078   $             -   $2,856   $             - 
Restricted cash   -    -    1,475    -    1,595    - 
Escrow   -    -    -    -    -    - 
Accounts receivable   -    -    -    -    -    - 
Due from related party   58,260    -    -    -    24,170    - 
Investments in single-family residential properties, net of depreciation   263,409    -    280,763    -    250,278    - 
                               
Total Assets  $321,699   $-   $283,316   $-   $278,899   $- 
                               
Liabilities and Members’ Equity                              
Due to related party  $-   $-   $6,514   $-   $-   $- 
Other liabilities   -    -    -    -    -    - 
Security deposit   -    -    1,475    -    1,595    - 
Promissory note - related party   -    -    -    -    -    - 
Notes Payable - related party   -    -    -    -    -    - 
Acquisition note payable   150,905    -    118,443    -    84,418    - 
Bridge note payable   176,900    -    159,500    -    192,125    - 
Mortgage payable   -    -    -    -    -    - 
                               
Total Liabilities   327,805    -    285,932    -    278,138    - 
                               
Members’ equity (deficit)   (6,106)   -    (2,616)   -    761    - 
                               
Total Liabilities and Members’ Equity  $321,699   $-   $283,316   $-   $278,899   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

  

F-42

 

  

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING BALANCE SHEETS

 

  

Landa Series 709

Georgetown Court (3)

   Landa Series 7107
Geiger Street NW (3)		   Landa Series 750
Georgetown Court (3)		 
   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		 
   (Unaudited)       (Unaudited)       (Unaudited)     
Assets                        
Cash  $5,635   $             -   $3,460   $             -   $659   $             - 
Restricted cash   1,700    -    1,150    -    1,190    - 
Escrow   -    -    -    -    -    - 
Accounts receivable   -    -    -    -    -    - 
Due from related party   40,006    -    29,543    -    59,472    - 
Investments in single-family residential properties, net of depreciation   235,757    -    128,818    -    164,210    - 
                               
Total Assets  $283,098   $-   $162,971   $-   $225,531   $- 
                               
Liabilities and Members’ Equity                              
Due to related party  $-   $-   $-   $-   $-   $- 
Other liabilities   -    -    -    -    -    - 
Security deposit   1,700    -    1,150    -    1,190    - 
Promissory note - related party   -    -    -    -    -    - 
Notes Payable - related party   -    -    -    -    -    - 
Acquisition note payable   77,203    -    -    -    72,915    - 
Bridge note payable   170,375    -    126,875    -    152,250    - 
Mortgage payable   -    -    -    -    -    - 
                               
Total Liabilities   249,278    -    128,025    -    226,355    - 
                               
Members’ equity (deficit)   33,820    -    34,946    -    (824)   - 
                               
Total Liabilities and Members’ Equity  $283,098   $-   $162,971   $-   $225,531   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-43

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING BALANCE SHEETS

 

   Landa Series 752
Chestnut Drive (3)		   Landa Series 773
Villa Way (1)		   Landa Series 7781
Mountain Creek Way (3)		 
   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		 
   (Unaudited)       (Unaudited)       (Unaudited)     
Assets                        
Cash  $63   $             -   $3,609   $             -   $51   $             - 
Restricted cash   675    -    -    -    -    - 
Escrow   -    -    -    -    -    - 
Accounts receivable   -    -    -    -    -    - 
Due from related party   60,397    -    25,162    -    57,815    - 
Investments in single-family residential properties, net of depreciation   135,595    -    87,647    -    236,446    - 
                               
Total Assets  $196,730   $-   $116,418   $-   $294,312   $- 
                               
Liabilities and Members’ Equity                              
Due to related party  $-   $-   $-   $-   $-   $- 
Other liabilities   -    -    12    -    -    - 
Security deposit   675    -    -    -    -    - 
Promissory note - related party   -    -    -    -    -    - 
Notes Payable - related party   -    -    -    -    -    - 
Acquisition note payable   90,791    -    71,894    -    97,429    - 
Bridge note payable   105,125    -    -    -    202,928    - 
Mortgage payable   -    -    -    -    -    - 
                               
Total Liabilities   196,591    -    71,906    -    300,357    - 
                               
Members’ equity (deficit)   139    -    44,512    -    (6,045)   - 
                               
Total Liabilities and Members’ Equity  $196,730   $-   $116,418   $-   $294,312   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-44

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING BALANCE SHEETS

 

   Landa Series 7950
Woodlake Drive (3)		   Landa Series 80 High
Ridge Road (3)		   Landa Series 808
Hillandale Lane (3)		 
   June 30,
2023		   December 31,
2022		   June 30, 2023   December 31,
2022		   June 30, 2023   December 31,
2022		 
   (Unaudited)       (Unaudited)       (Unaudited)     
Assets                        
Cash  $21   $             -   $141   $             -   $6   $             - 
Restricted cash   1,200    -    1,350    -    1,075    - 
Escrow   -    -    -    -    -    - 
Accounts receivable   -    -    -    -    -    - 
Due from related party   61,140    -    57,327    -    60,372    - 
Investments in single-family residential properties, net of depreciation   187,558    -    237,437    -    220,491    - 
                               
Total Assets  $249,919   $-   $296,255   $-   $281,944   $- 
                               
Liabilities and Members’ Equity                              
Due to related party  $-   $-   $-   $-   $-   $- 
Other liabilities   -    -    -    -    -    - 
Security deposit   1,200    -    1,350    -    1,075    - 
Promissory note - related party   -    -    -    -    -    - 
Notes Payable - related party   -    -    -    -    -    - 
Acquisition note payable   108,360    -    114,660    -    112,282    - 
Bridge note payable   142,100    -    184,875    -    171,000    - 
Mortgage payable   -    -    -    -    -    - 
                               
Total Liabilities   251,660    -    300,885    -    284,357    - 
                               
Members’ equity (deifict)   (1,741)   -    (4,630)   -    (2,413)   - 
                               
Total Liabilities and Members’ Equity  $249,919   $-   $296,255   $-   $281,944   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-45

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING BALANCE SHEETS

 

   Landa Series 8110
Devonshire Drive (3)		   Landa Series 8121
Spillers Drive SW (3)		   Landa Series 8233
Creekline Court (3)		 
   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		 
   (Unaudited)       (Unaudited)       (Unaudited)     
Assets                        
Cash  $4,719   $             -   $1,290   $             -   $2,075   $             - 
Restricted cash   2,500    -    875    -    1,750    - 
Escrow   -    -    -    -    -    - 
Accounts receivable   -    -    -    -    -    - 
Due from related party   59,055    -    59,965    -    50,993    - 
Investments in single-family residential properties, net of depreciation   150,457    -    181,668    -    236,919    - 
                               
Total Assets  $216,731   $-   $243,798   $-   $291,737   $- 
                               
Liabilities and Members’ Equity                              
Due to related party  $-   $-   $-   $-   $-   $- 
Other liabilities   -    -    -    -    1,750    - 
Security deposit   2,500    -    875    -    1,750    - 
Promissory note - related party   -    -    -    -    -    - 
Notes Payable - related party   -    -    -    -    -    - 
Acquisition note payable   56,959    -    116,228    -    139,677    - 
Bridge note payable   134,125    -    126,875    -    152,119    - 
Mortgage payable   -    -    -    -    -    - 
                               
Total Liabilities   193,584    -    243,978    -    295,296    - 
                               
Members’ equity (deficit)   23,147    -    (180)   -    (3,559)   - 
                               
Total Liabilities and Members’ Equity  $216,731   $-   $243,798   $-   $291,737   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-46

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING BALANCE SHEETS

  

   Landa Series 843
Tramore Drive (1)		  

Landa Series 85

Kirkland Court (3)

   Landa Series 85
Thorn Thicket Way (3)		 
   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		 
   (Unaudited)       (Unaudited)       (Unaudited)     
Assets                        
Cash  $5,243   $             -   $49   $             -   $171   $             - 
Restricted cash   -    -    -    -    1,050    - 
Escrow   -    -    -    -    -    - 
Accounts receivable   -    -    -    -    -    - 
Due from related party   31,606    -    36,237    -    60,881    - 
Investments in single-family residential properties, net of depreciation   162,811    -    287,834    -    230,075    - 
                               
Total Assets  $199,660   $-   $324,120   $-   $292,177   $- 
                               
Liabilities and Members’ Equity                              
Due to related party  $-   $-   $-   $-   $-   $- 
Other liabilities   212    -    -    -    -    - 
Security deposit   -    -    -    -    1,050    - 
Promissory note - related party   -    -    -    -    -    - 
Notes Payable - related party   -    -    -    -    -    - 
Acquisition note payable   120,647    -    121,534    -    121,093    - 
Bridge note payable   -    -    206,625    -    172,550    - 
Mortgage payable   -    -    -    -    -    - 
                               
Total Liabilities   120,859    -    328,159    -    294,693    - 
                               
Members’ equity (deficit)   78,801    -    (4,039)   -    (2,516)   - 
                               
Total Liabilities and Members’ Equity  $199,660   $-   $324,120   $-   $292,177   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-47

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING BALANCE SHEETS

 

   Landa Series 8855
Rugby Court (3)		   Landa Series 9434
Cedar Creek Place (3)		   Landa Series 9597
Pintail Trail (3)		 
   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		   June 30,
2023		   December 31,
2022		 
   (Unaudited)       (Unaudited)       (Unaudited)     
Assets                        
Cash  $3,290   $             -   $347   $             -   $1,468   $             - 
Restricted cash   1,075    -    1,150    -    1,775    - 
Escrow   -    -    -    -    -    - 
Accounts receivable   -    -    -    -    -    - 
Due from related party   58,644    -    61,131    -    26,212    - 
Investments in single-family residential properties, net of depreciation   158,951    -    266,108    -    270,588    - 
                               
Total Assets  $221,960   $-   $328,736   $-   $300,043   $- 
                               
Liabilities and Members’ Equity                              
Due to related party  $-   $-   $-   $-   $-   $- 
Other liabilities   -    -    -    -    -    - 
Security deposit   1,075    -    1,150    -    1,775    - 
Promissory note - related party   -    -    -    -    -    - 
Notes Payable - related party   -    -    -    -    -    - 
Acquisition note payable   97,315    -    133,044    -    129,380    - 
Bridge note payable   123,250    -    195,750    -    163,125    - 
Mortgage payable   -    -    -    -    -    - 
                               
Total Liabilities   221,640    -    329,944    -    294,280    - 
                               
Members’ equity (deficit)   320    -    (1,208)   -    5,763    - 
                               
Total Liabilities and Members’ Equity  $221,960   $-   $328,736   $-   $300,043   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-48

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING BALANCE SHEETS

 

   Total Combined
Balance Sheets		 
   June 30,
2023		   December 31,
2022		 
   (Unaudited)     
Assets        
Cash  $335,182   $176,729 
Restricted cash   139,879    40,216 
Escrow   47,310    6,173 
Accounts receivable   2,588    7,571 
Due from related party   4,631,036    44,248 
Investments in single-family residential properties, net of depreciation   26,065,403    4,880,562 
           
Total Assets  $31,221,398   $5,155,499 
           
Liabilities and Members’ Equity          
Due to related party  $169,408   $155,888 
Other liabilities   120,375    57,958 
Security deposit   139,906    39,318 
Promissory note - related party   37,540    188,173 
Notes Payable - related party   -    52,515 
Acquisition note payable   10,527,890    - 
Bridge note payable   15,294,870    - 
Mortgage payable   3,395,798    3,358,200 
           
Total Liabilities   29,685,787    3,852,052 
           
Members’ Equity / (Deficit)          
Members’ equity   1,535,611    1,303,447 
           
Total Liabilities and Members’ Equity / (Deficit)  $31,221,398   $5,155,499 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-49

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   Landa App LLC   Landa Series 115
Sardis Street		   Landa Series 1394
Oakview Circle		 
   Six months ended
June 30,		   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022   2023   2022 
Rental income  $-   $-   $1,786   $5,822   $5,127   $4,883 
                               
Expenses                              
Management fee   -    -    136    402    410    390 
Professional fees   -    -    -    -    -    - 
Repairs & maintenance   -    -    -    -    -    - 
Utilities   -    -    -    -    -      
HOA fee   -    -    1,000    -    -    - 
Insurance expense   -    -    97    206    187    193 
Real estate taxes   -    -    276    471    1,035    784 
Depreciation expense   -    -    981    1,984    1,111    1,112 
Interest expense   -    -    1,376    1,565    1,056    1,068 
                               
Total expenses   -    -    3,866    4,628    3,799    3,547 
                               
Net operating income (loss)   -    -    (2,080)   1,194    1,328    1,336 
                               
Gain (loss) on sale of real estate   -    -    32,421    -    -    - 
Provision for income taxes   -    -    -    -    -    - 
                               
Net income (loss)  $-   $-   $30,341   $1,194   $1,328   $1,336 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-50

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   Landa Series 1701
Summerwoods Lane (2)		   Landa Series 1741
Park Lane (2)		   Landa Series 209
Timber Wolf Trail		 
   Six months ended
June 30,		   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022   2023   2022 
Rental income  $3,037   $3,990   $2,398   $3,273   $1,275   $4,650 
                               
Expenses                              
Management fee   243    319    185    243    102    372 
Professional fees   -    -    -    -    262    - 
Repairs & maintenance   3,865    149    2,495    -    -    - 
Utilities   -    -    -         -      
HOA fee   160    200    -    -    703    180 
Insurance expense   76    108    89    124    128    161 
Real estate taxes   493    591    508    605    394    415 
Depreciation expense   1,348    930    1,525    1,264    1,442    1,719 
Interest expense   1,581    842    2,177    1,058    2,309    1,510 
                               
Total expenses   7,766    3,139    6,979    3,294    5,340    4,357 
                               
Net operating income (loss)   (4,729)   851    (4,581)   (21)   (4,065)   293 
                               
Gain (loss) on sale of real estate   -    70,269    -    72,481    (8,208)   - 
Provision for income taxes   -    (14,224)   -    (14,496)   -    - 
                               
Net income (loss)  $(4,729)  $56,896   $(4,581)  $57,964   $(12,273)  $293 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-51

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   Landa Series 2505
Oak Circle		   Landa Series 271
Timber Wolf Trail		   Landa Series 29
Holly Grove Road		 
   Six months ended
June 30,		   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022   2023   2022 
Rental income  $3,875   $7,500   $-   $6,284   $4,548   $4,331 
                               
Expenses                              
Management fee   310    600    -    479    364    346 
Professional fees   -    -    -    -    50    - 
Repairs & maintenance   13,097    134    623    -    -    - 
Utilities   -    -    -    -    -    - 
HOA fee   -    -    -    180    -    - 
Insurance expense   127    155    73    135    221    164 
Real estate taxes   653    538    282    431    769    666 
Depreciation expense   1,330    1,525    1,093    1,891    1,536    1,537 
Interest expense   1,818    1,808    1,687    1,528    2,249    1,981 
                               
Total expenses   17,335    4,760    3,758    4,644    5,189    4,694 
                               
Net operating income (loss)   (13,460)   2,740    (3,758)   1,640    (641)   (363)
                               
Gain (loss) on sale of real estate   46,645    -    (8,845)   -    -    - 
Provision for income taxes   (1,530)   -    -    -    -    - 
                               
Net income (loss)  $31,655   $2,740   $(12,603)  $1,640   $(641)  $(363)

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-52

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   Landa Series 1703
Summerwoods Lane		   Landa Series 1712
Summerwoods Lane		   Landa Series 1743
Summerwoods Lane		 
   Six months ended
June 30,		   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022   2023   2022 
Rental income  $6,234   $5,723   $2,180   $5,305   $7,260   $5,953 
                               
Expenses                              
Management fee   499    458    174    424    581    468 
Professional fees   -    -    -    -    -    - 
Repairs & maintenance   2,927    -    -    -    -    - 
Utilities   -    -    -    -    -    - 
HOA fee   660    300    150    300    660    300 
Insurance expense   160    168    217    175    217    164 
Real estate taxes   1,021    887    1,021    887    1,021    887 
Depreciation expense   1,826    1,708    1,826    1,708    1,826    1,708 
Interest expense   1,870    1,766    1,621    1,531    1,870    1,766 
                               
Total expenses   8,963    5,287    5,009    5,025    6,175    5,293 
                               
Net operating income (loss)   (2,729)   436    (2,829)   280    1,085    660 
                               
Gain (loss) on sale of real estate   -    -    -    -    -    - 
Provision for income taxes   -    -    -    -    -    - 
                               
Net income (loss)  $(2,729)  $436   $(2,829)  $280   $1,085   $660 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-53

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   Landa Series 1750
Summerwoods Lane		   Landa Series 4267
High Park Lane		   Landa Series 4474
Highwood Park Drive		 
   Six months ended
June 30,		   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022   2023   2022 
Rental income  $7,079   $5,347   $975   $6,972   $7,380   $6,721 
                               
Expenses                              
Management fee   566    428    78    558    590    538 
Professional fees   -    -    743    -    -    - 
Repairs & maintenance   -    -    -    862    90    1,647 
Utilities   -    -    -    -    -    - 
HOA fee   300    300    900    900    900    900 
Insurance expense   228    233    187    192    186    192 
Real estate taxes   1,021    887    951    976    1,121    980 
Depreciation expense   1,826    1,708    2,613    2,282    2,195    2,053 
Interest expense   1,870    1,766    2,502    2,363    2,250    2,125 
                               
Total expenses   5,811    5,322    7,974    8,133    7,332    8,435 
                               
Net operating income (loss)   1,268    25    (6,999)   (1,161)   48    (1,714)
                               
Gain (loss) on sale of real estate   -    -    -    -    -    - 
Provision for income taxes   -    -    -    -    -    - 
                               
Net income (loss)  $1,268   $25   $(6,999)  $(1,161)  $48   $(1,714)

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-54

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   Landa Series 8569
Creekwood Way		   Landa Series 9439
Lakeview Road		   Landa Series 10167
Port Royal Court		 
   Six months ended
June 30,		   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022   2023   2022 
Rental income  $-   $4,820   $8,400   $6,972   $6,615   $6,063 
                               
Expenses                              
Management fee   -    386    672    558    529    485 
Professional fees   -    -    -    -    -    - 
Repairs & maintenance   -    -    -    1,855    -    - 
Utilities   -    -    12    -    -    - 
HOA fee   900    834    778    478    -    - 
Insurance expense   222    226    176    184    193    200 
Real estate taxes   425    355    1,068    1,090    1,171    798 
Depreciation expense   1,339    1,252    2,909    2,722    1,776    1,662 
Interest expense   1,186    1,120    2,986    2,820    1,980    1,870 
                               
Total expenses   4,072    4,173    8,601    9,707    5,649    5,015 
                               
Net operating income (loss)   (4,072)   647    (201)   (2,735)   966    1,048 
                               
Gain (loss) on sale of real estate   -    -    -    -    -    - 
Provision for income taxes   -    -    -    -    -    - 
                               
Net income (loss)  $(4,072)  $647   $(201)  $(2,735)  $966   $1,048 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-55

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   Landa Series 1246
Elgin Way		   Landa Series 1910
Grove Way		   Landa Series 593
Country Lane Drive		 
   Six months ended
June 30,		   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022   2023   2022 
Rental income  $7,741   $7,232   $702   $2,203   $6,221   $5,705 
                               
Expenses                              
Management fee   599    550    44    167    490    484 
Professional fees   137    -    238    -    137    - 
Repairs & maintenance   -    -    400    6,541    -    - 
Utilities   -    -    -    -    -    - 
HOA fee   -    -    210    225    -    - 
Insurance expense   208    215    188    389    177    184 
Real estate taxes   1,281    985    1,148    955    1,207    933 
Depreciation expense   2,145    2,006    1,680    1,571    1,539    1,440 
Interest expense   2,286    2,159    1,980    1,870    1,710    1,615 
                               
Total expenses   6,656    5,915    5,888    11,718    5,260    4,656 
                               
Net operating income (loss)   1,085    1,317    (5,186)   (9,515)   961    1,049 
                               
Gain (loss) on sale of real estate   -    -    -    -    -    - 
Provision for income taxes   -    -    -    -    -    - 
                               
Net income (loss)  $1,085   $1,317   $(5,186)  $(9,515)  $961   $1,049 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-56

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   Landa Series 6436
Stone Terrace		   Landa Series 6440
Woodstone Terrace		   Landa Series 6848
Sandy Creek Drive		 
   Six months ended
June 30,		   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022   2023   2022 
Rental income  $6,300   $5,974   $3,238   $6,462   $5,763   $6,894 
                               
Expenses                              
Management fee   504    462    259    508    461    551 
Professional fees   -    -    -    -    -    - 
Repairs & maintenance   -    -    -    5,748    950    1,555 
Utilities   287    -    -    -    -    - 
HOA fee   1,320    1,320    880    1,320    -    - 
Insurance expense   158    166    152    158    194    200 
Real estate taxes   431    455    427    450    978    823 
Depreciation expense   972    904    1,040    967    1,387    1,290 
Interest expense   1,080    1,014    1,116    1,048    1,548    1,453 
                               
Total expenses   4,752    4,321    3,874    10,199    5,518    5,872 
                               
Net operating income (loss)   1,548    1,653    (636)   (3,737)   245    1,022 
                               
Gain (loss) on sale of real estate   -    -    -    -    -    - 
Provision for income taxes   -    -    -    -    -    - 
                               
Net income (loss)  $1,548   $1,653   $(636)  $(3,737)  $245   $1,022 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-57

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   Landa Series 687
Utoy Court		   Landa Series 729
Winter Lane		   Landa Series 7349
Exeter Court		 
   Six months ended
June 30,		   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022   2023   2022 
Rental income  $6,012   $5,532   $2,046   $4,001   $6,977   $6,301 
                               
Expenses                              
Management fee   481    450    164    320    558    504 
Professional fees   137    -    209    -    -    - 
Repairs & maintenance   2,379    3,618    -    1,560    -    - 
Utilities   -    -    142    -    -    - 
HOA fee   -    -    -    -    -    - 
Insurance expense   299    188    202    209    203    211 
Real estate taxes   715    616    926    746    1,345    826 
Depreciation expense   1,854    1,724    1,827    1,699    1,777    1,653 
Interest expense   1,980    1,859    1,980    1,859    1,716    1,611 
                               
Total expenses   7,845    8,455    5,450    6,393    5,599    4,805 
                               
Net operating income (loss)   (1,833)   (2,923)   (3,404)   (2,392)   1,378    1,496 
                               
Gain (loss) on sale of real estate   -    -    -    -    -    - 
Provision for income taxes   -    -    -    -    -    - 
                               
Net income (loss)  $(1,833)  $(2,923)  $(3,404)  $(2,392)  $1,378   $1,496 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-58

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   Landa Series 8645
Embrey Drive		   Landa Series 8780
Churchill Place		   Landa Series 8796
Parliament Place		 
   Six months ended
June 30,		   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022   2023   2022 
Rental income  $7,800   $6,366   $3,377   $7,275   $8,100   $6,063 
                               
Expenses                              
Management fee   624    509    270    582    648    485 
Professional fees   -    -    -    -    -    - 
Repairs & maintenance   738    161    3,349    458    -    - 
Utilities   -    -    531    -    -    - 
HOA fee   -    -    -    -    -    - 
Insurance expense   211    217    218    228    199    206 
Real estate taxes   947    737    1,329    833    1,244    778 
Depreciation expense   1,910    1,776    2,129    1,980    1,764    1,641 
Interest expense   2,034    1,910    2,268    2,117    1,890    1,775 
                               
Total expenses   6,464    5,310    10,094    6,198    5,745    4,885 
                               
Net operating income (loss)   1,336    1,056    (6,717)   1,077    2,355    1,178 
                               
Gain (loss) on sale of real estate   -    -    -    -    -    - 
Provision for income taxes   -    -    -    -    -    - 
                               
Net income (loss)  $1,336   $1,056   $(6,717)  $1,077   $2,355   $1,178 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-59

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   Landa Series 8641
Ashley Way		   Landa Series 8651
Ashley Way		   Landa Series 8652
Ashley Way		 
   Six months ended
June 30,		   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022   2023   2022 
Rental income  $6,655   $5,755   $6,563   $5,869   $6,600   $4,416 
                               
Expenses                              
Management fee   532    460    525    470    528    353 
Professional fees   -    -    -    -    -    - 
Repairs & maintenance   550    171    1,800    -    525    171 
Utilities   -    -    -    -    -    - 
HOA fee   -    -    -    -    -    - 
Insurance expense   166    172    143    150    155    163 
Real estate taxes   740    598    611    503    664    531 
Depreciation expense   2,287    2,127    1,912    1,779    2,127    1,978 
Interest expense   2,313    2,171    1,930    1,812    1,841    1,728 
                               
Total expenses   6,588    5,699    6,921    4,714    5,840    4,924 
                               
Net operating income (loss)   67    56    (358)   1,155    760    (508)
                               
Gain (loss) on sale of real estate   -    -    -    -    -    - 
Provision for income taxes   -    -    -    -    -    - 
                               
Net income (loss)  $67   $56   $(358)  $1,155   $760   $(508)

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-60

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   Landa Series 8653
Ashley Way		   Landa Series 8654
Ashley Way		   Landa Series 8655
Ashley Way		 
   Six months ended
June 30,		   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022   2023   2022 
Rental income  $6,655   $5,516   $6,615   $6,063   $6,600   $5,485 
                               
Expenses                              
Management fee   532    441    529    485    528    439 
Professional fees   -    -    -    -    10    - 
Repairs & maintenance   580    264    500    171    638    171 
Utilities   -    -    -    -    -    - 
HOA fee   -    -    -    -    -    - 
Insurance expense   144    151    156    165    149    156 
Real estate taxes   603    496    666    533    609    500 
Depreciation expense   1,895    1,762    2,127    1,978    1,984    1,835 
Interest expense   1,638    1,538    2,149    2,017    1,716    1,602 
                               
Total expenses   5,392    4,652    6,127    5,349    5,634    4,703 
                               
Net operating income (loss)   1,263    864    488    714    966    782 
                               
Gain (loss) on sale of real estate   -    -    -    -    -    - 
Provision for income taxes   -    -    -    -    -    - 
                               
Net income (loss)  $1,263   $864   $488   $714   $966   $782 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-61

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   Landa Series 8659
Ashley Way		   Landa Series 8662
Ashley Way		   Landa Series 8668
Ashley Way		 
   Six months ended
June 30,		   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022   2023   2022 
Rental income  $8,375   $4,297   $5,850   $5,630   $6,900   $5,919 
                               
Expenses                              
Management fee   670    344    468    450    552    473 
Professional fees   -    -    -    -    113    - 
Repairs & maintenance   525    80    616    160    500    80 
Utilities   -    -    -    -    -    - 
HOA fee   -    -    -    -    -    - 
Insurance expense   162    170    161    167    169    177 
Real estate taxes   623    511    664    531    804    641 
Depreciation expense   2,269    2,099    2,198    2,033    2,359    2,181 
Interest expense   1,966    1,835    2,028    1,893    2,385    2,226 
                               
Total expenses   6,215    5,039    6,135    5,234    6,882    5,778 
                               
Net operating income (loss)   2,160    (742)   (285)   396    18    141 
                               
Gain (loss) on sale of real estate   -    -    -    -    -    - 
Provision for income taxes   -    -    -    -    -    - 
                               
Net income (loss)  $2,160   $(742)  $(285)  $396   $18   $141 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-62

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   Landa Series 8670
Ashley Way		   Landa Series 8674
Ashley Way		   Landa Series 8675
Ashley Way		 
   Six months ended
June 30,		   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022   2023   2022 
Rental income  $6,510   $5,774   $3,185   $6,352   $6,820   $4,535 
                               
Expenses                              
Management fee   504    462    255    508    528    363 
Professional fees   113    -    865    -    113    - 
Repairs & maintenance   475    80    325    234    550    717 
Utilities   -    -    -    -    -    - 
HOA fee   -    -    -    -    -    - 
Insurance expense   174    183    158    165    200    161 
Real estate taxes   754    584    693    542    608    492 
Depreciation expense   2,484    2,297    2,109    1,950    2,073    1,917 
Interest expense   2,262    2,111    2,106    1,966    2,094    1,954 
                               
Total expenses   6,766    5,717    6,511    5,365    6,166    5,604 
                               
Net operating income (loss)   (256)   57    (3,326)   987    654    (1,069)
                               
Gain (loss) on sale of real estate   -    -    -    -    -    - 
Provision for income taxes   -    -    -    -    -    - 
                               
Net income (loss)  $(256)  $57   $(3,326)  $987   $654   $(1,069)

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-63

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   Landa Series 8677
Ashley Way		   Landa Series 8678
Ashley Way		   Landa Series 8679
Ashley Way		 
   Six months ended
June 30,		   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022   2023   2022 
Rental income  $6,710   $6,063   $6,710   $5,341   $6,344   $5,774 
                               
Expenses                              
Management fee   528    485    528    427    508    462 
Professional fees   -    -    -    -    -    - 
Repairs & maintenance   550    80    375    80    550    80 
Utilities   -    -    -    -    128    - 
HOA fee   -    -    -    -    -    - 
Insurance expense   147    155    247    189    155    162 
Real estate taxes   578    471    806    643    780    604 
Depreciation expense   1,948    1,802    2,626    2,429    2,109    1,950 
Interest expense   1,967    1,836    2,496    2,330    2,130    1,988 
                               
Total expenses   5,718    4,829    7,078    6,098    6,360    5,246 
                               
Net operating income (loss)   992    1,234    (368)   (757)   (16)   528 
                               
Gain (loss) on sale of real estate   -    -    -    -    -    - 
Provision for income taxes   -    -    -    -    -    - 
                               
Net income (loss)  $992   $1,234   $(368)  $(757)  $(16)  $528 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-64

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   Landa Series 8683
Ashley Way		   Landa Series 1007
Leeward Way (6)		   Landa Series 10121
Morris Drive SW (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022   2023   2022 
Rental income  $5,119   $5,728   $117   $       -   $3,360   $      - 
                               
Expenses                              
Management fee   410    450    9    -    269    - 
Professional fees   -    -    -    -    -    - 
Repairs & maintenance   550    120    90    -    -    - 
Utilities   -    -    -    -    -    - 
HOA fee   -    -    -    -    -    - 
Insurance expense   147    154    3    -    32    - 
Real estate taxes   638    514    10    -    151    - 
Depreciation expense   1,930    1,785    22    -    1,243    - 
Interest expense   1,948    1,818    40    -    4,381    - 
                               
Total expenses   5,623    4,841    174    -    6,076    - 
                               
Net operating income (loss)   (504)   887    (57)   -    (2,716)   - 
                               
Gain (loss) on sale of real estate   -    -    -    -    -    - 
Provision for income taxes   -    -    -    -    -    - 
                               
Net income (loss)  $(504)  $887   $(57)  $-   $(2,716)  $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-65

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   Landa Series 10183
Starr Street SW (3)		   Landa Series 103
Starlake Drive (3)		   Landa Series 10433
Candlelight Road (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022   2023   2022 
Rental income  $2,776   $      -   $2,635   $      -   $-   $- 
                               
Expenses                              
Management fee   222    -    211    -    -          - 
Professional fees   -    -    -    -    72    - 
Repairs & maintenance   390    -    90    -    3,220    - 
Utilities   -    -    -    -    -    - 
HOA fee   -    -    -    -    -    - 
Insurance expense   86    -    85    -    84    - 
Real estate taxes   293    -    273    -    486    - 
Depreciation expense   1,188    -    1,175    -    1,399    - 
Interest expense   4,478    -    4,103    -    4,748    - 
                               
Total expenses   6,657    -    5,937    -    10,009    - 
                               
Net operating income (loss)   (3,881)   -    (3,302)   -    (10,009)   - 
                               
Gain (loss) on sale of real estate   -    -    -    -    -    - 
Provision for income taxes   -    -    -    -    -    - 
                               
Net income (loss)  $(3,881)  $-   $(3,302)  $-   $(10,009)  $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-66

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   Landa Series 107
Oakwood Circle (5)		   Landa Series 110
Shenandoah Drive (3)		   Landa Series 111
Fir Drive (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022   2023   2022 
Rental income  $1,005   $     -   $2,730   $       -   $2,625   $      - 
                               
Expenses                              
Management fee   80    -    218    -    210    - 
Professional fees   -    -    -    -    -    - 
Repairs & maintenance   90    -    290    -    -    - 
Utilities   -    -    -    -    -    - 
HOA fee   -    -    -    -    -    - 
Insurance expense   22    -    91    -    72    - 
Real estate taxes   72    -    449    -    330    - 
Depreciation expense   278    -    1,428    -    1,202    - 
Interest expense   692    -    5,085    -    3,865    - 
                               
Total expenses   1,234    -    7,561    -    5,679    - 
                               
Net operating income (loss)   (229)   -    (4,831)   -    (3,054)   - 
                               
Gain (loss) on sale of real estate   -    -    -    -    -    - 
Provision for income taxes   -    -    -    -    -    - 
                               
Net income (loss)  $(229)  $-   $(4,831)  $-   $(3,054)  $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-67

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   Landa Series 112
Ridge Street (3)		   Landa Series 11322
Michelle Way (3)		   Landa Series 1147
Village Way (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022   2023   2022 
Rental income  $1,950   $     -   $2,889   $       -   $3,203   $     - 
                               
Expenses                              
Management fee   156    -    231    -    256    - 
Professional fees   -    -    -    -    -    - 
Repairs & maintenance   90    -    90    -    -    - 
Utilities   -    -    -    -    -    - 
HOA fee   -    -    80    -    398    - 
Insurance expense   91    -    67    -    68    - 
Real estate taxes   502    -    428    -    544    - 
Depreciation expense   1,421    -    1,090    -    1,539    - 
Interest expense   4,885    -    3,868    -    4,415    - 
                               
Total expenses   7,145    -    5,854    -    7,220    - 
                               
Net operating income (loss)   (5,195)   -    (2,965)   -    (4,017)   - 
                               
Gain (loss) on sale of real estate   -    -    -    -    -    - 
Provision for income taxes   -    -    -    -    -    - 
                               
Net income (loss)  $(5,195)  $-   $(2,965)  $-   $(4,017)  $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-68

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   Landa Series 1160
Gable Terrace (3)		   Landa Series 1201
Kilrush Drive (3)		   Landa Series 124
Libby Lane (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022   2023   2022 
Rental income  $3,587   $     -   $5,078   $       -   $-   $     - 
                               
Expenses                              
Management fee   287    -    406    -    -    - 
Professional fees   -    -    -    -    72    - 
Repairs & maintenance   90    -    6,735    -    -    - 
Utilities   -    -    -    -    -    - 
HOA fee   25    -    -    -    -    - 
Insurance expense   99    -    177    -    71    - 
Real estate taxes   554    -    834    -    391    - 
Depreciation expense   1,372    -    2,701    -    1,274    - 
Interest expense   5,146    -    8,649    -    4,095    - 
                               
Total expenses   7,573    -    19,502    -    5,903    - 
                               
Net operating income (loss)   (3,986)   -    (14,424)   -    (5,903)   - 
                               
Gain (loss) on sale of real estate   -    -    -    -    -    - 
Provision for income taxes   -    -    -    -    -    - 
                               
Net income (loss)  $(3,986)  $-   $(14,424)  $-   $(5,903)  $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-69

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   Landa Series 1320
Winona Avenue (3)		   Landa Series 137
Southern Shores Road (3)		   Landa Series 138
Sandalwood Circle (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022   2023   2022 
Rental income  $-   $     -   $2,548   $       -   $3,570   $       - 
                               
Expenses                              
Management fee   -    -    204    -    286    - 
Professional fees   -    -    -    -    -    - 
Repairs & maintenance   -    -    90    -    -    - 
Utilities   -    -    -    -    -    - 
HOA fee   -    -    -    -    150    - 
Insurance expense   134    -    69    -    58    - 
Real estate taxes   265    -    327    -    327    - 
Depreciation expense   919    -    1,029    -    1,430    - 
Interest expense   3,194    -    4,078    -    4,204    - 
                               
Total expenses   4,512    -    5,797    -    6,455    - 
                               
Net operating income (loss)   (4,512)   -    (3,249)   -    (2,885)   - 
                               
Gain (loss) on sale of real estate   -    -    -    -    -    - 
Provision for income taxes   -    -    -    -    -    - 
                               
Net income (loss)  $(4,512)  $-   $(3,249)  $-   $(2,885)  $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-70

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   Landa Series 140
High Ridge Road (3)		   Landa Series 146
Crystal Brook (3)		   Landa Series 153
Cliffside Court (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022   2023   2022 
Rental income  $3,045   $      -   $2,756   $      -   $2,100   $      - 
                               
Expenses                              
Management fee   244    -    220    -    168    - 
Professional fees   -    -    -    -    -    - 
Repairs & maintenance   -    -    165    -    90    - 
Utilities   -    -    -    -    -    - 
HOA fee   -    -    -    -    -    - 
Insurance expense   86    -    58    -    46    - 
Real estate taxes   267         435         313      
Depreciation expense   1,286    -    870    -    720    - 
Interest expense   4,637    -    3,590    -    2,575    - 
                               
Total expenses   6,520    -    5,338    -    3,912    - 
                               
Net operating income (loss)   (3,475)   -    (2,582)   -    (1,812)   - 
                               
Gain (loss) on sale of real estate   -    -    -    -    -    - 
Provision for income taxes   -    -    -    -    -    - 
                               
Net income (loss)  $(3,475)  $-   $(2,582)  $-   $(1,812)  $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-71

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   Landa Series 1666
West Poplar Street (3)		   Landa Series 168
Brookview Drive (1)		   Landa Series 1689
Viceroy Way (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022   2023   2022 
Rental income  $2,474   $     -   $-   $     -   $3,415   $     - 
                               
Expenses                              
Management fee   198    -    -    -    249    - 
Professional fees   -    -    72    -    -    - 
Repairs & maintenance   1,140    -    90    -    265    - 
Utilities   -    -    -    -    -    - 
HOA fee   -    -    100    -    -    - 
Insurance expense   65    -    98    -    92    - 
Real estate taxes   310    -    570    -    658    - 
Depreciation expense   979    -    1,074    -    1,257    - 
Interest expense   3,952    -    627    -    4,791    - 
                               
Total expenses   6,644    -    2,631    -    7,312    - 
                               
Net operating income (loss)   (4,170)   -    (2,631)   -    (3,897)   - 
                               
Gain (loss) on sale of real estate   -    -    -    -    -    - 
Provision for income taxes   -    -    -    -    -    - 
                               
Net income (loss)  $(4,170)  $-   $(2,631)  $-   $(3,897)  $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-72

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   Landa Series 181
Watercress Court (3)		   Landa Series 188
Timberline Road (3)		   Landa Series 189
Shenandoah Drive (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022   2023   2022 
Rental income  $3,360   $     -   $-   $     -   $2,954   $     - 
                               
Expenses                              
Management fee   269    -    -    -    236    - 
Professional fees   -    -    -    -    -    - 
Repairs & maintenance   -    -    90    -    90    - 
Utilities   -    -    -    -    -    - 
HOA fee   65    -    -    -    -    - 
Insurance expense   65    -    54    -    75    - 
Real estate taxes   366    -    62    -    381    - 
Depreciation expense   1,225    -    585         1,120      
Interest expense   4,094    -    2,115    -    3,989    - 
                               
Total expenses   6,084    -    2,906    -    5,891    - 
                               
Net operating income (loss)   (2,724)   -    (2,906)   -    (2,937)   - 
                               
Gain (loss) on sale of real estate   -    -    -    -    -    - 
Provision for income taxes   -    -    -    -    -    - 
                               
Net income (loss)  $(2,724)  $-   $(2,906)  $-   $(2,937)  $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-73

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   Landa Series 195
Hunters Trace (3)		   Landa Series 196
Montego Circle (3)		   Landa Series 20
Chimney Smoke Drive (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022   2023   2022 
Rental income  $3,696   $     -   $2,924   $     -   $1,835   $    - 
                               
Expenses                              
Management fee   270    -    234    -    133    - 
Professional fees   -    -    -    -    118    - 
Repairs & maintenance   -    -    1,184    -    90    - 
Utilities   -    -    -    -    -    - 
HOA fee   -    -    -    -    -    - 
Insurance expense   84    -    79    -    69    - 
Real estate taxes   378    -    357    -    341    - 
Depreciation expense   1,490    -    1,181    -    862    - 
Interest expense   4,928    -    4,295    -    3,301    - 
                               
Total expenses   7,150    -    7,330    -    4,914    - 
                               
Net operating income (loss)   (3,454)   -    (4,406)   -    (3,079)   - 
                               
Gain (loss) on sale of real estate   -    -    -    -    -    - 
Provision for income taxes   -    -    -    -    -    - 
                               
Net income (loss)  $(3,454)  $-   $(4,406)  $-   $(3,079)  $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-74

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   Landa Series 212
Fleeta Drive (3)		   Landa Series 217
Glenloch Court (3)		   Landa Series 2264
Chestnut Hill Circle (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022   2023   2022 
Rental income  $638   $     -   $3,715   $     -   $-   $     - 
                               
Expenses                              
Management fee   51    -    297    -    -    - 
Professional fees   -    -    -    -    -    - 
Repairs & maintenance   90    -    90    -    -    - 
Utilities   -    -    -    -    -    - 
HOA fee   -    -    -    -    -    - 
Insurance expense   76    -    116    -    133    - 
Real estate taxes   280    -    502    -    789    - 
Depreciation expense   991    -    1,415    -    1,815    - 
Interest expense   4,167    -    5,599    -    6,090    - 
                               
Total expenses   5,655    -    8,019    -    8,827    - 
                               
Net operating income (loss)   (5,017)   -    (4,304)   -    (8,827)   - 
                               
Gain (loss) on sale of real estate   -    -    -    -    -    - 
Provision for income taxes   -    -    -    -    -    - 
                               
Net income (loss)  $(5,017)  $-   $(4,304)  $-   $(8,827)  $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-75

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   Landa Series 2425
Cornell Circle (4)		   Landa Series 25
Pleasant Valley Road (3)		   Landa Series 253
Marco Drive (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022   2023   2022 
Rental income  $3,096   $     -   $3,528   $     -   $2,748   $     - 
                               
Expenses                              
Management fee   248    -    282    -    220    - 
Professional fees   -    -    -    -    -    - 
Repairs & maintenance   90    -    4,190    -    90    - 
Utilities   -    -    -    -    -    - 
HOA fee   -    -    -    -    -    - 
Insurance expense   75    -    91    -    70    - 
Real estate taxes   436    -    425    -    249    - 
Depreciation expense   1,030    -    1,274    -    986    - 
Interest expense   3,856    -    4,420    -    3,869    - 
                               
Total expenses   5,735    -    10,682    -    5,484    - 
                               
Net operating income (loss)   (2,639)   -    (7,154)   -    (2,736)   - 
                               
Gain (loss) on sale of real estate   -    -    -    -    -    - 
Provision for income taxes   -    -    -    -    -    - 
                               
Net income (loss)  $(2,639)  $-   $(7,154)  $-   $(2,736)  $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-76

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   Landa Series 258
Rocky Point Road (3)		   Landa Series 268
Brookview Drive (1)		   Landa Series 270
Mountain Lane (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022   2023   2022 
Rental income  $3,360   $     -   $-   $    -   $3,465   $     - 
                               
Expenses                              
Management fee   269    -    -    -    277    - 
Professional fees   -    -    -    -    -    - 
Repairs & maintenance   90    -    2,614    -    90    - 
Utilities   -    -    -    -    -    - 
HOA fee   -    -    50    -    -    - 
Insurance expense   100    -    95    -    95    - 
Real estate taxes   371    -    571    -    351    - 
Depreciation expense   1,452    -    1,062    -    1,491    - 
Interest expense   5,017    -    1,379    -    4,813    - 
                               
Total expenses   7,299    -    5,771    -    7,117    - 
                               
Net operating income (loss)   (3,939)   -    (5,771)   -    (3,652)   - 
                               
Gain (loss) on sale of real estate   -    -    -    -    -    - 
Provision for income taxes   -    -    -    -    -    - 
                               
Net income (loss)  $(3,939)  $-   $(5,771)  $-   $(3,652)  $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-77

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   Landa Series 270
Pleasant Hills Drive (3)		   Landa Series 2813
Vicksburg Court (3)		   Landa Series 2933
Coffer Drive (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022   2023   2022 
Rental income  $3,579   $     -   $3,203   $    -   $1,688   $     - 
                               
Expenses                              
Management fee   286    -    256    -    135    - 
Professional fees   -    -    -    -    -    - 
Repairs & maintenance   -    -    90    -    90    - 
Utilities   -    -    -    -    -    - 
HOA fee   -    -    -    -    -    - 
Insurance expense   210    -    115    -    158    - 
Real estate taxes   333    -    582    -    242    - 
Depreciation expense   1,542    -    1,581    -    1,263    - 
Interest expense   4,482    -    5,541         4,605      
                               
Total expenses   6,853    -    8,165    -    6,493    - 
                               
Net operating income (loss)   (3,274)   -    (4,962)   -    (4,805)   - 
                               
Gain (loss) on sale of real estate   -    -    -    -    -    - 
Provision for income taxes   -    -    -    -    -    - 
                               
Net income (loss)  $(3,274)  $-   $(4,962)  $-   $(4,805)  $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-78

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   Landa Series 30
High Ridge Road (3)		   Landa Series 30
Roosevelt Road (3)		   Landa Series 3011
Raintree Drive SE (3)		 
   Six months ended
June 30,		   Six months ended
 June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022   2023   2022 
Rental income  $3,674   $        -   $1,788   $        -   $        -   $        - 
                               
Expenses                              
Management fee   294    -    143    -    -    - 
Professional fees   -    -    -    -    -    - 
Repairs & maintenance   90    -    -    -    -    - 
Utilities   -    -    -    -    -    - 
HOA fee   -    -    -    -    -    - 
Insurance expense   85    -    99    -    80    - 
Real estate taxes   295    -    375    -    476    - 
Depreciation expense   1,552    -    1,280    -    1,741    - 
Interest expense   4,866    -    4,774    -    4,978    - 
                               
Total expenses   7,182    -    6,671    -    7,275    - 
                               
Net operating income (loss)   (3,508)   -    (4,883)   -    (7,275)   - 
                               
Gain (loss) on sale of real estate   -    -    -    -    -    - 
Provision for income taxes   -    -    -    -    -    - 
                               
Net income (loss)  $(3,508)  $-   $(4,883)  $-   $(7,275)  $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-79

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   Landa Series 3043
Highway 81 S (3)		   Landa Series 313
Blue Heron Drive (3)		   Landa Series 3202
Chippewa Drive (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022   2023   2022 
Rental income  $899   $        -   $3,300   $        -   $        -   $        - 
                               
Expenses                              
Management fee   72    -    264    -    -    - 
Professional fees   -    -    164    -    -    - 
Repairs & maintenance   7,420    -    -    -    -    - 
Utilities   -    -    -    -    -    - 
HOA fee   -    -    -    -    -    - 
Insurance expense   145    -    87    -    90    - 
Real estate taxes   152    -    465    -    486    - 
Depreciation expense   952    -    1,521    -    1,360    - 
Interest expense   3,817    -    4,495    -    4,446    - 
                               
Total expenses   12,558    -    6,996    -    6,382    - 
                               
Net operating income (loss)   (11,659)   -    (3,696)   -    (6,382)   - 
                               
Gain (loss) on sale of real estate   -    -    -    -    -    - 
Provision for income taxes   -    -    -    -    -    - 
                               
Net income (loss)  $(11,659)  $-   $(3,696)  $-   $(6,382)  $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-80

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   Landa Series 35
 Clay Court (3)		   Landa Series 350
Cadiz Lane S (3)		   Landa Series 351
Wesley Park Drive (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022   2023   2022 
Rental income  $3,568   $        -   $1,675   $        -   $3,344   $        - 
                               
Expenses                              
Management fee   285    -    134    -    268    - 
Professional fees   -    -    -    -    -    - 
Repairs & maintenance   -    -    90    -    1,665    - 
Utilities   -    -    -    -    -    - 
HOA fee   -    -    -    -    -    - 
Insurance expense   98    -    160    -    72    - 
Real estate taxes   324    -    375    -    472    - 
Depreciation expense   1,708    -    1,237    -    1,145    - 
Interest expense   4,776    -    4,414    -    4,131    - 
                               
Total expenses   7,191    -    6,410    -    7,753    - 
                               
Net operating income (loss)   (3,623)   -    (4,735)   -    (4,409)   - 
                               
Gain (loss) on sale of real estate   -    -    -    -    -    - 
Provision for income taxes   -    -    -    -    -    - 
                               
Net income (loss)  $(3,623)  $-   $(4,735)  $-   $(4,409)  $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-81

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   Landa Series 3667
 Patti Parkway (4)		   Landa Series 412
Kendall Lane (4)		   Landa Series 43
 Darwin Drive (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022   2023   2022 
Rental income  $2,839   $        -   $        -   $        -   $        -   $        - 
                               
Expenses                              
Management fee   227    -    -    -    -    - 
Professional fees   -    -    -    -    -    - 
Repairs & maintenance   90    -    1,900    -    90    - 
Utilities   -    -    -    -    -    - 
HOA fee   -    -    -    -    -    - 
Insurance expense   87    -    68    -    80    - 
Real estate taxes   639    -    301    -    301    - 
Depreciation expense   1,211    -    940    -    1,096    - 
Interest expense   4,213    -    3,028    -    4,209    - 
                               
Total expenses   6,467    -    6,237    -    5,776    - 
                               
Net operating income (loss)   (3,628)   -    (6,237)   -    (5,776)   - 
                               
Gain (loss) on sale of real estate   -    -    -    -    -    - 
Provision for income taxes   -    -    -    -    -    - 
                               
Net income (loss)  $(3,628)  $-   $(6,237)  $-   $(5,776)  $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-82

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   Landa Series 45
Blue Jay Drive (3)		   Landa Series 45
Laurel Way (4)		   Landa Series 4702
 Saint James Way  (3)		 
   Six months ended
 June 30,		   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022   2023   2022 
Rental income  $3,674   $        -   $        -   $        -   $2,450   $        - 
                               
Expenses                              
Management fee   294    -    -    -    196    - 
Professional fees   -    -    -    -    -    - 
Repairs & maintenance   1,065    -    -    -    5,200    - 
Utilities   -    -    -    -    -    - 
HOA fee   -    -    -    -    92    - 
Insurance expense   121    -    79    -    81    - 
Real estate taxes   422    -    213    -    535    - 
Depreciation expense   1,668    -    1,062    -    1,181    - 
Interest expense   5,835    -    3,264    -    4,107    - 
                               
Total expenses   9,405    -    4,618    -    11,392    - 
                               
Net operating income (loss)   (5,731)   -    (4,618)   -    (8,942)   - 
                               
Gain (loss) on sale of real estate   -    -    -    -    -    - 
Provision for income taxes   -    -    -    -    -    - 
                               
Net income (loss)  $(5,731)  $-   $(4,618)  $-   $(8,942)  $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-83

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   Landa Series 4732
Pinedale Drive (3)		   Landa Series 5040
Huntshire Lane (3)		   Landa Series 513
Jarrett Court (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022   2023   2022 
Rental income  $2,690   $        -   $5,548   $        -   $3,358   $        - 
                               
Expenses                              
Management fee   196    -    424    -    269    - 
Professional fees   164    -    -    -    -    - 
Repairs & maintenance   90    -    -    -    3,243    - 
Utilities   -    -    -    -    -    - 
HOA fee   -    -    88    -    -    - 
Insurance expense   69    -    176    -    83    - 
Real estate taxes   249    -    1,029    -    493    - 
Depreciation expense   1,127    -    2,535    -    1,534    - 
Interest expense   3,542    -    7,644    -    4,607    - 
                               
Total expenses   5,437    -    11,896    -    10,229    - 
                               
Net operating income (loss)   (2,747)   -    (6,348)   -    (6,871)   - 
                               
Gain (loss) on sale of real estate   -    -    -    -    -    - 
Provision for income taxes   -    -    -    -    -    - 
                               
Net income (loss)  $(2,747)  $-   $(6,348)  $-   $(6,871)  $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-84

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   Landa Series 5143
 Pinecrest Drive SW (3)		   Landa Series 540
Cowan Road (3)		   Landa Series 5411
Rocky Pine Drive (4)		 
   Six months ended
June 30,		   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022   2023   2022 
Rental income  $2,589   $        -   $3,515   $        -   $2,119   $        - 
                               
Expenses                              
Management fee   207    -    281    -    156    - 
Professional fees   -    -    -    -    -    - 
Repairs & maintenance   90    -    90    -    165    - 
Utilities   -    -    -    -    -    - 
HOA fee   -    -    -    -    -    - 
Insurance expense   68    -    194    -    137    - 
Real estate taxes   218    -    309    -    434    - 
Depreciation expense   1,163    -    1,364    -    991    - 
Interest expense   3,578    -    4,938    -    3,262    - 
                               
Total expenses   5,324    -    7,176    -    5,145    - 
                               
Net operating income (loss)   (2,735)   -    (3,661)   -    (3,026)   - 
                               
Gain (loss) on sale of real estate   -    -    -    -    -    - 
Provision for income taxes   -    -    -    -    -    - 
                               
Net income (loss)  $(2,735)  $-   $(3,661)  $-   $(3,026)  $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-85

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   Landa Series 550
Cowan Road (4)		   Landa Series 5581
 Fox Glen Circle (4)		   Landa Series 565
Mountainview Drive (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022   2023   2022 
Rental income  $2,094   $    -   $3,229   $    -   $3,518   $    - 
                               
Expenses                              
Management fee   168    -    258    -    281    - 
Professional fees   -    -    -    -    -    - 
Repairs & maintenance   -    -    90    -    90    - 
Utilities   -    -    -    -    -    - 
HOA fee   -    -    -    -    -    - 
Insurance expense   59    -    112    -    102    - 
Real estate taxes   203    -    706    -    354    - 
Depreciation expense   942    -    1,539    -    1,582    - 
Interest expense   3,075    -    4,857    -    4,812    - 
                               
Total expenses   4,447    -    7,562    -    7,221    - 
                               
Net operating income (loss)   (2,353)   -    (4,333)   -    (3,703)   - 
                               
Gain (loss) on sale of real estate   -    -    -    -    -    - 
Provision for income taxes   -    -    -    -    -    - 
                               
Net income (loss)  $(2,353)  $-   $(4,333)  $-   $(3,703)  $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-86

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   Landa Series 5801
Strathmoor Manor Circle (3)		   Landa Series 6107
Shadow Glen Court (3)		   Landa Series 6111-6113
Pine Glen Circle SW (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022   2023   2022 
Rental income  $3,318   $     -   $2,586   $-   $2,640    $      - 
                               
Expenses                              
Management fee   265    -    197    -    202    - 
Professional fees   -    -    -    -    -    - 
Repairs & maintenance   1,127    -    -    -    740    - 
Utilities   -    -    -    -    650    - 
HOA fee   87    -    -    -    -    - 
Insurance expense   71    -    60    -    82    - 
Real estate taxes   501    -    193    -    288    - 
Depreciation expense   1,246    -    1,114    -    2,252    - 
Interest expense   4,040    -    3,467    -    6,068    - 
                               
Total expenses   7,337    -    5,031    -    10,282    - 
                               
Net operating income (loss)   (4,019)   -    (2,445)   -    (7,642)   - 
                               
Gain (loss) on sale of real estate   -    -    -    -    -      
Provision for income taxes   -    -    -    -    -      
                               
Net income (loss)  $(4,019)  $-   $(2,445)  $-   $(7,642)  $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-87

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   Landa Series 615
Barshay Drive (3)		   Landa Series 6168
Wheat Street NE (3)		   Landa Series 6178
Green Acres Drive SW (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022   2023   2022 
Rental income  $161   $        -   $-   $        -   $3,220   $        - 
                               
Expenses                              
Management fee   13    -    -    -    235    - 
Professional fees   -    -    -    -    -    - 
Repairs & maintenance   90    -    90    -    90    - 
Utilities   -    -    -    -    -    - 
HOA fee   -    -    -    -    -    - 
Insurance expense   87    -    113    -    75    - 
Real estate taxes   313    -    154    -    278    - 
Depreciation expense   1,317    -    728    -    1,111    - 
Interest expense   4,678    -    2,967    -    3,544    - 
                               
Total expenses   6,498    -    4,052    -    5,333    - 
                               
Net operating income (loss)   (6,337)   -    (4,052)   -    (2,113)   - 
                               
Gain (loss) on sale of real estate   -    -    -    -    -    - 
Provision for income taxes   -    -    -    -    -    - 
                               
Net income (loss)  $(6,337)  $-   $(4,052)  $-   $(2,113)  $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-88

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   Landa Series 6404
Walnut Way (4)		   Landa Series 643
Sycamore Drive (3)		   Landa Series 65
Freedom Court (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022   2023   2022 
Rental income  $2,937   $        -   $3,224   $        -   $3,385   $        - 
                               
Expenses                              
Management fee   220    -    258    -    271    - 
Professional fees   233    -    -    -    -    - 
Repairs & maintenance   90    -    90    -    90    - 
Utilities   -    -    -    -    -    - 
HOA fee   -    -    -    -    -    - 
Insurance expense   64    -    80    -    87    - 
Real estate taxes   280    -    400    -    315    - 
Depreciation expense   833    -    1,198    -    1,324    - 
Interest expense   3,122    -    4,562    -    4,507    - 
                               
Total expenses   4,842    -    6,588    -    6,594    - 
                               
Net operating income (loss)   (1,905)   -    (3,364)   -    (3,209)   - 
                               
Gain (loss) on sale of real estate   -    -    -    -    -    - 
Provision for income taxes   -    -    -    -    -    - 
                               
Net income (loss)  $(1,905)  $-   $(3,364)  $-   $(3,209)  $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-89

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   Landa Series 6635
Kimberly Mill Road (3)		   Landa Series 6653
Bedford Road (3)		   Landa Series 6762
Bent Creek Drive (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022   2023   2022 
Rental income  $-   $        -   $3,098   $        -   $3,350   $        - 
                               
Expenses                              
Management fee   -    -    248    -    268    - 
Professional fees   -    -    -    -    -    - 
Repairs & maintenance   75    -    -    -    675    - 
Utilities   -    -    -    -    -    - 
HOA fee   -    -    -    -    -    - 
Insurance expense   159    -    78    -    72    - 
Real estate taxes   415    -    389    -    414    - 
Depreciation expense   1,529    -    1,670    -    1,475    - 
Interest expense   5,019    -    4,384    -    4,823    - 
                               
Total expenses   7,197    -    6,769    -    7,727    - 
                               
Net operating income (loss)   (7,197)   -    (3,671)   -    (4,377)   - 
                               
Gain (loss) on sale of real estate   -    -    -    -    -    - 
Provision for income taxes   -    -    -    -    -    - 
                               
Net income (loss)  $(7,197)  $-   $(3,671)  $-   $(4,377)  $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-90

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   Landa Series 709
Georgetown Court (3)		   Landa Series 7107
Geiger Street NW (3)		   Landa Series 750
Georgetown Court (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022   2023   2022 
Rental income  $3,570   $        -   $2,415   $        -   $2,513   $        - 
                               
Expenses                              
Management fee   286    -    193    -    201    - 
Professional fees   -    -    -    -    -    - 
Repairs & maintenance   90    -    90    -    90    - 
Utilities   -    -    -    -    -    - 
HOA fee   83    -    -    -    83    - 
Insurance expense   82    -    53    -    78    - 
Real estate taxes   380    -    61    -    386    - 
Depreciation expense   1,383    -    767    -    954    - 
Interest expense   4,313    -    2,824    -    3,869    - 
                               
Total expenses   6,617    -    3,988    -    5,661    - 
                               
Net operating income (loss)   (3,047)   -    (1,573)   -    (3,148)   - 
                               
Gain (loss) on sale of real estate   -    -    -    -    -    - 
Provision for income taxes   -    -    -    -    -    - 
                               
Net income (loss)  $(3,047)  $-   $(1,573)  $-   $(3,148)  $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-91

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   Landa Series 752
Chestnut Drive (3)		   Landa Series 773
Villa Way (1)		   Landa Series 7781
Mountain Creek Way (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022   2023   2022 
Rental income  $2,027   $        -   $        -   $        -   $        -   $        - 
                               
Expenses                              
Management fee   162    -    -    -    -    - 
Professional fees   -    -    -    -    -    - 
Repairs & maintenance   1,817    -    90    -    -    - 
Utilities   -    -    199    -    -    - 
HOA fee   -    -    165    -    -    - 
Insurance expense   64    -    178    -    204    - 
Real estate taxes   156    -    562    -    509    - 
Depreciation expense   788    -    737    -    1,372    - 
Interest expense   2,997    -    549    -    5,152    - 
                               
Total expenses   5,984    -    2,480    -    7,237    - 
                               
Net operating income (loss)   (3,957)   -    (2,480)   -    (7,237)   - 
                               
Gain (loss) on sale of real estate   -    -    -    -    -    - 
Provision for income taxes   -    -    -    -    -    - 
                               
Net income (loss)  $(3,957)  $-   $(2,480)  $-   $(7,237)  $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-92

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   Landa Series 7950
Woodlake Drive (3)		   Landa Series 80
High Ridge Road (3)		   Landa Series 808
Hillandale Lane (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022   2023   2022 
Rental income  $2,882   $        -   $1,810   $        -   $3,389   $        - 
                               
Expenses                              
Management fee   231    -    145    -    271    - 
Professional fees   -    -    -    -    -    - 
Repairs & maintenance   -    -    2,984    -    1,479    - 
Utilities   -    -    -    -    -    - 
HOA fee   -    -    -    -    100    - 
Insurance expense   89    -    98    -    91    - 
Real estate taxes   425    -    307    -    606    - 
Depreciation expense   1,090    -    1,379    -    1,281    - 
Interest expense   3,928    -    4,908    -    4,588    - 
                               
Total expenses   5,763    -    9,821    -    8,416    - 
                               
Net operating income (loss)   (2,881)   -    (8,011)   -    (5,027)   - 
                               
Gain (loss) on sale of real estate   -    -    -    -    -    - 
Provision for income taxes   -    -    -    -    -    - 
                               
Net income (loss)  $(2,881)  $-   $(8,011)  $-   $(5,027)  $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-93

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   Landa Series 8110
Devonshire Drive (3)		   Landa Series 8121
Spillers Drive SW (3)		   Landa Series 8233
Creekline Court (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022   2023   2022 
Rental income  $3,407   $        -   $2,688   $        -   $700   $        - 
                               
Expenses                              
Management fee   260    -    215    -    56    - 
Professional fees   -    -    -    -    -    - 
Repairs & maintenance   90    -    90    -    90    - 
Utilities   -    -    -    -    -    - 
HOA fee   -    -    -    -    -    - 
Insurance expense   60    -    58    -    168    - 
Real estate taxes   320    -    174    -    453    - 
Depreciation expense   874    -    1,055    -    1,383    - 
Interest expense   3,436    -    3,669    -    4,400    - 
                               
Total expenses   5,040    -    5,261    -    6,550    - 
                               
Net operating income (loss)   (1,633)   -    (2,573)   -    (5,850)   - 
                               
Gain (loss) on sale of real estate   -    -    -    -    -    - 
Provision for income taxes   -    -    -    -    -    - 
                               
Net income (loss)  $(1,633)  $-   $(2,573)  $-   $(5,850)  $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-94

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   Landa Series 843
Tramore Drive (1)		   Landa Series 85
Kirkland Court (3)		   Landa Series 85
Thorn Thicket Way (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022   2023   2022 
Rental income  $5,430   $        -   $-   $        -   $2,772   $        - 
                               
Expenses                              
Management fee   408    -    -    -    222    - 
Professional fees   118    -    -    -    -    - 
Repairs & maintenance   -    -    150    -    -    - 
Utilities   -    -    -    -    -    - 
HOA fee   -         -         -      
Insurance expense   86    -    116    -    99    - 
Real estate taxes   569    -    354    -    389    - 
Depreciation expense   1,387    -    1,684    -    1,336    - 
Interest expense   971    -    5,434    -    4,688    - 
                               
Total expenses   3,539    -    7,738    -    6,734    - 
                               
Net operating income (loss)   1,891    -    (7,738)   -    (3,962)   - 
                               
Gain (loss) on sale of real estate   -    -    -    -    -    - 
Provision for income taxes   -    -    -    -    -    - 
                               
Net income (loss)  $1,891   $-   $(7,738)  $-   $(3,962)  $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-95

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   Landa Series 8855
Rugby Court (3)		   Landa Series 9434
Cedar Creek Place (3)		   Landa Series 9597
Pintail Trail (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022   2023   2022 
Rental income  $3,094   $        -   $3,150   $        -   $3,906   $        - 
                               
Expenses                              
Management fee   226    -    252    -    298    - 
Professional fees   137    -    -    -    137    - 
Repairs & maintenance   90    -    90    -    3,866    - 
Utilities   -    -    -    -    207    - 
HOA fee   -    -    56    -    -    - 
Insurance expense   71    -    102    -    179    - 
Real estate taxes   302    -    451    -    500    - 
Depreciation expense   923    -    1,545    -    1,591    - 
Interest expense   3,436    -    5,291    -    4,584    - 
                               
Total expenses   5,185    -    7,787    -    11,362    - 
                               
Net operating income (loss)   (2,091)   -    (4,637)   -    (7,456)   - 
                               
Gain (loss) on sale of real estate   -    -    -    -    -    - 
Provision for income taxes   -    -    -    -    -    - 
                               
Net income (loss)  $(2,091)  $-   $(4,637)  $-   $(7,456)  $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-96

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF OPERATIONS

(UNAUDITED)

 

   Total Combined
Statements of
Operations		 
   Six months ended
June 30,		 
   2023   2022 
Rental income  $457,852   $253,134 
           
Expenses          
Management fee   36,273    20,098 
Professional fees   4,414    - 
Repairs & maintenance   98,246    26,947 
Utilities   2,156    - 
HOA fee   11,143    7,737 
Insurance expense   16,676    8,191 
Real estate taxes   72,524    30,079 
Depreciation expense   201,981    79,318 
Interest expense   479,489    79,602 
           
Total expenses   922,902    251,972 
           
Net operating income (loss)   (465,050)   1,162 
           
Gain (loss) on sale of real estate   62,013    142,750 
Provision for income taxes   (1,530)   (28,720)
           
Net income (loss)  $(404,567)  $115,192 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-97

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENT OF MEMBERS’ EQUITY

 

   Landa App LLC   Landa
Series 115
Sardis
Street		   Landa
Series 1394
Oakview
Circle		   Landa
Series 1701
Summerwoods
Lane (2)		   Landa
Series 1741
Park
Lane (2)		   Landa
Series 209
Timber
Wolf Trail		   Landa
Series 2505
Oak
Circle		 
Balance at December 31, 2022  $-   $(8,285)  $35,262   $(3,556)  $(3,619)  $(356)  $(2,815)
Proceeds from sales of members’ interest   -    -    -    68,411    12,098    -    - 
Distributions   -    -    (2,332)   (62)   -    -    - 
Net income (loss)   -    30,341    1,328    (4,729)   (4,581)   (12,273)   31,655 
Balance at June 30, 2023 (unaudited)  $-   $22,056   $34,258   $60,064   $3,898   $(12,629)  $28,840 
                                    
Balance at December 31, 2021  $-   $(6,763)  $38,293   $34,977   $16,631   $1,708   $(6,153)
Proceeds from sales of members’ interest   -    -    -    43    -    -    - 
Distributions   -    -    (2,277)   (1,722)   (818)   -    - 
Sale distribution   -    -    -    (87,854)   (40,683)   -    - 
Distribution to manager   -    -    -    (2,340)   (33,094)   -    - 
Net income (loss)   -    1,194    1,336    56,896    57,964    293    2,740 
Balance at June 30, 2022 (unaudited)  $       -   $(5,569)  $37,352   $-   $-   $2,001   $(3,413)

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-98

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENT OF MEMBERS’ EQUITY

 

   Landa
Series 271
Timber
Wolf Trail		   Landa
Series 29
Holly Grove
Road		   Landa
Series 1703
Summerwoods
Lane		   Landa
Series 1712
Summerwoods
Lane		   Landa
Series 1743
Summerwoods
Lane		   Landa
Series 1750
Summerwoods
Lane		 
Balance at December 31, 2022  $(5,430)  $(3,996)  $32,250   $42,207   $33,316   $33,614 
Proceeds from sales of members’ interest   -    -    -    -    -    - 
Distributions   -    -    (2,647)   (1,047)   (3,623)   (3,574)
Net income (loss)   (12,603)   (641)   (2,729)   (2,829)   1,085    1,268 
Balance at June 30, 2023 (unaudited)  $(18,033)  $(4,637)  $26,874   $38,331   $30,778   $31,308 
                               
Balance at December 31, 2021  $(2,908)  $(1,743)  $-   $-   $-   $- 
Proceeds from sales of members’ interest   -    -    37,293    46,207    35,846    35,840 
Distributions   -    -    (1,461)   (1,604)   (1,398)   (957)
Sale distribution   -    -    -    -    -    - 
Distribution to manager   -    -    -    -    -    - 
Net income (loss)   1,640    (363)   436    280    660    25 
Balance at June 30, 2022 (unaudited)  $(1,268)  $(2,106)  $36,268   $44,883   $35,108   $34,908 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-99

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENT OF MEMBERS’ EQUITY

 

   Landa
Series 4267
High Park
Lane		   Landa
Series 4474
Highwood
Park
Drive		   Landa
Series 8569
Creekwood
Way		  

Landa

Series 9439
Lakeview
Road

   Landa
Series 10167
Port Royal
Court		   Landa
Series 1246
Elgin
Way		 
Balance at December 31, 2022  $40,661   $29,372   $30,259   $47,905   $24,063   $33,867 
Proceeds from sales of members’ interest   19    -    -     23    -    - 
Distributions   (1,507)   (1,300)   (2,663)   (3,310)   (2,682)   (2,507)
Net income (loss)   (6,999)   48    (4,072)   (201)   966    1,085 
Balance at June 30, 2023 (unaudited)  $32,174   $28,120   $23,524   $44,417   $22,347   $32,445 
                         
Balance at December 31, 2021  $-   $-   $-   $-   $-   $- 
Proceeds from sales of members’ interest   47,597    43,401    34,032    54,576    28,100    38,184 
Distributions   (1,442)   (962)   (1,501)   (1,073)   (1,956)   (2,065)
Sale distribution   -    -    -    -    -    - 
Distribution to manager   -    -    -    -    -    - 
Net income (loss)   (1,161)   (1,714)   647    (2,735)   1,048    1,317 
Balance at June 30, 2022 (unaudited)  $44,994   $40,725   $33,178   $50,768   $27,192   $37,436 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-100

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENT OF MEMBERS’ EQUITY

 

   Landa
Series 1910
Grove
Way		   Landa
Series 593
Country
Lane
Drive		   Landa
Series 6436
Stone
Terrace		   Landa
Series 6440
Woodstone
Terrace		   Landa
Series 6848
Sandy
Creek
Drive		  

Landa

Series 687
Utoy
Court

 
Balance at December 31, 2022  $6,169   $21,990   $12,608   $(1,714)  $17,339   $26,310 
Proceeds from sales of members’ interest   -    -    -    -    -    - 
Distributions   (3,992)   (2,796)   (2,215)   (898)   (2,866)   (2,884)
Net income (loss)   (5,186)   961    1,548    (636)   245    (1,833)
Balance at June 30, 2023 (unaudited)  $(3,009)  $20,155   $11,941   $(3,248)  $14,718   $21,593 
                         
Balance at December 31, 2021  $-   $-   $-   $-   $-   $- 
Proceeds from sales of members’ interest   22,062    24,592    15,481    18,243    21,867    32,865 
Distributions   (991)   (1,774)   (1,755)   (1,683)   (2,796)   (1,802)
Sale distribution   -    -    -    -    -    - 
Distribution to manager   -    -    -    -    -    - 
Net income (loss)   (9,515)   1,049    1,653    (3,737)   1,022    (2,923)
Balance at June 30, 2022 (unaudited)  $11,556   $23,867   $15,379   $12,823   $20,093   $28,140 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-101

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENT OF MEMBERS’ EQUITY

 

  

Landa

Series 729
Winter
Lane

   Landa
Series 7349
Exeter
Court		   Landa
Series 8645
Embrey
Drive		   Landa
Series 8780
Churchill
Place		   Landa
Series 8796
Parliament
Place		   Landa
Series 8641
Ashley
Way		 
Balance at December 31, 2022  $16,382   $35,538   $29,190   $31,663   $27,658   $45,331 
Proceeds from sales of members’ interest   -    -    -    -    -    5 
Distributions   (3,624)   (3,368)   (3,707)   (1,369)   (4,054)   (2,917)
Net income (loss)   (3,404)   1,378    1,336    (6,717)   2,355    67 
Balance at June 30, 2023 (unaudited)  $9,354   $33,548   $26,819   $23,577   $25,959   $42,486 
                               
Balance at December 31, 2021  $-   $-   $-   $-   $-   $- 
Proceeds from sales of members’ interest   31,220    39,133    34,212    38,058    31,083    35,779 
Distributions   (1,646)   (2,290)   (2,244)   (2,033)   (2,079)   (1,447)
Sale distribution   -    -    -    -    -    - 
Distribution to manager   -    -    -    -    -    - 
Net income (loss)   (2,392)   1,496    1,056    1,077    1,178    56 
Balance at June 30, 2022 (unaudited)  $27,182   $38,339   $33,024   $37,102   $30,182   $34,388 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-102

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENT OF MEMBERS’ EQUITY

 

   Landa
Series 8651
Ashley
Way		   Landa
Series 8652
Ashley
Way		   Landa
Series 8653
Ashley
Way		   Landa
Series 8654
Ashley
Way		   Landa
Series 8655
Ashley
Way		   Landa
Series 8659
Ashley
Way		 
Balance at December 31, 2022  $32,099   $44,040   $48,592   $41,138   $49,421   $55,360 
Proceeds from sales of members’ interest   -    178    -    -    6    - 
Distributions   (2,662)   (3,368)   (3,732)   (3,192)   (2,946)   (3,993)
Net income (loss)   (358)   760    1,263    488    966    2,160 
Balance at June 30, 2023 (unaudited)  $29,079   $41,610   $46,123   $38,434   $47,447   $53,527 
                               
Balance at December 31, 2021  $-   $-   $-   $-   $-   $- 
Proceeds from sales of members’ interest   41,951    24,893    57,383    46,500    33,527    18,905 
Distributions   (2,231)   (1,699)   (1,895)   (1,975)   (1,934)   (1,631)
Sale distribution   -    -    -    -    -    - 
Distribution to manager   -    -    -    -    -    - 
Net income (loss)   1,155    (508)   864    714    782    (742)
Balance at June 30, 2022 (unaudited)  $40,875   $22,686   $56,352   $45,239   $32,375   $16,532 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-103

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENT OF MEMBERS’ EQUITY

 

   Landa
Series 8662
Ashley
Way		   Landa
Series 8668
Ashley
Way		   Landa
Series 8670
Ashley
Way		   Landa
Series 8674
Ashley
Way		   Landa
Series 8675
Ashley
Way		   Landa
Series 8677
Ashley
Way		 
Balance at December 31, 2022  $50,945   $53,948   $59,663   $38,669   $34,207   $38,371 
Proceeds from sales of members’ interest   -    -    -    -    5    - 
Distributions   (2,568)   (3,056)   (2,080)   (2,317)   (2,733)   (3,447)
Net income (loss)   (285)   18    (256)   (3,326)   654    992 
Balance at June 30, 2023 (unaudited)  $48,092   $50,910   $57,327   $33,026   $32,133   $35,916 
                               
Balance at December 31, 2021  $-   $-   $-   $-   $-   $- 
Proceeds from sales of members’ interest   35,061    7,300    9,505    47,178    44,557    42,664 
Distributions   (1,803)   (1,607)   (1,666)   (2,265)   (1,654)   (2,231)
Sale distribution   -    -    -    -    -    - 
Distribution to manager   -    -    -    -    -    - 
Net income (loss)   396    141    57    987    (1,069)   1,234 
Balance at June 30, 2022 (unaudited)  $33,654   $5,834   $7,896   $45,900   $41,834   $41,667 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-104

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENT OF MEMBERS’ EQUITY

 

   Landa
Series 8678
Ashley
Way		   Landa
Series 8679
Ashley
Way		   Landa
Series 8683
Ashley
Way		   Landa
Series 1007
Leeward
Way (6)		   Landa
Series 10121
Morris Drive
SW (3)		   Landa
Series 10183
Starr Street
SW (3)		 
Balance at December 31, 2022  $54,031   $40,303   $39,477   $-   $-   $- 
Proceeds from sales of members’ interest   -    -    -    -    4,585    1,417 
Distributions   (2,666)   (3,848)   (3,034)   (280)   (659)   (186)
Net income (loss)   (368)   (16)   (504)   (57)   (2,716)   (3,881)
Balance at June 30, 2023 (unaudited)  $50,997   $36,439   $35,939   $(337)  $1,210   $(2,650)
                               
Balance at December 31, 2021  $-   $-   $-   $-   $-   $- 
Proceeds from sales of members’ interest   10,119    46,153    47,607    -    -    - 
Distributions   (1,094)   (1,700)   (1,882)   -    -    - 
Sale distribution   -    -    -    -    -    - 
Distribution to manager   -    -    -    -    -    - 
Net income (loss)   (757)   528    887    -    -    - 
Balance at June 30, 2022 (unaudited)  $8,268   $44,981   $46,612   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-105

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENT OF MEMBERS’ EQUITY

 

   Landa
Series 103
Starlake
Drive (3)		   Landa
Series 10433
Candlelight
Road (3)		   Landa
Series 107
Oakwood
Circle (5)		   Landa
Series 110
Shenandoah
Drive (3)		   Landa
Series 111
Fir Drive (3)		   Landa
Series 112
Ridge
Street (3)		 
Balance at December 31, 2022  $-   $-   $-   $-   $-   $- 
Proceeds from sales of members’ interest   1,125    893    9,853    1,343    5,629    3,363 
Distributions   (94)   -    (627)   -    (285)   (492)
Net income (loss)   (3,302)   (10,009)   (229)   (4,831)   (3,054)   (5,195)
Balance at June 30, 2023 (unaudited)  $(2,271)  $(9,116)  $8,997   $(3,488)  $2,290   $(2,324)
                               
Balance at December 31, 2021  $-   $-   $-   $-   $-   $- 
Proceeds from sales of members’ interest   -    -    -    -    -    - 
Distributions   -    -    -    -    -    - 
Sale distribution   -    -    -    -    -    - 
Distribution to manager   -    -    -    -    -    - 
Net income (loss)   -    -    -    -    -    - 
Balance at June 30, 2022 (unaudited)  $-   $-   $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-106

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENT OF MEMBERS’ EQUITY

 

   Landa
Series 11322
Michelle
Way (3)		   Landa
Series 1147 Village
Way (3)		   Landa Series 1160 Gable Terrace (3)   Landa
Series 1201
Kilrush
Drive (3)		   Landa
Series 124
Libby
Lane (3)		   Landa
Series 1320
Winona
Avenue (3)		 
Balance at December 31, 2022  $-   $-   $-   $-   $-   $- 
Proceeds from sales of members’ interest   1,215    1,445    4,108    3,044    2,886    2,217 
Distributions   (140)   -    (440)   (89)   -    (154)
Net income (loss)   (2,965)   (4,017)   (3,986)   (14,424)   (5,903)   (4,512)
Balance at June 30, 2023 (unaudited)  $(1,890)  $(2,572)  $(318)  $(11,469)  $(3,017)  $(2,449)
                               
Balance at December 31, 2021  $-   $-   $-   $-   $-   $- 
Proceeds from sales of members’ interest   -    -    -    -    -    - 
Distributions   -    -    -    -    -    - 
Sale distribution   -    -    -    -    -    - 
Distribution to manager   -    -    -    -    -    - 
Net income (loss)   -    -    -    -    -    - 
Balance at June 30, 2022 (unaudited)  $-   $-   $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-107

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENT OF MEMBERS’ EQUITY

 

   Landa
Series 137
Southern
Shores
Road (3)		   Landa
Series 138
Sandalwood
Circle (3)		   Landa
Series 140
High
Ridge
Road (3)		   Landa
Series 146
Crystal
Brook (3)		   Landa
Series 153
Cliffside
Court (3)		   Landa
Series 1666
West
Poplar
Street (3)		 
Balance at December 31, 2022  $-   $-   $-   $-   $-   $- 
Proceeds from sales of members’ interest   2,096    10,531    4,116    9,558    26,760    6,656 
Distributions   (191)   (798)   (314)   (580)   (211)   (230)
Net income (loss)   (3,249)   (2,885)   (3,475)   (2,582)   (1,812)   (4,170)
Balance at June 30, 2023 (unaudited)  $(1,344)  $6,848   $327   $6,396   $24,737   $2,256 
                               
Balance at December 31, 2021  $-   $-   $-   $-   $-   $- 
Proceeds from sales of members’ interest   -    -    -    -    -    - 
Distributions   -    -    -    -    -    - 
Sale distribution   -    -    -    -    -    - 
Distribution to manager   -    -    -    -    -    - 
Net income (loss)   -    -    -    -    -    - 
Balance at June 30, 2022 (unaudited)  $-   $-   $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-108

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENT OF MEMBERS’ EQUITY

 

   Landa
Series 168
Brookview
Drive (1)		   Landa
Series 1689
Viceroy
Way (3)		   Landa
Series 181
Watercress
Court (3)		   Landa
Series 188
Timberline
Road (3)		   Landa
Series 189
Shenandoah
Drive (3)		   Landa
Series 195
Hunters
Trace (3)		 
Balance at December 31, 2022  $-   $-   $-   $-   $-   $- 
Proceeds from sales of members’ interest   52,898    1,864    6,693    33,594    2,124    4,159 
Distributions   (549)   (79)   (569)   (290)   (362)   (374)
Net income (loss)   (2,631)   (3,897)   (2,724)   (2,906)   (2,937)   (3,454)
Balance at June 30, 2023 (unaudited)  $49,718   $(2,112)  $3,400   $30,398   $(1,175)  $331 
                               
Balance at December 31, 2021  $-   $-   $-   $-   $-   $- 
Proceeds from sales of members’ interest   -    -    -    -    -    - 
Distributions   -    -    -    -    -    - 
Sale distribution   -    -    -    -    -    - 
Distribution to manager   -    -    -    -    -    - 
Net income (loss)   -    -    -    -    -    - 
Balance at June 30, 2022 (unaudited)  $-   $-   $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-109

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENT OF MEMBERS’ EQUITY

 

   Landa
Series 196
Montego
Circle (3)		   Landa
Series 20
Chimney
Smoke
Drive (4)		   Landa
Series 212
Fleeta
Drive (3)		   Landa
Series 217
Glenloch
Court (3)		   Landa
Series 2264
Chestnut
Hill Circle (3)		   Landa
Series 2425
Cornell
Circle (4)		 
Balance at December 31, 2022  $-   $-   $-   $-   $-   $- 
Proceeds from sales of members’ interest   1,690    6,255    2,505    4,642    1,472    - 
Distributions   (220)   (919)   -    (534)   (230)   (739)
Net income (loss)   (4,406)   (3,079)   (5,017)   (4,304)   (8,827)   (2,639)
Balance at June 30, 2023 (unaudited)  $(2,936)  $2,257   $(2,512)  $(196)  $(7,585)  $(3,378)
                               
Balance at December 31, 2021  $-   $-   $-   $-   $-   $- 
Proceeds from sales of members’ interest   -    -    -    -    -    - 
Distributions   -    -    -    -    -    - 
Sale distribution   -    -    -    -    -    - 
Distribution to manager   -    -    -    -    -    - 
Net income (loss)   -    -    -    -    -    - 
Balance at June 30, 2022 (unaudited)  $-   $-   $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-110

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENT OF MEMBERS’ EQUITY

 

   Landa
Series 25
Pleasant
Valley
Road (3)		   Landa
Series 253
Marco
Drive (3)		   Landa
Series 258
Rocky
Point
Road (3)		   Landa
Series 268
Brookview
Drive (1)		   Landa
Series 270
Mountain
Lane (3)		   Landa
Series 270
Pleasant
Hills Drive (3)		 
Balance at December 31, 2022  $-   $-   $-   $-   $-   $- 
Proceeds from sales of members’ interest   3,404    2,375    4,425    8,857    13,920    4,000 
Distributions   (587)   (423)   (212)   (382)   (861)   (610)
Net income (loss)   (7,154)   (2,736)   (3,939)   (5,771)   (3,652)   (3,274)
Balance at June 30, 2023 (unaudited)  $(4,337)  $(784)  $274   $2,704   $9,407   $116 
                               
Balance at December 31, 2021  $-   $-   $-   $-   $-   $- 
Proceeds from sales of members’ interest   -    -    -    -    -    - 
Distributions   -    -    -    -    -    - 
Sale distribution   -    -    -    -    -    - 
Distribution to manager   -    -    -    -    -    - 
Net income (loss)   -    -    -    -    -    - 
Balance at June 30, 2022 (unaudited)  $-   $-   $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-111

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENT OF MEMBERS’ EQUITY

 

   Landa
Series 2813
Vicksburg
Court (3)		  

Landa
Series 2933

Coffer
Drive (3)

   Landa
Series 30
High
Ridge
Road (3)		   Landa
Series 30
Roosevelt
Road (3)		   Landa
Series 3011
Raintree
Drive SE (3)		   Landa
Series 3043
Highway
81 S (3)		 
Balance at December 31, 2022  $-   $-   $-   $-   $-   $- 
Proceeds from sales of members’ interest   2,258    1,454    4,301    1,777    1,079    5,838 
Distributions   (96)   -    (552)   (332)   -    (289)
Net income (loss)   (4,962)   (4,805)   (3,508)   (4,883)   (7,275)   (11,659)
Balance at June 30, 2023 (unaudited)  $(2,800)  $(3,351)  $241   $(3,438)  $(6,196)  $(6,110)
                               
Balance at December 31, 2021                              
Proceeds from sales of members’ interest  $-   $-   $-   $-   $-   $- 
Distributions   -    -    -    -    -    - 
Sale distribution   -    -    -    -    -    - 
Distribution to manager   -    -    -    -    -    - 
Net income (loss)   -    -    -    -    -    - 
Balance at June 30, 2022 (unaudited)  $-   $-   $-   $-   $-   $- 

  

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-112

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENT OF MEMBERS’ EQUITY

 

   Landa
Series 313
Blue
Heron
Drive (3)		   Landa
Series 3202
Chippewa
Drive (3)		   Landa
Series 35 Clay
Court (3)		   Landa
Series 350
Cadiz
Lane S (3)		   Landa
Series 351
Wesley
Park
Drive (3)		   Landa
Series 3667
Patti
Parkway (4)		 
Balance at December 31, 2022  $-   $-   $-   $-   $-   $- 
Proceeds from sales of members’ interest   9,643    1,411    3,420    3,115    5,675    - 
Distributions   (537)   (45)   (367)   -    (667)   (98)
Net income (loss)   (3,696)   (6,382)   (3,623)   (4,735)   (4,409)   (3,628)
Balance at June 30, 2023 (unaudited)  $5,410   $(5,016)  $(570)  $(1,620)  $599   $(3,726)
                               
Balance at December 31, 2021  $-   $-   $-   $-   $-   $- 
Proceeds from sales of members’ interest   -    -    -    -    -    - 
Distributions   -    -    -    -    -    - 
Sale distribution   -    -    -    -    -    - 
Distribution to manager   -    -    -    -    -    - 
Net income (loss)   -    -    -    -    -    - 
Balance at June 30, 2022 (unaudited)  $-   $-   $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-113

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENT OF MEMBERS’ EQUITY

 

   Landa
Series 412
Kendall
Lane (4)		   Landa
Series 43
Darwin
Drive (3)		   Landa
Series 45
Blue Jay
Drive (3)		   Landa
Series 45
Laurel
Way (4)		  

Landa
Series 4702

Saint
James
Way (3)

   Landa
Series 4732
Pinedale
Drive (3)		 
Balance at December 31, 2022  $-   $-   $-   $-   $-   $- 
Proceeds from sales of members’ interest   1,721    2,592    1,159    1,034    2,011    873 
Distributions   -    -    (103)   -    -    - 
Net income (loss)   (6,237)   (5,776)   (5,731)   (4,618)   (8,942)   (2,747)
Balance at June 30, 2023 (unaudited)  $(4,516)  $(3,184)  $(4,675)  $(3,584)  $(6,931)  $(1,874)
                               
Balance at December 31, 2021  $-   $-   $-   $-   $-   $- 
Proceeds from sales of members’ interest   -    -    -    -    -    - 
Distributions   -    -    -    -    -    - 
Sale distribution   -    -    -    -    -    - 
Distribution to manager   -    -    -    -    -    - 
Net income (loss)   -    -    -    -    -    - 
Balance at June 30, 2022 (unaudited)  $-   $-   $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-114

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENT OF MEMBERS’ EQUITY

 

   Landa
Series 5040
Huntshire
Lane (3)		   Landa
Series 513
Jarrett
Court (3)		   Landa
Series 5143
Pinecrest
Drive SW (3)		   Landa
Series 540
Cowan
Road (3)		   Landa
Series 5411
Rocky Pine
Drive (4)		   Landa
Series 550
Cowan
Road (4)		 
Balance at December 31, 2022  $-   $-   $-   $-   $-   $- 
Proceeds from sales of members’ interest   12,798    28,082    2,181    3,943    3,471    3,743 
Distributions   (417)   (369)   (261)   (654)   -    (408)
Net income (loss)   (6,348)   (6,871)   (2,735)   (3,661)   (3,026)   (2,353)
Balance at June 30, 2023 (unaudited)  $6,033   $20,842   $(815)  $(372)  $445   $982 
                               
Balance at December 31, 2021  $-   $-   $-   $-   $-   $- 
Proceeds from sales of members’ interest   -    -    -    -    -    - 
Distributions   -    -    -    -    -    - 
Sale distribution   -    -    -    -    -    - 
Distribution to manager   -    -    -    -    -    - 
Net income (loss)   -    -    -    -    -    - 
Balance at June 30, 2022 (unaudited)  $-   $-   $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-115

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENT OF MEMBERS’ EQUITY

 

   Landa
Series 5581
Fox Glen
Circle (4)		   Landa
Series 565
Mountainview
Drive (3)		   Landa
Series 5801
Strathmoor
Manor
Circle (3)		   Landa
Series 6107
Shadow
Glen Court (3)		   Landa
Series 6111-6113
Pine Glen
Circle
SW (3)		   Landa
Series 615
Barshay
Drive (3)		 
Balance at December 31, 2022  $-   $-   $-   $-   $-   $- 
Proceeds from sales of members’ interest   470    2,402    3,892    4,140    5,533    4,426 
Distributions   (102)   (447)   (567)   (266)   -    (229)
Net income (loss)   (4,333)   (3,703)   (4,019)   (2,445)   (7,642)   (6,337)
Balance at June 30, 2023 (unaudited)  $(3,965)  $(1,748)  $(694)  $1,429   $(2,109)  $(2,140)
                               
Balance at December 31, 2021  $-   $-   $-   $-   $-   $- 
Proceeds from sales of members’ interest   -    -    -    -    -    - 
Distributions   -    -    -    -    -    - 
Sale distribution   -    -    -    -    -    - 
Distribution to manager   -    -    -    -    -    - 
Net income (loss)   -    -    -    -    -    - 
Balance at June 30, 2022 (unaudited)  $-   $-   $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-116

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENT OF MEMBERS’ EQUITY

 

   Landa
Series 6168
Wheat
Street
NE (3)		   Landa
Series 6178
Green
Acres
Drive
SW (3)		   Landa
Series 6404
Walnut
Way (4)		   Landa
Series 643
Sycamore
Drive (3)		   Landa
Series 65 Freedom
Court (3)		   Landa
Series 6635
Kimberly
Mill
Road (3)		 
Balance at December 31, 2022  $-   $-   $-   $-   $-   $- 
Proceeds from sales of members’ interest   3,029    2,460    17,283    6,831    1,928    1,091 
Distributions   (39)   (506)   (1,122)   (480)   (426)   - 
Net income (loss)   (4,052)   (2,113)   (1,905)   (3,364)   (3,209)   (7,197)
Balance at June 30, 2023 (unaudited)  $(1,062)  $(159)  $14,256   $2,987   $(1,707)  $(6,106)
                               
Balance at December 31, 2021  $-   $-   $-   $-   $-   $- 
Proceeds from sales of members’ interest   -    -    -    -    -    - 
Distributions   -    -    -    -    -    - 
Sale distribution   -    -    -    -    -    - 
Distribution to manager   -    -    -    -    -    - 
Net income (loss)   -    -    -    -    -    - 
Balance at June 30, 2022 (unaudited)  $-   $-   $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-117

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENT OF MEMBERS’ EQUITY

 

   Landa
Series 6653
Bedford
Road (3)		   Landa
Series 6762
Bent Creek
Drive (3)		   Landa
Series 709
Georgetown
Court (3)		   Landa
Series 7107
Geiger
Street
NW (3)		   Landa
Series 750
Georgetown
Court (3)		   Landa
Series 752
Chestnut
Drive (3)		 
Balance at December 31, 2022  $-   $-   $-   $-   $-   $- 
Proceeds from sales of members’ interest   1,304    5,474    37,482    37,320    2,462    4,311 
Distributions   (249)   (336)   (615)   (801)   (138)   (215)
Net income (loss)   (3,671)   (4,377)   (3,047)   (1,573)   (3,148)   (3,957)
Balance at June 30, 2023 (unaudited)  $(2,616)  $761   $33,820   $34,946   $(824)  $139 
                               
Balance at December 31, 2021  $-   $-   $-   $-   $-   $- 
Proceeds from sales of members’ interest   -    -    -    -    -    - 
Distributions   -    -    -    -    -    - 
Sale distribution   -    -    -    -    -    - 
Distribution to manager   -    -    -    -    -    - 
Net income (loss)   -    -    -    -    -    - 
Balance at June 30, 2022 (unaudited)  $-   $-   $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-118

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENT OF MEMBERS’ EQUITY

 

   Landa
Series 773
Villa
Way (1)		   Landa
Series 7781
Mountain
Creek
Way (3)		   Landa
Series 7950
Woodlake
Drive (3)		   Landa
Series 80
High Ridge
Road (3)		   Landa
Series 808 Hillandale
Lane (3)		   Landa
Series 8110
Devonshire
Drive (3)		 
Balance at December 31, 2022  $-   $-   $-   $-   $-   $- 
Proceeds from sales of members’ interest   47,938    1,192    1,175    3,565    2,899    25,753 
Distributions   (946)   -    (35)   (184)   (285)   (973)
Net income (loss)   (2,480)   (7,237)   (2,881)   (8,011)   (5,027)   (1,633)
Balance at June 30, 2023 (unaudited)  $44,512   $(6,045)  $(1,741)  $(4,630)  $(2,413)  $23,147 
                         
Balance at December 31, 2021  $-   $-   $-   $-   $-   $- 
Proceeds from sales of members’ interest   -    -    -    -    -    - 
Distributions   -    -    -    -    -    - 
Sale distribution   -    -    -    -    -    - 
Distribution to manager   -    -    -    -    -    - 
Net income (loss)   -    -    -    -    -    - 
Balance at June 30, 2022 (unaudited)  $-   $-   $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-119

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENT OF MEMBERS’ EQUITY

 

    Landa
Series 8121
Spillers
Drive SW (3)		     Landa
Series 8233
Creekline
Court (3)		     Landa
Series 843
Tramore
Drive (1)		     Landa
Series 85
Kirkland
Court (3)		     Landa
Series 85
Thorn Thicket
Way (3)		     Landa
Series 8855
Rugby
Court (3)		  
Balance at December 31, 2022   $ -     $ -     $ -     $ -     $ -     $ -  
Proceeds from sales of members’ interest     2,832       2,291       78,196       3,699       1,462       2,829  
Distributions     (439 )     -       (1,286 )     -       (16 )     (418 )
Net income (loss)     (2,573 )     (5,850 )     1,891       (7,738 )     (3,962 )     (2,091 )
Balance at June 30, 2023 (unaudited)   $ (180 )   $ (3,559 )   $ 78,801     $ (4,039 )   $ (2,516 )   $ 320  
                                                 
Balance at December 31, 2021   $ -     $ -     $ -     $ -     $ -     $ -  
Proceeds from sales of members’ interest     -       -       -       -       -       -  
Distributions     -       -       -       -       -       -  
Sale distribution     -       -       -       -       -       -  
Distribution to manager     -       -       -       -       -       -  
Net income (loss)     -       -       -       -       -       -  
Balance at June 30, 2022 (unaudited)   $ -     $ -     $ -     $ -     $ -     $ -  

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-120

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENT OF MEMBERS’ EQUITY

 

   Landa
Series 9434
Cedar
Creek
Place (3)		   Landa
Series 9597
Pintail
Trail (3)		  

Total
Combined

Members’
Equity

 
Balance at December 31, 2022  $-   $-   $1,303,447 
Proceeds from sales of members’ interest   3,438    13,885    775,033 
Distributions   (9)   (666)   (138,286)
Net income (loss)   (4,637)   (7,456)   (404,567)
Balance at June 30, 2023 (unaudited)  $(1,208)  $5,763   $1,535,627 
                
Balance at December 31, 2021  $-   $-   $74,042 
Proceeds from sales of members’ interest   -    -    1,259,017 
Distributions   -    -    (69,043)
Sale distribution   -    -    (128,537)
Distribution to manager   -    -    (35,434)
Net income (loss)   -    -    115,192 
Balance at June 30, 2022 (unaudited)  $-   $-   $1,215,237 

  

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-121

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Landa App LLC   Landa Series 115
Sardis Street		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $     -   $    -   $30,341   $1,194 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   -    -    981    1,984 
(Gain) loss on sale of real estate   -    -    (32,421)   - 
Changes in assets and liabilities:                  
Escrow   -    -    -    - 
Accounts receivable   -    -    851    - 
Due from related party   -    -    (325)   - 
Due to related party   -    -    -    101 
Other liabilities   -    -    -    (800)
Security deposit   -    -    -    - 
Net cash provided by (used in) operating activities   -    -    (573)   2,479 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    -    -    - 
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    -    -    - 
                     
Cash flows from financing activities:                    
Shareholder Proceeds   -    -    -    - 
Shareholder Dividends   -    -    -    - 
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   -    -    -    - 
Proceeds from mortgage   -    -    -    - 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   -    -    -    - 
                     
Net increase (decrease) in cash   -    -    (573)   2,480 
Cash and restricted cash at beginning of year   -    -    583    3,270 
Cash and restricted cash at end of year  $-   $-   $10   $5,750 
              -      
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $-   $-   $-   $1,458 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $-   $-   $-   $- 
Net proceeds from property disposition, net  $-   $-   $136,770   $- 
Repayment of promissory note - related party  $-   $-   $(117,304)  $- 
Acquisition notes payable for property acquisition, net  $-   $-   $-   $- 
Bridge note payable  $-   $-   $-   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-122

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Landa Series 1394
Oakview Circle		   Landa Series 1701
Summerwoods Lane (2)		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $1,328   $1,336   $(4,729)  $56,896 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   1,111    1,112    1,348    930 
(Gain) loss on sale of real estate   -    -    -    (70,269)
Changes in assets and liabilities:                 
Escrow   (1,908)   (852)   (520)   - 
Accounts receivable   367    -    -    - 
Due from related party   1,413    1,429    1,313    6,551 
Due to related party   -    -    -    25,356 
Other liabilities   782    (396)   546    10,105 
Security deposit   -    -    -    - 
Net cash provided by (used in) operating activities   3,093    2,629    (2,042)   29,569 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    -    -    - 
Proceeds from sale of real estate investments   -    -    -    159,000 
Net cash provided by (used in) investing activities   -    -    -    159,000 
                     
Cash flows from financing activities:                    
Shareholder Proceeds   -    -    68,411    43 
Shareholder Dividends   (2,332)   (2,277)   (62)   (91,916)
Repayment of promissory note - related party   -    (44,015)   -    (95,491)
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   -    -    (52,056)   - 
Proceeds from mortgage   -    44,015    -    52,703 
Repayment of mortgage   -    -    -    (52,703)
Net cash provided by (used in) financing activities   (2,332)   (2,277)   16,293    (187,364)
                     
Net increase (decrease) in cash   761    352    14,251    1,204 
Cash and restricted cash at beginning of year   4,034    3,148    2,855    38,376 
Cash and restricted cash at end of year  $4,795   $3,500   $17,106   $39,580 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $990   $990   $3,934   $791 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $-   $-   $169,225   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $-   $-   $116,522   $- 
Bridge note payable  $-   $-   $52,703   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-123

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Landa Series 1741
Park Lane (2)		   Landa Series 209
Timber Wolf Trail		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(4,581)  $57,964   $(12,273)  $293 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   1,525    1,264    1,442    1,719 
(Gain) loss on sale of real estate   -    (72,481)   8,208    - 
Changes in assets and liabilities:                 
Escrow   (547)   -    (235)   (461)
Accounts receivable   -    -    -    775 
Due from related party   (1,017)   5,489    1,706    1,926 
Due to related party   -    8,512    -    - 
Other liabilities   1,398    11,847    (586)   (1,084)
Security deposit   -    -    (500)   - 
Net cash provided by (used in) operating activities   (3,222)   12,595    (2,238)   3,168 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    -    -    - 
Proceeds from sale of real estate investments   -    180,000    -    - 
Net cash provided by (used in) investing activities   -    180,000    -    - 
                     
Cash flows from financing activities:                    
Shareholder Proceeds   12,098    -    -    - 
Shareholder Dividends   -    (74,595)   -    - 
Repayment of promissory note - related party   -    (64,359)   -    - 
Repayment of note - related party   -    (52,215)   -    (61,750)
Repayment of acquisition note - related party   (6,877)   -    -    - 
Proceeds from mortgage   -    64,359    -    61,750 
Repayment of mortgage   -    (64,359)   -    - 
Net cash provided by (used in) financing activities   5,221    (191,169)   -    - 
                     
Net increase (decrease) in cash   1,999    1,426    (2,238)   3,168 
Cash and restricted cash at beginning of year   1,996    21,582    2,879    3,148 
Cash and restricted cash at end of year  $3,995   $23,008   $641   $6,316 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $4,368   $965   $249   $1,496 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $191,485   $-   $-   $- 
Net proceeds from property disposition, net  $-   $-   $99,950   $- 
Repayment of promissory note - related party  $-   $-   $(34,328)  $- 
Acquisition notes payable for property acquisition, net  $125,009   $-   $-   $- 
Bridge note payable  $66,476   $-   $-   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $(61,750)  $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-124

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

  

Landa Series 2505

Oak Circle

   Landa Series 271
Timber Wolf Trail		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $31,655   $2,740   $(12,603)  $1,640 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   1,330    1,525    1,093    1,891 
(Gain) loss on sale of real estate   (46,645)   -    8,845    - 
Changes in assets and liabilities:                 
Escrow   (494)   (595)   33    (579)
Accounts receivable   -    -    -    - 
Due from related party   25,472    -    -    1,101 
Due to related party   (14,453)   1,514    2,348    - 
Other liabilities   309    (371)   282    (602)
Security deposit   (1,250)   -    -    - 
Net cash provided by (used in) operating activities   (4,076)   4,813    (2)   3,451 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    -    -    - 
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    -    -    - 
                     
Cash flows from financing activities:                    
Shareholder Proceeds   -    -    -    - 
Shareholder Dividends   -    -    -    - 
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    (76,700)   -    (62,400)
Repayment of acquisition note - related party   -    -    -    - 
Proceeds from mortgage   -    76,700    -    62,400 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   -    -    -    - 
                     
Net increase (decrease) in cash   (4,076)   4,813    (2)   3,451 
Cash and restricted cash at beginning of year   4,086    3,723    7    3,649 
Cash and restricted cash at end of year  $10   $8,536   $5   $7,100 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $280   $1,231   $-   $1,535 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $-   $-   $-   $- 
Net proceeds from property disposition, net  $142,401   $-   $108,080   $- 
Repayment of promissory note - related party  $(11,210)  $-   $(40,306)  $- 
Acquisition notes payable for property acquisition, net  $-   $-   $-   $- 
Bridge note payable  $-   $-   $-   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $(76,700)  $-   $(62,400)  $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-125

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Landa Series 29
Holly Grove Road		   Landa Series 1703 Summerwoods Lane 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(641)  $(363)  $(2,729)  $436 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   1,536    1,537    1,826    1,708 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:                 
Escrow   (927)   (726)   (1,295)   (1,186)
Accounts receivable   -    -    -    - 
Due from related party   -    2,201    629    (1,597)
Due to related party   (184)   -    868    - 
Other liabilities   1,497    (768)   514    1,948 
Security deposit   -    -    -    - 
Net cash provided by (used in) operating activities   1,281    1,881    (187)   1,309 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    -    -    (111,604)
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    -    -    (111,604)
                     
Cash flows from financing activities:                    
Shareholder Proceeds   -    -    -    37,293 
Shareholder Dividends   -    -    (2,647)   (1,461)
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    (84,500)   -    - 
Repayment of acquisition note - related party   -    -    -    - 
Proceeds from mortgage   -    84,500    -    77,925 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   -    -    (2,647)   113,757 
                     
Net increase (decrease) in cash   1,281    1,880    (2,834)   3,462 
Cash and restricted cash at beginning of year   799    3,001    3,836    0 
Cash and restricted cash at end of year  $2,080   $4,881   $1,002   $3,462 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $418   $1,254   $1,559   $1,559 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $-   $-   $-   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $-   $-   $-   $- 
Bridge note payable  $-   $-   $-   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-126

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Landa Series 1712
Summerwoods Lane		   Landa Series 1743
Summerwoods Lane		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(2,829)  $280   $1,085   $660 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   1,826    1,708    1,826    1,708 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:                 
Escrow   (1,299)   (1,193)   (1,292)   (1,183)
Accounts receivable   -    -    -    - 
Due from related party   -    -    -    - 
Due to related party   1,513    46,392    306    776 
Other liabilities   2,556    875    1,179    975 
Security deposit   575    -    -    - 
Net cash provided by (used in) operating activities   2,342    48,062    3,104    2,936 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    (111,604)   -    (111,604)
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    (111,604)   -    (111,604)
                     
Cash flows from financing activities:                    
Shareholder Proceeds   -    46,207    -    35,846 
Shareholder Dividends   (1,047)   (1,604)   (3,623)   (1,398)
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   -    -    -    - 
Proceeds from mortgage   -    67,535    -    77,925 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   (1,047)   112,138    (3,623)   112,373 
                     
Net increase (decrease) in cash   1,295    48,596    (519)   3,705 
Cash and restricted cash at beginning of year   5,128    -    5,510    0 
Cash and restricted cash at end of year  $6,423   $48,596   $4,991   $3,705 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $1,081   $1,351   $1,870   $1,559 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $-   $-   $-   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $-   $-   $-   $- 
Bridge note payable  $-   $-   $-   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-127

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Landa Series 1750
Summerwoods Lane		   Landa Series 4267
High Park Lane		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $1,268   $25   $(6,999)  $(1,161)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   1,826    1,708    2,613    2,282 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:                 
Escrow   (1,326)   (1,259)   (573)   (794)
Accounts receivable   -    -    4,830    - 
Due from related party   210    -    -    - 
Due to related party   -    164    11,371    47,108 
Other liabilities   1,249    875    437    1,207 
Security deposit   -    -    (975)   - 
Net cash provided by (used in) operating activities   3,227    1,513    10,704    48,642 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    (111,604)   (9,235)   (149,075)
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    (111,604)   (9,235)   (149,075)
                     
Cash flows from financing activities:                    
Shareholder Proceeds   -   35,840    19    47,597 
Shareholder Dividends   (3,574)   (957)   (1,507)   (1,442)
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   -    -    -    - 
Proceeds from mortgage   -    77,925    -    104,250 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   (3,574)   112,808    (1,488)   150,405 
                     
Net increase (decrease) in cash   (347)   2,717    (19)   49,972 
Cash and restricted cash at beginning of year   3,560    -    1,085    0 
Cash and restricted cash at end of year  $3,213   $2,717   $1,066   $49,972 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $1,870   $1,559   $3,230   $2,097 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $-   $-   $-   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $-   $-   $-   $- 
Bridge note payable  $-   $-   $-   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-128

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Landa Series 4474
Highwood Park Drive		   Landa Series 8569
Creekwood Way		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $48   $(1,714)  $(4,072)  $647 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   2,195    2,053    1,339    1,252 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:                 
Escrow   (1,107)   (1,061)   (633)   (623)
Accounts receivable   -    -    -    - 
Due from related party   -    -    -    - 
Due to related party   (152)   4,664    1,499    3,099 
Other liabilities   868    1,125    644    835 
Security deposit   -    -    (500)   - 
Net cash provided by (used in) operating activities   1,852    5,067    (1,723)   5,210 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    (134,130)   -    (81,820)
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    (134,130)   -    (81,820)
                     
Cash flows from financing activities:                    
Shareholder Proceeds   -    43,401    -   34,032 
Shareholder Dividends   (1,300)   (962)   (2,663)   (1,501)
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   -    -    -    - 
Proceeds from mortgage   -    93,750    -    49,400 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   (1,300)   136,189    (2,663)   81,931 
                     
Net increase (decrease) in cash   552    7,126    (4,386)   5,321 
Cash and restricted cash at beginning of year   1,366    -    9,801    0 
Cash and restricted cash at end of year  $1,918   $7,126   $5,415   $5,321 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $2,783   $1,989   $1,186   $1,152 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $-   $-   $-   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $-   $-   $-   $- 
Bridge note payable  $-   $-   $-   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-129

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Landa Series 9439
Lakeview Road		   Landa Series 10167
Port Royal Court		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(201)  $(2,735)  $966   $1,048 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   2,909    2,722    1,776    1,662 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:                 
Escrow   (684)   (1,196)   (1,297)   (1,121)
Accounts receivable   -    -    -    - 
Due from related party   -    -    -    (872)
Due to related party   278    57,719    602    - 
Other liabilities   (787)   1,307    1,068    1,050 
Security deposit   -    -    -    - 
Net cash provided by (used in) operating activities   1,515    57,817    3,115    1,767 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    (177,792)   -    (108,564)
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    (177,792)   -    (108,564)
                     
Cash flows from financing activities:                    
Shareholder Proceeds   23    54,576    -    28,100 
Shareholder Dividends   (3,310)   (1,073)   (2,682)   (1,956)
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   -    -    -    - 
Proceeds from mortgage   -    124,425    -    82,500 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   (3,287)   177,928    (2,682)   108,644 
                     
Net increase (decrease) in cash   (1,772)   57,953    433    1,847 
Cash and restricted cash at beginning of year   6,318    -    3,142    - 
Cash and restricted cash at end of year  $4,546   $57,953   $3,575   $1,847 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $2,489   $2,500   $1,980   $1,870 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $-   $-   $-   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $-   $-   $-   $- 
Bridge note payable  $-   $-   $-   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-130

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Landa Series 1246
Elgin Way		   Landa Series 1910
Grove Way		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $1,085   $1,317   $(5,186)  $(9,515)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   2,145    2,006    1,680    1,571 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:                 
Escrow   (1,600)   (1,354)   (1,302)   (1,159)
Accounts receivable   -    -    1,523    - 
Due from related party   305    (751)   -    - 
Due to related party   184    -    (1,343)   19,658 
Other liabilities   1,359    1,150    1,489    1,265 
Security deposit   -    -    (23)   - 
Net cash provided by (used in) operating activities   3,478    2,368    (3,162)   11,820 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    (131,074)   -    (102,638)
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    (131,074)   -    (102,638)
                     
Cash flows from financing activities:                    
Shareholder Proceeds   -    38,184    -    22,062 
Shareholder Dividends   (2,507)   (2,065)   (3,992)   (991)
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   -    -    -    - 
Proceeds from mortgage   -    95,250    -    82,500 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   (2,507)   131,369    (3,992)   103,571 
                     
Net increase (decrease) in cash   971    2,663    (7,154)   12,753 
Cash and restricted cash at beginning of year   3,124    -    10,048    - 
Cash and restricted cash at end of year  $4,095   $2,663   $2,894   $12,753 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $2,286   $2,159   $3,144   $1,870 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $-   $-   $-   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $-   $-   $-   $- 
Bridge note payable  $-   $-   $-   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-131

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Landa Series 593
Country Lane Drive		   Landa Series 6436
Stone Terrace		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $961   $1,049   $1,548   $1,653 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   1,539    1,440    972    904 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:                 
Escrow   (1,464)   (1,262)   (184)   (756)
Accounts receivable   -    -    -    - 
Due from related party   249    (534)   -    (1,063)
Due to related party   215    -    (609)   - 
Other liabilities   1,274    971    679    1,000 
Security deposit   -    -    -    - 
Net cash provided by (used in) operating activities   2,774    1,664    2,406    1,738 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    (94,079)   -    (59,371)
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    (94,079)   -    (59,371)
                     
Cash flows from financing activities:                    
Shareholder Proceeds   -    24,592    -    15,481 
Shareholder Dividends   (2,796)   (1,774)   (2,215)   (1,755)
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   -    -    -    - 
Proceeds from mortgage   -    71,250    -    45,000 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   (2,796)   94,068    (2,215)   58,726 
                     
Net increase (decrease) in cash   (22)   1,653    191    1,093 
Cash and restricted cash at beginning of year   3,499    -    2,009    - 
Cash and restricted cash at end of year  $3,477   $1,653   $2,200   $1,093 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $1,710   $1,615   $1,080   $1,014 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $-   $-   $-   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $-   $-   $-   $- 
Bridge note payable  $-   $-   $-   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-132

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Landa Series 6440
Woodstone Terrace		   Landa Series 6848
Sandy Creek Drive		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(636)  $(3,737)  $245   $1,022 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   1,040    967    1,387    1,290 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:                 
Escrow   (668)   (546)   (578)   (273)
Accounts receivable   -    -    -    - 
Due from related party   -    -    109    (195)
Due to related party   76    4,913    467    - 
Other liabilities   685    1,320    156    1,025 
Security deposit   1,295    -    500    - 
Net cash provided by (used in) operating activities   1,792    2,917    2,286    2,869 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    (63,557)   -    (84,780)
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    (63,557)   -    (84,780)
                     
Cash flows from financing activities:                    
Shareholder Proceeds   -    18,243    -    21,867 
Shareholder Dividends   (898)   (1,683)   (2,866)   (2,796)
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   -    -    -    - 
Proceeds from mortgage   -    46,500    -    64,500 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   (898)   63,060    (2,866)   83,571 
                     
Net increase (decrease) in cash   894    2,420    (580)   1,660 
Cash and restricted cash at beginning of year   1,179    -    2,200    - 
Cash and restricted cash at end of year  $2,073   $2,420   $1,620   $1,660 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $1,042   $1,048   $1,548   $1,453 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $-   $-   $-   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $-   $-   $-   $- 
Bridge note payable  $-   $-   $-   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-133

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Landa Series 687
Utoy Court		   Landa Series 729
Winter Lane		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(1,833)  $(2,923)  $(3,404)  $(2,392)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   1,854    1,724    1,827    1,699 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:                 
Escrow   (941)   (904)   (1,228)   (1,075)
Accounts receivable   -    -    -    - 
Due from related party   -    -    (1,552)   - 
Due to related party   260    3,533    398    578 
Other liabilities   897    975    1,128    1,060 
Security deposit   -    -    1,475    - 
Net cash provided by (used in) operating activities   237    2,405    (1,356)   (130)
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    (113,297)   -    (111,627)
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    (113,297)   -    (111,627)
                     
Cash flows from financing activities:                    
Shareholder Proceeds   -    32,865    -    31,220 
Shareholder Dividends   (2,884)   (1,802)   (3,624)   (1,646)
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   -    -    -    - 
Proceeds from mortgage   -    82,500    -    82,500 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   (2,884)   113,563    (3,624)   112,074 
                     
Net increase (decrease) in cash   (2,647)   2,671    (4,980)   317 
Cash and restricted cash at beginning of year   4,213    -    10,047    - 
Cash and restricted cash at end of year  $1,566   $2,671   $5,067   $317 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $1,980   $1,859   $3,531   $1,859 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $-   $-   $-   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $-   $-   $-   $- 
Bridge note payable  $-   $-   $-   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-134

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Landa Series 7349
Exeter Court		   Landa Series 8645
Embrey Drive		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $1,378   $1,496   $1,336   $1,056 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   1,777    1,653    1,910    1,776 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:                 
Escrow   (1,305)   (1,171)   (1,270)   (1,073)
Accounts receivable   -    -    -    - 
Due from related party   236    (819)   34    (930)
Due to related party   593    -    289    - 
Other liabilities   993    1,060    2,522    1,103 
Security deposit   -    -    -    - 
Net cash provided by (used in) operating activities   3,672    2,219    4,821    1,932 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    (108,601)   -    (116,705)
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    (108,601)   -    (116,705)
                     
Cash flows from financing activities:                    
Shareholder Proceeds   -    39,133    -    34,212 
Shareholder Dividends   (3,368)   (2,290)   (3,707)   (2,244)
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   -    -    -    - 
Proceeds from mortgage   -    71,500    -    84,750 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   (3,368)   108,343    (3,707)   116,718 
                     
Net increase (decrease) in cash   304    1,961    1,114    1,945 
Cash and restricted cash at beginning of year   3,756    -    2,057    - 
Cash and restricted cash at end of year  $4,060   $1,961   $3,171   $1,945 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $1,716   $1,611   $2,034   $1,910 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $-   $-   $-   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $-   $-   $-   $- 
Bridge note payable  $-   $-   $-   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-135

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Landa Series 8780
Churchill Place		   Landa Series 8796
Parliament Place		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(6,717)  $1,077   $2,355   $1,178 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   2,129    1,980    1,764    1,641 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:                 
Escrow   (1,352)   (1,197)   (1,223)   (1,099)
Accounts receivable   -    -    -    - 
Due from related party   -    -    -    - 
Due to related party   4,888    42    755    30,198 
Other liabilities   1,058    1,260    940    1,050 
Security deposit   123    -    -    - 
Net cash provided by (used in) operating activities   129    3,162    4,591    32,968 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    (130,114)   -    (107,817)
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    (130,114)   -    (107,817)
                     
Cash flows from financing activities:                    
Shareholder Proceeds   -    38,058    -    31,083 
Shareholder Dividends   (1,369)   (2,033)   (4,054)   (2,079)
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   -    -    -    - 
Proceeds from mortgage   -    94,500    -    78,750 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   (1,369)   130,525    (4,054)   107,754 
                     
Net increase (decrease) in cash   (1,240)   3,573    537    32,905 
Cash and restricted cash at beginning of year   2,674    -    5,616    - 
Cash and restricted cash at end of year  $1,434   $3,573   $6,153   $32,905 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $1,582   $2,117   $1,890   $1,775 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $-   $-   $-   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $-   $-   $-   $- 
Bridge note payable  $-   $-   $-   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-136

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Landa Series 8641
Ashley Way		   Landa Series 8651
Ashley Way		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $67   $56   $(358)  $1,155 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   2,287    2,127    1,912    1,779 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:                 
Escrow   (934)   (1,006)   (1,091)   (854)
Accounts receivable   -    -    -    - 
Due from related party   -    -    -    (782)
Due to related party   63    49,033    (186)   - 
Other liabilities   905    975    754    800 
Security deposit   -    -    -    - 
Net cash provided by (used in) operating activities   2,388    51,185    1,031    2,098 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    (139,774)   -    (116,872)
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    (139,774)   -    (116,872)
                     
Cash flows from financing activities:                    
Shareholder Proceeds   5    35,779    -    41,951 
Shareholder Dividends   (2,917)   (1,447)   (2,662)   (2,231)
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   -    -    -    - 
Proceeds from mortgage   -    96,357    -    80,424 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   (2,912)   130,689    (2,662)   120,144 
                     
Net increase (decrease) in cash   (524)   42,100    (1,631)   5,370 
Cash and restricted cash at beginning of year   7,203    -    6,123    - 
Cash and restricted cash at end of year  $6,679   $42,100   $4,492   $5,370 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $2,313   $2,171   $2,560   $1,812 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $-   $-   $-   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $-   $-   $-   $- 
Bridge note payable  $-   $-   $-   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-137

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Landa Series 8652
Ashley Way		   Landa Series 8653
Ashley Way		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $760   $(508)  $1,263   $864 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   2,127    1,978    1,895    1,762 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:                 
Escrow   (844)   (907)   (619)   (847)
Accounts receivable   -    -    -    - 
Due from related party   -    -    (19)   (5,209)
Due to related party   (28)   59,438    -    - 
Other liabilities   820    925    1,872    925 
Security deposit   -    -    -    - 
Net cash provided by (used in) operating activities   2,835    60,926    4,392    (2,505)
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    (129,960)   -    (115,782)
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    (129,960)   -    (115,782)
                     
Cash flows from financing activities:                    
Shareholder Proceeds   178    24,893    -    57,383 
Shareholder Dividends   (3,368)   (1,699)   (3,732)   (1,895)
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   -    -    -    - 
Proceeds from mortgage   -    76,700    -    68,250 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   (3,190)   99,894    (3,732)   123,738 
                     
Net increase (decrease) in cash   (355)   30,860    660    5,451 
Cash and restricted cash at beginning of year   5,846    -    5,415    - 
Cash and restricted cash at end of year  $5,491   $30,860   $6,075   $5,451 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $1,841   $1,728   $1,638   $1,538 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $-   $-   $-   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $-   $-   $-   $- 
Bridge note payable  $-   $-   $-   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-138

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Landa Series 8654
Ashley Way		   Landa Series 8655
Ashley Way		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $488   $714   $966   $782 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   2,127    1,978    1,984    1,835 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:                 
Escrow   (847)   (913)   (768)   (859)
Accounts receivable   -    -    (800)   - 
Due from related party   -    (999)   -    - 
Due to related party   155    -    (419)   60,212 
Other liabilities   824    1,050    753    950 
Security deposit   -    -    -    - 
Net cash provided by (used in) operating activities   2,747    1,830    1,716    62,920 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    (129,959)   -    (121,234)
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    (129,959)   -    (121,234)
                     
Cash flows from financing activities:                    
Shareholder Proceeds   -    46,500    6    33,527 
Shareholder Dividends   (3,192)   (1,975)   (2,946)   (1,934)
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   -    -    -    - 
Proceeds from mortgage   -    89,529    -    71,500 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   (3,192)   134,054    (2,940)   103,093 
                     
Net increase (decrease) in cash   (445)   5,925    (1,224)   44,779 
Cash and restricted cash at beginning of year   6,387    -    10,649    - 
Cash and restricted cash at end of year  $5,942   $5,925   $9,425   $44,779 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $2,149   $2,017   $2,346   $1,602 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $-   $-   $-   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $-   $-   $-   $- 
Bridge note payable  $-   $-   $-   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-139

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Landa Series 8659
Ashley Way		   Landa Series 8662
Ashley Way		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $2,160   $(742)  $(285)  $396 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   2,269    2,099    2,198    2,033 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:                 
Escrow   (793)   (890)   (846)   (914)
Accounts receivable   -    -    -    - 
Due from related party   -    -    -    - 
Due to related party   188    65,240    154    55,101 
Other liabilities   786    900    597    975 
Security deposit   (875)   -    -    - 
Net cash provided by (used in) operating activities   3,735    66,607    1,818    57,591 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    (138,683)   -    (134,321)
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    (138,683)   -    (134,321)
                     
Cash flows from financing activities:                    
Shareholder Proceeds   -    18,905    -    35,061 
Shareholder Dividends   (3,993)   (1,631)   (2,568)   (1,803)
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   -    -    -    - 
Proceeds from mortgage   -    81,900    -    84,500 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   (3,993)   99,174    (2,568)   117,758 
                     
Net increase (decrease) in cash   (258)   27,098    (750)   41,028 
Cash and restricted cash at beginning of year   10,461    -    7,957    - 
Cash and restricted cash at end of year  $10,203   $27,098   $7,207   $41,028 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $1,966   $1,835   $2,028   $1,893 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $-   $-   $-   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $-   $-   $-   $- 
Bridge note payable  $-   $-   $-   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-140

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Landa Series 8668
Ashley Way		   Landa Series 8670
Ashley Way		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $18   $141   $(256)  $57 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   2,359    2,181    2,484    2,297 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:                 
Escrow   (1,013)   (1,072)   (967)   (1,003)
Accounts receivable   -    -    -    - 
Due from related party   142    -    199    - 
Due to related party   -    59,307    -    63,859 
Other liabilities   1,001    1,025    1,979    1,000 
Security deposit   -    -    -    - 
Net cash provided by (used in) operating activities   2,507    61,582    3,439    66,210 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    (144,137)   -    (151,771)
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    (144,137)   -    (151,771)
                     
Cash flows from financing activities:                    
Shareholder Proceeds   -    7,300    -    9,505 
Shareholder Dividends   (3,056)   (1,607)   (2,080)   (1,666)
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   -    -    -    - 
Proceeds from mortgage   -    99,392    -    94,250 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   (3,056)   105,085    (2,080)   102,089 
                     
Net increase (decrease) in cash   (549)   22,530    1,359    16,528 
Cash and restricted cash at beginning of year   13,577    -    2,714    - 
Cash and restricted cash at end of year  $13,028   $22,530   $4,073   $16,528 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $2,385   $2,226   $2,262   $2,111 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $-   $-   $-   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $-   $-   $-   $- 
Bridge note payable  $-   $-   $-   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-141

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Landa Series 8674
Ashley Way		   Landa Series 8675
Ashley Way		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(3,326)  $987   $654   $(1,069)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   2,109    1,950    2,073    1,917 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:                    
Escrow   (878)   (927)   (774)   (856)
Accounts receivable   -    -    -    - 
Due from related party   -    (722)   -    - 
Due to related party   1,420    -    342    44,496 
Other liabilities   819    1,110    1,862    950 
Security deposit   325    -    -    - 
Net cash provided by (used in) operating activities   469    2,398    4,157    45,438 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    (128,869)   -    (126,687)
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    (128,869)   -    (126,687)
                     
Cash flows from financing activities:                    
Shareholder Proceeds   -    47,178    5    44,557 
Shareholder Dividends   (2,317)   (2,265)   (2,733)   (1,654)
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   -    -    -    - 
Proceeds from mortgage   -    87,750    -    87,253 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   (2,317)   132,663    (2,728)   130,156 
                     
Net increase (decrease) in cash   (1,848)   6,192    1,429    48,907 
Cash and restricted cash at beginning of year   4,325    -    3,673    - 
Cash and restricted cash at end of year  $2,477   $6,192   $5,102   $48,907 
              -      
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $1,404   $1,966   $2,094   $1,954 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $-   $-   $-   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $-   $-   $-   $- 
Bridge note payable  $-   $-   $-   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

  

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-142

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Landa Series 8677
Ashley Way		   Landa Series 8678
Ashley Way		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $992   $1,234   $(368)  $(757)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   1,948    1,802    2,626    2,429 
Amortization of debt discount   -    -    -    - 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:   -    -    -      
Escrow   (733)   (823)   (1,023)   (1,090)
Accounts receivable   -    -    -    - 
Due from related party   -    -    -    - 
Due to related party   113    41,447    259    64,713 
Other liabilities   722    1,050    989    925 
Security deposit   -    -    -    - 
Net cash provided by (used in) operating activities   3,042    44,710    2,483    66,220 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    (119,053)   -    (160,496)
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    (119,053)   -    (160,496)
                     
Cash flows from financing activities:                    
Shareholder Proceeds   -    42,664    -    10,119 
Shareholder Dividends   (3,447)   (2,231)   (2,666)   (1,094)
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   -    -    -    - 
Proceeds from mortgage   -    81,942    -    104,000 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   (3,447)   122,375    (2,666)   113,025 
                     
Net increase (decrease) in cash   (405)   48,032    (183)   18,749 
Cash and restricted cash at beginning of year   7,839    -    4,661    - 
Cash and restricted cash at end of year  $7,434   $48,032   $4,478   $18,749 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $1,967   $1,836   $2,496   $2,330 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $-   $-   $-   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $-   $-   $-   $- 
Bridge note payable  $-   $-   $-   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

  

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-143

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Landa Series 8679
Ashley Way		   Landa Series 8683
Ashley Way		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(16)  $528   $(504)  $887 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   2,109    1,950    1,930    1,785 
Amortization of debt discount   -    -    -    - 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:   -    -    -      
Escrow   (989)   (1,008)   (799)   (879)
Accounts receivable   -    -    -    - 
Due from related party   303    (5)   -    - 
Due to related party   -    -    150    278 
Other liabilities   2,336    1,000    779    975 
Security deposit   475    -    -    - 
Net cash provided by (used in) operating activities   4,218    2,465    1,556    3,046 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    (128,869)   -    (117,962)
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    (128,869)   -    (117,962)
                     
Cash flows from financing activities:                    
Shareholder Proceeds   -    46,153    -    47,607 
Shareholder Dividends   (3,848)   (1,700)   (3,034)   (1,882)
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   -    -    -    - 
Proceeds from mortgage   -    88,770    -    81,183 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   (3,848)   133,223    (3,034)   126,908 
                     
Net increase (decrease) in cash   370    6,819    (1,478)   11,992 
Cash and restricted cash at beginning of year   4,642    -    8,066    - 
Cash and restricted cash at end of year  $5,012   $6,819   $6,588   $11,992 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $2,130   $1,988   $1,948   $1,818 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $-   $-   $-   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $-   $-   $-   $- 
Bridge note payable  $-   $-   $-   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-144

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Landa Series 1007
Leeward Way (6)		   Landa Series 10121
Morris Drive SW (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(57)  $       -   $(2,716)  $          - 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   22    -    1,243    - 
Amortization of debt discount   -    -    -    - 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:   -    -    -    - 
Escrow   -    -    -    - 
Accounts receivable   -    -    -    - 
Due from related party   636    -    2,723    - 
Due to related party   -    -    -    - 
Other liabilities   1,840    -    -    - 
Security deposit   950    -    1,600    - 
Net cash provided by (used in) operating activities   3,391    -    2,850    0 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    -    -    - 
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    -    -    - 
                     
Cash flows from financing activities:                    
Shareholder Proceeds   -    -    4,585    - 
Shareholder Dividends   (280)   -    (659)   - 
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   -    -    (3,139)   - 
Proceeds from mortgage   -    -    -    - 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   (280)   -    787    - 
                     
Net increase (decrease) in cash   3,111    -    3,637    - 
Cash and restricted cash at beginning of year   -    -    0    - 
Cash and restricted cash at end of year  $3,111   $-   $3,637   $- 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $2,120   $-   $2,888   $- 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $236,696   $-   $215,396   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $94,696   $-   $55,171   $- 
Bridge note payable  $142,000   $-   $160,225   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-145

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Landa Series 10183
Starr Street SW (3)		   Landa Series 103
Starlake Drive (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(3,881)  $       -   $(3,302)  $      - 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   1,188    -    1,175    - 
Amortization of debt discount   -    -    -    - 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:   -    -    -    - 
Escrow   -    -    -    - 
Accounts receivable   -    -    -    - 
Due from related party   2,881    -    3,225    - 
Due to related party   -    -    -    - 
Other liabilities   -    -    -    - 
Security deposit   850    -    990    - 
Net cash provided by (used in) operating activities   1,038    -    2,088    0 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    -    -    - 
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    -    -    - 
                     
Cash flows from financing activities:                    
Shareholder Proceeds   1,417    -    1,125    - 
Shareholder Dividends   (186)   -    (94)   - 
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   (934)   -    (622)   - 
Proceeds from mortgage   -    -    -    - 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   297    -    409    - 
                     
Net increase (decrease) in cash   1,335    -    2,497    - 
Cash and restricted cash at beginning of year   -    -    0    - 
Cash and restricted cash at end of year  $1,335   $-   $2,497   $- 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $2,789   $-   $1,783   $- 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $205,727   $-   $203,680   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $33,177   $-   $58,680   $- 
Bridge note payable  $172,550   $-   $145,000   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-146

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Landa Series 10433
Candlelight Road (3)		   Landa Series 107
Oakwood Circle (5)		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(10,009)  $          -   $(229)  $       - 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   1,399    -    278    - 
Amortization of debt discount   -    -    -    - 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:   -    -    -    - 
Escrow   -    -    -    - 
Accounts receivable   -    -    -    - 
Due from related party   8,459    -    2,565    - 
Due to related party   -    -    -    - 
Other liabilities   -    -    -    - 
Security deposit   995    -    825    - 
Net cash provided by (used in) operating activities   844    -    3,439    - 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    -    -    - 
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    -    -    - 
                     
Cash flows from financing activities:                    
Shareholder Proceeds   893    -    9,853    - 
Shareholder Dividends   -    -    (627)   - 
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   (710)   -    (9,853)   - 
Proceeds from mortgage   -    -    -    - 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   183    -    (627)   - 
                     
Net increase (decrease) in cash   1,027    -    2,812    - 
Cash and restricted cash at beginning of year   -    -    0    - 
Cash and restricted cash at end of year  $1,027   $-   $2,812   $- 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $-   $-   $1,945   $- 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $242,409   $-   $137,414   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $72,034   $-   $18,145   $- 
Bridge note payable  $170,375   $-   $-   $- 
Mortgage payable  $-   $-   $119,269   $- 
Repayment of mortgage  $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-147

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Landa Series 110
Shenandoah Drive (3)		   Landa Series 111
Fir Drive (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(4,831)  $     -   $(3,054)  $      - 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   1,428    -    1,202    - 
Amortization of debt discount   -    -    -    - 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:   -    -    -    - 
Escrow   -    -    -    - 
Accounts receivable   -    -    -    - 
Due from related party   3,146    -    2,343    - 
Due to related party   -    -    -    - 
Other liabilities   -    -    -    - 
Security deposit   850    -    1,250    - 
Net cash provided by (used in) operating activities   593    -    1,741    - 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    -    -    - 
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    -    -    - 
                     
Cash flows from financing activities:                    
Shareholder Proceeds   1,343    -    5,629    - 
Shareholder Dividends   -    -    (285)   - 
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   (174)   -    (4,870)   - 
Proceeds from mortgage   -    -    -    - 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   1,169    -    474    - 
                     
Net increase (decrease) in cash   1,762    -    2,215    - 
Cash and restricted cash at beginning of year   -    -    0    - 
Cash and restricted cash at end of year  $1,762   $-   $2,215   $- 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $2,064   $-   $2,497   $- 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $247,355   $-   $205,245   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $55,230   $-   $60,245   $- 
Bridge note payable  $192,125   $-   $145,000   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-148

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Landa Series 112
Ridge Street (3)		   Landa Series 11322
Michelle Way (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(5,195)  $       -   $(2,965)  $      - 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   1,421    -    1,090    - 
Amortization of debt discount   -    -    -    - 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:   -    -    -    - 
Escrow   -    -    -    - 
Accounts receivable   -    -    -    - 
Due from related party   3,395    -    2,236    - 
Due to related party   -    -    -    - 
Other liabilities   -    -    -    - 
Security deposit   -    -    900    - 
Net cash provided by (used in) operating activities   (379)   -    1,261    - 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    -    -    - 
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    -    -    - 
                     
Cash flows from financing activities:                    
Shareholder Proceeds   3,363    -    1,215    - 
Shareholder Dividends   (492)   -    (140)   - 
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   (1,325)   -    (673)   - 
Proceeds from mortgage   -    -    -    - 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   1,546    -    402    - 
                     
Net increase (decrease) in cash   1,167    -    1,663    - 
Cash and restricted cash at beginning of year   -    -    0    - 
Cash and restricted cash at end of year  $1,167   $-   $1,663   $- 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $2,194   $-   $2,611   $- 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $246,287   $-   $188,648   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $67,937   $-   $50,898   $- 
Bridge note payable  $178,350   $-   $137,750   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-149

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Landa Series 1147
Village Way (3)		   Landa Series 1160
Gable Terrace (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(4,017)  $     -   $(3,986)  $    - 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   1,539    -    1,372    - 
Amortization of debt discount   -    -    -    - 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:   -    -    -    - 
Escrow   -    -    -    - 
Accounts receivable   -    -    -    - 
Due from related party   3,104    -    3,359    - 
Due to related party   -    -    -    - 
Other liabilities   -    -    1,793    - 
Security deposit   1,525    -    2,200    - 
Net cash provided by (used in) operating activities   2,151    -    4,738    - 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    -    -    - 
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    -    -    - 
                     
Cash flows from financing activities:                    
Shareholder Proceeds   1,445    -    4,108    - 
Shareholder Dividends   -    -    (440)   - 
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   (1,012)   -    (2,374)   - 
Proceeds from mortgage   -    -    -    - 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   433    -    1,294    - 
                     
Net increase (decrease) in cash   2,584    -    6,032    - 
Cash and restricted cash at beginning of year   -    -    0    - 
Cash and restricted cash at end of year  $2,584   $-   $6,032   $- 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $2,005   $-   $3,127   $- 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $263,938   $-   $237,758   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $115,313   $-   $34,758   $- 
Bridge note payable  $148,625   $-   $203,000   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-150

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Landa Series 1201
Kilrush Drive (3)		   Landa Series 124
Libby Lane (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(14,424)  $        -   $(5,903)  $   - 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   2,701    -    1,274    - 
Amortization of debt discount   -    -    -    - 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:   -    -    -    - 
Escrow   -    -    -    - 
Accounts receivable   -    -    -    - 
Due from related party   11,821    -    3,501    - 
Due to related party   -    -    -    - 
Other liabilities   -    -    -    - 
Security deposit   2,100    -    1,550    - 
Net cash provided by (used in) operating activities   2,198    -    422    - 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    -    -    - 
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    -    -    - 
                     
Cash flows from financing activities:                    
Shareholder Proceeds   3,044    -    2,886    - 
Shareholder Dividends   (89)   -    -    - 
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   (686)   -    (1,549)   - 
Proceeds from mortgage   -    -    -    - 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   2,269    -    1,337    - 
                     
Net increase (decrease) in cash   4,467    -    1,759    - 
Cash and restricted cash at beginning of year   -    -    0    - 
Cash and restricted cash at end of year  $4,467   $-   $1,759   $- 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $3,564   $-   $1,703   $- 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $468,310   $-   $216,728   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $145,685   $-   $55,778   $- 
Bridge note payable  $322,625   $-   $160,950   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-151

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Landa Series 1320
Winona Avenue (3)		   Landa Series 137
Southern Shores Road (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(4,512)  $       -   $(3,249)  $     - 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   919    -    1,029    - 
Amortization of debt discount   -    -    -    - 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:   -    -    -    - 
Escrow   -    -    -    - 
Accounts receivable   -    -    -    - 
Due from related party   3,419    -    1,440    - 
Due to related party   -    -    -    - 
Other liabilities   -    -    1,244    - 
Security deposit   -    -    500    - 
Net cash provided by (used in) operating activities   (174)   -    964    - 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    -    -    - 
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    -    -    - 
                     
Cash flows from financing activities:                    
Shareholder Proceeds   2,217    -    2,096    - 
Shareholder Dividends   (154)   -    (191)   - 
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   (1,749)   -    (645)   - 
Proceeds from mortgage   -    -    -    - 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   314    -    1,260    - 
                     
Net increase (decrease) in cash   140    -    2,224    - 
Cash and restricted cash at beginning of year   -    -    0    - 
Cash and restricted cash at end of year  $140   $-   $2,224   $- 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $-   $-   $2,492   $- 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $159,020   $-   $178,132   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $52,982   $-   $18,632   $- 
Bridge note payable  $106,038   $-   $159,500   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-152

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED) 

 

   Landa Series 138
Sandalwood Circle (3)		   Landa Series 140
High Ridge Road (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(2,885)  $    -   $(3,475)  $   - 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   1,430    -    1,286    - 
Amortization of debt discount   -    -    -    - 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:   -    -    -    - 
Escrow   -    -    -    - 
Accounts receivable   -    -    -    - 
Due from related party   2,934    -    2,742    - 
Due to related party   -    -    -    - 
Other liabilities   -    -    -    - 
Security deposit   1,750    -    1,450    - 
Net cash provided by (used in) operating activities   3,229    -    2,003    - 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    -    -    - 
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    -    -    - 
                     
Cash flows from financing activities:                    
Shareholder Proceeds   10,531    -    4,116    - 
Shareholder Dividends   (798)   -    (314)   - 
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   (5,866)   -    (984)   - 
Proceeds from mortgage   -    -    -    - 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   3,867    -    2,818    - 
                     
Net increase (decrease) in cash   7,096    -    4,821    - 
Cash and restricted cash at beginning of year   -    -    0    - 
Cash and restricted cash at end of year  $7,096   $-   $4,821   $- 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $2,609   $-   $2,962   $- 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $245,940   $-   $222,805   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $82,815   $-   $48,805   $- 
Bridge note payable  $163,125   $-   $174,000   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-153

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Landa Series 146
Crystal Brook (3)		   Landa Series 153
Cliffside Court (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(2,582)  $       -   $(1,812)  $   - 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   870    -    720    - 
Amortization of debt discount   -    -    -    - 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:   -    -    -    - 
Escrow   -    -    -    - 
Accounts receivable   -    -    -    - 
Due from related party   2,493    -    1,555    - 
Due to related party   -    -    -    - 
Other liabilities   -    -    -    - 
Security deposit   975    -    820    - 
Net cash provided by (used in) operating activities   1,756    -    1,283    - 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    -    -    - 
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    -    -    - 
                     
Cash flows from financing activities:                    
Shareholder Proceeds   9,558    -    26,760    - 
Shareholder Dividends   (580)   -    (211)   - 
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   (5,178)   -    (26,760)   - 
Proceeds from mortgage   -    -    -    - 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   3,800    -    (211)   - 
                     
Net increase (decrease) in cash   5,556    -    1,072    - 
Cash and restricted cash at beginning of year   -    -    0    - 
Cash and restricted cash at end of year  $5,556   $-   $1,072   $- 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $2,190   $-   $1,851   $- 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $150,584   $-   $124,609   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $9,209   $-   $30,359   $- 
Bridge note payable  $141,375   $-   $94,250   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-154

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Landa Series 1666
West Poplar Street (3)		   Landa Series 168
Brookview Drive (1)		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(4,170)  $       -   $(2,631)  $   - 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   979    -    1,074    - 
Amortization of debt discount   -    -    -    - 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:   -    -    -    - 
Escrow   -    -    -    - 
Accounts receivable   -    -    -    - 
Due from related party   2,048    -    428    - 
Due to related party   -    -    -    - 
Other liabilities   -    -    -    - 
Security deposit   950    -    -    - 
Net cash provided by (used in) operating activities   (193)   -    (1,129)   - 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    -    -    - 
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    -    -    - 
                     
Cash flows from financing activities:                    
Shareholder Proceeds   6,656    -    52,898    - 
Shareholder Dividends   (230)   -    (549)   - 
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   (2,269)   -    (50,484)   - 
Proceeds from mortgage   -    -    -    - 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   4,157    -    1,865    - 
                     
Net increase (decrease) in cash   3,964    -    736    - 
Cash and restricted cash at beginning of year   -    -    0    - 
Cash and restricted cash at end of year  $3,964   $-   $736   $- 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $2,391   $-   $529   $- 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $169,434   $-   $126,447   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $13,559   $-   $126,447   $- 
Bridge note payable  $155,875   $-   $-   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-155

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Landa Series 1689
Viceroy Way (3)		   Landa Series 181
Watercress Court (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(3,897)  $  -   $(2,724)  $  - 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   1,257    -    1,225    - 
Amortization of debt discount   -    -    -    - 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:   -    -    -    - 
Escrow   -    -    -    - 
Accounts receivable   -    -    -    - 
Due from related party   3,519    -    488    - 
Due to related party   -    -    -    - 
Other liabilities   -    -    -    - 
Security deposit   1,200    -    1,600    - 
Net cash provided by (used in) operating activities   2,079    -    589    - 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    -    -    - 
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    -    -    - 
                     
Cash flows from financing activities:                    
Shareholder Proceeds   1,864    -    6,693    - 
Shareholder Dividends   (79)   -    (569)   - 
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   (999)   -    (4,743)   - 
Proceeds from mortgage   -    -    -    - 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   786    -    1,381    - 
                     
Net increase (decrease) in cash   2,865    -    1,970    - 
Cash and restricted cash at beginning of year   -    -    -    - 
Cash and restricted cash at end of year  $2,865   $-   $1,970   $- 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $1,862   $-   $2,846   $- 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $217,745   $-   $212,131   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $29,245   $-   $70,031   $- 
Bridge note payable  $188,500   $-   $142,100   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-156

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Landa Series 188
Timberline Road (3)		   Landa Series 189
Shenandoah Drive (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(2,906)  $  -   $(2,937)  $  - 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   585    -    1,120    - 
Amortization of debt discount   -    -    -    - 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:   -    -    -    - 
Escrow   -    -    -    - 
Accounts receivable   -    -    -    - 
Due from related party   1,186    -    2,369    - 
Due to related party   -    -    -    - 
Other liabilities   -    -    -    - 
Security deposit   -    -    1,675    - 
Net cash provided by (used in) operating activities   (1,135)   -    2,227    - 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    -    -    - 
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    -    -    - 
                     
Cash flows from financing activities:                    
Shareholder Proceeds   33,594    -    2,124    - 
Shareholder Dividends   (290)   -    (362)   - 
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   (30,661)   -    (1,139)   - 
Proceeds from mortgage   -    -    -    - 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   2,643    -    623    - 
                     
Net increase (decrease) in cash   1,508    -    2,850    - 
Cash and restricted cash at beginning of year   -    -    -    - 
Cash and restricted cash at end of year  $1,508   $-   $2,850   $- 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $934   $-   $2,666   $- 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $101,119   $-   $193,985   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $28,619   $-   $50,435   $- 
Bridge note payable  $72,500   $-   $143,550   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-157

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Landa Series 195
Hunters Trace (3)		   Landa Series 196
Montego Circle (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(3,454)  $  -   $(4,406)  $  - 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   1,490    -    1,181    - 
Amortization of debt discount   -    -    -    - 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:   -    -    -    - 
Escrow   -    -    -    - 
Accounts receivable   -    -    -    - 
Due from related party   3,256    -    2,604    - 
Due to related party   -    -    -    - 
Other liabilities   1,607    -    -    - 
Security deposit   -    -    900    - 
Net cash provided by (used in) operating activities   2,899    -    279    - 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    -    -    - 
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    -    -    - 
                     
Cash flows from financing activities:                    
Shareholder Proceeds   4,159    -    1,690    - 
Shareholder Dividends   (374)   -    (220)   - 
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   (2,726)   -    (471)   - 
Proceeds from mortgage   -    -    -    - 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   1,059    -    999    - 
                     
Net increase (decrease) in cash   3,958    -    1,278    - 
Cash and restricted cash at beginning of year   -    -    -    - 
Cash and restricted cash at end of year  $3,958   $-   $1,278   $- 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $3,292   $-   $2,779   $- 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $255,645   $-   $204,659   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $78,020   $-   $45,159   $- 
Bridge note payable  $177,625   $-   $159,500   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-158

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Landa Series 20
Chimney Smoke Drive (4)		   Landa Series 212
Fleeta Drive (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(3,079)  $  -   $(5,017)  $  - 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   862    -    991    - 
Amortization of debt discount   -    -    -    - 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:   -    -    -    - 
Escrow   -    -    -    - 
Accounts receivable   -    -    -    - 
Due from related party   2,961    -    4,274    - 
Due to related party   -    -    -    - 
Other liabilities   -    -    -    - 
Security deposit   1,500    -    1,175    - 
Net cash provided by (used in) operating activities   2,244    -    1,423    - 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    -    -    - 
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    -    -    - 
                     
Cash flows from financing activities:                    
Shareholder Proceeds   6,255    -    2,505    - 
Shareholder Dividends   (919)   -    -    - 
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   (3,707)   -    (1,944)   - 
Proceeds from mortgage   -    -    -    - 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   1,629    -    561    - 
                     
Net increase (decrease) in cash   3,873    -    1,984    - 
Cash and restricted cash at beginning of year   -    -    -    - 
Cash and restricted cash at end of year  $3,873   $-   $1,984   $- 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $2,972   $-   $-   $- 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $223,875   $-   $171,619   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $23,800   $-   $1,244   $- 
Bridge note payable  $200,075   $-   $170,375   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-159

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Landa Series 217
Glenloch Court (3)		   Landa Series 2264
Chestnut Hill Circle (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(4,304)  $ -   $(8,827)  $ - 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   1,415    -    1,815    - 
Amortization of debt discount   -    -    -    - 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:   -    -    -    - 
Escrow   -    -    -    - 
Accounts receivable   -    -    -    - 
Due from related party   3,709    -    7,014    - 
Due to related party   -    -    -    - 
Other liabilities   -    -    -    - 
Security deposit   1,400    -    1,875    - 
Net cash provided by (used in) operating activities   2,220    -    1,877    - 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    -    -    - 
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    -    -    - 
                     
Cash flows from financing activities:                    
Shareholder Proceeds   4,642    -    1,472    - 
Shareholder Dividends   (534)   -    (230)   - 
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   (2,247)   -    (1,244)   - 
Proceeds from mortgage   -    -    -    - 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   1,861    -    (2)   - 
                     
Net increase (decrease) in cash   4,081    -    1,875    - 
Cash and restricted cash at beginning of year   -    -    -    - 
Cash and restricted cash at end of year  $4,081   $-   $1,875   $- 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $3,201   $-   $2,524   $- 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $245,220   $-   $314,602   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $13,220   $-   $88,402   $- 
Bridge note payable  $232,000   $-   $226,200   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-160

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Landa Series 2425
Cornell Circle (4)		   Landa Series 25
Pleasant Valley Road (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(2,639)  $ -   $(7,154)  $ - 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   1,030    -    1,274    - 
Amortization of debt discount   -    -    -    - 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:        -         - 
Escrow   -    -    -    - 
Accounts receivable   -    -    -    - 
Due from related party   3,062    -    5,361    - 
Due to related party   -    -    -    - 
Other liabilities   -    -    -    - 
Security deposit   1,150    -    775    - 
Net cash provided by (used in) operating activities   2,603    -    256    - 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    -    -    - 
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    -    -    - 
                     
Cash flows from financing activities:                    
Shareholder Proceeds   -    -    3,404    - 
Shareholder Dividends   (739)   -    (587)   - 
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   -    -    (1,827)   - 
Proceeds from mortgage   -    -    -    - 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   (739)   -    990    - 
                     
Net increase (decrease) in cash   1,864    -    1,246    - 
Cash and restricted cash at beginning of year   -    -    -    - 
Cash and restricted cash at end of year  $1,864   $-   $1,246   $- 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $3,577   $-   $3,058   $- 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $267,640   $-   $220,670   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $33,590   $-   $61,170   $- 
Bridge note payable  $234,050   $-   $159,500   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-161

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Landa Series 253
Marco Drive (3)		   Landa Series 258
Rocky Point Road (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(2,736)  $ -   $(3,939)  $ - 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   986    -    1,452    - 
Amortization of debt discount   -    -    -    - 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:   -    -    -    - 
Escrow   -    -    -    - 
Accounts receivable   -    -    -    - 
Due from related party   2,418    -    1,819    - 
Due to related party   -    -    -    - 
Other liabilities   1,342    -    -    - 
Security deposit   600    -    1,600    - 
Net cash provided by (used in) operating activities   2,610    -    932    - 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    -    -    - 
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    -    -    - 
                     
Cash flows from financing activities:                    
Shareholder Proceeds   2,375    -    4,425    - 
Shareholder Dividends   (423)   -    (212)   - 
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   (1,202)   -    (1,286)   - 
Proceeds from mortgage   -    -    -    - 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   750    -    2,927    - 
                     
Net increase (decrease) in cash   3,360    -    3,859    - 
Cash and restricted cash at beginning of year   -    -    -    - 
Cash and restricted cash at end of year  $3,360   $-   $3,859   $- 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $2,418   $-   $3,257   $- 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $170,764   $-   $251,625   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $22,139   $-   $66,750   $- 
Bridge note payable  $148,625   $-   $184,875   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-162

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Landa Series 268
Brookview Drive (1)		   Landa Series 270
Mountain Lane (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(5,771)  $ -   $(3,652)  $ - 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   1,062    -    1,491    - 
Amortization of debt discount   -    -    -    - 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:   -    -    -    - 
Escrow   -    -    -    - 
Accounts receivable   -    -    -    - 
Due from related party   5,152    -    3,165    - 
Due to related party   -    -    -    - 
Other liabilities   -    -    -    - 
Security deposit   -    -    1,650    - 
Net cash provided by (used in) operating activities   443    -    2,654    - 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    -    -    - 
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    -    -    - 
                     
Cash flows from financing activities:                    
Shareholder Proceeds   8,857    -    13,920    - 
Shareholder Dividends   (382)   -    (861)   - 
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   (8,857)   -    (8,555)   - 
Proceeds from mortgage   -    -    -    - 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   (382)   -    4,504    - 
                     
Net increase (decrease) in cash   61    -    7,158    - 
Cash and restricted cash at beginning of year   -    -    -    - 
Cash and restricted cash at end of year  $61   $-   $7,158   $- 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $628   $-   $3,012   $- 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $127,233   $-   $258,528   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $127,233   $-   $72,928   $- 
Bridge note payable  $-   $-   $185,600   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-163

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Landa Series 270
Pleasant Hills Drive (3)		   Landa Series 2813
Vicksburg Court (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(3,274)  $ -   $(4,962)  $ - 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   1,542    -    1,581    - 
Amortization of debt discount   -    -    -    - 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:                    
Escrow   -    -    -    - 
Accounts receivable   -    -    -    - 
Due from related party   3,171    -    4,720    - 
Due to related party   -    -    -    - 
Other liabilities   -    -    -    - 
Security deposit   1,623    -    1,275    - 
Net cash provided by (used in) operating activities   3,062    -    2,614    - 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    -    -    - 
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    -    -    - 
                     
Cash flows from financing activities:                    
Shareholder Proceeds   4,000    -    2,258    - 
Shareholder Dividends   (610)   -    (96)   - 
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   (2,372)   -    (1,866)   - 
Proceeds from mortgage   -    -    -    - 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   1,018    -    296    - 
                     
Net increase (decrease) in cash   4,080    -    2,910    - 
Cash and restricted cash at beginning of year   -    -    -    - 
Cash and restricted cash at end of year  $4,080   $-   $2,910   $- 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $2,837   $-   $2,250   $- 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $266,196   $-   $274,040   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $95,821   $-   $63,790   $- 
Bridge note payable  $170,375   $-   $210,250   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-164

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Landa Series 2933
Coffer Drive (3)		   Landa Series 30
High Ridge Road (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(4,805)  $ -   $(3,508)  $ - 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   1,263    -    1,552    - 
Amortization of debt discount   -    -    -    - 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:   -    -    -    - 
Escrow   -    -    -    - 
Accounts receivable   -    -    -    - 
Due from related party   2,856    -    2,789    - 
Due to related party   -    -    -    - 
Other liabilities   -    -    -    - 
Security deposit   -    -    935    - 
Net cash provided by (used in) operating activities   (686)   -    1,768    - 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    -    -    - 
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    -    -    - 
                     
Cash flows from financing activities:                    
Shareholder Proceeds   1,454    -    4,301    - 
Shareholder Dividends   -    -    (552)   - 
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   (710)   -    (906)   - 
Proceeds from mortgage   -    -    -    - 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   744    -    2,843    - 
                     
Net increase (decrease) in cash   58    -    4,611    - 
Cash and restricted cash at beginning of year   -    -    -    - 
Cash and restricted cash at end of year  $58   $-   $4,611   $- 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $1,872   $-   $3,452   $- 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $218,812   $-   $268,996   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $44,812   $-   $105,871   $- 
Bridge note payable  $174,000   $-   $163,125   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-165

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Landa Series 30
Roosevelt Road (3)		   Landa Series 3011
Raintree Drive SE (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(4,883)  $ -   $(7,275)  $ - 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   1,280    -    1,741    - 
Amortization of debt discount   -    -    -    - 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:   -    -    -    - 
Escrow   -    -    -    - 
Accounts receivable   (1,788)   -    -    - 
Due from related party   5,119    -    5,286    - 
Due to related party   -    -    -    - 
Other liabilities   -    -    -    - 
Security deposit   1,625    -    995    - 
Net cash provided by (used in) operating activities   1,353    -    747    - 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    -    -    - 
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    -    -    - 
                     
Cash flows from financing activities:                    
Shareholder Proceeds   1,777    -    1,079    - 
Shareholder Dividends   (332)   -    -    - 
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   (1,162)   -    (819)   - 
Proceeds from mortgage   -    -    -    - 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   283    -    260    - 
                     
Net increase (decrease) in cash   1,636    -    1,007    - 
Cash and restricted cash at beginning of year   -    -    -    - 
Cash and restricted cash at end of year  $1,636   $-   $1,007   $- 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $1,068   $-   $-   $- 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $221,738   $-   $295,945   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $36,863   $-   $111,070   $- 
Bridge note payable  $184,875   $-   $184,875   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-166

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Landa Series 3043
Highway 81 S (3)		   Landa Series 313
Blue Heron Drive (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(11,659)  $ -   $(3,696)  $ - 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   952    -    1,521    - 
Amortization of debt discount   -    -    -    - 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:   -    -    -    - 
Escrow   -    -    -    - 
Accounts receivable   -    -    -    - 
Due from related party   19,020    -    4,454    - 
Due to related party   -    -    -    - 
Other liabilities   -    -    -    - 
Security deposit   1,180    -    1,553    - 
Net cash provided by (used in) operating activities   9,493    -    3,832    - 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    -    -    - 
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    -    -    - 
                     
Cash flows from financing activities:                    
Shareholder Proceeds   5,838    -    9,643    - 
Shareholder Dividends   (289)   -    (537)   - 
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   (5,414)   -    (8,112)   - 
Proceeds from mortgage   -    -    -    - 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   135    -    994    - 
                     
Net increase (decrease) in cash   9,628    -    4,826    - 
Cash and restricted cash at beginning of year   -    -    -    - 
Cash and restricted cash at end of year  $9,628   $-   $4,826   $- 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $1,433   $-   $1,791   $- 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $163,940   $-   $258,175   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $8,065   $-   $84,175   $- 
Bridge note payable  $155,875   $-   $174,000   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-167

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Landa Series 3202
Chippewa Drive (3)		   Landa Series 35
Clay Court (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(6,382)  $ -   $(3,623)  $ - 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   1,360    -    1,708    - 
Amortization of debt discount   -    -    -    - 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:   -    -    -    - 
Escrow   -    -    -    - 
Accounts receivable   -    -    -    - 
Due from related party   4,943    -    2,910    - 
Due to related party   -    -    -    - 
Other liabilities   -    -    -    - 
Security deposit   -    -    1,699    - 
Net cash provided by (used in) operating activities   (79)   -    2,694    - 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    -    -    - 
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    -    -    - 
                     
Cash flows from financing activities:                    
Shareholder Proceeds   1,411    -    3,420    - 
Shareholder Dividends   (45)   -    (367)   - 
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   (1,267)   -    (975)   - 
Proceeds from mortgage   -    -    -    - 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   99    -    2,078    - 
                     
Net increase (decrease) in cash   20    -    4,772    - 
Cash and restricted cash at beginning of year   -    -    -    - 
Cash and restricted cash at end of year  $20   $-   $4,772   $- 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $-   $-   $2,011   $- 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $235,614   $-   $293,433   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $83,364   $-   $119,433   $- 
Bridge note payable  $152,250   $-   $174,000   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-168

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Landa Series 350
Cadiz Lane S (3)		   Landa Series 351
Wesley Park Drive (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(4,735)  $ -   $(4,409)  $ - 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   1,237    -    1,145    - 
Amortization of debt discount   -    -    -    - 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:                    
Escrow   -    -    -    - 
Accounts receivable   -    -    -    - 
Due from related party   3,674    -    2,834    - 
Due to related party   -    -    -    - 
Other liabilities   117    -    -    - 
Security deposit   -    -    900    - 
Net cash provided by (used in) operating activities   293    -    470    - 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    -    -    - 
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    -    -    - 
                     
Cash flows from financing activities:                    
Shareholder Proceeds   3,115    -    5,675    - 
Shareholder Dividends   -    -    (667)   - 
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   (2,671)   -    (4,163)   - 
Proceeds from mortgage   -    -    -    - 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   444    -    845    - 
                     
Net increase (decrease) in cash   737    -    1,315    - 
Cash and restricted cash at beginning of year   -    -    -    - 
Cash and restricted cash at end of year  $737   $-   $1,315   $- 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $917   $-   $2,703   $- 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $214,266   $-   $198,255   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $51,141   $-   $46,005   $- 
Bridge note payable  $163,125   $-   $152,250   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-169

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Landa Series 3667
Patti Parkway (4)		   Landa Series 412
Kendall Lane (4)		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(3,628)  $ -   $(6,237)  $ - 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   1,211    -    940    - 
Amortization of debt discount   -    -    -    - 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:   -    -    -    - 
Escrow   -    -    -    - 
Accounts receivable   -    -    -    - 
Due from related party   2,895    -    6,869    - 
Due to related party   -    -    -    - 
Other liabilities   -    -    -    - 
Security deposit   -    -    -    - 
Net cash provided by (used in) operating activities   478    -    1,572    - 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    -    -    - 
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    -    -    - 
                     
Cash flows from financing activities:                    
Shareholder Proceeds   -    -    1,721    - 
Shareholder Dividends   (98)   -    -    - 
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   -    -    (1,484)   - 
Proceeds from mortgage   -    -    -    - 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   (98)   -    237    - 
                     
Net increase (decrease) in cash   380    -    1,809    - 
Cash and restricted cash at beginning of year   -    -    -    - 
Cash and restricted cash at end of year  $380   $-   $1,809   $- 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $3,949   $-   $1,113   $- 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $314,606   $-   $243,304   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $69,231   $-   $80,979   $- 
Bridge note payable  $245,375   $-   $162,325   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-170

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Landa Series 43
Darwin Drive (3)		   Landa Series 45
Blue Jay Drive (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(5,776)  $ -   $(5,731)  $ - 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   1,096    -    1,668    - 
Amortization of debt discount   -    -    -    - 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:                    
Escrow   -    -    -    - 
Accounts receivable   -    -    -    - 
Due from related party   5,449    -    3,751    - 
Due to related party   -    -    -    - 
Other liabilities   -    -    1,750    - 
Security deposit   -    -    1,425    - 
Net cash provided by (used in) operating activities   769    -    2,863    - 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    -    -    - 
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    -    -    - 
                     
Cash flows from financing activities:                    
Shareholder Proceeds   2,592    -    1,159    - 
Shareholder Dividends   -    -    (103)   - 
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   (2,592)   -    (678)   - 
Proceeds from mortgage   -    -    -    - 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   -    -    378    - 
                     
Net increase (decrease) in cash   769    -    3,241    - 
Cash and restricted cash at beginning of year   -    -    -    - 
Cash and restricted cash at end of year  $769   $-   $3,241   $- 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $-   $-   $3,676   $- 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $189,715   $-   $288,984   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $26,590   $-   $66,409   $- 
Bridge note payable  $163,125   $-   $222,575   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-171

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Landa Series 45
Laurel Way (4)		   Landa Series 4702
Saint James Way (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(4,618)  $  -   $(8,942)  $  - 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   1,062    -    1,181    - 
Amortization of debt discount   -    -    -    - 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:   -    -    -    - 
Escrow   -    -    -    - 
Accounts receivable   -    -    -    - 
Due from related party   3,370    -    7,966    - 
Due to related party   -    -    -    - 
Other liabilities   -    -    1,550    - 
Security deposit   975    -    1,550    - 
Net cash provided by (used in) operating activities   789    -    3,305    - 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    -    -    - 
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    -    -    - 
                     
Cash flows from financing activities:                    
Shareholder Proceeds   1,034    -    2,011    - 
Shareholder Dividends   -    -    -    - 
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   (803)   -    (1,102)   - 
Proceeds from mortgage   -    -    -    - 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   231    -    909    - 
                     
Net increase (decrease) in cash   1,020    -    4,214    - 
Cash and restricted cash at beginning of year   -    -    -    - 
Cash and restricted cash at end of year  $1,020   $-   $4,214   $- 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $-   $-   $1,778   $- 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $276,115   $-   $204,667   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $113,790   $-   $58,942   $- 
Bridge note payable  $162,325   $-   $145,725   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-172

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Landa Series 4732
Pinedale Drive (3)		   Landa Series 5040
Huntshire Lane (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(2,747)  $       -   $(6,348)  $          - 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   1,127    -    2,535    - 
Amortization of debt discount   -    -    -    - 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:                    
Escrow   -    -    -    - 
Accounts receivable   -    -    -    - 
Due from related party   5,337    -    4,951    - 
Due to related party   -    -    -    - 
Other liabilities   -    -    -    - 
Security deposit   800    -    2,499    - 
Net cash provided by (used in) operating activities   4,517    -    3,637    - 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    -    -    - 
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    -    -    - 
                     
Cash flows from financing activities:                    
Shareholder Proceeds   873    -    12,798    - 
Shareholder Dividends   -    -    (417)   - 
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   (723)   -    (12,798)   - 
Proceeds from mortgage   -    -    -    - 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   150    -    (417)   - 
                     
Net increase (decrease) in cash   4,667    -    3,220    - 
Cash and restricted cash at beginning of year   -    -    -    - 
Cash and restricted cash at end of year  $4,667   $-   $3,220   $- 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $780   $-   $4,594   $- 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $192,886   $-   $436,458   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $69,636   $-   $128,333   $- 
Bridge note payable  $123,250   $-   $308,125   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

  

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-173

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

  

   Landa Series 513
Jarrett Court (3)		   Landa Series 5143
Pinecrest Drive SW (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(6,871)  $     -   $(2,735)  $     - 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   1,534    -    1,163    - 
Amortization of debt discount   -    -    -    - 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:   -    -    -    - 
Escrow   -    -    -    - 
Accounts receivable   -    -    -    - 
Due from related party   2,555    -    2,323    - 
Due to related party   -    -    -    - 
Other liabilities   -    -    -    - 
Security deposit   1,599    -    1,225    - 
Net cash provided by (used in) operating activities   (1,183)   -    1,976    - 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    -    -    - 
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    -    -    - 
                     
Cash flows from financing activities:                    
Shareholder Proceeds   28,082    -    2,181    - 
Shareholder Dividends   (369)   -    (261)   - 
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   (22,792)   -    (1,145)   - 
Proceeds from mortgage   -    -    -    - 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   4,921    -    775    - 
                     
Net increase (decrease) in cash   3,738    -    2,751    - 
Cash and restricted cash at beginning of year   -    -    -    - 
Cash and restricted cash at end of year  $3,738   $-   $2,751   $- 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $2,900   $-   $2,360   $- 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $262,115   $-   $198,017   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $80,865   $-   $67,517   $- 
Bridge note payable  $181,250   $-   $130,500   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

  

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-174

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

  

   Landa Series 540
Cowan Road (3)		   Landa Series 5411
Rocky Pine Drive (4)		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(3,661)  $         -   $(3,026)  $          - 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   1,364    -    991    - 
Amortization of debt discount   -    -    -    - 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:   -    -    -    - 
Escrow   -    -    -    - 
Accounts receivable   -    -    -    - 
Due from related party   3,273    -    3,024    - 
Due to related party   -    -    -    - 
Other liabilities   -    -    -    - 
Security deposit   995    -    1,775    - 
Net cash provided by (used in) operating activities   1,971    -    2,764    - 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    -    -    - 
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    -    -    - 
                     
Cash flows from financing activities:                    
Shareholder Proceeds   3,943    -    3,471    - 
Shareholder Dividends   (654)   -    -    - 
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   (2,181)   -    (2,653)   - 
Proceeds from mortgage   -    -    -    - 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   1,108    -    818    - 
                     
Net increase (decrease) in cash   3,079    -    3,582    - 
Cash and restricted cash at beginning of year   -         -      
Cash and restricted cash at end of year  $3,079   $-   $3,582   $- 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $3,107   $-   $2,043   $- 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $236,323   $-   $256,640   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $47,823   $-   $75,440   $- 
Bridge note payable  $188,500   $-   $181,200   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

  

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-175

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

  

   Landa Series 550
Cowan Road (3)		   Landa Series 5581
Fox Glen Circle (4)		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(2,353)  $       -   $(4,333)  $       - 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   942    -    1,539    - 
Amortization of debt discount   -    -    -    - 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:                    
Escrow   -    -    -    - 
Accounts receivable   -    -    -    - 
Due from related party   1,455    -    2,967    - 
Due to related party   -    -    -    - 
Other liabilities   1,475    -    1,615    - 
Security deposit   1,475    -    2,275    - 
Net cash provided by (used in) operating activities   2,994    -    4,063    - 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    -    -    - 
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    -    -    - 
                     
Cash flows from financing activities:                    
Shareholder Proceeds   3,743    -    470    - 
Shareholder Dividends   (408)   -    (102)   - 
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   (3,341)   -    (460)   - 
Proceeds from mortgage   -    -    -    - 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   (6)   -    (92)   - 
                     
Net increase (decrease) in cash   2,988    -    3,971      
Cash and restricted cash at beginning of year   -    -    -    - 
Cash and restricted cash at end of year  $2,988   $-   $3,971   $- 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $2,607   $-   $3,077   $- 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $240,421   $-   $400,341   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $44,121   $-   $115,706   $- 
Bridge note payable  $196,300   $-   $284,635   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

  

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-176

 

  

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

  

   Landa Series 565
Mountainview Drive (3)		   Landa Series 5801
Strathmoor Manor Circle (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(3,703)  $       -   $(4,019)  $      - 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   1,582    -    1,246    - 
Amortization of debt discount   -    -    -    - 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:                    
Escrow   -    -    -    - 
Accounts receivable   -    -    -    - 
Due from related party   4,795    -    4,099    - 
Due to related party   -    -    -    - 
Other liabilities   -    -    1,625    - 
Security deposit   1,675    -    1,575    - 
Net cash provided by (used in) operating activities   4,349    -    4,526    - 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    -    -    - 
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    -    -    - 
                     
Cash flows from financing activities:                    
Shareholder Proceeds   2,402    -    3,892    - 
Shareholder Dividends   (447)   -    (567)   - 
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   (1,042)   -    (1,462)   - 
Proceeds from mortgage   -    -    -    - 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   913    -    1,863    - 
                     
Net increase (decrease) in cash   5,262    -    6,389    - 
Cash and restricted cash at beginning of year   -    -    -    - 
Cash and restricted cash at end of year  $5,262   $-   $6,389   $- 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $1,881   $-   $2,727   $- 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $271,900   $-   $214,307   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $83,400   $-   $70,757   $- 
Bridge note payable  $188,500   $-   $143,550   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-177

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

  

   Landa Series 6107
Shadow Glen Court (3)		   Landa Series 6111-6113
Pine Glen Circle SW (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(2,445)  $          -   $(7,642)  $      - 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   1,114    -    2,252    - 
Amortization of debt discount   -    -    -    - 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:   -    -    -    - 
Escrow   -    -    -    - 
Accounts receivable   -    -    -    - 
Due from related party   2,173    -    5,421    - 
Due to related party   -    -    -    - 
Other liabilities   -    -    -    - 
Security deposit   1,175    -    500    - 
Net cash provided by (used in) operating activities   2,017    -    531    - 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    -    -    - 
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    -    -    - 
                     
Cash flows from financing activities:                    
Shareholder Proceeds   4,140    -    5,533    - 
Shareholder Dividends   (266)   -    -    - 
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   (3,135)   -    (5,497)   - 
Proceeds from mortgage   -    -    -    - 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities                    
                     
Net increase (decrease) in cash   2,756    -    567    - 
Cash and restricted cash at beginning of year   -    -    -    - 
Cash and restricted cash at end of year  $2,756   $-   $567   $- 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $2,205        $1,504      
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $189,001   $-   $390,389   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $57,776   $-   $209,139   $- 
Bridge note payable  $131,225   $-   $181,250   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

  

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-178

 

  

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

  

   Landa Series 615
Barshay Drive (3)		   Landa Series 6168
Wheat Street NE (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(6,337)  $    -   $(4,052)  $    - 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   1,317    -    728    - 
Amortization of debt discount   -    -    -    - 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:   -    -    -    - 
Escrow   -    -    -    - 
Accounts receivable   -    -    -    - 
Due from related party   3,895    -    2,443    - 
Due to related party   -    -    -    - 
Other liabilities   -    -    -    - 
Security deposit   1,100    -    -    - 
Net cash provided by (used in) operating activities   (25)   -    (881)   - 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    -    -    - 
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    -    -    - 
                     
Cash flows from financing activities:                    
Shareholder Proceeds   4,426    -    3,029    - 
Shareholder Dividends   (229)   -    (39)   - 
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   (3,060)   -    (1,857)   - 
Proceeds from mortgage   -    -    -    - 
Repayment of mortgage   -                
Net cash provided by (used in) financing activities   1,137    -    1,133    - 
                     
Net increase (decrease) in cash   1,112    -    252    - 
Cash and restricted cash at beginning of year   -    -    -    - 
Cash and restricted cash at end of year  $1,112   $-   $252   $- 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $2,063   $-   $622   $- 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $228,182   $-   $125,964   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $54,182   $-   $17,214   $- 
Bridge note payable  $174,000   $-   $108,750   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

  

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-179

 

  

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

  

   Landa Series 6178
Green Acres Drive SW (3)		   Landa Series 6404
Walnut Way (4)		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(2,113)  $    -   $(1,905)  $     - 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   1,111    -    833    - 
Amortization of debt discount   -    -    -    - 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:   -    -    -    - 
Escrow   -    -    -    - 
Accounts receivable   -    -    -    - 
Due from related party   1,914    -    4,867    - 
Due to related party   -    -    -    - 
Other liabilities   -    -    -    - 
Security deposit   1,400    -    800    - 
Net cash provided by (used in) operating activities   2,312    -    4,595    - 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    -    -    - 
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    -    -    - 
                     
Cash flows from financing activities:                    
Shareholder Proceeds   2,460    -    17,283    - 
Shareholder Dividends   (506)   -    (1,122)   - 
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   (2,063)   -    (13,719)   - 
Proceeds from mortgage   -    -    -    - 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   (109)   -    2,442    - 
                     
Net increase (decrease) in cash   2,203    -    7,037    - 
Cash and restricted cash at beginning of year   -    -    -    - 
Cash and restricted cash at end of year  $2,203   $-   $7,037   $- 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $2,315   $-   $2,884   $- 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $189,485   $-   $216,403   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $58,985   $-   $27,653   $- 
Bridge note payable  $130,500   $-   $188,750   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

  

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-180

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

  

   Landa Series 643
Sycamore Drive (3)		   Landa Series 65
Freedom Court (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(3,364)  $     -   $(3,209)  $     - 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   1,198    -    1,324    - 
Amortization of debt discount   -    -    -    - 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:   -    -    -    - 
Escrow   -    -    -    - 
Accounts receivable   -    -    -    - 
Due from related party   2,875    -    2,680    - 
Due to related party   -    -    -    - 
Other liabilities   1,535    -    -    - 
Security deposit   1,125    -    500    - 
Net cash provided by (used in) operating activities   3,369    -    1,295    - 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    -    -    - 
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    -    -    - 
                     
Cash flows from financing activities:                    
Shareholder Proceeds   6,831    -    1,928    - 
Shareholder Dividends   (480)   -    (426)   - 
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   (3,048)   -    (635)   - 
Proceeds from mortgage   -    -    -    - 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   3,303    -    867    - 
                     
Net increase (decrease) in cash   6,672    -    2,162    - 
Cash and restricted cash at beginning of year   -    -    -    - 
Cash and restricted cash at end of year  $6,672   $-   $2,162   $- 
            -      
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-        $-      
Cash paid for interest  $2,783   $-   $3,055   $- 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $207,494   $-   $229,293   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $29,144   $-   $69,793   $- 
Bridge note payable  $178,350   $-   $159,500   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

  

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-181

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Landa Series 6635
Kimberly Mill Road (3)		   Landa Series 6653
Bedford Road (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(7,197)  $     -   $(3,671)  $    - 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   1,529    -    1,670    - 
Amortization of debt discount   -    -    -    - 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:   -    -    -    - 
Escrow   -    -    -    - 
Accounts receivable   -    -    -    - 
Due from related party   5,514    -    (3,810)   - 
Due to related party   -    -    6,514    - 
Other liabilities   -    -    -    - 
Security deposit   -    -    1,475    - 
Net cash provided by (used in) operating activities   (154)   -    2,178    - 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    -    -    - 
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    -    -    - 
                     
Cash flows from financing activities:                    
Shareholder Proceeds   1,091    -    1,304    - 
Shareholder Dividends   -    -    (249)   - 
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   (907)   -    (680)   - 
Proceeds from mortgage   -    -    -    - 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   184    -    375    - 
                     
Net increase (decrease) in cash   30    -    2,553    - 
Cash and restricted cash at beginning of year   -    -    -    - 
Cash and restricted cash at end of year  $30   $-   $2,553   $- 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $-   $-   $2,896   $- 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $264,938   $-   $282,433   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $88,038   $-   $122,933   $- 
Bridge note payable  $176,900   $-   $159,500   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

  

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-182

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Landa Series 6762
Bent Creek Drive (3)		   Landa Series 709
Georgetown Court (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(4,377)  $     -   $(3,047)  $     - 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   1,475    -    1,383    - 
Amortization of debt discount   -    -    -    - 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:   -    -    -    - 
Escrow   -    -    -    - 
Accounts receivable   -    -    -    - 
Due from related party   3,335    -    (1,087)   - 
Due to related party   -    -    -    - 
Other liabilities   -    -    -    - 
Security deposit   1,595    -    1,700    - 
Net cash provided by (used in) operating activities   2,028    -    (1,051)   - 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    -    -    - 
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    -    -    - 
                     
Cash flows from financing activities:                    
Shareholder Proceeds   5,474    -    37,482    - 
Shareholder Dividends   (336)   -    (615)   - 
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   (2,715)   -    (28,481)   - 
Proceeds from mortgage   -    -    -    - 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   2,423    -    8,386    - 
                     
Net increase (decrease) in cash   4,451    -    7,335    - 
Cash and restricted cash at beginning of year   -    -    -    - 
Cash and restricted cash at end of year  $4,451   $-   $7,335   $- 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $2,999   $-   $2,746   $- 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $251,753   $-   $237,140   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $59,628   $-   $66,765   $- 
Bridge note payable  $192,125   $-   $170,375   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

  

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-183

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

  

   Landa Series 7107
Geiger Street NW (3)		   Landa Series 750
Georgetown Court (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(1,573)  $    -   $(3,148)  $     - 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   767    -    954    - 
Amortization of debt discount   -    -    -    - 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:   -    -    -    - 
Escrow   -    -    -    - 
Accounts receivable   -    -    -    - 
Due from related party   1,586    -    2,419    - 
Due to related party   -    -    -    - 
Other liabilities   -    -    -    - 
Security deposit   1,150    -    1,190    - 
Net cash provided by (used in) operating activities   1,930    -    1,415    - 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    -    -    - 
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    -    -    - 
                     
Cash flows from financing activities:                    
Shareholder Proceeds   37,320    -    2,462    - 
Shareholder Dividends   (801)   -    (138)   - 
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   (33,839)   -    (1,890)   - 
Proceeds from mortgage   -    -    -    - 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   2,680    -    434    - 
                     
Net increase (decrease) in cash   4,610    -    1,849    - 
Cash and restricted cash at beginning of year   -    -    -    - 
Cash and restricted cash at end of year  $4,610   $-   $1,849   $- 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $1,596   $-   $2,360   $- 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $129,585   $-   $165,164   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $2,710   $-   $12,914   $- 
Bridge note payable  $126,875   $-   $152,250   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

  

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-184

 

  

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

  

   Landa Series 752
Chestnut Drive (3)		   Landa Series 773
Villa Way (1)		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(3,957)  $    -   $(2,480)  $     - 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   788    -    737    - 
Amortization of debt discount   -    -    -    - 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:                    
Escrow   -    -    -    - 
Accounts receivable   -    -    -    - 
Due from related party   951    -    6,298    - 
Due to related party   -    -    -    - 
Other liabilities   -    -    12    - 
Security deposit   675    -    -    - 
Net cash provided by (used in) operating activities   (1,543)   -    4,567    - 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    -    -    - 
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    -    -    - 
                     
Cash flows from financing activities:                    
Shareholder Proceeds   4,311    -    47,938    - 
Shareholder Dividends   (215)   -    (946)   - 
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   (1,815)   -    (47,950)   - 
Proceeds from mortgage   -    -    -    - 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   2,281    -    (958)   - 
                     
Net increase (decrease) in cash   738    -    3,609    - 
Cash and restricted cash at beginning of year   -    -    -    - 
Cash and restricted cash at end of year  $738   $-   $3,609   $- 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $2,035   $-   $776   $- 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $136,383   $-   $88,384   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $31,258   $-   $88,384   $- 
Bridge note payable  $105,125   $-   $-   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

  

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-185

 

  

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

  

   Landa Series 7781
Mountain Creek Way (3)		   Landa Series 7950
Woodlake Drive (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(7,237)  $     -   $(2,881)  $     - 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   1,372    -    1,090    - 
Amortization of debt discount   -    -    -    - 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:   -    -    -    - 
Escrow   -    -    -    - 
Accounts receivable   -    -    -    - 
Due from related party   5,447    -    1,194    - 
Due to related party   -    -    -    - 
Other liabilities   -    -    -    - 
Security deposit   -    -    1,200    - 
Net cash provided by (used in) operating activities   (418)   -    603    - 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    -    -    - 
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    -    -    - 
                     
Cash flows from financing activities:                    
Shareholder Proceeds   1,192    -    1,175    - 
Shareholder Dividends   -    -    (35)   - 
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   (723)   -    (522)   - 
Proceeds from mortgage   -    -    -    - 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   469    -    618    - 
                     
Net increase (decrease) in cash   51    -    1,221    - 
Cash and restricted cash at beginning of year   -    -    -    - 
Cash and restricted cash at end of year  $51   $-   $1,221   $- 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $-   $-   $-   $- 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $237,818   $-   $188,648   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $34,890   $-   $46,548   $- 
Bridge note payable  $202,928   $-   $142,100   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

  

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-186

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

  

   Landa Series 80
High Ridge Road (3)		   Landa Series 808
Hillandale Lane (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(8,011)  $     -   $(5,027)  $     - 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   1,379    -    1,281    - 
Amortization of debt discount   -    -    -    - 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:                    
Escrow   -    -    -    - 
Accounts receivable   -    -    -    - 
Due from related party   5,954    -    3,193    - 
Due to related party   -    -    -    - 
Other liabilities   -    -    -    - 
Security deposit   1,350    -    1,075    - 
Net cash provided by (used in) operating activities   672    -    522    - 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    -    -    - 
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    -    -    - 
                     
Cash flows from financing activities:                    
Shareholder Proceeds   3,565    -    2,899    - 
Shareholder Dividends   (184)   -    (285)   - 
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   (2,562)   -    (2,055)   - 
Proceeds from mortgage   -    -    -    - 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   819    -    559    - 
                     
Net increase (decrease) in cash   1,491    -    1,081    - 
Cash and restricted cash at beginning of year   -    -    -    - 
Cash and restricted cash at end of year  $1,491   $-   $1,081   $- 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $2,139   $-   $2,962   $- 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $238,816   $-   $221,772   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $53,941   $-   $50,772   $- 
Bridge note payable  $184,875   $-   $171,000   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-187

 

  

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

  

   Landa Series 8110
Devonshire Drive (3)		   Landa Series 8121
Spillers Drive SW (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(1,633)  $     -   $(2,573)  $     - 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   874    -    1,055    - 
Amortization of debt discount   -    -    -    - 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:                    
Escrow   -    -    -    - 
Accounts receivable   -    -    -    - 
Due from related party   2,575    -    2,257    - 
Due to related party   -    -    -    - 
Other liabilities   -    -    -    - 
Security deposit   2,500    -    875    - 
Net cash provided by (used in) operating activities   4,316    -    1,614    - 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    -    -    - 
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    -    -    - 
                     
Cash flows from financing activities:                    
Shareholder Proceeds   25,753    -    2,832    - 
Shareholder Dividends   (973)   -    (439)   - 
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   (21,877)   -    (1,842)   - 
Proceeds from mortgage   -    -    -    - 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   2,903    -    551    - 
                     
Net increase (decrease) in cash   7,219    -    2,165    - 
Cash and restricted cash at beginning of year   -    -    -    - 
Cash and restricted cash at end of year  $7,219   $-   $2,165   $- 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $2,191   $-   $2,544   $- 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $151,331   $-   $182,723   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $17,206   $-   $55,848   $- 
Bridge note payable  $134,125   $-   $126,875   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-188

 

  

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Landa Series 8233
Creekline Court (3)		   Landa Series 843
Tramore Drive (1)		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(5,850)  $     -   $1,891   $     - 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   1,383    -    1,387    - 
Amortization of debt discount   -    -    -    - 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:   -                
Escrow   -    -    -    - 
Accounts receivable   -    -    -    - 
Due from related party   16,042    -    (315)   - 
Due to related party   -    -    -    - 
Other liabilities   1,750    -    212    - 
Security deposit   1,750    -    -    - 
Net cash provided by (used in) operating activities   15,075    -    3,175    - 
                     
Cash flows from investing activities:                    
Additions to building and improvements   (11,685)   -    -    - 
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   (11,685)   -    -    - 
                     
Cash flows from financing activities:                    
Shareholder Proceeds   2,291    -    78,196    - 
Shareholder Dividends   -    -    (1,286)   - 
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   (1,856)   -    (74,842)   - 
Proceeds from mortgage   -    -    -    - 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   435    -    2,068    - 
                     
Net increase (decrease) in cash   3,825    -    5,243    - 
Cash and restricted cash at beginning of year   -    -    -    - 
Cash and restricted cash at end of year  $3,825   $-   $5,243   $- 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $-   $-   $1,271   $- 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $226,617   $-   $164,198   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $74,498   $-   $164,198   $- 
Bridge note payable  $152,119   $-   $-   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

  

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-189

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

  

   Landa Series 85
Kirkland Court (3)		   Landa Series 85
Thorn Thicket Way (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(7,738)  $     -   $(3,962)  $      - 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   1,684    -    1,336    - 
Amortization of debt discount   -    -    -    - 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:                    
Escrow   -    -    -    - 
Accounts receivable   -    -    -    - 
Due from related party   5,705    -    2,260    - 
Due to related party   -    -    -    - 
Other liabilities   -    -    -    - 
Security deposit   -    -    1,050    - 
Net cash provided by (used in) operating activities   (349)   -    684    - 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    -    -    - 
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    -    -    - 
                     
Cash flows from financing activities:                    
Shareholder Proceeds   3,699    -    1,462    - 
Shareholder Dividends   -    -    (16)   - 
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   (3,301)   -    (909)   - 
Proceeds from mortgage   -    -    -    - 
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   398    -    537    - 
                     
Net increase (decrease) in cash   49    -    1,221    - 
Cash and restricted cash at beginning of year   -    -    -    - 
Cash and restricted cash at end of year  $49   $-   $1,221   $- 
   $-         -      
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $-   $-   $3,065   $- 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $289,518   $-   $231,411   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $82,893   $-   $58,861   $- 
Bridge note payable  $206,625   $-   $172,550   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

  

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-190

 

  

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

  

   Landa Series 8855
Rugby Court (3)		   Landa Series 9434
Cedar Creek Place (3)		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(2,091)  $         -   $(4,637)  $        - 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   923    -    1,545    - 
Amortization of debt discount   -    -    -    - 
(Gain) loss on sale of real estate   -    -    -    - 
Changes in assets and liabilities:   -    -    -    - 
Escrow   -    -    -    - 
Accounts receivable   -    -    -    - 
Due from related party   3,147    -    2,996    - 
Due to related party   -    -    -    - 
Other liabilities   -    -    -    - 
Security deposit   1,075    -    1,150    - 
Net cash provided by (used in) operating activities   3,054    -    1,054    - 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    -    -    - 
Proceeds from sale of real estate investments   -    -    -    - 
Net cash provided by (used in) investing activities   -    -    -    - 
                     
Cash flows from financing activities:                    
Shareholder Proceeds   2,829    -    3,438    - 
Shareholder Dividends   (418)   -    (9)   - 
Repayment of promissory note - related party   -    -    -    - 
Repayment of note - related party   -    -    -    - 
Repayment of acquisition note - related party   (1,100)   -    (2,986)   - 
Proceeds from mortgage                    
Repayment of mortgage   -    -    -    - 
Net cash provided by (used in) financing activities   1,311    -    443    - 
                     
Net increase (decrease) in cash   4,365    -    1,497    - 
Cash and restricted cash at beginning of year   -    -    -    - 
Cash and restricted cash at end of year  $4,365   $-   $1,497   $- 
            -      
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-        $-      
Cash paid for interest  $1,560   $-   $3,451   $- 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $159,874   $-   $267,653   $- 
Net proceeds from property disposition, net  $-   $-   $-   $- 
Repayment of promissory note - related party  $-   $-   $-   $- 
Acquisition notes payable for property acquisition, net  $36,624   $-   $71,903   $- 
Bridge note payable  $123,250   $-   $195,750   $- 
Mortgage payable  $-   $-   $-   $- 
Repayment of mortgage  $-   $-   $-   $- 

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-191

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

COMBINED AND COMBINING STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

   Landa Series 9597
Pintail Trail (3)		   Total Combined
Cash Flows		 
   Six months ended
June 30,		   Six months ended
June 30,		 
   2023   2022   2023   2022 
Cash flows from operating activities:                
Net income (loss)  $(7,456)  $       -   $(404,567)  $115,192 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:                    
Depreciation   1,591    -    201,981    79,318 
Amortization of debt discount   -    -    -    - 
(Gain) loss on sale of real estate   -    -    (62,013)   (142,750)
Changes in assets and liabilities:             -    - 
Escrow   -    -    (41,137)   (39,546)
Accounts receivable   -    -    4,983    775 
Due from related party   2,901    -    373,902    4,219 
Due to related party   -    -    18,894    817,451 
Other liabilities   -    -    62,417    56,902 
Security deposit   1,775    -    100,588    - 
Net cash provided by (used in) operating activities   (1,189)   -    255,048    891,561 
                     
Cash flows from investing activities:                    
Additions to building and improvements   -    -    (20,920)   (4,425,886)
Proceeds from sale of real estate investments   -    -    -    339,000 
Net cash provided by (used in) investing activities   -    -    (20,920)   (4,086,886)
                     
Cash flows from financing activities:                    
Shareholder Proceeds   13,885    -    775,017    1,259,017 
Shareholder Dividends   (666)   -    (138,286)   (233,014)
Repayment of promissory note - related party   -    -    -    (203,865)
Repayment of note - related party   -    -    -    (337,565)
Repayment of acquisition note - related party   (8,787)   -    (612,743)   - 
Proceeds from mortgage   -    -    -    3,475,262 
Repayment of mortgage   -    -    -    (117,062)
Net cash provided by (used in) financing activities   4,432    -    23,988    3,842,773 
                     
Net increase (decrease) in cash   3,243    -    258,116    647,448 
Cash and restricted cash at beginning of year   -    -    216,945    79,897 
Cash and restricted cash at end of year  $3,243   $-   $475,061   $727,345 
                     
Supplemental disclosure of cash flow information:                    
Cash paid for income taxes  $-   $-   $-   $- 
Cash paid for interest  $3,094   $-   $282,739   $76,471 
                     
Supplemental disclosure of non-cash investing and financing activities:                    
Property acquisition, related party  $272,179   $-   $21,791,090   $- 
Net proceeds from property disposition, net  $-   $-   $487,201   $- 
Repayment of promissory note - related party  $-   $-   $(203,148)  $- 
Acquisition notes payable for property acquisition, net  $109,054   $-   $6,257,772   $- 
Bridge note payable  $163,125   $-   $15,414,049   $- 
Mortgage payable  $-   $-   $119,269   $- 
Repayment of mortgage  $-   $-   $(200,850)  $- 

 

(1)The series commenced operations on March 31, 2023.
(2)The series commenced operations on April 4, 2023.
(3)The series commenced operations on April 28, 2023.
(4)The series commenced operations on May 19, 2023.
(5)The series commenced operations on June 8, 2023.
(6)The series commenced operations on June 29, 2023.

 

The accompanying notes are an integral part of these combined and combining financial statements.

 

F-192

 

 

LANDA APP LLC (LANDA APP)

LANDA APP SERIES GROUP (SERIES)

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED)

 

1. ORGANIZATION, NATURE OF ACTIVITIES AND GOING CONCERN

 

Landa App LLC (“we,” “us,” “our,” or the “Company”) is currently a Delaware series limited liability company organized on November 25, 2019. On April 30, 2020, the Company changed its name from Landa Properties A LLC. The Company is a wholly owned subsidiary of Landa Holdings, Inc. and currently operates under an operating agreement with Landa Holdings, Inc. (the “Manager”). The Manager serves as the asset manager for the real estate properties owned by the Company and each underlying Series (as defined below).

 

The Company was formed to engage in the business of acquiring, managing and renting residential properties (each a “Property,” and collectively, the “Properties”). The Company has created, and it is expected that the Company will continue to create, separate series of interests registered under the Company (each a “Series,” and collectively, the “Series”), that each Property will be owned by a separate Series and that the assets and liabilities of each Series will be separate in accordance with Delaware law. Investors acquire membership interest, or shares, in each Series and will be entitled to share in the return of that particular Series but will not be entitled to share in the return of any other Series. The Company intends to treat each Series as a separate entity for U.S. federal income tax purposes and will elect to be treated as a corporation. The Company and each Series grouped together, (the “Landa App Series Group”) are herein, referred to as (the “Combined Group”).

 

On May 19, 2020, the Company filed Certificates of Registered Series Limited Liability Company with the Secretary of State of the State of Delaware to register each of the Series.

 

On July 10, 2020, the initial set of properties were acquired from a related party (Landa Properties LLC) by each of the respective Series. The acquisitions were accounted for as a commonly controlled transaction and recorded, accordingly at their carryover basis. 

 

The Company has recently commenced planned principal operations and future performance is difficult to evaluate and not assured. The Company has also incurred significant additional expenses. The Company is dependent upon additional capital resources for the commencement of its planned principal operations and is subject to significant risks and uncertainties, including failing to secure funding to commence the Company’s planned operations or failing to profitably operate the business.

 

Each Series has commenced its planned operations. However, each Series is dependent upon additional capital resources from its planned offering. Each Series is subject to significant risks and uncertainties, including failing to secure funding to commence the Series’ planned operations or failing to profitably operate the business.

 

As a result, the accompanying financial statements for the Combined Group have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.

 

Going Concern

 

The Combined Group’s ability to continue as a going concern for the next twelve (12) months is dependent upon, among other things, the ability to successfully implement the business model, raise sufficient capital from outside investors and deploy such to produce profitable operating results. No assurance can be given that the Combined Group will be successful in these efforts. These factors, among others, raise substantial doubt about the ability of the Combined Group to continue as a going concern for the next twelve (12) months from the date the financial statements are issued.

 

The financial statements do not include any adjustments relating to recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Combined Group be unable to continue as a going concern.

 

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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Accounts receivables and Allowances for bad debts

 

Accounts receivable balances represent short term rental receivables. As of June 30, 2023 and December 31, 2022 the Series had $2,588 and $7,575 in accounts receivables, respectively.

 

The company assesses the likely of collecting all outstanding receivables and if it is determined that the receivable balance is uncollectable the Company will write off the unpaid balance to bad debt expense. As of June 30, 2023 and December 31, 2022 the Series had $0 for allowance for bad debt. For the six months ended June 30, 2023 and June 30, 2022 the Series recorded $0 for bad debt expense.

 

Basis of Presentation

 

The combined financial statements of Landa App LLC and each of the Series are being presented on a combined basis, in accordance with U.S. GAAP (ASC 810, Consolidation) due to common control by Landa Holdings, Inc., in its capacity as manager to the Company and each Series. 

 

The combined financial statements include one hundred and forty (140) Series, which own one hundred thirty-six (136) single-family homes located in the Atlanta metropolitan area in the state of Georgia as of June 30, 2023. Each Property was acquired by each respective Series, as set forth in the table below. Additionally, the Company formed eighty six (86) Series on March 28, 2023 that were included in the Company’s most recent Offering Circular. These Series, however, have not yet commenced operations as of June 30, 2023 since title of each respective Property related to each Series had not yet transferred from Landa Properties. As a result, these Series have been omitted from the combined and combining financial statements.

 

Series Name  Series Inception Date  Acquisition Date
Landa Series 115 Sardis Street (1)  May 19, 2020  July 10, 2020
Landa Series 1394 Oakview Circle  May 19, 2020  July 10, 2020
Landa Series 1701 Summerwoods Lane  May 19, 2020  July 10, 2020
Landa Series 1741 Park Lane  May 19, 2020  July 10, 2020
Landa Series 209 Timber Wolf Trail (3)  May 19, 2020  July 10, 2020

 

F-194

 

 

Landa Series 2505 Oak Circle (4)  May 19, 2020  July 10, 2020
Landa Series 271 Timber Wolf Trail (2)  May 19, 2020  July 10, 2020
Landa Series 29 Holly Grove Road  May 19, 2020  July 10, 2020
Landa Series 1703 Summerwoods Lane  January 9, 2022  January 12, 2022
Landa Series 1712 Summerwoods Lane  January 9, 2022  January 12, 2022
Landa Series 1743 Summerwoods Lane  January 9, 2022  January 12, 2022
Landa Series 1750 Summerwoods Lane  January 9, 2022  January 12, 2022
Landa Series 4267 High Park Lane  January 9, 2022  January 12, 2022
Landa Series 4474 Highwood Park Drive  January 9, 2022  January 12, 2022
Landa Series 8569 Creekwood Way  January 9, 2022  January 12, 2022
Landa Series 9439 Lakeview Road  January 9, 2022  January 12, 2022
Landa Series 10167 Port Royal Court  January 9, 2022  January 12, 2022
Landa Series 1246 Elgin Way  January 9, 2022  January 12, 2022
Landa Series 1910 Grove Way  January 9, 2022  January 12, 2022
Landa Series 593 Country Lane Drive  January 9, 2022  January 12, 2022
Landa Series 6436 Stone Terrace  January 9, 2022  January 13, 2022
Landa Series 6440 Woodstone Terrace  January 9, 2022  January 13, 2022
Landa Series 6848 Sandy Creek Drive  January 9, 2022  January 13, 2022
Landa Series 687 Utoy Court  January 9, 2022  January 13, 2022
Landa Series 729 Winter Lane  January 9, 2022  January 13, 2022
Landa Series 7349 Exeter Court  January 9, 2022  January 13, 2022
Landa Series 8645 Embrey Drive  January 9, 2022  January 13, 2022
Landa Series 8780 Churchill Place  January 9, 2022  January 14, 2022
Landa Series 8796 Parliament Place  January 9, 2022  January 13, 2022
Landa Series 8641 Ashley Way  January 9, 2022  January 13, 2022
Landa Series 8651 Ashley Way  January 9, 2022  January 13, 2022
Landa Series 8652 Ashley Way  January 9, 2022  January 13, 2022
Landa Series 8653 Ashley Way  January 9, 2022  January 13, 2022
Landa Series 8654 Ashley Way  January 9, 2022  January 13, 2022
Landa Series 8655 Ashley Way  January 9, 2022  January 14, 2022
Landa Series 8659 Ashley Way  January 9, 2022  January 14, 2022
Landa Series 8662 Ashley Way  January 9, 2022  January 14, 2022
Landa Series 8668 Ashley Way  January 9, 2022  January 14, 2022
Landa Series 8670 Ashley Way  January 9, 2022  January 14, 2022
Landa Series 8674 Ashley Way  January 9, 2022  January 14, 2022
Landa Series 8675 Ashley Way  January 9, 2022  January 14, 2022
Landa Series 8677 Ashley Way  January 9, 2022  January 14, 2022
Landa Series 8678 Ashley Way  January 9, 2022  January 14, 2022
Landa Series 8679 Ashley Way  January 9, 2022  January 14, 2022
Landa Series 8683 Ashley Way  January 9, 2022  January 14, 2022
Landa Series 1007 Leeward Way  March 28, 2023  June 29, 2023
Landa Series 10121 Morris Drive SW  March 28, 2023  April 28, 2023
Landa Series 10183 Starr Street SW  March 28, 2023  April 28, 2023
Landa Series 103 Starlake Drive  March 28, 2023  April 28, 2023
Landa Series 10433 Candlelight Road  March 28, 2023  April 28, 2023
Landa Series 107 Oakwood Circle  March 28, 2023  June 8, 2023
Landa Series 110 Shenandoah Drive  March 28, 2023  April 28, 2023
Landa Series 111 Fir Drive  March 28, 2023  April 28, 2023
Landa Series 112 Ridge Street  March 28, 2023  April 28, 2023
Landa Series 11322 Michelle Way  March 28, 2023  April 28, 2023
Landa Series 1147 Village Way  March 28, 2023  April 28, 2023
Landa Series 1160 Gable Terrace  March 28, 2023  April 28, 2023
Landa Series 1201 Kilrush Drive  March 28, 2023  April 28, 2023
Landa Series 124 Libby Lane  March 28, 2023  April 28, 2023
Landa Series 1320 Winona Avenue  March 28, 2023  April 28, 2023

 

F-195

 

 

Landa Series 137 Southern Shores Road  March 28, 2023  April 28, 2023
Landa Series 138 Sandalwood Circle  March 28, 2023  April 28, 2023
Landa Series 140 High Ridge Road  March 28, 2023  April 28, 2023
Landa Series 146 Crystal Brook  March 28, 2023  April 28, 2023
Landa Series 153 Cliffside Court  March 28, 2023  April 28, 2023
Landa Series 1666 West Poplar Street  March 28, 2023  April 28, 2023
Landa Series 168 Brookview Drive  March 28, 2023  March 31, 2023
Landa Series 1689 Viceroy Way  March 28, 2023  April 28, 2023
Landa Series 181 Watercress Court  March 28, 2023  April 28, 2023
Landa Series 188 Timberline Road  March 28, 2023  April 28, 2023
Landa Series 189 Shenandoah Drive  March 28, 2023  April 28, 2023
Landa Series 195 Hunters Trace  March 28, 2023  April 28, 2023
Landa Series 196 Montego Circle  March 28, 2023  April 28, 2023
Landa Series 20 Chimney Smoke Drive  March 28, 2023  May 19, 2023
Landa Series 212 Fleeta Drive  March 28, 2023  April 28, 2023
Landa Series 217 Glenloch Court  March 28, 2023  April 28, 2023
Landa Series 2264 Chestnut Hill Circle  March 28, 2023  April 28, 2023
Landa Series 2425 Cornell Circle  March 28, 2023  May 19, 2023
Landa Series 25 Pleasant Valley Road  March 28, 2023  April 28, 2023
Landa Series 253 Marco Drive  March 28, 2023  April 28, 2023
Landa Series 258 Rocky Point Road  March 28, 2023  April 28, 2023
Landa Series 268 Brookview Drive  March 28, 2023  March 31, 2023
Landa Series 270 Mountain Lane  March 28, 2023  April 28, 2023
Landa Series 270 Pleasant Hills Drive  March 28, 2023  April 28, 2023
Landa Series 2813 Vicksburg Court  March 28, 2023  April 28, 2023
Landa Series 2933 Coffer Drive  March 28, 2023  April 28, 2023
Landa Series 30 High Ridge Road  March 28, 2023  April 28, 2023
Landa Series 30 Roosevelt Road  March 28, 2023  April 28, 2023
Landa Series 3011 Raintree Drive SE  March 28, 2023  April 28, 2023
Landa Series 3043 Highway 81 S  March 28, 2023  April 28, 2023
Landa Series 313 Blue Heron Drive  March 28, 2023  April 28, 2023
Landa Series 3202 Chippewa Drive  March 28, 2023  April 28, 2023
Landa Series 35 Clay Court  March 28, 2023  April 28, 2023
Landa Series 350 Cadiz Lane S  March 28, 2023  April 28, 2023
Landa Series 351 Wesley Park Drive  March 28, 2023  April 28, 2023
Landa Series 3667 Patti Parkway  March 28, 2023  May 19, 2023
Landa Series 412 Kendall Lane  March 28, 2023  May 19, 2023
Landa Series 43 Darwin Drive  March 28, 2023  April 28, 2023
Landa Series 45 Blue Jay Drive  March 28, 2023  April 28, 2023
Landa Series 45 Laurel Way  March 28, 2023  May 19, 2023
Landa Series 4702 Saint James Way  March 28, 2023  April 28, 2023
Landa Series 4732 Pinedale Drive  March 28, 2023  April 28, 2023
Landa Series 5040 Huntshire Lane  March 28, 2023  April 28, 2023
Landa Series 513 Jarrett Court  March 28, 2023  April 28, 2023
Landa Series 5143 Pinecrest Drive SW  March 28, 2023  April 28, 2023
Landa Series 540 Cowan Road  March 28, 2023  April 28, 2023
Landa Series 5411 Rocky Pine Drive  March 28, 2023  May 19, 2023
Landa Series 550 Cowan Road  March 28, 2023  May 19, 2023
Landa Series 5581 Fox Glen Circle  March 28, 2023  May 19, 2023
Landa Series 565 Mountainview Drive  March 28, 2023  April 28, 2023
Landa Series 5801 Strathmoor Manor Circle  March 28, 2023  April 28, 2023
Landa Series 6107 Shadow Glen Court  March 28, 2023  April 28, 2023
Landa Series 6111-6113 Pine Glen Circle SW  March 28, 2023  April 28, 2023
Landa Series 615 Barshay Drive  March 28, 2023  April 28, 2023

 

F-196

 

 

Landa Series 6168 Wheat Street NE  March 28, 2023  April 28, 2023
Landa Series 6178 Green Acres Drive SW  March 28, 2023  April 28, 2023
Landa Series 6404 Walnut Way  March 28, 2023  May 19, 2023
Landa Series 643 Sycamore Drive  March 28, 2023  April 28, 2023
Landa Series 65 Freedom Court  March 28, 2023  April 28, 2023
Landa Series 6635 Kimberly Mill Road  March 28, 2023  April 28, 2023
Landa Series 6653 Bedford Road  March 28, 2023  April 28, 2023
Landa Series 6762 Bent Creek Drive  March 28, 2023  April 28, 2023
Landa Series 709 Georgetown Court  March 28, 2023  April 28, 2023
Landa Series 7107 Geiger Street NW  March 28, 2023  April 28, 2023
Landa Series 750 Georgetown Court  March 28, 2023  April 28, 2023
Landa Series 752 Chestnut Drive  March 28, 2023  April 28, 2023
Landa Series 773 Villa Way  March 28, 2023  March 31, 2023
Landa Series 7781 Mountain Creek Way  March 28, 2023  April 28, 2023
Landa Series 7950 Woodlake Drive  March 28, 2023  April 28, 2023
Landa Series 80 High Ridge Road  March 28, 2023  April 28, 2023
Landa Series 808 Hillandale Lane  March 28, 2023  April 28, 2023
Landa Series 8110 Devonshire Drive  March 28, 2023  April 28, 2023
Landa Series 8121 Spillers Drive SW  March 28, 2023  April 28, 2023
Landa Series 8233 Creekline Court  March 28, 2023  April 28, 2023
Landa Series 843 Tramore Drive  March 28, 2023  March 31, 2023
Landa Series 85 Kirkland Court  March 28, 2023  April 28, 2023
Landa Series 85 Thorn Thicket Way  March 28, 2023  April 28, 2023
Landa Series 8855 Rugby Court  March 28, 2023  April 28, 2023
Landa Series 9434 Cedar Creek Place  March 28, 2023  April 28, 2023
Landa Series 9597 Pintail Trail  March 28, 2023  April 28, 2023

 

(1)The Series sold the underlying Property on March 30, 2023.

(2)The Series sold the underlying property on April 14, 2023.

(3)The Series sold the underlying property on May 31, 2023.

(4)The Series sold the underlying property on June 6, 2023.

 

Significant Risks and Uncertainties

 

The Company is subject to customary risks and uncertainties with development of new technology including, but not limited to, new technological innovations, protection of proprietary technology, dependence on key personnel, costs of services provided by third parties, the need to obtain additional financing, and limited operating history.

 

Use of Estimates

 

The preparation of the combined financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates inherent in the preparation of these financial statements include, but are not limited to, useful life of assets and depreciation expenses.

 

Restricted cash

 

Each Series held the following amount of restricted cash as of June 30, 2023 and December 31, 2022:

 

Series  June 30,
2023		   December 31,
2022		 
Landa Series 115 Sardis Street  $-   $          - 
Landa Series 1394 Oakview Circle   775    775 
Landa Series 1701 Summerwoods Lane   -    925 
Landa Series 1741 Park Lane   -    - 
Landa Series 209 Timber Wolf Trail   -    500 

 

F-197

 

 

Landa Series 2505 Oak Circle   -    1,250 
Landa Series 271 Timber Wolf Trail   -    - 
Landa Series 29 Holly Grove Road   600    600 
Landa Series 1703 Summerwoods Lane   950    950 
Landa Series 1712 Summerwoods Lane   1,450    875 
Landa Series 1743 Summerwoods Lane   1,225    1,225 
Landa Series 1750 Summerwoods Lane   -    - 
Landa Series 4267 High Park Lane   -    975 
Landa Series 4474 Highwood Park Drive   1,000    1,000 
Landa Series 8569 Creekwood Way   -    500 
Landa Series 9439 Lakeview Road   1,050    1,050 
Landa Series 10167 Port Royal Court   915    915 
Landa Series 1246 Elgin Way   1,150    1,150 
Landa Series 1910 Grove Way   1,500    1,523 
Landa Series 593 Country Lane Drive   971    971 
Landa Series 6436 Stone Terrace   1,000    1,000 
Landa Series 6440 Woodstone Terrace   1,295    - 
Landa Series 6848 Sandy Creek Drive   1,475    975 
Landa Series 687 Utoy Court   1,157    1,157 
Landa Series 729 Winter Lane   1,975    500 
Landa Series 7349 Exeter Court   1,000    1,000 
Landa Series 8645 Embrey Drive   1,050    1,050 
Landa Series 8780 Churchill Place   1,323    1,200 
Landa Series 8796 Parliament Place   975    975 
Landa Series 8641 Ashley Way   900    900 
Landa Series 8651 Ashley Way   800    800 
Landa Series 8652 Ashley Way   2,200    2,200 
Landa Series 8653 Ashley Way   700    700 
Landa Series 8654 Ashley Way   1,350    1,350 
Landa Series 8655 Ashley Way   -    - 
Landa Series 8659 Ashley Way   1,250    2,125 
Landa Series 8662 Ashley Way   925    925 
Landa Series 8668 Ashley Way   1,000    1,000 
Landa Series 8670 Ashley Way   975    975 
Landa Series 8674 Ashley Way   1,625    1,300 
Landa Series 8675 Ashley Way   1,100    1,100 
Landa Series 8677 Ashley Way   1,050    1,050 
Landa Series 8678 Ashley Way   900    900 
Landa Series 8679 Ashley Way   1,400    925 
Landa Series 8683 Ashley Way   925    925 
Landa Series 1007 Leeward Way   950    - 
Landa Series 10121 Morris Drive SW   1,600    - 
Landa Series 10183 Starr Street SW   850    - 
Landa Series 103 Starlake Drive   990    - 
Landa Series 10433 Candlelight Road   995    - 
Landa Series 107 Oakwood Circle   825    - 
Landa Series 110 Shenandoah Drive   850    - 
Landa Series 111 Fir Drive   1,250    - 
Landa Series 112 Ridge Street   -    - 
Landa Series 11322 Michelle Way   900    - 
Landa Series 1147 Village Way   1,525    - 
Landa Series 1160 Gable Terrace   2,200    - 
Landa Series 1201 Kilrush Drive   2,100    - 
Landa Series 124 Libby Lane   1,550    - 

 

F-198

 

 

Landa Series 1320 Winona Avenue   -    - 
Landa Series 137 Southern Shores Road   500    - 
Landa Series 138 Sandalwood Circle   1,750    - 
Landa Series 140 High Ridge Road   1,450    - 
Landa Series 146 Crystal Brook   975    - 
Landa Series 153 Cliffside Court   820    - 
Landa Series 1666 W Poplar Street   950    - 
Landa Series 168 Brookview Drive   -    - 
Landa Series 1689 Viceroy Way   1,200    - 
Landa Series 181 Watercress Court   1,600    - 
Landa Series 188 Timberline Road   -    - 
Landa Series 189 Shenandoah Drive   1,675    - 
Landa Series 195 Hunters Trace   -    - 
Landa Series 196 Montego Circle   900    - 
Landa Series 20 Chimney Smoke Drive   1,500    - 
Landa Series 212 Fleeta Drive   1,175    - 
Landa Series 217 Glenloch Court   1,400    - 
Landa Series 2264 Chestnut Hill Circle   1,875    - 
Landa Series 2425 Cornell Circle   1,150    - 
Landa Series 25 Pleasant Valley Road   775    - 
Landa Series 253 Marco Drive   600    - 
Landa Series 258 Rocky Point Road   1,600    - 
Landa Series 268 Brookview Drive   -    - 
Landa Series 270 Mountain Lane   1,650    - 
Landa Series 270 Pleasant Hills Drive   1,623    - 
Landa Series 2813 Vicksburg Court   1,275    - 
Landa Series 2933 Coffer Drive   -    - 
Landa Series 30 High Ridge Road   935    - 
Landa Series 30 Roosevelt Road   1,625    - 
Landa Series 3011 Raintree Drive SE   995    - 
Landa Series 3043 Highway 81 S   1,180    - 
Landa Series 313 Blue Heron Drive   1,553    - 
Landa Series 3202 Chippewa Drive   -    - 
Landa Series 35 Clay Court   1,699    - 
Landa Series 350 Cadiz Lane S   -    - 
Landa Series 351 Wesley Park Drive   900    - 
Landa Series 3667 Patti Parkway   -    - 
Landa Series 412 Kendall Lane   -    - 
Landa Series 43 Darwin Drive   -    - 
Landa Series 45 Blue Jay Drive   1,425    - 
Landa Series 45 Laurel Way   975    - 
Landa Series 4702 Saint James Way   1,550    - 
Landa Series 4732 Pinedale Drive   800    - 
Landa Series 5040 Huntshire Lane   2,499    - 
Landa Series 513 Jarrett Court   1,599    - 
Landa Series 5143 Pinecrest Drive SW   1,225    - 
Landa Series 540 Cowan Road   995    - 
Landa Series 5411 Rocky Pine Drive   1,775    - 
Landa Series 550 Cowan Road   1,475    - 
Landa Series 5581 Fox Glen Circle   2,275    - 
Landa Series 565 Mountainview Drive   1,675    - 
Landa Series 5801 Strathmoor Manor Circle   1,575    - 
Landa Series 6107 Shadow Glen Court   1,175    - 
Landa Series 6113 Pine Glen Circle SW   500    - 

 

F-199

 

 

Landa Series 615 Barshay Drive   1,100    - 
Landa Series 6168 Wheat Street NE   -    - 
Landa Series 6178 Green Acres Drive SW   1,400    - 
Landa Series 6404 Walnut Way   800    - 
Landa Series 643 Sycamore Drive   1,125    - 
Landa Series 65 Freedom Court   500    - 
Landa Series 6635 Kimberly Mill Road   -    - 
Landa Series 6653 Bedford Road   1,475    - 
Landa Series 6762 Bent Creek Drive   1,595    - 
Landa Series 709 Georgetown Court   1,700    - 
Landa Series 7107 Geiger Street NW   1,150    - 
Landa Series 750 Georgetown Court   1,190    - 
Landa Series 752 Chestnut Drive   675    - 
Landa Series 773 Villa Way   -    - 
Landa Series 7781 Mountain Creek Way   -    - 
Landa Series 7950 Woodlake Drive   1,200    - 
Landa Series 80 High Ridge Road   1,350    - 
Landa Series 808 Hillandale Lane   1,075    - 
Landa Series 8110 Devonshire Drive   2,500    - 
Landa Series 8121 Spillers Drive SW   875    - 
Landa Series 8233 Creekline Court   1,750    - 
Landa Series 843 Tramore Drive   -    - 
Landa Series 85 Kirkland Court   -    - 
Landa Series 85 Thorn Thicket Way   1,050    - 
Landa Series 8855 Rugby Court   1,075    - 
Landa Series 9434 Cedar Creek Place   1,150    - 
Landa Series 9597 Pintail Trail   1,775    - 
Total Restricted Cash  $139,879   $40,216 

 

Restricted cash is made up of security deposits.

 

As a matter of performing its duties, the Manager, at times, will collect and hold cash on behalf of the Series.

 

F-200

 

 

Revenue

 

The Company adopted FASB ASC 606, Revenue form Contracts with Customers, and its related amendments, effective at inception using the modified retrospective transition approach applied to all contracts. There are no cumulative impacts there were made. The Company determines revenue recognition through the following steps:

 

   ● Identification of a contract with a customer;

 

   ● Identification of the performance obligations in the contract;

 

  ●  Determination of the transaction price;

 

  ●  Allocation of the transaction price to the performance obligations in the contract; and

 

  ●  Recognition of revenue when or as the performance obligations are satisfied

 

Revenue is recognized when performance obligations are satisfied through the transfer of control of promised goods to the Company’s customers in an amount that reflects the consideration expected to be received in exchange for transferring goods or services to customers. Control transfers once a customer has the ability to direct the use of, and obtain substantially all of the benefits from, the product. This includes the transfer of legal title, physical possession, the risks and rewards of ownership, and customer acceptance.

 

Revenues are generated at the Series level. Rental revenue is generated from annual or month to month leases of the multi-family homes. The Company recognizes rental revenue on a monthly basis when earned.

 

Real Estate Property Acquisitions

 

Upon acquisition from a third-party, we evaluate our acquired single-family residential properties for purposes of determining whether a transaction should be accounted for as an asset acquisition or business combination. Upon adoption of ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, our purchases of homes are treated as asset acquisitions and are recorded at their purchase price, which is allocated between land, building and improvements, and in-place lease intangibles (when a resident is in place at the acquisition date) based upon their relative fair values at the date of acquisition 

 

Fair value is determined in accordance with ASC 820, Fair Value Measurements and Disclosures, and is primarily based on unobservable data inputs. In making estimates of fair values for purposes of allocating the purchase price of individually acquired properties subject to an existing lease, the Company utilizes its own market knowledge obtained from historical transactions, its internal construction program and published market data. In this regard, the Company also utilizes information obtained from county tax assessment records to assist in the determination of the fair value of the land and building.

 

The value of acquired lease-related intangibles is estimated based upon the costs we would have incurred to lease the property under similar terms. Such costs are capitalized and amortized over the remaining life of the lease. Acquired leases are generally short-term in nature (less than one year).

 

Upon acquisition from a related party, the Company considers this transaction between entities under common control. Under ASC 805-50-30-5, when accounting for a transfer of assets or exchange of shares between entities under common control, the entity that receives the net assets or the equity interests, in this case, the Series, will initially measure the recognized assets and liabilities transferred at their carrying amounts in the accounts of the transferring entity at the date of transfer.

 

The properties were acquired from a related party by each of the respective Series. The acquisitions were accounted for as a commonly controlled transaction and recorded, accordingly at their carryover basis.

 

Real Estate Depreciation

 

Investments in real estate are stated at cost less accumulated depreciation. Depreciation is computed on a straight-line basis over the estimated useful lives of buildings, improvements, and other assets. Buildings are depreciated over twenty-seven and half years and improvements and other assets are depreciated over their estimated economic useful lives, generally three to twenty-seven and one half (27.5) years.

 

Once a property is ready for its intended use, expenditures for ordinary maintenance and repairs are expensed to operations as incurred. The Company capitalizes expenditures above a pre-determined threshold that improve or extend the life of a property. 

 

F-201

 

 

Real Estate and Impairment

 

The Company continuously evaluates, by property, whether there are any events or changes in circumstances indicating that the carrying amount of the Series’ single-family residential properties may not be recoverable. To the extent an event or change in circumstance is identified, a residential property is considered to be impaired only if its carrying value cannot be recovered through estimated future undiscounted cash flows from the use and eventual disposition of the property. To the extent an impairment has occurred, the carrying amount of our investment in a property is adjusted to its estimated fair value. The process whereby we assess our single-family residential properties for impairment requires significant judgment and assessment of factors that are, at times, subject to significant uncertainty. We evaluate multiple information sources and perform a number of internal analyses, each of which are important components of our process with no one information source or analysis being necessarily determinative. No impairments on any property were recorded as of June 30, 2023 and December 31, 2022.

 

Income Taxes

 

The Company intends to be taxed as a “disregarded entity” for federal income tax purposes and will not make any election or take any action that could cause it to be separately treated as an association taxable as a corporation under Subchapter C of the Internal Revenue Code of 1986. The elements of income and expense are included on the tax returns of the entity’s members.

 

Each individual Series has elected to be treated as a corporation for tax purposes. Each separate Series intends to be accounted for as described in ASC Topic 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

 

The Series recognizes the tax benefit from an uncertain tax position only if it is more likely than not the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. There were no uncertain tax positions as of June 30, 2023 and December 31, 2022.

 

The Series’ determinations regarding ASC 740 may be subject to review and adjustment at a later date based upon factors including, but not limited to, an on-going analysis of tax laws, regulations and interpretations thereof.

 

The Series is subject to incomes taxes for US Federal purposes and in the state of Georgia. The Series’ tax years are open for examinations for all periods since inception.

 

Organization and Offering Costs

 

The Manager will pay all costs incurred in connection with each Series’ organization, including, the Series’ registration fee and franchise tax in the states of Delaware and Georgia. In addition, the Manager will pay all costs incurred in connection with each Offering.

 

F-202

 

 

3. RECENT ACCOUNTING STANDARDS

 

In February 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-02, “Leases” (Topic 842). This ASU requires a lessee to recognize a right-of-use asset and a lease liability under most operating leases in its balance sheet. The ASU was effective for annual and interim periods beginning after December 15, 2019, including interim periods within those fiscal years. In April 2020, the FASB voted to defer the effective date of ASC 842 for private companies and certain no-for-profit entities for one year. For private companies and private NFPs, the leasing standard will be effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. For public NFPs the leasing standard will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. We are continuing to evaluate the impact of this new standard on our financial reporting and disclosures.

 

Management does not believe that any other recently issued, but not yet effective, accounting standards could have a material effect on the accompanying financial statements. As new accounting pronouncements are issued, we will adopt those that are applicable under the circumstances. 

 

4. FAIR VALUE MEASUREMENTS

 

Fair value is an exit price, representing the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants based on the highest and best use of the asset or liability. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The Company uses valuation techniques to measure fair value that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized as follows:

 

Level 1 - Observable inputs, such as quoted prices for identical assets or liabilities in active markets;

 

Level 2 - Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly, such as quoted prices for similar assets or liabilities, or market-corroborated inputs; and

 

Level 3 - Unobservable inputs for which there is little or no market data which require the reporting entity to develop its own assumptions about how market participants would price the assets or liabilities.

 

The valuation techniques that may be used to measure fair value are as follows:

 

Market approach - Uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.

 

Income approach - Uses valuation techniques to convert future amounts to a single present amount based on current market expectations about those future amounts, including present value techniques, option-pricing models, and excess earnings method.

 

Cost approach - Based on the amount that currently would be required to replace the service capacity of an asset (replacement cost).

 

As of June 30, 2023, each of the Series’ significant financial instruments consist of cash and related party payables. We believe the carrying amount of each of the Series’ financial instruments approximates their fair values due to their short-term nature.

 

F-203

 

 

5. INVESTMENTS IN SINGLE-FAMILY RESIDENTIAL PROPERTIES

 

The following table sets forth the net carrying amounts associated with each Series’ property by component as of June 30, 2023.

 

Series  Land   Building &
improvements		   Total gross
investments		   Less:
accumulated
depreciation		   Investments in single-family
residential
properties, net		 
Landa Series 115 Sardis Street(1)   $-   $-   $-   $-   $- 
Landa Series 1394 Oakview Circle   17,325    61,119    78,444    6,624    71,820 
Landa Series 1701 Summerwoods Lane   15,900    153,325    169,225    1,348    167,877 
Landa Series 1741 Park Lane   18,000    173,485    191,485    1,525    189,960 
Landa Series 209 Timber Wolf Trail(2)   -    -    -    -    - 
Landa Series 2505 Oak Circle

(3)

   -    -    -    -    - 
Landa Series 271 Timber Wolf Trail(4)   -    -    -    -    - 
Landa Series 29 Holly Grove Road   14,622    84,498    99,120    9,162    89,958 
Landa Series 1703 Summerwoods Lane   11,160    100,444    111,604    5,361    106,243 
Landa Series 1712 Summerwoods Lane   11,160    100,444    111,604    5,361    106,243 
Landa Series 1743 Summerwoods Lane   11,160    100,444    111,604    5,361    106,243 
Landa Series 1750 Summerwoods Lane   11,160    100,444    111,604    5,361    106,243 
Landa Series 4267 High Park Lane   14,908    143,402    158,310    7,334    150,976 
Landa Series 4474 Highwood Park Drive   13,413    120,717    134,130    6,443    127,687 
Landa Series 8569 Creekwood Way   8,182    73,638    81,820    3,930    77,890 
Landa Series 9439 Lakeview Road   17,779    160,013    177,792    8,540    169,252 
Landa Series 10167 Port Royal Court   10,856    97,708    108,564    5,214    103,350 
Landa Series 1246 Elgin Way   13,107    117,967    131,074    6,296    124,778 
Landa Series 1910 Grove Way   10,264    92,374    102,638    4,931    97,707 
Landa Series 593 Country Lane Drive   9,408    84,671    94,079    4,519    89,560 
Landa Series 6436 Stone Terrace   5,937    53,434    59,371    2,847    56,524 
Landa Series 6440 Woodstone Terrace   6,356    57,201    63,557    3,047    60,510 

 

F-204

 

 

Landa Series 6848 Sandy Creek Drive   8,478    76,302    84,780    4,065    80,715 
Landa Series 687 Utoy Court   11,330    101,967    113,297    5,432    107,865 
Landa Series 729 Winter Lane   11,163    100,464    111,627    5,353    106,274 
Landa Series 7349 Exeter Court   10,860    97,741    108,601    5,207    103,394 
Landa Series 8645 Embrey Drive   11,670    105,035    116,705    5,596    111,109 
Landa Series 8780 Churchill Place   13,011    117,103    130,114    6,238    123,876 
Landa Series 8796 Parliament Place   10,782    97,035    107,817    5,169    102,648 
Landa Series 8641 Ashley Way   13,977    125,797    139,774    6,702    133,072 
Landa Series 8651 Ashley Way   11,687    105,185    116,872    5,603    111,269 
Landa Series 8652 Ashley Way   12,996    116,964    129,960    6,232    123,728 
Landa Series 8653 Ashley Way   11,578    104,204    115,782    5,552    110,230 
Landa Series 8654 Ashley Way   12,996    116,963    129,959    6,232    123,727 
Landa Series 8655 Ashley Way   12,123    109,111    121,234    5,802    115,432 
Landa Series 8659 Ashley Way   13,868    124,815    138,683    6,637    132,046 
Landa Series 8662 Ashley Way   13,432    120,889    134,321    6,429    127,892 
Landa Series 8668 Ashley Way   14,414    129,723    144,137    6,899    137,238 
Landa Series 8670 Ashley Way   15,177    136,594    151,771    7,264    144,507 
Landa Series 8674 Ashley Way   12,887    115,982    128,869    6,168    122,701 
Landa Series 8675 Ashley Way   12,669    114,018    126,687    6,063    120,624 
Landa Series 8677 Ashley Way   11,905    107,148    119,053    5,698    113,355 
Landa Series 8678 Ashley Way   16,049    144,447    160,496    7,681    152,815 
Landa Series 8679 Ashley Way   12,887    115,982    128,869    6,168    122,701 
Landa Series 8683 Ashley Way   11,796    106,166    117,962    5,645    112,317 
Landa Series 1007 Leeward Way   21,953    214,743    236,696    22    236,674 
Landa Series 10121 Morris Drive SW   19,944    195,452    215,396    1,243    214,153 
Landa Series 10183 Starr Street SW   19,032    186,695    205,727    1,188    204,539 
Landa Series 103 Starlake Drive   18,831    184,849    203,680    1,175    202,505 
Landa Series 10433 Candlelight Road   22,493    219,916    242,409    1,399    241,010 
Landa Series 107 Oakwood Circle   12,588    124,826    137,414    278    137,136 
Landa Series 110 Shenandoah Drive   22,959    224,396    247,355    1,428    245,927 
Landa Series 111 Fir Drive   16,414    188,831    205,245    1,202    204,043 

 

F-205

 

 

Landa Series 112 Ridge Street   22,859    223,428    246,287    1,421    244,866 
Landa Series 11322 Michelle Way   17,421    171,227    188,648    1,090    187,558 
Landa Series 1147 Village Way   22,053    241,885    263,938    1,539    262,399 
Landa Series 1160 Gable Terrace   22,053    215,705    237,758    1,372    236,386 
Landa Series 1201 Kilrush Drive   43,804    424,506    468,310    2,701    465,609 
Landa Series 124 Libby Lane   16,449    200,279    216,728    1,274    215,454 
Landa Series 1320 Winona Avenue   14,626    144,394    159,020    919    158,101 
Landa Series 137 Southern Shores Road   16,429    161,703    178,132    1,029    177,103 
Landa Series 138 Sandalwood Circle   21,183    224,757    245,940    1,430    244,510 
Landa Series 140 High Ridge Road   20,643    202,162    222,805    1,286    221,519 
Landa Series 146 Crystal Brook   13,830    136,754    150,584    870    149,714 
Landa Series 153 Cliffside Court   11,379    113,230    124,609    720    123,889 
Landa Series 1666 West Poplar Street   15,608    153,826    169,434    979    168,455 
Landa Series 168 Brookview Drive   9,670    116,777    126,447    1,074    125,373 
Landa Series 1689 Viceroy Way   20,166    197,579    217,745    1,257    216,488 
Landa Series 181 Watercress Court   19,636    192,495    212,131    1,225    210,906 
Landa Series 188 Timberline Road   9,164    91,955    101,119    585    100,534 
Landa Series 189 Shenandoah Drive   17,925    176,060    193,985    1,120    192,865 
Landa Series 195 Hunters Trace   21,550    234,095    255,645    1,490    254,155 
Landa Series 196 Montego Circle   18,932    185,727    204,659    1,181    203,478 
Landa Series 20 Chimney Smoke Drive   20,744    203,131    223,875    862    223,013 
Landa Series 212 Fleeta Drive   15,815    155,804    171,619    991    170,628 
Landa Series 217 Glenloch Court   22,758    222,462    245,220    1,415    243,805 
Landa Series 2264 Chestnut Hill Circle   29,304    285,298    314,602    1,815    312,787 
Landa Series 2425 Cornell Circle   24,873    242,767    267,640    1,030    266,610 
Landa Series 25 Pleasant Valley Road   20,442    200,228    220,670    1,274    219,396 
Landa Series 253 Marco Drive   15,734    155,030    170,764    986    169,778 
Landa Series 258 Rocky Point Road   23,362    228,263    251,625    1,452    250,173 
Landa Series 268 Brookview Drive   11,627    115,606    127,233    1,062    126,171 
Landa Series 270 Mountain Lane   24,175    234,353    258,528    1,491    257,037 

 

F-206

 

 

Landa Series 270 Pleasant Hills Drive   23,765    242,431    266,196    1,542    264,654 
Landa Series 2813 Vicksburg Court   25,477    248,563    274,040    1,581    272,459 
Landa Series 2933 Coffer Drive   20,267    198,545    218,812    1,263    217,549 
Landa Series 30 High Ridge Road   25,001    243,995    268,996    1,552    267,444 
Landa Series 30 Roosevelt Road   20,543    201,195    221,738    1,280    220,458 
Landa Series 3011 Raintree Drive SE   22,255    273,690    295,945    1,741    294,204 
Landa Series 3043 Highway 81 S   14,203    149,737    163,940    952    162,988 
Landa Series 313 Blue Heron Drive   19,234    238,941    258,175    1,521    256,654 
Landa Series 3202 Chippewa Drive   21,852    213,762    235,614    1,360    234,254 
Landa Series 35 Clay Court   24,900    268,533    293,433    1,708    291,725 
Landa Series 350 Cadiz Lane S   19,838    194,428    214,266    1,237    213,029 
Landa Series 351 Wesley Park Drive   18,327    179,928    198,255    1,145    197,110 
Landa Series 3667 Patti Parkway   29,304    285,302    314,606    1,211    313,395 
Landa Series 412 Kendall Lane   21,660    221,644    243,304    940    242,364 
Landa Series 43 Darwin Drive   17,522    172,193    189,715    1,096    188,619 
Landa Series 45 Blue Jay Drive   26,887    262,097    288,984    1,668    287,316 
Landa Series 45 Laurel Way   25,673    250,442    276,115    1,062    275,053 
Landa Series 4702 Saint James Way   18,932    185,735    204,667    1,181    203,486 
Landa Series 4732 Pinedale Drive   15,915    176,971    192,886    1,127    191,759 
Landa Series 5040 Huntshire Lane   38,165    398,293    436,458    2,535    433,923 
Landa Series 513 Jarrett Court   20,952    241,163    262,115    1,534    260,581 
Landa Series 5143 Pinecrest Drive SW   15,210    182,807    198,017    1,163    196,854 
Landa Series 540 Cowan Road   21,919    214,404    236,323    1,364    234,959 
Landa Series 5411 Rocky Pine Drive   22,875    233,765    256,640    991    255,649 
Landa Series 550 Cowan Road   18,323    222,098    240,421    942    239,479 
Landa Series 5581 Fox Glen Circle   37,561    362,780    400,341    1,539    398,802 
Landa Series 565 Mountainview Drive   23,319    248,581    271,900    1,582    270,318 
Landa Series 5801 Strathmoor Manor Circle   18,529    195,778    214,307    1,246    213,061 

 

F-207

 

 

Landa Series 6107 Shadow Glen Court   13,901    175,100    189,001    1,114    187,887 
Landa Series 6111-6113 Pine Glen Circle SW   36,453    353,936    390,389    2,252    388,137 
Landa Series 615 Barshay Drive   21,147    207,035    228,182    1,317    226,865 
Landa Series 6168 Wheat Street NE   11,503    114,461    125,964    728    125,236 
Landa Series 6178 Green Acres Drive SW   14,848    174,637    189,485    1,111    188,374 
Landa Series 6404 Walnut Way   20,039    196,364    216,403    833    215,570 
Landa Series 643 Sycamore Drive   19,199    188,295    207,494    1,198    206,296 
Landa Series 65 Freedom Court   21,248    208,045    229,293    1,324    227,969 
Landa Series 6635 Kimberly Mill Road   24,618    240,320    264,938    1,529    263,409 
Landa Series 6653 Bedford Road   19,939    262,494    282,433    1,670    280,763 
Landa Series 6762 Bent Creek Drive   20,039    231,714    251,753    1,475    250,278 
Landa Series 709 Georgetown Court   19,743    217,397    237,140    1,383    235,757 
Landa Series 7107 Geiger Street NW   9,063    120,522    129,585    767    128,818 
Landa Series 750 Georgetown Court   15,206    149,958    165,164    954    164,210 
Landa Series 752 Chestnut Drive   12,490    123,893    136,383    788    135,595 
Landa Series 773 Villa Way   8,116    80,268    88,384    737    87,647 
Landa Series 7781 Mountain Creek Way   22,060    215,758    237,818    1,372    236,446 
Landa Series 7950 Woodlake Drive   17,421    171,227    188,648    1,090    187,558 
Landa Series 80 High Ridge Road   22,154    216,662    238,816    1,379    237,437 
Landa Series 808 Hillandale Lane   20,543    201,229    221,772    1,281    220,491 
Landa Series 8110 Devonshire Drive   13,901    137,430    151,331    874    150,457 
Landa Series 8121 Spillers Drive SW   16,862    165,861    182,723    1,055    181,668 
Landa Series 8233 Creekline Court   20,982    217,320    238,302    1,383    236,919 
Landa Series 843 Tramore Drive   13,285    150,913    164,198    1,387    162,811 
Landa Series 85 Kirkland Court   24,873    264,645    289,518    1,684    287,834 
Landa Series 85 Thorn Thicket Way   21,455    209,956    231,411    1,336    230,075 
Landa Series 8855 Rugby Court   14,707    145,167    159,874    923    158,951 
Landa Series 9434 Cedar Creek Place   24,873    242,780    267,653    1,545    266,108 
Landa Series 9597 Pintail Trail   22,060    250,119    272,179    1,591    270,588 
Total combined  $2,417,996   $23,997,464   $26,415,460   $350,057   $26,065,403 

 

(1)The sale of the underlying property was completed on March 30, 2023.
(2)The sale of the underlying property was completed on May 31, 2023.
(3)The sale of the underlying property was completed on June 6, 2023.
(4)The sale of the underlying property was completed on April 14, 2023.

 

F-208

 

 

During the six months ended June 30, 2023, each Series recognized the following depreciation expense:

 

Series  For the
Six Months
Ended
June 30,
2023		 
Landa Series 115 Sardis Street  $981 
Landa Series 1394 Oakview Circle   1,111 
Landa Series 1701 Summerwoods Lane   1,348 
Landa Series 1741 Park Lane   1,525 
Landa Series 209 Timber Wolf Trail   1,442 
Landa Series 2505 Oak Circle   1,330 
Landa Series 271 Timber Wolf Trail   1,093 
Landa Series 29 Holly Grove Road   1,536 
Landa Series 1703 Summerwoods Lane   1,826 
Landa Series 1712 Summerwoods Lane   1,826 
Landa Series 1743 Summerwoods Lane   1,826 
Landa Series 1750 Summerwoods Lane   1,826 
Landa Series 4267 High Park Lane   2,613 
Landa Series 4474 Highwood Park Drive   2,195 
Landa Series 8569 Creekwood Way   1,339 
Landa Series 9439 Lakeview Road   2,909 
Landa Series 10167 Port Royal Court   1,776 
Landa Series 1246 Elgin Way   2,145 
Landa Series 1910 Grove Way   1,680 
Landa Series 593 Country Lane Drive   1,539 
Landa Series 6436 Stone Terrace   972 
Landa Series 6440 Woodstone Terrace   1,040 
Landa Series 6848 Sandy Creek Drive   1,387 
Landa Series 687 Utoy Court   1,854 
Landa Series 729 Winter Lane   1,827 
Landa Series 7349 Exeter Court   1,777 
Landa Series 8645 Embrey Drive   1,910 
Landa Series 8780 Churchill Place   2,129 
Landa Series 8796 Parliament Place   1,764 
Landa Series 8641 Ashley Way   2,287 
Landa Series 8651 Ashley Way   1,912 
Landa Series 8652 Ashley Way   2,127 
Landa Series 8653 Ashley Way   1,895 
Landa Series 8654 Ashley Way   2,127 
Landa Series 8655 Ashley Way   1,984 
Landa Series 8659 Ashley Way   2,269 
Landa Series 8662 Ashley Way   2,198 
Landa Series 8668 Ashley Way   2,359 
Landa Series 8670 Ashley Way   2,484 
Landa Series 8674 Ashley Way   2,109 
Landa Series 8675 Ashley Way   2,073 
Landa Series 8677 Ashley Way   1,948 
Landa Series 8678 Ashley Way   2,626 
Landa Series 8679 Ashley Way   2,109 
Landa Series 8683 Ashley Way   1,930 

 

F-209

 

 

Landa Series 1007 Leeward Way   22 
Landa Series 10121 Morris Drive SW   1,243 
Landa Series 10183 Starr Street SW   1,188 
Landa Series 103 Starlake Drive   1,175 
Landa Series 10433 Candlelight Road   1,399 
Landa Series 107 Oakwood Circle   278 
Landa Series 110 Shenandoah Drive   1,428 
Landa Series 111 Fir Drive   1,202 
Landa Series 112 Ridge Street   1,421 
Landa Series 11322 Michelle Way   1,090 
Landa Series 1147 Village Way   1,539 
Landa Series 1160 Gable Terrace   1,372 
Landa Series 1201 Kilrush Drive   2,701 
Landa Series 124 Libby Lane   1,274 
Landa Series 1320 Winona Avenue   919 
Landa Series 137 Southern Shores Road   1,029 
Landa Series 138 Sandalwood Circle   1,430 
Landa Series 140 High Ridge Road   1,286 
Landa Series 146 Crystal Brook   870 
Landa Series 153 Cliffside Court   720 
Landa Series 1666 West Poplar Street   979 
Landa Series 168 Brookview Drive   1,074 
Landa Series 1689 Viceroy Way   1,257 
Landa Series 181 Watercress Court   1,225 
Landa Series 188 Timberline Road   585 
Landa Series 189 Shenandoah Drive   1,120 
Landa Series 195 Hunters Trace   1,490 
Landa Series 196 Montego Circle   1,181 
Landa Series 20 Chimney Smoke Drive   862 
Landa Series 212 Fleeta Drive   991 
Landa Series 217 Glenloch Court   1,415 
Landa Series 2264 Chestnut Hill Circle   1,815 
Landa Series 2425 Cornell Circle   1,030 
Landa Series 25 Pleasant Valley Road   1,274 
Landa Series 253 Marco Drive   986 
Landa Series 258 Rocky Point Road   1,452 

 

F-210

 

 

Landa Series 268 Brookview Drive   1,062 
Landa Series 270 Mountain Lane   1,491 
Landa Series 270 Pleasant Hills Drive   1,542 
Landa Series 2813 Vicksburg Court   1,581 
Landa Series 2933 Coffer Drive   1,263 
Landa Series 30 High Ridge Road   1,552 
Landa Series 30 Roosevelt Road   1,280 
Landa Series 3011 Raintree Drive SE   1,741 
Landa Series 3043 Highway 81 S   952 
Landa Series 313 Blue Heron Drive   1,521 
Landa Series 3202 Chippewa Drive   1,360 
Landa Series 35 Clay Court   1,708 
Landa Series 350 Cadiz Lane S   1,237 
Landa Series 351 Wesley Park Drive   1,145 
Landa Series 3667 Patti Parkway   1,211 
Landa Series 412 Kendall Lane   940 
Landa Series 43 Darwin Drive   1,096 
Landa Series 45 Blue Jay Drive   1,668 
Landa Series 45 Laurel Way   1,062 
Landa Series 4702 Saint James Way   1,181 
Landa Series 4732 Pinedale Drive   1,127 
Landa Series 5040 Huntshire Lane   2,535 
Landa Series 513 Jarrett Court   1,534 
Landa Series 5143 Pinecrest Drive SW   1,163 
Landa Series 540 Cowan Road   1,364 
Landa Series 5411 Rocky Pine Drive   991 
Landa Series 550 Cowan Road   942 
Landa Series 5581 Fox Glen Circle   1,539 
Landa Series 565 Mountainview Drive   1,582 
Landa Series 5801 Strathmoor Manor Circle   1,246 
Landa Series 6107 Shadow Glen Court   1,114 
Landa Series 6111-6113 Pine Glen Circle SW   2,252 
Landa Series 615 Barshay Drive   1,317 
Landa Series 6168 Wheat Street NE   728 
Landa Series 6178 Green Acres Drive SW   1,111 
Landa Series 6404 Walnut Way   833 
Landa Series 643 Sycamore Drive   1,198 
Landa Series 65 Freedom Court   1,324 
Landa Series 6635 Kimberly Mill Road   1,529 
Landa Series 6653 Bedford Road   1,670 
Landa Series 6762 Bent Creek Drive   1,475 
Landa Series 709 Georgetown Court   1,383 
Landa Series 7107 Geiger Street NW   767 
Landa Series 750 Georgetown Court   954 
Landa Series 752 Chestnut Drive   788 
Landa Series 773 Villa Way   737 
Landa Series 7781 Mountain Creek Way   1,372 
Landa Series 7950 Woodlake Drive   1,090 
Landa Series 80 High Ridge Road   1,379 
Landa Series 808 Hillandale Lane   1,281 
Landa Series 8110 Devonshire Drive   874 
Landa Series 8121 Spillers Drive SW   1,055 
Landa Series 8233 Creekline Court   1,383 
Landa Series 843 Tramore Drive   1,387 
Landa Series 85 Kirkland Court   1,684 
Landa Series 85 Thorn Thicket Way   1,336 
Landa Series 8855 Rugby Court   923 
Landa Series 9434 Cedar Creek Place   1,545 
Landa Series 9597 Pintail Trail   1,591 
Total depreciation expense  $201,981 

 

F-211

 

 

6. MEMBER’S EQUITY

 

The Company is organized as a series limited liability company. As such, the liability of the members of the Company for the financial obligations of the Company is limited to each member’s contribution of capital.

 

7. RELATED PARTY TRANSACTIONS

 

Landa Holdings Inc., Manager

 

Acquisition Notes

 

Each Series financed 100% of the costs associated with the acquisition of its Property, including an acquisition fee and expenses associated with sourcing its Property, with an Acquisition Note issued by such Series to the Manager, the terms of which are listed in the table below. Each of these Acquisition Notes represents a related-party loan between each respective Series and the Manager. The Acquisition Notes are non-interest-bearing and are an unsecured obligation of the applicable Series. The interest expense related to the Acquisition Notes during the six months ended June 30, 2023 was $83,689.

 

The following table sets forth the net amounts of the Acquisition Notes as of June 30, 2023:

 

Series  Principal
Amount (1)		   Annual
Interest Rate		   Loan Date (2)  Current Outstanding
Amount (3)		 
Landa Series 115 Sardis Street (4)  $117,304   (5)  7/10/2020  $-
Landa Series 1394 Oakview Circle  $80,088    0.00%  7/10/2020  $- 
Landa Series 1701 Summerwoods Lane  $172,405    4.50%  4/4/2023  $67,646 
Landa Series 1741 Park Lane  $195,085    4.50%  4/4/2023  $121,732 
Landa Series 209 Timber Wolf Trail (4)  $119,827    0.00%  7/10/2020  $- 
Landa Series 2505 Oak Circle (4)  $98,827    0.00%  7/10/2020  $- 
Landa Series 271 Timber Wolf Trail (4)  $123,412    0.00%  7/10/2020  $- 
Landa Series 29 Holly Grove Road (4)  $100,445    0.00%  7/10/2020  $- 
Landa Series 1703 Summerwoods Lane  $113,697    4.50%  7/12/2021  $- 
Landa Series 1712 Summerwoods Lane  $113,697    4.50%  7/12/2021  $- 
Landa Series 1743 Summerwoods Lane  $113,697    4.50%  7/12/2021  $- 
Landa Series 1750 Summerwoods Lane  $113,697    4.50%  7/12/2021  $- 
Landa Series 4267 High Park Lane  $151,875    4.50%  7/12/2021  $- 
Landa Series 4474 Highwood Park Drive  $136,648    4.50%  7/12/2021  $- 
Landa Series 8569 Creekwood Way  $83,351    4.50%  7/12/2021  $- 
Landa Series 9439 Lakeview Road  $181,134    4.50%  7/12/2021  $- 
Landa Series 10167 Port Royal Court  $110,600    4.50%  7/12/2021  $- 
Landa Series 1246 Elgin Way  $133,535    4.50%  7/12/2021  $- 
Landa Series 1910 Grove Way  $104,562    4.50%  7/12/2021  $- 
Landa Series 593 Country Lane Drive  $95,842    4.50%  7/12/2021  $- 
Landa Series 6436 Stone Terrace  $60,479    4.50%  7/12/2021  $- 
Landa Series 6440 Woodstone Terrace  $64,744    4.50%  7/12/2021  $- 
Landa Series 6848 Sandy Creek Drive  $86,367    4.50%  7/12/2021  $- 
Landa Series 687 Utoy Court  $115,422    4.50%  7/12/2021  $- 
Landa Series 729 Winter Lane  $113,721    4.50%  7/12/2021  $- 
Landa Series 7349 Exeter Court  $110,638    4.50%  7/12/2021  $- 
Landa Series 8645 Embrey Drive  $118,895    4.50%  7/12/2021  $- 
Landa Series 8780 Churchill Place  $132,557    4.50%  7/12/2021  $- 
Landa Series 8796 Parliament Place  $109,839    4.50%  7/12/2021  $- 
Landa Series 8641 Ashley Way  $146,307    4.50%  10/1/2021  $- 

 

F-212

 

 

Landa Series 8651 Ashley Way  $122,325    4.50%  10/1/2021  $- 
Landa Series 8652 Ashley Way  $136,029    4.50%  10/1/2021  $- 
Landa Series 8653 Ashley Way  $121,183    4.50%  10/1/2021  $- 
Landa Series 8654 Ashley Way  $136,029    4.50%  10/1/2021  $- 
Landa Series 8655 Ashley Way  $132,552    4.50%  10/1/2021  $- 
Landa Series 8659 Ashley Way  $145,165    4.50%  10/1/2021  $- 
Landa Series 8662 Ashley Way  $140,597    4.50%  10/1/2021  $- 
Landa Series 8668 Ashley Way  $157,614    4.50%  10/1/2021  $- 
Landa Series 8670 Ashley Way  $158,870    4.50%  10/1/2021  $- 
Landa Series 8674 Ashley Way  $134,887    4.50%  10/1/2021  $- 
Landa Series 8675 Ashley Way  $132,603    4.50%  10/1/2021  $- 
Landa Series 8677 Ashley Way  $124,609    4.50%  10/1/2021  $- 
Landa Series 8678 Ashley Way  $168,006    4.50%  10/1/2021  $- 
Landa Series 8679 Ashley Way  $134,887    4.50%  10/1/2021  $- 
Landa Series 8683 Ashley Way  $128,971    4.50%  10/1/2021  $- 
Landa Series 1007 Leeward Way  $300,157    4.50%  6/29/2023  $158,157 
Landa Series 10121 Morris Drive SW  $278,235    4.50%  4/28/2023  $114,871 
Landa Series 10183 Starr Street SW  $268,383    4.50%  4/28/2023  $94,899 
Landa Series 103 Starlake Drive  $267,883    4.50%  4/28/2023  $122,261 
Landa Series 10433 Candlelight Road  $305,757    4.50%  4/28/2023  $134,673 
Landa Series 107 Oakwood Circle  $198,781    4.50%  6/8/2023  $69,660 
Landa Series 110 Shenandoah Drive  $310,797    4.50%  4/28/2023  $118,498 
Landa Series 111 Fir Drive  $240,106    4.50%  4/28/2023  $90,236 
Landa Series 112 Ridge Street  $309,709    4.50%  4/28/2023  $130,034 
Landa Series 11322 Michelle Way  $250,982    4.50%  4/28/2023  $112,559 
Landa Series 1147 Village Way  $301,010    4.50%  4/28/2023  $151,373 
Landa Series 1160 Gable Terrace  $301,175    4.50%  4/28/2023  $95,801 
Landa Series 1201 Kilrush Drive  $535,920    4.50%  4/28/2023  $212,610 
Landa Series 124 Libby Lane  $240,485    4.50%  4/28/2023  $77,986 
Landa Series 1320 Winona Avenue  $220,795    4.50%  4/28/2023  $113,008 
Landa Series 137 Southern Shores Road  $240,268    4.50%  4/28/2023  $80,123 
Landa Series 138 Sandalwood Circle  $253,616    4.50%  4/28/2023  $84,625 
Landa Series 140 High Ridge Road  $285,784    4.50%  4/28/2023  $110,800 
Landa Series 146 Crystal Brook  $212,200    4.50%  4/28/2023  $65,647 
Landa Series 153 Cliffside Court  $185,856    4.50%  4/28/2023  $64,846 
Landa Series 1666 West Poplar Street  $231,406    4.50%  4/28/2023  $73,262 
Landa Series 168 Brookview Drive  $132,243    4.50%  4/4/2023  $81,759 
Landa Series 1689 Viceroy Way  $280,628    4.50%  4/28/2023  $91,129 
Landa Series 181 Watercress Court  $274,908    4.50%  4/28/2023  $128,065 
Landa Series 188 Timberline Road  $161,802    4.50%  4/28/2023  $58,641 
Landa Series 189 Shenandoah Drive  $256,420    4.50%  4/28/2023  $111,731 
Landa Series 195 Hunters Trace  $316,955    4.50%  4/28/2023  $136,604 
Landa Series 196 Montego Circle  $267,295    4.50%  4/28/2023  $107,324 
Landa Series 20 Chimney Smoke Drive  $286,873    4.50%  5/19/2023  $83,092 

 

F-213

 

 

Landa Series 212 Fleeta Drive  $233,632    4.50%  4/28/2023  $61,313 
Landa Series 217 Glenloch Court  $308,621    4.50%  4/28/2023  $74,373 
Landa Series 2264 Chestnut Hill Circle  $379,313    4.50%  4/28/2023  $151,869 
Landa Series 2425 Cornell Circle  $331,464    4.50%  5/19/2023  $97,415 
Landa Series 25 Pleasant Valley Road  $283,609    4.50%  4/28/2023  $122,282 
Landa Series 253 Marco Drive  $232,761    4.50%  4/28/2023  $82,934 
Landa Series 258 Rocky Point Road  $315,147    4.50%  4/28/2023  $128,986 
Landa Series 268 Brookview Drive  $188,408    4.50%  4/4/2023  $179,551 
Landa Series 270 Mountain Lane  $291,683    4.50%  4/28/2023  $97,528 
Landa Series 270 Pleasant Hills Drive  $273,208    4.50%  4/28/2023  $100,461 
Landa Series 2813 Vicksburg Court  $337,986    4.50%  4/28/2023  $125,869 
Landa Series 2933 Coffer Drive  $281,715    4.50%  4/28/2023  $107,005 
Landa Series 30 High Ridge Road  $332,846    4.50%  4/28/2023  $168,815 
Landa Series 30 Roosevelt Road  $284,696    4.50%  4/28/2023  $98,660 
Landa Series 3011 Raintree Drive SE  $310,013    4.50%  4/28/2023  $124,319 
Landa Series 3043 Highway 81 S  $216,225    4.50%  4/28/2023  $54,936 
Landa Series 313 Blue Heron Drive  $271,457    4.50%  4/28/2023  $89,345 
Landa Series 3202 Chippewa Drive  $298,834    4.50%  4/28/2023  $145,317 
Landa Series 35 Clay Court  $303,197    4.50%  4/28/2023  $128,222 
Landa Series 350 Cadiz Lane S  $277,083    4.50%  4/28/2023  $111,288 
Landa Series 351 Wesley Park Drive  $260,770    4.50%  4/28/2023  $104,357 
Landa Series 3667 Patti Parkway  $379,317    4.50%  5/19/2023  $133,942 
Landa Series 412 Kendall Lane  $296,763    4.50%  5/19/2023  $132,954 
Landa Series 43 Darwin Drive  $252,069    4.50%  4/28/2023  $86,352 
Landa Series 45 Blue Jay Drive  $353,211    4.50%  4/28/2023  $129,958 
Landa Series 45 Laurel Way  $340,100    4.50%  5/19/2023  $176,972 
Landa Series 4702 Saint James Way  $267,453    4.50%  4/28/2023  $120,626 
Landa Series 4732 Pinedale Drive  $234,719    4.50%  4/28/2023  $110,746 
Landa Series 5040 Huntshire Lane  $444,985    4.50%  4/28/2023  $124,062 
Landa Series 513 Jarrett Court  $289,113    4.50%  4/28/2023  $85,071 
Landa Series 5143 Pinecrest Drive SW  $227,104    4.50%  4/28/2023  $95,459 
Landa Series 540 Cowan Road  $299,557    4.50%  4/28/2023  $108,876 
Landa Series 5411 Rocky Pine Drive  $309,885    4.50%  5/19/2023  $126,032 
Landa Series 550 Cowan Road  $250,783    4.50%  5/19/2023  $51,141 
Landa Series 5581 Fox Glen Circle  $434,715    4.50%  5/19/2023  $149,620 
Landa Series 565 Mountainview Drive  $283,236    4.50%  4/28/2023  $93,694 
Landa Series 5801 Strathmoor Manor Circle  $262,945    4.50%  4/28/2023  $117,933 
Landa Series 6107 Shadow Glen Court  $212,961    4.50%  4/28/2023  $78,601 
Landa Series 6111-6111-6113 Pine Glen Circle SW  $456,530    4.50%  4/28/2023  $269,783 
Landa Series 615 Barshay Drive  $291,964    4.50%  4/28/2023  $114,904 
Landa Series 6168 Wheat Street NE  $187,898    4.50%  4/28/2023  $77,291 

 

F-214

 

 

Landa Series 6178 Green Acres Drive SW  $223,434    4.50%  4/28/2023  $90,872 
Landa Series 6404 Walnut Way  $279,261    4.50%  5/19/2023  $76,792 
Landa Series 643 Sycamore Drive  $270,184    4.50%  4/28/2023  $88,786 
Landa Series 65 Freedom Court  $293,884    4.50%  4/28/2023  $133,749 
Landa Series 6635 Kimberly Mill Road  $328,712    4.50%  4/28/2023  $150,905 
Landa Series 6653 Bedford Road  $278,623    4.50%  4/28/2023  $118,443 
Landa Series 6762 Bent Creek Drive  $279,258    4.50%  4/28/2023  $84,418 
Landa Series 709 Georgetown Court  $276,058    4.50%  4/28/2023  $77,203 
Landa Series 7107 Geiger Street NW  $160,714    4.50%  4/28/2023  $- 
Landa Series 750 Georgetown Court  $227,055    4.50%  4/28/2023  $72,915 
Landa Series 752 Chestnut Drive  $197,731    4.50%  4/28/2023  $90,791 
Landa Series 773 Villa Way  $119,844    4.50%  4/4/2023  $71,894 
Landa Series 7781 Mountain Creek Way  $301,080    4.50%  4/28/2023  $97,429 
Landa Series 7950 Woodlake Drive  $250,982    4.50%  4/28/2023  $108,360 
Landa Series 80 High Ridge Road  $302,097    4.50%  4/28/2023  $114,660 
Landa Series 808 Hillandale Lane  $285,336    4.50%  4/28/2023  $112,282 
Landa Series 8110 Devonshire Drive  $212,961    4.50%  4/28/2023  $56,959 
Landa Series 8121 Spillers Drive SW  $244,946    4.50%  4/28/2023  $116,228 
Landa Series 8233 Creekline Court  $293,652    4.50%  4/28/2023  $139,677 
Landa Series 843 Tramore Drive  $195,489    4.50%  4/4/2023  $120,647 
Landa Series 85 Kirkland Court  $331,460    4.50%  4/28/2023  $121,534 
Landa Series 85 Thorn Thicket Way  $294,552    4.50%  4/28/2023  $121,093 
Landa Series 8855 Rugby Court  $221,665    4.50%  4/28/2023  $97,315 
Landa Series 9434 Cedar Creek Place  $331,780    4.50%  4/28/2023  $133,044 
Landa Series 9597 Pintail Trail  $301,292    4.50%  4/28/2023  $129,380 

 

(1) The principal amount is due and payable by the Series within 30 days after demand by the Manager, as lender, at any time prior to the liquidation, dissolution or winding up of the Series.
(2) Each Acquisition Note was entered into on the date set forth in the table above. Interest began to accrue on the Acquisition Notes when title to the Property was transferred to the Series.
(3) The Current Outstanding Amount as of June 30, 2023.
(4) Before any securities were issued, the Company withdrew this Series.
(5) Of the $117,304 Principal Amount shown, $52,515 bears no interest and $64,789 of bears interest at 4.50% per annum.

 

F-215

 

 

Refinance Notes

 

Each Series previously issued a Refinance Note to certain third party lenders or Landa Financing LLC, an affiliate of the Company and the Manager, the terms of which are listed in the table below. Each Refinance Note is secured by the Property underlying the respective Series. Each Series paid down, or otherwise discharged, a portion of the outstanding balance of its Acquisition Note with the Refinance Note. Each Refinance Note is secured by the Property underlying the respective Series. The total interest expense related to the Refinance Notes for the six months ended June 30, 2023 was $393,981.

 

The following table sets forth the net amounts as of June 30, 2023:

 

Series   Principal
Amount		     Annual
Interest
Rate		     Loan
Date		   Maturity
Date		     Current
Outstanding
Amount		  
Landa Series 1394 Oakview Circle(4)   $ 44,015       4.80 %   01/18/22     (1)     $ 44,015  
Landa Series 1701 Summerwoods Lane(4)   $ 52,703       4.80 %   01/18/22     (1)     $ 52,703  
Landa Series 1741 Park Lane(4)   $ 66,476       4.80 %   01/18/22     (1)     $ 66,476  
Landa Series 209 Timber Wolf Trail(4)   $ 61,750       4.80 %   01/18/22     (1)     $ -  
Landa Series 2505 Oak Circle(4)   $ 76,700       4.80 %   01/18/22     (1)     $ -  
Landa Series 271 Timber Wolf Trail(4)   $ 62,400       4.80 %   01/18/22     (1)     $ -  
Landa Series 29 Holly Grove Road(4)   $ 84,500       4.80 %   01/18/22     (1)     $ 84,500  
Landa Series 1703 Summerwoods Lane(4)   $ 77,925       4.80 %   01/12/22     (1)     $ 77,925  
Landa Series 1712 Summerwoods Lane(4)   $ 67,535       4.80 %   01/12/22     (1)     $ 67,535  
Landa Series 1743 Summerwoods Lane(4)   $ 77,925       4.80 %   01/12/22     (1)     $ 77,925  
Landa Series 1750 Summerwoods Lane(4)   $ 77,925       4.80 %   01/12/22     (1)     $ 77,925  
Landa Series 4267 High Park Lane(4)   $ 104,250       4.80 %   01/12/22     (1)     $ 104,250  
Landa Series 4474 Highwood Park Drive(4)   $ 93,750       4.80 %   01/12/22     (1)     $ 93,750  
Landa Series 8569 Creekwood Way(4)   $ 49,400       4.80 %   01/12/22     (1)     $ 49,400  
Landa Series 9439 Lakeview Road(4)   $ 124,425       4.80 %   01/12/22     (1)     $ 124,425  
Landa Series 10167 Port Royal Court(4)   $ 82,500       4.80 %   01/12/22     (1)     $ 82,500  
Landa Series 1246 Elgin Way(4)   $ 95,250       4.80 %   01/12/22     (1)     $ 95,250  
Landa Series 1910 Grove Way(4)   $ 82,500       4.80 %   01/13/22     (1)     $ 82,500  
Landa Series 593 Country Lane Drive(4)   $ 71,250       4.80 %   01/13/22     (1)     $ 71,250  
Landa Series 6436 Stone Terrace(4)   $ 45,000       4.80 %   01/13/22     (1)     $ 45,000  
Landa Series 6440 Woodstone Terrace(4)   $ 46,500       4.80 %   01/13/22     (1)     $ 46,500  
Landa Series 6848 Sandy Creek Drive(4)   $ 64,500       4.80 %   01/13/22     (1)     $ 64,500  
Landa Series 687 Utoy Court(4)   $ 82,500       4.80 %   01/13/22     (1)     $ 82,500  
Landa Series 729 Winter Lane(4)   $ 82,500       4.80 %   01/12/22     (1)     $ 82,500  
Landa Series 7349 Exeter Court(4)   $ 71,500       4.80 %   01/13/22     (1)     $ 71,500  
Landa Series 8645 Embrey Drive(4)   $ 84,750       4.80 %   01/13/22     (1)     $ 84,750  
Landa Series 8780 Churchill Place(4)   $ 94,500       4.80 %   01/13/22     (1)     $ 94,500  
Landa Series 8796 Parliament Place(4)   $ 78,750       4.80 %   01/13/22     (1)     $ 78,750  
Landa Series 8641 Ashley Way(4)   $ 96,357       4.80 %   01/13/22     (1)     $ 96,357  
Landa Series 8651 Ashley Way(4)   $ 80,424       4.80 %   01/13/22     (1)     $ 80,424  
Landa Series 8652 Ashley Way(4)   $ 76,700       4.80 %   01/14/22     (1)     $ 76,700  
Landa Series 8653 Ashley Way(4)   $ 68,250       4.80 %   01/14/22     (1)     $ 68,250  
Landa Series 8654 Ashley Way(4)   $ 89,529       4.80 %   01/14/22     (1)     $ 89,529  
Landa Series 8655 Ashley Way(4)   $ 71,500       4.80 %   01/14/22     (1)     $ 71,500  
Landa Series 8659 Ashley Way(4)   $ 81,900       4.80 %   01/14/22     (1)     $ 81,900  
Landa Series 8662 Ashley Way(4)   $ 84,500       4.80 %   01/14/22     (1)     $ 84,500  
Landa Series 8668 Ashley Way(4)   $ 99,392       4.80 %   01/14/22     (1)     $ 99,392  
Landa Series 8670 Ashley Way(4)   $ 94,250       4.80 %   01/14/22     (1)     $ 94,250  
Landa Series 8674 Ashley Way(4)   $ 87,750       4.80 %   01/14/22     (1)     $ 87,750  
Landa Series 8675 Ashley Way(4)   $ 87,253       4.80 %   01/14/22     (1)     $ 87,253  
Landa Series 8677 Ashley Way(4)   $ 81,942       4.80 %   01/14/22     (1)     $ 81,942  
Landa Series 8678 Ashley Way(4)   $ 104,000       4.80 %   01/14/22     (1)     $ 104,000  
Landa Series 8679 Ashley Way(4)   $ 88,770       4.80 %   01/13/22     (1)     $ 88,770  
Landa Series 8683 Ashley Way(4)   $ 81,183       4.80 %   01/12/22     (1)     $ 81,183  
Landa Series 1007 Leeward Way(5)   $ 142,000       11.00 %   06/29/23     07/01/24     $ 142,000  
Landa Series 10121 Morris Drive SW(6)   $ 160,225       (2)   04/28/23     05/01/24     $ 160,225  
Landa Series 10183 Starr Street SW(6)   $ 172,550       (2)     04/28/23     05/01/24     $ 172,550  
Landa Series 103 Starlake Drive(6)   $ 145,000       (2)     04/28/23     05/01/24     $ 145,000  
Landa Series 10433 Candlelight Road(6)   $ 170,375       (2)     04/28/23     05/01/24     $ 170,375  

 

F-216

 

 

Landa Series 107 Oakwood Circle(7)   $ 119,269       (3)     06/08/23     06/08/25     $ 119,269  
Landa Series 110 Shenandoah Drive(6)   $ 192,125       (2)     04/28/23     05/01/24     $ 192,125  
Landa Series 111 Fir Drive(6)   $ 145,000       (2)     04/28/23     05/01/24     $ 145,000  
Landa Series 112 Ridge Street(6)   $ 178,350       (2)     04/28/23     05/01/24     $ 178,350  
Landa Series 11322 Michelle Way(6)   $ 137,750       (2)     04/28/23     05/01/24     $ 137,750  
Landa Series 1147 Village Way(6)   $ 148,625       (2)     04/28/23     05/01/24     $ 148,625  
Landa Series 1160 Gable Terrace(6)   $ 203,000       (2)     04/28/23     05/01/24     $ 203,000  
Landa Series 1201 Kilrush Drive(6)   $ 322,625       (2)     04/28/23     05/01/24     $ 322,625  
Landa Series 124 Libby Lane(6)   $ 160,950       (2)     04/28/23     05/01/24     $ 160,950  
Landa Series 1320 Winona Avenue(6)   $ 106,038       (2)     04/28/23     05/01/24     $ 106,038  
Landa Series 137 Southern Shores Road(6)   $ 159,500       (2)     04/28/23     05/01/24     $ 159,500  
Landa Series 138 Sandalwood Circle(6)   $ 163,125       (2)     04/28/23     05/01/24     $ 163,125  
Landa Series 140 High Ridge Road(6)   $ 174,000       (2)     04/28/23     05/01/24     $ 174,000  
Landa Series 146 Crystal Brook(6)   $ 141,375       (2)     04/28/23     05/01/24     $ 141,375  
Landa Series 153 Cliffside Court(6)   $ 94,250       (2)     04/28/23     05/01/24     $ 94,250  
Landa Series 1666 West Poplar Street(6)   $ 155,875       (2)     04/28/23     05/01/24     $ 155,875  
Landa Series 1689 Viceroy Way(6)   $ 188,500       (2)     04/28/23     05/01/24     $ 188,500  
Landa Series 181 Watercress Court(6)   $ 142,100       (2)     04/28/23     05/01/24     $ 142,100  
Landa Series 188 Timberline Road(6)   $ 72,500       (2)     04/28/23     05/01/24     $ 72,500  
Landa Series 189 Shenandoah Drive(6)   $ 143,550       (2)     04/28/23     05/01/24     $ 143,550  
Landa Series 195 Hunters Trace(6)   $ 177,625       (2)     04/28/23     05/01/24     $ 177,625  
Landa Series 196 Montego Circle(6)   $ 159,500       (2)     04/28/23     05/01/24     $ 159,500  
Landa Series 20 Chimney Smoke Drive(6)   $ 200,075       (2)     05/19/23     05/19/24     $ 200,075  
Landa Series 212 Fleeta Drive(6)   $ 170,375       (2)     04/28/23     05/01/24     $ 170,375  
Landa Series 217 Glenloch Court(6)   $ 232,000       (2)     04/28/23     05/01/24     $ 232,000  
Landa Series 2264 Chestnut Hill Circle(6)   $ 226,200       (2)     04/28/23     05/01/24     $ 226,200  
Landa Series 2425 Cornell Circle(6)   $ 234,050       (2)     05/19/23     05/19/24     $ 234,050  
Landa Series 25 Pleasant Valley Road(6)   $ 159,500       (2)     04/28/23     05/01/24     $ 159,500  
Landa Series 253 Marco Drive(6)   $ 148,625       (2)     04/28/23     05/01/24     $ 148,625  
Landa Series 258 Rocky Point Road(6)   $ 184,875       (2)     04/28/23     05/01/24     $ 184,875  
Landa Series 270 Mountain Lane(6)   $ 185,600       (2)     04/28/23     05/01/24     $ 185,600  
Landa Series 270 Pleasant Hills Drive(6)   $ 170,375       (2)     04/28/23     05/01/24     $ 170,375  
Landa Series 2813 Vicksburg Court(6)   $ 210,250       (2)     04/28/23     05/01/24     $ 210,250  
Landa Series 2933 Coffer Drive(6)   $ 174,000       (2)     04/28/23     05/01/24     $ 174,000  
Landa Series 30 High Ridge Road(6)   $ 163,125       (2)     04/28/23     05/01/24     $ 163,125  
Landa Series 30 Roosevelt Road(6)   $ 184,875       (2)     04/28/23     05/01/24     $ 184,875  
Landa Series 3011 Raintree Drive SE(6)   $ 184,875       (2)     04/28/23     05/01/24     $ 184,875  
Landa Series 3043 Highway 81 S(6)   $ 155,875       (2)     04/28/23     05/01/24     $ 155,875  
Landa Series 313 Blue Heron Drive(6)   $ 174,000       (2)     04/28/23     05/01/24     $ 174,000  
Landa Series 3202 Chippewa (6)Drive   $ 152,250       (2)     04/28/23     05/01/24     $ 152,250  
Landa Series 35 Clay Court(6)   $ 174,000       (2)     04/28/23     05/01/24     $ 174,000  
Landa Series 350 Cadiz Lane S(6)   $ 163,125       (2)     04/28/23     05/01/24     $ 163,125  
Landa Series 351 Wesley Park Drive(6)   $ 152,250       (2)     04/28/23     05/01/24     $ 152,250  
Landa Series 3667 Patti Parkway(6)   $ 245,375       (2)     05/19/23     05/19/24     $ 245,375  
Landa Series 412 Kendall Lane(6)   $ 162,325       (2)     05/19/23     05/19/24     $ 162,325  
Landa Series 43 Darwin Drive(6)   $ 163,125       (2)     04/28/23     05/01/24     $ 163,125  
Landa Series 45 Blue Jay Drive(6)   $ 222,575       (2)     04/28/23     05/01/24     $ 222,575  
Landa Series 45 Laurel Way(6)   $ 162,325       (2)     05/19/23     05/19/24     $ 162,325  
Landa Series 4702 Saint James Way(6)   $ 145,725       (2)     04/28/23     05/01/24     $ 145,725  
Landa Series 4732 Pinedale Drive(6)   $ 123,250       (2)     04/28/23     05/01/24     $ 123,250  
Landa Series 5040 Huntshire Lane(6)   $ 308,125       (2)     04/28/23     05/01/24     $ 308,125  
Landa Series 513 Jarrett Court(6)   $ 181,250       (2)     04/28/23     05/01/24     $ 181,250  
Landa Series 5143 Pinecrest Drive SW(6)   $ 130,500       (2)     04/28/23     05/01/24     $ 130,500  

 

F-217

 

 

Landa Series 540 Cowan Road(6)   $ 188,500       (2)     04/28/23     05/01/24     $ 188,500  
Landa Series 5411 Rocky Pine Drive(6)   $ 181,200       (2)     05/19/23     05/19/24     $ 181,200  
Landa Series 550 Cowan Road(6)   $ 196,300       (2)     05/19/23     05/01924     $ 196,300  
Landa Series 5581 Fox Glen Circle(6)   $ 284,635       (2)     05/19/23     05/19/24     $ 284,635  
Landa Series 565 Mountainview Drive(6)   $ 188,500       (2)     04/28/23     05/01/24     $ 188,500  
Landa Series 5801 Strathmoor Manor Circle(6)   $ 143,550       (2)     04/28/23     05/01/24     $ 143,550  
Landa Series 6107 Shadow Glen Court(6)   $ 131,225       (2)     04/28/23     05/01/24     $ 131,225  
Landa Series 6111-6113 Pine Glen Circle SW(6)   $ 181,250       (2)     04/28/23     05/01/24     $ 181,250  
Landa Series 615 Barshay Drive(6)   $ 174,000       (2)     04/28/23     05/01/24     $ 174,000  
Landa Series 6168 Wheat Street NE(6)   $ 108,750       (2)     04/28/23     05/01/24     $ 108,750  
Landa Series 6178 Green Acres Drive SW(6)   $ 130,500       (2)     04/28/23     05/01/24     $ 130,500  
Landa Series 6404 Walnut Way(6)   $ 188,750       (2)     05/19/23     05/19/24     $ 188,750  
Landa Series 643 Sycamore Drive(6)   $ 178,350       (2)     04/28/23     05/01/24     $ 178,350  
Landa Series 65 Freedom Court(6)   $ 159,500       (2)     04/28/23     05/01/24     $ 159,500  
Landa Series 6635 Kimberly Mill Road(6)   $ 176,900       (2)     04/28/23     05/01/24     $ 176,900  
Landa Series 6653 Bedford Road(6)   $ 159,500       (2)     04/28/23     05/01/24     $ 159,500  
Landa Series 6762 Bent Creek Drive(6)   $ 192,125       (2)     04/28/23     05/01/24     $ 192,125  
Landa Series 709 Georgetown Court(6)   $ 170,375       (2)     04/28/23     05/01/24     $ 170,375  
Landa Series 7107 Geiger Street NW(6)   $ 126,875       (2)     04/28/23     05/01/24     $ 126,875  
Landa Series 750 Georgetown Court(6)   $ 152,250       (2)     04/28/23     05/01/24     $ 152,250  
Landa Series 752 Chestnut Drive(6)   $ 105,125       (2)     04/28/23     05/01/24     $ 105,125  
Landa Series 7781 Mountain Creek Way(6)   $ 202,928       (2)     04/28/23     05/01/24     $ 202,928  
Landa Series 7950 Woodlake Drive(6)   $ 142,100       (2)     04/28/23     05/01/24     $ 142,100  
Landa Series 80 High Ridge Road(6)   $ 184,875       (2)     04/28/23     05/01/24     $ 184,875  
Landa Series 808 Hillandale Lane(6)   $ 171,000       (2)     04/28/23     05/01/24     $ 171,000  
Landa Series 8110 Devonshire Drive(6)   $ 134,125       (2)     04/28/23     05/01/24     $ 134,125  
Landa Series 8121 Spillers Drive SW(6)   $ 126,875       (2)     04/28/23     05/01/24     $ 126,875  
Landa Series 8233 Creekline Court(6)   $ 152,119       (2)     04/28/23     05/01/24     $ 152,119  
Landa Series 85 Kirkland Court(6)   $ 206,625       (2)     04/28/23     05/01/24     $ 206,625  
Landa Series 85 Thorn Thicket Way(6)   $ 172,550       (2)     04/28/23     05/01/24     $ 172,550  
Landa Series 8855 Rugby Court(6)   $ 123,250       (2)     04/28/23     05/01/24     $ 123,250  
Landa Series 9434 Cedar Creek Place(6)   $ 195,750       (2)     04/28/23     05/01/24     $ 195,750  
Landa Series 9597 Pintail Trail(6)   $ 163,125       (2)     04/28/23     05/01/24     $ 163,125  

 

(1) The Maturity Date is the earlier of (i) January 1, 2027 and (ii) the date on which the unpaid principal balance on the Refinance Note becomes due and payable by acceleration or otherwise or the exercise of any of lender’s rights or remedies.
(2) The interest rate is an annual rate equal to the greater of (a) the sum of (i) SOFR and (ii) seven percent (7%); and (b) twelve and a half percent (12.5%).
(3) The Refinance Note bears interest at a rate that is equal to Overnight SOFR+2%.

(4) Refinance Note issued to LendingOne, LLC
(5) Refinance Note issued to FTF Lending, LLC
(6) Refinance Note issued to L Finance LLC
(7) Refinance Note issued to Landa Financing LLC, which is affiliated with the Company and the Manager.

 

F-218

 

 

8. SUBSEQUENT EVENTS

 

From the period July 1, 2023 to September 28, 2023, the following Series have acquired title to their respective Properties from Landa Properties LLC and have thus commenced operations:

 

Series  Address  Acquisition Date  Acquisition Note   Refinance Note   Total Gross Investment 
Landa App LLC - 157 Wells Road Jenkinsburg GA LLC  157 Wells Road, Jenkinsburg, Georgia 30234  07/20/23  $89,648   $131,972   $159,829 
Landa App LLC - 1445 Maple Valley Court Union City GA LLC  1445 Maple Valley Court, Union City, Georgia, 30291  07/25/23  $200,632   $-   $139,230 
Landa App LLC - 8658 Ashley Way Douglasville GA LLC  8658 Ashley Way, Douglasville, Georgia 30134  08/18/23  $76,363   $114,545   $128,952 
Landa App LLC - 1683 Spoonbill Road Hampton GA LLC  1683 Spoonbill Road, Hampton, GA 30238  09/01/23  $90,459   $154,000   $182,245 
Landa App LLC - 2443 Hodges Farm Road Mansfield GA LLC  2443 Hodges Farm Road, Mansfield, GA 30055  09/01/23  $91,546   $154,000   $183,313 
Landa App LLC - 6710 Sunset Hills Boulevard Rex GA LLC  6710 Sunset Hills Boulevard, Rex, GA 30273  09/01/23  $89,846   $147,000   $174,773 
Landa App LLC - 773 Villa Way Jonesboro GA LLC  773 Villa Way, Jonesboro, GA 30238  09/01/23  $47,938   $71,906   $88,384 
Landa App LLC - 70 Shenandoah Lane Covington GA LLC  70 Shenandoah Lane, Covington, GA 30016  09/14/23  $148,251   $187,500   $271,847 
Landa App LLC - 195 Branchwood Drive Covington GA LLC  195 Branchwood Drive, Covington, GA 30016  09/14/23  $136,179   $180,000   $252,638 
Landa App LLC - 6386 Forester Way Lithonia GA LLC  6386 Forester Way, Lithonia, GA 30038  09/14/23  $106,833   $190,000   $233,650 
Landa App LLC - 440 Freestone Drive Newman GA LLC  440 Freestone Drive, Newman, GA 30265  09/14/23  $143,846   $187,650   $260,574 
Landa App LLC - 5329 Shirewick Lane Lithonia GA LLC  5329 Shirewick Lane, Lithonia, GA 30058  09/14/23  $133,990   $204,000   $274,044 
Landa App LLC - 1903 Old Concord Drive SE Covington GA LLC  1903 Old Concord Drive SE, Covington, GA 30016  09/14/23  $139,818   $168,750   $245,168 
Landa App LLC - 1000 Fox Valley Trail Stone Mountain GA LLC  1000 Fox Valley Trail, Stone Mountain, GA 30088  09/14/23  $91,984   $206,000   $247,854 
Landa App LLC - 1443 Pebble Ridge Lane Hampton GA LLC  1443 Pebble Ridge Lane, Hampton, GA 30228  09/14/23  $140,660   $178,950   $256,005 
Landa App LLC - 141 Longstreet Circle Oxford GA LLC  141 Longstreet Circle, Oxford, GA 30054  09/14/23  $119,002   $212,400   $267,578 

 

F-219

 

 

Item 4. Exhibit Index

 

Exhibit No.   Exhibit Description
     
2.1   Certificate of Formation of Landa Properties A LLC* (incorporated by reference to the copy thereof filed as Exhibit 2.1 to the Company’s Form 1-A dated December 1, 2020)
     
2.2   Certificate of Amendment to the Certificate of Formation of Landa Properties A LLC* (incorporated by reference to the copy thereof filed as Exhibit 2.2 to the Company’s Form 1-A dated December 1, 2020)
     
2.3   Certificate of Amendment to the Certificate of Formation of Landa Properties A LLC* (incorporated by reference to the copy thereof filed as Exhibit 2.3 to the Company’s Form 1-A dated December 1, 2020)
     
2.4   Amended and Restated Limited Liability Company Operating Agreement of Landa App LLC* (incorporated by reference to the copy thereof submitted as Exhibit 2.4 to the Company’s Form 1-A filed on August 2, 2022)
     
3.1   Form of Series Designation* (incorporated by reference to the copy thereof filed as Exhibit 3.1 to the Company’s Form 1-A dated August 2, 2022)
     
4.1   Form of Subscription Agreement* (incorporated by reference to the copy thereof submitted as Exhibit 4.1 to the Company’s Post-Effective Amendment to Form 1-A filed on October 7, 2021)
     
6.1   Form of Management Agreement* (incorporated by reference to the copy thereof submitted as Exhibit 6.30 to the Company’s Post-Effective Amendment to Form 1-A filed on July 14, 2021)
     
6.2   Broker Dealer Services Agreement, dated August 1, 2022, by and between Dalmore Group, LLC and Landa App LLC* (incorporated by reference to the copy thereof filed as Exhibit 6.2 to the Company’s Form 1-A filed on August 2, 2022)
     
6.3   Landa App License Agreement, dated October 2, 2020, by and between Landa Holdings, Inc., Landa App LLC, and each of the Series listed thereto* (incorporated by reference to the copy thereof submitted as Exhibit 6.25 to the Company’s Form 1-A filed on December 1, 2020)
     
6.4   Form of Promissory Note* (incorporated by reference to the copy thereof filed as Exhibit 6.4 to the Company’s Form 1-A dated August 2, 2022)
     
6.5   PPEX ATS Company Agreement, by and among North Capital Private Securities Corporation, Landa App LLC and each of the Series set forth therein* (incorporated by reference to the copy thereof submitted as Exhibit 6.1 to the Company’s Form 1-U filed on June 29, 2021)
     
6.6   Form of GA Lease Agreement* (incorporated by reference to the copy thereof submitted as Exhibit 6.1 to the Company’s Form 1-U filed on June 6, 2022) (see the Master Series Table of the Company’s most recent Offering Circular filed March 28, 2023 and “Item 1. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Recent Developments”  in this Form 1-SA for material terms of each Lease Agreement)
     
6.7   Commercial Promissory Note by and between FTF Lending, LLC and Landa App LLC – 1007 Leeward Way Jonesboro GA LLC* (incorporated by reference to the copy thereof filed as Exhibit 6.1 to the Company’s Form 1-U dated July 6, 2023)
   
6.8   Commercial Promissory Note by and between Landa Financing LLC and Landa App LLC – 107 Oakwood Circle Griffin GA LLC* (incorporated by reference to the copy thereof filed as Exhibit 6.2 to the Company’s Form 1-U dated June 12, 2023)
     
6.9   Form of Commercial Promissory Note by and between L Finance LLC and each applicable Series* (incorporated by reference to the copy thereof filed as Exhibit 6.1 to the Company’s Form 1-U dated June 12, 2023)
     
6.10   Form of Commercial Promissory Note by and between L Finance LLC and each applicable Series* (incorporated by reference to the copy thereof filed as Exhibit 6.1 to the Company’s Form 1-U dated May 3, 2023)
     
6.11   Form of Commercial Promissory Note  by and between LendingOne, LLC and each Series* (incorporated by reference to the copy thereof filed as Exhibit 6.1 to the Company’s Form 1-U filed on January 27, 2022)

 

* Previously filed

 

40

 

 

SIGNATURES

 

Pursuant to the requirements of Regulation A, the issuer has duly caused this Semiannual Report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  Landa App LLC
   
  By: Landa Holdings, Inc.,
its Manager
   
  By: /s/ Yishai Cohen
  Name:  Yishai Cohen
  Title: Chief Executive Officer

 

Date: September 28, 2023

 

Pursuant to the requirements of Regulation A, this Semiannual Report has been signed below by the following persons on behalf of the issuer and in the capacities and on the dates indicated.

 

Signature   Title   Date
         
/s/ Yishai Cohen   Chairman, Chief Executive Officer and   September 28, 2023
Yishai Cohen   President of Landa Holdings, Inc.
(Principal Executive Officer)		    
         
/s/ Yishai Cohen   Head of Finance of Landa Holdings, Inc.   September 28, 2023
Yishai Cohen   (Principal Financial Officer and Principal Accounting Officer)    

 

 

41