April Courtney Downs
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USA Courtney Downs LeaseCo, LLC Balance Sheet Books = Accrual Apr 2008
ASSETS Cash Operating Cash Money Market Total Cash
OTHER ASSETS Accounts Receivable Prepaid Expenses Tax Escrow Replacement Reserves Capital / Repair Escrow Total Other Assets Total ASSETS
4,815.03 0.00 $4,815.03
1,000.00 38,486.20 17,789.30 51,719.73 200,000.00 308,995.23 313,810.26
LIABILITIES & CAPITAL LIABILITIES Accounts Payable - Trade Other Accounts Payable Accrued Taxes Prepaid Rent Security Deposits Notes Payable Total Liabilities
150,086.54 850,437.05 120,753.88 3,246.51 43,822.01 33,030.07 1,201,376.06
CAPITAL Owners Equity Retained Earnings Total Capital Total LIABILITIES & CAPITAL
100.00 (887,665.80) (887,565.80) 313,810.26
USA Courtney Downs LeaseCo, LLC Cash Flow (Actual + Budget) Books = Accrual For the 12 Months Ending Dec 2008 Jan 2008 Actual
Account
Feb 2008 Actual
Mar 2008 Actual
Apr 2008 Actual
May 2008 Budget
Jun 2008 Budget
Jul 2008 Budget
Aug 2008 Budget
Sep 2008 Budget
Oct 2008 Budget
Nov 2008 Budget
Dec 2008 Budget
12 Month Total
$/ Unit 342
$/ Sq. Ft. 313,778
Dec 2006 Reforecast
12 Month Total
$/ Unit 342
$/ Sq. Ft. 313,778
Revenue Gross Potential Rent - Vacancy - Concessions & Disc. - Other Write-offs & Adj. Total Rental Income
297,252 (14,979) (10,069) (14,603) 257,600
295,197 (13,515) (8,145) (9,805) 263,731
294,829 (12,201) (267) (5,576) 276,786
294,994 (15,566) (7,022) (8,312) 264,094
271,707 0 (9,674) (4,506) 257,527
305,987 (17,809) (17,444) (6,696) 264,038
305,250 (15,591) (19,316) (6,693) 263,650
305,131 (15,591) (21,188) (6,681) 261,671
304,686 (16,802) (22,560) (6,663) 258,661
304,342 (19,995) (23,621) (6,634) 254,092
304,117 (22,418) (24,370) (6,614) 250,715
303,954 (23,078) (24,994) (6,605) 249,277
3,587,446 (187,545) (188,670) (89,389) 3,121,842
10,489.61 (548.38) (551.67) (261.37) 9,128.19
11.43 (0.60) (0.60) (0.28) 9.95
364,160 (43,000) (80,000) (6,085) 235,075
4,570,178 (276,590) (318,586) (108,955) 3,866,047
13,363.09 (808.74) (931.54) (318.58) 11,304.23
14.57 (0.88) (1.02) (0.35) 12.32
Other Income Total Revenue
27,835 285,435
34,204 297,935
26,056 302,841
32,784 296,878
26,852 284,379
27,912 291,950
25,305 288,955
27,910 289,581
23,739 282,400
22,628 276,720
24,013 274,728
20,220 269,497
319,458 3,441,300
934.09 10,062.28
1.02 10.97
19,000 254,075
383,626 4,249,673
1,121.71 12,425.94
1.22 13.54
30,826 3,660 5,531 3,627 1,403 6,708 12,525 4,914 1,416 35,029
28,089 2,832 4,884 3,404 4,261 1,216 11,016 13,395 1,421 35,004
25,841 2,336 4,109 4,423 3,116 1,576 10,864 17,315 0 35,029
26,731 3,352 2,530 7,268 2,525 3,523 12,483 1,952 599 35,029
29,567 3,460 5,901 6,163 4,490 6,678 11,829 17,308 0 35,095
31,117 3,520 6,105 6,062 3,885 4,985 11,878 17,127 0 35,095
31,434 3,544 6,327 6,819 2,920 4,985 14,818 16,930 0 35,095
31,434 3,444 6,227 6,819 2,730 4,985 11,783 16,130 0 35,095
30,692 3,336 5,340 6,289 2,513 3,960 11,496 16,228 0 35,095
29,929 3,264 4,685 5,961 12,210 3,960 11,269 16,240 0 35,095
30,554 3,204 4,731 5,102 2,672 3,960 11,189 11,437 0 35,095
30,059 3,180 4,259 4,850 1,388 3,460 10,980 11,491 0 35,095
356,272 39,132 60,628 66,787 44,113 49,996 142,130 160,466 3,436 420,851
1,041.73 114.42 177.28 195.28 128.99 146.19 415.58 469.20 10.05 1,230.56
1.14 0.12 0.19 0.21 0.14 0.16 0.45 0.51 0.01 1.34
37,759 3,030 6,885 7,500 2,295 2,395 14,969 10,900
455,687 48,661 76,681 84,434 50,598 59,957 179,684 194,764
1,332.42 142.28 224.21 246.88 147.95 175.31 525.39 569.49
1.45 0.16 0.24 0.27 0.16 0.19 0.57 0.62
Total Operating Exp. Net Operating Income
105,638 179,797
105,522 192,412
104,608 198,234
95,992 200,886
120,491 163,888
119,774 172,176
122,872 166,083
118,647 170,934
114,949 167,451
122,613 154,107
107,944 166,784
104,762 164,735
1,343,812 2,097,487
3,929.28 6,133.00
4.28 6.68
Rent Expense Partnership Expense Capital Expense
193,253 4,719 9,734
193,253 4,539 2,903
193,253 4,626 11,566
193,253 4,787 6,943
193,254 4,815 12,458
216,819 4,450 8,074
216,819 4,450 17,804
216,819 4,450 6,600
216,819 4,450 6,259
216,819 4,450 6,000
216,819 4,450 5,000
216,819 4,450 5,000
2,484,001 54,635 98,341
7,263.16 159.75 287.55
7.92 0.17 0.31
Cash Flow Frm Operations
(27,909)
(8,283)
(11,211)
(4,098)
(46,639)
(57,167)
(72,990)
(56,935)
(60,077)
(73,162)
(59,485)
(61,534)
(539,490)
(1,577.46)
(1.72)
0
0
0
0
0
0
0
0
0
0
0
0
Operating Expenses Salary Expense Operating Expense Advertising Expense Make Ready Expense Maintenance Expense Service Expense Administrative Expense Utility Expense Credit Card Fees Taxes & Insurance
Rental Guarantees Balance Sheet Adjustments Cash - Non Operating Accounts Accounts Receivable Prepaid Assets Escrow Deposits
0 (1,895) (50,394) (35,800)
0 2,740 4,840 (35,800)
0 (9,772) 4,840 (35,800)
Cash Increase (Decreae) From Assets
(88,090)
(28,220)
Accounts Payable Accrued Expenses Other Payables Mortgages Payable
(22,965) 20,453 920 48,905
2,827 31,811 2,385 (6,027)
47,313
(68,685) 13,834
0
0 8,270 4,840 341,933
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 14,250
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
0 (657) (35,873) 198,907
(40,732)
355,044
(7,125)
(7,125)
(7,125)
14,250
(7,125)
(7,125)
(7,125)
(7,125)
162,377
942 51,607 345 (5,836)
207 (345,380) 1,665 (6,064)
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
(18,989) (241,508) 5,315 30,977
30,997
47,058
(349,572)
0
0
0
0
0
0
0
0
(224,204)
(5,507) 8,327
(4,886) 3,441
1,374 4,815
(53,764) (48,949)
(80,115) (193,356)
(42,685) (236,041)
(67,202) (303,243)
(80,287) (383,530)
(66,610) (450,140)
(68,659) (518,799)
(601,317)
0 37,237
422,083 37,237
1,234.16 108.88
1.35 0.12
122,970 131,106
1,609,785 2,639,888
4,706.97 7,718.97
5.13 8.41
193,254 0 3,300
256,949 108,629 3,300
751.31 317.63 9.65
0.82 0.35 0.01
(65,449)
2,271,009
6,640.38
7.24
250,000
250,000
0 0 0 (2,951) (2,951)
Cash Increase (Decrease) From Liab.
0 0 0 0 0
NET CASH FLOW CUMM. NET CASH FLOW
(64,292) (113,241)
181,601 181,601
82518.64
$700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $$(100,000) $(200,000) $(300,000) Jan 2008
Feb 2008
Mar 2008
Apr 2008
May 2008
Jun 2008
Row 60
Jul 2008
Aug 2008
Sep 2008
Oct 2008
Nov 2008
Dec 2008
Row 61
Units Sq. Ft. ### 384807 bayclub2 castlep cedar congress jackson lee rem ric parkside polo sat sweet trailapt vlgcrest walnut westo wind usacourt usawalcr
160 356 300 257 247 10 428 5 300 440 440 240 280 120 284 12 346 280 284
146,080 384,807 274,080 254,074 221,730 22,160 398,868 24,952 305,832 403,761 548,750 264,892 286,056 108,276 254,103 48,309 433,196 299,111 254,103
(657) (35,873) 184,657 (2,951) 145,176 (241,508) 5,315 30,977 0 (205,215)
2,460,970
W31:
administrator: assume insurance increases by 50%
C35:
rssmith: Stated Rent = $86,667
D35:
rssmith: Stated Rent = $86,667
W48:
administrator:
replacement reserve + reduction in tax escrow due to overage
USA Courtney Downs LeaseCo, LLC Budget Comparison Books = Accrual For the period ending April 30, 2008
Account Revenue Market Rent Loss / Gain to Lease Gross Potential Rent Prepaid Homeowners Dues Residential Rent Vacancy Loss
#NAME? Actual
#NAME? Budget
$ Variance
295,729.00
297,830.00
(735.00)
8,634.00
294,994.00 0.00 0.00 (15,565.50)
306,464.00 0.00 0.00 (21,510.00)
1,884.22
(3,000.00)
Corporate Discount Delinquent Rent Adjustments & W/O
0.00 0.00 (3,557.59)
0.00 0.00 (1,602.00)
Model Units Courtesy Officer Apt. Employee Apartment Housekeeping & Maintenance Fee Guest Suite
(1,980.00) 0.00 (2,104.80) 0.00 (670.00)
(1,980.00) 0.00 (1,935.00) 0.00 (1,160.00)
Lease Term Concessions
(8,906.07)
(14,298.00)
0.00 0.00 0.00 0.00 $264,094.26
0.00 0.00 0.00 0.00 $260,979.00
Laundry Income Vending Income Covered Parking Income Late Charges & NSF Fees Month to Month Premium
0.00 0.00 0.00 2,075.02 1,696.46
0.00 0.00 0.00 1,925.00 600.00
Storage Fees Repair & Maintenance Fees Application Fees Termination Fees & Damages
1,122.00 0.00 1,970.00 2,550.00
840.00 0.00 1,813.00 0.00
Miscellaneous Income Renters Insurance Interest Income Pet Rents & Fees
390.21 0.00 0.00 2,640.66
500.00 0.00 0.00 3,360.00
Tower Rent Asset Management Fee Parking Spaces Income Homeowners Assessments Garage Income Water/Sewer Income Cable/Telephone Income
0.00 0.00 0.00 0.00 7,019.55 0.00 3,355.82
0.00 0.00 0.00 0.00 6,790.00 0.00 475.00
HOA Contributions Developer Developer HOA Dues Forfeited Deposits Developer Contributions Interest Income Other Thunder Income Administration Fee
0.00 0.00 0.00 0.00 0.00 0.00 3,450.00
0.00 0.00 400.00 0.00 0.00 0.00 3,220.00
Move-Out Charges
6,354.00
2,400.00
400.00 0.00 (240.00)
375.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Upfront Rent Concessions
Homeowner's Assn Dues Income Homeowner Dues Paid Model Units Lease Contract Difference Total Rental Income
Short Term Lease Fees Extra-Ordinary Income Corporate Rent Corporate Units - expense Deferred Revenue HOA Developer Contributions Acquisition Fees Income - Rental Income - C.A.M. Income - Insurance Income - Taxes Income - Interest Income - Other Income - Condo Sales
MTD Variance Comment
(2,101.00) Market rent increase of $10 will be implemented in May. (9,369.00) Variance reflects market rent verses lease rents. (11,470.00) 0.00 0.00 5,944.50 We achieved higher occupancy this month, our vacancy was 5.2% verses 7% budgeted. 4,884.22 Moved concessions due to booking error from up front concessions to lease term concessions. 0.00 0.00 (1,955.59) We should have booked $2555.65 to termination fees. 0.00 0.00 (169.80) 0.00 490.00 Guest suite income was being booked under corporate rent and should have been booked under Guest suite income. 5,391.93 We have been able to reduce the amount of concessions offered due to higher occupancy. 0.00 0.00 0.00 0.00 $3,115.26 0.00 0.00 0.00 150.02 1,096.46 We collected nine month to month fees and a couple that were owed for Mach. 282.00 0.00 157.00 2,550.00 One termination fee collected due to buying a house. (109.79) 0.00 0.00 (719.34) We have fewer pets on the property then anticipated in the budget. 0.00 0.00 0.00 0.00 229.55 0.00 2,880.82 Second quarter cable income check received. 0.00 0.00 (400.00) We forfeited no deposits this month. 0.00 0.00 0.00 230.00 Budgeted to collect 21 administrative fees and actually collected 23. 3,954.00 Apartments not left in acceptable condition resulting in more charges. 25.00 0.00 (240.00) The billing was backed out and moved to guest suite income. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
YTD Actual
YTD Budget
1,179,349.00
1,184,480.00
2,923.00
37,701.00
1,182,272.00 0.00 0.00 (56,260.56)
1,222,181.00 0.00 0.00 (102,155.00)
7,576.58
(18,000.00)
0.00 0.00 (20,103.38)
0.00 0.00 (6,229.00)
(7,920.00) 0.00 (8,079.20) 0.00 (2,195.00)
(7,920.00) 0.00 (7,740.00) 0.00 (4,640.00)
(33,079.65)
(60,677.00)
0.00 0.00 0.00 0.00 $1,062,210.79
0.00 0.00 0.00 0.00 $1,014,820.00
0.00 0.00 0.00 8,507.52 3,579.07
0.00 0.00 0.00 6,622.00 2,400.00
4,888.30 0.00 6,320.00 15,706.26
3,120.00 0.00 5,831.00 2,700.00
2,929.81 0.00 0.00 13,816.56
2,400.00 0.00 3,489.00 13,440.00
0.00 0.00 0.00 0.00 28,197.44 0.00 6,469.19
0.00 0.00 0.00 0.00 27,160.00 0.00 1,900.00
0.00 0.00 300.00 0.00 0.00 0.00 12,900.00
0.00 0.00 1,300.00 0.00 0.00 0.00 9,800.00
15,434.82
9,600.00
1,744.74 0.00 85.00
1,750.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Other Income
32,783.72
22,698.00
10,085.72
120,878.71
91,512.00
$296,877.98
$283,677.00
$13,200.98
$1,183,089.50
$1,106,332.00
11,634.72
12,689.00
46,395.42
50,756.00
0.00 12,190.20 0.00 2,741.20
0.00 11,403.00 0.00 4,580.00
0.00 47,113.67 0.00 14,615.32
0.00 45,612.00 0.00 14,675.00
0.00 97.62
0.00 1,720.00
0.00 3,273.78
0.00 6,880.00
0.00 0.00 66.88 0.00 26,730.62
0.00 0.00 0.00 0.00 30,392.00
0.00 0.00 88.11 0.00 111,486.30
0.00 0.00 3,000.00 0.00 120,923.00
Office Operations & Supplies
532.19
850.00
1,624.02
3,400.00
Telephones Answering Svc. & Pagers
788.60 251.66
743.00 98.00
3,997.57 560.15
2,972.00 392.00
Postage & Delivery Patrol Services Membership Dues Publications & Subscriptions Conventions/Seminars Employee Training Furniture Rental Car Expenses Permits & Fees Credit Checks Guest Suite Expense Parking Cost Total Operating Expense
336.06 0.00 0.00 42.00 0.00 391.68 0.00 0.00 16.00 381.30 612.82 0.00 3,352.31
211.00 0.00 0.00 114.00 0.00 350.00 0.00 38.00 0.00 444.00 500.00 0.00 3,348.00
895.42 0.00 0.00 163.00 0.00 681.49 0.00 0.00 16.00 1,960.90 2,281.72 0.00 12,180.27
844.00 0.00 0.00 456.00 0.00 1,350.00 0.00 152.00 0.00 1,428.00 2,150.00 0.00 13,144.00
Advertising & Promotions
1,694.00
3,500.00
6,400.49
18,000.00
341.15 495.28
400.00 1,401.00
714.32 9,438.67
1,800.00 5,595.00
0.00 2,530.43
500.00 5,801.00
500.00 17,053.48
2,000.00 27,395.00
1,417.14
342.00
1,833.45
1,053.00
Total Revenue Expense Managers Salary Salaries Maintenance Salary Salary - Administrative Commissions & Bonus Payroll Taxes Group Insurance Disability Insurance 401k Match Contract Labor Workers Comp Total Salary Expense
Resident Promotions Locators Resident Referrals Total Advertising Expense Paint & Drywall
1,054.28 We were down one employee for most of the month. 0.00 (787.20) 0.00 1,838.80 Due to higher occupancy, commission pay out was less. 0.00 1,622.38 We have less participants for our insurance program then what was anticipated in the budget. 0.00 0.00 (66.88) 0.00 3,661.38 317.81 Less supplies bought for the office this month. (45.60) (153.66) April and May's Muzak bill was paid out this month. (125.06) 0.00 0.00 72.00 0.00 (41.68) 0.00 38.00 No expense for this month. (16.00) Sales tax license fee. 62.70 (112.82) Furniture rental for guest suite. 0.00 (4.31) 1,806.00 Savings due to canceling of Apartment Guide advertising. 58.85 905.72 One locator fee paid verses four budgeted. 500.00 No referrals paid for this month. 3,270.57 (1,075.14) Extra drywall work needed for unit #16302 closet doors.
Contract Cleaning Svcs.
3,715.00
2,859.00
Carpet Cleaning & Repairs
1,069.00
1,577.00
Window Coverings
472.22
270.00
Vinyl & Tile Repairs Lock & Keys Counter & Tub Resurfacing
0.00 188.24 225.00
0.00 85.00 417.00
Other Redecorating Cleaning Supplies Total Make Ready Expense
0.00 181.20 7,267.80
0.00 158.00 5,708.00
General Maintenance & Supplies HVAC Parts & Repairs
539.45 304.79
900.00 100.00
Plumbing Parts & Repairs
395.48
120.00
Electric Parts & Repairs Roof & Gutter Repairs Pools & Fountains
103.95 0.00 321.12
50.00 0.00 600.00
Gates & Entrances Glass & Screens Appliance Parts & Repairs
0.00 0.00 427.94
20.00 0.00 300.00
376.76 0.00 0.00 0.00 55.41 0.00 0.00 0.00 2,524.90
120.00 155.00 300.00 0.00 450.00 0.00 0.00 0.00 3,115.00
2,853.04
8,863.00
395.60
755.00
94.75
205.00
0.00 0.00 0.00 0.00 180.00 3,523.39
0.00 0.00 0.00 0.00 3,500.00 13,323.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
11,875.12 0.00 0.00 457.60
11,347.00 0.00 0.00 200.00
0.00 0.00 150.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Hardware Exterior Painting Uniforms Elevator Service & Repairs Security & Fire Systems Uninsured Losses Locks & Keys Bulbs & Ballasts Total Maintenance Expense Landscape & Grounds Trash Removal Pest Control Security Patrols Window Cleaning Svc. Interior Cleaning Svc. Cable Television Snow Removal Total Service Expense Expenses - CAM - Electric Expenses - CAM - Water/Sewer Expenses - CAM - Gas Expenses - CAM - Grounds Expenses - CAM - Trash Removal Expenses - CAM - Cleaning Svcs Expenses - CAM - Maintenance Expenses - CAM - Insurance Expenses - CAM - R/E Taxes Total CAM Expense Management Fees No Name No Name Legal Fees Accounting Fees Postage & Delivery Bank Charges Partnership Insurance Other Administrative Expenses Travel Expense Employee Activities Printing Computer Consulting Computer Expense Bank Charges Development Cost
(856.00) We had more turnover which resulted in higher cleaning cost this month. 508.00 More carpets needed replacing this month than cleaning. (202.22) More blinds needed replacing in vacant units this month. 0.00 (103.24) 192.00 We only had to resurface one tub this month verses two budgeted. 0.00 (23.20) (1,559.80)
10,925.00
11,436.00
3,604.00
4,857.00
1,088.75
1,080.00
0.00 188.24 598.00
0.00 340.00 1,668.00
0.00 484.10 18,721.54
0.00 632.00 21,066.00
360.55 (204.79) New hot water heater valve unit needed for apt #6102. (275.48) Extra plumbing service needed for apt #16102. (53.95) 0.00 278.88 Rust remover needed for hard water stains. 20.00 No gate repair at this time. 0.00 (127.94) Extra shelf fronts for refrigerators needed for apartment turns. (256.76) 155.00 300.00 No new uniforms needed at this time. 0.00 394.59 0.00 0.00 0.00 590.10
1,829.89 455.88
3,188.00 500.00
848.80
480.00
601.99 0.00 380.16
190.00 0.00 900.00
0.00 0.00 1,691.02
50.00 520.00 1,200.00
424.02 0.00 0.00 0.00 5,073.64 0.00 0.00 0.00 11,305.40
480.00 155.00 300.00 0.00 1,800.00 0.00 0.00 0.00 9,763.00
2,853.04
8,863.00
2,471.35
3,020.00
419.75
820.00
0.00 0.00 0.00 0.00 7,278.72 13,022.86
0.00 0.00 0.00 0.00 14,000.00 26,703.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
47,266.73 0.00 0.00 (528.84)
44,254.00 0.00 0.00 1,200.00
0.00 0.00 150.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
6,009.96 Flowers and landscaping has been pushed up to May due to weather.. 359.40 Trash removal services from 03/01/08 to 03/31/08. 110.25 No pigeon service needed at this time. 0.00 0.00 0.00 0.00 3,320.00 Only one snow removal on 4/10/08. 9,799.61 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (528.12) Based on % of collections. 0.00 0.00 (257.60) Four eviction fees for this month verses two budgeted. 0.00 0.00 (150.00) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Admin. Expense
12,482.72
11,547.00
3,328.18 0.00 683.42 16,286.33
3,500.00 0.00 1,967.00 20,000.00
Water & Sewer - Resident Reimb
(16,738.47)
(13,600.00)
Water - irrigation Electric - Tenant Reimbursement Trash Reimbursement Water - Tenant Reimbursement Utility -Vacant Electric Utility - Vacant Gas Tenant Reimbursement - Gas Total Utility Expense
0.00 0.00 (2,442.50) 0.00 558.98 275.97 0.00 1,951.91
5,000.00 0.00 (2,400.00) 0.00 1,112.00 667.00 0.00 16,246.00
Electricity Electricity Gas - Resident Natural Gas Water & Sewer
Management Fees Management Fees-MRLL Property Legal Fees Credit Card Fees Bank Charges Bank Adjustments Other Professional Fees Late Charges HOA Assessment Fees Contributions Fiduciary Fees Custodial Fees Thunder Expense Accounting Fees Total Management Expense
0.00 0.00 0.00 599.10 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 599.10
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Property Taxes Franchise Tax Insurance Tax Consultants MIP Total Taxes & Insurance Total Operating Expenses NET OPERATING INCOME
30,188.47 0.00 4,840.47 0.00 0.00 35,028.94 95,992.12 200,885.86
30,188.00 0.00 4,850.00 57.00 0.00 35,095.00 124,575.00 159,102.00
Base Rent - Interest Payment Base Rent - Principal Payment Stated Rent Office Rent Total Rent Expense
106,586.67 0.00 86,666.71 0.00 193,253.38
Mortgage Interest Loan Fees Interest Expense Interest Expense Total Debt Service Partnership Legal Fees Partnership Accounting Fees Partnership Travel Partnership - Meals Partnership Fees - Other Partnership Expense Due Diligence Cost Dead Deal Cost Asset Management Fees Investor Administration Fee Partnership Exp- Leaseup Costs Total Partnership Expense Exterior Rehab Interior Rehab HVAC Replacement Carpet & Floor Replacement Refrigerators Dishwashers & Ranges Washers / Dryers Fire Alarm Replacement
(935.72) 171.82 0.00 1,283.58 Based on actual expense. 3,713.67 March they estimated the bill and estimates were higher then actual use so we saw a savings in April. 3,138.47 Many residents are now catching up from under estimating of March's billing. 5,000.00 Irrigation not turned on for April. 0.00 42.50 0.00 553.02 Savings due to higher occupancy. 391.03 Savings due to higher occupancy. 0.00 14,294.09 0.00 0.00 0.00 (599.10) 03/08 credit card fees. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (599.10)
46,887.89
45,454.00
13,741.31 0.00 10,725.08 67,551.10
13,250.00 0.00 7,868.00 80,000.00
(51,669.60)
(54,400.00)
74.35 0.00 (8,752.60) 0.00 3,812.63 2,092.99 0.00 37,575.26
5,000.00 0.00 (9,600.00) 0.00 4,357.00 3,187.00 0.00 49,662.00
0.00 0.00 1,896.50 1,539.65 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3,436.15
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(0.47) 0.00 9.53 57.00 0.00 66.06 28,582.88 41,783.86
120,753.88 0.00 19,337.40 0.00 0.00 140,091.28 411,760.43 771,329.07
120,752.00 0.00 19,400.00 228.00 0.00 140,380.00 454,490.00 651,842.00
106,587.00 0.00 86,667.00 0.00 193,254.00
0.33 0.00 0.29 0.00 0.62
426,346.68 0.00 346,666.84 0.00 773,013.52
426,348.00 0.00 346,668.00 0.00 773,016.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 532.16 55.14 0.00 0.00 0.00 0.00 1,000.00 3,200.00 0.00 4,787.30
0.00 0.00 200.00 0.00 0.00 0.00 0.00 0.00 1,000.00 3,250.00 0.00 4,450.00
0.00 0.00 (332.16) (55.14) 0.00 0.00 0.00 0.00 0.00 50.00 0.00 (337.30)
0.00 0.00 1,642.96 227.41 0.00 0.00 0.00 0.00 4,000.00 12,800.00 0.00 18,670.37
0.00 0.00 800.00 0.00 0.00 0.00 0.00 0.00 4,000.00 13,000.00 0.00 17,800.00
0.00
2,546.00
2,852.02
2,546.00
0.00 0.00 6,943.49
0.00 0.00 5,000.00
0.00 540.47 21,830.87
0.00 0.00 20,000.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 485.32 296.29 0.00
0.00 578.00 678.00 0.00
2,546.00 Garage door repair not completed yet. Will be started in May. 0.00 0.00 (1,943.49) We replaced eight carpets this month, and only four were budgeted. 0.00 0.00 0.00 0.00
Other Capital Improvements
0.00
5,000.00
Boiler Replacement Roof Replacement Total Capital Expenses
0.00 0.00 6,943.49
0.00 0.00 12,546.00
Casualty Losses Casualty Recovery Total Casualty Loss NET INCOME (LOSS)
0.00 0.00 0.00 (4,098.31)
0.00 0.00 0.00 (51,148.00)
Rental Guarantee
0.00 (4,098.31)
0.00 (51,148.00)
5,000.00 Pool furniture was ordered and should be here the end of May due to items being back ordered. 0.00 0.00 5,602.51
5,141.39
9,749.00
0.00 0.00 31,146.36
0.00 0.00 33,551.00
0.00 0.00 0.00 47,049.69
0.00 0.00 0.00 (51,501.18)
0.00 0.00 0.00 (172,525.00)
0.00 47,049.69
0.00 (51,501.18)
0.00 (172,525.00)
$ Variance
Annual Budget
YTD Variance Comment
Filter
(5,131.00)
3,587,640.00
0.01 2,957,388.00
(34,778.00)
74,283.00
48,523.00
(39,909.00) 0.00 0.00 45,894.44
3,661,923.00 0.00 0.00 (253,425.00)
3,005,911.00 0.00 0.00 (195,491.06)
25,576.58
(42,000.00)
(11,539.20)
0.00 0.00 (13,874.38)
0.00 0.00 (18,910.00)
0.00 0.00 (31,491.97)
0.00 0.00 (339.20) 0.00 2,445.00
(23,760.00) 0.00 (23,220.00) 0.00 (13,920.00)
(19,800.00) 0.00 (19,859.00) 0.00 (8,665.00)
27,597.35
(205,887.00)
(116,960.72)
0.00 0.00 0.00 0.00 $47,390.79
0.00 0.00 0.00 0.00 $3,080,801.00
0.00 0.00 0.00 1,885.52 1,179.07
0.00 0.00 0.00 21,791.00 9,450.00
0.00 0.00 0.00 0.00 2,602,104.05 1.00 0.00 0.00 0.00 19,129.54 8,275.53
1,768.30 0.00 489.00 13,006.26
11,120.00 0.00 19,796.00 13,500.00
9,970.30 0.00 15,934.00 20,956.26
529.81 0.00 (3,489.00) 376.56
8,000.00 0.00 3,489.00 41,160.00
6,220.02 0.00 3,489.00 33,257.22
0.00 0.00 0.00 0.00 1,037.44 0.00 4,569.19
0.00 0.00 0.00 0.00 81,480.00 0.00 5,700.00
0.00 0.00 0.00 0.00 69,166.99 0.00 12,200.01
0.00 0.00 (1,000.00) 0.00 0.00 0.00 3,100.00
0.00 0.00 4,100.00 0.00 0.00 0.00 33,880.00
0.00 0.00 2,000.00 0.00 0.00 0.00 29,370.00
5,834.82
30,000.00
33,788.82
(5.26) 0.00 85.00
6,625.00 0.00 0.00
4,269.74 0.00 (155.00)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
29,366.71
290,091.00
$76,757.50
$3,370,892.00
4,360.58
154,548.00
267,872.43 1.00 2,869,976.48 1.00 1.00 121,475.14
0.00 (1,501.67) 0.00 59.68
0.00 138,888.00 0.00 46,633.00
0.00 116,318.87 0.00 36,611.52
0.00 3,606.22
0.00 20,640.00
0.00 11,971.40
0.00 0.00 2,911.89 0.00 9,436.70
0.00 0.00 5,000.00 0.00 365,709.00
1,775.98
10,200.00
0.00 0.00 3,154.99 0.00 289,531.92 1.00 6,406.21
(1,025.57) (168.15)
8,916.00 1,176.00
8,501.17 1,301.81
(51.42) 0.00 0.00 293.00 0.00 668.51 0.00 152.00 (16.00) (532.90) (131.72) 0.00 963.73
2,532.00 0.00 0.00 1,368.00 0.00 4,150.00 0.00 456.00 0.00 4,848.00 6,450.00 0.00 40,096.00
11,599.51
44,000.00
2,286.48 0.00 0.00 775.00 0.00 2,773.17 0.00 190.00 32.00 4,214.20 5,544.54 0.00 32,024.58 1.00 29,594.49
1,085.68 (3,843.67)
5,400.00 16,070.00
3,255.47 16,929.95
1,500.00 10,341.52
5,500.00 70,970.00
(780.45)
4,217.00
3,000.00 52,779.91 1.00 4,645.59
511.00
34,308.00
28,935.00
1,253.00
19,446.00
11,107.00
(8.75)
3,240.00
2,910.97
0.00 151.76 1,070.00
0.00 1,020.00 5,004.00
0.00 801.48 2,908.00
0.00 147.90 2,344.46
0.00 1,896.00 69,131.00
1,358.11 44.12
8,611.00 2,300.00
0.00 1,455.30 52,763.34 1.00 6,457.34 1,360.67
(368.80)
1,440.00
1,844.28
(411.99) 0.00 519.84
540.00 3,000.00 4,200.00
945.94 0.00 2,201.28
50.00 520.00 (491.02)
150.00 1,820.00 3,600.00
70.00 520.00 3,618.96
55.98 155.00 300.00 0.00 (3,273.64) 0.00 0.00 0.00 (1,542.40)
1,400.00 355.00 600.00 0.00 14,555.00 0.00 0.00 0.00 42,571.00
6,009.96
29,581.00
1,400.78 310.00 600.00 0.00 7,379.05 0.00 0.00 0.00 26,708.30 1.00 23,432.08
548.65
9,060.00
6,641.95
400.25
2,760.00
1,539.50
0.00 0.00 0.00 0.00 6,721.28 13,680.14
2,775.00 0.00 0.00 0.00 19,500.00 63,676.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(3,012.73) 0.00 0.00 1,728.84
134,836.00 0.00 0.00 2,800.00
0.00 0.00 0.00 0.00 24,958.72 56,572.25 1.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 114,742.85 0.00 0.00 1,328.76
0.00 0.00 (150.00) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3,060.00 0.00 0.00
0.00 0.00 300.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(1,433.89)
140,696.00
(491.31) 0.00 (2,857.08) 12,448.90
40,500.00 0.00 23,604.00 240,000.00
116,371.61 1.00 33,819.49 0.00 21,243.50 183,837.43
(2,730.40)
(163,200.00)
(136,408.07)
4,925.65 0.00 (847.40) 0.00 544.37 1,094.01 0.00 12,086.74
37,400.00 0.00 (25,696.00) 0.00 12,108.00 7,837.00 0.00 172,553.00
0.00 0.00 (1,896.50) (1,539.65) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (3,436.15)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(1.88) 0.00 62.60 228.00 0.00 288.72 42,729.57 119,487.07
362,256.00 0.00 58,200.00 684.00 0.00 421,140.00 1,386,542.00 1,984,350.00
1.32 0.00 1.16 0.00 2.48
1,443,999.00 0.00 1,040,004.00 0.00 2,484,003.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 (842.96) (227.41) 0.00 0.00 0.00 0.00 0.00 200.00 0.00 (870.37)
0.00 365.00 2,400.00 0.00 0.00 0.00 0.00 0.00 12,000.00 39,000.00 0.00 53,765.00
(306.02)
16,846.00
10,074.35 0.00 (23,195.10) 0.00 9,840.61 15,545.00 0.00 105,435.17 1.00 0.00 0.00 1,896.50 2,138.75 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4,035.25 1.00 301,882.35 0.00 48,427.87 285.00 0.00 350,595.22 1,086,817.55 1,783,158.93 1.00 1,065,868.35 0.00 866,668.55 0.00 1,932,536.90 1.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3,175.12 282.55 0.00 0.00 0.00 0.00 10,000.00 32,250.00 0.00 45,707.67 1.00 7,944.02
0.00 (540.47) (1,830.87)
0.00 1,800.00 66,000.00
0.00 540.47 53,774.36
0.00 92.68 381.71 0.00
1,450.00 1,734.00 1,017.00 0.00
0.00 1,063.32 974.29 0.00
4,607.61
11,899.00
19,890.39
0.00 0.00 2,404.64
0.00 0.00 100,746.00
0.00 0.00 0.00 121,023.82
0.00 0.00 0.00 (654,164.00)
0.00 121,023.82
0.00 (654,164.00)
0.00 0.00 84,186.85 1.00 0.00 0.00 0.00 (279,272.49) 1.00 0.00 0.00
Courtney Downs Apartments April 08 LEASING & OCCUPANCY NUMBER OF MOVE INS: NUMBER OF MOVE OUTS: NET FOR THE MONTH:
15 22 -7
OCCUPIED/LEASED %:
93.86%/96.78%
SOURCE OF TRAFFIC: APARTMENTS.COM APARTMENT GUIDE YELLOW PAGES OTHER. NET BLUE BOOK RENT.COM LIVES IN AREA RESIDENT REFERRAL LOCATORS RENT.COM WALK-IN SIGNAGE BROCHURE/FLYER TOTALS CLOSING RATIO:
INCOME THIS MONTH: INCOME LAST MONTH: DIFFERENCE:
$296,878.00 $302,841.44 -$5,963.44
TOTAL # GARAGES # GARAGES OCCUPIED GARAGES OCCUPIED %
120 104 87%
REASONS WHY PROSPECTS DID NOT LEASE: Traffic 9 1 0 8 3 7 3 6 2 0 0 48 1
Leased 2 0 0 1 1 4 0 2 1 0 0 15 0
88
26
* * * * * * * * * * * * * *
Job Transfer Too expensive. Future/No Availability/Waiting list Just started looking. Waiting for Home to Sell Current Lease to Expire Needs Ground Floor Moved Elsewhere Will return with roommate or spouse Realtor Looking for Client Undecided Employment pending House sale pending Rented at Competitor TOTALS
30%
MARKETING ACTIVITIES & SOURCES FOR THE MONTH * Took brochures and price sheets to Ramada Inn. * Took cookie bags with brochures and price sheets to Candle Wood Suites. * Updated all internet ads with new pricing and specials for the month of April * Took donuts with price sheets to Centennial hospital Human Resources. * Took brochures and prices to United Artist Theaters for employee break room. * Brochures and donuts were taken to Chevrolet Motors staff. * Met with Richmond Home sales team with options of temporary housing for new home buyers. * Dropped off muffins and brochures to Embassy Suites for the breakroom. * Dropped off doughnuts and brochures to Hertz car rental. * Took cookie and candy bag with flyer's to Marriott extended stay hotels. * Took brochures and prices to First Data Corporation. * Took lunch to locators with updates on specials and prices. OVERVIEW OF COMPARABLE PROPERTIES: The surrounding comps are still offering discounted rents on selected units. This translates into one bedroom effective rents of $710, two bedrooms at $835 and three bedrooms starting at $1110. Look and leases specials are 1/2 month off with a 12 to 13 month lease. Overall market is 92.1% average occ. and rental rate of $812 per month. RESIDENT RETENTION: We had 28 leases expiring in the month of April. 13 renewed leases with a $56.50 increase. Notices received; (2) buying homes, (3) renting houses, (1) closer to work, (1) more space, (1) did not hear from (1) too expensive, (3) out of state, (1) moving in with roommate, (1) month to month, (1) transfer on site. INCIDENTS ON THE PROPERTY: N/A
2 4 15 6 4 7 3 0 10 0 3 5 0 3 62
MAINTENANCE:
ROUTINE REPLACEMENTS:
MARKET READY UNITS COMPLETE PAINTS TOUCH UPS WORK ORDERS Pending Misc 0 Electrical 0 Punch 0 HVAC 0 Plumbing Property Ext. Appliances Safety Total ROOF LEAKS
0 0 0 0 0
Completed 18 27 19 13 53 0 13 0 143
PLUMBING LEAKS
Number of: 19 11 8 143 0 18 27 19 13 53 0 13 0 143 0
0
CAPITAL IMPROVEMENTS IN PROGRESS: N/A
PROBLEM AREAS NEEDING ATTENTION: Ordering sod for pet kill areas. Bee's around apartment 16305. Ordered slings and chair backs for swimming pool furniture. CURRENT STAFF: Manager Assistant Manager Leasing Consultant Leasing Consultant Maintenance Supervisor Assistant Maintenance Maintenance/ Grounds
Nancy Howland Carrie McMillan Summer Wahrman Kate Hawkins Gabriel Tellez Russell Briley Jorge Chavez and Jorge Bernal
ACCOMPLISHMENTS FOR THE MONTH: Re-stripped and cleaned the parking lot. Replaced heat exchanger and pump motor for swimming pool.
REFRIGERATORS DISHWASHERS WINDOWS A/C COMPRESSORS CONDENSING UNITS WATER HEATERS ICE MAKERS GARBAGE DISPOSALS MICROWAVES CARPETS CEILING FANS TOILETS A/C FAN MOTORS COUNTER TOPS CABINETS RESURFACED KITCHEN
BLINDS TUBS RESURFACED TUB TILES
Number Replaced 0 0 0 0 0 0 0 0 0 6 0 0 0 0 0
23 0 0
Apt. #
6306, 10301, 10209, 6205, 9310, 10107.
16205-2, 14202-2, 10112-3, 62081, 9304-1, 13208-2, 6306-2, 72011, 16103-1, 2301-1, 14201-2, 91102, 9107-1, 10209-2.
MARKET SURVEY Courtney Downs April-08 Apartment Name
Address Phone Location # of units Age of Property Application Fee Credit Card Pets Allowed Pet Deposit Sec. Deposit W/D included Covered Parking Garage Cable Tennis Courts # of pools Weight Room Jacuzzi Ceiling Fans Microwaves Mini Blinds FF Freezer Icemakers Fireplaces Access Gates Alarm in Unit Door to Door Aerobics/Kick Box Movie Room Computer Library Indoor Basketball Water Charge
Courtney Downs
Coyote Ranch
15849 E. Jamison Dr16363 E Freemont Ave 720-870-6114 303-693-8787 Englewood, Co Aurora, Co 342 507 5 5 $50.00 $35.00 yes yes yes yes 300 n/r 300-600 150 275-325 Yes yes no yes Detached yes Yes yes no no 1 1 yes yes yes 1 yes yes yes yes yes yes yes yes yes yes yes no no yes Prewired no no no no no no yes yes yes no no yes no
Windsor @ Meridian
Pinnacle @ the Creek
Dove Valley
9875 Jefferson Pkwy 303-256-7700 Englewood, Co 80112 653 7 $40.00 yes yes 150-300 300 Only In Select Units yes yes yes no 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
6107 S Parker Rd 303-766-2500 Centennial, Co 216 4 $35.00 no yes $100 $300 Only Select Units yes yes yes no 1 yes 1 yes yes yes yes yes yes no yes no no yes yes no yes
7550 S Blackhawk 303-362-2000 Englewood, Co 80112 312 6 $40.00 yes yes 300-500 $100.00 no no yes yes yes 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
Cherrywood Village
16950 E Carlson Dr 303-805-7200 Parker, Co 80134 360 6 $35.00 no yes $400-500 $200-300 yes no yes yes yes 2 yes 2 yes yes yes yes yes yes yes no no no yes yes no yes
Reserve @ South Creek
15611 E Jamison Dr 303-680-6696 Englewood, Co 80112 168 6 $50.00 yes yes 300 100 no no yes yes yes 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
Courtney Downs RENTAL SCHEDULE
April 08
UNIT TYPE A1 A1V A2 B1 B1V C C1 C1V CV D DV E EV TOTAL
1BR 1BR 1BR 1BR 1BR 2BR 2BR 2BR 2BR 2BR 2BR 3BR 3BR
#UNITS
SIZE
40 32 18 24 32 42 44 22 24 16 20 24 4
704 704 910 808 808 977 1,030 1,030 977 1,030 1,030 1,140 1,140
TOTAL S/F 28,160 22,528 16,380 19,392 25,856 41,034 45,320 22,660 23,448 16,480 20,600 27,360 4,560
342
917
313,778
MKT RENT PER UNIT 725 725 850 750 760 875 900 925 875 925 925 1160 1160 $870
MKT RENT MONTHLY PER S/F GROSS 1.03 $29,000 1.03 $27,520 0.93 $15,300 0.93 $18,000 0.94 $24,320 0.90 $36,750 0.87 $39,600 0.90 $20,350 0.90 $21,000 0.90 $14,800 0.90 $18,500 1.02 $27,840 1.02 $4,640 $0.95
$297,620
ANNUAL GROSS $348,000 $330,240 $183,600 $216,000 $291,840 $441,000 $475,200 $244,200 $252,000 $177,600 $222,000 $334,080 $55,680 $3,571,440
EFFECTIVE CONCESSION RENTS* 725.00 725.00 850.00 750.00 760.00 875.00 900.00 925.00 875.00 925.00 925.00 1,160.00 1,160.00
CONCESSION PER UNIT
$870 * Net of Concessions
EFFECTIVE PER S/F
1.03 1.03 0.93 0.93 0.94 0.90 0.87 0.90 0.90 0.90 0.90 1.02 1.02 0.95
EFFECTIVE MONTHLY GROSS $29,000 $27,520 $15,300 $18,000 $24,320 $36,750 $39,600 $20,350 $21,000 $14,800 $18,500 $27,840 $4,640 $297,620
Vacants
Vacants Leased
Notice
Notice Leased
Net Available
1 0 1 1 0 6 5 0 0 3 0 1 0
1 0 0 0 0 4 2 0 0 0 0 1 0
8 0 0 8 0 5 11 0 0 6 0 4 0
3 0 0 5 0 2 1 0 0 4 0 0 0
5 0 1 4 0 5 13 0 0 5 0 4 0
18
8
42
15
37
MARKET SURVEY Courtney Downs April-08
(Concessions reduced rates) PROPERTY:
Courtney Downs Apt PRICE
Efficiency Efficiency 1B1B (A) 1B1B (B) 1B1B w/study 1B 1B 1B w/loft 1B1B w/study 2B2B (E) 2B2B (F) 2B2B (G) 2B2B (H) 2B2B 2B w/study 2B2B TH 2B2B TH 3B2B 3B2B
% occ /leased Avg PSF Avg Rents Units(Total / Avail)
SIZE
Coyote Ranch
PSF
PRICE
SIZE
Windsor at Meridian
PSF
755 795
779 853
PRICE
0.97 0.93
SIZE
Pinnacle @ the Creek
PSF
PRICE
SIZE
Dove Valley
PSF
PRICE
SIZE
PSF
PRICE
Cherrywood Village SIZE PSF
704 808
1.03 1.05
710 725
627 701
1.13 1.03
725 805
685 705
1.06 1.02
715 750
768 842
0.93 0.89
710 730
707 796
1.00 0.92
910
0.82
835
811
0.91
810
760
1.03
765
992
0.77
760
916
0.83
845 925
956 1044
0.88 0.89
935
1051
960
1120
0.89 0.86
875
977
0.90
940
1105
0.85
900 925
1030 1030
0.87 0.90
985
1192
0.83
975 995
1196 1180
0.82 0.84
1,160
1140
1.02
1055 1190
1398 1398
0.75 0.91
1185
1330
0.89
94 1 884 342
96.78%
0
0% 0.92
93%
96%
0.94 38
0.87 1114 507
36
Special: Waived security Special: One month free Rates deposit with approved credit. on 12 to 13 month lease. reflect these rates: specials:
Ren: $50 to $75 increase.
Ren.: 15% increase on all renewals.
994 653
1110
1230
91%
93.70%
0.90
763 763
0.93 1.05
1115
0.74
815
1033
0.79
822
1037
0.79
1220
0.75
910
1093
0.83
900
1037
1.23
1120
1356
0.83
1195 1305
1235 1235
0.97 1.04
915 1045
1257 1257
92.0%
32
710 727
825 910
89%
0.96 808 216
Reserve@South Creek SIZE PSF
PRICE
725 850 750
94.2%
95%
0.82 848 312
39
92.1%
19
0
0.73 1.10
94%
0.91 1131 360
0.97 995 168
14
Will not give out any information.
Special:1/2 month free with look and lease.
Special: One month free or giftcertificate to the mall Special: 1/2 month off 12 to Special: One month free on a w/look and lese special. 13 month leases. 12 to 13 month special.
Ren: Info not avail per corporate
Ren:Per corporate
Ren: $35 to $80 increas for 12 month lease
Ren: Average $25 to $75 increase.
Ren: Free carpet cleaning with 12mo.
ASSETS Cash Operating Cash Money Market Total Cash
OTHER ASSETS Accounts Receivable Prepaid Expenses Tax Escrow Replacement Reserves Capital / Repair Escrow Total Other Assets Total ASSETS
4,815.03 0.00 $4,815.03
1,000.00 38,486.20 17,789.30 51,719.73 200,000.00 308,995.23 313,810.26
LIABILITIES & CAPITAL LIABILITIES Accounts Payable - Trade Other Accounts Payable Accrued Taxes Prepaid Rent Security Deposits Notes Payable Total Liabilities
150,086.54 850,437.05 120,753.88 3,246.51 43,822.01 33,030.07 1,201,376.06
CAPITAL Owners Equity Retained Earnings Total Capital Total LIABILITIES & CAPITAL
100.00 (887,665.80) (887,565.80) 313,810.26
USA Courtney Downs LeaseCo, LLC Cash Flow (Actual + Budget) Books = Accrual For the 12 Months Ending Dec 2008 Jan 2008 Actual
Account
Feb 2008 Actual
Mar 2008 Actual
Apr 2008 Actual
May 2008 Budget
Jun 2008 Budget
Jul 2008 Budget
Aug 2008 Budget
Sep 2008 Budget
Oct 2008 Budget
Nov 2008 Budget
Dec 2008 Budget
12 Month Total
$/ Unit 342
$/ Sq. Ft. 313,778
Dec 2006 Reforecast
12 Month Total
$/ Unit 342
$/ Sq. Ft. 313,778
Revenue Gross Potential Rent - Vacancy - Concessions & Disc. - Other Write-offs & Adj. Total Rental Income
297,252 (14,979) (10,069) (14,603) 257,600
295,197 (13,515) (8,145) (9,805) 263,731
294,829 (12,201) (267) (5,576) 276,786
294,994 (15,566) (7,022) (8,312) 264,094
271,707 0 (9,674) (4,506) 257,527
305,987 (17,809) (17,444) (6,696) 264,038
305,250 (15,591) (19,316) (6,693) 263,650
305,131 (15,591) (21,188) (6,681) 261,671
304,686 (16,802) (22,560) (6,663) 258,661
304,342 (19,995) (23,621) (6,634) 254,092
304,117 (22,418) (24,370) (6,614) 250,715
303,954 (23,078) (24,994) (6,605) 249,277
3,587,446 (187,545) (188,670) (89,389) 3,121,842
10,489.61 (548.38) (551.67) (261.37) 9,128.19
11.43 (0.60) (0.60) (0.28) 9.95
364,160 (43,000) (80,000) (6,085) 235,075
4,570,178 (276,590) (318,586) (108,955) 3,866,047
13,363.09 (808.74) (931.54) (318.58) 11,304.23
14.57 (0.88) (1.02) (0.35) 12.32
Other Income Total Revenue
27,835 285,435
34,204 297,935
26,056 302,841
32,784 296,878
26,852 284,379
27,912 291,950
25,305 288,955
27,910 289,581
23,739 282,400
22,628 276,720
24,013 274,728
20,220 269,497
319,458 3,441,300
934.09 10,062.28
1.02 10.97
19,000 254,075
383,626 4,249,673
1,121.71 12,425.94
1.22 13.54
30,826 3,660 5,531 3,627 1,403 6,708 12,525 4,914 1,416 35,029
28,089 2,832 4,884 3,404 4,261 1,216 11,016 13,395 1,421 35,004
25,841 2,336 4,109 4,423 3,116 1,576 10,864 17,315 0 35,029
26,731 3,352 2,530 7,268 2,525 3,523 12,483 1,952 599 35,029
29,567 3,460 5,901 6,163 4,490 6,678 11,829 17,308 0 35,095
31,117 3,520 6,105 6,062 3,885 4,985 11,878 17,127 0 35,095
31,434 3,544 6,327 6,819 2,920 4,985 14,818 16,930 0 35,095
31,434 3,444 6,227 6,819 2,730 4,985 11,783 16,130 0 35,095
30,692 3,336 5,340 6,289 2,513 3,960 11,496 16,228 0 35,095
29,929 3,264 4,685 5,961 12,210 3,960 11,269 16,240 0 35,095
30,554 3,204 4,731 5,102 2,672 3,960 11,189 11,437 0 35,095
30,059 3,180 4,259 4,850 1,388 3,460 10,980 11,491 0 35,095
356,272 39,132 60,628 66,787 44,113 49,996 142,130 160,466 3,436 420,851
1,041.73 114.42 177.28 195.28 128.99 146.19 415.58 469.20 10.05 1,230.56
1.14 0.12 0.19 0.21 0.14 0.16 0.45 0.51 0.01 1.34
37,759 3,030 6,885 7,500 2,295 2,395 14,969 10,900
455,687 48,661 76,681 84,434 50,598 59,957 179,684 194,764
1,332.42 142.28 224.21 246.88 147.95 175.31 525.39 569.49
1.45 0.16 0.24 0.27 0.16 0.19 0.57 0.62
Total Operating Exp. Net Operating Income
105,638 179,797
105,522 192,412
104,608 198,234
95,992 200,886
120,491 163,888
119,774 172,176
122,872 166,083
118,647 170,934
114,949 167,451
122,613 154,107
107,944 166,784
104,762 164,735
1,343,812 2,097,487
3,929.28 6,133.00
4.28 6.68
Rent Expense Partnership Expense Capital Expense
193,253 4,719 9,734
193,253 4,539 2,903
193,253 4,626 11,566
193,253 4,787 6,943
193,254 4,815 12,458
216,819 4,450 8,074
216,819 4,450 17,804
216,819 4,450 6,600
216,819 4,450 6,259
216,819 4,450 6,000
216,819 4,450 5,000
216,819 4,450 5,000
2,484,001 54,635 98,341
7,263.16 159.75 287.55
7.92 0.17 0.31
Cash Flow Frm Operations
(27,909)
(8,283)
(11,211)
(4,098)
(46,639)
(57,167)
(72,990)
(56,935)
(60,077)
(73,162)
(59,485)
(61,534)
(539,490)
(1,577.46)
(1.72)
0
0
0
0
0
0
0
0
0
0
0
0
Operating Expenses Salary Expense Operating Expense Advertising Expense Make Ready Expense Maintenance Expense Service Expense Administrative Expense Utility Expense Credit Card Fees Taxes & Insurance
Rental Guarantees Balance Sheet Adjustments Cash - Non Operating Accounts Accounts Receivable Prepaid Assets Escrow Deposits
0 (1,895) (50,394) (35,800)
0 2,740 4,840 (35,800)
0 (9,772) 4,840 (35,800)
Cash Increase (Decreae) From Assets
(88,090)
(28,220)
Accounts Payable Accrued Expenses Other Payables Mortgages Payable
(22,965) 20,453 920 48,905
2,827 31,811 2,385 (6,027)
47,313
(68,685) 13,834
0
0 8,270 4,840 341,933
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 14,250
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
0 (657) (35,873) 198,907
(40,732)
355,044
(7,125)
(7,125)
(7,125)
14,250
(7,125)
(7,125)
(7,125)
(7,125)
162,377
942 51,607 345 (5,836)
207 (345,380) 1,665 (6,064)
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
(18,989) (241,508) 5,315 30,977
30,997
47,058
(349,572)
0
0
0
0
0
0
0
0
(224,204)
(5,507) 8,327
(4,886) 3,441
1,374 4,815
(53,764) (48,949)
(80,115) (193,356)
(42,685) (236,041)
(67,202) (303,243)
(80,287) (383,530)
(66,610) (450,140)
(68,659) (518,799)
(601,317)
0 37,237
422,083 37,237
1,234.16 108.88
1.35 0.12
122,970 131,106
1,609,785 2,639,888
4,706.97 7,718.97
5.13 8.41
193,254 0 3,300
256,949 108,629 3,300
751.31 317.63 9.65
0.82 0.35 0.01
(65,449)
2,271,009
6,640.38
7.24
250,000
250,000
0 0 0 (2,951) (2,951)
Cash Increase (Decrease) From Liab.
0 0 0 0 0
NET CASH FLOW CUMM. NET CASH FLOW
(64,292) (113,241)
181,601 181,601
82518.64
$700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $$(100,000) $(200,000) $(300,000) Jan 2008
Feb 2008
Mar 2008
Apr 2008
May 2008
Jun 2008
Row 60
Jul 2008
Aug 2008
Sep 2008
Oct 2008
Nov 2008
Dec 2008
Row 61
Units Sq. Ft. ### 384807 bayclub2 castlep cedar congress jackson lee rem ric parkside polo sat sweet trailapt vlgcrest walnut westo wind usacourt usawalcr
160 356 300 257 247 10 428 5 300 440 440 240 280 120 284 12 346 280 284
146,080 384,807 274,080 254,074 221,730 22,160 398,868 24,952 305,832 403,761 548,750 264,892 286,056 108,276 254,103 48,309 433,196 299,111 254,103
(657) (35,873) 184,657 (2,951) 145,176 (241,508) 5,315 30,977 0 (205,215)
2,460,970
W31:
administrator: assume insurance increases by 50%
C35:
rssmith: Stated Rent = $86,667
D35:
rssmith: Stated Rent = $86,667
W48:
administrator:
replacement reserve + reduction in tax escrow due to overage
USA Courtney Downs LeaseCo, LLC Budget Comparison Books = Accrual For the period ending April 30, 2008
Account Revenue Market Rent Loss / Gain to Lease Gross Potential Rent Prepaid Homeowners Dues Residential Rent Vacancy Loss
#NAME? Actual
#NAME? Budget
$ Variance
295,729.00
297,830.00
(735.00)
8,634.00
294,994.00 0.00 0.00 (15,565.50)
306,464.00 0.00 0.00 (21,510.00)
1,884.22
(3,000.00)
Corporate Discount Delinquent Rent Adjustments & W/O
0.00 0.00 (3,557.59)
0.00 0.00 (1,602.00)
Model Units Courtesy Officer Apt. Employee Apartment Housekeeping & Maintenance Fee Guest Suite
(1,980.00) 0.00 (2,104.80) 0.00 (670.00)
(1,980.00) 0.00 (1,935.00) 0.00 (1,160.00)
Lease Term Concessions
(8,906.07)
(14,298.00)
0.00 0.00 0.00 0.00 $264,094.26
0.00 0.00 0.00 0.00 $260,979.00
Laundry Income Vending Income Covered Parking Income Late Charges & NSF Fees Month to Month Premium
0.00 0.00 0.00 2,075.02 1,696.46
0.00 0.00 0.00 1,925.00 600.00
Storage Fees Repair & Maintenance Fees Application Fees Termination Fees & Damages
1,122.00 0.00 1,970.00 2,550.00
840.00 0.00 1,813.00 0.00
Miscellaneous Income Renters Insurance Interest Income Pet Rents & Fees
390.21 0.00 0.00 2,640.66
500.00 0.00 0.00 3,360.00
Tower Rent Asset Management Fee Parking Spaces Income Homeowners Assessments Garage Income Water/Sewer Income Cable/Telephone Income
0.00 0.00 0.00 0.00 7,019.55 0.00 3,355.82
0.00 0.00 0.00 0.00 6,790.00 0.00 475.00
HOA Contributions Developer Developer HOA Dues Forfeited Deposits Developer Contributions Interest Income Other Thunder Income Administration Fee
0.00 0.00 0.00 0.00 0.00 0.00 3,450.00
0.00 0.00 400.00 0.00 0.00 0.00 3,220.00
Move-Out Charges
6,354.00
2,400.00
400.00 0.00 (240.00)
375.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Upfront Rent Concessions
Homeowner's Assn Dues Income Homeowner Dues Paid Model Units Lease Contract Difference Total Rental Income
Short Term Lease Fees Extra-Ordinary Income Corporate Rent Corporate Units - expense Deferred Revenue HOA Developer Contributions Acquisition Fees Income - Rental Income - C.A.M. Income - Insurance Income - Taxes Income - Interest Income - Other Income - Condo Sales
MTD Variance Comment
(2,101.00) Market rent increase of $10 will be implemented in May. (9,369.00) Variance reflects market rent verses lease rents. (11,470.00) 0.00 0.00 5,944.50 We achieved higher occupancy this month, our vacancy was 5.2% verses 7% budgeted. 4,884.22 Moved concessions due to booking error from up front concessions to lease term concessions. 0.00 0.00 (1,955.59) We should have booked $2555.65 to termination fees. 0.00 0.00 (169.80) 0.00 490.00 Guest suite income was being booked under corporate rent and should have been booked under Guest suite income. 5,391.93 We have been able to reduce the amount of concessions offered due to higher occupancy. 0.00 0.00 0.00 0.00 $3,115.26 0.00 0.00 0.00 150.02 1,096.46 We collected nine month to month fees and a couple that were owed for Mach. 282.00 0.00 157.00 2,550.00 One termination fee collected due to buying a house. (109.79) 0.00 0.00 (719.34) We have fewer pets on the property then anticipated in the budget. 0.00 0.00 0.00 0.00 229.55 0.00 2,880.82 Second quarter cable income check received. 0.00 0.00 (400.00) We forfeited no deposits this month. 0.00 0.00 0.00 230.00 Budgeted to collect 21 administrative fees and actually collected 23. 3,954.00 Apartments not left in acceptable condition resulting in more charges. 25.00 0.00 (240.00) The billing was backed out and moved to guest suite income. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
YTD Actual
YTD Budget
1,179,349.00
1,184,480.00
2,923.00
37,701.00
1,182,272.00 0.00 0.00 (56,260.56)
1,222,181.00 0.00 0.00 (102,155.00)
7,576.58
(18,000.00)
0.00 0.00 (20,103.38)
0.00 0.00 (6,229.00)
(7,920.00) 0.00 (8,079.20) 0.00 (2,195.00)
(7,920.00) 0.00 (7,740.00) 0.00 (4,640.00)
(33,079.65)
(60,677.00)
0.00 0.00 0.00 0.00 $1,062,210.79
0.00 0.00 0.00 0.00 $1,014,820.00
0.00 0.00 0.00 8,507.52 3,579.07
0.00 0.00 0.00 6,622.00 2,400.00
4,888.30 0.00 6,320.00 15,706.26
3,120.00 0.00 5,831.00 2,700.00
2,929.81 0.00 0.00 13,816.56
2,400.00 0.00 3,489.00 13,440.00
0.00 0.00 0.00 0.00 28,197.44 0.00 6,469.19
0.00 0.00 0.00 0.00 27,160.00 0.00 1,900.00
0.00 0.00 300.00 0.00 0.00 0.00 12,900.00
0.00 0.00 1,300.00 0.00 0.00 0.00 9,800.00
15,434.82
9,600.00
1,744.74 0.00 85.00
1,750.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Other Income
32,783.72
22,698.00
10,085.72
120,878.71
91,512.00
$296,877.98
$283,677.00
$13,200.98
$1,183,089.50
$1,106,332.00
11,634.72
12,689.00
46,395.42
50,756.00
0.00 12,190.20 0.00 2,741.20
0.00 11,403.00 0.00 4,580.00
0.00 47,113.67 0.00 14,615.32
0.00 45,612.00 0.00 14,675.00
0.00 97.62
0.00 1,720.00
0.00 3,273.78
0.00 6,880.00
0.00 0.00 66.88 0.00 26,730.62
0.00 0.00 0.00 0.00 30,392.00
0.00 0.00 88.11 0.00 111,486.30
0.00 0.00 3,000.00 0.00 120,923.00
Office Operations & Supplies
532.19
850.00
1,624.02
3,400.00
Telephones Answering Svc. & Pagers
788.60 251.66
743.00 98.00
3,997.57 560.15
2,972.00 392.00
Postage & Delivery Patrol Services Membership Dues Publications & Subscriptions Conventions/Seminars Employee Training Furniture Rental Car Expenses Permits & Fees Credit Checks Guest Suite Expense Parking Cost Total Operating Expense
336.06 0.00 0.00 42.00 0.00 391.68 0.00 0.00 16.00 381.30 612.82 0.00 3,352.31
211.00 0.00 0.00 114.00 0.00 350.00 0.00 38.00 0.00 444.00 500.00 0.00 3,348.00
895.42 0.00 0.00 163.00 0.00 681.49 0.00 0.00 16.00 1,960.90 2,281.72 0.00 12,180.27
844.00 0.00 0.00 456.00 0.00 1,350.00 0.00 152.00 0.00 1,428.00 2,150.00 0.00 13,144.00
Advertising & Promotions
1,694.00
3,500.00
6,400.49
18,000.00
341.15 495.28
400.00 1,401.00
714.32 9,438.67
1,800.00 5,595.00
0.00 2,530.43
500.00 5,801.00
500.00 17,053.48
2,000.00 27,395.00
1,417.14
342.00
1,833.45
1,053.00
Total Revenue Expense Managers Salary Salaries Maintenance Salary Salary - Administrative Commissions & Bonus Payroll Taxes Group Insurance Disability Insurance 401k Match Contract Labor Workers Comp Total Salary Expense
Resident Promotions Locators Resident Referrals Total Advertising Expense Paint & Drywall
1,054.28 We were down one employee for most of the month. 0.00 (787.20) 0.00 1,838.80 Due to higher occupancy, commission pay out was less. 0.00 1,622.38 We have less participants for our insurance program then what was anticipated in the budget. 0.00 0.00 (66.88) 0.00 3,661.38 317.81 Less supplies bought for the office this month. (45.60) (153.66) April and May's Muzak bill was paid out this month. (125.06) 0.00 0.00 72.00 0.00 (41.68) 0.00 38.00 No expense for this month. (16.00) Sales tax license fee. 62.70 (112.82) Furniture rental for guest suite. 0.00 (4.31) 1,806.00 Savings due to canceling of Apartment Guide advertising. 58.85 905.72 One locator fee paid verses four budgeted. 500.00 No referrals paid for this month. 3,270.57 (1,075.14) Extra drywall work needed for unit #16302 closet doors.
Contract Cleaning Svcs.
3,715.00
2,859.00
Carpet Cleaning & Repairs
1,069.00
1,577.00
Window Coverings
472.22
270.00
Vinyl & Tile Repairs Lock & Keys Counter & Tub Resurfacing
0.00 188.24 225.00
0.00 85.00 417.00
Other Redecorating Cleaning Supplies Total Make Ready Expense
0.00 181.20 7,267.80
0.00 158.00 5,708.00
General Maintenance & Supplies HVAC Parts & Repairs
539.45 304.79
900.00 100.00
Plumbing Parts & Repairs
395.48
120.00
Electric Parts & Repairs Roof & Gutter Repairs Pools & Fountains
103.95 0.00 321.12
50.00 0.00 600.00
Gates & Entrances Glass & Screens Appliance Parts & Repairs
0.00 0.00 427.94
20.00 0.00 300.00
376.76 0.00 0.00 0.00 55.41 0.00 0.00 0.00 2,524.90
120.00 155.00 300.00 0.00 450.00 0.00 0.00 0.00 3,115.00
2,853.04
8,863.00
395.60
755.00
94.75
205.00
0.00 0.00 0.00 0.00 180.00 3,523.39
0.00 0.00 0.00 0.00 3,500.00 13,323.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
11,875.12 0.00 0.00 457.60
11,347.00 0.00 0.00 200.00
0.00 0.00 150.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Hardware Exterior Painting Uniforms Elevator Service & Repairs Security & Fire Systems Uninsured Losses Locks & Keys Bulbs & Ballasts Total Maintenance Expense Landscape & Grounds Trash Removal Pest Control Security Patrols Window Cleaning Svc. Interior Cleaning Svc. Cable Television Snow Removal Total Service Expense Expenses - CAM - Electric Expenses - CAM - Water/Sewer Expenses - CAM - Gas Expenses - CAM - Grounds Expenses - CAM - Trash Removal Expenses - CAM - Cleaning Svcs Expenses - CAM - Maintenance Expenses - CAM - Insurance Expenses - CAM - R/E Taxes Total CAM Expense Management Fees No Name No Name Legal Fees Accounting Fees Postage & Delivery Bank Charges Partnership Insurance Other Administrative Expenses Travel Expense Employee Activities Printing Computer Consulting Computer Expense Bank Charges Development Cost
(856.00) We had more turnover which resulted in higher cleaning cost this month. 508.00 More carpets needed replacing this month than cleaning. (202.22) More blinds needed replacing in vacant units this month. 0.00 (103.24) 192.00 We only had to resurface one tub this month verses two budgeted. 0.00 (23.20) (1,559.80)
10,925.00
11,436.00
3,604.00
4,857.00
1,088.75
1,080.00
0.00 188.24 598.00
0.00 340.00 1,668.00
0.00 484.10 18,721.54
0.00 632.00 21,066.00
360.55 (204.79) New hot water heater valve unit needed for apt #6102. (275.48) Extra plumbing service needed for apt #16102. (53.95) 0.00 278.88 Rust remover needed for hard water stains. 20.00 No gate repair at this time. 0.00 (127.94) Extra shelf fronts for refrigerators needed for apartment turns. (256.76) 155.00 300.00 No new uniforms needed at this time. 0.00 394.59 0.00 0.00 0.00 590.10
1,829.89 455.88
3,188.00 500.00
848.80
480.00
601.99 0.00 380.16
190.00 0.00 900.00
0.00 0.00 1,691.02
50.00 520.00 1,200.00
424.02 0.00 0.00 0.00 5,073.64 0.00 0.00 0.00 11,305.40
480.00 155.00 300.00 0.00 1,800.00 0.00 0.00 0.00 9,763.00
2,853.04
8,863.00
2,471.35
3,020.00
419.75
820.00
0.00 0.00 0.00 0.00 7,278.72 13,022.86
0.00 0.00 0.00 0.00 14,000.00 26,703.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
47,266.73 0.00 0.00 (528.84)
44,254.00 0.00 0.00 1,200.00
0.00 0.00 150.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
6,009.96 Flowers and landscaping has been pushed up to May due to weather.. 359.40 Trash removal services from 03/01/08 to 03/31/08. 110.25 No pigeon service needed at this time. 0.00 0.00 0.00 0.00 3,320.00 Only one snow removal on 4/10/08. 9,799.61 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (528.12) Based on % of collections. 0.00 0.00 (257.60) Four eviction fees for this month verses two budgeted. 0.00 0.00 (150.00) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Admin. Expense
12,482.72
11,547.00
3,328.18 0.00 683.42 16,286.33
3,500.00 0.00 1,967.00 20,000.00
Water & Sewer - Resident Reimb
(16,738.47)
(13,600.00)
Water - irrigation Electric - Tenant Reimbursement Trash Reimbursement Water - Tenant Reimbursement Utility -Vacant Electric Utility - Vacant Gas Tenant Reimbursement - Gas Total Utility Expense
0.00 0.00 (2,442.50) 0.00 558.98 275.97 0.00 1,951.91
5,000.00 0.00 (2,400.00) 0.00 1,112.00 667.00 0.00 16,246.00
Electricity Electricity Gas - Resident Natural Gas Water & Sewer
Management Fees Management Fees-MRLL Property Legal Fees Credit Card Fees Bank Charges Bank Adjustments Other Professional Fees Late Charges HOA Assessment Fees Contributions Fiduciary Fees Custodial Fees Thunder Expense Accounting Fees Total Management Expense
0.00 0.00 0.00 599.10 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 599.10
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Property Taxes Franchise Tax Insurance Tax Consultants MIP Total Taxes & Insurance Total Operating Expenses NET OPERATING INCOME
30,188.47 0.00 4,840.47 0.00 0.00 35,028.94 95,992.12 200,885.86
30,188.00 0.00 4,850.00 57.00 0.00 35,095.00 124,575.00 159,102.00
Base Rent - Interest Payment Base Rent - Principal Payment Stated Rent Office Rent Total Rent Expense
106,586.67 0.00 86,666.71 0.00 193,253.38
Mortgage Interest Loan Fees Interest Expense Interest Expense Total Debt Service Partnership Legal Fees Partnership Accounting Fees Partnership Travel Partnership - Meals Partnership Fees - Other Partnership Expense Due Diligence Cost Dead Deal Cost Asset Management Fees Investor Administration Fee Partnership Exp- Leaseup Costs Total Partnership Expense Exterior Rehab Interior Rehab HVAC Replacement Carpet & Floor Replacement Refrigerators Dishwashers & Ranges Washers / Dryers Fire Alarm Replacement
(935.72) 171.82 0.00 1,283.58 Based on actual expense. 3,713.67 March they estimated the bill and estimates were higher then actual use so we saw a savings in April. 3,138.47 Many residents are now catching up from under estimating of March's billing. 5,000.00 Irrigation not turned on for April. 0.00 42.50 0.00 553.02 Savings due to higher occupancy. 391.03 Savings due to higher occupancy. 0.00 14,294.09 0.00 0.00 0.00 (599.10) 03/08 credit card fees. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (599.10)
46,887.89
45,454.00
13,741.31 0.00 10,725.08 67,551.10
13,250.00 0.00 7,868.00 80,000.00
(51,669.60)
(54,400.00)
74.35 0.00 (8,752.60) 0.00 3,812.63 2,092.99 0.00 37,575.26
5,000.00 0.00 (9,600.00) 0.00 4,357.00 3,187.00 0.00 49,662.00
0.00 0.00 1,896.50 1,539.65 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3,436.15
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(0.47) 0.00 9.53 57.00 0.00 66.06 28,582.88 41,783.86
120,753.88 0.00 19,337.40 0.00 0.00 140,091.28 411,760.43 771,329.07
120,752.00 0.00 19,400.00 228.00 0.00 140,380.00 454,490.00 651,842.00
106,587.00 0.00 86,667.00 0.00 193,254.00
0.33 0.00 0.29 0.00 0.62
426,346.68 0.00 346,666.84 0.00 773,013.52
426,348.00 0.00 346,668.00 0.00 773,016.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 532.16 55.14 0.00 0.00 0.00 0.00 1,000.00 3,200.00 0.00 4,787.30
0.00 0.00 200.00 0.00 0.00 0.00 0.00 0.00 1,000.00 3,250.00 0.00 4,450.00
0.00 0.00 (332.16) (55.14) 0.00 0.00 0.00 0.00 0.00 50.00 0.00 (337.30)
0.00 0.00 1,642.96 227.41 0.00 0.00 0.00 0.00 4,000.00 12,800.00 0.00 18,670.37
0.00 0.00 800.00 0.00 0.00 0.00 0.00 0.00 4,000.00 13,000.00 0.00 17,800.00
0.00
2,546.00
2,852.02
2,546.00
0.00 0.00 6,943.49
0.00 0.00 5,000.00
0.00 540.47 21,830.87
0.00 0.00 20,000.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 485.32 296.29 0.00
0.00 578.00 678.00 0.00
2,546.00 Garage door repair not completed yet. Will be started in May. 0.00 0.00 (1,943.49) We replaced eight carpets this month, and only four were budgeted. 0.00 0.00 0.00 0.00
Other Capital Improvements
0.00
5,000.00
Boiler Replacement Roof Replacement Total Capital Expenses
0.00 0.00 6,943.49
0.00 0.00 12,546.00
Casualty Losses Casualty Recovery Total Casualty Loss NET INCOME (LOSS)
0.00 0.00 0.00 (4,098.31)
0.00 0.00 0.00 (51,148.00)
Rental Guarantee
0.00 (4,098.31)
0.00 (51,148.00)
5,000.00 Pool furniture was ordered and should be here the end of May due to items being back ordered. 0.00 0.00 5,602.51
5,141.39
9,749.00
0.00 0.00 31,146.36
0.00 0.00 33,551.00
0.00 0.00 0.00 47,049.69
0.00 0.00 0.00 (51,501.18)
0.00 0.00 0.00 (172,525.00)
0.00 47,049.69
0.00 (51,501.18)
0.00 (172,525.00)
$ Variance
Annual Budget
YTD Variance Comment
Filter
(5,131.00)
3,587,640.00
0.01 2,957,388.00
(34,778.00)
74,283.00
48,523.00
(39,909.00) 0.00 0.00 45,894.44
3,661,923.00 0.00 0.00 (253,425.00)
3,005,911.00 0.00 0.00 (195,491.06)
25,576.58
(42,000.00)
(11,539.20)
0.00 0.00 (13,874.38)
0.00 0.00 (18,910.00)
0.00 0.00 (31,491.97)
0.00 0.00 (339.20) 0.00 2,445.00
(23,760.00) 0.00 (23,220.00) 0.00 (13,920.00)
(19,800.00) 0.00 (19,859.00) 0.00 (8,665.00)
27,597.35
(205,887.00)
(116,960.72)
0.00 0.00 0.00 0.00 $47,390.79
0.00 0.00 0.00 0.00 $3,080,801.00
0.00 0.00 0.00 1,885.52 1,179.07
0.00 0.00 0.00 21,791.00 9,450.00
0.00 0.00 0.00 0.00 2,602,104.05 1.00 0.00 0.00 0.00 19,129.54 8,275.53
1,768.30 0.00 489.00 13,006.26
11,120.00 0.00 19,796.00 13,500.00
9,970.30 0.00 15,934.00 20,956.26
529.81 0.00 (3,489.00) 376.56
8,000.00 0.00 3,489.00 41,160.00
6,220.02 0.00 3,489.00 33,257.22
0.00 0.00 0.00 0.00 1,037.44 0.00 4,569.19
0.00 0.00 0.00 0.00 81,480.00 0.00 5,700.00
0.00 0.00 0.00 0.00 69,166.99 0.00 12,200.01
0.00 0.00 (1,000.00) 0.00 0.00 0.00 3,100.00
0.00 0.00 4,100.00 0.00 0.00 0.00 33,880.00
0.00 0.00 2,000.00 0.00 0.00 0.00 29,370.00
5,834.82
30,000.00
33,788.82
(5.26) 0.00 85.00
6,625.00 0.00 0.00
4,269.74 0.00 (155.00)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
29,366.71
290,091.00
$76,757.50
$3,370,892.00
4,360.58
154,548.00
267,872.43 1.00 2,869,976.48 1.00 1.00 121,475.14
0.00 (1,501.67) 0.00 59.68
0.00 138,888.00 0.00 46,633.00
0.00 116,318.87 0.00 36,611.52
0.00 3,606.22
0.00 20,640.00
0.00 11,971.40
0.00 0.00 2,911.89 0.00 9,436.70
0.00 0.00 5,000.00 0.00 365,709.00
1,775.98
10,200.00
0.00 0.00 3,154.99 0.00 289,531.92 1.00 6,406.21
(1,025.57) (168.15)
8,916.00 1,176.00
8,501.17 1,301.81
(51.42) 0.00 0.00 293.00 0.00 668.51 0.00 152.00 (16.00) (532.90) (131.72) 0.00 963.73
2,532.00 0.00 0.00 1,368.00 0.00 4,150.00 0.00 456.00 0.00 4,848.00 6,450.00 0.00 40,096.00
11,599.51
44,000.00
2,286.48 0.00 0.00 775.00 0.00 2,773.17 0.00 190.00 32.00 4,214.20 5,544.54 0.00 32,024.58 1.00 29,594.49
1,085.68 (3,843.67)
5,400.00 16,070.00
3,255.47 16,929.95
1,500.00 10,341.52
5,500.00 70,970.00
(780.45)
4,217.00
3,000.00 52,779.91 1.00 4,645.59
511.00
34,308.00
28,935.00
1,253.00
19,446.00
11,107.00
(8.75)
3,240.00
2,910.97
0.00 151.76 1,070.00
0.00 1,020.00 5,004.00
0.00 801.48 2,908.00
0.00 147.90 2,344.46
0.00 1,896.00 69,131.00
1,358.11 44.12
8,611.00 2,300.00
0.00 1,455.30 52,763.34 1.00 6,457.34 1,360.67
(368.80)
1,440.00
1,844.28
(411.99) 0.00 519.84
540.00 3,000.00 4,200.00
945.94 0.00 2,201.28
50.00 520.00 (491.02)
150.00 1,820.00 3,600.00
70.00 520.00 3,618.96
55.98 155.00 300.00 0.00 (3,273.64) 0.00 0.00 0.00 (1,542.40)
1,400.00 355.00 600.00 0.00 14,555.00 0.00 0.00 0.00 42,571.00
6,009.96
29,581.00
1,400.78 310.00 600.00 0.00 7,379.05 0.00 0.00 0.00 26,708.30 1.00 23,432.08
548.65
9,060.00
6,641.95
400.25
2,760.00
1,539.50
0.00 0.00 0.00 0.00 6,721.28 13,680.14
2,775.00 0.00 0.00 0.00 19,500.00 63,676.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(3,012.73) 0.00 0.00 1,728.84
134,836.00 0.00 0.00 2,800.00
0.00 0.00 0.00 0.00 24,958.72 56,572.25 1.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 114,742.85 0.00 0.00 1,328.76
0.00 0.00 (150.00) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3,060.00 0.00 0.00
0.00 0.00 300.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(1,433.89)
140,696.00
(491.31) 0.00 (2,857.08) 12,448.90
40,500.00 0.00 23,604.00 240,000.00
116,371.61 1.00 33,819.49 0.00 21,243.50 183,837.43
(2,730.40)
(163,200.00)
(136,408.07)
4,925.65 0.00 (847.40) 0.00 544.37 1,094.01 0.00 12,086.74
37,400.00 0.00 (25,696.00) 0.00 12,108.00 7,837.00 0.00 172,553.00
0.00 0.00 (1,896.50) (1,539.65) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (3,436.15)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(1.88) 0.00 62.60 228.00 0.00 288.72 42,729.57 119,487.07
362,256.00 0.00 58,200.00 684.00 0.00 421,140.00 1,386,542.00 1,984,350.00
1.32 0.00 1.16 0.00 2.48
1,443,999.00 0.00 1,040,004.00 0.00 2,484,003.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 (842.96) (227.41) 0.00 0.00 0.00 0.00 0.00 200.00 0.00 (870.37)
0.00 365.00 2,400.00 0.00 0.00 0.00 0.00 0.00 12,000.00 39,000.00 0.00 53,765.00
(306.02)
16,846.00
10,074.35 0.00 (23,195.10) 0.00 9,840.61 15,545.00 0.00 105,435.17 1.00 0.00 0.00 1,896.50 2,138.75 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4,035.25 1.00 301,882.35 0.00 48,427.87 285.00 0.00 350,595.22 1,086,817.55 1,783,158.93 1.00 1,065,868.35 0.00 866,668.55 0.00 1,932,536.90 1.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3,175.12 282.55 0.00 0.00 0.00 0.00 10,000.00 32,250.00 0.00 45,707.67 1.00 7,944.02
0.00 (540.47) (1,830.87)
0.00 1,800.00 66,000.00
0.00 540.47 53,774.36
0.00 92.68 381.71 0.00
1,450.00 1,734.00 1,017.00 0.00
0.00 1,063.32 974.29 0.00
4,607.61
11,899.00
19,890.39
0.00 0.00 2,404.64
0.00 0.00 100,746.00
0.00 0.00 0.00 121,023.82
0.00 0.00 0.00 (654,164.00)
0.00 121,023.82
0.00 (654,164.00)
0.00 0.00 84,186.85 1.00 0.00 0.00 0.00 (279,272.49) 1.00 0.00 0.00
Courtney Downs Apartments April 08 LEASING & OCCUPANCY NUMBER OF MOVE INS: NUMBER OF MOVE OUTS: NET FOR THE MONTH:
15 22 -7
OCCUPIED/LEASED %:
93.86%/96.78%
SOURCE OF TRAFFIC: APARTMENTS.COM APARTMENT GUIDE YELLOW PAGES OTHER. NET BLUE BOOK RENT.COM LIVES IN AREA RESIDENT REFERRAL LOCATORS RENT.COM WALK-IN SIGNAGE BROCHURE/FLYER TOTALS CLOSING RATIO:
INCOME THIS MONTH: INCOME LAST MONTH: DIFFERENCE:
$296,878.00 $302,841.44 -$5,963.44
TOTAL # GARAGES # GARAGES OCCUPIED GARAGES OCCUPIED %
120 104 87%
REASONS WHY PROSPECTS DID NOT LEASE: Traffic 9 1 0 8 3 7 3 6 2 0 0 48 1
Leased 2 0 0 1 1 4 0 2 1 0 0 15 0
88
26
* * * * * * * * * * * * * *
Job Transfer Too expensive. Future/No Availability/Waiting list Just started looking. Waiting for Home to Sell Current Lease to Expire Needs Ground Floor Moved Elsewhere Will return with roommate or spouse Realtor Looking for Client Undecided Employment pending House sale pending Rented at Competitor TOTALS
30%
MARKETING ACTIVITIES & SOURCES FOR THE MONTH * Took brochures and price sheets to Ramada Inn. * Took cookie bags with brochures and price sheets to Candle Wood Suites. * Updated all internet ads with new pricing and specials for the month of April * Took donuts with price sheets to Centennial hospital Human Resources. * Took brochures and prices to United Artist Theaters for employee break room. * Brochures and donuts were taken to Chevrolet Motors staff. * Met with Richmond Home sales team with options of temporary housing for new home buyers. * Dropped off muffins and brochures to Embassy Suites for the breakroom. * Dropped off doughnuts and brochures to Hertz car rental. * Took cookie and candy bag with flyer's to Marriott extended stay hotels. * Took brochures and prices to First Data Corporation. * Took lunch to locators with updates on specials and prices. OVERVIEW OF COMPARABLE PROPERTIES: The surrounding comps are still offering discounted rents on selected units. This translates into one bedroom effective rents of $710, two bedrooms at $835 and three bedrooms starting at $1110. Look and leases specials are 1/2 month off with a 12 to 13 month lease. Overall market is 92.1% average occ. and rental rate of $812 per month. RESIDENT RETENTION: We had 28 leases expiring in the month of April. 13 renewed leases with a $56.50 increase. Notices received; (2) buying homes, (3) renting houses, (1) closer to work, (1) more space, (1) did not hear from (1) too expensive, (3) out of state, (1) moving in with roommate, (1) month to month, (1) transfer on site. INCIDENTS ON THE PROPERTY: N/A
2 4 15 6 4 7 3 0 10 0 3 5 0 3 62
MAINTENANCE:
ROUTINE REPLACEMENTS:
MARKET READY UNITS COMPLETE PAINTS TOUCH UPS WORK ORDERS Pending Misc 0 Electrical 0 Punch 0 HVAC 0 Plumbing Property Ext. Appliances Safety Total ROOF LEAKS
0 0 0 0 0
Completed 18 27 19 13 53 0 13 0 143
PLUMBING LEAKS
Number of: 19 11 8 143 0 18 27 19 13 53 0 13 0 143 0
0
CAPITAL IMPROVEMENTS IN PROGRESS: N/A
PROBLEM AREAS NEEDING ATTENTION: Ordering sod for pet kill areas. Bee's around apartment 16305. Ordered slings and chair backs for swimming pool furniture. CURRENT STAFF: Manager Assistant Manager Leasing Consultant Leasing Consultant Maintenance Supervisor Assistant Maintenance Maintenance/ Grounds
Nancy Howland Carrie McMillan Summer Wahrman Kate Hawkins Gabriel Tellez Russell Briley Jorge Chavez and Jorge Bernal
ACCOMPLISHMENTS FOR THE MONTH: Re-stripped and cleaned the parking lot. Replaced heat exchanger and pump motor for swimming pool.
REFRIGERATORS DISHWASHERS WINDOWS A/C COMPRESSORS CONDENSING UNITS WATER HEATERS ICE MAKERS GARBAGE DISPOSALS MICROWAVES CARPETS CEILING FANS TOILETS A/C FAN MOTORS COUNTER TOPS CABINETS RESURFACED KITCHEN
BLINDS TUBS RESURFACED TUB TILES
Number Replaced 0 0 0 0 0 0 0 0 0 6 0 0 0 0 0
23 0 0
Apt. #
6306, 10301, 10209, 6205, 9310, 10107.
16205-2, 14202-2, 10112-3, 62081, 9304-1, 13208-2, 6306-2, 72011, 16103-1, 2301-1, 14201-2, 91102, 9107-1, 10209-2.
MARKET SURVEY Courtney Downs April-08 Apartment Name
Address Phone Location # of units Age of Property Application Fee Credit Card Pets Allowed Pet Deposit Sec. Deposit W/D included Covered Parking Garage Cable Tennis Courts # of pools Weight Room Jacuzzi Ceiling Fans Microwaves Mini Blinds FF Freezer Icemakers Fireplaces Access Gates Alarm in Unit Door to Door Aerobics/Kick Box Movie Room Computer Library Indoor Basketball Water Charge
Courtney Downs
Coyote Ranch
15849 E. Jamison Dr16363 E Freemont Ave 720-870-6114 303-693-8787 Englewood, Co Aurora, Co 342 507 5 5 $50.00 $35.00 yes yes yes yes 300 n/r 300-600 150 275-325 Yes yes no yes Detached yes Yes yes no no 1 1 yes yes yes 1 yes yes yes yes yes yes yes yes yes yes yes no no yes Prewired no no no no no no yes yes yes no no yes no
Windsor @ Meridian
Pinnacle @ the Creek
Dove Valley
9875 Jefferson Pkwy 303-256-7700 Englewood, Co 80112 653 7 $40.00 yes yes 150-300 300 Only In Select Units yes yes yes no 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
6107 S Parker Rd 303-766-2500 Centennial, Co 216 4 $35.00 no yes $100 $300 Only Select Units yes yes yes no 1 yes 1 yes yes yes yes yes yes no yes no no yes yes no yes
7550 S Blackhawk 303-362-2000 Englewood, Co 80112 312 6 $40.00 yes yes 300-500 $100.00 no no yes yes yes 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
Cherrywood Village
16950 E Carlson Dr 303-805-7200 Parker, Co 80134 360 6 $35.00 no yes $400-500 $200-300 yes no yes yes yes 2 yes 2 yes yes yes yes yes yes yes no no no yes yes no yes
Reserve @ South Creek
15611 E Jamison Dr 303-680-6696 Englewood, Co 80112 168 6 $50.00 yes yes 300 100 no no yes yes yes 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
Courtney Downs RENTAL SCHEDULE
April 08
UNIT TYPE A1 A1V A2 B1 B1V C C1 C1V CV D DV E EV TOTAL
1BR 1BR 1BR 1BR 1BR 2BR 2BR 2BR 2BR 2BR 2BR 3BR 3BR
#UNITS
SIZE
40 32 18 24 32 42 44 22 24 16 20 24 4
704 704 910 808 808 977 1,030 1,030 977 1,030 1,030 1,140 1,140
TOTAL S/F 28,160 22,528 16,380 19,392 25,856 41,034 45,320 22,660 23,448 16,480 20,600 27,360 4,560
342
917
313,778
MKT RENT PER UNIT 725 725 850 750 760 875 900 925 875 925 925 1160 1160 $870
MKT RENT MONTHLY PER S/F GROSS 1.03 $29,000 1.03 $27,520 0.93 $15,300 0.93 $18,000 0.94 $24,320 0.90 $36,750 0.87 $39,600 0.90 $20,350 0.90 $21,000 0.90 $14,800 0.90 $18,500 1.02 $27,840 1.02 $4,640 $0.95
$297,620
ANNUAL GROSS $348,000 $330,240 $183,600 $216,000 $291,840 $441,000 $475,200 $244,200 $252,000 $177,600 $222,000 $334,080 $55,680 $3,571,440
EFFECTIVE CONCESSION RENTS* 725.00 725.00 850.00 750.00 760.00 875.00 900.00 925.00 875.00 925.00 925.00 1,160.00 1,160.00
CONCESSION PER UNIT
$870 * Net of Concessions
EFFECTIVE PER S/F
1.03 1.03 0.93 0.93 0.94 0.90 0.87 0.90 0.90 0.90 0.90 1.02 1.02 0.95
EFFECTIVE MONTHLY GROSS $29,000 $27,520 $15,300 $18,000 $24,320 $36,750 $39,600 $20,350 $21,000 $14,800 $18,500 $27,840 $4,640 $297,620
Vacants
Vacants Leased
Notice
Notice Leased
Net Available
1 0 1 1 0 6 5 0 0 3 0 1 0
1 0 0 0 0 4 2 0 0 0 0 1 0
8 0 0 8 0 5 11 0 0 6 0 4 0
3 0 0 5 0 2 1 0 0 4 0 0 0
5 0 1 4 0 5 13 0 0 5 0 4 0
18
8
42
15
37
MARKET SURVEY Courtney Downs April-08
(Concessions reduced rates) PROPERTY:
Courtney Downs Apt PRICE
Efficiency Efficiency 1B1B (A) 1B1B (B) 1B1B w/study 1B 1B 1B w/loft 1B1B w/study 2B2B (E) 2B2B (F) 2B2B (G) 2B2B (H) 2B2B 2B w/study 2B2B TH 2B2B TH 3B2B 3B2B
% occ /leased Avg PSF Avg Rents Units(Total / Avail)
SIZE
Coyote Ranch
PSF
PRICE
SIZE
Windsor at Meridian
PSF
755 795
779 853
PRICE
0.97 0.93
SIZE
Pinnacle @ the Creek
PSF
PRICE
SIZE
Dove Valley
PSF
PRICE
SIZE
PSF
PRICE
Cherrywood Village SIZE PSF
704 808
1.03 1.05
710 725
627 701
1.13 1.03
725 805
685 705
1.06 1.02
715 750
768 842
0.93 0.89
710 730
707 796
1.00 0.92
910
0.82
835
811
0.91
810
760
1.03
765
992
0.77
760
916
0.83
845 925
956 1044
0.88 0.89
935
1051
960
1120
0.89 0.86
875
977
0.90
940
1105
0.85
900 925
1030 1030
0.87 0.90
985
1192
0.83
975 995
1196 1180
0.82 0.84
1,160
1140
1.02
1055 1190
1398 1398
0.75 0.91
1185
1330
0.89
94 1 884 342
96.78%
0
0% 0.92
93%
96%
0.94 38
0.87 1114 507
36
Special: Waived security Special: One month free Rates deposit with approved credit. on 12 to 13 month lease. reflect these rates: specials:
Ren: $50 to $75 increase.
Ren.: 15% increase on all renewals.
994 653
1110
1230
91%
93.70%
0.90
763 763
0.93 1.05
1115
0.74
815
1033
0.79
822
1037
0.79
1220
0.75
910
1093
0.83
900
1037
1.23
1120
1356
0.83
1195 1305
1235 1235
0.97 1.04
915 1045
1257 1257
92.0%
32
710 727
825 910
89%
0.96 808 216
Reserve@South Creek SIZE PSF
PRICE
725 850 750
94.2%
95%
0.82 848 312
39
92.1%
19
0
0.73 1.10
94%
0.91 1131 360
0.97 995 168
14
Will not give out any information.
Special:1/2 month free with look and lease.
Special: One month free or giftcertificate to the mall Special: 1/2 month off 12 to Special: One month free on a w/look and lese special. 13 month leases. 12 to 13 month special.
Ren: Info not avail per corporate
Ren:Per corporate
Ren: $35 to $80 increas for 12 month lease
Ren: Average $25 to $75 increase.
Ren: Free carpet cleaning with 12mo.
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