August Courtney Downs
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USA Courtney Downs LeaseCo, LLC Key Variable Analysis 8/31/2008 Number of Units Average Length of Stay (mos.) Renewal Rate Turnover Rate - Current month YTD annualized Current Gross Potential (most recent fin. stmt.) Gross Potential (beg. Budget year) % Increase in GPR (current to beg. budget yr.)
Write-offs as % of Gross Potential Other Income/Unit (excl. Utility Reimb.) Application Fee Per Move In Redec/Admin. Fee Per Move In
#REF!
#REF!
MTD -0.18%
% Change
$294,410 $2,842 $297,252
$301,250 ($3,635) $297,615
2.32% -227.90% 0.12%
Current Actual
Current Budget
% Variance
$271,191 $28,230 $299,421
$261,671 $27,910 $289,581
$9,520 $320 $9,840
Month
Average Occupied Rent
Economic Occupancy
Physical Occupancy
Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08
#REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! $0 $0 $0 $0
#REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! 0.00% 0.00% 0.00% 0.00%
91.40% 94.04% 95.32% 93.18% 93.81% 94.09% 93.94% 94.81% 0.00% 0.00% 0.00% 0.00%
Category
Expenses /unit/yr.
Category
Expenses /unit/yr.
YTD 1.08% #REF! Net Rental Income Other Income Total Revenue
#REF! #REF!
Average Advertising/Locator Cost per Move-In: Total Resident Retention per Unit: Average Cost per Turn (move-out): % Water/Sewer Recovery - MTD & YTD - Actuals
$225
$206
$538 75.32% Actual + Bud #REF! #REF! #REF!
$285 71.90% Budget #REF! #REF! #REF!
Lease Expiration Sep-08
Actual Current Month
Market Rent (MR) LTL as % of MR Gross Potential
Controllable Expenses as % of Total Revenue: Total Expenses as % of Total Revenue:
Total Controllable Expenses (/unit/yr.): Total Non-controllable Expenses (/unit/yr.): Total Expenses (/unit/yr.):
Actual Jan
20.00
Salary Expense
$1,003
Credit Card Fees
$13
Service Expense
$155 $419
Operating Expense
$118
Administrative Expense
Advertising Expense
$166
Utility Expense
Make Ready Expense
$193
Taxes & Insurance
Maintenance Expense
$126
Capital Expense
Management Expense
#N/A
$433 $1,232 $309
(Net Rental income) / (total units * occupancy)
USA Courtney Downs LeaseCo, LLC Summary Report
Actual 25 15
30 30
Variance (5) 15
94.81% 5.19% 90.02%
94.82% 5.18% 86.86%
-0.01% -0.01% 3.16%
Move-ins Move-outs Physical Occupancy Vacancy Economic Occupancy
Budget
Prior Month
Current Month
Subsquent Month
at month end (vacancy / market rent) (net rental / market rent)
Annualized Per Unit
Net Rental Revenue Actual / Projected Budget - Original Variance
265,581 263,650 1,931
271,191 261,671 9,520
266,582 258,661 7,921
Other Revenue Actual Budget - Original Variance
37,758 25,305 12,453
28,230 27,910 320
23,739 23,739 -
99,514 122,872 23,358
76,346 118,647 42,301
79,854 114,949 35,095
#REF! #REF! #REF!
Expenses - Taxes & Insurance Actual Budget - Original Variance
35,029 35,095 66
35,029 35,095 66
35,095 35,095 -
#REF! #REF! #REF!
Expenses - Capital Actual Budget - Original Variance
23,117 17,804 (5,313)
7,400 6,600 (800)
6,259 6,259 -
Actual 2,782,500 2,178,392 604,108
Budget 2,782,500 1,984,350 798,150
Expenses - Controllable Actual Budget - Original Variance
NOI Goal - Annual NOI Goal @ 7.00% cap Projected NOI Variance
( YTD Actual + Remaining Projected Budget)
Variance 194,041.83
( from disposition analysis ) ( YTD Actual + Remaining Budget )
Lease Expiration USA Courtney Downs LeaseCo, LLC (10600) Month Year = 09/2008 Property
Unit Type
Units
MTM
Sep-08
Oct-08
10600
Arlington(cdc1)
66.00
0.00
2.00
5.00
10600
Calder(cda1)
72.00
0.00
9.00
8.00
10600
Churchill(cde)
28.00
0.00
1.00
3.00
10600
Derby(cda2)
18.00
0.00
1.00
0.00
10600
Drysdale (Study)(cdb1)
56.00
0.00
3.00
7.00
10600
Lexington(cdd)
36.00
0.00
2.00
2.00
10600
Steplechase(cdc)
10600
USA Courtney Downs LeaseCo, LLC (10600)
66.00
0.00
2.00
5.00
342.00
0.00
20.00
30.00
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
3.00
5.00
4.00
7.00
2.00
4.00
5.00
8.00
2.00
5.00
4.00
6.00
3.00
7.00
3.00
4.00
0.00
5.00
1.00
1.00
4.00
1.00
2.00
1.00
2.00
1.00
1.00
3.00
1.00
1.00
1.00
2.00
8.00
2.00
4.00
0.00
6.00
5.00
4.00
2.00
0.00
1.00
2.00
2.00
3.00
4.00
6.00
7.00
7.00
3.00
5.00
7.00
3.00
4.00
5.00
7.00
22.00
22.00
21.00
26.00
22.00
26.00
26.00
31.00
Jul-09
Aug-09
Total
4.00
3.00
52.00
6.00
7.00
64.00
3.00
1.00
23.00
2.00
1.00
16.00
2.00
5.00
48.00
1.00
2.00
32.00
5.00
5.00
58.00
23.00
24.00
293.00
Courtney Downs Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Move Ins cummulative move in
17 17
16 33
19 52
16 68
28 96
16 112
31 143
25 168
Move Outs cummulative move out
17 17
11 28
19 47
21 68
18 86
20 106
33 139
15 154
Sep
Oct
Nov
Dec 168
168
168
168
168
154
154
154
154
154
USA Courtney Downs LeaseCo, LLC (10600) 12 Month Occupancy Showing Occupancy Percentage By Property And Month
Year : 2008 Grouped By : Region Calculation by : Unit Count Property
2007 2008
Units
342
Sq Ft
311,852
Jan
Feb
Mar
Apr
89.50
88.75
88.09
90.32
91.40
94.04
95.32
93.18
May
Jun
July
Aug
Sep
93.11
94.95
95.85
94.18
93.98
93.81
94.09
93.94
94.81
Oct
94.00
Nov
92.69
Dec
92.10
USA Courtney Downs LeaseCo, LLC (10600)
Budget Period = Jan 2008-Dec 2008 Book = Accrual Jan-08 INCOME Market Rent Loss / Gain to Lease Gross Potential Rent Vacancy Loss Upfront Rent Concessions Adjustments & W/O Model Units Employee Apartment Guest Suite Lease Term Concessions INCOME RENTAL OTHER REVENUES Late Charges & NSF Fees Month to Month Premium Storage Fees Application Fees Termination Fees & Damages Miscellaneous Income Interest Income Pet Rents & Fees Garage Income Cable/Telephone Income Forfeited Deposits Administration Fee Move-Out Charges Short Term Lease Fees TOTAL OTHER REVENUES TOTAL REVENUE SALARY EXPENSES Managers Salary Maintenance Salary Commissions & Bonus Group Insurance Contract Labor TOTAL SALARY EXPENSES OPERATING EXPENSES Office Operations & Supplies Telephones Answering Svc. & Pagers Postage & Delivery Publications & Subscriptions
Feb-08
Mar-08
294,410.00 10,247.00 304,657.00 -28,795.00 -6,000.00 -1,507.00 -1,980.00 -1,935.00 -1,160.00 -17,793.00 245,487.00
294,410.00 10,940.00 305,350.00 -27,074.00 -6,000.00 -1,534.00 -1,980.00 -1,935.00 -1,160.00 -15,707.00 249,960.00
297,830.00 7,880.00 305,710.00 -24,776.00 -3,000.00 -1,586.00 -1,980.00 -1,935.00 -1,160.00 -12,879.00 258,394.00
1,463.00 300.00 680.00 1,176.00 0.00 600.00 3,489.00 3,360.00 6,790.00 475.00 300.00 1,820.00 2,400.00 500.00 23,353.00 268,840.00
1,463.00 750.00 720.00 1,323.00 0.00 200.00 0.00 3,360.00 6,790.00 475.00 300.00 2,100.00 2,400.00 375.00 20,256.00 270,216.00
1,771.00 750.00 880.00 1,519.00 2,700.00 1,100.00 0.00 3,360.00 6,790.00 475.00 300.00 2,660.00 2,400.00 500.00 25,205.00 283,599.00
12,689.00 11,403.00 3,005.00 1,720.00 1,000.00 29,817.00
12,689.00 11,403.00 3,425.00 1,720.00 1,000.00 30,237.00
12,689.00 11,403.00 3,665.00 1,720.00 1,000.00 30,477.00
850.00 743.00 98.00 211.00 114.00
850.00 743.00 98.00 211.00 114.00
850.00 743.00 98.00 211.00 114.00
Employee Training Car Expenses Credit Checks Guest Suite Expense TOTAL OPERATING EXPENSE
350.00 38.00 288.00 600.00 3,292.00
350.00 38.00 324.00 550.00 3,278.00
300.00 38.00 372.00 500.00 3,226.00
ADVERTISING EXPENSES Advertising & Promotions Resident Promotions Locators Resident Referrals TOTAL ADVERTISING EXPENSES
7,500.00 500.00 723.00 500.00 9,223.00
3,500.00 400.00 1,446.00 500.00 5,846.00
3,500.00 500.00 2,025.00 500.00 6,525.00
MAKE READY EXPENSES Paint & Drywall Contract Cleaning Svcs. Carpet Cleaning & Repairs Window Coverings Lock & Keys Counter & Tub Resurfacing Cleaning Supplies TOTAL MAKE READY EXPENSES
207.00 2,859.00 955.00 270.00 85.00 417.00 158.00 4,951.00
225.00 2,859.00 1,038.00 270.00 85.00 417.00 158.00 5,052.00
279.00 2,859.00 1,287.00 270.00 85.00 417.00 158.00 5,355.00
MAINTENANCE EXPENSES General Maintenance & Supplies HVAC Parts & Repairs Plumbing Parts & Repairs Electric Parts & Repairs Roof & Gutter Repairs Pools & Fountains Gates & Entrances Glass & Screens Appliance Parts & Repairs Hardware Exterior Painting Uniforms Security & Fire Systems TOTAL MAINTENANCE EXPENSE
599.00 200.00 120.00 40.00 0.00 100.00 10.00 260.00 300.00 120.00 0.00 0.00 450.00 2,199.00
689.00 100.00 120.00 50.00 0.00 100.00 10.00 0.00 300.00 120.00 0.00 0.00 450.00 1,939.00
1,000.00 100.00 120.00 50.00 0.00 100.00 10.00 260.00 300.00 120.00 0.00 0.00 450.00 2,510.00
SERVICE EXPENSES Landscape & Grounds Trash Removal Pest Control Security Patrols Snow Removal TOTAL SERVICE EXPENSES
0.00 755.00 205.00 0.00 3,500.00 4,460.00
0.00 755.00 205.00 0.00 3,500.00 4,460.00
0.00 755.00 205.00 0.00 3,500.00 4,460.00
10,754.00 400.00
10,809.00 200.00
11,344.00 400.00
ADMINISTRATIVE EXPENSES Management Fees Legal Fees
Computer Expense TOTAL ADMINISTRATIVE EXPENSES
0.00 11,154.00
0.00 11,009.00
0.00 11,744.00
UTILITY EXPENSES Electricity Natural Gas Water & Sewer Water & Sewer - Resident Reimb Water - irrigation Trash Reimbursement Utility -Vacant Electric Utility - Vacant Gas TOTAL UTILITY EXPENSES
3,250.00 1,967.00 20,000.00 -13,600.00 0.00 -2,400.00 1,505.00 903.00 11,625.00
3,250.00 1,967.00 20,000.00 -13,600.00 0.00 -2,400.00 1,415.00 849.00 11,481.00
3,250.00 1,967.00 20,000.00 -13,600.00 0.00 -2,400.00 325.00 768.00 10,310.00
TAXES & INSURANCE Property Taxes Insurance Tax Consultants TOTAL TAXES & INSURANCE TOTAL OPERATING EXPENSES NET OPERATING INCOME
30,188.00 4,850.00 57.00 35,095.00 111,816.00 157,024.00
30,188.00 4,850.00 57.00 35,095.00 108,397.00 161,819.00
30,188.00 4,850.00 57.00 35,095.00 109,702.00 173,897.00
TIC RENT EXPENSE Base Rent - Interest Payment Base Rent - Principal Payment Stated Rent Total TIC Rent Expense
106,587.00 0.00 86,667.00 193,254.00
106,587.00 0.00 86,667.00 193,254.00
106,587.00 0.00 86,667.00 193,254.00
0.00 200.00 1,000.00 3,250.00 4,450.00
0.00 200.00 1,000.00 3,250.00 4,450.00
0.00 200.00 1,000.00 3,250.00 4,450.00
0.00 0.00 5,000.00 0.00 0.00 339.00 0.00 5,339.00 -46,019.00
0.00 0.00 5,000.00 0.00 259.00 0.00 2,139.00 7,398.00 -43,283.00
0.00 0.00 5,000.00 0.00 319.00 339.00 2,610.00 8,268.00 -32,075.00
157,024.00
318,843.00
492,740.00
PARTNERSHIP EXPENSES Partnership Accounting Fees Partnership Travel Asset Management Fees Investor Administration Fee TOTAL PARTNERSHIP EXPENSES CAPITAL EXPENSES Exterior Rehab HVAC Replacement Carpet & Floor Replacement Refrigerators Dishwashers & Ranges Washers / Dryers Other Capital Improvements TOTAL CAPITAL EXPENSES NET INCOME
NOI YTD - Budget
Projected Move-Ins Total Move Outs Resulting Occupancy at Month End Average Monthly Occupancy Average Scheduled Rent per Unit Average Monthly Occupied Rent
13 12 90.44% 90.22% 861 894
15 13 91.17% 90.80% 861 896
19 16 92.19% 91.68% 871 896
Apr-08
May-08
Jun-08
297,830.00 8,634.00 306,464.00 -21,510.00 -3,000.00 -1,602.00 -1,980.00 -1,935.00 -1,160.00 -14,298.00 260,979.00
297,830.00 8,445.00 306,275.00 -19,986.00 -3,000.00 -1,620.00 -1,980.00 -1,935.00 -1,160.00 -12,717.00 263,877.00
297,830.00 8,157.00 305,987.00 -17,809.00 -3,000.00 -1,621.00 -1,980.00 -1,935.00 -1,160.00 -14,444.00 264,038.00
1,925.00 600.00 840.00 1,813.00 0.00 500.00 0.00 3,360.00 6,790.00 475.00 400.00 3,220.00 2,400.00 375.00 22,698.00 283,677.00
1,925.00 600.00 920.00 1,862.00 2,700.00 500.00 0.00 3,360.00 6,790.00 475.00 400.00 3,220.00 3,600.00 500.00 26,852.00 290,729.00
12,689.00 11,403.00 4,580.00 1,720.00 0.00 30,392.00
850.00 743.00 98.00 211.00 114.00
Jul-08
Aug-08
Sep-08
301,250.00 4,000.00 305,250.00 -15,591.00 -3,000.00 -1,618.00 -1,980.00 -1,935.00 -1,160.00 -16,316.00 263,650.00
301,250.00 3,881.00 305,131.00 -15,591.00 -3,000.00 -1,606.00 -1,980.00 -1,935.00 -1,160.00 -18,188.00 261,671.00
301,250.00 3,436.00 304,686.00 -16,802.00 -3,000.00 -1,588.00 -1,980.00 -1,935.00 -1,160.00 -19,560.00 258,661.00
1,925.00 750.00 920.00 2,107.00 2,700.00 600.00 0.00 4,200.00 6,790.00 475.00 500.00 3,920.00 2,400.00 625.00 27,912.00 291,950.00
1,925.00 900.00 1,000.00 2,205.00 0.00 800.00 0.00 3,360.00 6,790.00 475.00 500.00 4,200.00 2,400.00 750.00 25,305.00 288,955.00
1,925.00 750.00 1,080.00 2,205.00 2,700.00 800.00 0.00 3,360.00 6,790.00 475.00 600.00 4,200.00 2,400.00 625.00 27,910.00 289,581.00
1,925.00 900.00 1,120.00 1,764.00 0.00 800.00 0.00 3,360.00 6,790.00 475.00 500.00 3,080.00 2,400.00 625.00 23,739.00 282,400.00
12,689.00 11,403.00 3,755.00 1,720.00 0.00 29,567.00
12,689.00 11,403.00 5,305.00 1,720.00 0.00 31,117.00
13,069.00 11,745.00 4,900.00 1,720.00 0.00 31,434.00
13,069.00 11,745.00 4,900.00 1,720.00 0.00 31,434.00
13,069.00 11,745.00 4,158.00 1,720.00 0.00 30,692.00
850.00 743.00 98.00 211.00 114.00
850.00 743.00 98.00 211.00 114.00
850.00 743.00 98.00 211.00 114.00
850.00 743.00 98.00 211.00 114.00
850.00 743.00 98.00 211.00 114.00
350.00 38.00 444.00 500.00 3,348.00
350.00 38.00 456.00 600.00 3,460.00
350.00 38.00 516.00 600.00 3,520.00
350.00 38.00 540.00 600.00 3,544.00
350.00 38.00 540.00 500.00 3,444.00
350.00 38.00 432.00 500.00 3,336.00
3,500.00 400.00 1,401.00 500.00 5,801.00
3,500.00 500.00 1,401.00 500.00 5,901.00
3,500.00 400.00 1,705.00 500.00 6,105.00
3,500.00 500.00 1,827.00 500.00 6,327.00
3,500.00 400.00 1,827.00 500.00 6,227.00
3,000.00 500.00 1,340.00 500.00 5,340.00
342.00 2,859.00 1,577.00 270.00 85.00 417.00 158.00 5,708.00
423.00 2,859.00 1,951.00 270.00 85.00 417.00 158.00 6,163.00
405.00 2,859.00 1,868.00 270.00 85.00 417.00 158.00 6,062.00
540.00 2,859.00 2,490.00 270.00 85.00 417.00 158.00 6,819.00
540.00 2,859.00 2,490.00 270.00 85.00 417.00 158.00 6,819.00
446.00 2,859.00 2,054.00 270.00 85.00 417.00 158.00 6,289.00
900.00 100.00 120.00 50.00 0.00 600.00 20.00 0.00 300.00 120.00 155.00 300.00 450.00 3,115.00
720.00 350.00 120.00 50.00 1,500.00 600.00 20.00 260.00 300.00 120.00 0.00 0.00 450.00 4,490.00
720.00 350.00 120.00 50.00 1,500.00 600.00 20.00 0.00 300.00 120.00 100.00 0.00 5.00 3,885.00
900.00 350.00 120.00 50.00 0.00 600.00 20.00 260.00 300.00 120.00 0.00 0.00 200.00 2,920.00
720.00 350.00 120.00 40.00 0.00 600.00 20.00 260.00 300.00 120.00 0.00 0.00 200.00 2,730.00
653.00 100.00 120.00 40.00 0.00 600.00 20.00 260.00 300.00 120.00 100.00 0.00 200.00 2,513.00
8,863.00 755.00 205.00 0.00 3,500.00 13,323.00
5,718.00 755.00 205.00 0.00 0.00 6,678.00
3,000.00 755.00 305.00 925.00 0.00 4,985.00
3,000.00 755.00 305.00 925.00 0.00 4,985.00
3,000.00 755.00 305.00 925.00 0.00 4,985.00
3,000.00 755.00 205.00 0.00 0.00 3,960.00
11,347.00 200.00
11,629.00 200.00
11,678.00 200.00
11,558.00 200.00
11,583.00 200.00
11,296.00 200.00
0.00 11,547.00
0.00 11,829.00
0.00 11,878.00
3,060.00 14,818.00
0.00 11,783.00
0.00 11,496.00
3,500.00 1,967.00 20,000.00 -13,600.00 5,000.00 -2,400.00 1,112.00 667.00 16,246.00
3,500.00 1,967.00 20,000.00 -13,600.00 5,800.00 -2,012.00 1,033.00 620.00 17,308.00
3,500.00 1,967.00 20,000.00 -13,600.00 5,800.00 -2,012.00 920.00 552.00 17,127.00
3,500.00 1,967.00 20,000.00 -13,600.00 5,800.00 -2,012.00 797.00 478.00 16,930.00
3,500.00 1,967.00 20,000.00 -13,600.00 5,000.00 -2,012.00 797.00 478.00 16,130.00
3,500.00 1,967.00 20,000.00 -13,600.00 5,000.00 -2,012.00 858.00 515.00 16,228.00
30,188.00 4,850.00 57.00 35,095.00 124,575.00 159,102.00
30,188.00 4,850.00 57.00 35,095.00 120,491.00 170,238.00
30,188.00 4,850.00 57.00 35,095.00 119,774.00 172,176.00
30,188.00 4,850.00 57.00 35,095.00 122,872.00 166,083.00
30,188.00 4,850.00 57.00 35,095.00 118,647.00 170,934.00
30,188.00 4,850.00 57.00 35,095.00 114,949.00 167,451.00
106,587.00 0.00 86,667.00 193,254.00
106,587.00 0.00 86,667.00 193,254.00
106,586.67 23,565.33 86,667.00 216,819.00
106,474.53 23,677.47 86,667.00 216,819.00
106,361.87 23,790.13 86,667.00 216,819.00
130,152.00 0.00 86,667.00 216,819.00
0.00 200.00 1,000.00 3,250.00 4,450.00
365.00 200.00 1,000.00 3,250.00 4,815.00
0.00 200.00 1,000.00 3,250.00 4,450.00
0.00 200.00 1,000.00 3,250.00 4,450.00
0.00 200.00 1,000.00 3,250.00 4,450.00
0.00 200.00 1,000.00 3,250.00 4,450.00
2,546.00 0.00 5,000.00 0.00 0.00 0.00 5,000.00 12,546.00 -51,148.00
2,960.00 0.00 6,000.00 690.00 319.00 339.00 2,150.00 12,458.00 -40,289.00
1,215.00 600.00 6,000.00 0.00 259.00 0.00 0.00 8,074.00 -57,167.00
10,125.00 600.00 6,000.00 760.00 319.00 0.00 0.00 17,804.00 -72,990.00
0.00 600.00 6,000.00 0.00 0.00 0.00 0.00 6,600.00 -56,935.00
0.00 0.00 6,000.00 0.00 259.00 0.00 0.00 6,259.00 -60,077.00
651,842.00
822,080.00
994,256.00
1,160,339.00
1,331,273.00
1,498,724.00
23 19 93.36% 92.78% 871 898
23 24 93.22% 93.29% 871 897
28 23 94.82% 94.02% 871 896
30 30 94.82% 94.82% 881 893
30 30 94.82% 94.82% 881 893
22 25 94.02% 94.42% 881 891
Oct-08
Nov-08
Dec-08
Total
301,250.00 3,092.00 304,342.00 -19,995.00 -3,000.00 -1,559.00 -1,980.00 -1,935.00 -1,160.00 -20,621.00 254,092.00
301,250.00 2,867.00 304,117.00 -22,418.00 -3,000.00 -1,539.00 -1,980.00 -1,935.00 -1,160.00 -21,370.00 250,715.00
301,250.00 3,587,640.00 2,704.00 74,283.00 303,954.00 3,661,923.00 -23,078.00 -253,425.00 -3,000.00 -42,000.00 -1,530.00 -18,910.00 -1,980.00 -23,760.00 -1,935.00 -23,220.00 -1,160.00 -13,920.00 -21,994.00 -205,887.00 249,277.00 3,080,801.00
1,848.00 1,500.00 1,080.00 1,470.00 0.00 600.00 0.00 3,360.00 6,790.00 475.00 100.00 2,380.00 2,400.00 625.00 22,628.00 276,720.00
1,848.00 1,050.00 960.00 1,225.00 2,700.00 800.00 0.00 3,360.00 6,790.00 475.00 100.00 1,680.00 2,400.00 625.00 24,013.00 274,728.00
1,848.00 21,791.00 600.00 9,450.00 920.00 11,120.00 1,127.00 19,796.00 0.00 13,500.00 700.00 8,000.00 0.00 3,489.00 3,360.00 41,160.00 6,790.00 81,480.00 475.00 5,700.00 100.00 4,100.00 1,400.00 33,880.00 2,400.00 30,000.00 500.00 6,625.00 20,220.00 290,091.00 269,497.00 3,370,892.00
13,069.00 11,745.00 3,395.00 1,720.00 0.00 29,929.00
13,069.00 11,745.00 3,020.00 1,720.00 1,000.00 30,554.00
13,069.00 11,745.00 2,525.00 1,720.00 1,000.00 30,059.00
154,548.00 138,888.00 46,633.00 20,640.00 5,000.00 365,709.00
850.00 743.00 98.00 211.00 114.00
850.00 743.00 98.00 211.00 114.00
850.00 743.00 98.00 211.00 114.00
10,200.00 8,916.00 1,176.00 2,532.00 1,368.00
350.00 38.00 360.00 500.00 3,264.00
350.00 38.00 300.00 500.00 3,204.00
350.00 38.00 276.00 500.00 3,180.00
4,150.00 456.00 4,848.00 6,450.00 40,096.00
3,000.00 400.00 1,035.00 250.00 4,685.00
3,000.00 500.00 731.00 500.00 4,731.00
3,000.00 400.00 609.00 250.00 4,259.00
44,000.00 5,400.00 16,070.00 5,500.00 70,970.00
387.00 2,859.00 1,785.00 270.00 85.00 417.00 158.00 5,961.00
234.00 2,859.00 1,079.00 270.00 85.00 417.00 158.00 5,102.00
189.00 2,859.00 872.00 270.00 85.00 417.00 158.00 4,850.00
4,217.00 34,308.00 19,446.00 3,240.00 1,020.00 5,004.00 1,896.00 69,131.00
630.00 100.00 120.00 40.00 0.00 100.00 0.00 0.00 300.00 120.00 0.00 300.00 10,500.00 12,210.00
652.00 100.00 120.00 40.00 0.00 100.00 0.00 260.00 300.00 100.00 0.00 0.00 1,000.00 2,672.00
428.00 100.00 120.00 40.00 0.00 100.00 0.00 0.00 300.00 100.00 0.00 0.00 200.00 1,388.00
8,611.00 2,300.00 1,440.00 540.00 3,000.00 4,200.00 150.00 1,820.00 3,600.00 1,400.00 355.00 600.00 14,555.00 42,571.00
3,000.00 755.00 205.00 0.00 0.00 3,960.00
0.00 755.00 205.00 0.00 3,000.00 3,960.00
0.00 755.00 205.00 0.00 2,500.00 3,460.00
29,581.00 9,060.00 2,760.00 2,775.00 19,500.00 63,676.00
11,069.00 200.00
10,989.00 200.00
10,780.00 200.00
134,836.00 2,800.00
0.00 11,269.00
0.00 11,189.00
0.00 10,980.00
3,060.00 140,696.00
3,250.00 1,967.00 20,000.00 -13,600.00 5,000.00 -2,012.00 1,022.00 613.00 16,240.00
3,250.00 1,967.00 20,000.00 -13,600.00 0.00 -2,012.00 1,145.00 687.00 11,437.00
3,250.00 1,967.00 20,000.00 -13,600.00 0.00 -2,012.00 1,179.00 707.00 11,491.00
40,500.00 23,604.00 240,000.00 -163,200.00 37,400.00 -25,696.00 12,108.00 7,837.00 172,553.00
30,188.00 4,850.00 57.00 35,095.00 122,613.00 154,107.00
30,188.00 4,850.00 57.00 35,095.00 107,944.00 166,784.00
30,188.00 362,256.00 4,850.00 58,200.00 57.00 684.00 35,095.00 421,140.00 104,762.00 1,386,542.00 965,402.00 2,822.81 164,735.00 1,984,350.00
130,152.00 0.00 86,667.00 216,819.00
130,152.00 0.00 86,667.00 216,819.00
130,152.00 1,372,966.07 0.00 71,032.93 86,667.00 1,040,004.00 216,819.00 2,484,003.00
0.00 200.00 1,000.00 3,250.00 4,450.00
0.00 200.00 1,000.00 3,250.00 4,450.00
0.00 200.00 1,000.00 3,250.00 4,450.00
365.00 2,400.00 12,000.00 39,000.00 53,765.00
0.00 0.00 6,000.00 0.00 0.00 0.00 0.00 6,000.00 -73,162.00
0.00 0.00 5,000.00 0.00 0.00 0.00 0.00 5,000.00 -59,485.00
0.00 0.00 5,000.00 0.00 0.00 0.00 0.00 5,000.00 -61,534.00
16,846.00 1,800.00 66,000.00 1,450.00 1,734.00 1,017.00 11,899.00 100,746.00 -654,164.00
1,652,831.00
1,819,615.00
1,984,350.00 1,984,350.00 0.00
17 22 92.70% 93.36% 881 891
12 13 92.41% 92.56% 881 890
10 11 92.27% 92.34% 881 889
USA Courtney Downs LeaseCo, LLC (10600)
Income Statement (12 months) Period = Jan 2008-Dec 2008 Book = Accrual Jan-08 INCOME Market Rent Loss / Gain to Lease Gross Potential Rent Residential Rent Vacancy Loss Upfront Rent Concessions Adjustments & W/O Model Units Employee Apartment Guest Suite Lease Term Concessions INCOME RENTAL OTHER REVENUES Late Charges & NSF Fees Month to Month Premium Storage Fees Application Fees Termination Fees & Damages Miscellaneous Income Pet Rents & Fees Garage Income Cable/Telephone Income Forfeited Deposits Administration Fee Move-Out Charges Short Term Lease Fees Corporate Rent TOTAL OTHER REVENUES TOTAL REVENUE SALARY EXPENSES Managers Salary Maintenance Salary Commissions & Bonus Group Insurance Contract Labor TOTAL SALARY EXPENSES OPERATING EXPENSES Office Operations & Supplies Telephones Answering Svc. & Pagers Postage & Delivery
Feb-08
Mar-08
294,410.00 2,842.00 297,252.00 0.00 -14,979.36 10.00 -11,483.60 -1,980.00 -1,934.80 795.00 -10,079.23 257,600.01
294,410.00 787.00 295,197.00 0.00 -13,515.14 -434.48 -4,730.58 -1,980.00 -1,934.80 -1,160.00 -7,711.00 263,731.00
294,800.00 29.00 294,829.00 0.00 -12,200.56 6,116.84 -331.61 -1,980.00 -2,104.80 -1,160.00 -6,383.35 276,785.52
2,095.04 455.00 1,217.74 1,800.00 5,090.00 736.40 3,370.97 7,019.83 0.00 0.00 4,050.00 1,600.34 400.00 0.00 27,835.32 285,435.33
2,778.95 666.00 1,270.00 1,500.00 2,500.00 1,318.85 4,806.71 7,091.17 3,113.37 0.00 3,150.00 5,608.70 400.00 0.00 34,203.75 297,934.75
1,558.51 761.61 1,278.56 1,050.00 5,566.26 484.35 2,998.22 7,066.89 0.00 300.00 2,250.00 1,871.78 544.74 325.00 26,055.92 302,841.44
11,795.28 12,801.68 4,717.00 1,490.46 21.23 30,825.65
11,618.56 11,172.74 3,807.35 1,490.46 0.00 28,089.11
11,346.86 10,949.05 3,349.77 195.24 0.00 25,840.92
1,040.43 1,211.63 125.83 288.66
0.00 1,200.38 56.83 196.82
51.40 796.96 125.83 73.88
Publications & Subscriptions Employee Training Permits & Fees Credit Checks Guest Suite Expense TOTAL OPERATING EXPENSES
37.00 74.64 0.00 381.95 499.77 3,659.91
84.00 65.00 0.00 561.00 668.32 2,832.35
0.00 150.17 0.00 636.65 500.81 2,335.70
ADVERTISING EXPENSES Advertising & Promotions Resident Promotions Locators Resident Referrals TOTAL ADVERTISING EXPENSES
1,051.00 259.91 3,969.81 250.00 5,530.72
1,961.49 80.84 2,591.50 250.00 4,883.83
1,694.00 32.42 2,382.08 0.00 4,108.50
MAKE READY EXPENSES Paint & Drywall Contract Cleaning Svcs. Carpet Cleaning & Repairs Window Coverings Lock & Keys Counter & Tub Resurfacing Cleaning Supplies TOTAL MAKE READY EXPENSES
25.12 2,825.00 320.00 356.36 0.00 50.00 50.88 3,627.36
165.10 2,565.00 120.00 0.00 0.00 323.00 230.41 3,403.51
226.09 1,820.00 2,095.00 260.17 0.00 0.00 21.61 4,422.87
MAINTENANCE EXPENSES General Maintenance & Supplies HVAC Parts & Repairs Plumbing Parts & Repairs Electric Parts & Repairs Pools & Fountains Glass & Screens Appliance Parts & Repairs Hardware Uniforms Security & Fire Systems TOTAL MAINTENANCE EXPENSE
548.03 0.00 286.20 252.62 0.00 0.00 273.05 26.73 0.00 16.20 1,402.83
241.89 52.85 47.36 0.00 169.88 0.00 514.57 1.92 0.00 3,232.75 4,261.22
500.52 98.24 119.76 245.42 -110.84 0.00 475.46 18.61 0.00 1,769.28 3,116.45
SERVICE EXPENSES Landscape & Grounds Trash Removal Pest Control Snow Removal TOTAL SERVICE EXPENSES
0.00 555.73 86.00 6,066.20 6,707.93
0.00 731.92 153.00 330.66 1,215.58
0.00 788.10 86.00 701.86 1,575.96
11,360.56 1,164.90 0.00 0.00 12,525.46
11,917.39 -901.34 0.00 0.00 11,016.05
12,113.66 -1,250.00 0.00 0.00 10,863.66
ADMINISTRATIVE EXPENSES Management Fees Legal Fees Bank Charges Computer Expense TOTAL ADMINISTRATIVE EXPENSES
UTILITY EXPENSES Electricity Natural Gas Water & Sewer Water & Sewer - Resident Reimb Water - irrigation Trash Reimbursement Utility -Vacant Electric Utility - Vacant Gas TOTAL UTILITY EXPENSES
4,040.14 3,808.88 13,536.27 -16,247.17 74.35 -2,300.14 1,439.86 561.78 4,913.97
3,457.01 3,487.42 16,771.41 -9,812.59 0.00 -2,206.42 886.14 811.79 13,394.76
2,915.98 2,745.36 20,957.09 -8,871.37 0.00 -1,803.54 927.65 443.45 17,314.62
MANAGEMENT EXPENSES Property Legal Fees Credit Card Fees TOTAL MANAGEMENT EXPENSES
837.50 578.11 1,415.61
1,059.00 362.44 1,421.44
0.00 0.00 0.00
TAXES & INSURANCE Property Taxes Insurance Tax Consultants TOTAL TAXES & INSURANCE TOTAL OPERATING EXPENSES NET OPERATING INCOME
30,188.47 4,840.47 0.00 35,028.94 105,638.38 179,796.95
30,188.47 4,815.99 0.00 35,004.46 105,522.31 192,412.44
30,188.47 4,840.47 0.00 35,028.94 104,607.62 198,233.82
TIC RENT EXPENSE Base Rent - Interest Payment Base Rent - Principal Payment Stated Rent Total TIC Rent Expense
106,586.67 0.00 86,666.71 193,253.38
106,586.67 0.00 86,666.71 193,253.38
106,586.67 0.00 86,666.71 193,253.38
0.00 518.50 0.00 1,000.00 3,200.00 4,718.50
0.00 237.43 101.53 1,000.00 3,200.00 4,538.96
0.00 354.87 70.74 1,000.00 3,200.00 4,625.61
1,993.00 0.00 0.00 2,698.32 0.00 0.00 296.29 4,746.03 9,733.64 -27,908.57
0.00 0.00 0.00 2,700.47 0.00 0.00 0.00 202.76 2,903.23 -8,283.13
859.02 0.00 540.47 9,488.59 0.00 485.32 0.00 192.60 11,566.00 -11,211.17
PARTNERSHIP EXPENSES Partnership Accounting Fees Partnership Travel Partnership - Meals Asset Management Fees Investor Administration Fee TOTAL PARTNERSHIP EXPENSES CAPITAL EXPENSES Exterior Rehab Interior Rehab HVAC Replacement Carpet & Floor Replacement Refrigerators Dishwashers & Ranges Washers / Dryers Other Capital Improvements TOTAL CAPITAL EXPENSES NET INCOME
TOTAL OF ALL
-27,908.57
-8,283.13
-11,211.17
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
295,729.00 -735.00 294,994.00 0.00 -15,565.50 1,884.22 -3,557.59 -1,980.00 -2,104.80 -670.00 -8,906.07 264,094.26
295,510.00 1,148.00 296,658.00 0.00 -15,359.58 0.00 -1,908.23 -1,645.00 -1,955.77 -910.00 -9,644.00 265,235.42
295,420.00 1,233.00 296,653.00 0.00 -16,776.46 0.00 -3,080.11 -1,645.00 -1,950.80 -655.00 -9,354.20 263,191.43
301,250.00 -4,175.00 297,075.00 0.00 -16,864.78 0.00 -1,188.89 -1,685.00 -1,950.80 -910.00 -8,894.19 265,581.34
301,250.00 -3,635.00 297,615.00 -40.00 -14,200.16 195.00 551.53 -1,645.00 -1,950.80 -910.00 -8,425.00 271,190.57
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
2,075.02 1,696.46 1,122.00 1,970.00 2,550.00 390.21 2,640.66 7,019.55 3,355.82 0.00 3,450.00 6,354.00 400.00 -240.00 32,783.72 296,877.98
2,995.00 1,295.00 1,146.93 1,880.00 85.85 2,115.88 3,709.75 7,006.93 3,387.30 600.00 4,350.00 5,572.48 800.00 0.00 34,945.12 300,180.54
1,736.73 1,815.00 1,100.32 2,600.00 2,500.00 1,476.99 3,901.68 6,829.00 0.00 0.00 4,500.00 5,614.30 800.00 0.00 32,874.02 296,065.45
2,374.45 2,206.80 1,181.51 2,510.00 2,658.06 1,772.95 4,372.75 6,422.57 81.23 0.00 4,200.00 5,659.05 998.00 3,320.83 37,758.20 303,339.54
2,901.82 1,344.01 1,249.73 1,400.00 2,630.53 1,083.14 3,300.01 6,825.03 0.00 150.00 2,400.00 4,378.12 567.74 0.00 28,230.13 299,420.70
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
11,634.72 12,190.20 2,741.20 97.62 66.88 26,730.62
7,534.97 8,551.40 4,098.56 187.73 781.66 21,154.32
10,294.54 10,707.96 3,543.75 180.22 637.26 25,363.73
17,054.11 16,394.39 8,032.50 270.33 133.76 41,885.09
10,700.81 11,024.72 0.00 180.22 0.00 21,905.75
0.00 0.00 0.00 0.00 0.00 0.00
532.19 788.60 251.66 336.06
29.34 682.07 0.00 25.74
1,790.23 795.62 125.83 198.90
758.66 781.26 257.00 250.34
499.33 787.83 69.00 259.94
0.00 0.00 0.00 0.00
42.00 391.68 16.00 381.30 612.82 3,352.31
1,178.08 867.61 0.00 628.45 484.36 3,895.65
157.00 222.58 0.00 601.20 517.26 4,408.62
175.00 199.82 0.00 835.40 537.40 3,794.88
0.00 245.27 0.00 855.65 480.82 3,197.84
0.00 0.00 0.00 0.00 0.00 0.00
1,694.00 341.15 495.28 0.00 2,530.43
1,382.43 137.40 2,112.50 0.00 3,632.33
2,571.62 267.20 2,705.65 250.00 5,794.47
3,053.00 152.30 1,381.71 500.00 5,087.01
1,336.00 76.85 4,286.75 500.00 6,199.60
0.00 0.00 0.00 0.00 0.00
1,417.14 3,715.00 1,069.00 472.22 188.24 225.00 181.20 7,267.80
7.83 2,095.00 763.00 436.63 0.00 634.69 67.80 4,004.95
-3.75 3,050.00 2,419.00 278.96 46.85 353.31 370.14 6,514.51
425.39 3,845.00 1,103.00 832.42 26.87 0.00 413.53 6,646.21
1,400.66 3,785.00 1,672.00 317.47 387.65 426.68 77.06 8,066.52
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
539.45 304.79 395.48 103.95 321.12 0.00 427.94 376.76 0.00 55.41 2,524.90
636.94 12.89 0.00 0.00 325.38 371.84 528.59 27.06 32.32 0.00 1,935.02
834.38 55.39 185.72 50.36 537.57 239.19 915.84 7.18 0.00 0.00 2,825.63
1,331.54 54.23 206.96 0.00 957.57 0.00 744.24 110.99 730.84 487.50 4,623.87
580.18 36.93 161.54 130.38 521.84 0.00 1,468.72 0.00 0.00 810.00 3,709.59
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
2,853.04 395.60 94.75 180.00 3,523.39
11,793.40 798.40 86.00 0.00 12,677.80
2,446.05 1,020.75 137.00 0.00 3,603.80
3,235.32 829.87 1,006.00 0.00 5,071.19
2,463.64 609.90 86.00 0.00 3,159.54
0.00 0.00 0.00 0.00 0.00
11,875.12 457.60 150.00 0.00 12,482.72
12,007.22 -426.10 0.00 53.60 11,634.72
11,830.72 601.90 802.36 0.00 13,234.98
12,133.58 608.49 0.00 2,202.01 14,944.08
11,950.85 -326.00 98.72 0.00 11,723.57
0.00 0.00 0.00 0.00 0.00
3,328.18 683.42 16,286.33 -16,738.47 0.00 -2,442.50 558.98 275.97 1,951.91
2,968.51 708.63 19,834.05 -10,218.36 661.72 -1,966.81 534.66 405.92 12,928.32
2,551.94 2,668.28 17,130.91 -16,985.04 3,178.50 -2,375.40 599.49 362.16 7,130.84
3,031.00 1,681.68 17,770.67 -11,088.94 6,140.50 -2,256.15 1,206.08 328.48 16,813.32
3,113.96 1,286.63 21,460.51 -13,385.44 6,942.70 -2,348.75 927.90 386.24 18,383.75
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 599.10 599.10
0.00 239.55 239.55
0.00 191.14 191.14
0.00 648.68 648.68
0.00 0.00 0.00
0.00 0.00 0.00
30,188.47 4,840.47 0.00 35,028.94 95,992.12 200,885.86
30,188.47 4,840.47 600.00 35,628.94 107,731.60 192,448.94
30,188.47 5,035.65 0.00 35,224.12 104,291.84 191,773.61
30,188.47 4,840.47 0.00 35,028.94 134,543.27 168,796.27
30,188.47 4,840.47 0.00 35,028.94 111,375.10 188,045.60
0.00 0.00 0.00 0.00 0.00 0.00
106,586.67 0.00 86,666.71 193,253.38
106,586.67 0.00 86,666.71 193,253.38
106,586.67 23,565.33 86,666.71 216,818.71
106,474.53 23,677.47 86,666.71 216,818.71
106,361.87 23,790.13 86,666.71 216,818.71
0.00 0.00 0.00 0.00
0.00 532.16 55.14 1,000.00 3,200.00 4,787.30
540.00 0.00 0.00 0.00 4,200.00 4,740.00
0.00 255.51 52.40 0.00 4,200.00 4,507.91
0.00 0.00 0.00 0.00 4,200.00 4,200.00
0.00 350.32 32.76 0.00 4,200.00 4,583.08
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 6,943.49 0.00 0.00 0.00 0.00 6,943.49 -4,098.31
0.00 1,021.68 0.00 2,361.33 651.41 0.00 593.96 3,243.20 7,871.58 -13,416.02
0.00 0.00 0.00 10,149.40 0.00 0.00 0.00 3,657.50 13,806.90 -43,359.91
2,543.08 0.00 0.00 14,854.93 471.71 225.00 0.00 5,021.89 23,116.61 -75,339.05
0.00 0.00 0.00 7,399.81 0.00 0.00 0.00 0.00 7,399.81 -40,756.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
-4,098.31
-13,416.02
-43,359.91
-75,339.05
-40,756.00
0.00
Oct-08
Nov-08
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 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 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
Dec-08
Total
0.00 2,372,779.00 0.00 -2,506.00 0.00 2,370,273.00 0.00 -40.00 0.00 -119,461.54 0.00 7,771.58 0.00 -25,729.08 0.00 -14,540.00 0.00 -15,887.37 0.00 -5,580.00 0.00 -69,397.04 0.00 2,127,409.55 0 0 0.00 18,515.52 0.00 10,239.88 0.00 9,566.79 0.00 14,710.00 0.00 23,580.70 0.00 9,378.77 0.00 29,100.75 0.00 55,280.97 0.00 9,937.72 0.00 1,050.00 0.00 28,350.00 0.00 36,658.77 0.00 4,910.48 0.00 3,405.83 0.00 254,686.18 0.00 2,382,095.73 0 0 0.00 91,979.85 0.00 93,792.14 0.00 30,290.13 0.00 4,092.28 0.00 1,640.79 0.00 221,795.19 0 0 0.00 4,701.58 0.00 7,044.35 0.00 1,011.98 0.00 1,630.34
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
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 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 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
1,673.08 2,216.77 16.00 4,881.60 4,301.56 27,477.26 0 0 14,743.54 1,348.07 19,925.28 1,750.00 37,766.89 0 0 3,663.58 23,700.00 9,561.00 2,954.23 649.61 2,012.68 1,412.63 43,953.73 0 0 5,212.93 615.32 1,403.02 782.73 2,722.52 611.03 5,348.41 569.25 763.16 6,371.14 24,399.51 0 0 22,791.45 5,730.27 1,734.75 7,278.72 37,535.19 0 0 95,189.10 -70.55 1,051.08 2,255.61 98,425.24
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
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
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 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 0 25,406.72 17,070.30 143,747.24 -103,347.38 16,997.77 -17,699.71 7,080.76 3,575.79 92,831.49 0 0 1,896.50 2,619.02 4,515.52 0 0 241,507.76 38,894.46 600.00 281,002.22 869,702.24 1,512,393.49 0 0 852,356.42 71,032.93 693,333.68 1,616,723.03 0 0 540.00 2,248.79 312.57 4,000.00 29,600.00 36,701.36 0 0 5,395.10 1,021.68 540.47 56,596.34 1,123.12 710.32 890.25 17,063.98 83,341.26 -224,372.16
0.00
0.00
0.00
0 -224,372.16
USA Courtney Downs LeaseCo, LLC Balance Sheet Books = Accrual Aug 2008
ASSETS Cash Operating Cash Total Cash
15,738.29 $15,738.29
OTHER ASSETS Accounts Receivable Prepaid Expenses Tax Escrow Cash in Bank-Wrk Cap Reserve Capital / Repair Escrow Total Other Assets
3,715.71 19,124.32 144,074.19 80,219.73 200,000.00 447,133.95
Total ASSETS
462,872.24
LIABILITIES & CAPITAL LIABILITIES Accounts Payable - Trade A/P - Creekstone Partners LLC A/P - US Advisors Other Accounts Payable Accrued Taxes Prepaid Rent Security Deposits Notes Payable Total Liabilities
172,864.06 342,576.00 342,576.00 345,285.05 241,507.76 24,292.90 45,663.00 8,544.25 1,523,309.02
CAPITAL Creekstone Partners LLC US Advisors LLC Retained Earnings Total Capital Total LIABILITIES & CAPITAL
50.00 50.00 (1,060,536.78) (1,060,436.78) 462,872.24
USA Courtney Downs LeaseCo, LLC Cash Flow (Actual + Budget) Books = Accrual For the 12 Months Ending Dec 2008
Account
Jan 2008 Actual
Feb 2008 Actual
Mar 2008 Actual
Apr 2008 Actual
May 2008 Actual
Jun 2008 Actual
Jul 2008 Actual
Aug 2008 Actual
Sep 2008 Budget
Oct 2008 Budget
Nov 2008 Budget
Dec 2008 Budget
12 Month Total
342
$/ Sq. Ft. 313,778
3,579,722 (195,817) (143,505) (87,324) 3,153,076
10,467.02 (572.57) (419.60) (255.33) 9,219.52
11.41 (0.62) (0.46) (0.28) 10.05
20,220 269,497
345,286 3,498,362
1,009.61 10,229.13
1.10 11.15
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
343,029 40,461 56,782 66,156 43,183 52,875 143,359 148,227 4,516 421,382
1,003.01 118.31 166.03 193.44 126.26 154.61 419.18 433.41 13.20 1,232.11
1.09 0.13 0.18 0.21 0.14 0.17 0.46 0.47 0.01 1.34
122,613 159,107
107,944 166,784
104,762 164,735
1,319,970 2,178,392
3,859.56 6,369.57
4.21 6.94
130,152 86,667 4,450 6,259
130,152 86,667 4,450 6,000
130,152 86,667 4,450 5,000
130,152 86,667 4,450 5,000
1,443,997 1,040,001 54,501 105,600
4,222.21 3,040.94 159.36 308.77
4.60 3.31 0.17 0.34
(40,756)
(52,155)
(68,162)
(59,485)
(61,534)
(465,708)
(1,361.72)
(1.48)
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
296,658 (15,360) (9,644) (6,419) 265,235
296,653 (16,776) (9,354) (7,331) 263,191
297,075 (16,865) (8,894) (5,735) 265,581
297,575 (14,200) (8,230) (3,954) 271,191
297,076 (15,865) (8,894) (5,735) 266,582
304,342 (14,995) (23,621) (6,634) 259,092
304,117 (22,418) (24,370) (6,614) 250,715
303,954 (23,078) (24,994) (6,605) 249,277
Other Income Total Revenue
27,835 285,435
34,204 297,935
26,056 302,841
32,784 296,878
34,945 300,181
32,874 296,065
37,758 303,340
28,230 299,421
23,739 290,321
22,628 281,720
24,013 274,728
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
21,154 3,896 3,632 4,005 1,935 12,678 11,635 12,928 240 35,629
25,364 4,409 5,794 6,515 2,826 3,604 13,235 7,131 191 35,224
41,885 3,795 5,087 6,646 4,624 5,071 14,944 16,813 649 35,029
21,906 3,198 6,200 8,067 3,710 3,160 11,724 18,384 0 35,029
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
Total Operating Exp. Net Operating Income
105,638 179,797
105,522 192,412
104,608 198,234
95,992 200,886
107,732 192,449
104,292 191,774
134,543 168,796
111,375 188,046
114,949 175,372
Base Rent Stated Rent Partnership Expense Capital Expense
106,587 86,667 4,719 9,734
106,587 86,667 4,539 2,903
106,587 86,667 4,626 11,566
106,587 86,667 4,787 6,943
106,587 86,667 4,740 7,872
130,152 86,667 4,508 13,807
130,152 86,667 4,200 23,117
130,152 86,667 4,583 7,400
Cash Flow Frm Operations
(27,909)
(8,283)
(11,211)
(4,098)
(13,416)
(43,360)
(75,339)
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
$/ Unit
0
0
0
0
0
0
0
0
0
0
0
0
0
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)
0 8,270 4,840 341,933
0 (2,448) 4,840 (37,985)
0 177 4,840 (38,933)
0 2,774 4,840 (38,933)
0 (3,219) 4,840 (38,933)
0 0 0 42,875
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
0 (3,373) (16,511) 101,247
Cash Increase (Decreae) From Assets
(88,090)
(28,220)
(40,732)
355,044
(35,592)
(33,916)
(31,319)
(37,312)
42,875
(7,125)
(7,125)
(7,125)
81,363
Accounts Payable Accrued Expenses Other Payables Mortgages Payable
(22,965) 20,453 920 48,905
2,827 31,811 2,385 (6,027)
942 51,607 345 (5,836)
207 (345,380) 1,665 (6,064)
69,651 44,376 (1,490) (6,293)
22,994 16,001 (150) (6,064)
45,880 30,188 2,436 (6,064)
83,754 30,188 1,045 (6,064)
(16,000) 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
187,291 (120,754) 7,156 6,491
47,313
30,997
47,058
(349,572)
106,245
32,780
72,440
108,923
(16,000)
0
0
0
80,184
(68,685) 15,378
(5,507) 9,871
(4,886) 4,986
1,374 6,360
57,237 63,597
(44,496) 19,101
(34,218) (15,117)
30,855 15,738
(25,280) (9,542)
(75,287) (84,829)
(66,610) (151,439)
(68,659) (220,097)
(304,160)
Cash Increase (Decrease) From Liab.
NET CASH FLOW CUMM. NET CASH FLOW 84063.14
J48:
rssmith: estimated Replacement Reserve draw
USA Courtney Downs LeaseCo, LLC Budget Comparison Books = Accrual For the period ending August 31, 2008
Account Revenue Market Rent Loss / Gain to Lease
MTD Actual
MTD Budget
YTD Actual
YTD Budget
0.00 (7,516.00) Variance reflects market rent verses lease rents. (7,516.00) 0.00 (40.00) 1,390.84 Actual vacancy is 4% and budgeted is 5%. 3,195.00 No upfront concessions offered at this time. 0.00 0.00 2,157.53 We had an adjustment to write offs from a previous month, no write off's this month.
2,372,779.00 (2,506.00)
2,382,640.00 62,184.00
(9,861.00) (64,690.00)
3,587,640.00 74,283.00
2,370,273.00 0.00 (40.00) (119,461.54)
2,444,824.00 0.00 0.00 (171,132.00)
(74,551.00) 0.00 (40.00) 51,670.46
3,661,923.00 0.00 0.00 (253,425.00)
7,771.58
(30,000.00)
37,771.58
(42,000.00)
0.00 0.00 (25,729.08)
0.00 0.00 (12,694.00)
0.00 0.00 (13,035.08)
0.00 0.00 (18,910.00)
335.00 0.00 (15.80) 0.00 250.00 9,763.00 We have been able to reduce the amount of concessions offered due to higher occupancy.
(14,540.00) 0.00 (15,887.37) 0.00 (5,580.00) (69,397.04)
(15,840.00) 0.00 (15,480.00) 0.00 (9,280.00) (122,342.00)
1,300.00 0.00 (407.37) 0.00 3,700.00 52,944.96
(23,760.00) 0.00 (23,220.00) 0.00 (13,920.00) (205,887.00)
0.00 0.00 0.00 0.00 $2,127,409.55
0.00 0.00 0.00 0.00 $2,068,056.00
0.00 0.00 0.00 0.00 $59,353.55
0.00 0.00 0.00 0.00 $3,080,801.00
0.00 0.00 0.00 18,515.52
0.00 0.00 0.00 14,322.00
0.00 0.00 0.00 4,193.52
0.00 0.00 0.00 21,791.00
10,239.88
5,400.00
4,839.88
9,450.00
9,566.79 0.00 14,710.00
7,040.00 0.00 14,210.00
2,526.79 0.00 500.00
11,120.00 0.00 19,796.00
23,580.70 9,378.77 0.00 0.00 29,100.75 0.00 0.00 0.00 0.00 55,280.97 0.00 9,937.72 0.00 0.00 1,050.00 0.00 0.00 0.00 28,350.00
10,800.00 5,100.00 0.00 3,489.00 27,720.00 0.00 0.00 0.00 0.00 54,320.00 0.00 3,800.00 0.00 0.00 3,300.00 0.00 0.00 0.00 25,340.00
12,780.70 4,278.77 0.00 (3,489.00) 1,380.75 0.00 0.00 0.00 0.00 960.97 0.00 6,137.72 0.00 0.00 (2,250.00) 0.00 0.00 0.00 3,010.00
13,500.00 8,000.00 0.00 3,489.00 41,160.00 0.00 0.00 0.00 0.00 81,480.00 0.00 5,700.00 0.00 0.00 4,100.00 0.00 0.00 0.00 33,880.00
36,658.77
20,400.00
16,258.77
30,000.00
$ Variance
MTD Variance Comment
$ Variance
Annual Budget
301,250.00 (3,635.00)
301,250.00 3,881.00
297,615.00 0.00 (40.00) (14,200.16)
305,131.00 0.00 0.00 (15,591.00)
Upfront Rent Concessions
195.00
(3,000.00)
Corporate Discount Delinquent Rent Adjustments & W/O
0.00 0.00 551.53
0.00 0.00 (1,606.00)
(1,645.00) 0.00 (1,950.80) 0.00 (910.00) (8,425.00)
(1,980.00) 0.00 (1,935.00) 0.00 (1,160.00) (18,188.00)
0.00 0.00 0.00 0.00 $271,190.57
0.00 0.00 0.00 0.00 $261,671.00
Laundry Income Vending Income Covered Parking Income Late Charges & NSF Fees
0.00 0.00 0.00 2,901.82
0.00 0.00 0.00 1,925.00
Month to Month Premium
1,344.01
750.00
Storage Fees Repair & Maintenance Fees Application Fees
1,249.73 0.00 1,400.00
1,080.00 0.00 2,205.00
Termination Fees & Damages Miscellaneous Income Renters Insurance Interest Income Pet Rents & Fees Tower Rent Asset Management Fee Parking Spaces Income Association Assessments Garage Income Water/Sewer Income Cable/Telephone Income HOA Contributions Developer Developer HOA Dues Forfeited Deposits Developer Contributions Interest Income Other Thunder Income Administration Fee
2,630.53 1,083.14 0.00 0.00 3,300.01 0.00 0.00 0.00 0.00 6,825.03 0.00 0.00 0.00 0.00 150.00 0.00 0.00 0.00 2,400.00
2,700.00 800.00 0.00 0.00 3,360.00 0.00 0.00 0.00 0.00 6,790.00 0.00 475.00 0.00 0.00 600.00 0.00 0.00 0.00 4,200.00
Move-Out Charges
4,378.12
2,400.00
567.74 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 28,230.13
625.00 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 27,910.00
(57.26) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 320.13
4,910.48 0.00 3,405.83 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 254,686.18
4,250.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 199,491.00
660.48 0.00 3,405.83 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 55,195.18
6,625.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 290,091.00
$299,420.70
$289,581.00
$9,839.70
$2,382,095.73
$2,267,547.00
$114,548.73
$3,370,892.00
10,700.81
13,069.00
2,368.19 Based on actual payroll expense. Payroll went from semi-monthly to biweekly.
91,979.85
102,272.00
10,292.15
154,548.00
0.00 11,024.72
0.00 11,745.00
0.00 720.28 Based on actual payroll expense.Payroll went from semimonthly to biweekly.
0.00 93,792.14
0.00 91,908.00
0.00 (1,884.14)
0.00 138,888.00
0.00 0.00 0.00 180.22
0.00 4,900.00 0.00 1,720.00
0.00 4,900.00 0.00 1,539.78 We have less participants for our insurance program than what was anticipated in the budget.
0.00 30,290.13 0.00 4,092.28
0.00 33,535.00 0.00 13,760.00
0.00 3,244.87 0.00 9,667.72
0.00 46,633.00 0.00 20,640.00
0.00 0.00 0.00 0.00 21,905.75
0.00 0.00 0.00 0.00 31,434.00
0.00 0.00 1,640.79 0.00 221,795.19
0.00 0.00 3,000.00 0.00 244,475.00
0.00 0.00 1,359.21 0.00 22,679.81
0.00 0.00 5,000.00 0.00 365,709.00
Office Operations & Supplies
499.33
850.00
4,701.58
6,800.00
2,098.42
10,200.00
Telephones Answering Svc. & Pagers Postage & Delivery Patrol Services Membership Dues Publications & Subscriptions Conventions/Seminars Employee Training Furniture Rental Car Expenses Permits & Fees
787.83 69.00 259.94 0.00 0.00 0.00 0.00 245.27 0.00 0.00 0.00
743.00 98.00 211.00 0.00 0.00 114.00 0.00 350.00 0.00 38.00 0.00
7,044.35 1,011.98 1,630.34 0.00 0.00 1,673.08 0.00 2,216.77 0.00 0.00 16.00
5,944.00 784.00 1,688.00 0.00 0.00 912.00 0.00 2,750.00 0.00 304.00 0.00
(1,100.35) (227.98) 57.66 0.00 0.00 (761.08) 0.00 533.23 0.00 304.00 (16.00)
8,916.00 1,176.00 2,532.00 0.00 0.00 1,368.00 0.00 4,150.00 0.00 456.00 0.00
Gross Potential Rent Prepaid Homeowners Dues Residential Rent Vacancy Loss
Model Units Courtesy Officer Apt. Employee Apartment Housekeeping & Maintenance Fee Guest Suite Lease Term 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 Total Other Income 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
0.00 0.00 0.00 0.00 $9,519.57 0.00 0.00 0.00 976.82 We have 23 late fees and seven insufficient funds collected. 594.01 Ten month to month fees collected and budgeted was five. 169.73 0.00 (805.00) We had 28 application fees collected and budgeted was 44. (69.47) 283.14 0.00 0.00 (59.99) 0.00 0.00 0.00 0.00 35.03 0.00 (475.00) None received at this time. 0.00 0.00 (450.00) We had fewer then budgeted. 0.00 0.00 0.00 (1,800.00) We had 16 administration fees collected and 28 were budgeted. 1,978.12 Apartments left in bad condition at the time of move out resulting in more charges needed.
0.00 0.00 0.00 0.00 9,528.25 350.67 Less supplies bought for the office this month. (44.83) 29.00 (48.94) 0.00 0.00 114.00 0.00 104.73 0.00 38.00 0.00
Books = Accrual For the period ending August 31, 2008
Account Revenue Market Rent Credit Checks
MTD Actual
MTD Budget
301,250.00 855.65
301,250.00 540.00
480.82 0.00 3,197.84
500.00 0.00 3,444.00
Advertising & Promotions
1,336.00
3,500.00
Resident Promotions Locators
76.85 4,286.75
400.00 1,827.00
500.00 6,199.60
500.00 6,227.00
1,400.66
540.00
Guest Suite Expense Parking Cost Total Operating Expense
Resident Referrals Total Advertising Expense Paint & Drywall
YTD Actual
YTD Budget
2,372,779.00 4,881.60
2,382,640.00 3,480.00
(9,861.00) (1,401.60)
3,587,640.00 4,848.00
4,301.56 0.00 27,477.26
4,450.00 0.00 27,112.00
148.44 0.00 (365.26)
6,450.00 0.00 40,096.00
2,164.00 Savings due to dropping of Apartment Guide advertising. 323.15 (2,459.75) We had 12 locator fees paid out verses five budgeted. 0.00 27.40
14,743.54
32,000.00
17,256.46
44,000.00
1,348.07 19,925.28
3,600.00 12,355.00
2,251.93 (7,570.28)
5,400.00 16,070.00
1,750.00 37,766.89
4,000.00 51,955.00
2,250.00 14,188.11
5,500.00 70,970.00
(860.66) Contracted paints due to Jorge being on vacation.
3,663.58
2,961.00
(702.58)
4,217.00
$ Variance
MTD Variance Comment
0.00 (315.65) We had 42 credit checks ran this month and actual budgeted was 27. 19.18 0.00 246.16
$ Variance
Annual Budget
Books = Accrual For the period ending August 31, 2008
Account Revenue Market Rent Contract Cleaning Svcs.
MTD Actual
MTD Budget
$ Variance
301,250.00 3,785.00
301,250.00 2,859.00
1,672.00
2,490.00
317.47 0.00 387.65
270.00 0.00 85.00
426.68 0.00 77.06 8,066.52
417.00 0.00 158.00 6,819.00
580.18 36.93
720.00 350.00
Plumbing Parts & Repairs Electric Parts & Repairs Roof & Gutter Repairs Pools & Fountains Gates & Entrances Glass & Screens Appliance Parts & Repairs
161.54 130.38 0.00 521.84 0.00 0.00 1,468.72
120.00 40.00 0.00 600.00 20.00 260.00 300.00
Hardware Exterior Painting Uniforms Elevator Service & Repairs Security & Fire Systems Uninsured Losses Locks & Keys Bulbs & Ballasts Total Maintenance Expense
0.00 0.00 0.00 0.00 810.00 0.00 0.00 0.00 3,709.59
120.00 0.00 0.00 0.00 200.00 0.00 0.00 0.00 2,730.00
Landscape & Grounds
2,463.64
3,000.00
Trash Removal Pest Control Security Patrols Window Cleaning Svc. Interior Cleaning Svc. Cable Television Snow Removal Total Service Expense
609.90 86.00 0.00 0.00 0.00 0.00 0.00 3,159.54
755.00 305.00 925.00 0.00 0.00 0.00 0.00 4,985.00
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
11,950.85 0.00 0.00 (326.00)
11,583.00 0.00 0.00 200.00
0.00 0.00 98.72 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
Carpet Cleaning & Repairs Window Coverings Vinyl & Tile Repairs Lock & Keys Counter & Tub Resurfacing Other Redecorating Cleaning Supplies Total Make Ready Expense General Maintenance & Supplies HVAC Parts & Repairs
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
MTD Variance Comment
0.00 (926.00) We turned more units then budgeted. 818.00 Had more carpets replaced this month than cleans. (47.47) 0.00 (302.65) We needed to order locks for turns. (9.68) 0.00 80.94 (1,247.52) 139.82 313.07 We did not have as many repairs then anticipated in the budget. (41.54) (90.38) 0.00 78.16 20.00 260.00 None needed at this time. (1,168.72) More appliance parts needed than anticipated for turns, such as two microwave doors and stove parts. 120.00 None needed at this time. 0.00 0.00 0.00 (610.00) Alarm monitoring for the quarter. 0.00 0.00 0.00 (979.59) 536.36 We did not have as many mows this month then budgeted. 145.10 219.00 No pigeon service at this time. 925.00 None needed at this time. 0.00 0.00 0.00 0.00 1,825.46 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (367.85) Based on % of collections. 0.00 0.00 526.00 Filed one sheriff fee and collected one payment from 12309 and one from 7311. 0.00 0.00 (98.72) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
YTD Actual
YTD Budget
2,372,779.00 23,700.00
2,382,640.00 22,872.00
(9,861.00) (828.00)
3,587,640.00 34,308.00
9,561.00
13,656.00
4,095.00
19,446.00
2,954.23 0.00 649.61
2,160.00 0.00 680.00
(794.23) 0.00 30.39
3,240.00 0.00 1,020.00
2,012.68 0.00 1,412.63 43,953.73
3,336.00 0.00 1,264.00 46,929.00
1,323.32 0.00 (148.63) 2,975.27
5,004.00 0.00 1,896.00 69,131.00
5,212.93 615.32
6,248.00 1,900.00
1,035.07 1,284.68
8,611.00 2,300.00
1,403.02 782.73 0.00 2,722.52 0.00 611.03 5,348.41
960.00 380.00 3,000.00 3,300.00 130.00 1,300.00 2,400.00
(443.02) (402.73) 3,000.00 577.48 130.00 688.97 (2,948.41)
1,440.00 540.00 3,000.00 4,200.00 150.00 1,820.00 3,600.00
569.25 0.00 763.16 0.00 6,371.14 0.00 0.00 0.00 24,399.51
960.00 255.00 300.00 0.00 2,655.00 0.00 0.00 0.00 23,788.00
390.75 255.00 (463.16) 0.00 (3,716.14) 0.00 0.00 0.00 (611.51)
1,400.00 355.00 600.00 0.00 14,555.00 0.00 0.00 0.00 42,571.00
22,791.45
23,581.00
789.55
29,581.00
5,730.27 1,734.75 0.00 0.00 0.00 0.00 7,278.72 37,535.19
6,040.00 1,940.00 2,775.00 0.00 0.00 0.00 14,000.00 48,336.00
309.73 205.25 2,775.00 0.00 0.00 0.00 6,721.28 10,800.81
9,060.00 2,760.00 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
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
95,189.10 0.00 0.00 (70.55)
90,702.00 0.00 0.00 2,000.00
(4,487.10) 0.00 0.00 2,070.55
134,836.00 0.00 0.00 2,800.00
0.00 0.00 1,051.08 0.00 0.00 0.00 0.00 0.00 0.00 2,255.61 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 (1,051.08) 0.00 0.00 0.00 0.00 0.00 0.00 804.39 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
$ Variance
Annual Budget
Books = Accrual For the period ending August 31, 2008
Account Revenue Market Rent Total Admin. Expense
MTD Actual
MTD Budget
$ Variance
MTD Variance Comment
YTD Budget
2,372,779.00 98,425.24
2,382,640.00 95,762.00
(9,861.00) (2,663.24)
3,587,640.00 140,696.00
25,406.72 0.00 17,070.30 143,747.24
27,250.00 0.00 15,736.00 160,000.00
1,843.28 0.00 (1,334.30) 16,252.76
40,500.00 0.00 23,604.00 240,000.00
(103,347.38) 16,997.77
(108,800.00) 27,400.00
(5,452.62) 10,402.23
(163,200.00) 37,400.00
$ Variance
Annual Budget
301,250.00 11,723.57
301,250.00 11,783.00
3,113.96 0.00 1,286.63 21,460.51
3,500.00 0.00 1,967.00 20,000.00
Water & Sewer - Resident Reimb Water - irrigation
(13,385.44) 6,942.70
(13,600.00) 5,000.00
Electric - Tenant Reimbursement Trash Reimbursement Water - Tenant Reimbursement Utility -Vacant Electric Utility - Vacant Gas Tenant Reimbursement - Gas Total Utility Expense
0.00 (2,348.75) 0.00 927.90 386.24 0.00 18,383.75
0.00 (2,012.00) 0.00 797.00 478.00 0.00 16,130.00
0.00 336.75 0.00 (130.90) 91.76 0.00 (2,253.75)
0.00 (17,699.71) 0.00 7,080.76 3,575.79 0.00 92,831.49
0.00 (17,648.00) 0.00 7,904.00 5,315.00 0.00 117,157.00
0.00 51.71 0.00 823.24 1,739.21 0.00 24,325.51
0.00 (25,696.00) 0.00 12,108.00 7,837.00 0.00 172,553.00
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 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 1,896.50 2,619.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4,515.52
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 (1,896.50) (2,619.02) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (4,515.52)
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 35,028.94 111,375.10 188,045.60
30,188.00 0.00 4,850.00 57.00 0.00 35,095.00 118,647.00 170,934.00
(0.47) 0.00 9.53 57.00 0.00 66.06 7,271.90 17,111.60
241,507.76 0.00 38,894.46 600.00 0.00 281,002.22 869,702.24 1,512,393.49
241,504.00 0.00 38,800.00 456.00 0.00 280,760.00 936,274.00 1,331,273.00
(3.76) 0.00 (94.46) (144.00) 0.00 (242.22) 66,571.76 181,120.49
362,256.00 0.00 58,200.00 684.00 0.00 421,140.00 1,386,542.00 1,984,350.00
Base Rent - Interest Payment Base Rent - Principal Payment Stated Rent Office Rent Total Rent Expense
106,361.87 23,790.13 86,666.71 0.00 216,818.71
106,361.87 23,790.13 86,667.00 0.00 216,819.00
0.00 0.00 0.29 0.00 0.29
852,356.42 71,032.93 693,333.68 0.00 1,616,723.03
852,358.07 71,032.93 693,336.00 0.00 1,616,727.00
1.65 0.00 2.32 0.00 3.97
1,372,966.07 71,032.93 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 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 0.00 350.32 32.76 0.00 0.00 0.00 0.00 0.00 4,200.00 0.00 4,583.08
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
0.00 540.00 2,248.79 312.57 0.00 0.00 0.00 0.00 4,000.00 29,600.00 0.00 36,701.36
0.00 365.00 1,600.00 0.00 0.00 0.00 0.00 0.00 8,000.00 26,000.00 0.00 35,965.00
0.00 (175.00) (648.79) (312.57) 0.00 0.00 0.00 0.00 4,000.00 (3,600.00) 0.00 (736.36)
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
0.00 0.00 0.00 7,399.81
0.00 0.00 600.00 6,000.00
5,395.10 1,021.68 540.47 56,596.34
16,846.00 0.00 1,800.00 44,000.00
11,450.90 (1,021.68) 1,259.53 (12,596.34)
16,846.00 0.00 1,800.00 66,000.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
1,123.12 710.32 890.25 0.00
1,450.00 1,475.00 1,017.00 0.00
326.88 764.68 126.75 0.00
1,450.00 1,734.00 1,017.00 0.00
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
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
0.00 59.43
YTD Actual
386.04 0.00 680.37 (1,460.51) Water usage higher than anticipated. (214.56) (1,942.70) Very hot temperature caused us to water a bit more to preserve lawn.
0.00 0.00 (150.32) Corporate site visit. (32.76) Corporate site visit. 0.00 0.00 0.00 0.00 1,000.00 (950.00) 0.00 (133.08) 0.00 0.00 600.00 None needed at this time. (1,399.81) Seven carpets replaced this month, budgeted was five. 0.00 0.00 0.00 0.00
Books = Accrual For the period ending August 31, 2008
Account Revenue Market Rent Other Capital Improvements Boiler Replacement Roof Replacement Total Capital Expenses Casualty Losses Casualty Recovery Total Casualty Loss NET INCOME (LOSS)
MTD Actual
MTD Budget
$ Variance
MTD Variance Comment
YTD Actual
YTD Budget
$ Variance
Annual Budget
301,250.00 0.00 0.00 0.00 7,399.81
301,250.00 0.00 0.00 0.00 6,600.00
0.00 0.00 0.00 0.00 (799.81)
2,372,779.00 17,063.98 0.00 0.00 83,341.26
2,382,640.00 11,899.00 0.00 0.00 78,487.00
(9,861.00) (5,164.98) 0.00 0.00 (4,854.26)
3,587,640.00 11,899.00 0.00 0.00 100,746.00
0.00 0.00 0.00 (40,756.00)
0.00 0.00 0.00 (56,935.00)
0.00 0.00 0.00 16,179.00
0.00 0.00 0.00 (224,372.16)
0.00 0.00 0.00 (399,906.00)
0.00 0.00 0.00 175,533.84
0.00 0.00 0.00 (654,164.00)
Courtney Downs Apartments August 08 LEASING & OCCUPANCY NUMBER OF MOVE INS: NUMBER OF MOVE OUTS: NET FOR THE MONTH:
25 14 11
OCCUPIED/LEASED %:
97%/98%
SOURCE OF TRAFFIC:
INCOME THIS MONTH: INCOME LAST MONTH: DIFFERENCE:
$299,421.00 $303,340.00 -$3,919.00
TOTAL # GARAGES # GARAGES OCCUPIED GARAGES OCCUPIED %
120 109 91%
REASONS WHY PROSPECTS DID NOT LEASE:
APARTMENT GUIDE.COM APARTMENT GUIDE YELLOW PAGES OTHER. NET BLUE BOOK RENT.COM LIVES IN AREA RESIDENT REFERRAL LOCATORS WORD of MOUTH WALK IN SIGNAGE BROCHURE/FLYER TOTALS CLOSING RATIO:
Traffic 0 1 0 8 2 13 10 3 4 6 0 31 0
Leased 0 1 0 1 1 4 2 2 0 2 0 4 0
78
17
* * * * * * * * * * * * * *
Job Transfer Too expensive. Future/No Availability/Waiting list Just started looking. Waiting for Home to Sell Current Lease to Expire Needs Ground Floor Breed restrictions Will return with roommate or spouse Realtor Looking for Client Undecided Employment pending Location Rented at Competitor TOTALS
0 6 17 8 11 0 0 0 7 0 0 7 0 5 61
22%
MARKETING ACTIVITIES & SOURCES FOR THE MONTH * Took donuts with brochures and price sheets to Costco. * Took cookie bags with brochures and price sheets to Best buy. * Updated all internet ads with new pricing and specials for the month of August. * Took donuts with price sheets to the new Target staff. * Took brochures and prices to the new 24 hour Fitness for employee break room. * Brochures and donuts were taken to Firestone staff. * Met with Ryland Home sales team with options of temporary housing for new home buyers. * Dropped off muffins and brochures to US bank for the break room. * Took brochures and flyers to Albertsons. * Took brochures and flyers to King Soopers for the breakroom. * Took brochures and pricesheets to Sprint. * Updated the locators with brochures and price sheets OVERVIEW OF COMPARABLE PROPERTIES: The surrounding comps are still offering discounted rents on selected units. This translates into one bedroom effective rents of $715, two bedrooms at $820 and three bedrooms starting at $1125. Look and leases specials are 1/2 month to 1 month free off with a 12 to 13 month lease. Overall market is 94.2% average occ.and rental rate of $827 per month. RESIDENT RETENTION: We had 46 leases expiring in the month of August. 20 renewed leases with a $41.35 increase. Notices received; (5) buying homes, (3) out of state, (3) closer to work, (1) closer to school, (2) roommate split (2) out of country, (1) did not like rules, (2) skips, (1) mtm. INCIDENTS ON THE PROPERTY: N/A
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 23 34 23 18 67 0 11 2 178
Number of: 23 11 12 178 0 23 34 23 18 67 0 11 2 178 0
REFRIGERATORS DISHWASHERS WINDOWS A/C COMPRESSORS CONDENSING UNITS WATER HEATERS ICE MAKERS GARBAGE DISPOSALS MICROWAVES CARPETS/vinyl CEILING FANS TOILETS A/C FAN MOTORS COUNTER TOPS CABINETS RESURFACED KITCHEN
Number Replaced 0 0 0 0 0 0 0 0 0 5 0 0 0 0 0
Apt. #
19107, 2107, 9203, 9102, 12307.
Courtney Downs Apartments August 08
PLUMBING LEAKS
0
CAPITAL IMPROVEMENTS IN PROGRESS: N/A
PROBLEM AREAS NEEDING ATTENTION: Gypcrete areas needing repair. Trickle pans needing repair. Paint peeling and dry rot on some trim. CURRENT STAFF: Manager Assistant Manager Leasing Consultant Leasing Consultant Maintenance Supervisor Assistant Maintenance Maintenance/ Grounds
Nancy Howland Carrie McMillan Adreyanna Black Kate Hawkins Gabriel Tellez Russell Briley Jorge Chavez and Jorge Bernal
ACCOMPLISHMENTS FOR THE MONTH: Soded pet damaged areas. New Flutter flags for the front of property New bearing kit installed for the spa. Dumped and refilled the pool.
BLINDS TUBS RESURFACED TUB TILES
31 0 0
6203-2, 4307-2, 6204-1, 9102-3, 2207-2, 10111-3, 19107-2, 6103-1, 4104-1, 16203-2, 10203-1, 2107-2, 12307-1 2110-2, 2307-2, 19310-1 , 12106-2, 7302-1.
MARKET SURVEY Courtney Downs August-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 / Avail) Units(Total
SIZE
Coyote Ranch
PSF
PRICE
SIZE
Windsor at Meridian
PSF
PRICE
SIZE
Pinnacle @ the Creek
PSF
PRICE
SIZE
Dove Valley
PSF
PRICE
SIZE
PSF
PRICE
Cherrywood Village PSF SIZE
PRICE
Reserve@South Creek PSF SIZE
755
704
1.07
785
779
1.01
759
627
1.21
745
685
1.09
705
768
0.92
720
707
1.02
705
763
0.92
870
808
1.08
805
853
0.94
829
701
1.18
750
705
1.06
728
842
0.86
750
796
0.94
725
763
0.95
770
910
0.85
899
811
0.91
810
760
1.07
815
992
0.82
805
916
0.88
899
956
0.94
1005
1051
0.96
905
977
0.93
940
1105
0.85
909
1044
0.87
1015
1120
0.91
889
1115
0.80
900
1033
0.87
840
1037
0.81
920
1030
0.89
980
1192
0.82
1080
1196
0.90
999
1220
0.82
935
1093
0.86
885
1037
0.85
945
1030
0.92
1099
1180
0.93
1,195
1140
1.05
1119
1330
0.84
1190
1356
0.88
1095
1235
0.89
1100
1257
0.88
1095
1235
0.89
1195
1257
0.95
93.0%
96%
93.2%
97%
97 1 909 342
98.00%
1190
1398
0.85
1255
1398
0.90
96%
97%
0.97 37
0 0.90
993 507
949 24
653
Special: Waived security Special: One month free Will not give out any deposit with approved credit. on 12 to 13 month lease. information. Rates reflect these rates: specials:
Ren: $35 to $75 increase.
Ren.: 15% increase on all Ren: Info not avail per renewals. corporate
0% 0.97
1185
96%
1230
0.96
96.30%
97.2%
98%
1.01 918 216
22
0.85 888 312
37
0.91 900 360
17
0
0.89 908 168
14
Special:1/2 month free with look and lease.
Special: One month free or giftcertificate to the mall w/look and lese special.
Special: 1/2 month off 12 to 13 month leases.
Special: One month free on a 12 to 13 month special.
Ren:Per corporate
Ren: $35 to $80 increas for 12 month lease
Ren: Average $25 to $75 increase.
Ren: Free carpet cleaning with 12mo.
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
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
Windsor @ Meridian
Pinnacle @ the Creek
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
6107 S Parker Rd 303-766-2500 Centennial, Co 216 4 $35.00 no yes $100 $100 Only Select Units yes yes yes no 1 yes 1 yes yes yes yes yes yes no yes no
August 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 755 755 760 760 770 895 900 920 925 935 935 1195 1195 $880
MKT RENT PER S/F 1.07 1.07 0.84 0.94 0.95 0.92 0.87 0.89 0.95 0.91 0.91 1.05 1.05 $0.96
Write-offs as % of Gross Potential Other Income/Unit (excl. Utility Reimb.) Application Fee Per Move In Redec/Admin. Fee Per Move In
#REF!
#REF!
MTD -0.18%
% Change
$294,410 $2,842 $297,252
$301,250 ($3,635) $297,615
2.32% -227.90% 0.12%
Current Actual
Current Budget
% Variance
$271,191 $28,230 $299,421
$261,671 $27,910 $289,581
$9,520 $320 $9,840
Month
Average Occupied Rent
Economic Occupancy
Physical Occupancy
Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08
#REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! $0 $0 $0 $0
#REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! 0.00% 0.00% 0.00% 0.00%
91.40% 94.04% 95.32% 93.18% 93.81% 94.09% 93.94% 94.81% 0.00% 0.00% 0.00% 0.00%
Category
Expenses /unit/yr.
Category
Expenses /unit/yr.
YTD 1.08% #REF! Net Rental Income Other Income Total Revenue
#REF! #REF!
Average Advertising/Locator Cost per Move-In: Total Resident Retention per Unit: Average Cost per Turn (move-out): % Water/Sewer Recovery - MTD & YTD - Actuals
$225
$206
$538 75.32% Actual + Bud #REF! #REF! #REF!
$285 71.90% Budget #REF! #REF! #REF!
Lease Expiration Sep-08
Actual Current Month
Market Rent (MR) LTL as % of MR Gross Potential
Controllable Expenses as % of Total Revenue: Total Expenses as % of Total Revenue:
Total Controllable Expenses (/unit/yr.): Total Non-controllable Expenses (/unit/yr.): Total Expenses (/unit/yr.):
Actual Jan
20.00
Salary Expense
$1,003
Credit Card Fees
$13
Service Expense
$155 $419
Operating Expense
$118
Administrative Expense
Advertising Expense
$166
Utility Expense
Make Ready Expense
$193
Taxes & Insurance
Maintenance Expense
$126
Capital Expense
Management Expense
#N/A
$433 $1,232 $309
(Net Rental income) / (total units * occupancy)
USA Courtney Downs LeaseCo, LLC Summary Report
Actual 25 15
30 30
Variance (5) 15
94.81% 5.19% 90.02%
94.82% 5.18% 86.86%
-0.01% -0.01% 3.16%
Move-ins Move-outs Physical Occupancy Vacancy Economic Occupancy
Budget
Prior Month
Current Month
Subsquent Month
at month end (vacancy / market rent) (net rental / market rent)
Annualized Per Unit
Net Rental Revenue Actual / Projected Budget - Original Variance
265,581 263,650 1,931
271,191 261,671 9,520
266,582 258,661 7,921
Other Revenue Actual Budget - Original Variance
37,758 25,305 12,453
28,230 27,910 320
23,739 23,739 -
99,514 122,872 23,358
76,346 118,647 42,301
79,854 114,949 35,095
#REF! #REF! #REF!
Expenses - Taxes & Insurance Actual Budget - Original Variance
35,029 35,095 66
35,029 35,095 66
35,095 35,095 -
#REF! #REF! #REF!
Expenses - Capital Actual Budget - Original Variance
23,117 17,804 (5,313)
7,400 6,600 (800)
6,259 6,259 -
Actual 2,782,500 2,178,392 604,108
Budget 2,782,500 1,984,350 798,150
Expenses - Controllable Actual Budget - Original Variance
NOI Goal - Annual NOI Goal @ 7.00% cap Projected NOI Variance
( YTD Actual + Remaining Projected Budget)
Variance 194,041.83
( from disposition analysis ) ( YTD Actual + Remaining Budget )
Lease Expiration USA Courtney Downs LeaseCo, LLC (10600) Month Year = 09/2008 Property
Unit Type
Units
MTM
Sep-08
Oct-08
10600
Arlington(cdc1)
66.00
0.00
2.00
5.00
10600
Calder(cda1)
72.00
0.00
9.00
8.00
10600
Churchill(cde)
28.00
0.00
1.00
3.00
10600
Derby(cda2)
18.00
0.00
1.00
0.00
10600
Drysdale (Study)(cdb1)
56.00
0.00
3.00
7.00
10600
Lexington(cdd)
36.00
0.00
2.00
2.00
10600
Steplechase(cdc)
10600
USA Courtney Downs LeaseCo, LLC (10600)
66.00
0.00
2.00
5.00
342.00
0.00
20.00
30.00
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
3.00
5.00
4.00
7.00
2.00
4.00
5.00
8.00
2.00
5.00
4.00
6.00
3.00
7.00
3.00
4.00
0.00
5.00
1.00
1.00
4.00
1.00
2.00
1.00
2.00
1.00
1.00
3.00
1.00
1.00
1.00
2.00
8.00
2.00
4.00
0.00
6.00
5.00
4.00
2.00
0.00
1.00
2.00
2.00
3.00
4.00
6.00
7.00
7.00
3.00
5.00
7.00
3.00
4.00
5.00
7.00
22.00
22.00
21.00
26.00
22.00
26.00
26.00
31.00
Jul-09
Aug-09
Total
4.00
3.00
52.00
6.00
7.00
64.00
3.00
1.00
23.00
2.00
1.00
16.00
2.00
5.00
48.00
1.00
2.00
32.00
5.00
5.00
58.00
23.00
24.00
293.00
Courtney Downs Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Move Ins cummulative move in
17 17
16 33
19 52
16 68
28 96
16 112
31 143
25 168
Move Outs cummulative move out
17 17
11 28
19 47
21 68
18 86
20 106
33 139
15 154
Sep
Oct
Nov
Dec 168
168
168
168
168
154
154
154
154
154
USA Courtney Downs LeaseCo, LLC (10600) 12 Month Occupancy Showing Occupancy Percentage By Property And Month
Year : 2008 Grouped By : Region Calculation by : Unit Count Property
2007 2008
Units
342
Sq Ft
311,852
Jan
Feb
Mar
Apr
89.50
88.75
88.09
90.32
91.40
94.04
95.32
93.18
May
Jun
July
Aug
Sep
93.11
94.95
95.85
94.18
93.98
93.81
94.09
93.94
94.81
Oct
94.00
Nov
92.69
Dec
92.10
USA Courtney Downs LeaseCo, LLC (10600)
Budget Period = Jan 2008-Dec 2008 Book = Accrual Jan-08 INCOME Market Rent Loss / Gain to Lease Gross Potential Rent Vacancy Loss Upfront Rent Concessions Adjustments & W/O Model Units Employee Apartment Guest Suite Lease Term Concessions INCOME RENTAL OTHER REVENUES Late Charges & NSF Fees Month to Month Premium Storage Fees Application Fees Termination Fees & Damages Miscellaneous Income Interest Income Pet Rents & Fees Garage Income Cable/Telephone Income Forfeited Deposits Administration Fee Move-Out Charges Short Term Lease Fees TOTAL OTHER REVENUES TOTAL REVENUE SALARY EXPENSES Managers Salary Maintenance Salary Commissions & Bonus Group Insurance Contract Labor TOTAL SALARY EXPENSES OPERATING EXPENSES Office Operations & Supplies Telephones Answering Svc. & Pagers Postage & Delivery Publications & Subscriptions
Feb-08
Mar-08
294,410.00 10,247.00 304,657.00 -28,795.00 -6,000.00 -1,507.00 -1,980.00 -1,935.00 -1,160.00 -17,793.00 245,487.00
294,410.00 10,940.00 305,350.00 -27,074.00 -6,000.00 -1,534.00 -1,980.00 -1,935.00 -1,160.00 -15,707.00 249,960.00
297,830.00 7,880.00 305,710.00 -24,776.00 -3,000.00 -1,586.00 -1,980.00 -1,935.00 -1,160.00 -12,879.00 258,394.00
1,463.00 300.00 680.00 1,176.00 0.00 600.00 3,489.00 3,360.00 6,790.00 475.00 300.00 1,820.00 2,400.00 500.00 23,353.00 268,840.00
1,463.00 750.00 720.00 1,323.00 0.00 200.00 0.00 3,360.00 6,790.00 475.00 300.00 2,100.00 2,400.00 375.00 20,256.00 270,216.00
1,771.00 750.00 880.00 1,519.00 2,700.00 1,100.00 0.00 3,360.00 6,790.00 475.00 300.00 2,660.00 2,400.00 500.00 25,205.00 283,599.00
12,689.00 11,403.00 3,005.00 1,720.00 1,000.00 29,817.00
12,689.00 11,403.00 3,425.00 1,720.00 1,000.00 30,237.00
12,689.00 11,403.00 3,665.00 1,720.00 1,000.00 30,477.00
850.00 743.00 98.00 211.00 114.00
850.00 743.00 98.00 211.00 114.00
850.00 743.00 98.00 211.00 114.00
Employee Training Car Expenses Credit Checks Guest Suite Expense TOTAL OPERATING EXPENSE
350.00 38.00 288.00 600.00 3,292.00
350.00 38.00 324.00 550.00 3,278.00
300.00 38.00 372.00 500.00 3,226.00
ADVERTISING EXPENSES Advertising & Promotions Resident Promotions Locators Resident Referrals TOTAL ADVERTISING EXPENSES
7,500.00 500.00 723.00 500.00 9,223.00
3,500.00 400.00 1,446.00 500.00 5,846.00
3,500.00 500.00 2,025.00 500.00 6,525.00
MAKE READY EXPENSES Paint & Drywall Contract Cleaning Svcs. Carpet Cleaning & Repairs Window Coverings Lock & Keys Counter & Tub Resurfacing Cleaning Supplies TOTAL MAKE READY EXPENSES
207.00 2,859.00 955.00 270.00 85.00 417.00 158.00 4,951.00
225.00 2,859.00 1,038.00 270.00 85.00 417.00 158.00 5,052.00
279.00 2,859.00 1,287.00 270.00 85.00 417.00 158.00 5,355.00
MAINTENANCE EXPENSES General Maintenance & Supplies HVAC Parts & Repairs Plumbing Parts & Repairs Electric Parts & Repairs Roof & Gutter Repairs Pools & Fountains Gates & Entrances Glass & Screens Appliance Parts & Repairs Hardware Exterior Painting Uniforms Security & Fire Systems TOTAL MAINTENANCE EXPENSE
599.00 200.00 120.00 40.00 0.00 100.00 10.00 260.00 300.00 120.00 0.00 0.00 450.00 2,199.00
689.00 100.00 120.00 50.00 0.00 100.00 10.00 0.00 300.00 120.00 0.00 0.00 450.00 1,939.00
1,000.00 100.00 120.00 50.00 0.00 100.00 10.00 260.00 300.00 120.00 0.00 0.00 450.00 2,510.00
SERVICE EXPENSES Landscape & Grounds Trash Removal Pest Control Security Patrols Snow Removal TOTAL SERVICE EXPENSES
0.00 755.00 205.00 0.00 3,500.00 4,460.00
0.00 755.00 205.00 0.00 3,500.00 4,460.00
0.00 755.00 205.00 0.00 3,500.00 4,460.00
10,754.00 400.00
10,809.00 200.00
11,344.00 400.00
ADMINISTRATIVE EXPENSES Management Fees Legal Fees
Computer Expense TOTAL ADMINISTRATIVE EXPENSES
0.00 11,154.00
0.00 11,009.00
0.00 11,744.00
UTILITY EXPENSES Electricity Natural Gas Water & Sewer Water & Sewer - Resident Reimb Water - irrigation Trash Reimbursement Utility -Vacant Electric Utility - Vacant Gas TOTAL UTILITY EXPENSES
3,250.00 1,967.00 20,000.00 -13,600.00 0.00 -2,400.00 1,505.00 903.00 11,625.00
3,250.00 1,967.00 20,000.00 -13,600.00 0.00 -2,400.00 1,415.00 849.00 11,481.00
3,250.00 1,967.00 20,000.00 -13,600.00 0.00 -2,400.00 325.00 768.00 10,310.00
TAXES & INSURANCE Property Taxes Insurance Tax Consultants TOTAL TAXES & INSURANCE TOTAL OPERATING EXPENSES NET OPERATING INCOME
30,188.00 4,850.00 57.00 35,095.00 111,816.00 157,024.00
30,188.00 4,850.00 57.00 35,095.00 108,397.00 161,819.00
30,188.00 4,850.00 57.00 35,095.00 109,702.00 173,897.00
TIC RENT EXPENSE Base Rent - Interest Payment Base Rent - Principal Payment Stated Rent Total TIC Rent Expense
106,587.00 0.00 86,667.00 193,254.00
106,587.00 0.00 86,667.00 193,254.00
106,587.00 0.00 86,667.00 193,254.00
0.00 200.00 1,000.00 3,250.00 4,450.00
0.00 200.00 1,000.00 3,250.00 4,450.00
0.00 200.00 1,000.00 3,250.00 4,450.00
0.00 0.00 5,000.00 0.00 0.00 339.00 0.00 5,339.00 -46,019.00
0.00 0.00 5,000.00 0.00 259.00 0.00 2,139.00 7,398.00 -43,283.00
0.00 0.00 5,000.00 0.00 319.00 339.00 2,610.00 8,268.00 -32,075.00
157,024.00
318,843.00
492,740.00
PARTNERSHIP EXPENSES Partnership Accounting Fees Partnership Travel Asset Management Fees Investor Administration Fee TOTAL PARTNERSHIP EXPENSES CAPITAL EXPENSES Exterior Rehab HVAC Replacement Carpet & Floor Replacement Refrigerators Dishwashers & Ranges Washers / Dryers Other Capital Improvements TOTAL CAPITAL EXPENSES NET INCOME
NOI YTD - Budget
Projected Move-Ins Total Move Outs Resulting Occupancy at Month End Average Monthly Occupancy Average Scheduled Rent per Unit Average Monthly Occupied Rent
13 12 90.44% 90.22% 861 894
15 13 91.17% 90.80% 861 896
19 16 92.19% 91.68% 871 896
Apr-08
May-08
Jun-08
297,830.00 8,634.00 306,464.00 -21,510.00 -3,000.00 -1,602.00 -1,980.00 -1,935.00 -1,160.00 -14,298.00 260,979.00
297,830.00 8,445.00 306,275.00 -19,986.00 -3,000.00 -1,620.00 -1,980.00 -1,935.00 -1,160.00 -12,717.00 263,877.00
297,830.00 8,157.00 305,987.00 -17,809.00 -3,000.00 -1,621.00 -1,980.00 -1,935.00 -1,160.00 -14,444.00 264,038.00
1,925.00 600.00 840.00 1,813.00 0.00 500.00 0.00 3,360.00 6,790.00 475.00 400.00 3,220.00 2,400.00 375.00 22,698.00 283,677.00
1,925.00 600.00 920.00 1,862.00 2,700.00 500.00 0.00 3,360.00 6,790.00 475.00 400.00 3,220.00 3,600.00 500.00 26,852.00 290,729.00
12,689.00 11,403.00 4,580.00 1,720.00 0.00 30,392.00
850.00 743.00 98.00 211.00 114.00
Jul-08
Aug-08
Sep-08
301,250.00 4,000.00 305,250.00 -15,591.00 -3,000.00 -1,618.00 -1,980.00 -1,935.00 -1,160.00 -16,316.00 263,650.00
301,250.00 3,881.00 305,131.00 -15,591.00 -3,000.00 -1,606.00 -1,980.00 -1,935.00 -1,160.00 -18,188.00 261,671.00
301,250.00 3,436.00 304,686.00 -16,802.00 -3,000.00 -1,588.00 -1,980.00 -1,935.00 -1,160.00 -19,560.00 258,661.00
1,925.00 750.00 920.00 2,107.00 2,700.00 600.00 0.00 4,200.00 6,790.00 475.00 500.00 3,920.00 2,400.00 625.00 27,912.00 291,950.00
1,925.00 900.00 1,000.00 2,205.00 0.00 800.00 0.00 3,360.00 6,790.00 475.00 500.00 4,200.00 2,400.00 750.00 25,305.00 288,955.00
1,925.00 750.00 1,080.00 2,205.00 2,700.00 800.00 0.00 3,360.00 6,790.00 475.00 600.00 4,200.00 2,400.00 625.00 27,910.00 289,581.00
1,925.00 900.00 1,120.00 1,764.00 0.00 800.00 0.00 3,360.00 6,790.00 475.00 500.00 3,080.00 2,400.00 625.00 23,739.00 282,400.00
12,689.00 11,403.00 3,755.00 1,720.00 0.00 29,567.00
12,689.00 11,403.00 5,305.00 1,720.00 0.00 31,117.00
13,069.00 11,745.00 4,900.00 1,720.00 0.00 31,434.00
13,069.00 11,745.00 4,900.00 1,720.00 0.00 31,434.00
13,069.00 11,745.00 4,158.00 1,720.00 0.00 30,692.00
850.00 743.00 98.00 211.00 114.00
850.00 743.00 98.00 211.00 114.00
850.00 743.00 98.00 211.00 114.00
850.00 743.00 98.00 211.00 114.00
850.00 743.00 98.00 211.00 114.00
350.00 38.00 444.00 500.00 3,348.00
350.00 38.00 456.00 600.00 3,460.00
350.00 38.00 516.00 600.00 3,520.00
350.00 38.00 540.00 600.00 3,544.00
350.00 38.00 540.00 500.00 3,444.00
350.00 38.00 432.00 500.00 3,336.00
3,500.00 400.00 1,401.00 500.00 5,801.00
3,500.00 500.00 1,401.00 500.00 5,901.00
3,500.00 400.00 1,705.00 500.00 6,105.00
3,500.00 500.00 1,827.00 500.00 6,327.00
3,500.00 400.00 1,827.00 500.00 6,227.00
3,000.00 500.00 1,340.00 500.00 5,340.00
342.00 2,859.00 1,577.00 270.00 85.00 417.00 158.00 5,708.00
423.00 2,859.00 1,951.00 270.00 85.00 417.00 158.00 6,163.00
405.00 2,859.00 1,868.00 270.00 85.00 417.00 158.00 6,062.00
540.00 2,859.00 2,490.00 270.00 85.00 417.00 158.00 6,819.00
540.00 2,859.00 2,490.00 270.00 85.00 417.00 158.00 6,819.00
446.00 2,859.00 2,054.00 270.00 85.00 417.00 158.00 6,289.00
900.00 100.00 120.00 50.00 0.00 600.00 20.00 0.00 300.00 120.00 155.00 300.00 450.00 3,115.00
720.00 350.00 120.00 50.00 1,500.00 600.00 20.00 260.00 300.00 120.00 0.00 0.00 450.00 4,490.00
720.00 350.00 120.00 50.00 1,500.00 600.00 20.00 0.00 300.00 120.00 100.00 0.00 5.00 3,885.00
900.00 350.00 120.00 50.00 0.00 600.00 20.00 260.00 300.00 120.00 0.00 0.00 200.00 2,920.00
720.00 350.00 120.00 40.00 0.00 600.00 20.00 260.00 300.00 120.00 0.00 0.00 200.00 2,730.00
653.00 100.00 120.00 40.00 0.00 600.00 20.00 260.00 300.00 120.00 100.00 0.00 200.00 2,513.00
8,863.00 755.00 205.00 0.00 3,500.00 13,323.00
5,718.00 755.00 205.00 0.00 0.00 6,678.00
3,000.00 755.00 305.00 925.00 0.00 4,985.00
3,000.00 755.00 305.00 925.00 0.00 4,985.00
3,000.00 755.00 305.00 925.00 0.00 4,985.00
3,000.00 755.00 205.00 0.00 0.00 3,960.00
11,347.00 200.00
11,629.00 200.00
11,678.00 200.00
11,558.00 200.00
11,583.00 200.00
11,296.00 200.00
0.00 11,547.00
0.00 11,829.00
0.00 11,878.00
3,060.00 14,818.00
0.00 11,783.00
0.00 11,496.00
3,500.00 1,967.00 20,000.00 -13,600.00 5,000.00 -2,400.00 1,112.00 667.00 16,246.00
3,500.00 1,967.00 20,000.00 -13,600.00 5,800.00 -2,012.00 1,033.00 620.00 17,308.00
3,500.00 1,967.00 20,000.00 -13,600.00 5,800.00 -2,012.00 920.00 552.00 17,127.00
3,500.00 1,967.00 20,000.00 -13,600.00 5,800.00 -2,012.00 797.00 478.00 16,930.00
3,500.00 1,967.00 20,000.00 -13,600.00 5,000.00 -2,012.00 797.00 478.00 16,130.00
3,500.00 1,967.00 20,000.00 -13,600.00 5,000.00 -2,012.00 858.00 515.00 16,228.00
30,188.00 4,850.00 57.00 35,095.00 124,575.00 159,102.00
30,188.00 4,850.00 57.00 35,095.00 120,491.00 170,238.00
30,188.00 4,850.00 57.00 35,095.00 119,774.00 172,176.00
30,188.00 4,850.00 57.00 35,095.00 122,872.00 166,083.00
30,188.00 4,850.00 57.00 35,095.00 118,647.00 170,934.00
30,188.00 4,850.00 57.00 35,095.00 114,949.00 167,451.00
106,587.00 0.00 86,667.00 193,254.00
106,587.00 0.00 86,667.00 193,254.00
106,586.67 23,565.33 86,667.00 216,819.00
106,474.53 23,677.47 86,667.00 216,819.00
106,361.87 23,790.13 86,667.00 216,819.00
130,152.00 0.00 86,667.00 216,819.00
0.00 200.00 1,000.00 3,250.00 4,450.00
365.00 200.00 1,000.00 3,250.00 4,815.00
0.00 200.00 1,000.00 3,250.00 4,450.00
0.00 200.00 1,000.00 3,250.00 4,450.00
0.00 200.00 1,000.00 3,250.00 4,450.00
0.00 200.00 1,000.00 3,250.00 4,450.00
2,546.00 0.00 5,000.00 0.00 0.00 0.00 5,000.00 12,546.00 -51,148.00
2,960.00 0.00 6,000.00 690.00 319.00 339.00 2,150.00 12,458.00 -40,289.00
1,215.00 600.00 6,000.00 0.00 259.00 0.00 0.00 8,074.00 -57,167.00
10,125.00 600.00 6,000.00 760.00 319.00 0.00 0.00 17,804.00 -72,990.00
0.00 600.00 6,000.00 0.00 0.00 0.00 0.00 6,600.00 -56,935.00
0.00 0.00 6,000.00 0.00 259.00 0.00 0.00 6,259.00 -60,077.00
651,842.00
822,080.00
994,256.00
1,160,339.00
1,331,273.00
1,498,724.00
23 19 93.36% 92.78% 871 898
23 24 93.22% 93.29% 871 897
28 23 94.82% 94.02% 871 896
30 30 94.82% 94.82% 881 893
30 30 94.82% 94.82% 881 893
22 25 94.02% 94.42% 881 891
Oct-08
Nov-08
Dec-08
Total
301,250.00 3,092.00 304,342.00 -19,995.00 -3,000.00 -1,559.00 -1,980.00 -1,935.00 -1,160.00 -20,621.00 254,092.00
301,250.00 2,867.00 304,117.00 -22,418.00 -3,000.00 -1,539.00 -1,980.00 -1,935.00 -1,160.00 -21,370.00 250,715.00
301,250.00 3,587,640.00 2,704.00 74,283.00 303,954.00 3,661,923.00 -23,078.00 -253,425.00 -3,000.00 -42,000.00 -1,530.00 -18,910.00 -1,980.00 -23,760.00 -1,935.00 -23,220.00 -1,160.00 -13,920.00 -21,994.00 -205,887.00 249,277.00 3,080,801.00
1,848.00 1,500.00 1,080.00 1,470.00 0.00 600.00 0.00 3,360.00 6,790.00 475.00 100.00 2,380.00 2,400.00 625.00 22,628.00 276,720.00
1,848.00 1,050.00 960.00 1,225.00 2,700.00 800.00 0.00 3,360.00 6,790.00 475.00 100.00 1,680.00 2,400.00 625.00 24,013.00 274,728.00
1,848.00 21,791.00 600.00 9,450.00 920.00 11,120.00 1,127.00 19,796.00 0.00 13,500.00 700.00 8,000.00 0.00 3,489.00 3,360.00 41,160.00 6,790.00 81,480.00 475.00 5,700.00 100.00 4,100.00 1,400.00 33,880.00 2,400.00 30,000.00 500.00 6,625.00 20,220.00 290,091.00 269,497.00 3,370,892.00
13,069.00 11,745.00 3,395.00 1,720.00 0.00 29,929.00
13,069.00 11,745.00 3,020.00 1,720.00 1,000.00 30,554.00
13,069.00 11,745.00 2,525.00 1,720.00 1,000.00 30,059.00
154,548.00 138,888.00 46,633.00 20,640.00 5,000.00 365,709.00
850.00 743.00 98.00 211.00 114.00
850.00 743.00 98.00 211.00 114.00
850.00 743.00 98.00 211.00 114.00
10,200.00 8,916.00 1,176.00 2,532.00 1,368.00
350.00 38.00 360.00 500.00 3,264.00
350.00 38.00 300.00 500.00 3,204.00
350.00 38.00 276.00 500.00 3,180.00
4,150.00 456.00 4,848.00 6,450.00 40,096.00
3,000.00 400.00 1,035.00 250.00 4,685.00
3,000.00 500.00 731.00 500.00 4,731.00
3,000.00 400.00 609.00 250.00 4,259.00
44,000.00 5,400.00 16,070.00 5,500.00 70,970.00
387.00 2,859.00 1,785.00 270.00 85.00 417.00 158.00 5,961.00
234.00 2,859.00 1,079.00 270.00 85.00 417.00 158.00 5,102.00
189.00 2,859.00 872.00 270.00 85.00 417.00 158.00 4,850.00
4,217.00 34,308.00 19,446.00 3,240.00 1,020.00 5,004.00 1,896.00 69,131.00
630.00 100.00 120.00 40.00 0.00 100.00 0.00 0.00 300.00 120.00 0.00 300.00 10,500.00 12,210.00
652.00 100.00 120.00 40.00 0.00 100.00 0.00 260.00 300.00 100.00 0.00 0.00 1,000.00 2,672.00
428.00 100.00 120.00 40.00 0.00 100.00 0.00 0.00 300.00 100.00 0.00 0.00 200.00 1,388.00
8,611.00 2,300.00 1,440.00 540.00 3,000.00 4,200.00 150.00 1,820.00 3,600.00 1,400.00 355.00 600.00 14,555.00 42,571.00
3,000.00 755.00 205.00 0.00 0.00 3,960.00
0.00 755.00 205.00 0.00 3,000.00 3,960.00
0.00 755.00 205.00 0.00 2,500.00 3,460.00
29,581.00 9,060.00 2,760.00 2,775.00 19,500.00 63,676.00
11,069.00 200.00
10,989.00 200.00
10,780.00 200.00
134,836.00 2,800.00
0.00 11,269.00
0.00 11,189.00
0.00 10,980.00
3,060.00 140,696.00
3,250.00 1,967.00 20,000.00 -13,600.00 5,000.00 -2,012.00 1,022.00 613.00 16,240.00
3,250.00 1,967.00 20,000.00 -13,600.00 0.00 -2,012.00 1,145.00 687.00 11,437.00
3,250.00 1,967.00 20,000.00 -13,600.00 0.00 -2,012.00 1,179.00 707.00 11,491.00
40,500.00 23,604.00 240,000.00 -163,200.00 37,400.00 -25,696.00 12,108.00 7,837.00 172,553.00
30,188.00 4,850.00 57.00 35,095.00 122,613.00 154,107.00
30,188.00 4,850.00 57.00 35,095.00 107,944.00 166,784.00
30,188.00 362,256.00 4,850.00 58,200.00 57.00 684.00 35,095.00 421,140.00 104,762.00 1,386,542.00 965,402.00 2,822.81 164,735.00 1,984,350.00
130,152.00 0.00 86,667.00 216,819.00
130,152.00 0.00 86,667.00 216,819.00
130,152.00 1,372,966.07 0.00 71,032.93 86,667.00 1,040,004.00 216,819.00 2,484,003.00
0.00 200.00 1,000.00 3,250.00 4,450.00
0.00 200.00 1,000.00 3,250.00 4,450.00
0.00 200.00 1,000.00 3,250.00 4,450.00
365.00 2,400.00 12,000.00 39,000.00 53,765.00
0.00 0.00 6,000.00 0.00 0.00 0.00 0.00 6,000.00 -73,162.00
0.00 0.00 5,000.00 0.00 0.00 0.00 0.00 5,000.00 -59,485.00
0.00 0.00 5,000.00 0.00 0.00 0.00 0.00 5,000.00 -61,534.00
16,846.00 1,800.00 66,000.00 1,450.00 1,734.00 1,017.00 11,899.00 100,746.00 -654,164.00
1,652,831.00
1,819,615.00
1,984,350.00 1,984,350.00 0.00
17 22 92.70% 93.36% 881 891
12 13 92.41% 92.56% 881 890
10 11 92.27% 92.34% 881 889
USA Courtney Downs LeaseCo, LLC (10600)
Income Statement (12 months) Period = Jan 2008-Dec 2008 Book = Accrual Jan-08 INCOME Market Rent Loss / Gain to Lease Gross Potential Rent Residential Rent Vacancy Loss Upfront Rent Concessions Adjustments & W/O Model Units Employee Apartment Guest Suite Lease Term Concessions INCOME RENTAL OTHER REVENUES Late Charges & NSF Fees Month to Month Premium Storage Fees Application Fees Termination Fees & Damages Miscellaneous Income Pet Rents & Fees Garage Income Cable/Telephone Income Forfeited Deposits Administration Fee Move-Out Charges Short Term Lease Fees Corporate Rent TOTAL OTHER REVENUES TOTAL REVENUE SALARY EXPENSES Managers Salary Maintenance Salary Commissions & Bonus Group Insurance Contract Labor TOTAL SALARY EXPENSES OPERATING EXPENSES Office Operations & Supplies Telephones Answering Svc. & Pagers Postage & Delivery
Feb-08
Mar-08
294,410.00 2,842.00 297,252.00 0.00 -14,979.36 10.00 -11,483.60 -1,980.00 -1,934.80 795.00 -10,079.23 257,600.01
294,410.00 787.00 295,197.00 0.00 -13,515.14 -434.48 -4,730.58 -1,980.00 -1,934.80 -1,160.00 -7,711.00 263,731.00
294,800.00 29.00 294,829.00 0.00 -12,200.56 6,116.84 -331.61 -1,980.00 -2,104.80 -1,160.00 -6,383.35 276,785.52
2,095.04 455.00 1,217.74 1,800.00 5,090.00 736.40 3,370.97 7,019.83 0.00 0.00 4,050.00 1,600.34 400.00 0.00 27,835.32 285,435.33
2,778.95 666.00 1,270.00 1,500.00 2,500.00 1,318.85 4,806.71 7,091.17 3,113.37 0.00 3,150.00 5,608.70 400.00 0.00 34,203.75 297,934.75
1,558.51 761.61 1,278.56 1,050.00 5,566.26 484.35 2,998.22 7,066.89 0.00 300.00 2,250.00 1,871.78 544.74 325.00 26,055.92 302,841.44
11,795.28 12,801.68 4,717.00 1,490.46 21.23 30,825.65
11,618.56 11,172.74 3,807.35 1,490.46 0.00 28,089.11
11,346.86 10,949.05 3,349.77 195.24 0.00 25,840.92
1,040.43 1,211.63 125.83 288.66
0.00 1,200.38 56.83 196.82
51.40 796.96 125.83 73.88
Publications & Subscriptions Employee Training Permits & Fees Credit Checks Guest Suite Expense TOTAL OPERATING EXPENSES
37.00 74.64 0.00 381.95 499.77 3,659.91
84.00 65.00 0.00 561.00 668.32 2,832.35
0.00 150.17 0.00 636.65 500.81 2,335.70
ADVERTISING EXPENSES Advertising & Promotions Resident Promotions Locators Resident Referrals TOTAL ADVERTISING EXPENSES
1,051.00 259.91 3,969.81 250.00 5,530.72
1,961.49 80.84 2,591.50 250.00 4,883.83
1,694.00 32.42 2,382.08 0.00 4,108.50
MAKE READY EXPENSES Paint & Drywall Contract Cleaning Svcs. Carpet Cleaning & Repairs Window Coverings Lock & Keys Counter & Tub Resurfacing Cleaning Supplies TOTAL MAKE READY EXPENSES
25.12 2,825.00 320.00 356.36 0.00 50.00 50.88 3,627.36
165.10 2,565.00 120.00 0.00 0.00 323.00 230.41 3,403.51
226.09 1,820.00 2,095.00 260.17 0.00 0.00 21.61 4,422.87
MAINTENANCE EXPENSES General Maintenance & Supplies HVAC Parts & Repairs Plumbing Parts & Repairs Electric Parts & Repairs Pools & Fountains Glass & Screens Appliance Parts & Repairs Hardware Uniforms Security & Fire Systems TOTAL MAINTENANCE EXPENSE
548.03 0.00 286.20 252.62 0.00 0.00 273.05 26.73 0.00 16.20 1,402.83
241.89 52.85 47.36 0.00 169.88 0.00 514.57 1.92 0.00 3,232.75 4,261.22
500.52 98.24 119.76 245.42 -110.84 0.00 475.46 18.61 0.00 1,769.28 3,116.45
SERVICE EXPENSES Landscape & Grounds Trash Removal Pest Control Snow Removal TOTAL SERVICE EXPENSES
0.00 555.73 86.00 6,066.20 6,707.93
0.00 731.92 153.00 330.66 1,215.58
0.00 788.10 86.00 701.86 1,575.96
11,360.56 1,164.90 0.00 0.00 12,525.46
11,917.39 -901.34 0.00 0.00 11,016.05
12,113.66 -1,250.00 0.00 0.00 10,863.66
ADMINISTRATIVE EXPENSES Management Fees Legal Fees Bank Charges Computer Expense TOTAL ADMINISTRATIVE EXPENSES
UTILITY EXPENSES Electricity Natural Gas Water & Sewer Water & Sewer - Resident Reimb Water - irrigation Trash Reimbursement Utility -Vacant Electric Utility - Vacant Gas TOTAL UTILITY EXPENSES
4,040.14 3,808.88 13,536.27 -16,247.17 74.35 -2,300.14 1,439.86 561.78 4,913.97
3,457.01 3,487.42 16,771.41 -9,812.59 0.00 -2,206.42 886.14 811.79 13,394.76
2,915.98 2,745.36 20,957.09 -8,871.37 0.00 -1,803.54 927.65 443.45 17,314.62
MANAGEMENT EXPENSES Property Legal Fees Credit Card Fees TOTAL MANAGEMENT EXPENSES
837.50 578.11 1,415.61
1,059.00 362.44 1,421.44
0.00 0.00 0.00
TAXES & INSURANCE Property Taxes Insurance Tax Consultants TOTAL TAXES & INSURANCE TOTAL OPERATING EXPENSES NET OPERATING INCOME
30,188.47 4,840.47 0.00 35,028.94 105,638.38 179,796.95
30,188.47 4,815.99 0.00 35,004.46 105,522.31 192,412.44
30,188.47 4,840.47 0.00 35,028.94 104,607.62 198,233.82
TIC RENT EXPENSE Base Rent - Interest Payment Base Rent - Principal Payment Stated Rent Total TIC Rent Expense
106,586.67 0.00 86,666.71 193,253.38
106,586.67 0.00 86,666.71 193,253.38
106,586.67 0.00 86,666.71 193,253.38
0.00 518.50 0.00 1,000.00 3,200.00 4,718.50
0.00 237.43 101.53 1,000.00 3,200.00 4,538.96
0.00 354.87 70.74 1,000.00 3,200.00 4,625.61
1,993.00 0.00 0.00 2,698.32 0.00 0.00 296.29 4,746.03 9,733.64 -27,908.57
0.00 0.00 0.00 2,700.47 0.00 0.00 0.00 202.76 2,903.23 -8,283.13
859.02 0.00 540.47 9,488.59 0.00 485.32 0.00 192.60 11,566.00 -11,211.17
PARTNERSHIP EXPENSES Partnership Accounting Fees Partnership Travel Partnership - Meals Asset Management Fees Investor Administration Fee TOTAL PARTNERSHIP EXPENSES CAPITAL EXPENSES Exterior Rehab Interior Rehab HVAC Replacement Carpet & Floor Replacement Refrigerators Dishwashers & Ranges Washers / Dryers Other Capital Improvements TOTAL CAPITAL EXPENSES NET INCOME
TOTAL OF ALL
-27,908.57
-8,283.13
-11,211.17
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
295,729.00 -735.00 294,994.00 0.00 -15,565.50 1,884.22 -3,557.59 -1,980.00 -2,104.80 -670.00 -8,906.07 264,094.26
295,510.00 1,148.00 296,658.00 0.00 -15,359.58 0.00 -1,908.23 -1,645.00 -1,955.77 -910.00 -9,644.00 265,235.42
295,420.00 1,233.00 296,653.00 0.00 -16,776.46 0.00 -3,080.11 -1,645.00 -1,950.80 -655.00 -9,354.20 263,191.43
301,250.00 -4,175.00 297,075.00 0.00 -16,864.78 0.00 -1,188.89 -1,685.00 -1,950.80 -910.00 -8,894.19 265,581.34
301,250.00 -3,635.00 297,615.00 -40.00 -14,200.16 195.00 551.53 -1,645.00 -1,950.80 -910.00 -8,425.00 271,190.57
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
2,075.02 1,696.46 1,122.00 1,970.00 2,550.00 390.21 2,640.66 7,019.55 3,355.82 0.00 3,450.00 6,354.00 400.00 -240.00 32,783.72 296,877.98
2,995.00 1,295.00 1,146.93 1,880.00 85.85 2,115.88 3,709.75 7,006.93 3,387.30 600.00 4,350.00 5,572.48 800.00 0.00 34,945.12 300,180.54
1,736.73 1,815.00 1,100.32 2,600.00 2,500.00 1,476.99 3,901.68 6,829.00 0.00 0.00 4,500.00 5,614.30 800.00 0.00 32,874.02 296,065.45
2,374.45 2,206.80 1,181.51 2,510.00 2,658.06 1,772.95 4,372.75 6,422.57 81.23 0.00 4,200.00 5,659.05 998.00 3,320.83 37,758.20 303,339.54
2,901.82 1,344.01 1,249.73 1,400.00 2,630.53 1,083.14 3,300.01 6,825.03 0.00 150.00 2,400.00 4,378.12 567.74 0.00 28,230.13 299,420.70
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
11,634.72 12,190.20 2,741.20 97.62 66.88 26,730.62
7,534.97 8,551.40 4,098.56 187.73 781.66 21,154.32
10,294.54 10,707.96 3,543.75 180.22 637.26 25,363.73
17,054.11 16,394.39 8,032.50 270.33 133.76 41,885.09
10,700.81 11,024.72 0.00 180.22 0.00 21,905.75
0.00 0.00 0.00 0.00 0.00 0.00
532.19 788.60 251.66 336.06
29.34 682.07 0.00 25.74
1,790.23 795.62 125.83 198.90
758.66 781.26 257.00 250.34
499.33 787.83 69.00 259.94
0.00 0.00 0.00 0.00
42.00 391.68 16.00 381.30 612.82 3,352.31
1,178.08 867.61 0.00 628.45 484.36 3,895.65
157.00 222.58 0.00 601.20 517.26 4,408.62
175.00 199.82 0.00 835.40 537.40 3,794.88
0.00 245.27 0.00 855.65 480.82 3,197.84
0.00 0.00 0.00 0.00 0.00 0.00
1,694.00 341.15 495.28 0.00 2,530.43
1,382.43 137.40 2,112.50 0.00 3,632.33
2,571.62 267.20 2,705.65 250.00 5,794.47
3,053.00 152.30 1,381.71 500.00 5,087.01
1,336.00 76.85 4,286.75 500.00 6,199.60
0.00 0.00 0.00 0.00 0.00
1,417.14 3,715.00 1,069.00 472.22 188.24 225.00 181.20 7,267.80
7.83 2,095.00 763.00 436.63 0.00 634.69 67.80 4,004.95
-3.75 3,050.00 2,419.00 278.96 46.85 353.31 370.14 6,514.51
425.39 3,845.00 1,103.00 832.42 26.87 0.00 413.53 6,646.21
1,400.66 3,785.00 1,672.00 317.47 387.65 426.68 77.06 8,066.52
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
539.45 304.79 395.48 103.95 321.12 0.00 427.94 376.76 0.00 55.41 2,524.90
636.94 12.89 0.00 0.00 325.38 371.84 528.59 27.06 32.32 0.00 1,935.02
834.38 55.39 185.72 50.36 537.57 239.19 915.84 7.18 0.00 0.00 2,825.63
1,331.54 54.23 206.96 0.00 957.57 0.00 744.24 110.99 730.84 487.50 4,623.87
580.18 36.93 161.54 130.38 521.84 0.00 1,468.72 0.00 0.00 810.00 3,709.59
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
2,853.04 395.60 94.75 180.00 3,523.39
11,793.40 798.40 86.00 0.00 12,677.80
2,446.05 1,020.75 137.00 0.00 3,603.80
3,235.32 829.87 1,006.00 0.00 5,071.19
2,463.64 609.90 86.00 0.00 3,159.54
0.00 0.00 0.00 0.00 0.00
11,875.12 457.60 150.00 0.00 12,482.72
12,007.22 -426.10 0.00 53.60 11,634.72
11,830.72 601.90 802.36 0.00 13,234.98
12,133.58 608.49 0.00 2,202.01 14,944.08
11,950.85 -326.00 98.72 0.00 11,723.57
0.00 0.00 0.00 0.00 0.00
3,328.18 683.42 16,286.33 -16,738.47 0.00 -2,442.50 558.98 275.97 1,951.91
2,968.51 708.63 19,834.05 -10,218.36 661.72 -1,966.81 534.66 405.92 12,928.32
2,551.94 2,668.28 17,130.91 -16,985.04 3,178.50 -2,375.40 599.49 362.16 7,130.84
3,031.00 1,681.68 17,770.67 -11,088.94 6,140.50 -2,256.15 1,206.08 328.48 16,813.32
3,113.96 1,286.63 21,460.51 -13,385.44 6,942.70 -2,348.75 927.90 386.24 18,383.75
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 599.10 599.10
0.00 239.55 239.55
0.00 191.14 191.14
0.00 648.68 648.68
0.00 0.00 0.00
0.00 0.00 0.00
30,188.47 4,840.47 0.00 35,028.94 95,992.12 200,885.86
30,188.47 4,840.47 600.00 35,628.94 107,731.60 192,448.94
30,188.47 5,035.65 0.00 35,224.12 104,291.84 191,773.61
30,188.47 4,840.47 0.00 35,028.94 134,543.27 168,796.27
30,188.47 4,840.47 0.00 35,028.94 111,375.10 188,045.60
0.00 0.00 0.00 0.00 0.00 0.00
106,586.67 0.00 86,666.71 193,253.38
106,586.67 0.00 86,666.71 193,253.38
106,586.67 23,565.33 86,666.71 216,818.71
106,474.53 23,677.47 86,666.71 216,818.71
106,361.87 23,790.13 86,666.71 216,818.71
0.00 0.00 0.00 0.00
0.00 532.16 55.14 1,000.00 3,200.00 4,787.30
540.00 0.00 0.00 0.00 4,200.00 4,740.00
0.00 255.51 52.40 0.00 4,200.00 4,507.91
0.00 0.00 0.00 0.00 4,200.00 4,200.00
0.00 350.32 32.76 0.00 4,200.00 4,583.08
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 6,943.49 0.00 0.00 0.00 0.00 6,943.49 -4,098.31
0.00 1,021.68 0.00 2,361.33 651.41 0.00 593.96 3,243.20 7,871.58 -13,416.02
0.00 0.00 0.00 10,149.40 0.00 0.00 0.00 3,657.50 13,806.90 -43,359.91
2,543.08 0.00 0.00 14,854.93 471.71 225.00 0.00 5,021.89 23,116.61 -75,339.05
0.00 0.00 0.00 7,399.81 0.00 0.00 0.00 0.00 7,399.81 -40,756.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
-4,098.31
-13,416.02
-43,359.91
-75,339.05
-40,756.00
0.00
Oct-08
Nov-08
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 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 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
Dec-08
Total
0.00 2,372,779.00 0.00 -2,506.00 0.00 2,370,273.00 0.00 -40.00 0.00 -119,461.54 0.00 7,771.58 0.00 -25,729.08 0.00 -14,540.00 0.00 -15,887.37 0.00 -5,580.00 0.00 -69,397.04 0.00 2,127,409.55 0 0 0.00 18,515.52 0.00 10,239.88 0.00 9,566.79 0.00 14,710.00 0.00 23,580.70 0.00 9,378.77 0.00 29,100.75 0.00 55,280.97 0.00 9,937.72 0.00 1,050.00 0.00 28,350.00 0.00 36,658.77 0.00 4,910.48 0.00 3,405.83 0.00 254,686.18 0.00 2,382,095.73 0 0 0.00 91,979.85 0.00 93,792.14 0.00 30,290.13 0.00 4,092.28 0.00 1,640.79 0.00 221,795.19 0 0 0.00 4,701.58 0.00 7,044.35 0.00 1,011.98 0.00 1,630.34
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
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 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 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
1,673.08 2,216.77 16.00 4,881.60 4,301.56 27,477.26 0 0 14,743.54 1,348.07 19,925.28 1,750.00 37,766.89 0 0 3,663.58 23,700.00 9,561.00 2,954.23 649.61 2,012.68 1,412.63 43,953.73 0 0 5,212.93 615.32 1,403.02 782.73 2,722.52 611.03 5,348.41 569.25 763.16 6,371.14 24,399.51 0 0 22,791.45 5,730.27 1,734.75 7,278.72 37,535.19 0 0 95,189.10 -70.55 1,051.08 2,255.61 98,425.24
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
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
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 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 0 25,406.72 17,070.30 143,747.24 -103,347.38 16,997.77 -17,699.71 7,080.76 3,575.79 92,831.49 0 0 1,896.50 2,619.02 4,515.52 0 0 241,507.76 38,894.46 600.00 281,002.22 869,702.24 1,512,393.49 0 0 852,356.42 71,032.93 693,333.68 1,616,723.03 0 0 540.00 2,248.79 312.57 4,000.00 29,600.00 36,701.36 0 0 5,395.10 1,021.68 540.47 56,596.34 1,123.12 710.32 890.25 17,063.98 83,341.26 -224,372.16
0.00
0.00
0.00
0 -224,372.16
USA Courtney Downs LeaseCo, LLC Balance Sheet Books = Accrual Aug 2008
ASSETS Cash Operating Cash Total Cash
15,738.29 $15,738.29
OTHER ASSETS Accounts Receivable Prepaid Expenses Tax Escrow Cash in Bank-Wrk Cap Reserve Capital / Repair Escrow Total Other Assets
3,715.71 19,124.32 144,074.19 80,219.73 200,000.00 447,133.95
Total ASSETS
462,872.24
LIABILITIES & CAPITAL LIABILITIES Accounts Payable - Trade A/P - Creekstone Partners LLC A/P - US Advisors Other Accounts Payable Accrued Taxes Prepaid Rent Security Deposits Notes Payable Total Liabilities
172,864.06 342,576.00 342,576.00 345,285.05 241,507.76 24,292.90 45,663.00 8,544.25 1,523,309.02
CAPITAL Creekstone Partners LLC US Advisors LLC Retained Earnings Total Capital Total LIABILITIES & CAPITAL
50.00 50.00 (1,060,536.78) (1,060,436.78) 462,872.24
USA Courtney Downs LeaseCo, LLC Cash Flow (Actual + Budget) Books = Accrual For the 12 Months Ending Dec 2008
Account
Jan 2008 Actual
Feb 2008 Actual
Mar 2008 Actual
Apr 2008 Actual
May 2008 Actual
Jun 2008 Actual
Jul 2008 Actual
Aug 2008 Actual
Sep 2008 Budget
Oct 2008 Budget
Nov 2008 Budget
Dec 2008 Budget
12 Month Total
342
$/ Sq. Ft. 313,778
3,579,722 (195,817) (143,505) (87,324) 3,153,076
10,467.02 (572.57) (419.60) (255.33) 9,219.52
11.41 (0.62) (0.46) (0.28) 10.05
20,220 269,497
345,286 3,498,362
1,009.61 10,229.13
1.10 11.15
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
343,029 40,461 56,782 66,156 43,183 52,875 143,359 148,227 4,516 421,382
1,003.01 118.31 166.03 193.44 126.26 154.61 419.18 433.41 13.20 1,232.11
1.09 0.13 0.18 0.21 0.14 0.17 0.46 0.47 0.01 1.34
122,613 159,107
107,944 166,784
104,762 164,735
1,319,970 2,178,392
3,859.56 6,369.57
4.21 6.94
130,152 86,667 4,450 6,259
130,152 86,667 4,450 6,000
130,152 86,667 4,450 5,000
130,152 86,667 4,450 5,000
1,443,997 1,040,001 54,501 105,600
4,222.21 3,040.94 159.36 308.77
4.60 3.31 0.17 0.34
(40,756)
(52,155)
(68,162)
(59,485)
(61,534)
(465,708)
(1,361.72)
(1.48)
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
296,658 (15,360) (9,644) (6,419) 265,235
296,653 (16,776) (9,354) (7,331) 263,191
297,075 (16,865) (8,894) (5,735) 265,581
297,575 (14,200) (8,230) (3,954) 271,191
297,076 (15,865) (8,894) (5,735) 266,582
304,342 (14,995) (23,621) (6,634) 259,092
304,117 (22,418) (24,370) (6,614) 250,715
303,954 (23,078) (24,994) (6,605) 249,277
Other Income Total Revenue
27,835 285,435
34,204 297,935
26,056 302,841
32,784 296,878
34,945 300,181
32,874 296,065
37,758 303,340
28,230 299,421
23,739 290,321
22,628 281,720
24,013 274,728
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
21,154 3,896 3,632 4,005 1,935 12,678 11,635 12,928 240 35,629
25,364 4,409 5,794 6,515 2,826 3,604 13,235 7,131 191 35,224
41,885 3,795 5,087 6,646 4,624 5,071 14,944 16,813 649 35,029
21,906 3,198 6,200 8,067 3,710 3,160 11,724 18,384 0 35,029
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
Total Operating Exp. Net Operating Income
105,638 179,797
105,522 192,412
104,608 198,234
95,992 200,886
107,732 192,449
104,292 191,774
134,543 168,796
111,375 188,046
114,949 175,372
Base Rent Stated Rent Partnership Expense Capital Expense
106,587 86,667 4,719 9,734
106,587 86,667 4,539 2,903
106,587 86,667 4,626 11,566
106,587 86,667 4,787 6,943
106,587 86,667 4,740 7,872
130,152 86,667 4,508 13,807
130,152 86,667 4,200 23,117
130,152 86,667 4,583 7,400
Cash Flow Frm Operations
(27,909)
(8,283)
(11,211)
(4,098)
(13,416)
(43,360)
(75,339)
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
$/ Unit
0
0
0
0
0
0
0
0
0
0
0
0
0
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)
0 8,270 4,840 341,933
0 (2,448) 4,840 (37,985)
0 177 4,840 (38,933)
0 2,774 4,840 (38,933)
0 (3,219) 4,840 (38,933)
0 0 0 42,875
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
0 (3,373) (16,511) 101,247
Cash Increase (Decreae) From Assets
(88,090)
(28,220)
(40,732)
355,044
(35,592)
(33,916)
(31,319)
(37,312)
42,875
(7,125)
(7,125)
(7,125)
81,363
Accounts Payable Accrued Expenses Other Payables Mortgages Payable
(22,965) 20,453 920 48,905
2,827 31,811 2,385 (6,027)
942 51,607 345 (5,836)
207 (345,380) 1,665 (6,064)
69,651 44,376 (1,490) (6,293)
22,994 16,001 (150) (6,064)
45,880 30,188 2,436 (6,064)
83,754 30,188 1,045 (6,064)
(16,000) 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
187,291 (120,754) 7,156 6,491
47,313
30,997
47,058
(349,572)
106,245
32,780
72,440
108,923
(16,000)
0
0
0
80,184
(68,685) 15,378
(5,507) 9,871
(4,886) 4,986
1,374 6,360
57,237 63,597
(44,496) 19,101
(34,218) (15,117)
30,855 15,738
(25,280) (9,542)
(75,287) (84,829)
(66,610) (151,439)
(68,659) (220,097)
(304,160)
Cash Increase (Decrease) From Liab.
NET CASH FLOW CUMM. NET CASH FLOW 84063.14
J48:
rssmith: estimated Replacement Reserve draw
USA Courtney Downs LeaseCo, LLC Budget Comparison Books = Accrual For the period ending August 31, 2008
Account Revenue Market Rent Loss / Gain to Lease
MTD Actual
MTD Budget
YTD Actual
YTD Budget
0.00 (7,516.00) Variance reflects market rent verses lease rents. (7,516.00) 0.00 (40.00) 1,390.84 Actual vacancy is 4% and budgeted is 5%. 3,195.00 No upfront concessions offered at this time. 0.00 0.00 2,157.53 We had an adjustment to write offs from a previous month, no write off's this month.
2,372,779.00 (2,506.00)
2,382,640.00 62,184.00
(9,861.00) (64,690.00)
3,587,640.00 74,283.00
2,370,273.00 0.00 (40.00) (119,461.54)
2,444,824.00 0.00 0.00 (171,132.00)
(74,551.00) 0.00 (40.00) 51,670.46
3,661,923.00 0.00 0.00 (253,425.00)
7,771.58
(30,000.00)
37,771.58
(42,000.00)
0.00 0.00 (25,729.08)
0.00 0.00 (12,694.00)
0.00 0.00 (13,035.08)
0.00 0.00 (18,910.00)
335.00 0.00 (15.80) 0.00 250.00 9,763.00 We have been able to reduce the amount of concessions offered due to higher occupancy.
(14,540.00) 0.00 (15,887.37) 0.00 (5,580.00) (69,397.04)
(15,840.00) 0.00 (15,480.00) 0.00 (9,280.00) (122,342.00)
1,300.00 0.00 (407.37) 0.00 3,700.00 52,944.96
(23,760.00) 0.00 (23,220.00) 0.00 (13,920.00) (205,887.00)
0.00 0.00 0.00 0.00 $2,127,409.55
0.00 0.00 0.00 0.00 $2,068,056.00
0.00 0.00 0.00 0.00 $59,353.55
0.00 0.00 0.00 0.00 $3,080,801.00
0.00 0.00 0.00 18,515.52
0.00 0.00 0.00 14,322.00
0.00 0.00 0.00 4,193.52
0.00 0.00 0.00 21,791.00
10,239.88
5,400.00
4,839.88
9,450.00
9,566.79 0.00 14,710.00
7,040.00 0.00 14,210.00
2,526.79 0.00 500.00
11,120.00 0.00 19,796.00
23,580.70 9,378.77 0.00 0.00 29,100.75 0.00 0.00 0.00 0.00 55,280.97 0.00 9,937.72 0.00 0.00 1,050.00 0.00 0.00 0.00 28,350.00
10,800.00 5,100.00 0.00 3,489.00 27,720.00 0.00 0.00 0.00 0.00 54,320.00 0.00 3,800.00 0.00 0.00 3,300.00 0.00 0.00 0.00 25,340.00
12,780.70 4,278.77 0.00 (3,489.00) 1,380.75 0.00 0.00 0.00 0.00 960.97 0.00 6,137.72 0.00 0.00 (2,250.00) 0.00 0.00 0.00 3,010.00
13,500.00 8,000.00 0.00 3,489.00 41,160.00 0.00 0.00 0.00 0.00 81,480.00 0.00 5,700.00 0.00 0.00 4,100.00 0.00 0.00 0.00 33,880.00
36,658.77
20,400.00
16,258.77
30,000.00
$ Variance
MTD Variance Comment
$ Variance
Annual Budget
301,250.00 (3,635.00)
301,250.00 3,881.00
297,615.00 0.00 (40.00) (14,200.16)
305,131.00 0.00 0.00 (15,591.00)
Upfront Rent Concessions
195.00
(3,000.00)
Corporate Discount Delinquent Rent Adjustments & W/O
0.00 0.00 551.53
0.00 0.00 (1,606.00)
(1,645.00) 0.00 (1,950.80) 0.00 (910.00) (8,425.00)
(1,980.00) 0.00 (1,935.00) 0.00 (1,160.00) (18,188.00)
0.00 0.00 0.00 0.00 $271,190.57
0.00 0.00 0.00 0.00 $261,671.00
Laundry Income Vending Income Covered Parking Income Late Charges & NSF Fees
0.00 0.00 0.00 2,901.82
0.00 0.00 0.00 1,925.00
Month to Month Premium
1,344.01
750.00
Storage Fees Repair & Maintenance Fees Application Fees
1,249.73 0.00 1,400.00
1,080.00 0.00 2,205.00
Termination Fees & Damages Miscellaneous Income Renters Insurance Interest Income Pet Rents & Fees Tower Rent Asset Management Fee Parking Spaces Income Association Assessments Garage Income Water/Sewer Income Cable/Telephone Income HOA Contributions Developer Developer HOA Dues Forfeited Deposits Developer Contributions Interest Income Other Thunder Income Administration Fee
2,630.53 1,083.14 0.00 0.00 3,300.01 0.00 0.00 0.00 0.00 6,825.03 0.00 0.00 0.00 0.00 150.00 0.00 0.00 0.00 2,400.00
2,700.00 800.00 0.00 0.00 3,360.00 0.00 0.00 0.00 0.00 6,790.00 0.00 475.00 0.00 0.00 600.00 0.00 0.00 0.00 4,200.00
Move-Out Charges
4,378.12
2,400.00
567.74 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 28,230.13
625.00 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 27,910.00
(57.26) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 320.13
4,910.48 0.00 3,405.83 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 254,686.18
4,250.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 199,491.00
660.48 0.00 3,405.83 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 55,195.18
6,625.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 290,091.00
$299,420.70
$289,581.00
$9,839.70
$2,382,095.73
$2,267,547.00
$114,548.73
$3,370,892.00
10,700.81
13,069.00
2,368.19 Based on actual payroll expense. Payroll went from semi-monthly to biweekly.
91,979.85
102,272.00
10,292.15
154,548.00
0.00 11,024.72
0.00 11,745.00
0.00 720.28 Based on actual payroll expense.Payroll went from semimonthly to biweekly.
0.00 93,792.14
0.00 91,908.00
0.00 (1,884.14)
0.00 138,888.00
0.00 0.00 0.00 180.22
0.00 4,900.00 0.00 1,720.00
0.00 4,900.00 0.00 1,539.78 We have less participants for our insurance program than what was anticipated in the budget.
0.00 30,290.13 0.00 4,092.28
0.00 33,535.00 0.00 13,760.00
0.00 3,244.87 0.00 9,667.72
0.00 46,633.00 0.00 20,640.00
0.00 0.00 0.00 0.00 21,905.75
0.00 0.00 0.00 0.00 31,434.00
0.00 0.00 1,640.79 0.00 221,795.19
0.00 0.00 3,000.00 0.00 244,475.00
0.00 0.00 1,359.21 0.00 22,679.81
0.00 0.00 5,000.00 0.00 365,709.00
Office Operations & Supplies
499.33
850.00
4,701.58
6,800.00
2,098.42
10,200.00
Telephones Answering Svc. & Pagers Postage & Delivery Patrol Services Membership Dues Publications & Subscriptions Conventions/Seminars Employee Training Furniture Rental Car Expenses Permits & Fees
787.83 69.00 259.94 0.00 0.00 0.00 0.00 245.27 0.00 0.00 0.00
743.00 98.00 211.00 0.00 0.00 114.00 0.00 350.00 0.00 38.00 0.00
7,044.35 1,011.98 1,630.34 0.00 0.00 1,673.08 0.00 2,216.77 0.00 0.00 16.00
5,944.00 784.00 1,688.00 0.00 0.00 912.00 0.00 2,750.00 0.00 304.00 0.00
(1,100.35) (227.98) 57.66 0.00 0.00 (761.08) 0.00 533.23 0.00 304.00 (16.00)
8,916.00 1,176.00 2,532.00 0.00 0.00 1,368.00 0.00 4,150.00 0.00 456.00 0.00
Gross Potential Rent Prepaid Homeowners Dues Residential Rent Vacancy Loss
Model Units Courtesy Officer Apt. Employee Apartment Housekeeping & Maintenance Fee Guest Suite Lease Term 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 Total Other Income 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
0.00 0.00 0.00 0.00 $9,519.57 0.00 0.00 0.00 976.82 We have 23 late fees and seven insufficient funds collected. 594.01 Ten month to month fees collected and budgeted was five. 169.73 0.00 (805.00) We had 28 application fees collected and budgeted was 44. (69.47) 283.14 0.00 0.00 (59.99) 0.00 0.00 0.00 0.00 35.03 0.00 (475.00) None received at this time. 0.00 0.00 (450.00) We had fewer then budgeted. 0.00 0.00 0.00 (1,800.00) We had 16 administration fees collected and 28 were budgeted. 1,978.12 Apartments left in bad condition at the time of move out resulting in more charges needed.
0.00 0.00 0.00 0.00 9,528.25 350.67 Less supplies bought for the office this month. (44.83) 29.00 (48.94) 0.00 0.00 114.00 0.00 104.73 0.00 38.00 0.00
Books = Accrual For the period ending August 31, 2008
Account Revenue Market Rent Credit Checks
MTD Actual
MTD Budget
301,250.00 855.65
301,250.00 540.00
480.82 0.00 3,197.84
500.00 0.00 3,444.00
Advertising & Promotions
1,336.00
3,500.00
Resident Promotions Locators
76.85 4,286.75
400.00 1,827.00
500.00 6,199.60
500.00 6,227.00
1,400.66
540.00
Guest Suite Expense Parking Cost Total Operating Expense
Resident Referrals Total Advertising Expense Paint & Drywall
YTD Actual
YTD Budget
2,372,779.00 4,881.60
2,382,640.00 3,480.00
(9,861.00) (1,401.60)
3,587,640.00 4,848.00
4,301.56 0.00 27,477.26
4,450.00 0.00 27,112.00
148.44 0.00 (365.26)
6,450.00 0.00 40,096.00
2,164.00 Savings due to dropping of Apartment Guide advertising. 323.15 (2,459.75) We had 12 locator fees paid out verses five budgeted. 0.00 27.40
14,743.54
32,000.00
17,256.46
44,000.00
1,348.07 19,925.28
3,600.00 12,355.00
2,251.93 (7,570.28)
5,400.00 16,070.00
1,750.00 37,766.89
4,000.00 51,955.00
2,250.00 14,188.11
5,500.00 70,970.00
(860.66) Contracted paints due to Jorge being on vacation.
3,663.58
2,961.00
(702.58)
4,217.00
$ Variance
MTD Variance Comment
0.00 (315.65) We had 42 credit checks ran this month and actual budgeted was 27. 19.18 0.00 246.16
$ Variance
Annual Budget
Books = Accrual For the period ending August 31, 2008
Account Revenue Market Rent Contract Cleaning Svcs.
MTD Actual
MTD Budget
$ Variance
301,250.00 3,785.00
301,250.00 2,859.00
1,672.00
2,490.00
317.47 0.00 387.65
270.00 0.00 85.00
426.68 0.00 77.06 8,066.52
417.00 0.00 158.00 6,819.00
580.18 36.93
720.00 350.00
Plumbing Parts & Repairs Electric Parts & Repairs Roof & Gutter Repairs Pools & Fountains Gates & Entrances Glass & Screens Appliance Parts & Repairs
161.54 130.38 0.00 521.84 0.00 0.00 1,468.72
120.00 40.00 0.00 600.00 20.00 260.00 300.00
Hardware Exterior Painting Uniforms Elevator Service & Repairs Security & Fire Systems Uninsured Losses Locks & Keys Bulbs & Ballasts Total Maintenance Expense
0.00 0.00 0.00 0.00 810.00 0.00 0.00 0.00 3,709.59
120.00 0.00 0.00 0.00 200.00 0.00 0.00 0.00 2,730.00
Landscape & Grounds
2,463.64
3,000.00
Trash Removal Pest Control Security Patrols Window Cleaning Svc. Interior Cleaning Svc. Cable Television Snow Removal Total Service Expense
609.90 86.00 0.00 0.00 0.00 0.00 0.00 3,159.54
755.00 305.00 925.00 0.00 0.00 0.00 0.00 4,985.00
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
11,950.85 0.00 0.00 (326.00)
11,583.00 0.00 0.00 200.00
0.00 0.00 98.72 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
Carpet Cleaning & Repairs Window Coverings Vinyl & Tile Repairs Lock & Keys Counter & Tub Resurfacing Other Redecorating Cleaning Supplies Total Make Ready Expense General Maintenance & Supplies HVAC Parts & Repairs
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
MTD Variance Comment
0.00 (926.00) We turned more units then budgeted. 818.00 Had more carpets replaced this month than cleans. (47.47) 0.00 (302.65) We needed to order locks for turns. (9.68) 0.00 80.94 (1,247.52) 139.82 313.07 We did not have as many repairs then anticipated in the budget. (41.54) (90.38) 0.00 78.16 20.00 260.00 None needed at this time. (1,168.72) More appliance parts needed than anticipated for turns, such as two microwave doors and stove parts. 120.00 None needed at this time. 0.00 0.00 0.00 (610.00) Alarm monitoring for the quarter. 0.00 0.00 0.00 (979.59) 536.36 We did not have as many mows this month then budgeted. 145.10 219.00 No pigeon service at this time. 925.00 None needed at this time. 0.00 0.00 0.00 0.00 1,825.46 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (367.85) Based on % of collections. 0.00 0.00 526.00 Filed one sheriff fee and collected one payment from 12309 and one from 7311. 0.00 0.00 (98.72) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
YTD Actual
YTD Budget
2,372,779.00 23,700.00
2,382,640.00 22,872.00
(9,861.00) (828.00)
3,587,640.00 34,308.00
9,561.00
13,656.00
4,095.00
19,446.00
2,954.23 0.00 649.61
2,160.00 0.00 680.00
(794.23) 0.00 30.39
3,240.00 0.00 1,020.00
2,012.68 0.00 1,412.63 43,953.73
3,336.00 0.00 1,264.00 46,929.00
1,323.32 0.00 (148.63) 2,975.27
5,004.00 0.00 1,896.00 69,131.00
5,212.93 615.32
6,248.00 1,900.00
1,035.07 1,284.68
8,611.00 2,300.00
1,403.02 782.73 0.00 2,722.52 0.00 611.03 5,348.41
960.00 380.00 3,000.00 3,300.00 130.00 1,300.00 2,400.00
(443.02) (402.73) 3,000.00 577.48 130.00 688.97 (2,948.41)
1,440.00 540.00 3,000.00 4,200.00 150.00 1,820.00 3,600.00
569.25 0.00 763.16 0.00 6,371.14 0.00 0.00 0.00 24,399.51
960.00 255.00 300.00 0.00 2,655.00 0.00 0.00 0.00 23,788.00
390.75 255.00 (463.16) 0.00 (3,716.14) 0.00 0.00 0.00 (611.51)
1,400.00 355.00 600.00 0.00 14,555.00 0.00 0.00 0.00 42,571.00
22,791.45
23,581.00
789.55
29,581.00
5,730.27 1,734.75 0.00 0.00 0.00 0.00 7,278.72 37,535.19
6,040.00 1,940.00 2,775.00 0.00 0.00 0.00 14,000.00 48,336.00
309.73 205.25 2,775.00 0.00 0.00 0.00 6,721.28 10,800.81
9,060.00 2,760.00 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
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
95,189.10 0.00 0.00 (70.55)
90,702.00 0.00 0.00 2,000.00
(4,487.10) 0.00 0.00 2,070.55
134,836.00 0.00 0.00 2,800.00
0.00 0.00 1,051.08 0.00 0.00 0.00 0.00 0.00 0.00 2,255.61 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 (1,051.08) 0.00 0.00 0.00 0.00 0.00 0.00 804.39 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
$ Variance
Annual Budget
Books = Accrual For the period ending August 31, 2008
Account Revenue Market Rent Total Admin. Expense
MTD Actual
MTD Budget
$ Variance
MTD Variance Comment
YTD Budget
2,372,779.00 98,425.24
2,382,640.00 95,762.00
(9,861.00) (2,663.24)
3,587,640.00 140,696.00
25,406.72 0.00 17,070.30 143,747.24
27,250.00 0.00 15,736.00 160,000.00
1,843.28 0.00 (1,334.30) 16,252.76
40,500.00 0.00 23,604.00 240,000.00
(103,347.38) 16,997.77
(108,800.00) 27,400.00
(5,452.62) 10,402.23
(163,200.00) 37,400.00
$ Variance
Annual Budget
301,250.00 11,723.57
301,250.00 11,783.00
3,113.96 0.00 1,286.63 21,460.51
3,500.00 0.00 1,967.00 20,000.00
Water & Sewer - Resident Reimb Water - irrigation
(13,385.44) 6,942.70
(13,600.00) 5,000.00
Electric - Tenant Reimbursement Trash Reimbursement Water - Tenant Reimbursement Utility -Vacant Electric Utility - Vacant Gas Tenant Reimbursement - Gas Total Utility Expense
0.00 (2,348.75) 0.00 927.90 386.24 0.00 18,383.75
0.00 (2,012.00) 0.00 797.00 478.00 0.00 16,130.00
0.00 336.75 0.00 (130.90) 91.76 0.00 (2,253.75)
0.00 (17,699.71) 0.00 7,080.76 3,575.79 0.00 92,831.49
0.00 (17,648.00) 0.00 7,904.00 5,315.00 0.00 117,157.00
0.00 51.71 0.00 823.24 1,739.21 0.00 24,325.51
0.00 (25,696.00) 0.00 12,108.00 7,837.00 0.00 172,553.00
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 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 1,896.50 2,619.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4,515.52
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 (1,896.50) (2,619.02) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (4,515.52)
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 35,028.94 111,375.10 188,045.60
30,188.00 0.00 4,850.00 57.00 0.00 35,095.00 118,647.00 170,934.00
(0.47) 0.00 9.53 57.00 0.00 66.06 7,271.90 17,111.60
241,507.76 0.00 38,894.46 600.00 0.00 281,002.22 869,702.24 1,512,393.49
241,504.00 0.00 38,800.00 456.00 0.00 280,760.00 936,274.00 1,331,273.00
(3.76) 0.00 (94.46) (144.00) 0.00 (242.22) 66,571.76 181,120.49
362,256.00 0.00 58,200.00 684.00 0.00 421,140.00 1,386,542.00 1,984,350.00
Base Rent - Interest Payment Base Rent - Principal Payment Stated Rent Office Rent Total Rent Expense
106,361.87 23,790.13 86,666.71 0.00 216,818.71
106,361.87 23,790.13 86,667.00 0.00 216,819.00
0.00 0.00 0.29 0.00 0.29
852,356.42 71,032.93 693,333.68 0.00 1,616,723.03
852,358.07 71,032.93 693,336.00 0.00 1,616,727.00
1.65 0.00 2.32 0.00 3.97
1,372,966.07 71,032.93 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 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 0.00 350.32 32.76 0.00 0.00 0.00 0.00 0.00 4,200.00 0.00 4,583.08
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
0.00 540.00 2,248.79 312.57 0.00 0.00 0.00 0.00 4,000.00 29,600.00 0.00 36,701.36
0.00 365.00 1,600.00 0.00 0.00 0.00 0.00 0.00 8,000.00 26,000.00 0.00 35,965.00
0.00 (175.00) (648.79) (312.57) 0.00 0.00 0.00 0.00 4,000.00 (3,600.00) 0.00 (736.36)
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
0.00 0.00 0.00 7,399.81
0.00 0.00 600.00 6,000.00
5,395.10 1,021.68 540.47 56,596.34
16,846.00 0.00 1,800.00 44,000.00
11,450.90 (1,021.68) 1,259.53 (12,596.34)
16,846.00 0.00 1,800.00 66,000.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
1,123.12 710.32 890.25 0.00
1,450.00 1,475.00 1,017.00 0.00
326.88 764.68 126.75 0.00
1,450.00 1,734.00 1,017.00 0.00
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
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
0.00 59.43
YTD Actual
386.04 0.00 680.37 (1,460.51) Water usage higher than anticipated. (214.56) (1,942.70) Very hot temperature caused us to water a bit more to preserve lawn.
0.00 0.00 (150.32) Corporate site visit. (32.76) Corporate site visit. 0.00 0.00 0.00 0.00 1,000.00 (950.00) 0.00 (133.08) 0.00 0.00 600.00 None needed at this time. (1,399.81) Seven carpets replaced this month, budgeted was five. 0.00 0.00 0.00 0.00
Books = Accrual For the period ending August 31, 2008
Account Revenue Market Rent Other Capital Improvements Boiler Replacement Roof Replacement Total Capital Expenses Casualty Losses Casualty Recovery Total Casualty Loss NET INCOME (LOSS)
MTD Actual
MTD Budget
$ Variance
MTD Variance Comment
YTD Actual
YTD Budget
$ Variance
Annual Budget
301,250.00 0.00 0.00 0.00 7,399.81
301,250.00 0.00 0.00 0.00 6,600.00
0.00 0.00 0.00 0.00 (799.81)
2,372,779.00 17,063.98 0.00 0.00 83,341.26
2,382,640.00 11,899.00 0.00 0.00 78,487.00
(9,861.00) (5,164.98) 0.00 0.00 (4,854.26)
3,587,640.00 11,899.00 0.00 0.00 100,746.00
0.00 0.00 0.00 (40,756.00)
0.00 0.00 0.00 (56,935.00)
0.00 0.00 0.00 16,179.00
0.00 0.00 0.00 (224,372.16)
0.00 0.00 0.00 (399,906.00)
0.00 0.00 0.00 175,533.84
0.00 0.00 0.00 (654,164.00)
Courtney Downs Apartments August 08 LEASING & OCCUPANCY NUMBER OF MOVE INS: NUMBER OF MOVE OUTS: NET FOR THE MONTH:
25 14 11
OCCUPIED/LEASED %:
97%/98%
SOURCE OF TRAFFIC:
INCOME THIS MONTH: INCOME LAST MONTH: DIFFERENCE:
$299,421.00 $303,340.00 -$3,919.00
TOTAL # GARAGES # GARAGES OCCUPIED GARAGES OCCUPIED %
120 109 91%
REASONS WHY PROSPECTS DID NOT LEASE:
APARTMENT GUIDE.COM APARTMENT GUIDE YELLOW PAGES OTHER. NET BLUE BOOK RENT.COM LIVES IN AREA RESIDENT REFERRAL LOCATORS WORD of MOUTH WALK IN SIGNAGE BROCHURE/FLYER TOTALS CLOSING RATIO:
Traffic 0 1 0 8 2 13 10 3 4 6 0 31 0
Leased 0 1 0 1 1 4 2 2 0 2 0 4 0
78
17
* * * * * * * * * * * * * *
Job Transfer Too expensive. Future/No Availability/Waiting list Just started looking. Waiting for Home to Sell Current Lease to Expire Needs Ground Floor Breed restrictions Will return with roommate or spouse Realtor Looking for Client Undecided Employment pending Location Rented at Competitor TOTALS
0 6 17 8 11 0 0 0 7 0 0 7 0 5 61
22%
MARKETING ACTIVITIES & SOURCES FOR THE MONTH * Took donuts with brochures and price sheets to Costco. * Took cookie bags with brochures and price sheets to Best buy. * Updated all internet ads with new pricing and specials for the month of August. * Took donuts with price sheets to the new Target staff. * Took brochures and prices to the new 24 hour Fitness for employee break room. * Brochures and donuts were taken to Firestone staff. * Met with Ryland Home sales team with options of temporary housing for new home buyers. * Dropped off muffins and brochures to US bank for the break room. * Took brochures and flyers to Albertsons. * Took brochures and flyers to King Soopers for the breakroom. * Took brochures and pricesheets to Sprint. * Updated the locators with brochures and price sheets OVERVIEW OF COMPARABLE PROPERTIES: The surrounding comps are still offering discounted rents on selected units. This translates into one bedroom effective rents of $715, two bedrooms at $820 and three bedrooms starting at $1125. Look and leases specials are 1/2 month to 1 month free off with a 12 to 13 month lease. Overall market is 94.2% average occ.and rental rate of $827 per month. RESIDENT RETENTION: We had 46 leases expiring in the month of August. 20 renewed leases with a $41.35 increase. Notices received; (5) buying homes, (3) out of state, (3) closer to work, (1) closer to school, (2) roommate split (2) out of country, (1) did not like rules, (2) skips, (1) mtm. INCIDENTS ON THE PROPERTY: N/A
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 23 34 23 18 67 0 11 2 178
Number of: 23 11 12 178 0 23 34 23 18 67 0 11 2 178 0
REFRIGERATORS DISHWASHERS WINDOWS A/C COMPRESSORS CONDENSING UNITS WATER HEATERS ICE MAKERS GARBAGE DISPOSALS MICROWAVES CARPETS/vinyl CEILING FANS TOILETS A/C FAN MOTORS COUNTER TOPS CABINETS RESURFACED KITCHEN
Number Replaced 0 0 0 0 0 0 0 0 0 5 0 0 0 0 0
Apt. #
19107, 2107, 9203, 9102, 12307.
Courtney Downs Apartments August 08
PLUMBING LEAKS
0
CAPITAL IMPROVEMENTS IN PROGRESS: N/A
PROBLEM AREAS NEEDING ATTENTION: Gypcrete areas needing repair. Trickle pans needing repair. Paint peeling and dry rot on some trim. CURRENT STAFF: Manager Assistant Manager Leasing Consultant Leasing Consultant Maintenance Supervisor Assistant Maintenance Maintenance/ Grounds
Nancy Howland Carrie McMillan Adreyanna Black Kate Hawkins Gabriel Tellez Russell Briley Jorge Chavez and Jorge Bernal
ACCOMPLISHMENTS FOR THE MONTH: Soded pet damaged areas. New Flutter flags for the front of property New bearing kit installed for the spa. Dumped and refilled the pool.
BLINDS TUBS RESURFACED TUB TILES
31 0 0
6203-2, 4307-2, 6204-1, 9102-3, 2207-2, 10111-3, 19107-2, 6103-1, 4104-1, 16203-2, 10203-1, 2107-2, 12307-1 2110-2, 2307-2, 19310-1 , 12106-2, 7302-1.
MARKET SURVEY Courtney Downs August-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 / Avail) Units(Total
SIZE
Coyote Ranch
PSF
PRICE
SIZE
Windsor at Meridian
PSF
PRICE
SIZE
Pinnacle @ the Creek
PSF
PRICE
SIZE
Dove Valley
PSF
PRICE
SIZE
PSF
PRICE
Cherrywood Village PSF SIZE
PRICE
Reserve@South Creek PSF SIZE
755
704
1.07
785
779
1.01
759
627
1.21
745
685
1.09
705
768
0.92
720
707
1.02
705
763
0.92
870
808
1.08
805
853
0.94
829
701
1.18
750
705
1.06
728
842
0.86
750
796
0.94
725
763
0.95
770
910
0.85
899
811
0.91
810
760
1.07
815
992
0.82
805
916
0.88
899
956
0.94
1005
1051
0.96
905
977
0.93
940
1105
0.85
909
1044
0.87
1015
1120
0.91
889
1115
0.80
900
1033
0.87
840
1037
0.81
920
1030
0.89
980
1192
0.82
1080
1196
0.90
999
1220
0.82
935
1093
0.86
885
1037
0.85
945
1030
0.92
1099
1180
0.93
1,195
1140
1.05
1119
1330
0.84
1190
1356
0.88
1095
1235
0.89
1100
1257
0.88
1095
1235
0.89
1195
1257
0.95
93.0%
96%
93.2%
97%
97 1 909 342
98.00%
1190
1398
0.85
1255
1398
0.90
96%
97%
0.97 37
0 0.90
993 507
949 24
653
Special: Waived security Special: One month free Will not give out any deposit with approved credit. on 12 to 13 month lease. information. Rates reflect these rates: specials:
Ren: $35 to $75 increase.
Ren.: 15% increase on all Ren: Info not avail per renewals. corporate
0% 0.97
1185
96%
1230
0.96
96.30%
97.2%
98%
1.01 918 216
22
0.85 888 312
37
0.91 900 360
17
0
0.89 908 168
14
Special:1/2 month free with look and lease.
Special: One month free or giftcertificate to the mall w/look and lese special.
Special: 1/2 month off 12 to 13 month leases.
Special: One month free on a 12 to 13 month special.
Ren:Per corporate
Ren: $35 to $80 increas for 12 month lease
Ren: Average $25 to $75 increase.
Ren: Free carpet cleaning with 12mo.
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
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
Windsor @ Meridian
Pinnacle @ the Creek
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
6107 S Parker Rd 303-766-2500 Centennial, Co 216 4 $35.00 no yes $100 $100 Only Select Units yes yes yes no 1 yes 1 yes yes yes yes yes yes no yes no
August 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 755 755 760 760 770 895 900 920 925 935 935 1195 1195 $880
MKT RENT PER S/F 1.07 1.07 0.84 0.94 0.95 0.92 0.87 0.89 0.95 0.91 0.91 1.05 1.05 $0.96
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