FDD Talk Daily: Average Occupancy and Labor Expenses for Adolescent and Mature Camp Bow Wow Businesses
Highlights of Camp Bow Wow’s Item 19 Financial Performance Representations (2012 FDD) – Part 2
Part 2 – Select Expenses for Reporting Camps
- Annual Occupancy Expense means the following costs associated with occupying the camp site during the Measurement Period: rent, utilities, common area maintenance charges, as well as other charges imposed by and passed on to the tenant by the landlord under the lease (which may include property tax, insurance, and landlord operating expenses, commonly referred to as “NNN” or “Triple Net”).
- The data for Average Annual Occupancy Expense reported below includes 99 out of the 100 Reporting Camps because one of the Adolescent Camps owns its camp site.
- The 99 Reporting Camps included in Part 2 have an average camp size of approximately 7,500 square feet and are located in a light industrial or commercial area.
- During the Measurement Period, the Average Annual Occupancy Expense per square foot for Adolescent Camps was $11.97 and for Mature Camps was $11.75.
- Annual Hourly Labor Expense means the following costs associated with labor during the Measurement Period: wages, withholding taxes, and government mandated employee benefits for non-managerial full-time and part-time workers.
- The Annual Hourly Labor Expense is meant to exclude salary and draws paid to Managers and owners, but since the franchisor has not audited the information provided by its franchisees, it is possible that some franchisees may have mistakenly reported Manager and/or owners’ salaries together with the Annual Hourly Labor Expense.
- The section below sets forth the Average Annual Occupancy Expense and Average Annual Hourly Labor Expense Percentage of (i) all Reporting Camps, and (ii) the top quartile (top 25%) of all Reporting Camps in each category based on Annual Gross Revenue.
- Expense data for all Reporting Camps is shown regardless of whether the Reporting Camp just provided camp services or also provided in-home services or dog-training services during the Measurement Period.
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