Courtney Down April 06
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USA Courtney Downs LeaseCo, LLC Budget Comparison Books = Accrual For the period ending April 30, 2006
Account Revenue Market Rent Loss / Gain to Lease Gross Potential Rent Prepaid Homeowners Dues Residential Rent Vacancy Loss
MTD Actual
MTD Budget
$ Variance
355,720.00 950.00 356,670.00 0.00 (300.00) (25,520.65)
355,390.00 0.00 355,390.00 0.00 0.00 (31,811.00)
(4,141.09)
(2,000.00)
0.00 0.00 0.00 (1,980.00) 0.00 (1,780.80) 0.00 0.00 (83,410.50)
0.00 0.00 (500.00) (1,980.00) (575.00) (1,900.00) 0.00 (1,130.00) (85,068.00)
0.00 0.00 0.00 0.00 $239,536.96
0.00 0.00 0.00 0.00 $230,426.00
Laundry Income Vending Income Covered Parking Income Late Charges & NSF Fees
0.00 0.00 0.00 1,161.00
0.00 68.00 0.00 2,300.00
Month to Month Premium Storage Fees Repair & Maintenance Fees Application Fees Termination Fees & Damages
100.00 930.00 0.00 960.00 5,555.00
300.00 1,300.00 0.00 1,000.00 1,033.00
Miscellaneous Income No Name Interest Income Pet Rents & Fees
734.45 0.00 0.00 2,728.00
500.00 0.00 0.00 900.00
Tower Rent Asset Management Fee Parking Spaces Income Homeowners Assessments Garage Income
0.00 0.00 0.00 0.00 6,761.83
0.00 0.00 0.00 0.00 8,700.00
Water/Sewer Income Cable/Telephone Income HOA Contributions Developer Developer HOA Dues Forfeited Deposits Developer Contributions Interest Income Other Thunder Income Administration Fee
0.00 1,006.00 0.00 0.00 0.00 0.00 0.00 0.00 3,450.00
0.00 1,000.00 0.00 0.00 190.00 0.00 0.00 0.00 2,000.00
Move-Out Charges
2,167.22
929.00
34.47 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 25,587.97
225.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 20,445.00
$265,124.93
$250,871.00
8,652.74 0.00 10,871.76
9,545.00 0.00 6,660.00
0.00
0.00
Upfront Rent Concessions
Corporate Discount Delinquent Rent Adjustments & W/O 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
MTD Variance Comment
YTD Actual
YTD Budget
Annual Budget
330.00 950.00 1,280.00 0.00 (300.00) Will re code in May. 6,290.35 Positive variance while vacancy loss averaged only 7% with a budget of 9% (2,141.09) additional move in incentives offered to obtain leases and get occupancy to reach 93% 0.00 0.00 500.00 0.00 575.00 119.20 0.00 1,130.00 1,657.50 Slight positive variance to budget as we are trying to reduce these prorated lease concessions over time with increases on renewals.
1,422,880.00 135.00 1,423,015.00 0.00 (18.00) (150,203.13)
1,421,560.00 0.00 1,421,560.00 0.00 0.00 (134,312.00)
1,320.00 135.00 1,455.00 0.00 (18.00) (15,891.13)
4,302,534.00 0.00 4,302,534.00 0.00 0.00 (390,390.00)
Filter 0.01 ### ### ### 0.00 (636.00) ###
(91,991.57)
(8,000.00)
(83,991.57)
(24,000.00)
###
0.00 0.00 (10,135.02) (7,920.00) (1,725.00) (7,123.20) 0.00 0.00 (243,252.86)
0.00 0.00 (2,000.00) (7,920.00) (2,300.00) (7,600.00) 0.00 (4,520.00) (337,898.00)
0.00 0.00 (8,135.02) 0.00 575.00 476.80 0.00 4,520.00 94,645.14
0.00 0.00 (6,000.00) (23,760.00) (6,900.00) (22,800.00) 0.00 (13,560.00) (1,019,064.00)
0.00 0.00 ### ### ### ### 0.00 ### ###
0.00 0.00 0.00 0.00 $9,110.96
0.00 0.00 0.00 0.00 $910,646.22
0.00 0.00 0.00 0.00 $917,010.00
0.00 0.00 0.00 0.00 $(6,363.78)
0.00 0.00 0.00 0.00 $2,796,060.00
0.00 0.00 0.00 5,230.65
0.00 272.00 0.00 9,200.00
0.00 (272.00) 0.00 (3,969.35)
0.00 816.00 0.00 27,600.00
0.00 0.00 0.00 0.00 ### 0.01 0.00 816.00 0.00 ###
603.23 4,220.28 0.00 3,695.00 10,972.86
1,200.00 5,200.00 0.00 4,000.00 4,132.00
(596.77) (979.72) 0.00 (305.00) 6,840.86
3,600.00 15,600.00 0.00 12,000.00 12,396.00
### ### 0.00 ### ###
8,238.24 0.00 0.00 9,270.94
2,000.00 0.00 0.00 3,600.00
6,238.24 0.00 0.00 5,670.94
6,000.00 0.00 0.00 10,800.00
### 0.00 0.00 ###
0.00 0.00 0.00 0.00 27,714.69
0.00 0.00 0.00 0.00 34,800.00
0.00 0.00 0.00 0.00 (7,085.31)
0.00 0.00 0.00 0.00 104,400.00
0.00 0.00 0.00 0.00 ###
0.00 4,024.00 0.00 0.00 0.00 0.00 0.00 0.00 13,290.00
0.00 4,000.00 0.00 0.00 760.00 0.00 0.00 0.00 8,000.00
0.00 24.00 0.00 0.00 (760.00) 0.00 0.00 0.00 5,290.00
0.00 12,000.00 0.00 0.00 2,280.00 0.00 0.00 0.00 24,000.00
0.00 ### 0.00 0.00 ### 0.00 0.00 0.00 ###
16,698.10
3,716.00
12,982.10
11,148.00
###
498.99 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 104,456.98
900.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 81,780.00
(401.01) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 22,676.98
2,700.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 245,340.00
$14,253.93 With high occupancy and strict collections of other fees, we are beating Revenue to budget for the month and Year to date
$1,015,103.20
$998,790.00
$16,313.20
$3,041,400.00
### 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ### 0.01 ###
892.26 Manager is on maternity leave. 0.00 (4,211.76) budgeted incorrectly and removed one maintenance person. This negative variance is offset in a savings in Maintenance costs. 0.00
34,865.30 0.00 40,539.65
38,180.00 0.00 26,640.00
3,314.70 0.00 (13,899.65)
124,082.00 0.00 86,582.00
0.01 0.01 ### 0.00 ###
0.00
0.00
0.00
0.00
0.00
0.00 (68.00) 0.00 (1,139.00) strict collections the past two months have resulted in fewer residents paying late. (200.00) (370.00) 0.00 (40.00) 4,522.00 aggressive collections of termination fees this month. Collected three full buy outs and partial payment on one. 234.45 0.00 0.00 1,828.00 collection of 6 pet fees of $300 each in addition to the monthly pet rent 0.00 0.00 0.00 0.00 (1,938.17) Fewer rentals than anticipated. Average rental fee is $85 0.00 6.00 0.00 0.00 (190.00) 0.00 0.00 0.00 1,450.00 25 new admin fees charged at $150 or $99. we discontinued waiving these to increase income resulting in positive variance to budget 1,238.22 Positive variance to budget with stricter charging of all move out costs including additional cleaning, carpet damages and any outstanding water bills. (190.53) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5,142.97
$ Variance
YTD Variance Comment
Commissions & Bonus
7,197.20
3,500.00
Payroll Taxes Group Insurance Disability Insurance 401k Match Contract Labor
2,112.77 1,330.00 0.00 0.00 1,641.75
1,576.00 1,442.00 0.00 0.00 0.00
2,418.23 34,224.45
1,576.00 24,299.00
587.85 894.41 92.84 103.21 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 740.01 0.00 0.00 2,418.32
600.00 1,080.00 100.00 200.00 0.00 0.00 0.00 0.00 100.00 0.00 200.00 0.00 750.00 0.00 0.00 3,030.00
Advertising & Promotions
4,698.46
3,452.00
Resident Promotions Locators
464.31 3,711.75
1,500.00 1,033.00
Workers Comp Total Salary Expense Office Operations & Supplies Telephones Answering Svc. & Pagers Postage & Delivery Patrol Services Membership Dues Publications & Subscriptions Conventions/Seminars Employee Training Furniture Rental Car Expenses Permits & Fees Credit Checks Guest Suite Expense Parking Cost Total Operating Expense
Resident Referrals
(3,697.20) includes past months bonuses as well as April. (536.77) 112.00 0.00 0.00 (1,641.75) temporary help for office team while manager is on maternity leave (842.23) (9,925.45)
14,735.50
10,500.00
(4,235.50)
42,000.00
###
7,336.46 5,985.00 0.00 0.00 4,735.51
6,024.00 5,768.00 0.00 0.00 0.00
(1,312.46) (217.00) 0.00 0.00 (4,735.51)
20,210.00 17,304.00 0.00 0.00 0.00
### ### 0.00 0.00 0.00
10,870.85 119,068.27
6,024.00 93,136.00
(4,846.85) (25,932.27)
20,210.00 310,388.00
4,817.99 4,161.95 473.57 877.30 0.00 0.00 142.00 0.00 365.75 0.00 0.00 0.00 1,689.11 0.00 0.00 12,527.67
2,400.00 4,320.00 400.00 800.00 0.00 0.00 0.00 0.00 400.00 0.00 800.00 0.00 3,000.00 0.00 0.00 12,120.00
(2,417.99) 158.05 (73.57) (77.30) 0.00 0.00 (142.00) 0.00 34.25 0.00 800.00 0.00 1,310.89 0.00 0.00 (407.67)
7,200.00 12,960.00 1,200.00 2,400.00 0.00 0.00 1,645.00 0.00 2,200.00 0.00 2,400.00 0.00 9,000.00 0.00 0.00 39,005.00
(1,246.46) Did not budget for additonal print advertisement. We are discontinuing this ad at the end of the contract in June. These costs will then come in line with budget 1,035.69 (2,678.75) 8 loctator referrals this month which helped in achieving our high occupancy (3,100.00) 8 resident referrals at $500 each
20,094.79
13,808.00
(6,286.79)
42,409.00
### ### 0.01 ### ### ### ### 0.00 0.00 ### 0.00 ### 0.00 ### 0.00 ### 0.00 0.00 ### 0.01 ###
3,950.15 7,159.25
2,925.00 4,132.00
(1,025.15) (3,027.25)
10,300.00 12,396.00
### ###
8,500.00
3,600.00
(4,900.00)
10,800.00
###
(5,989.52)
39,704.19
24,465.00
(15,239.19)
75,905.00
2,651.00
10,500.00
7,849.00
33,200.00
### 0.01 ###
6,875.00
10,500.00
3,625.00
32,500.00
###
3,987.00 (2.00) 0.00 26.33 185.00 218.86 262.25 14,203.44
4,800.00 800.00 2,000.00 400.00 400.00 400.00 1,200.00 31,000.00
813.00 802.00 2,000.00 373.67 215.00 181.14 937.75 16,796.56
15,900.00 2,400.00 6,000.00 1,200.00 1,200.00 1,200.00 3,600.00 97,200.00
### ### ### ### ### ### ### ###
2,124.47
3,000.00
875.53
9,200.00
###
532.98 573.17 972.75 0.00 1,324.67 0.00 269.29 793.03 226.50 77.40 155.56 0.00 (284.05) 0.00 0.00 0.00 6,765.77
600.00 300.00 600.00 400.00 1,600.00 0.00 200.00 300.00 600.00 400.00 800.00 0.00 1,180.00 0.00 0.00 0.00 9,980.00
67.02 (273.17) (372.75) 400.00 275.33 0.00 (69.29) (493.03) 373.50 322.60 644.44 0.00 1,464.05 0.00 0.00 0.00 3,214.23
1,800.00 4,200.00 1,800.00 1,200.00 5,800.00 0.00 600.00 900.00 1,800.00 1,200.00 2,100.00 0.00 11,540.00 0.00 0.00 0.00 42,140.00
### ### ### ### ### 0.00 ### ### ### ### ### 0.00 ### 0.00 0.00 0.00 ###
345.00
5,490.00
5,145.00
32,205.00
0.01 ###
1,900.56 300.00 0.00 0.00 0.00 0.00 (522.13) 2,023.43
3,850.00 300.00 0.00 0.00 0.00 180.00 4,500.00 14,320.00
1,949.44 0.00 0.00 0.00 0.00 180.00 5,022.13 12,296.57
10,050.00 900.00 0.00 0.00 0.00 540.00 8,000.00 51,695.00
### ### 0.00 0.00 0.00 990.00 ### ### 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 ### ### ### ### 0.00 0.00 0.00 0.00 0.00
12.15 185.59 7.16 96.79 0.00 0.00 0.00 0.00 100.00 0.00 200.00 0.00 9.99 0.00 0.00 611.68
4,000.00
900.00
12,874.52
6,885.00
199.04
3,000.00
Contract Cleaning Svcs.
1,710.00
3,000.00
Carpet Cleaning & Repairs Window Coverings Vinyl & Tile Repairs Lock & Keys Counter & Tub Resurfacing Other Redecorating Cleaning Supplies Total Make Ready Expense
1,065.00 0.00 0.00 0.00 0.00 0.00 60.16 3,034.20
1,200.00 200.00 500.00 100.00 100.00 100.00 300.00 8,500.00
577.36
750.00
0.00 0.00 0.00 0.00 385.17 0.00 0.00 0.00 0.00 0.00 (25.00) 0.00 0.00 0.00 0.00 0.00 937.53
150.00 75.00 150.00 100.00 400.00 0.00 50.00 75.00 150.00 100.00 800.00 0.00 295.00 0.00 0.00 0.00 3,095.00
Landscape & Grounds
345.00
2,745.00
Trash Removal Pest Control Security Patrols Window Cleaning Svc. Interior Cleaning Svc. Cable Television Snow Removal Total Service Expense
520.71 75.00 0.00 0.00 0.00 0.00 148.75 1,089.46
775.00 75.00 0.00 0.00 0.00 45.00 500.00 4,140.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
10,836.31 1,000.00 3,250.00 10.00 0.00 0.00 (52.00) 0.00 0.00
10,035.00 1,000.00 3,250.00 550.00 0.00 0.00 0.00 0.00 0.00
(801.31) 0.00 0.00 540.00 0.00 0.00 52.00 0.00 0.00
41,741.57 4,000.00 13,000.00 6,021.00 0.00 0.00 (52.00) 0.00 0.00
39,952.00 4,000.00 13,000.00 2,200.00 0.00 0.00 0.00 0.00 0.00
(1,789.57) 0.00 0.00 (3,821.00) 0.00 0.00 52.00 0.00 0.00
121,658.00 12,000.00 39,000.00 6,600.00 0.00 0.00 0.00 0.00 0.00
Total Advertising Expense Paint & Drywall
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 Elevator Service & Repairs Security & Fire Systems Uninsured Losses Locks & Keys Bulbs & Ballasts Total Maintenance Expense
Expenses - CAM - Electric Expenses - CAM - Water/Sewer Expenses - CAM - Gas Expenses - CAM - Grounds Expenses - CAM - Trash Removal Expenses - CAM - Cleaning Svcs Expenses - CAM - Maintenance Expenses - CAM - Insurance Expenses - CAM - R/E Taxes Total CAM Expense Management Fees Asset Management Fees Investor Administration Fee Legal Fees Accounting Fees Postage & Delivery Bank Charges Partnership Insurance Other Administrative Expenses
2,800.96 Most work is done in house, offsetting our personnel costs which are over budget 1,290.00 Most work is done in house, offsetting our personnel costs which are over budget 135.00 200.00 500.00 100.00 100.00 100.00 239.84 5,465.80 172.64 most work done in house offsetting overage in personnel costs 150.00 75.00 150.00 100.00 14.83 0.00 50.00 75.00 150.00 100.00 825.00 0.00 295.00 0.00 0.00 0.00 2,157.47 All turn and general maintenance costs are below budget as we have done work in house and did not need additonal expenses
2,400.00 irrigation costs only. Monthly service fee will hit next month 254.29 0.00 0.00 0.00 0.00 45.00 351.25 3,050.54
Travel Expense Employee Activities Printing Computer Consulting Computer Expense Bank Charges Development Cost Total Admin. Expense
0.00 47.71 0.00 0.00 0.00 0.00 0.00 15,092.02
0.00 50.00 0.00 0.00 0.00 0.00 0.00 14,885.00
Electricity Electricity Gas - Resident Natural Gas
3,116.77 0.00 1,713.24
2,800.00 0.00 2,700.00
Water & Sewer
8,292.98
9,500.00
Water & Sewer - Resident Reimb Water - irrigation
(3,745.62) 106.09
(4,500.00) 3,100.00
Electric - Tenant Reimbursement Trash Reimbursement Water - Tenant Reimbursement Utility -Vacant Electric Utility - Vacant Gas Tenant Reimbursement - Gas Total Utility Expense
0.00 (1,864.61) 0.00 608.99 889.71 0.00 9,117.55
0.00 (2,200.00) 0.00 1,700.00 1,100.00 0.00 14,200.00
825.49 159.94 0.00 0.00 63.95 0.00 0.00 65,759.95
0.00 200.00 0.00 0.00 0.00 0.00 0.00 59,352.00
(825.49) 40.06 0.00 0.00 (63.95) 0.00 0.00 (6,407.95)
1,000.00 2,600.00 0.00 0.00 1,400.00 0.00 0.00 184,258.00
13,405.33 0.00 16,137.94
11,200.00 0.00 14,700.00
(2,205.33) 0.00 (1,437.94)
33,600.00 0.00 35,120.00
### ### 0.00 0.00 ### 0.00 0.00 ### 0.01 ### 0.00 ###
34,762.78
33,000.00
(1,762.78)
106,000.00
###
(14,194.58) (7,440.11)
(16,500.00) 3,100.00
(2,305.42) 10,540.11
(50,500.00) 40,840.00
### ###
0.00 (7,460.58) 0.00 4,443.16 3,513.30 0.00 43,167.24
0.00 (8,800.00) 0.00 6,800.00 4,400.00 0.00 47,900.00
0.00 (1,339.42) 0.00 2,356.84 886.70 0.00 4,732.76
0.00 (26,400.00) 0.00 20,400.00 9,820.00 0.00 168,880.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 26.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 26.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 (26.00) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (26.00)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
27,200.00 0.00 6,691.00 0.00 0.00 33,891.00 112,925.00 137,946.00
0.00 0.00 (71.00) 0.00 0.00 (71.00) 174.95 14,428.88
114,652.33 0.00 26,761.74 500.00 0.00 141,914.07 445,160.03 569,943.17
108,800.00 0.00 26,764.00 0.00 0.00 135,564.00 427,837.00 570,953.00
(5,852.33) 0.00 2.26 (500.00) 0.00 (6,350.07) (17,323.03) (1,009.83)
326,400.00 0.00 80,292.00 0.00 0.00 406,692.00 1,376,163.00 1,665,237.00
106,586.67 86,666.67 0.00 193,253.34
106,587.00 86,667.00 0.00 193,254.00
0.33 0.33 0.00 0.66
426,346.68 346,666.68 0.00 773,013.36
426,348.00 346,668.00 0.00 773,016.00
1.32 1.32 0.00 2.64
1,279,044.00 1,040,004.00 0.00 2,319,048.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 595.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 595.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1,510.50 595.00 305.62 59.04 0.00 0.00 0.00 0.00 0.00 2,470.16
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(1,510.50) (595.00) (305.62) (59.04) 0.00 0.00 0.00 0.00 0.00 (2,470.16)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Exterior Rehab Interior Rehab HVAC Replacement Carpet & Floor Replacement
0.00 0.00 0.00 6,054.83
0.00 0.00 0.00 6,600.00
0.00 0.00 0.00 17,347.52
0.00 3,000.00 0.00 17,600.00
0.00 3,000.00 0.00 252.48
0.00 3,000.00 0.00 63,800.00
0.00 ### 0.00 ### ### 0.00 ### 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 ### 0.00 ### 0.00 0.00 ### ### ### 0.01 ### ### 0.00 ### 0.01 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 ### 0.00 ###
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 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
27,200.00 0.00 6,762.00 0.00 0.00 33,962.00 112,750.05 152,374.88
Base Rent Stated Rent Office Rent Total Rent Expense
Refrigerators Dishwashers & Ranges Washers / Dryers Fire Alarm Replacement Other Capital Improvements Boiler Replacement Roof Replacement Total Capital Expenses
0.00 0.00 0.00 0.00 0.00 0.00 0.00 6,054.83
0.00 0.00 0.00 0.00 0.00 0.00 0.00 6,600.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 17,347.52
0.00 0.00 0.00 0.00 0.00 0.00 0.00 20,600.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 3,252.48
0.00 0.00 0.00 0.00 0.00 0.00 0.00 66,800.00
0.00 0.00 0.00 (47,528.29)
0.00 0.00 0.00 (61,908.00)
0.00 0.00 0.00 14,379.71
0.00 0.00 0.00 (222,887.87)
0.00 0.00 0.00 (222,663.00)
0.00 0.00 0.00 (224.87)
0.00 0.00 0.00 (720,611.00)
42,301.60 (5,226.69)
0.00 (61,908.00)
42,301.60 56,681.31
224,944.65 2,056.78
0.00 (222,663.00)
224,944.65 224,719.78
0.00 (720,611.00)
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 Partnership Exp- Leaseup Costs Total Partnership Expense
Casualty Losses Casualty Recovery Total Casualty Loss NET INCOME (LOSS) Rental Guarantee
0.00 2.29 0.00 0.00 0.00 0.00 0.00 (207.02) (316.77) 0.00 986.76 positive variance is a function of occupancy being better than budget 1,207.02 positive variance is a function of occupancy being better than budget (754.38) 2,993.91 water costs were not broken out and included in water sewer, above. Combined variance is positve to budget again due to higher occupancy and more apartments paying for water 0.00 (335.39) 0.00 1,091.01 210.29 0.00 5,082.45
0.00 (595.00) tax prepartation fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (595.00) 0.00 0.00 0.00 545.17 replacement of 7 carpets this month. In line with budget for the year 0.00 0.00 0.00 0.00 0.00 0.00 0.00 545.17
0.00 0.00 0.00 0.00 0.00 0.00 0.00 ### 0.01 0.00 0.00 0.00 ### ###
USA Courtney Downs LeaseCo, LLC Cash Flow (Actual + Budget) Books = Accrual For the 12 Months Ending Dec 2006 Jan 2006 Actual
Account
Feb 2006 Actual
Mar 2006 Actual
Apr 2006 Actual
May 2006 Reforecast
Jun 2006 Reforecast
Jul 2006 Reforecast
Aug 2006 Reforecast
Sep 2006 Reforecast
Oct 2006 Reforecast
Nov 2006 Reforecast
Dec 2006 Reforecast
12 Month Total
$/ Unit 342
$/ Sq. Ft. 313,778
Revenue Gross Potential Rent - Vacancy - Concessions & Disc. - Other Write-offs & Adj. Total Rental Income
356,941 (50,457) (80,765) (5,393) 220,326
356,261 (41,504) (83,296) (4,621) 226,840
353,425 (32,721) (83,632) (13,129) 223,943
356,370 (25,521) (87,552) (3,761) 239,537
356,985 (25,000) (83,000) (6,085) 242,900
356,985 (28,559) (80,000) (6,085) 242,341
356,985 (21,419) (80,000) (6,085) 249,481
356,985 (28,559) (80,000) (6,085) 242,341
360,554 (32,450) (80,000) (6,085) 242,019
364,160 (36,416) (80,000) (6,085) 241,659
364,160 (40,058) (75,000) (6,085) 243,017
364,160 (40,058) (75,000) (6,085) 243,017
4,303,971 (402,722) (968,244) (75,583) 2,857,421
12,584.71 (1,177.55) (2,831.12) (221.00) 8,355.03
13.72 (1.28) (3.09) (0.24) 9.11
Other Income Total Revenue
26,619 246,945
19,852 246,692
32,398 256,342
25,588 265,125
20,445 263,345
20,445 262,786
20,445 269,926
20,445 262,786
20,445 262,464
20,445 262,104
20,445 263,462
20,445 263,462
268,017 3,125,438
783.68 9,138.71
0.85 9.96
31,314 4,125 10,172 2,824 484 2,095 15,018 17,811 1,732 34,178
27,779 1,829 7,867 1,468 2,348 (1,911) 14,773 10,978 605 39,883
25,751 4,155 8,790 6,877 2,996 750 20,876 5,261 (2,311) 33,892
34,224 2,418 12,875 3,034 938 1,089 15,092 9,118 0 33,962
24,299 4,030 6,845 8,800 2,345 8,140 15,549 17,050 0 33,891
37,759 3,030 5,860 8,800 2,345 3,640 15,049 16,295 0 33,891
24,299 3,375 7,885 8,800 4,645 3,640 16,670 16,295 0 33,891
20,239 4,330 5,860 8,700 2,345 3,640 17,049 16,295 0 33,891
24,299 3,030 5,860 8,200 2,295 6,640 15,067 16,655 0 33,891
24,299 3,030 6,385 7,900 13,595 4,640 15,084 16,590 0 37,237
24,299 3,030 5,860 7,500 2,295 4,640 15,469 10,900 0 37,237
37,759 3,030 6,885 7,500 2,295 2,395 14,969 10,900 0 37,237
336,320 39,413 91,144 80,403 38,926 39,398 190,666 164,147 26 423,079
983.39 115.24 266.50 235.10 113.82 115.20 557.50 479.96 0.08 1,237.07
1.07 0.13 0.29 0.26 0.12 0.13 0.61 0.52 0.00 1.35
Total Operating Exp. Net Operating Income
119,755 127,190
105,619 141,073
107,036 149,305
112,750 152,375
120,949 142,396
126,669 136,117
119,500 150,426
112,349 150,437
115,937 146,527
128,760 133,345
111,230 152,233
122,970 140,493
1,403,523 1,721,916
4,103.87 5,034.84
4.47 5.49
Rent Expense Partnership Expense Capital Expense
193,253 1,511 3,871
193,253 40 (782)
193,253 324 8,204
193,253 595 6,055
193,254 0 6,600
193,254 0 6,600
193,254 0 6,600
193,254 0 6,600
193,254 0 6,600
193,254 0 6,600
193,254 0 3,300
193,254 0 3,300
2,319,045 2,470 63,548
6,780.83 7.22 185.81
7.39 0.01 0.20
Cash Flow Frm Operations
(71,445)
(51,438)
(52,476)
(47,528)
(57,458)
(63,737)
(49,428)
(49,417)
(53,327)
(66,510)
(44,322)
(56,062)
(663,147)
(1,939.03)
(2.11)
66,280
58,055
58,308
42,302
0
0
0
45,074
52,214
52,536
52,896
47,280
474,945
Balance Sheet Adjustments Cash - Non Operating Accounts Accounts Receivable Prepaid Assets Escrow Deposits
792 9,672 372 (34,325)
(2,230) (940) (275) (34,325)
(4,698) (590) 86 (34,325)
2,407 4,549 156 (34,325)
0 0 0 (7,125)
0 0 0 (2,951)
0 0 0 (2,951)
0 0 0 (2,951)
0 0 0 23,449
0 0 (30,110) (2,951)
0 0 0 (2,951)
0 0 0 (2,951)
(3,729) 12,691 (29,770) (138,683)
Cash Increase (Decreae) From Assets
Operating Expenses Salary Expense Operating Expense Advertising Expense Make Ready Expense Maintenance Expense Service Expense Administrative Expense Utility Expense Management Expense Taxes & Insurance
Rent Guarantee
(23,489)
(37,770)
(39,527)
(27,213)
(7,125)
(2,951)
(2,951)
(2,951)
23,449
(33,061)
(2,951)
(2,951)
(159,491)
Accounts Payable Accrued Expenses Other Payables Notess Payable
(5,209) 34,702 1,398 0
4,548 17,279 6,448 (763)
22,679 26,292 1,789 (382)
5,948 32,763 (2,315) (382)
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
27,965 111,034 7,320 (1,527)
Cash Increase (Decreae) From Liab.
30,890
27,511
50,377
36,014
0
0
0
0
0
0
0
0
144,793
NET CASH FLOW CUMM. NET CASH FLOW
2,236 29,014
(3,642) 25,372
16,682 42,054
3,574 45,628
(64,583) (18,955)
(66,688) (85,643)
(52,379) (138,022)
(7,294) (145,316)
22,336 (122,980)
(47,034) (170,014)
5,624 (164,390)
(11,733) (176,123)
(202,901)
$700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $$(100,000) $(200,000) $(300,000) Jan 2006
Feb 2006
Mar 2006
Apr 2006
May 2006
NET CASH FLOW
Jun 2006
Jul 2006
Aug 2006
Sep 2006
Oct 2006
Nov 2006
Dec 2006
CUMM. NET CASH FLOW
Units Sq. Ft. ### 384807 bayclub2 castlep cedar congress jackson lee rem ric parkside polo sat sweet trailapt vlgcrest walnut westo wind usacourt usawalcr
160 356 300 257 247 10 428 5 300 440 440 240 280 120 284 12 346 280 284
146,080 384,807 274,080 254,074 221,730 22,160 398,868 24,952 305,832 403,761 548,750 264,892 286,056 108,276 254,103 48,309 433,196 299,111 254,103
K30:
administrator: assume insurance increases by 50%
L30:
administrator: assume insurance increases by 50%
M30:
administrator: assume insurance increases by 50%
K46:
administrator: insurance downpayment
F47:
administrator: replacement reserve
G47:
administrator:
H47:
administrator:
I47:
administrator:
J47:
administrator: replacement reserve
K47:
administrator:
L47:
administrator:
M47:
administrator:
replacement reserve + reduction in tax escrow due to overage replacement reserve + reduction in tax escrow due to overage replacement reserve + reduction in tax escrow due to overage
replacement reserve + reduction in tax escrow due to overage replacement reserve + reduction in tax escrow due to overage replacement reserve + reduction in tax escrow due to overage
Courtney Downs Apartments April-06 LEASING & OCCUPANCY NUMBER OF MOVE INS: NUMBER OF MOVE OUTS: NET FOR THE MONTH:
16 16 0
OCCUPIED/LEASED %:
92.4% 95.3%
SOURCE OF TRAFFIC: APTGUIDE.COM APARTMENT GUIDE YELLOW PAGES OTHER. NET FOR RENT RENT.NET LIVES IN AREA RESIDENT REFERRAL LOCATORS RENT.COM WALK-IN SIGNAGE WORD OF MOUTH TOTALS CLOSING RATIO:
INCOME THIS MONTH: INCOME LAST MONTH: DIFFERENCE:
$265,124.93 $255,335.50 $9,789.43
TOTAL # GARAGES # GARAGES OCCUPIED GARAGES OCCUPIED %;
120 116 97%
REASONS WHY PROSPECTS DID NOT LEASE: Traffic 2 9 0 19 0 5 14 6 11 0 0 6 7
Leased 1 4 0 5 0 1 4 4 2 0 0 3 0
79
24
* * * * * * * * * * * * * *
Job Transfer Restricted Pet Breed Future/No Availability/Waiting list Just started looking. Waiting for Home to Sell Current Lease to Expire Needs Ground Floor Moved Elsewhere Will return with roommate or spouse Realtor Looking for Client Undecided Employment pending House sale pending Rented at Competitor TOTALS
33%
MARKETING ACTIVITIES & SOURCES FOR THE MONTH * New direct mailers from Blue Book will be going out in the next few weeks to Coyote Ranch. * Updated all locators with new move in specials and price sheets took cookies to them for repeat business. * Took donuts to three new local churches on Sundays to singles group with price sheets and new color flyers. * Updated all Internet adds with current pricing and specials. * Beginning outreach program with current residents who work for large employers, to take flyers to breakrooms, etc. * Will waive those app fees and promote Resident Referral Program * *
OVERVIEW OF COMPARABLE PROPERTIES: The surrounding comps are offering rents averaging one to three months off on a month lease. and one and two bedrooms from $525 to $1095 and three bedrooms from $950 to $1275.
RESIDENT RETENTION: Renewals for April averaged an increase of $27.00. We have continued to discuss all options with residents to keep turnover to a minimum. 11- residents did not renew due to buying houses, 3-resident got new job, 1 got married. INCIDENTS ON THE PROPERTY: Apt #9103 had flood in apartment due to faulty sprinkler system
10 0 0 8 17 0 0 0 13 0 0 7 0 0 55
MAINTENANCE:
MARKET READY UNITS COMPLETE PAINTS TOUCH UPS WORK ORDERS Pending Misc 0 Electrical 0 Punch 0 HVAC 0 Plumbing 0 Property Ext. 0 Appliances 0 Safety 0 Total 0 ROOF LEAKS PLUMBING LEAKS
ROUTINE REPLACEMENTS:
Completed 32 18 16 10 93 0 23 0 192
Number of: 15 7 8 195 0 15 45 15 11 89 8 12 0 195 0 0
REFRIGERATORS DISHWASHERS STOVES A/C COMPRESSORS CONDENSING UNITS WATER HEATERS ICE MAKERS GARBAGE DISPOSALS MICROWAVES CARPETS CEILING FANS TOILETS A/C FAN MOTORS COUNTER TOPS CABINETS RESURFACED KITCHEN BLINDS TUBS RESURFACED TUB TILES
Number Replaced 0 0 0 0 0 0 0 0 0 7 0 0 0 0 0 11 0 0
CAPITAL IMPROVEMENTS IN PROGRESS: N/A in progress.
PROBLEM AREAS NEEDING ATTENTION: Having issues with the sprinkler systems- a few broken main lines and 60 broken sprinkler heads-one broken line price will be deducted from the final Coloradoscapes Our spa heat exchanger is replaced.
CURRENT STAFF: Manager Assistant Manager Leasing Consultant Leasing Consultant Maintenance Supervisor Assistant Maintenance Maintenance/ Grounds
Nancy Howland Beth McCall Wendy Gillan Temporary personal. Gabriel Tellez Russell Briley Jorge Chavez and Jorge Bernal
ACCOMPLISHMENTS FOR THE MONTH: New landscapers have started and spring flowers will be planted in the next week.
rtney Downs Apartments April-06
Apt. #
10311, 9205, 12205, 7311, 7103, 10106, 9307
6211-1, 7204-1, 13205-1, 12110-2, 10311-2, 3201-1, 19302-1, 16303-2
ken sprinkler heads-one broken line price will be deducted from the final Coloradoscapes bill
Courtney Downs RENTAL SCHEDULE
April-06
UNIT TYPE A1 A1V A2 B1 B1V C C1 C1V CV D DV E EV TOTAL
1BR 1BR 1BR 2BR 2BR 2BR 2BR 2BR 2BR 2BR 2BR 3BR 3BR
#UNITS 40 32 18 24 32 42 44 22 24 16 20 24 4 342
SIZE 704 704 910 808 808 977 1,030 1,030 977 1,030 1,030 1,140 1,140 917
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 0 313,778
MKT RENT PER UNIT 830 860 935 895 925 1130 1150 1180 1150 1150 1180 1245 1255 $1,044
MKT RENT MONTHLY PER S/F GROSS 1.18 $33,200 1.22 $27,520 1.03 $16,830 1.11 $21,480 1.14 $29,600 1.16 $47,460 1.12 $50,600 1.15 $25,960 1.18 $27,600 1.12 $18,400 1.15 $23,600 1.09 $29,880 1.10 $5,020 $1.14
$357,150
ANNUAL GROSS $398,400 $330,240 $201,960 $257,760 $355,200 $569,520 $607,200 $311,520 $331,200 $220,800 $283,200 $358,560 $60,240 $4,285,800
EFFECTIVE CONCESSION RENTS* 725.00 675.00 825.00 715.00 775.00 775.00 800.00 800.00 800.00 850.00 850.00 1,035.00 1,035.00
CONCESSION PER UNIT 105.00 55.00 110.00 180.00 150.00 355.00 350.00 380.00 350.00 300.00 330.00 210.00 220.00
$821 * Net of Concessions
EFFECTIVE PER S/F
1.03 1.10 0.91 0.88 0.96 0.79 0.78 0.78 0.82 0.83 0.83 0.91 0.91 0.90
EFFECTIVE MONTHLY GROSS $29,000 $31,000 $14,850 $17,160 $24,800 $32,550 $35,200 $17,600 $19,200 $13,600 $17,000 $24,840 $4,140 $280,940
Vacants
Vacants Leased
Notice
Notice Leased
Net Available
1 1 4 7 0 7 5 0 0 0 0 3 0
1 0 2 2 0 2 0 0 0 0 0 2 0
3 1 4 7 0 6 2 0 0 0 0 2 0
3 0 1 0 0 0 0 0 0 0 0 0 0
0 2 5 12 0 13 7 0 0 5 0 3 0
28
9
25
4
47
MARKET SURVEY Courtney Downs April-06 Apartment Name
Courtney Downs
Brookside Village
Carriage Place
Coyote Ranch
Windsor @ Meridian
Address Phone Location # of units Age of Property Application Fee Credit Card Pets Allowed Pet Deposit Sec. Deposit W/D included Covered Parking Garage Cable Tennis Courts # of pools Weight Room Jacuzzi Ceiling Fans Microwaves Mini Blinds FF Freezer Icemakers Fireplaces Access Gates Alarm in Unit Door to Door Aerobics/Kick Box Movie Room Computer Library Indoor Basketball Water Charge
15849 E. Jamison Dr 720-870-6114 Englewood, Co 342 3 $50.00 yes yes 300 n/r 150 Yes no Detached Yes no 1 yes yes yes yes yes yes yes yes no Prewired no no no yes no yes
5400 S Park Terrace 303-220-7086 Greenwood Village, Co 304 7 $30.00 yes yes. 225-375 300-400 yes no yes yes no 1 yes yes yes yes yes yes no yes no no yes no yes yes no yes
4900 S Ulster 303-740-7011 Denver, Co 80237 331 7 $40.00 yes yes 350-500 275 yes no yes yes yes 2 yes 2 yes yes yes yes yes yes yes yes no no yes yes no yes
16363 E Freemont Ave 303-693-8787 Aurora, Co 507 3 $35.00 yes yes 400-500 275-325 yes yes yes yes no 1 yes 1 yes yes yes yes yes no yes no no no yes yes no no
9875 Jefferson Pkwy 303-256-7700 Englewood, Co 80112 653 6 $40.00 yes yes 150-300 300 Only In Select Units yes yes yes no 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
Pinnacle @ the Creek Greenbriar @ Saddle Rock
6107 S Parker Rd 303-766-2500 Centennial, Co 216 3 $35.00 yes yes 200-300 100 Only Select Units yes yes yes no 1 yes 1 yes yes yes yes yes yes no yes no no yes yes no yes
22159 E Ontario Dr 303-617-6600 Aurora, Co 250 3 $35.00 yes yes 400 250-400 no yes yes yes no 1 yes 1 yes yes yes yes yes yes no no no no no yes no yes
Dove Valley
7550 S Blackhawk 303-362-2000 Englewood, Co 80112 312 4 $35.00 yes yes 300-500 199 no yes yes yes yes 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
Cherrywood Village
16950 E Carlson Dr 303-805-7220 Parker, Co 80134 380 3 $35.00 yes yes 400 99 no yes yes yes yes 2 yes 2 yes yes yes yes yes yes yes no no no yes yes no yes
Reserve @ South Creek
15611 E Jamison Dr 303-680-6696 Englewood, Co 80112 168 4 $40.00 yes yes 300-600 225-375 no yes yes yes yes 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
MARKET SURVEY Courtney Downs April-06
(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
SIZE
Brookside Village
PSF
PRICE
SIZE
850 975
Carriage Place
PSF
812 815
PRICE
1.05 1.20
SIZE
1030 1065
Coyte Ranch
PSF
776 785
PRICE
1.33 1.36
SIZE
855 955
Windsor at Meridian
PSF
779 853
PRICE
1.10 1.12
SIZE
Pinnacle @ the Creek
PSF
PRICE
SIZE
Greenbriar@Saddle Rock
PSF
PRICE
725 750
704 808
1.03 0.93
640 645
627 701
1.02 0.92
620 660
685 705
0.91 0.94
825
910
0.91
740
811
0.91
730
760
0.96
835 1110
956 1044
0.87 1.06
910
1051
930
1120
0.87 0.83
775
977
0.79
1140
1130
1.01
1265
1141
1.11
1160
1105
1.05
800 850
1030 1030
0.78 0.83
1155
1144
1.01
1460
1237
1.18
1250
1192
1.05
1440 1030
1196 1180
1.20 0.87
1,035
1140
0.91
1600
1485
1.08
1265 1645
1141 1414
1.11 1.16
1350
1398
0.97
1510
1330
1.13
995
1230
0.87
SIZE
785 880
Dove Valley
PSF
707 853
PRICE
1.11 1.03
SIZE
795 825
PSF
768 842
#DIV/0! #DIV/0!
PRICE
1.04 0.98
Cherrywood Village SIZE PSF
850
707
#DIV/0!
PRICE
1.20 #DIV/0!
Reserve@South Creek SIZE PSF
795
763
995
1037
0.96
1195
1257
0.95
#DIV/0! #DIV/0!
1075
1033
1.04
1040
1115
0.93
1110
1033
1.07
1195
1093
1.09
1090
12220
0.09
1190
1093
1.09
1425
1235
1.15
1270
1356
0.94
1375
1235
1.11
1.04 #DIV/0! #DIV/0!
% occ /leased 92 95 95% 95.00 97 96% 97 98.00% 98% 93 91.3 96% 0 0% 93 91 94% 90 92 93% 97.0 96 93% 89.0 90 93% 92.0 95 96% Avg PSF 1 0.88 1.06 1.19 1.05 1.01 0.87 1.09 0.95 1.11 0.98 Avg Rents 823 1144.00 1288.33 1114.00 993.75 807.50 1072.00 1004.00 1131.25 995.00 Units(Total / Avail) 342 9 304 11 331 5 507 20 653 216 8 292 22 312 8 360 41 0 168 5 Rates Special: 1-4 months off selected Special: units. $100 off 11-12 mo Special: leases. $150 off market onSpecial: 12 mo lease. $300 to $400 off market Sepcial:None 12 mo lease. Special: waive deposits andSpecial: administration $150 tofees. $200 off per mo onSpecial:3 12 mo leases. months free over 12 Special: month lease. 3 Months off of market Special: waive application or waive deposits. reflect these rates: $685 1/1 $805 2/2 $1310 3/2 $150 giftcertificate to $626 1/1 $800 2/2 $1275 3/2 specials: special were pulled off the internet southwest airlines w/ look and lease due to property will not give info. Look and lease $250 off 1st full month Ren: $25 to $50 increase Ren: $15-$25 Increase. Ren.: 20% off of market. Ren.: Increase $0 to $50. Ren: Info not avail per corporate Ren:Per corporate Ren: $50 increases on 12 mo renewal. Ren: $40 increas for 12 monthRen: leaseAverage $15 to $20 increase. Ren: Free carpet cleaning with 12mo.
Account Revenue Market Rent Loss / Gain to Lease Gross Potential Rent Prepaid Homeowners Dues Residential Rent Vacancy Loss
MTD Actual
MTD Budget
$ Variance
355,720.00 950.00 356,670.00 0.00 (300.00) (25,520.65)
355,390.00 0.00 355,390.00 0.00 0.00 (31,811.00)
(4,141.09)
(2,000.00)
0.00 0.00 0.00 (1,980.00) 0.00 (1,780.80) 0.00 0.00 (83,410.50)
0.00 0.00 (500.00) (1,980.00) (575.00) (1,900.00) 0.00 (1,130.00) (85,068.00)
0.00 0.00 0.00 0.00 $239,536.96
0.00 0.00 0.00 0.00 $230,426.00
Laundry Income Vending Income Covered Parking Income Late Charges & NSF Fees
0.00 0.00 0.00 1,161.00
0.00 68.00 0.00 2,300.00
Month to Month Premium Storage Fees Repair & Maintenance Fees Application Fees Termination Fees & Damages
100.00 930.00 0.00 960.00 5,555.00
300.00 1,300.00 0.00 1,000.00 1,033.00
Miscellaneous Income No Name Interest Income Pet Rents & Fees
734.45 0.00 0.00 2,728.00
500.00 0.00 0.00 900.00
Tower Rent Asset Management Fee Parking Spaces Income Homeowners Assessments Garage Income
0.00 0.00 0.00 0.00 6,761.83
0.00 0.00 0.00 0.00 8,700.00
Water/Sewer Income Cable/Telephone Income HOA Contributions Developer Developer HOA Dues Forfeited Deposits Developer Contributions Interest Income Other Thunder Income Administration Fee
0.00 1,006.00 0.00 0.00 0.00 0.00 0.00 0.00 3,450.00
0.00 1,000.00 0.00 0.00 190.00 0.00 0.00 0.00 2,000.00
Move-Out Charges
2,167.22
929.00
34.47 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 25,587.97
225.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 20,445.00
$265,124.93
$250,871.00
8,652.74 0.00 10,871.76
9,545.00 0.00 6,660.00
0.00
0.00
Upfront Rent Concessions
Corporate Discount Delinquent Rent Adjustments & W/O 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
MTD Variance Comment
YTD Actual
YTD Budget
Annual Budget
330.00 950.00 1,280.00 0.00 (300.00) Will re code in May. 6,290.35 Positive variance while vacancy loss averaged only 7% with a budget of 9% (2,141.09) additional move in incentives offered to obtain leases and get occupancy to reach 93% 0.00 0.00 500.00 0.00 575.00 119.20 0.00 1,130.00 1,657.50 Slight positive variance to budget as we are trying to reduce these prorated lease concessions over time with increases on renewals.
1,422,880.00 135.00 1,423,015.00 0.00 (18.00) (150,203.13)
1,421,560.00 0.00 1,421,560.00 0.00 0.00 (134,312.00)
1,320.00 135.00 1,455.00 0.00 (18.00) (15,891.13)
4,302,534.00 0.00 4,302,534.00 0.00 0.00 (390,390.00)
Filter 0.01 ### ### ### 0.00 (636.00) ###
(91,991.57)
(8,000.00)
(83,991.57)
(24,000.00)
###
0.00 0.00 (10,135.02) (7,920.00) (1,725.00) (7,123.20) 0.00 0.00 (243,252.86)
0.00 0.00 (2,000.00) (7,920.00) (2,300.00) (7,600.00) 0.00 (4,520.00) (337,898.00)
0.00 0.00 (8,135.02) 0.00 575.00 476.80 0.00 4,520.00 94,645.14
0.00 0.00 (6,000.00) (23,760.00) (6,900.00) (22,800.00) 0.00 (13,560.00) (1,019,064.00)
0.00 0.00 ### ### ### ### 0.00 ### ###
0.00 0.00 0.00 0.00 $9,110.96
0.00 0.00 0.00 0.00 $910,646.22
0.00 0.00 0.00 0.00 $917,010.00
0.00 0.00 0.00 0.00 $(6,363.78)
0.00 0.00 0.00 0.00 $2,796,060.00
0.00 0.00 0.00 5,230.65
0.00 272.00 0.00 9,200.00
0.00 (272.00) 0.00 (3,969.35)
0.00 816.00 0.00 27,600.00
0.00 0.00 0.00 0.00 ### 0.01 0.00 816.00 0.00 ###
603.23 4,220.28 0.00 3,695.00 10,972.86
1,200.00 5,200.00 0.00 4,000.00 4,132.00
(596.77) (979.72) 0.00 (305.00) 6,840.86
3,600.00 15,600.00 0.00 12,000.00 12,396.00
### ### 0.00 ### ###
8,238.24 0.00 0.00 9,270.94
2,000.00 0.00 0.00 3,600.00
6,238.24 0.00 0.00 5,670.94
6,000.00 0.00 0.00 10,800.00
### 0.00 0.00 ###
0.00 0.00 0.00 0.00 27,714.69
0.00 0.00 0.00 0.00 34,800.00
0.00 0.00 0.00 0.00 (7,085.31)
0.00 0.00 0.00 0.00 104,400.00
0.00 0.00 0.00 0.00 ###
0.00 4,024.00 0.00 0.00 0.00 0.00 0.00 0.00 13,290.00
0.00 4,000.00 0.00 0.00 760.00 0.00 0.00 0.00 8,000.00
0.00 24.00 0.00 0.00 (760.00) 0.00 0.00 0.00 5,290.00
0.00 12,000.00 0.00 0.00 2,280.00 0.00 0.00 0.00 24,000.00
0.00 ### 0.00 0.00 ### 0.00 0.00 0.00 ###
16,698.10
3,716.00
12,982.10
11,148.00
###
498.99 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 104,456.98
900.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 81,780.00
(401.01) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 22,676.98
2,700.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 245,340.00
$14,253.93 With high occupancy and strict collections of other fees, we are beating Revenue to budget for the month and Year to date
$1,015,103.20
$998,790.00
$16,313.20
$3,041,400.00
### 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ### 0.01 ###
892.26 Manager is on maternity leave. 0.00 (4,211.76) budgeted incorrectly and removed one maintenance person. This negative variance is offset in a savings in Maintenance costs. 0.00
34,865.30 0.00 40,539.65
38,180.00 0.00 26,640.00
3,314.70 0.00 (13,899.65)
124,082.00 0.00 86,582.00
0.01 0.01 ### 0.00 ###
0.00
0.00
0.00
0.00
0.00
0.00 (68.00) 0.00 (1,139.00) strict collections the past two months have resulted in fewer residents paying late. (200.00) (370.00) 0.00 (40.00) 4,522.00 aggressive collections of termination fees this month. Collected three full buy outs and partial payment on one. 234.45 0.00 0.00 1,828.00 collection of 6 pet fees of $300 each in addition to the monthly pet rent 0.00 0.00 0.00 0.00 (1,938.17) Fewer rentals than anticipated. Average rental fee is $85 0.00 6.00 0.00 0.00 (190.00) 0.00 0.00 0.00 1,450.00 25 new admin fees charged at $150 or $99. we discontinued waiving these to increase income resulting in positive variance to budget 1,238.22 Positive variance to budget with stricter charging of all move out costs including additional cleaning, carpet damages and any outstanding water bills. (190.53) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5,142.97
$ Variance
YTD Variance Comment
Commissions & Bonus
7,197.20
3,500.00
Payroll Taxes Group Insurance Disability Insurance 401k Match Contract Labor
2,112.77 1,330.00 0.00 0.00 1,641.75
1,576.00 1,442.00 0.00 0.00 0.00
2,418.23 34,224.45
1,576.00 24,299.00
587.85 894.41 92.84 103.21 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 740.01 0.00 0.00 2,418.32
600.00 1,080.00 100.00 200.00 0.00 0.00 0.00 0.00 100.00 0.00 200.00 0.00 750.00 0.00 0.00 3,030.00
Advertising & Promotions
4,698.46
3,452.00
Resident Promotions Locators
464.31 3,711.75
1,500.00 1,033.00
Workers Comp Total Salary Expense Office Operations & Supplies Telephones Answering Svc. & Pagers Postage & Delivery Patrol Services Membership Dues Publications & Subscriptions Conventions/Seminars Employee Training Furniture Rental Car Expenses Permits & Fees Credit Checks Guest Suite Expense Parking Cost Total Operating Expense
Resident Referrals
(3,697.20) includes past months bonuses as well as April. (536.77) 112.00 0.00 0.00 (1,641.75) temporary help for office team while manager is on maternity leave (842.23) (9,925.45)
14,735.50
10,500.00
(4,235.50)
42,000.00
###
7,336.46 5,985.00 0.00 0.00 4,735.51
6,024.00 5,768.00 0.00 0.00 0.00
(1,312.46) (217.00) 0.00 0.00 (4,735.51)
20,210.00 17,304.00 0.00 0.00 0.00
### ### 0.00 0.00 0.00
10,870.85 119,068.27
6,024.00 93,136.00
(4,846.85) (25,932.27)
20,210.00 310,388.00
4,817.99 4,161.95 473.57 877.30 0.00 0.00 142.00 0.00 365.75 0.00 0.00 0.00 1,689.11 0.00 0.00 12,527.67
2,400.00 4,320.00 400.00 800.00 0.00 0.00 0.00 0.00 400.00 0.00 800.00 0.00 3,000.00 0.00 0.00 12,120.00
(2,417.99) 158.05 (73.57) (77.30) 0.00 0.00 (142.00) 0.00 34.25 0.00 800.00 0.00 1,310.89 0.00 0.00 (407.67)
7,200.00 12,960.00 1,200.00 2,400.00 0.00 0.00 1,645.00 0.00 2,200.00 0.00 2,400.00 0.00 9,000.00 0.00 0.00 39,005.00
(1,246.46) Did not budget for additonal print advertisement. We are discontinuing this ad at the end of the contract in June. These costs will then come in line with budget 1,035.69 (2,678.75) 8 loctator referrals this month which helped in achieving our high occupancy (3,100.00) 8 resident referrals at $500 each
20,094.79
13,808.00
(6,286.79)
42,409.00
### ### 0.01 ### ### ### ### 0.00 0.00 ### 0.00 ### 0.00 ### 0.00 ### 0.00 0.00 ### 0.01 ###
3,950.15 7,159.25
2,925.00 4,132.00
(1,025.15) (3,027.25)
10,300.00 12,396.00
### ###
8,500.00
3,600.00
(4,900.00)
10,800.00
###
(5,989.52)
39,704.19
24,465.00
(15,239.19)
75,905.00
2,651.00
10,500.00
7,849.00
33,200.00
### 0.01 ###
6,875.00
10,500.00
3,625.00
32,500.00
###
3,987.00 (2.00) 0.00 26.33 185.00 218.86 262.25 14,203.44
4,800.00 800.00 2,000.00 400.00 400.00 400.00 1,200.00 31,000.00
813.00 802.00 2,000.00 373.67 215.00 181.14 937.75 16,796.56
15,900.00 2,400.00 6,000.00 1,200.00 1,200.00 1,200.00 3,600.00 97,200.00
### ### ### ### ### ### ### ###
2,124.47
3,000.00
875.53
9,200.00
###
532.98 573.17 972.75 0.00 1,324.67 0.00 269.29 793.03 226.50 77.40 155.56 0.00 (284.05) 0.00 0.00 0.00 6,765.77
600.00 300.00 600.00 400.00 1,600.00 0.00 200.00 300.00 600.00 400.00 800.00 0.00 1,180.00 0.00 0.00 0.00 9,980.00
67.02 (273.17) (372.75) 400.00 275.33 0.00 (69.29) (493.03) 373.50 322.60 644.44 0.00 1,464.05 0.00 0.00 0.00 3,214.23
1,800.00 4,200.00 1,800.00 1,200.00 5,800.00 0.00 600.00 900.00 1,800.00 1,200.00 2,100.00 0.00 11,540.00 0.00 0.00 0.00 42,140.00
### ### ### ### ### 0.00 ### ### ### ### ### 0.00 ### 0.00 0.00 0.00 ###
345.00
5,490.00
5,145.00
32,205.00
0.01 ###
1,900.56 300.00 0.00 0.00 0.00 0.00 (522.13) 2,023.43
3,850.00 300.00 0.00 0.00 0.00 180.00 4,500.00 14,320.00
1,949.44 0.00 0.00 0.00 0.00 180.00 5,022.13 12,296.57
10,050.00 900.00 0.00 0.00 0.00 540.00 8,000.00 51,695.00
### ### 0.00 0.00 0.00 990.00 ### ### 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 ### ### ### ### 0.00 0.00 0.00 0.00 0.00
12.15 185.59 7.16 96.79 0.00 0.00 0.00 0.00 100.00 0.00 200.00 0.00 9.99 0.00 0.00 611.68
4,000.00
900.00
12,874.52
6,885.00
199.04
3,000.00
Contract Cleaning Svcs.
1,710.00
3,000.00
Carpet Cleaning & Repairs Window Coverings Vinyl & Tile Repairs Lock & Keys Counter & Tub Resurfacing Other Redecorating Cleaning Supplies Total Make Ready Expense
1,065.00 0.00 0.00 0.00 0.00 0.00 60.16 3,034.20
1,200.00 200.00 500.00 100.00 100.00 100.00 300.00 8,500.00
577.36
750.00
0.00 0.00 0.00 0.00 385.17 0.00 0.00 0.00 0.00 0.00 (25.00) 0.00 0.00 0.00 0.00 0.00 937.53
150.00 75.00 150.00 100.00 400.00 0.00 50.00 75.00 150.00 100.00 800.00 0.00 295.00 0.00 0.00 0.00 3,095.00
Landscape & Grounds
345.00
2,745.00
Trash Removal Pest Control Security Patrols Window Cleaning Svc. Interior Cleaning Svc. Cable Television Snow Removal Total Service Expense
520.71 75.00 0.00 0.00 0.00 0.00 148.75 1,089.46
775.00 75.00 0.00 0.00 0.00 45.00 500.00 4,140.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
10,836.31 1,000.00 3,250.00 10.00 0.00 0.00 (52.00) 0.00 0.00
10,035.00 1,000.00 3,250.00 550.00 0.00 0.00 0.00 0.00 0.00
(801.31) 0.00 0.00 540.00 0.00 0.00 52.00 0.00 0.00
41,741.57 4,000.00 13,000.00 6,021.00 0.00 0.00 (52.00) 0.00 0.00
39,952.00 4,000.00 13,000.00 2,200.00 0.00 0.00 0.00 0.00 0.00
(1,789.57) 0.00 0.00 (3,821.00) 0.00 0.00 52.00 0.00 0.00
121,658.00 12,000.00 39,000.00 6,600.00 0.00 0.00 0.00 0.00 0.00
Total Advertising Expense Paint & Drywall
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 Elevator Service & Repairs Security & Fire Systems Uninsured Losses Locks & Keys Bulbs & Ballasts Total Maintenance Expense
Expenses - CAM - Electric Expenses - CAM - Water/Sewer Expenses - CAM - Gas Expenses - CAM - Grounds Expenses - CAM - Trash Removal Expenses - CAM - Cleaning Svcs Expenses - CAM - Maintenance Expenses - CAM - Insurance Expenses - CAM - R/E Taxes Total CAM Expense Management Fees Asset Management Fees Investor Administration Fee Legal Fees Accounting Fees Postage & Delivery Bank Charges Partnership Insurance Other Administrative Expenses
2,800.96 Most work is done in house, offsetting our personnel costs which are over budget 1,290.00 Most work is done in house, offsetting our personnel costs which are over budget 135.00 200.00 500.00 100.00 100.00 100.00 239.84 5,465.80 172.64 most work done in house offsetting overage in personnel costs 150.00 75.00 150.00 100.00 14.83 0.00 50.00 75.00 150.00 100.00 825.00 0.00 295.00 0.00 0.00 0.00 2,157.47 All turn and general maintenance costs are below budget as we have done work in house and did not need additonal expenses
2,400.00 irrigation costs only. Monthly service fee will hit next month 254.29 0.00 0.00 0.00 0.00 45.00 351.25 3,050.54
Travel Expense Employee Activities Printing Computer Consulting Computer Expense Bank Charges Development Cost Total Admin. Expense
0.00 47.71 0.00 0.00 0.00 0.00 0.00 15,092.02
0.00 50.00 0.00 0.00 0.00 0.00 0.00 14,885.00
Electricity Electricity Gas - Resident Natural Gas
3,116.77 0.00 1,713.24
2,800.00 0.00 2,700.00
Water & Sewer
8,292.98
9,500.00
Water & Sewer - Resident Reimb Water - irrigation
(3,745.62) 106.09
(4,500.00) 3,100.00
Electric - Tenant Reimbursement Trash Reimbursement Water - Tenant Reimbursement Utility -Vacant Electric Utility - Vacant Gas Tenant Reimbursement - Gas Total Utility Expense
0.00 (1,864.61) 0.00 608.99 889.71 0.00 9,117.55
0.00 (2,200.00) 0.00 1,700.00 1,100.00 0.00 14,200.00
825.49 159.94 0.00 0.00 63.95 0.00 0.00 65,759.95
0.00 200.00 0.00 0.00 0.00 0.00 0.00 59,352.00
(825.49) 40.06 0.00 0.00 (63.95) 0.00 0.00 (6,407.95)
1,000.00 2,600.00 0.00 0.00 1,400.00 0.00 0.00 184,258.00
13,405.33 0.00 16,137.94
11,200.00 0.00 14,700.00
(2,205.33) 0.00 (1,437.94)
33,600.00 0.00 35,120.00
### ### 0.00 0.00 ### 0.00 0.00 ### 0.01 ### 0.00 ###
34,762.78
33,000.00
(1,762.78)
106,000.00
###
(14,194.58) (7,440.11)
(16,500.00) 3,100.00
(2,305.42) 10,540.11
(50,500.00) 40,840.00
### ###
0.00 (7,460.58) 0.00 4,443.16 3,513.30 0.00 43,167.24
0.00 (8,800.00) 0.00 6,800.00 4,400.00 0.00 47,900.00
0.00 (1,339.42) 0.00 2,356.84 886.70 0.00 4,732.76
0.00 (26,400.00) 0.00 20,400.00 9,820.00 0.00 168,880.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 26.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 26.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 (26.00) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (26.00)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
27,200.00 0.00 6,691.00 0.00 0.00 33,891.00 112,925.00 137,946.00
0.00 0.00 (71.00) 0.00 0.00 (71.00) 174.95 14,428.88
114,652.33 0.00 26,761.74 500.00 0.00 141,914.07 445,160.03 569,943.17
108,800.00 0.00 26,764.00 0.00 0.00 135,564.00 427,837.00 570,953.00
(5,852.33) 0.00 2.26 (500.00) 0.00 (6,350.07) (17,323.03) (1,009.83)
326,400.00 0.00 80,292.00 0.00 0.00 406,692.00 1,376,163.00 1,665,237.00
106,586.67 86,666.67 0.00 193,253.34
106,587.00 86,667.00 0.00 193,254.00
0.33 0.33 0.00 0.66
426,346.68 346,666.68 0.00 773,013.36
426,348.00 346,668.00 0.00 773,016.00
1.32 1.32 0.00 2.64
1,279,044.00 1,040,004.00 0.00 2,319,048.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 595.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 595.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1,510.50 595.00 305.62 59.04 0.00 0.00 0.00 0.00 0.00 2,470.16
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(1,510.50) (595.00) (305.62) (59.04) 0.00 0.00 0.00 0.00 0.00 (2,470.16)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Exterior Rehab Interior Rehab HVAC Replacement Carpet & Floor Replacement
0.00 0.00 0.00 6,054.83
0.00 0.00 0.00 6,600.00
0.00 0.00 0.00 17,347.52
0.00 3,000.00 0.00 17,600.00
0.00 3,000.00 0.00 252.48
0.00 3,000.00 0.00 63,800.00
0.00 ### 0.00 ### ### 0.00 ### 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 ### 0.00 ### 0.00 0.00 ### ### ### 0.01 ### ### 0.00 ### 0.01 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 ### 0.00 ###
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 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
27,200.00 0.00 6,762.00 0.00 0.00 33,962.00 112,750.05 152,374.88
Base Rent Stated Rent Office Rent Total Rent Expense
Refrigerators Dishwashers & Ranges Washers / Dryers Fire Alarm Replacement Other Capital Improvements Boiler Replacement Roof Replacement Total Capital Expenses
0.00 0.00 0.00 0.00 0.00 0.00 0.00 6,054.83
0.00 0.00 0.00 0.00 0.00 0.00 0.00 6,600.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 17,347.52
0.00 0.00 0.00 0.00 0.00 0.00 0.00 20,600.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 3,252.48
0.00 0.00 0.00 0.00 0.00 0.00 0.00 66,800.00
0.00 0.00 0.00 (47,528.29)
0.00 0.00 0.00 (61,908.00)
0.00 0.00 0.00 14,379.71
0.00 0.00 0.00 (222,887.87)
0.00 0.00 0.00 (222,663.00)
0.00 0.00 0.00 (224.87)
0.00 0.00 0.00 (720,611.00)
42,301.60 (5,226.69)
0.00 (61,908.00)
42,301.60 56,681.31
224,944.65 2,056.78
0.00 (222,663.00)
224,944.65 224,719.78
0.00 (720,611.00)
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 Partnership Exp- Leaseup Costs Total Partnership Expense
Casualty Losses Casualty Recovery Total Casualty Loss NET INCOME (LOSS) Rental Guarantee
0.00 2.29 0.00 0.00 0.00 0.00 0.00 (207.02) (316.77) 0.00 986.76 positive variance is a function of occupancy being better than budget 1,207.02 positive variance is a function of occupancy being better than budget (754.38) 2,993.91 water costs were not broken out and included in water sewer, above. Combined variance is positve to budget again due to higher occupancy and more apartments paying for water 0.00 (335.39) 0.00 1,091.01 210.29 0.00 5,082.45
0.00 (595.00) tax prepartation fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (595.00) 0.00 0.00 0.00 545.17 replacement of 7 carpets this month. In line with budget for the year 0.00 0.00 0.00 0.00 0.00 0.00 0.00 545.17
0.00 0.00 0.00 0.00 0.00 0.00 0.00 ### 0.01 0.00 0.00 0.00 ### ###
USA Courtney Downs LeaseCo, LLC Cash Flow (Actual + Budget) Books = Accrual For the 12 Months Ending Dec 2006 Jan 2006 Actual
Account
Feb 2006 Actual
Mar 2006 Actual
Apr 2006 Actual
May 2006 Reforecast
Jun 2006 Reforecast
Jul 2006 Reforecast
Aug 2006 Reforecast
Sep 2006 Reforecast
Oct 2006 Reforecast
Nov 2006 Reforecast
Dec 2006 Reforecast
12 Month Total
$/ Unit 342
$/ Sq. Ft. 313,778
Revenue Gross Potential Rent - Vacancy - Concessions & Disc. - Other Write-offs & Adj. Total Rental Income
356,941 (50,457) (80,765) (5,393) 220,326
356,261 (41,504) (83,296) (4,621) 226,840
353,425 (32,721) (83,632) (13,129) 223,943
356,370 (25,521) (87,552) (3,761) 239,537
356,985 (25,000) (83,000) (6,085) 242,900
356,985 (28,559) (80,000) (6,085) 242,341
356,985 (21,419) (80,000) (6,085) 249,481
356,985 (28,559) (80,000) (6,085) 242,341
360,554 (32,450) (80,000) (6,085) 242,019
364,160 (36,416) (80,000) (6,085) 241,659
364,160 (40,058) (75,000) (6,085) 243,017
364,160 (40,058) (75,000) (6,085) 243,017
4,303,971 (402,722) (968,244) (75,583) 2,857,421
12,584.71 (1,177.55) (2,831.12) (221.00) 8,355.03
13.72 (1.28) (3.09) (0.24) 9.11
Other Income Total Revenue
26,619 246,945
19,852 246,692
32,398 256,342
25,588 265,125
20,445 263,345
20,445 262,786
20,445 269,926
20,445 262,786
20,445 262,464
20,445 262,104
20,445 263,462
20,445 263,462
268,017 3,125,438
783.68 9,138.71
0.85 9.96
31,314 4,125 10,172 2,824 484 2,095 15,018 17,811 1,732 34,178
27,779 1,829 7,867 1,468 2,348 (1,911) 14,773 10,978 605 39,883
25,751 4,155 8,790 6,877 2,996 750 20,876 5,261 (2,311) 33,892
34,224 2,418 12,875 3,034 938 1,089 15,092 9,118 0 33,962
24,299 4,030 6,845 8,800 2,345 8,140 15,549 17,050 0 33,891
37,759 3,030 5,860 8,800 2,345 3,640 15,049 16,295 0 33,891
24,299 3,375 7,885 8,800 4,645 3,640 16,670 16,295 0 33,891
20,239 4,330 5,860 8,700 2,345 3,640 17,049 16,295 0 33,891
24,299 3,030 5,860 8,200 2,295 6,640 15,067 16,655 0 33,891
24,299 3,030 6,385 7,900 13,595 4,640 15,084 16,590 0 37,237
24,299 3,030 5,860 7,500 2,295 4,640 15,469 10,900 0 37,237
37,759 3,030 6,885 7,500 2,295 2,395 14,969 10,900 0 37,237
336,320 39,413 91,144 80,403 38,926 39,398 190,666 164,147 26 423,079
983.39 115.24 266.50 235.10 113.82 115.20 557.50 479.96 0.08 1,237.07
1.07 0.13 0.29 0.26 0.12 0.13 0.61 0.52 0.00 1.35
Total Operating Exp. Net Operating Income
119,755 127,190
105,619 141,073
107,036 149,305
112,750 152,375
120,949 142,396
126,669 136,117
119,500 150,426
112,349 150,437
115,937 146,527
128,760 133,345
111,230 152,233
122,970 140,493
1,403,523 1,721,916
4,103.87 5,034.84
4.47 5.49
Rent Expense Partnership Expense Capital Expense
193,253 1,511 3,871
193,253 40 (782)
193,253 324 8,204
193,253 595 6,055
193,254 0 6,600
193,254 0 6,600
193,254 0 6,600
193,254 0 6,600
193,254 0 6,600
193,254 0 6,600
193,254 0 3,300
193,254 0 3,300
2,319,045 2,470 63,548
6,780.83 7.22 185.81
7.39 0.01 0.20
Cash Flow Frm Operations
(71,445)
(51,438)
(52,476)
(47,528)
(57,458)
(63,737)
(49,428)
(49,417)
(53,327)
(66,510)
(44,322)
(56,062)
(663,147)
(1,939.03)
(2.11)
66,280
58,055
58,308
42,302
0
0
0
45,074
52,214
52,536
52,896
47,280
474,945
Balance Sheet Adjustments Cash - Non Operating Accounts Accounts Receivable Prepaid Assets Escrow Deposits
792 9,672 372 (34,325)
(2,230) (940) (275) (34,325)
(4,698) (590) 86 (34,325)
2,407 4,549 156 (34,325)
0 0 0 (7,125)
0 0 0 (2,951)
0 0 0 (2,951)
0 0 0 (2,951)
0 0 0 23,449
0 0 (30,110) (2,951)
0 0 0 (2,951)
0 0 0 (2,951)
(3,729) 12,691 (29,770) (138,683)
Cash Increase (Decreae) From Assets
Operating Expenses Salary Expense Operating Expense Advertising Expense Make Ready Expense Maintenance Expense Service Expense Administrative Expense Utility Expense Management Expense Taxes & Insurance
Rent Guarantee
(23,489)
(37,770)
(39,527)
(27,213)
(7,125)
(2,951)
(2,951)
(2,951)
23,449
(33,061)
(2,951)
(2,951)
(159,491)
Accounts Payable Accrued Expenses Other Payables Notess Payable
(5,209) 34,702 1,398 0
4,548 17,279 6,448 (763)
22,679 26,292 1,789 (382)
5,948 32,763 (2,315) (382)
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
27,965 111,034 7,320 (1,527)
Cash Increase (Decreae) From Liab.
30,890
27,511
50,377
36,014
0
0
0
0
0
0
0
0
144,793
NET CASH FLOW CUMM. NET CASH FLOW
2,236 29,014
(3,642) 25,372
16,682 42,054
3,574 45,628
(64,583) (18,955)
(66,688) (85,643)
(52,379) (138,022)
(7,294) (145,316)
22,336 (122,980)
(47,034) (170,014)
5,624 (164,390)
(11,733) (176,123)
(202,901)
$700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $$(100,000) $(200,000) $(300,000) Jan 2006
Feb 2006
Mar 2006
Apr 2006
May 2006
NET CASH FLOW
Jun 2006
Jul 2006
Aug 2006
Sep 2006
Oct 2006
Nov 2006
Dec 2006
CUMM. NET CASH FLOW
Units Sq. Ft. ### 384807 bayclub2 castlep cedar congress jackson lee rem ric parkside polo sat sweet trailapt vlgcrest walnut westo wind usacourt usawalcr
160 356 300 257 247 10 428 5 300 440 440 240 280 120 284 12 346 280 284
146,080 384,807 274,080 254,074 221,730 22,160 398,868 24,952 305,832 403,761 548,750 264,892 286,056 108,276 254,103 48,309 433,196 299,111 254,103
K30:
administrator: assume insurance increases by 50%
L30:
administrator: assume insurance increases by 50%
M30:
administrator: assume insurance increases by 50%
K46:
administrator: insurance downpayment
F47:
administrator: replacement reserve
G47:
administrator:
H47:
administrator:
I47:
administrator:
J47:
administrator: replacement reserve
K47:
administrator:
L47:
administrator:
M47:
administrator:
replacement reserve + reduction in tax escrow due to overage replacement reserve + reduction in tax escrow due to overage replacement reserve + reduction in tax escrow due to overage
replacement reserve + reduction in tax escrow due to overage replacement reserve + reduction in tax escrow due to overage replacement reserve + reduction in tax escrow due to overage
Courtney Downs Apartments April-06 LEASING & OCCUPANCY NUMBER OF MOVE INS: NUMBER OF MOVE OUTS: NET FOR THE MONTH:
16 16 0
OCCUPIED/LEASED %:
92.4% 95.3%
SOURCE OF TRAFFIC: APTGUIDE.COM APARTMENT GUIDE YELLOW PAGES OTHER. NET FOR RENT RENT.NET LIVES IN AREA RESIDENT REFERRAL LOCATORS RENT.COM WALK-IN SIGNAGE WORD OF MOUTH TOTALS CLOSING RATIO:
INCOME THIS MONTH: INCOME LAST MONTH: DIFFERENCE:
$265,124.93 $255,335.50 $9,789.43
TOTAL # GARAGES # GARAGES OCCUPIED GARAGES OCCUPIED %;
120 116 97%
REASONS WHY PROSPECTS DID NOT LEASE: Traffic 2 9 0 19 0 5 14 6 11 0 0 6 7
Leased 1 4 0 5 0 1 4 4 2 0 0 3 0
79
24
* * * * * * * * * * * * * *
Job Transfer Restricted Pet Breed Future/No Availability/Waiting list Just started looking. Waiting for Home to Sell Current Lease to Expire Needs Ground Floor Moved Elsewhere Will return with roommate or spouse Realtor Looking for Client Undecided Employment pending House sale pending Rented at Competitor TOTALS
33%
MARKETING ACTIVITIES & SOURCES FOR THE MONTH * New direct mailers from Blue Book will be going out in the next few weeks to Coyote Ranch. * Updated all locators with new move in specials and price sheets took cookies to them for repeat business. * Took donuts to three new local churches on Sundays to singles group with price sheets and new color flyers. * Updated all Internet adds with current pricing and specials. * Beginning outreach program with current residents who work for large employers, to take flyers to breakrooms, etc. * Will waive those app fees and promote Resident Referral Program * *
OVERVIEW OF COMPARABLE PROPERTIES: The surrounding comps are offering rents averaging one to three months off on a month lease. and one and two bedrooms from $525 to $1095 and three bedrooms from $950 to $1275.
RESIDENT RETENTION: Renewals for April averaged an increase of $27.00. We have continued to discuss all options with residents to keep turnover to a minimum. 11- residents did not renew due to buying houses, 3-resident got new job, 1 got married. INCIDENTS ON THE PROPERTY: Apt #9103 had flood in apartment due to faulty sprinkler system
10 0 0 8 17 0 0 0 13 0 0 7 0 0 55
MAINTENANCE:
MARKET READY UNITS COMPLETE PAINTS TOUCH UPS WORK ORDERS Pending Misc 0 Electrical 0 Punch 0 HVAC 0 Plumbing 0 Property Ext. 0 Appliances 0 Safety 0 Total 0 ROOF LEAKS PLUMBING LEAKS
ROUTINE REPLACEMENTS:
Completed 32 18 16 10 93 0 23 0 192
Number of: 15 7 8 195 0 15 45 15 11 89 8 12 0 195 0 0
REFRIGERATORS DISHWASHERS STOVES A/C COMPRESSORS CONDENSING UNITS WATER HEATERS ICE MAKERS GARBAGE DISPOSALS MICROWAVES CARPETS CEILING FANS TOILETS A/C FAN MOTORS COUNTER TOPS CABINETS RESURFACED KITCHEN BLINDS TUBS RESURFACED TUB TILES
Number Replaced 0 0 0 0 0 0 0 0 0 7 0 0 0 0 0 11 0 0
CAPITAL IMPROVEMENTS IN PROGRESS: N/A in progress.
PROBLEM AREAS NEEDING ATTENTION: Having issues with the sprinkler systems- a few broken main lines and 60 broken sprinkler heads-one broken line price will be deducted from the final Coloradoscapes Our spa heat exchanger is replaced.
CURRENT STAFF: Manager Assistant Manager Leasing Consultant Leasing Consultant Maintenance Supervisor Assistant Maintenance Maintenance/ Grounds
Nancy Howland Beth McCall Wendy Gillan Temporary personal. Gabriel Tellez Russell Briley Jorge Chavez and Jorge Bernal
ACCOMPLISHMENTS FOR THE MONTH: New landscapers have started and spring flowers will be planted in the next week.
rtney Downs Apartments April-06
Apt. #
10311, 9205, 12205, 7311, 7103, 10106, 9307
6211-1, 7204-1, 13205-1, 12110-2, 10311-2, 3201-1, 19302-1, 16303-2
ken sprinkler heads-one broken line price will be deducted from the final Coloradoscapes bill
Courtney Downs RENTAL SCHEDULE
April-06
UNIT TYPE A1 A1V A2 B1 B1V C C1 C1V CV D DV E EV TOTAL
1BR 1BR 1BR 2BR 2BR 2BR 2BR 2BR 2BR 2BR 2BR 3BR 3BR
#UNITS 40 32 18 24 32 42 44 22 24 16 20 24 4 342
SIZE 704 704 910 808 808 977 1,030 1,030 977 1,030 1,030 1,140 1,140 917
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 0 313,778
MKT RENT PER UNIT 830 860 935 895 925 1130 1150 1180 1150 1150 1180 1245 1255 $1,044
MKT RENT MONTHLY PER S/F GROSS 1.18 $33,200 1.22 $27,520 1.03 $16,830 1.11 $21,480 1.14 $29,600 1.16 $47,460 1.12 $50,600 1.15 $25,960 1.18 $27,600 1.12 $18,400 1.15 $23,600 1.09 $29,880 1.10 $5,020 $1.14
$357,150
ANNUAL GROSS $398,400 $330,240 $201,960 $257,760 $355,200 $569,520 $607,200 $311,520 $331,200 $220,800 $283,200 $358,560 $60,240 $4,285,800
EFFECTIVE CONCESSION RENTS* 725.00 675.00 825.00 715.00 775.00 775.00 800.00 800.00 800.00 850.00 850.00 1,035.00 1,035.00
CONCESSION PER UNIT 105.00 55.00 110.00 180.00 150.00 355.00 350.00 380.00 350.00 300.00 330.00 210.00 220.00
$821 * Net of Concessions
EFFECTIVE PER S/F
1.03 1.10 0.91 0.88 0.96 0.79 0.78 0.78 0.82 0.83 0.83 0.91 0.91 0.90
EFFECTIVE MONTHLY GROSS $29,000 $31,000 $14,850 $17,160 $24,800 $32,550 $35,200 $17,600 $19,200 $13,600 $17,000 $24,840 $4,140 $280,940
Vacants
Vacants Leased
Notice
Notice Leased
Net Available
1 1 4 7 0 7 5 0 0 0 0 3 0
1 0 2 2 0 2 0 0 0 0 0 2 0
3 1 4 7 0 6 2 0 0 0 0 2 0
3 0 1 0 0 0 0 0 0 0 0 0 0
0 2 5 12 0 13 7 0 0 5 0 3 0
28
9
25
4
47
MARKET SURVEY Courtney Downs April-06 Apartment Name
Courtney Downs
Brookside Village
Carriage Place
Coyote Ranch
Windsor @ Meridian
Address Phone Location # of units Age of Property Application Fee Credit Card Pets Allowed Pet Deposit Sec. Deposit W/D included Covered Parking Garage Cable Tennis Courts # of pools Weight Room Jacuzzi Ceiling Fans Microwaves Mini Blinds FF Freezer Icemakers Fireplaces Access Gates Alarm in Unit Door to Door Aerobics/Kick Box Movie Room Computer Library Indoor Basketball Water Charge
15849 E. Jamison Dr 720-870-6114 Englewood, Co 342 3 $50.00 yes yes 300 n/r 150 Yes no Detached Yes no 1 yes yes yes yes yes yes yes yes no Prewired no no no yes no yes
5400 S Park Terrace 303-220-7086 Greenwood Village, Co 304 7 $30.00 yes yes. 225-375 300-400 yes no yes yes no 1 yes yes yes yes yes yes no yes no no yes no yes yes no yes
4900 S Ulster 303-740-7011 Denver, Co 80237 331 7 $40.00 yes yes 350-500 275 yes no yes yes yes 2 yes 2 yes yes yes yes yes yes yes yes no no yes yes no yes
16363 E Freemont Ave 303-693-8787 Aurora, Co 507 3 $35.00 yes yes 400-500 275-325 yes yes yes yes no 1 yes 1 yes yes yes yes yes no yes no no no yes yes no no
9875 Jefferson Pkwy 303-256-7700 Englewood, Co 80112 653 6 $40.00 yes yes 150-300 300 Only In Select Units yes yes yes no 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
Pinnacle @ the Creek Greenbriar @ Saddle Rock
6107 S Parker Rd 303-766-2500 Centennial, Co 216 3 $35.00 yes yes 200-300 100 Only Select Units yes yes yes no 1 yes 1 yes yes yes yes yes yes no yes no no yes yes no yes
22159 E Ontario Dr 303-617-6600 Aurora, Co 250 3 $35.00 yes yes 400 250-400 no yes yes yes no 1 yes 1 yes yes yes yes yes yes no no no no no yes no yes
Dove Valley
7550 S Blackhawk 303-362-2000 Englewood, Co 80112 312 4 $35.00 yes yes 300-500 199 no yes yes yes yes 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
Cherrywood Village
16950 E Carlson Dr 303-805-7220 Parker, Co 80134 380 3 $35.00 yes yes 400 99 no yes yes yes yes 2 yes 2 yes yes yes yes yes yes yes no no no yes yes no yes
Reserve @ South Creek
15611 E Jamison Dr 303-680-6696 Englewood, Co 80112 168 4 $40.00 yes yes 300-600 225-375 no yes yes yes yes 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
MARKET SURVEY Courtney Downs April-06
(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
SIZE
Brookside Village
PSF
PRICE
SIZE
850 975
Carriage Place
PSF
812 815
PRICE
1.05 1.20
SIZE
1030 1065
Coyte Ranch
PSF
776 785
PRICE
1.33 1.36
SIZE
855 955
Windsor at Meridian
PSF
779 853
PRICE
1.10 1.12
SIZE
Pinnacle @ the Creek
PSF
PRICE
SIZE
Greenbriar@Saddle Rock
PSF
PRICE
725 750
704 808
1.03 0.93
640 645
627 701
1.02 0.92
620 660
685 705
0.91 0.94
825
910
0.91
740
811
0.91
730
760
0.96
835 1110
956 1044
0.87 1.06
910
1051
930
1120
0.87 0.83
775
977
0.79
1140
1130
1.01
1265
1141
1.11
1160
1105
1.05
800 850
1030 1030
0.78 0.83
1155
1144
1.01
1460
1237
1.18
1250
1192
1.05
1440 1030
1196 1180
1.20 0.87
1,035
1140
0.91
1600
1485
1.08
1265 1645
1141 1414
1.11 1.16
1350
1398
0.97
1510
1330
1.13
995
1230
0.87
SIZE
785 880
Dove Valley
PSF
707 853
PRICE
1.11 1.03
SIZE
795 825
PSF
768 842
#DIV/0! #DIV/0!
PRICE
1.04 0.98
Cherrywood Village SIZE PSF
850
707
#DIV/0!
PRICE
1.20 #DIV/0!
Reserve@South Creek SIZE PSF
795
763
995
1037
0.96
1195
1257
0.95
#DIV/0! #DIV/0!
1075
1033
1.04
1040
1115
0.93
1110
1033
1.07
1195
1093
1.09
1090
12220
0.09
1190
1093
1.09
1425
1235
1.15
1270
1356
0.94
1375
1235
1.11
1.04 #DIV/0! #DIV/0!
% occ /leased 92 95 95% 95.00 97 96% 97 98.00% 98% 93 91.3 96% 0 0% 93 91 94% 90 92 93% 97.0 96 93% 89.0 90 93% 92.0 95 96% Avg PSF 1 0.88 1.06 1.19 1.05 1.01 0.87 1.09 0.95 1.11 0.98 Avg Rents 823 1144.00 1288.33 1114.00 993.75 807.50 1072.00 1004.00 1131.25 995.00 Units(Total / Avail) 342 9 304 11 331 5 507 20 653 216 8 292 22 312 8 360 41 0 168 5 Rates Special: 1-4 months off selected Special: units. $100 off 11-12 mo Special: leases. $150 off market onSpecial: 12 mo lease. $300 to $400 off market Sepcial:None 12 mo lease. Special: waive deposits andSpecial: administration $150 tofees. $200 off per mo onSpecial:3 12 mo leases. months free over 12 Special: month lease. 3 Months off of market Special: waive application or waive deposits. reflect these rates: $685 1/1 $805 2/2 $1310 3/2 $150 giftcertificate to $626 1/1 $800 2/2 $1275 3/2 specials: special were pulled off the internet southwest airlines w/ look and lease due to property will not give info. Look and lease $250 off 1st full month Ren: $25 to $50 increase Ren: $15-$25 Increase. Ren.: 20% off of market. Ren.: Increase $0 to $50. Ren: Info not avail per corporate Ren:Per corporate Ren: $50 increases on 12 mo renewal. Ren: $40 increas for 12 monthRen: leaseAverage $15 to $20 increase. Ren: Free carpet cleaning with 12mo.
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