Courtney Downs August 2006
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USA Courtney Downs LeaseCo, LLC Balance Sheet Books = Accrual Aug 2006
ASSETS Cash Operating Cash Security Deposits Total Cash
OTHER ASSETS Accounts Receivable Prepaid Expenses Tax Escrow Replacement Reserve Capital / Repair Escrow Total Other Assets Total ASSETS
111,281.74 71,375.06 $182,656.80
(1,784.32) 35,248.04 158,086.29 67,688.44 200,000.00 459,238.45 641,895.25
LIABILITIES & CAPITAL LIABILITIES Accounts Payable - Trade Other Accounts Payable Accrued Taxes Prepaid Rent Security Deposits Notes Payable Total Liabilities
90,640.71 552,062.55 219,968.02 4,241.94 71,375.06 62.65 938,350.93
CAPITAL Owners Equity Retained Earnings Total Capital Total LIABILITIES & CAPITAL
100.00 (296,555.68) (296,455.68) 641,895.25
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 Actual
Jun 2006 Actual
Jul 2006 Actual
Aug 2006 Actual
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
356,790 (27,566) (89,252) (3,761) 236,211
352,042 (20,448) (91,481) (3,761) 236,353
356,753 (24,375) (83,568) (8,525) 240,285
356,720 (29,656) (82,402) (4,902) 239,760
360,554 (26,000) (80,000) (6,085) 248,469
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
4,298,336 (394,780) (991,947) (72,192) 2,839,417
12,568.23 (1,154.33) (2,900.43) (211.09) 8,302.39
13.70 (1.26) (3.16) (0.23) 9.05
Other Income Total Revenue
26,619 246,945
19,852 246,692
32,398 256,342
25,588 265,125
26,964 263,175
20,730 257,083
20,479 260,764
29,442 269,202
20,445 268,914
20,445 262,104
20,445 263,462
20,445 263,462
283,851 3,123,269
829.97 9,132.36
0.90 9.95
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
28,896 3,488 9,217 6,347 1,390 7,856 17,309 8,907 (26) 41,050
30,735 1,785 4,566 6,868 2,786 6,550 15,941 9,673 0 36,561
32,813 4,044 9,311 4,319 4,753 3,601 18,145 13,946 0 34,740
30,497 1,759 9,128 6,576 1,518 3,942 18,942 10,892 0 35,107
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
352,665 35,723 96,916 69,414 37,692 42,287 196,687 141,631 0 434,971
1,031.18 104.45 283.38 202.97 110.21 123.65 575.11 414.12 0.00 1,271.85
1.12 0.11 0.31 0.22 0.12 0.13 0.63 0.45 0.00 1.39
Total Operating Exp. Net Operating Income
119,755 127,190
105,619 141,073
107,036 149,305
112,750 152,375
124,435 138,740
115,464 141,618
125,672 135,092
118,359 150,842
115,937 152,977
128,760 133,345
111,230 152,233
122,970 140,493
1,407,987 1,715,282
4,116.92 5,015.44
4.49 5.47
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
193,253 169 3,698
193,253 0 14,150
193,253 0 7,730
193,253 0 3,637
193,254 0 6,600
193,254 0 6,600
193,254 0 3,300
193,254 0 3,300
2,319,043 2,639 66,362
6,780.83 7.72 194.04
7.39 0.01 0.21
Cash Flow Frm Operations
(71,445)
(51,438)
(52,476)
(47,528)
(58,381)
(65,785)
(65,891)
(46,048)
(46,877)
(66,510)
(44,322)
(56,062)
(672,762)
(1,967.14)
(2.14)
66,280
58,055
58,308
42,302
0
0
0
55,178
45,798
46,086
52,896
50,042
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)
6,708 (4,100) 1,384 324,584
2,152 (8,512) 280 (30,394)
4,182 14,748 7,106 (30,394)
3,545 7,299 7,106 (30,394)
0 0 0 26,264
0 0 (30,110) (2,951)
0 0 0 (2,951)
0 0 0 (2,951)
12,859 22,125 (13,894) 113,513
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)
328,577
(36,473)
(4,358)
(12,444)
26,264
(33,061)
(2,951)
(2,951)
134,604
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)
(1,420) (282,521) (5,212) (382)
65,950 115,337 (3,153) (701)
8,685 25,645 (2,593) (382)
30,633 23,477 (5,234) 0
(74,190) 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
57,624 (7,028) (8,871) (2,991)
Cash Increase (Decreae) From Liab.
30,890
27,511
50,377
36,014
(289,534)
177,433
31,355
48,877
(74,190)
0
0
0
38,734
NET CASH FLOW CUMM. NET CASH FLOW
2,236 29,014
(3,642) 25,372
16,682 42,054
3,574 45,628
(19,338) 26,290
75,176 101,466
(38,893) 62,573
45,563 108,136
(49,005) 59,130
(53,484) 5,646
5,624 11,270
(8,971) 2,299
(24,479)
$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
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
USA Courtney Downs LeaseCo, LLC Budget Comparison Books = Accrual For the period ending August 31, 2006
Account Revenue Market Rent Loss / Gain to Lease
Gross Potential Rent Prepaid Homeowners Dues Residential Rent Vacancy Loss Upfront Rent Concessions
MTD Actual
MTD Budget
355,720.00 1,000.00
356,985.00 0.00
356,720.00 0.00 0.00 (29,656.48)
356,985.00 0.00 0.00 (28,559.00)
0.00
(2,000.00)
Corporate Discount Delinquent Rent Adjustments & W/O
0.00 0.00 (1,141.20)
0.00 0.00 (500.00)
Model Units Courtesy Officer Apt.
(1,980.00) 0.00
(1,980.00) (575.00)
Employee Apartment Housekeeping & Maintenance Fee Guest Suite
(1,780.80) 0.00 0.00
(1,900.00) 0.00 (1,130.00)
(82,401.55)
(85,817.00)
0.00 0.00 0.00 0.00 $239,759.97
0.00 0.00 0.00 0.00 $234,524.00
0.00 0.00 0.00 1,790.00
0.00 68.00 0.00 2,300.00
155.00 645.13
300.00 1,300.00
Repair & Maintenance Fees Application Fees
0.00 1,660.00
0.00 1,000.00
Termination Fees & Damages
4,850.00
1,033.00
Miscellaneous Income Renters Insurance Interest Income Pet Rents & Fees
767.04 0.00 0.00 2,096.93
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 6,959.90
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 1,022.80 0.00 0.00 505.48 0.00 0.00 0.00 3,300.00
0.00 1,000.00 0.00 0.00 190.00 0.00 0.00 0.00 2,000.00
Move-Out Charges
5,385.93
929.00
303.39 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
225.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Lease Term Concessions Homeowner's Assn Dues Income Homeowner Dues Paid Model Units Lease Contract Difference Total Rental Income Laundry Income Vending Income Covered Parking Income Late Charges & NSF Fees Month to Month Premium Storage Fees
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
$ Variance MTD Variance Comment (1,265.00) 1,000.00 Variance reflects residents booked at less than market rate, was not budgeted but included in gross potential. (265.00) 0.00 0.00 (1,097.48) Actual occupancy of 91.25% versus 93% budgeted. 2,000.00 Positive variance due to no up front concessions given. 0.00 0.00 (641.20) Additional write-offs due to 2 skips. 0.00 575.00 Savings due to termination of position 119.20 0.00 1,130.00 No rental of guest suite at this time. 3,415.45 Selected units have been reduced on prorated concessions. 0.00 0.00 0.00 0.00 $5,235.97 0.00 (68.00) 0.00 (510.00) More residents paid on time this month reducing the late fees. (145.00) (654.87) Residents who moved out at the end of the month turned in their storage units. 0.00 660.00 More out-of-state applicants applied at the higher fee/rate. 3,817.00 Collected more break lease fees due to new home purchases. 267.04 0.00 0.00 1,196.93 All new move ins with pets are required to pay a non refundable pet fee and pay pet rent. 0.00 0.00 0.00 0.00 (1,740.10) Garage occupancy is 93%, and some were given away free as move in incentives. 0.00 22.80 0.00 0.00 315.48 0.00 0.00 0.00 1,300.00 Administration fee has increased from $100 to $150. 4,456.93 Positive variance with lease charges and damages on soda charges. 78.39 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
YTD Actual
YTD Budget
$ Variance
Annual Budget
2,845,760.00 (440.00)
2,849,500.00 0.00
(3,740.00) (440.00)
4,302,534.00 0.00
2,845,320.00 0.00 (18.00) (252,248.47)
2,849,500.00 0.00 0.00 (241,408.00)
(4,180.00) 0.00 (18.00) (10,840.47)
4,302,534.00 0.00 0.00 (390,390.00)
(105,908.03)
(16,000.00)
(89,908.03)
(24,000.00)
0.00 0.00 (16,040.10)
0.00 0.00 (4,000.00)
0.00 0.00 (12,040.10)
0.00 0.00 (6,000.00)
(15,840.00) (1,725.00)
(15,840.00) (4,600.00)
0.00 2,875.00
(23,760.00) (6,900.00)
(14,246.40) 0.00 0.00
(15,200.00) 0.00 (9,040.00)
953.60 0.00 9,040.00
(22,800.00) 0.00 (13,560.00)
(576,038.65)
(682,785.00)
106,746.35
(1,019,064.00)
0.00 0.00 0.00 0.00 $1,863,255.35
0.00 0.00 0.00 0.00 $1,860,627.00
0.00 0.00 0.00 0.00 $2,628.35
0.00 0.00 0.00 0.00 $2,796,060.00
0.00 221.20 0.00 13,676.45
0.00 544.00 0.00 18,400.00
0.00 (322.80) 0.00 (4,723.55)
0.00 816.00 0.00 27,600.00
1,357.23 7,220.35
2,400.00 10,400.00
(1,042.77) (3,179.65)
3,600.00 15,600.00
0.00 8,975.00
0.00 8,000.00
0.00 975.00
0.00 12,000.00
18,397.86
8,264.00
10,133.86
12,396.00
9,826.87 0.00 0.00 19,387.41
4,000.00 0.00 0.00 7,200.00
5,826.87 0.00 0.00 12,187.41
6,000.00 0.00 0.00 10,800.00
0.00 0.00 0.00 0.00 52,266.88
0.00 0.00 0.00 0.00 69,600.00
0.00 0.00 0.00 0.00 (17,333.12)
0.00 0.00 0.00 0.00 104,400.00
0.00 8,064.80 0.00 0.00 655.48 0.00 0.00 0.00 26,115.00
0.00 8,000.00 0.00 0.00 1,520.00 0.00 0.00 0.00 16,000.00
0.00 64.80 0.00 0.00 (864.52) 0.00 0.00 0.00 10,115.00
0.00 12,000.00 0.00 0.00 2,280.00 0.00 0.00 0.00 24,000.00
33,770.25
7,432.00
26,338.25
11,148.00
2,136.54 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1,800.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
336.54 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
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
YTD Variance Comment
Income - Other Income - Condo Sales Total Other Income
0.00 0.00 29,441.60
0.00 0.00 20,445.00
0.00 0.00 8,996.60
0.00 0.00 202,071.32
0.00 0.00 163,560.00
0.00 0.00 38,511.32
0.00 0.00 245,340.00
$269,201.57
$254,969.00
$14,232.57
$2,065,326.67
$2,024,187.00
$41,139.67
$3,041,400.00
8,481.56
9,545.00
69,766.74
81,131.00
11,364.26
124,082.00
Salaries Maintenance Salary
0.00 8,290.79
0.00 6,660.00
0.00 82,855.73
0.00 56,611.00
0.00 (26,244.73)
0.00 86,582.00
Salary - Administrative Commissions & Bonus
0.00 3,513.70
0.00 0.00
0.00 28,728.80
0.00 24,500.00
0.00 (4,228.80)
0.00 42,000.00
Payroll Taxes Group Insurance Disability Insurance 401k Match Contract Labor
1,607.78 1,529.50 0.00 0.00 5,311.04
1,296.00 1,442.00 0.00 0.00 0.00
14,546.23 11,998.50 0.00 0.00 16,476.35
12,977.00 11,536.00 0.00 0.00 0.00
(1,569.23) (462.50) 0.00 0.00 (16,476.35)
20,210.00 17,304.00 0.00 0.00 0.00
1,762.24 30,496.61
1,296.00 20,239.00
17,636.35 242,008.70
12,977.00 199,732.00
(4,659.35) (42,276.70)
20,210.00 310,388.00
459.19 737.13 69.00 269.31 0.00 0.00 123.75 0.00 (769.80) 0.00 60.52 0.00 311.00 498.65
600.00 1,080.00 100.00 200.00 0.00 0.00 1,300.00 0.00 100.00 0.00 200.00 0.00 750.00 0.00
7,710.96 7,418.63 749.57 1,384.15 0.00 0.00 265.75 0.00 790.95 0.00 76.72 0.00 2,987.11 2,219.41
4,800.00 8,640.00 800.00 1,600.00 0.00 0.00 1,645.00 0.00 1,800.00 0.00 1,600.00 0.00 6,000.00 0.00
(2,910.96) 1,221.37 50.43 215.85 0.00 0.00 1,379.25 0.00 1,009.05 0.00 1,523.28 0.00 3,012.89 (2,219.41)
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 1,758.75
0.00 4,330.00
0.00 23,603.25
0.00 26,885.00
0.00 3,281.75
0.00 39,005.00
6,088.62
3,452.00
28,601.00
(10,958.74)
42,409.00
475.00
(2,636.62) Due to For Rent Ad not being budgeted. 935.59 includes a reversal of past accrual for resident functions 1,033.00 No locator referrals this month (2,600.00) 7 referrals received from residents at $500 each
39,559.74
(460.59)
5,781.20
6,850.00
1,068.80
10,300.00
13,585.25
8,264.00
(5,321.25)
12,396.00
13,000.00
7,200.00
(5,800.00)
10,800.00
(3,268.03)
71,926.19
50,915.00
(21,011.19)
75,905.00
3,829.19
22,400.00
18,570.81
33,200.00
17,905.00 13,252.13
22,500.00 10,800.00
4,595.00 (2,452.13)
32,500.00 15,900.00
1,072.72 0.00
1,600.00 4,000.00
527.28 4,000.00
2,400.00 6,000.00
377.99 941.46 218.86 716.78 38,314.13
800.00 800.00 800.00 2,400.00 66,100.00
422.01 (141.46) 581.14 1,683.22 27,785.87
1,200.00 1,200.00 1,200.00 3,600.00 97,200.00
5,342.57 532.98 1,208.80 1,155.89 0.00 3,600.42 0.00 1,418.51 1,413.31 548.35 90.11 547.85
6,200.00 1,200.00 600.00 1,200.00 800.00 4,200.00 0.00 400.00 600.00 1,200.00 800.00 2,100.00
857.43 667.02 (608.80) 44.11 800.00 599.58 0.00 (1,018.51) (813.31) 651.65 709.89 1,552.15
9,200.00 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 1,353.31 0.00 0.00 0.00 17,212.10
0.00 2,360.00 0.00 0.00 0.00 21,660.00
0.00 1,006.69 0.00 0.00 0.00 4,447.90
0.00 11,540.00 0.00 0.00 0.00 42,140.00
Total Revenue Expense Managers Salary
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 Advertising & Promotions Resident Promotions Locators Resident Referrals Total Advertising Expense Paint & Drywall
Contract Cleaning Svcs. 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 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
0.00
1,033.00
3,500.00
900.00
9,128.03
5,860.00
249.55
2,900.00
3,120.00 2,100.00
3,000.00 1,500.00
379.63 0.00
200.00 500.00
323.68 306.46 0.00 96.33 6,575.65
100.00 100.00 100.00 300.00 8,700.00
1,042.22 0.00 338.77 112.97 0.00 621.59 0.00 0.00 185.56 124.36 0.00 (907.71)
800.00 150.00 75.00 150.00 100.00 400.00 0.00 50.00 75.00 150.00 100.00 0.00
0.00 0.00 0.00 0.00 0.00 1,517.76
0.00 295.00 0.00 0.00 0.00 2,345.00
1,063.44 Office staff is under staffed. Positive variance is offset in tempory labor, below 0.00 (1,630.79) Additional porter position not budgeted. This is offset in make ready expense. 0.00 (3,513.70) No budgeted bonus for this month, however accrued for July and August bonuses. (311.78) (87.50) 0.00 0.00 (5,311.04) Temporary office help needed to assist in the office due to open position. The variance includes a full time associate for July and August. (466.24) (10,257.61) 140.81 342.87 31.00 (69.31) 0.00 0.00 1,176.25 0.00 869.80 Accrual reversal. 0.00 139.48 0.00 439.00 (498.65) Monthly furniture rental for guest suite. 0.00 2,571.25
2,650.45 Positive variance due to maintenance staff doing all paints in house instead of contracting outside vendors. (120.00) (600.00) More carpets were cleaned to save replacing of carpets. (179.63) 500.00 No need to replace any at this time. (223.68) (206.46) 100.00 203.67 2,124.35 (242.22) 150.00 (263.77) 37.03 100.00 (221.59) 0.00 50.00 (110.56) 25.64 100.00 907.71 Staff shirts had to be ordered for the staff due to wear and tear.Variance also includes a prior reversal of an accrual 0.00 295.00 0.00 0.00 0.00 827.24
Landscape & Grounds
3,335.90
2,745.00
Trash Removal Pest Control Security Patrols Window Cleaning Svc. Interior Cleaning Svc. Cable Television Snow Removal Total Service Expense
530.82 75.00 0.00 0.00 0.00 0.00 0.00 3,941.72
775.00 75.00 0.00 0.00 0.00 45.00 0.00 3,640.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
11,094.89
10,199.00
1,000.00 3,250.00 500.00 0.00 0.00 0.00 0.00 0.00 0.00 1,626.29 0.00 0.00 1,471.29
1,000.00 3,250.00 550.00 0.00 0.00 0.00 0.00 0.00 0.00 2,050.00 0.00 0.00 0.00
0.00 0.00 18,942.47
0.00 0.00 17,049.00
3,320.44
2,800.00
0.00 565.72
0.00 1,800.00
9,164.26
10,000.00
(6,279.90)
(4,500.00)
5,483.25
6,290.00
0.00 (2,090.37) 0.00 457.20
0.00 (2,200.00) 0.00 1,700.00
271.11 0.00 10,891.71
405.00 0.00 16,295.00
0.00 0.00 0.00 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 Base Rent Stated Rent Office Rent Total Rent 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 Travel Expense Employee Activities Printing Computer Consulting Computer Expense Bank Charges Development Cost Total Admin. Expense Electricity Electricity Gas - Resident Natural Gas
Water & Sewer Water & Sewer - Resident Reimb Water - irrigation Electric - Tenant Reimbursement Trash Reimbursement Water - Tenant Reimbursement Utility -Vacant Electric
Utility - Vacant Gas Tenant Reimbursement - Gas Total Utility Expense 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
(590.90) Overage was due to sod being replaced at building 2. 244.18 0.00 0.00 0.00 0.00 45.00 0.00 (301.72)
19,854.93
20,970.00
1,115.07
32,205.00
4,039.64 600.00 0.00 0.00 0.00 0.00 (522.13) 23,972.44
6,950.00 600.00 0.00 0.00 0.00 360.00 4,500.00 33,380.00
2,910.36 0.00 0.00 0.00 0.00 360.00 5,022.13 9,407.56
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 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
85,113.50
80,969.00
(4,144.50)
121,658.00
8,000.00 26,000.00 10,367.70 0.00 0.00 (104.00) 0.00 0.00 825.49 1,958.87 0.00 0.00 3,936.30
8,000.00 26,000.00 4,400.00 0.00 0.00 0.00 0.00 0.00 500.00 2,400.00 0.00 0.00 1,400.00
0.00 0.00 (5,967.70) 0.00 0.00 104.00 0.00 0.00 (325.49) 441.13 0.00 0.00 (2,536.30)
12,000.00 39,000.00 6,600.00 0.00 0.00 0.00 0.00 0.00 1,000.00 2,600.00 0.00 0.00 1,400.00
0.00 0.00 136,097.86
0.00 0.00 123,669.00
0.00 0.00 (12,428.86)
0.00 0.00 184,258.00
27,159.75
22,400.00
(4,759.75)
33,600.00
0.00 19,129.03
0.00 22,260.00
0.00 3,130.97
0.00 35,120.00
72,276.58
73,000.00
723.42
106,000.00
(36,357.72)
(34,500.00)
1,857.72
(50,500.00)
28,260.00
20,679.46
40,840.00
0.00 (16,043.36) 0.00 7,719.15
0.00 (17,600.00) 0.00 13,600.00
0.00 (1,556.64) 0.00 5,880.85
0.00 (26,400.00) 0.00 20,400.00
133.89 0.00 5,403.29
5,121.54 0.00 86,585.51
6,415.00 0.00 113,835.00
1,293.46 0.00 27,249.49
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 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
27,619.00 0.00 7,487.56 0.00 0.00 35,106.56 118,359.26 150,842.31
27,200.00 0.00 6,691.00 0.00 0.00 33,891.00 112,349.00 142,620.00
(419.00) 0.00 (796.56) 0.00 0.00 (1,215.56) (6,010.26) 8,222.31
232,121.26 0.00 56,549.60 700.00 0.00 289,370.86 929,091.04 1,136,235.63
217,600.00 0.00 53,528.00 0.00 0.00 271,128.00 907,304.00 1,116,883.00
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
852,693.36 693,333.36 0.00 1,546,026.72
852,696.00 693,336.00 0.00 1,546,032.00
2.64 2.64 0.00 5.28
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 0.00 0.00 (895.89) Based on gross collections. 0.00 0.00 50.00 0.00 0.00 0.00 0.00 0.00 0.00 423.71 0.00 0.00 (1,471.29) New computers were needed for the office due to many viruses. 0.00 0.00 (1,893.47) (520.44) Includes all common areas. 0.00 1,234.28 We have lowered the temperature of the pool due to the summer heat, which has resulted in savings. 835.74 Based on billing from Arapahoe County. 1,779.90 Based on billing from Arapahoe County. 806.75 Based on billing from Arapahoe County. 0.00 (109.63) 0.00 1,242.80 Less vacants and controlling use of A/C by staff and vendors during the make ready process.
7,580.54
(14,521.26) 0.00 (3,021.60) (700.00) 0.00 (18,242.86) (21,787.04) 19,352.63
326,400.00 0.00 80,292.00 0.00 0.00 406,692.00 1,376,163.00 1,665,237.00
Total Debt Service
0.00
0.00
0.00
0.00
0.00
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
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1,510.50 764.30 305.62 59.04 0.00 0.00 0.00 0.00 0.00 2,639.46
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(1,510.50) (764.30) (305.62) (59.04) 0.00 0.00 0.00 0.00 0.00 (2,639.46)
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 3,636.82
0.00 0.00 0.00 6,600.00
0.00 0.00 0.00 41,667.17
0.00 3,000.00 0.00 44,000.00
0.00 3,000.00 0.00 2,332.83
0.00 3,000.00 0.00 63,800.00
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 3,636.82
0.00 0.00 0.00 0.00 0.00 0.00 0.00 6,600.00
0.00 0.00 236.72 4,658.23 0.00 0.00 0.00 46,562.12
0.00 0.00 0.00 0.00 0.00 0.00 0.00 47,000.00
0.00 0.00 (236.72) (4,658.23) 0.00 0.00 0.00 437.88
0.00 0.00 0.00 0.00 0.00 0.00 0.00 66,800.00
0.00 0.00 0.00 (46,047.85)
0.00 0.00 0.00 (57,234.00)
0.00 0.00 0.00 11,186.15
0.00 0.00 0.00 (458,992.67)
0.00 0.00 0.00 (476,149.00)
0.00 0.00 0.00 17,156.33
0.00 0.00 0.00 (720,611.00)
55,177.83 9,129.98
0.00 (57,234.00)
55,177.83 66,363.98
280,122.48 (178,870.19)
124,335.14 (351,813.86)
155,787.34 172,943.67
124,335.14 (596,275.86)
Casualty Losses Casualty Recovery Total Casualty Loss NET INCOME (LOSS) Rental Guarantee
0.00 0.00 0.00 2,963.18 replaced only 3 carpets instead of our anticipated 6 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,963.18
0.00
0.00
Courtney Downs Apartments Aug-06 LEASING & OCCUPANCY NUMBER OF MOVE INS: NUMBER OF MOVE OUTS: NET FOR THE MONTH:
16 14 2
OCCUPIED/LEASED %:
90.35% 90.06%
SOURCE OF TRAFFIC:
$269,201.00 $260,764.00 8437
TOTAL # GARAGES # GARAGES OCCUPIED GARAGES OCCUPIED %
120 112 93%
REASONS WHY PROSPECTS DID NOT LEASE: Traffic 0 15 0 15 4 2 40 9 14 0 0 18 6
Leased 0 2 0 1 0 0 13 4 0 0 0 6 0
TOTALS
123
26
CLOSING RATIO:
33%
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
INCOME THIS MONTH: INCOME LAST MONTH: DIFFERENCE:
* * * * * * * * * * * * * *
Job Transfer Too expensive. Future/No Availability/Waiting list Just started looking. Waiting for Home to Sell Current Lease to Expire Needs Ground Floor Moved Elsewhere Will return with roommate or spouse Realtor Looking for Client Undecided Employment pending House sale pending Rented at Competitor TOTALS
MARKETING ACTIVITIES & SOURCES FOR THE MONTH * Dropped off muffins and brochures to Blue Lynx corporation. * Dropped off brochures to Colorado Athletic Club. * Dropped off doughnuts and brochures to Pulte Homes. * Took locators lunch and new prices for the month. * Updated all internet ads with new pricing. * Brochures where taken to Human Resources at King Soopers. * Met with Richmond sales team with options of temporary housing for new home buyers.
OVERVIEW OF COMPARABLE PROPERTIES: The surrounding comps are still offering rents averaging one to three months off on a 12 month lease on any unit type. This translates into one bedrooms starting at $595, two bedrooms at $730 and three bedrooms starting at $1125. Look and leases are being locked in with no security deposit with some of our competitors. RESIDENT RETENTION: We had 7 renewals for leases expiring in August. These renewals averaged a $26.43 per lease increase.
INCIDENTS ON THE PROPERTY: Resident drove into trellis at the entrance of the property on 8/15/06. Resident is insured and paying for repairs.
8 19 0 29 0 0 8 0 18 0 0 5 10 0 97
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 28 48 16 20
Number of: 16 9 7 223 0 28 48 16 20
64 8 30 9 223
PLUMBING LEAKS
64 8 30 9 223 0 0
CAPITAL IMPROVEMENTS IN PROGRESS: N/A in progress.
PROBLEM AREAS NEEDING ATTENTION: Building #11 still in repair, putting stones up on 9/2/06
CURRENT STAFF: Manager Assistant Manager Leasing Consultant Leasing Consultant Maintenance Supervisor Assistant Maintenance Maintenance/ Grounds
Nancy Howland Wendy Gillan Carrie McMillan Temporary personnel Gabriel Tellez Russell Briley Jorge Chavez and Jorge Bernal
ACCOMPLISHMENTS FOR THE MONTH: Trellis repaired. Pool heater repaired and cleaned.
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 1 0 0 0 0 0 0 0 6 0 0 0 0 0 13 0 0
Apt. # 10302
9102, 13202, 13206, 13208, 16207, 13106, 12107- guest bedroom.
16304- 1, 7201-1, 7101- 1, 103071, 4206- 2, 4205-1 ,10310-2, 23061, 6110-1, 10109-2.
Courtney Downs RENTAL SCHEDULE
August 2006
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
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 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* 690.00 690.00 690.00 830.00 830.00 830.00 830.00 830.00 830.00 830.00 830.00 1,145.00 1,145.00
CONCESSION PER UNIT 140.00 55.00 245.00 65.00 95.00 300.00 320.00 350.00 320.00 320.00 350.00 100.00 110.00
$845 * Net of Concessions
$213
EFFECTIVE PER S/F
0.98 1.10 0.76 1.03 1.03 0.85 0.81 0.81 0.85 0.81 0.81 1.00 1.00 0.92
EFFECTIVE MONTHLY GROSS $27,600 $31,000 $12,420 $19,920 $26,560 $34,860 $36,520 $18,260 $19,920 $13,280 $16,600 $27,480 $4,580 $289,000
Vacants
Vacants Leased
Notice
Notice Leased
Net Available
9 2 1 9 0 11 4 0 0 0 0 3 0
1 0 0 0 0 1 0 0 0 0 0 1 0
8 1 1 4 0 5 2 0 0 0 0 1 0
3 0 1 1 0 0 1 0 0 0 0 1 0
0 2 5 12 0 13 7 0 0 5 0 3 0
39
3
22
7
47
MARKET SURVEY Courtney Downs August-06 Apartment Name
Address Phone Location # of units Age of Property Application Fee Credit Card Pets Allowed Pet Deposit Sec. Deposit W/D included Covered Parking Garage Cable Tennis Courts # of pools Weight Room Jacuzzi Ceiling Fans Microwaves Mini Blinds FF Freezer Icemakers Fireplaces Access Gates Alarm in Unit Door to Door Aerobics/Kick Box Movie Room Computer Library Indoor Basketball Water Charge
Courtney Downs
Coyote Ranch
15849 E. Jamison Dr16363 E Freemont Ave 720-870-6114 303-693-8787 Englewood, Co Aurora, Co 342 507 3 3 $50.00 $35.00 yes yes yes yes 300 n/r 400-500 150 275-325 Yes yes no yes Detached yes Yes yes no no 1 1 yes yes yes 1 yes yes yes yes yes yes yes yes yes yes yes no no yes Prewired no no no no no no yes yes yes no no yes no
Windsor @ Meridian
Pinnacle @ the Creek
Dove Valley
9875 Jefferson Pkwy 303-256-7700 Englewood, Co 80112 653 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
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
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 August-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
% occ /leased Avg PSF Avg Rents Units(Total / Avail)
SIZE
Coyote Ranch
PSF
PRICE
SIZE
Windsor at Meridian
PSF
690 690
779 853
PRICE
SIZE
0.89 0.81
Pinnacle @ the Creek
PSF
PRICE
SIZE
Dove Valley
PSF
PRICE
690 690
704 808
0.98 0.85
615 615
627 701
0.98 0.88
620 660
685 705
0.91 0.94
690
910
0.76
615
811
0.91
730
760
0.96
875 1110
956 1044
0.92 1.06
799
1051
799
1120
0.76 0.71
830
977
0.85
790
1105
0.71
830 830
1030 1030
0.81 0.81
790
1192
0.66
1440 1030
1196 1180
1.20 0.87
1,145
1140
1.00
1170
1398
0.84
1510
1330
1.14
0
0% 0.99
90 1 815 342
90.35
13
Special: 1x1 690.00, 2x2 Rates 830.00 reflect these rates: specials:
95% 0.87
97 1114 507
99
96% 0.78
9
994 653
995
1230
93 808 216
91
0.81
94% 0.85
16
SIZE
700 700
PSF
PRICE
768 842
0.91 0.83
Cherrywood Village SIZE PSF
680
0.96
625
763
0.82
699
1037
0.67
1195
1257
875
1115
0.78
829
1033
0.80
875
1220
0.72
829
1093
0.76
1100
1356
0.81
1375
1235
1.11
98.0 850 312
97
93% 0.81
92.0 1131 360
12
Special:$210.00 off per Special: $350 off per monthSepcial:None month all units. $685 1/1 $805 2/2 $1310 3/2 special was pulled off the internet due to property will not give info.
Special:Up to l3 months free pro rated.
Ren: Info not avail per corporate
Ren: $40 increas for 12 month lease
92
32
Reserve@South Creek SIZE PSF
PRICE
707
94% 0.91 0
92.0 995 168
95
0.95
96% 0.81
5
Special: 3 months pro rated Special: waive application or off per month. waive deposits. $626 1/1 $800 2/2 $1275 3/2
Look and lease $250 off 1st full month
Ren: $25 to $50 increase
Ren.: Increase $0 to $50.
Ren:Per corporate
Ren: Average $15 to $20 increase.
Ren: Free carpet cleaning with 12mo.
ASSETS Cash Operating Cash Security Deposits Total Cash
OTHER ASSETS Accounts Receivable Prepaid Expenses Tax Escrow Replacement Reserve Capital / Repair Escrow Total Other Assets Total ASSETS
111,281.74 71,375.06 $182,656.80
(1,784.32) 35,248.04 158,086.29 67,688.44 200,000.00 459,238.45 641,895.25
LIABILITIES & CAPITAL LIABILITIES Accounts Payable - Trade Other Accounts Payable Accrued Taxes Prepaid Rent Security Deposits Notes Payable Total Liabilities
90,640.71 552,062.55 219,968.02 4,241.94 71,375.06 62.65 938,350.93
CAPITAL Owners Equity Retained Earnings Total Capital Total LIABILITIES & CAPITAL
100.00 (296,555.68) (296,455.68) 641,895.25
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 Actual
Jun 2006 Actual
Jul 2006 Actual
Aug 2006 Actual
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
356,790 (27,566) (89,252) (3,761) 236,211
352,042 (20,448) (91,481) (3,761) 236,353
356,753 (24,375) (83,568) (8,525) 240,285
356,720 (29,656) (82,402) (4,902) 239,760
360,554 (26,000) (80,000) (6,085) 248,469
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
4,298,336 (394,780) (991,947) (72,192) 2,839,417
12,568.23 (1,154.33) (2,900.43) (211.09) 8,302.39
13.70 (1.26) (3.16) (0.23) 9.05
Other Income Total Revenue
26,619 246,945
19,852 246,692
32,398 256,342
25,588 265,125
26,964 263,175
20,730 257,083
20,479 260,764
29,442 269,202
20,445 268,914
20,445 262,104
20,445 263,462
20,445 263,462
283,851 3,123,269
829.97 9,132.36
0.90 9.95
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
28,896 3,488 9,217 6,347 1,390 7,856 17,309 8,907 (26) 41,050
30,735 1,785 4,566 6,868 2,786 6,550 15,941 9,673 0 36,561
32,813 4,044 9,311 4,319 4,753 3,601 18,145 13,946 0 34,740
30,497 1,759 9,128 6,576 1,518 3,942 18,942 10,892 0 35,107
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
352,665 35,723 96,916 69,414 37,692 42,287 196,687 141,631 0 434,971
1,031.18 104.45 283.38 202.97 110.21 123.65 575.11 414.12 0.00 1,271.85
1.12 0.11 0.31 0.22 0.12 0.13 0.63 0.45 0.00 1.39
Total Operating Exp. Net Operating Income
119,755 127,190
105,619 141,073
107,036 149,305
112,750 152,375
124,435 138,740
115,464 141,618
125,672 135,092
118,359 150,842
115,937 152,977
128,760 133,345
111,230 152,233
122,970 140,493
1,407,987 1,715,282
4,116.92 5,015.44
4.49 5.47
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
193,253 169 3,698
193,253 0 14,150
193,253 0 7,730
193,253 0 3,637
193,254 0 6,600
193,254 0 6,600
193,254 0 3,300
193,254 0 3,300
2,319,043 2,639 66,362
6,780.83 7.72 194.04
7.39 0.01 0.21
Cash Flow Frm Operations
(71,445)
(51,438)
(52,476)
(47,528)
(58,381)
(65,785)
(65,891)
(46,048)
(46,877)
(66,510)
(44,322)
(56,062)
(672,762)
(1,967.14)
(2.14)
66,280
58,055
58,308
42,302
0
0
0
55,178
45,798
46,086
52,896
50,042
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)
6,708 (4,100) 1,384 324,584
2,152 (8,512) 280 (30,394)
4,182 14,748 7,106 (30,394)
3,545 7,299 7,106 (30,394)
0 0 0 26,264
0 0 (30,110) (2,951)
0 0 0 (2,951)
0 0 0 (2,951)
12,859 22,125 (13,894) 113,513
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)
328,577
(36,473)
(4,358)
(12,444)
26,264
(33,061)
(2,951)
(2,951)
134,604
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)
(1,420) (282,521) (5,212) (382)
65,950 115,337 (3,153) (701)
8,685 25,645 (2,593) (382)
30,633 23,477 (5,234) 0
(74,190) 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
57,624 (7,028) (8,871) (2,991)
Cash Increase (Decreae) From Liab.
30,890
27,511
50,377
36,014
(289,534)
177,433
31,355
48,877
(74,190)
0
0
0
38,734
NET CASH FLOW CUMM. NET CASH FLOW
2,236 29,014
(3,642) 25,372
16,682 42,054
3,574 45,628
(19,338) 26,290
75,176 101,466
(38,893) 62,573
45,563 108,136
(49,005) 59,130
(53,484) 5,646
5,624 11,270
(8,971) 2,299
(24,479)
$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
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
USA Courtney Downs LeaseCo, LLC Budget Comparison Books = Accrual For the period ending August 31, 2006
Account Revenue Market Rent Loss / Gain to Lease
Gross Potential Rent Prepaid Homeowners Dues Residential Rent Vacancy Loss Upfront Rent Concessions
MTD Actual
MTD Budget
355,720.00 1,000.00
356,985.00 0.00
356,720.00 0.00 0.00 (29,656.48)
356,985.00 0.00 0.00 (28,559.00)
0.00
(2,000.00)
Corporate Discount Delinquent Rent Adjustments & W/O
0.00 0.00 (1,141.20)
0.00 0.00 (500.00)
Model Units Courtesy Officer Apt.
(1,980.00) 0.00
(1,980.00) (575.00)
Employee Apartment Housekeeping & Maintenance Fee Guest Suite
(1,780.80) 0.00 0.00
(1,900.00) 0.00 (1,130.00)
(82,401.55)
(85,817.00)
0.00 0.00 0.00 0.00 $239,759.97
0.00 0.00 0.00 0.00 $234,524.00
0.00 0.00 0.00 1,790.00
0.00 68.00 0.00 2,300.00
155.00 645.13
300.00 1,300.00
Repair & Maintenance Fees Application Fees
0.00 1,660.00
0.00 1,000.00
Termination Fees & Damages
4,850.00
1,033.00
Miscellaneous Income Renters Insurance Interest Income Pet Rents & Fees
767.04 0.00 0.00 2,096.93
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 6,959.90
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 1,022.80 0.00 0.00 505.48 0.00 0.00 0.00 3,300.00
0.00 1,000.00 0.00 0.00 190.00 0.00 0.00 0.00 2,000.00
Move-Out Charges
5,385.93
929.00
303.39 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
225.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Lease Term Concessions Homeowner's Assn Dues Income Homeowner Dues Paid Model Units Lease Contract Difference Total Rental Income Laundry Income Vending Income Covered Parking Income Late Charges & NSF Fees Month to Month Premium Storage Fees
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
$ Variance MTD Variance Comment (1,265.00) 1,000.00 Variance reflects residents booked at less than market rate, was not budgeted but included in gross potential. (265.00) 0.00 0.00 (1,097.48) Actual occupancy of 91.25% versus 93% budgeted. 2,000.00 Positive variance due to no up front concessions given. 0.00 0.00 (641.20) Additional write-offs due to 2 skips. 0.00 575.00 Savings due to termination of position 119.20 0.00 1,130.00 No rental of guest suite at this time. 3,415.45 Selected units have been reduced on prorated concessions. 0.00 0.00 0.00 0.00 $5,235.97 0.00 (68.00) 0.00 (510.00) More residents paid on time this month reducing the late fees. (145.00) (654.87) Residents who moved out at the end of the month turned in their storage units. 0.00 660.00 More out-of-state applicants applied at the higher fee/rate. 3,817.00 Collected more break lease fees due to new home purchases. 267.04 0.00 0.00 1,196.93 All new move ins with pets are required to pay a non refundable pet fee and pay pet rent. 0.00 0.00 0.00 0.00 (1,740.10) Garage occupancy is 93%, and some were given away free as move in incentives. 0.00 22.80 0.00 0.00 315.48 0.00 0.00 0.00 1,300.00 Administration fee has increased from $100 to $150. 4,456.93 Positive variance with lease charges and damages on soda charges. 78.39 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
YTD Actual
YTD Budget
$ Variance
Annual Budget
2,845,760.00 (440.00)
2,849,500.00 0.00
(3,740.00) (440.00)
4,302,534.00 0.00
2,845,320.00 0.00 (18.00) (252,248.47)
2,849,500.00 0.00 0.00 (241,408.00)
(4,180.00) 0.00 (18.00) (10,840.47)
4,302,534.00 0.00 0.00 (390,390.00)
(105,908.03)
(16,000.00)
(89,908.03)
(24,000.00)
0.00 0.00 (16,040.10)
0.00 0.00 (4,000.00)
0.00 0.00 (12,040.10)
0.00 0.00 (6,000.00)
(15,840.00) (1,725.00)
(15,840.00) (4,600.00)
0.00 2,875.00
(23,760.00) (6,900.00)
(14,246.40) 0.00 0.00
(15,200.00) 0.00 (9,040.00)
953.60 0.00 9,040.00
(22,800.00) 0.00 (13,560.00)
(576,038.65)
(682,785.00)
106,746.35
(1,019,064.00)
0.00 0.00 0.00 0.00 $1,863,255.35
0.00 0.00 0.00 0.00 $1,860,627.00
0.00 0.00 0.00 0.00 $2,628.35
0.00 0.00 0.00 0.00 $2,796,060.00
0.00 221.20 0.00 13,676.45
0.00 544.00 0.00 18,400.00
0.00 (322.80) 0.00 (4,723.55)
0.00 816.00 0.00 27,600.00
1,357.23 7,220.35
2,400.00 10,400.00
(1,042.77) (3,179.65)
3,600.00 15,600.00
0.00 8,975.00
0.00 8,000.00
0.00 975.00
0.00 12,000.00
18,397.86
8,264.00
10,133.86
12,396.00
9,826.87 0.00 0.00 19,387.41
4,000.00 0.00 0.00 7,200.00
5,826.87 0.00 0.00 12,187.41
6,000.00 0.00 0.00 10,800.00
0.00 0.00 0.00 0.00 52,266.88
0.00 0.00 0.00 0.00 69,600.00
0.00 0.00 0.00 0.00 (17,333.12)
0.00 0.00 0.00 0.00 104,400.00
0.00 8,064.80 0.00 0.00 655.48 0.00 0.00 0.00 26,115.00
0.00 8,000.00 0.00 0.00 1,520.00 0.00 0.00 0.00 16,000.00
0.00 64.80 0.00 0.00 (864.52) 0.00 0.00 0.00 10,115.00
0.00 12,000.00 0.00 0.00 2,280.00 0.00 0.00 0.00 24,000.00
33,770.25
7,432.00
26,338.25
11,148.00
2,136.54 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1,800.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
336.54 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
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
YTD Variance Comment
Income - Other Income - Condo Sales Total Other Income
0.00 0.00 29,441.60
0.00 0.00 20,445.00
0.00 0.00 8,996.60
0.00 0.00 202,071.32
0.00 0.00 163,560.00
0.00 0.00 38,511.32
0.00 0.00 245,340.00
$269,201.57
$254,969.00
$14,232.57
$2,065,326.67
$2,024,187.00
$41,139.67
$3,041,400.00
8,481.56
9,545.00
69,766.74
81,131.00
11,364.26
124,082.00
Salaries Maintenance Salary
0.00 8,290.79
0.00 6,660.00
0.00 82,855.73
0.00 56,611.00
0.00 (26,244.73)
0.00 86,582.00
Salary - Administrative Commissions & Bonus
0.00 3,513.70
0.00 0.00
0.00 28,728.80
0.00 24,500.00
0.00 (4,228.80)
0.00 42,000.00
Payroll Taxes Group Insurance Disability Insurance 401k Match Contract Labor
1,607.78 1,529.50 0.00 0.00 5,311.04
1,296.00 1,442.00 0.00 0.00 0.00
14,546.23 11,998.50 0.00 0.00 16,476.35
12,977.00 11,536.00 0.00 0.00 0.00
(1,569.23) (462.50) 0.00 0.00 (16,476.35)
20,210.00 17,304.00 0.00 0.00 0.00
1,762.24 30,496.61
1,296.00 20,239.00
17,636.35 242,008.70
12,977.00 199,732.00
(4,659.35) (42,276.70)
20,210.00 310,388.00
459.19 737.13 69.00 269.31 0.00 0.00 123.75 0.00 (769.80) 0.00 60.52 0.00 311.00 498.65
600.00 1,080.00 100.00 200.00 0.00 0.00 1,300.00 0.00 100.00 0.00 200.00 0.00 750.00 0.00
7,710.96 7,418.63 749.57 1,384.15 0.00 0.00 265.75 0.00 790.95 0.00 76.72 0.00 2,987.11 2,219.41
4,800.00 8,640.00 800.00 1,600.00 0.00 0.00 1,645.00 0.00 1,800.00 0.00 1,600.00 0.00 6,000.00 0.00
(2,910.96) 1,221.37 50.43 215.85 0.00 0.00 1,379.25 0.00 1,009.05 0.00 1,523.28 0.00 3,012.89 (2,219.41)
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 1,758.75
0.00 4,330.00
0.00 23,603.25
0.00 26,885.00
0.00 3,281.75
0.00 39,005.00
6,088.62
3,452.00
28,601.00
(10,958.74)
42,409.00
475.00
(2,636.62) Due to For Rent Ad not being budgeted. 935.59 includes a reversal of past accrual for resident functions 1,033.00 No locator referrals this month (2,600.00) 7 referrals received from residents at $500 each
39,559.74
(460.59)
5,781.20
6,850.00
1,068.80
10,300.00
13,585.25
8,264.00
(5,321.25)
12,396.00
13,000.00
7,200.00
(5,800.00)
10,800.00
(3,268.03)
71,926.19
50,915.00
(21,011.19)
75,905.00
3,829.19
22,400.00
18,570.81
33,200.00
17,905.00 13,252.13
22,500.00 10,800.00
4,595.00 (2,452.13)
32,500.00 15,900.00
1,072.72 0.00
1,600.00 4,000.00
527.28 4,000.00
2,400.00 6,000.00
377.99 941.46 218.86 716.78 38,314.13
800.00 800.00 800.00 2,400.00 66,100.00
422.01 (141.46) 581.14 1,683.22 27,785.87
1,200.00 1,200.00 1,200.00 3,600.00 97,200.00
5,342.57 532.98 1,208.80 1,155.89 0.00 3,600.42 0.00 1,418.51 1,413.31 548.35 90.11 547.85
6,200.00 1,200.00 600.00 1,200.00 800.00 4,200.00 0.00 400.00 600.00 1,200.00 800.00 2,100.00
857.43 667.02 (608.80) 44.11 800.00 599.58 0.00 (1,018.51) (813.31) 651.65 709.89 1,552.15
9,200.00 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 1,353.31 0.00 0.00 0.00 17,212.10
0.00 2,360.00 0.00 0.00 0.00 21,660.00
0.00 1,006.69 0.00 0.00 0.00 4,447.90
0.00 11,540.00 0.00 0.00 0.00 42,140.00
Total Revenue Expense Managers Salary
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 Advertising & Promotions Resident Promotions Locators Resident Referrals Total Advertising Expense Paint & Drywall
Contract Cleaning Svcs. 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 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
0.00
1,033.00
3,500.00
900.00
9,128.03
5,860.00
249.55
2,900.00
3,120.00 2,100.00
3,000.00 1,500.00
379.63 0.00
200.00 500.00
323.68 306.46 0.00 96.33 6,575.65
100.00 100.00 100.00 300.00 8,700.00
1,042.22 0.00 338.77 112.97 0.00 621.59 0.00 0.00 185.56 124.36 0.00 (907.71)
800.00 150.00 75.00 150.00 100.00 400.00 0.00 50.00 75.00 150.00 100.00 0.00
0.00 0.00 0.00 0.00 0.00 1,517.76
0.00 295.00 0.00 0.00 0.00 2,345.00
1,063.44 Office staff is under staffed. Positive variance is offset in tempory labor, below 0.00 (1,630.79) Additional porter position not budgeted. This is offset in make ready expense. 0.00 (3,513.70) No budgeted bonus for this month, however accrued for July and August bonuses. (311.78) (87.50) 0.00 0.00 (5,311.04) Temporary office help needed to assist in the office due to open position. The variance includes a full time associate for July and August. (466.24) (10,257.61) 140.81 342.87 31.00 (69.31) 0.00 0.00 1,176.25 0.00 869.80 Accrual reversal. 0.00 139.48 0.00 439.00 (498.65) Monthly furniture rental for guest suite. 0.00 2,571.25
2,650.45 Positive variance due to maintenance staff doing all paints in house instead of contracting outside vendors. (120.00) (600.00) More carpets were cleaned to save replacing of carpets. (179.63) 500.00 No need to replace any at this time. (223.68) (206.46) 100.00 203.67 2,124.35 (242.22) 150.00 (263.77) 37.03 100.00 (221.59) 0.00 50.00 (110.56) 25.64 100.00 907.71 Staff shirts had to be ordered for the staff due to wear and tear.Variance also includes a prior reversal of an accrual 0.00 295.00 0.00 0.00 0.00 827.24
Landscape & Grounds
3,335.90
2,745.00
Trash Removal Pest Control Security Patrols Window Cleaning Svc. Interior Cleaning Svc. Cable Television Snow Removal Total Service Expense
530.82 75.00 0.00 0.00 0.00 0.00 0.00 3,941.72
775.00 75.00 0.00 0.00 0.00 45.00 0.00 3,640.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
11,094.89
10,199.00
1,000.00 3,250.00 500.00 0.00 0.00 0.00 0.00 0.00 0.00 1,626.29 0.00 0.00 1,471.29
1,000.00 3,250.00 550.00 0.00 0.00 0.00 0.00 0.00 0.00 2,050.00 0.00 0.00 0.00
0.00 0.00 18,942.47
0.00 0.00 17,049.00
3,320.44
2,800.00
0.00 565.72
0.00 1,800.00
9,164.26
10,000.00
(6,279.90)
(4,500.00)
5,483.25
6,290.00
0.00 (2,090.37) 0.00 457.20
0.00 (2,200.00) 0.00 1,700.00
271.11 0.00 10,891.71
405.00 0.00 16,295.00
0.00 0.00 0.00 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 Base Rent Stated Rent Office Rent Total Rent 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 Travel Expense Employee Activities Printing Computer Consulting Computer Expense Bank Charges Development Cost Total Admin. Expense Electricity Electricity Gas - Resident Natural Gas
Water & Sewer Water & Sewer - Resident Reimb Water - irrigation Electric - Tenant Reimbursement Trash Reimbursement Water - Tenant Reimbursement Utility -Vacant Electric
Utility - Vacant Gas Tenant Reimbursement - Gas Total Utility Expense 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
(590.90) Overage was due to sod being replaced at building 2. 244.18 0.00 0.00 0.00 0.00 45.00 0.00 (301.72)
19,854.93
20,970.00
1,115.07
32,205.00
4,039.64 600.00 0.00 0.00 0.00 0.00 (522.13) 23,972.44
6,950.00 600.00 0.00 0.00 0.00 360.00 4,500.00 33,380.00
2,910.36 0.00 0.00 0.00 0.00 360.00 5,022.13 9,407.56
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 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
85,113.50
80,969.00
(4,144.50)
121,658.00
8,000.00 26,000.00 10,367.70 0.00 0.00 (104.00) 0.00 0.00 825.49 1,958.87 0.00 0.00 3,936.30
8,000.00 26,000.00 4,400.00 0.00 0.00 0.00 0.00 0.00 500.00 2,400.00 0.00 0.00 1,400.00
0.00 0.00 (5,967.70) 0.00 0.00 104.00 0.00 0.00 (325.49) 441.13 0.00 0.00 (2,536.30)
12,000.00 39,000.00 6,600.00 0.00 0.00 0.00 0.00 0.00 1,000.00 2,600.00 0.00 0.00 1,400.00
0.00 0.00 136,097.86
0.00 0.00 123,669.00
0.00 0.00 (12,428.86)
0.00 0.00 184,258.00
27,159.75
22,400.00
(4,759.75)
33,600.00
0.00 19,129.03
0.00 22,260.00
0.00 3,130.97
0.00 35,120.00
72,276.58
73,000.00
723.42
106,000.00
(36,357.72)
(34,500.00)
1,857.72
(50,500.00)
28,260.00
20,679.46
40,840.00
0.00 (16,043.36) 0.00 7,719.15
0.00 (17,600.00) 0.00 13,600.00
0.00 (1,556.64) 0.00 5,880.85
0.00 (26,400.00) 0.00 20,400.00
133.89 0.00 5,403.29
5,121.54 0.00 86,585.51
6,415.00 0.00 113,835.00
1,293.46 0.00 27,249.49
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 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
27,619.00 0.00 7,487.56 0.00 0.00 35,106.56 118,359.26 150,842.31
27,200.00 0.00 6,691.00 0.00 0.00 33,891.00 112,349.00 142,620.00
(419.00) 0.00 (796.56) 0.00 0.00 (1,215.56) (6,010.26) 8,222.31
232,121.26 0.00 56,549.60 700.00 0.00 289,370.86 929,091.04 1,136,235.63
217,600.00 0.00 53,528.00 0.00 0.00 271,128.00 907,304.00 1,116,883.00
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
852,693.36 693,333.36 0.00 1,546,026.72
852,696.00 693,336.00 0.00 1,546,032.00
2.64 2.64 0.00 5.28
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 0.00 0.00 (895.89) Based on gross collections. 0.00 0.00 50.00 0.00 0.00 0.00 0.00 0.00 0.00 423.71 0.00 0.00 (1,471.29) New computers were needed for the office due to many viruses. 0.00 0.00 (1,893.47) (520.44) Includes all common areas. 0.00 1,234.28 We have lowered the temperature of the pool due to the summer heat, which has resulted in savings. 835.74 Based on billing from Arapahoe County. 1,779.90 Based on billing from Arapahoe County. 806.75 Based on billing from Arapahoe County. 0.00 (109.63) 0.00 1,242.80 Less vacants and controlling use of A/C by staff and vendors during the make ready process.
7,580.54
(14,521.26) 0.00 (3,021.60) (700.00) 0.00 (18,242.86) (21,787.04) 19,352.63
326,400.00 0.00 80,292.00 0.00 0.00 406,692.00 1,376,163.00 1,665,237.00
Total Debt Service
0.00
0.00
0.00
0.00
0.00
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
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1,510.50 764.30 305.62 59.04 0.00 0.00 0.00 0.00 0.00 2,639.46
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(1,510.50) (764.30) (305.62) (59.04) 0.00 0.00 0.00 0.00 0.00 (2,639.46)
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 3,636.82
0.00 0.00 0.00 6,600.00
0.00 0.00 0.00 41,667.17
0.00 3,000.00 0.00 44,000.00
0.00 3,000.00 0.00 2,332.83
0.00 3,000.00 0.00 63,800.00
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 3,636.82
0.00 0.00 0.00 0.00 0.00 0.00 0.00 6,600.00
0.00 0.00 236.72 4,658.23 0.00 0.00 0.00 46,562.12
0.00 0.00 0.00 0.00 0.00 0.00 0.00 47,000.00
0.00 0.00 (236.72) (4,658.23) 0.00 0.00 0.00 437.88
0.00 0.00 0.00 0.00 0.00 0.00 0.00 66,800.00
0.00 0.00 0.00 (46,047.85)
0.00 0.00 0.00 (57,234.00)
0.00 0.00 0.00 11,186.15
0.00 0.00 0.00 (458,992.67)
0.00 0.00 0.00 (476,149.00)
0.00 0.00 0.00 17,156.33
0.00 0.00 0.00 (720,611.00)
55,177.83 9,129.98
0.00 (57,234.00)
55,177.83 66,363.98
280,122.48 (178,870.19)
124,335.14 (351,813.86)
155,787.34 172,943.67
124,335.14 (596,275.86)
Casualty Losses Casualty Recovery Total Casualty Loss NET INCOME (LOSS) Rental Guarantee
0.00 0.00 0.00 2,963.18 replaced only 3 carpets instead of our anticipated 6 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,963.18
0.00
0.00
Courtney Downs Apartments Aug-06 LEASING & OCCUPANCY NUMBER OF MOVE INS: NUMBER OF MOVE OUTS: NET FOR THE MONTH:
16 14 2
OCCUPIED/LEASED %:
90.35% 90.06%
SOURCE OF TRAFFIC:
$269,201.00 $260,764.00 8437
TOTAL # GARAGES # GARAGES OCCUPIED GARAGES OCCUPIED %
120 112 93%
REASONS WHY PROSPECTS DID NOT LEASE: Traffic 0 15 0 15 4 2 40 9 14 0 0 18 6
Leased 0 2 0 1 0 0 13 4 0 0 0 6 0
TOTALS
123
26
CLOSING RATIO:
33%
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
INCOME THIS MONTH: INCOME LAST MONTH: DIFFERENCE:
* * * * * * * * * * * * * *
Job Transfer Too expensive. Future/No Availability/Waiting list Just started looking. Waiting for Home to Sell Current Lease to Expire Needs Ground Floor Moved Elsewhere Will return with roommate or spouse Realtor Looking for Client Undecided Employment pending House sale pending Rented at Competitor TOTALS
MARKETING ACTIVITIES & SOURCES FOR THE MONTH * Dropped off muffins and brochures to Blue Lynx corporation. * Dropped off brochures to Colorado Athletic Club. * Dropped off doughnuts and brochures to Pulte Homes. * Took locators lunch and new prices for the month. * Updated all internet ads with new pricing. * Brochures where taken to Human Resources at King Soopers. * Met with Richmond sales team with options of temporary housing for new home buyers.
OVERVIEW OF COMPARABLE PROPERTIES: The surrounding comps are still offering rents averaging one to three months off on a 12 month lease on any unit type. This translates into one bedrooms starting at $595, two bedrooms at $730 and three bedrooms starting at $1125. Look and leases are being locked in with no security deposit with some of our competitors. RESIDENT RETENTION: We had 7 renewals for leases expiring in August. These renewals averaged a $26.43 per lease increase.
INCIDENTS ON THE PROPERTY: Resident drove into trellis at the entrance of the property on 8/15/06. Resident is insured and paying for repairs.
8 19 0 29 0 0 8 0 18 0 0 5 10 0 97
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 28 48 16 20
Number of: 16 9 7 223 0 28 48 16 20
64 8 30 9 223
PLUMBING LEAKS
64 8 30 9 223 0 0
CAPITAL IMPROVEMENTS IN PROGRESS: N/A in progress.
PROBLEM AREAS NEEDING ATTENTION: Building #11 still in repair, putting stones up on 9/2/06
CURRENT STAFF: Manager Assistant Manager Leasing Consultant Leasing Consultant Maintenance Supervisor Assistant Maintenance Maintenance/ Grounds
Nancy Howland Wendy Gillan Carrie McMillan Temporary personnel Gabriel Tellez Russell Briley Jorge Chavez and Jorge Bernal
ACCOMPLISHMENTS FOR THE MONTH: Trellis repaired. Pool heater repaired and cleaned.
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 1 0 0 0 0 0 0 0 6 0 0 0 0 0 13 0 0
Apt. # 10302
9102, 13202, 13206, 13208, 16207, 13106, 12107- guest bedroom.
16304- 1, 7201-1, 7101- 1, 103071, 4206- 2, 4205-1 ,10310-2, 23061, 6110-1, 10109-2.
Courtney Downs RENTAL SCHEDULE
August 2006
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
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 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* 690.00 690.00 690.00 830.00 830.00 830.00 830.00 830.00 830.00 830.00 830.00 1,145.00 1,145.00
CONCESSION PER UNIT 140.00 55.00 245.00 65.00 95.00 300.00 320.00 350.00 320.00 320.00 350.00 100.00 110.00
$845 * Net of Concessions
$213
EFFECTIVE PER S/F
0.98 1.10 0.76 1.03 1.03 0.85 0.81 0.81 0.85 0.81 0.81 1.00 1.00 0.92
EFFECTIVE MONTHLY GROSS $27,600 $31,000 $12,420 $19,920 $26,560 $34,860 $36,520 $18,260 $19,920 $13,280 $16,600 $27,480 $4,580 $289,000
Vacants
Vacants Leased
Notice
Notice Leased
Net Available
9 2 1 9 0 11 4 0 0 0 0 3 0
1 0 0 0 0 1 0 0 0 0 0 1 0
8 1 1 4 0 5 2 0 0 0 0 1 0
3 0 1 1 0 0 1 0 0 0 0 1 0
0 2 5 12 0 13 7 0 0 5 0 3 0
39
3
22
7
47
MARKET SURVEY Courtney Downs August-06 Apartment Name
Address Phone Location # of units Age of Property Application Fee Credit Card Pets Allowed Pet Deposit Sec. Deposit W/D included Covered Parking Garage Cable Tennis Courts # of pools Weight Room Jacuzzi Ceiling Fans Microwaves Mini Blinds FF Freezer Icemakers Fireplaces Access Gates Alarm in Unit Door to Door Aerobics/Kick Box Movie Room Computer Library Indoor Basketball Water Charge
Courtney Downs
Coyote Ranch
15849 E. Jamison Dr16363 E Freemont Ave 720-870-6114 303-693-8787 Englewood, Co Aurora, Co 342 507 3 3 $50.00 $35.00 yes yes yes yes 300 n/r 400-500 150 275-325 Yes yes no yes Detached yes Yes yes no no 1 1 yes yes yes 1 yes yes yes yes yes yes yes yes yes yes yes no no yes Prewired no no no no no no yes yes yes no no yes no
Windsor @ Meridian
Pinnacle @ the Creek
Dove Valley
9875 Jefferson Pkwy 303-256-7700 Englewood, Co 80112 653 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
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
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 August-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
% occ /leased Avg PSF Avg Rents Units(Total / Avail)
SIZE
Coyote Ranch
PSF
PRICE
SIZE
Windsor at Meridian
PSF
690 690
779 853
PRICE
SIZE
0.89 0.81
Pinnacle @ the Creek
PSF
PRICE
SIZE
Dove Valley
PSF
PRICE
690 690
704 808
0.98 0.85
615 615
627 701
0.98 0.88
620 660
685 705
0.91 0.94
690
910
0.76
615
811
0.91
730
760
0.96
875 1110
956 1044
0.92 1.06
799
1051
799
1120
0.76 0.71
830
977
0.85
790
1105
0.71
830 830
1030 1030
0.81 0.81
790
1192
0.66
1440 1030
1196 1180
1.20 0.87
1,145
1140
1.00
1170
1398
0.84
1510
1330
1.14
0
0% 0.99
90 1 815 342
90.35
13
Special: 1x1 690.00, 2x2 Rates 830.00 reflect these rates: specials:
95% 0.87
97 1114 507
99
96% 0.78
9
994 653
995
1230
93 808 216
91
0.81
94% 0.85
16
SIZE
700 700
PSF
PRICE
768 842
0.91 0.83
Cherrywood Village SIZE PSF
680
0.96
625
763
0.82
699
1037
0.67
1195
1257
875
1115
0.78
829
1033
0.80
875
1220
0.72
829
1093
0.76
1100
1356
0.81
1375
1235
1.11
98.0 850 312
97
93% 0.81
92.0 1131 360
12
Special:$210.00 off per Special: $350 off per monthSepcial:None month all units. $685 1/1 $805 2/2 $1310 3/2 special was pulled off the internet due to property will not give info.
Special:Up to l3 months free pro rated.
Ren: Info not avail per corporate
Ren: $40 increas for 12 month lease
92
32
Reserve@South Creek SIZE PSF
PRICE
707
94% 0.91 0
92.0 995 168
95
0.95
96% 0.81
5
Special: 3 months pro rated Special: waive application or off per month. waive deposits. $626 1/1 $800 2/2 $1275 3/2
Look and lease $250 off 1st full month
Ren: $25 to $50 increase
Ren.: Increase $0 to $50.
Ren:Per corporate
Ren: Average $15 to $20 increase.
Ren: Free carpet cleaning with 12mo.
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