Courtney Downs Feb 06
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USA Courtney Downs LeaseCo, LLC Budget Comparison Books = Accrual For the period ending February 28, 2006
Account Revenue Market Rent Loss / Gain to Lease Gross Potential Rent Prepaid Homeowners Dues Residential Rent Vacancy Loss
MTD Actual
MTD Budget
355,720.00 680.00 356,400.00 0.00 (139.00) (41,504.16)
355,390.00 0.00 355,390.00 0.00 0.00 (35,345.00)
(3,988.35)
(2,000.00)
0.00 0.00 (285.00) (1,980.00) (575.00) (1,780.80) 0.00 0.00 (79,307.32) 0.00 0.00 0.00 0.00 $226,840.37
0.00 0.00 (500.00) (1,980.00) (575.00) (1,900.00) 0.00 (1,130.00) (84,298.00) 0.00 0.00 0.00 0.00 $227,662.00
Laundry Income Vending Income Covered Parking Income Late Charges & NSF Fees Month to Month Premium Storage Fees Repair & Maintenance Fees Application Fees Termination Fees & Damages
0.00 0.00 0.00 825.00 200.00 1,133.90 0.00 700.00 502.86
0.00 68.00 0.00 2,300.00 300.00 1,300.00 0.00 1,000.00 1,033.00
Miscellaneous Income No Name Interest Income Pet Rents & Fees
666.86 0.00 0.00 2,029.50
500.00 0.00 0.00 900.00
0.00 0.00 0.00 0.00 7,208.00 0.00 1,006.00 0.00 0.00 0.00 0.00 0.00 0.00 3,303.00 2,051.60 225.00 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 19,851.72
0.00 0.00 0.00 0.00 8,700.00 0.00 1,000.00 0.00 0.00 190.00 0.00 0.00 0.00 2,000.00 929.00 225.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 20,445.00
$246,692.09
$248,107.00
8,419.93 0.00 9,191.94
9,545.00 0.00 6,660.00
0.00 4,026.40 1,711.28 1,520.00 0.00 0.00 0.00 2,909.89
0.00 3,500.00 1,576.00 1,442.00 0.00 0.00 0.00 1,576.00
27,779.44
24,299.00
532.56 785.56 0.00 112.94 0.00 0.00
600.00 1,080.00 100.00 200.00 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
Tower Rent Asset Management Fee Parking Spaces Income Homeowners Assessments Garage Income Water/Sewer Income Cable/Telephone Income HOA Contributions Developer Developer HOA Dues Forfeited Deposits Developer Contributions Interest Income Other Thunder Income Administration Fee Move-Out Charges Short Term Lease Fees Extra-Ordinary Income Corporate Rent Corporate Units - expense Deferred Revenue HOA Developer Contributions Acquisition Fees Income - Rental Income - C.A.M. Income - Insurance Income - Taxes Income - Interest Income - Other Income - Condo Sales Total Other Income Total Revenue Expense Managers Salary Salaries Maintenance Salary
Salary - Administrative Commissions & Bonus Payroll Taxes Group Insurance Disability Insurance 401k Match Contract Labor Workers Comp
Total Salary Expense Office Operations & Supplies Telephones Answering Svc. & Pagers Postage & Delivery Patrol Services Membership Dues
$ Variance
MTD Variance Comment
330.00 680.00 1,010.00 0.00 (139.00) (6,159.16) occupancy averaged 89% for the month vs 90% budgetd. We closed out the month at 92% (1,988.35) additional concessions were offered on some vacant apartments. The remained of February was concessed on move in 0.00 0.00 215.00 0.00 0.00 119.20 0.00 1,130.00 4,990.68 0.00 0.00 0.00 0.00 $(821.63) a negative variance to vacancy loss was offset by a savings in concessions 0.00 (68.00) 0.00 (1,475.00) (100.00) (166.10) 0.00 (300.00) (530.14) one partial termination fee was collected this month 166.86 0.00 0.00 1,129.50 pet violation notices were sent out in January resulting in collections of additional pet fees and monthly pet rent 0.00 0.00 0.00 0.00 (1,492.00) 0.00 6.00 0.00 0.00 (190.00) 0.00 0.00 0.00 1,303.00 1,122.60 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (593.28) $(1,414.91)
1,125.07 0.00 (2,531.94) the grounds keeper position was not included in the budget, but these costs are offset in a savings in make ready 0.00 (526.40) (135.28) (78.00) 0.00 0.00 0.00 (1,333.89) negative to budget due to the increased number of employees that were not budgeted (3,480.44) 67.44 294.44 100.00 87.06 0.00 0.00
YTD Actual
YTD Budget
$ Variance
Annual Budget
711,440.00 1,280.00 712,720.00 0.00 482.00 (91,961.49)
710,780.00 0.00 710,780.00 0.00 0.00 (70,690.00)
660.00 1,280.00 1,940.00 0.00 482.00 (21,271.49)
4,302,534.00 0.00 4,302,534.00 0.00 0.00 (390,390.00)
(84,732.28)
(4,000.00)
(80,732.28)
(24,000.00)
0.00 0.00 (1,341.95) (3,960.00) (1,150.00) (3,561.60) 0.00 0.00 (79,328.71) 0.00 0.00 0.00 0.00 $447,165.97
0.00 0.00 (1,000.00) (3,960.00) (1,150.00) (3,800.00) 0.00 (2,260.00) (167,762.00) 0.00 0.00 0.00 0.00 $456,158.00
0.00 0.00 (341.95) 0.00 0.00 238.40 0.00 2,260.00 88,433.29 0.00 0.00 0.00 0.00 $(8,992.03)
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 $2,796,060.00
0.00 0.00 0.00 2,432.00 400.00 2,203.90 0.00 1,350.00 502.86
0.00 136.00 0.00 4,600.00 600.00 2,600.00 0.00 2,000.00 2,066.00
0.00 (136.00) 0.00 (2,168.00) (200.00) (396.10) 0.00 (650.00) (1,563.14)
0.00 816.00 0.00 27,600.00 3,600.00 15,600.00 0.00 12,000.00 12,396.00
6,852.45 0.00 0.00 2,515.50
1,000.00 0.00 0.00 1,800.00
5,852.45 0.00 0.00 715.50
6,000.00 0.00 0.00 10,800.00
0.00 0.00 0.00 0.00 14,099.22 0.00 2,012.00 0.00 0.00 0.00 0.00 0.00 0.00 5,190.00 8,462.87 450.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 46,470.80
0.00 0.00 0.00 0.00 17,400.00 0.00 2,000.00 0.00 0.00 380.00 0.00 0.00 0.00 4,000.00 1,858.00 450.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 40,890.00
0.00 0.00 0.00 0.00 (3,300.78) 0.00 12.00 0.00 0.00 (380.00) 0.00 0.00 0.00 1,190.00 6,604.87 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5,580.80
0.00 0.00 0.00 0.00 104,400.00 0.00 12,000.00 0.00 0.00 2,280.00 0.00 0.00 0.00 24,000.00 11,148.00 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 0.00 0.00 245,340.00
$493,636.77
$497,048.00
$(3,411.23)
$3,041,400.00
17,592.37 0.00 19,121.67
19,090.00 0.00 13,320.00
1,497.63 0.00 (5,801.67)
124,082.00 0.00 86,582.00
0.00 9,316.90 3,851.39 3,192.00 0.00 0.00 0.00 6,018.84
0.00 3,500.00 2,872.00 2,884.00 0.00 0.00 0.00 2,872.00
0.00 (5,816.90) (979.39) (308.00) 0.00 0.00 0.00 (3,146.84)
0.00 42,000.00 20,210.00 17,304.00 0.00 0.00 0.00 20,210.00
59,093.17
44,538.00
(14,555.17)
310,388.00
2,059.35 2,443.47 167.97 584.04 0.00 0.00
1,200.00 2,160.00 200.00 400.00 0.00 0.00
(859.35) (283.47) 32.03 (184.04) 0.00 0.00
7,200.00 12,960.00 1,200.00 2,400.00 0.00 0.00
YTD Variance Comment
Publications & Subscriptions Conventions/Seminars Employee Training Furniture Rental Car Expenses Permits & Fees Credit Checks Guest Suite Expense Parking Cost Total Operating Expense
142.00 0.00 90.00 0.00 0.00 0.00 166.00 0.00 0.00 1,829.06
0.00 0.00 100.00 0.00 200.00 0.00 750.00 0.00 0.00 3,030.00
Advertising & Promotions
5,344.00
3,452.00
Resident Promotions Locators Resident Referrals
668.61 854.25 1,000.00
475.00 1,033.00 900.00
7,866.86
5,860.00
79.72
2,500.00
730.00
2,500.00
469.50 189.00 0.00 0.00 0.00 0.00 0.00 1,468.22
1,200.00 200.00 500.00 100.00 100.00 100.00 300.00 7,500.00
377.92 52.13 122.44 814.78
750.00 150.00 75.00 150.00
0.00 419.56 0.00 240.24 205.46 47.46 68.44 0.00 0.00 0.00 0.00 0.00 0.00 2,348.43
100.00 400.00 0.00 50.00 75.00 150.00 100.00 0.00 0.00 295.00 0.00 0.00 0.00 2,295.00
0.00 513.69 75.00 0.00 0.00 0.00 0.00 (2,500.00)
0.00 775.00 75.00 0.00 0.00 0.00 45.00 1,500.00
(1,911.31)
2,395.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
10,410.88
9,924.00
1,000.00 3,250.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 112.23 0.00 0.00 0.00 0.00 0.00 14,773.11
1,000.00 3,250.00 550.00 0.00 0.00 0.00 0.00 0.00 0.00 50.00 0.00 0.00 0.00 0.00 0.00 14,774.00
0.00 0.00 550.00 0.00 0.00 0.00 0.00 0.00 0.00 (62.23) 0.00 0.00 0.00 0.00 0.00 0.89
2,755.94 0.00 4,782.76 6,137.21 (5,084.83) (1,217.62) 0.00
2,800.00 0.00 4,000.00 7,500.00 (4,000.00) 0.00 0.00
44.06 0.00 (782.76) 1,362.79 1,084.83 1,217.62 0.00
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
Landscape & Grounds Trash Removal Pest Control Security Patrols Window Cleaning Svc. Interior Cleaning Svc. Cable Television Snow Removal
Total Service Expense Expenses - CAM - Electric Expenses - CAM - Water/Sewer Expenses - CAM - Gas Expenses - CAM - Grounds Expenses - CAM - Trash Removal Expenses - CAM - Cleaning Svcs Expenses - CAM - Maintenance Expenses - CAM - Insurance Expenses - CAM - R/E Taxes Total CAM Expense Management Fees 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
(142.00) 0.00 10.00 0.00 200.00 0.00 584.00 0.00 0.00 1,200.94
142.00 0.00 90.00 0.00 0.00 0.00 467.51 0.00 0.00 5,954.34
0.00 0.00 200.00 0.00 400.00 0.00 1,500.00 0.00 0.00 6,060.00
(142.00) 0.00 110.00 0.00 400.00 0.00 1,032.49 0.00 0.00 105.66
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
(1,892.00) all print advertising costs were not completely budgeted. We will be dropping one of our advertisements next quarter to bring these costs more in line. The For Rent ad that we are discontiuing has not been effective and is expensive.
10,590.41
6,904.00
(3,686.41)
42,409.00
(193.61) 178.75 (100.00) two resident referrals at $500 each were paid out this month (2,006.86)
2,719.68 1,229.25 3,500.00
950.00 2,066.00 1,800.00
(1,769.68) 836.75 (1,700.00)
10,300.00 12,396.00 10,800.00
18,039.34
11,720.00
(6,319.34)
75,905.00
155.07
5,000.00
4,844.93
33,200.00
2,780.00
5,000.00
2,220.00
32,500.00
1,103.00 (2.00) 0.00 0.00 185.00 0.00 71.44 4,292.51
2,400.00 400.00 1,000.00 200.00 200.00 200.00 600.00 15,000.00
1,297.00 402.00 1,000.00 200.00 15.00 200.00 528.56 10,707.49
15,900.00 2,400.00 6,000.00 1,200.00 1,200.00 1,200.00 3,600.00 97,200.00
512.77 356.34 401.94 814.78
1,500.00 300.00 150.00 300.00
987.23 (56.34) (251.94) (514.78)
9,200.00 1,800.00 4,200.00 1,800.00
0.00 488.74 0.00 269.29 380.78 47.46 68.44 180.56 0.00 (688.60) 0.00 0.00 0.00 2,832.50
200.00 800.00 0.00 100.00 150.00 300.00 200.00 0.00 0.00 590.00 0.00 0.00 0.00 4,590.00
200.00 311.26 0.00 (169.29) (230.78) 252.54 131.56 (180.56) 0.00 1,278.60 0.00 0.00 0.00 1,757.50
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 1,034.15 150.00 0.00 0.00 0.00 0.00 (1,000.00)
0.00 2,300.00 150.00 0.00 0.00 0.00 90.00 3,000.00
0.00 1,265.85 0.00 0.00 0.00 0.00 90.00 4,000.00
32,205.00 10,050.00 900.00 0.00 0.00 0.00 540.00 8,000.00
184.15
5,540.00
5,355.85
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
20,289.82
19,882.00
(407.82)
121,658.00
2,000.00 6,500.00 0.00 0.00 0.00 0.00 0.00 0.00 825.49 112.23 0.00 0.00 63.95 0.00 0.00 29,791.49
2,000.00 6,500.00 1,100.00 0.00 0.00 0.00 0.00 0.00 0.00 100.00 0.00 0.00 0.00 0.00 0.00 29,582.00
0.00 0.00 1,100.00 0.00 0.00 0.00 0.00 0.00 (825.49) (12.23) 0.00 0.00 (63.95) 0.00 0.00 (209.49)
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 0.00 184,258.00
7,480.64 0.00 10,971.24 18,071.88 (5,118.55) (4,132.78) 0.00
5,600.00 0.00 8,000.00 15,000.00 (8,000.00) 0.00 0.00
(1,880.64) 0.00 (2,971.24) (3,071.88) (2,881.45) 4,132.78 0.00
33,600.00 0.00 35,120.00 106,000.00 (50,500.00) 40,840.00 0.00
2,420.28 done in house to save money to offset staffing costs 1,770.00 fewer turns on apartments created a positive variance 730.50 11.00 500.00 100.00 100.00 100.00 300.00 6,031.78 Positive variance more than offsets the negative payroll costs
372.08 97.87 (47.44) (664.78) Hot water heater coils purchased. 100.00 (19.56) 0.00 (190.24) (130.46) 102.54 31.56 0.00 0.00 295.00 0.00 0.00 0.00 (53.43) no extraordinary costs for the month. In line with budget, YTD is positive to budget 0.00 261.31 0.00 0.00 0.00 0.00 45.00 4,000.00 snow removal was not required this month and the negative entry is a reversed accrual from last month. These costs will not be accrued going forward, unless service is rendered 4,306.31 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (486.88) Based on total revenue collected.
Trash Reimbursement Water - Tenant Reimbursement Utility -Vacant Electric Utility - Vacant Gas Tenant Reimbursement - Gas Total Utility Expense
(1,915.44) 2,819.98 1,478.49 1,221.07 0.00 10,977.56
(2,200.00) 0.00 1,700.00 1,100.00 0.00 10,900.00
Management Fees Management Fees-MRLL Property Legal Fees
0.00 0.00 605.00
0.00 0.00 0.00
Credit Card Fees Bank Charges Bank Adjustments Other Professional Fees Late Charges HOA Assessment Fees Contributions Fiduciary Fees Custodial Fees Thunder Expense Accounting Fees Total Management Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 605.00
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
33,052.33 0.00 6,330.29 500.00 0.00 39,882.62 105,618.99 141,073.10
27,200.00 0.00 6,691.00 0.00 0.00 33,891.00 104,944.00 143,163.00
Base Rent Stated Rent Office Rent Total Rent Expense
106,586.67 86,666.67 0.00 193,253.34
106,587.00 86,667.00 0.00 193,254.00
0.00 0.00 0.00 0.00 0.00
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 Exterior Rehab Interior Rehab HVAC Replacement Carpet & Floor Replacement Refrigerators Dishwashers & Ranges Washers / Dryers Fire Alarm Replacement Other Capital Improvements Boiler Replacement Roof Replacement Total Capital Expenses Casualty Losses Casualty Recovery Total Casualty Loss NET INCOME (LOSS)
(284.56) (2,819.98) 221.51 (121.07) 0.00 (77.56)
(3,803.19) 0.00 2,986.29 2,333.09 0.00 28,788.62
(4,400.00) 0.00 3,400.00 2,200.00 0.00 21,800.00
(596.81) 0.00 413.71 (133.09) 0.00 (6,988.62)
(26,400.00) 0.00 20,400.00 9,820.00 0.00 168,880.00
0.00 0.00 2,311.00
0.00 0.00 0.00
0.00 0.00 (2,311.00)
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 2,337.00
0.00 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 (2,337.00)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
60,252.33 0.00 13,308.15 500.00 0.00 74,060.48 225,373.60 268,263.17
54,400.00 0.00 13,382.00 0.00 0.00 67,782.00 206,612.00 290,436.00
(5,852.33) 0.00 73.85 (500.00) 0.00 (6,278.48) (18,761.60) (22,172.83)
326,400.00 0.00 80,292.00 0.00 0.00 406,692.00 1,376,163.00 1,665,237.00
0.33 0.33 0.00 0.66
213,173.34 173,333.34 0.00 386,506.68
213,174.00 173,334.00 0.00 386,508.00
0.66 0.66 0.00 1.32
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 40.41 0.00 0.00 0.00 0.00 0.00 0.00 40.41
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 (40.41) 0.00 0.00 0.00 0.00 0.00 0.00 (40.41)
1,510.50 0.00 40.41 0.00 0.00 0.00 0.00 0.00 0.00 1,550.91
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(1,510.50) 0.00 (40.41) 0.00 0.00 0.00 0.00 0.00 0.00 (1,550.91)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 (3,000.00) 0.00 2,217.63 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (782.37)
0.00 0.00 0.00 3,300.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3,300.00
0.00 0.00 0.00 3,088.96 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3,088.96
0.00 3,000.00 0.00 6,600.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 9,600.00
0.00 3,000.00 0.00 3,511.04 0.00 0.00 0.00 0.00 0.00 0.00 0.00 6,511.04
0.00 3,000.00 0.00 63,800.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 66,800.00
0.00 0.00 0.00 (51,438.28)
0.00 0.00 0.00 (53,391.00)
0.00 0.00 0.00 (122,883.38)
0.00 0.00 0.00 (105,672.00)
0.00 0.00 0.00 (17,211.38)
0.00 0.00 0.00 (720,611.00)
0.00 0.00 (605.00) legal fees for eviction proceedings 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (605.00) (5,852.33) Includes Arapaho County tax. 0.00 360.71 (500.00) Tax fee paid to Advantax. 0.00 (5,991.62) (674.99) (2,089.90)
0.00 3,000.00 reversal of prior accural 0.00 1,082.37 Replaced three carpets. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4,082.37 0.00 0.00 0.00 1,952.72
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 Reforecast
Apr 2006 Reforecast
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
355,390 (31,811) (87,068) (6,085) 230,426
355,390 (31,811) (87,068) (6,085) 230,426
356,985 (28,559) (87,817) (6,085) 234,524
356,985 (28,559) (87,817) (6,085) 234,524
356,985 (21,419) (89,436) (6,085) 240,045
356,985 (28,559) (87,817) (6,085) 234,524
360,554 (32,450) (87,029) (6,085) 234,990
364,160 (36,416) (86,256) (6,085) 235,403
364,160 (40,058) (85,497) (6,085) 232,520
364,160 (40,058) (85,497) (6,085) 232,520
4,304,956 (411,661) (1,035,363) (70,864) 2,787,068
12,587.59 (1,203.69) (3,027.38) (207.20) 8,149.32
13.72 (1.31) (3.30) (0.23) 8.88
Other Income Total Revenue
26,619 246,945
19,852 246,692
20,445 250,871
20,445 250,871
20,445 254,969
20,445 254,969
20,445 260,490
20,445 254,969
20,445 255,435
20,445 255,848
20,445 252,965
20,445 252,965
250,921 3,037,989
733.69 8,883.01
0.80 9.68
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
24,299 3,030 5,860 7,500 2,295 4,640 14,885 11,900 0 33,891
24,299 3,030 6,885 8,500 3,095 4,140 14,885 14,200 0 33,891
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 33,891
24,299 3,030 5,860 7,500 2,295 4,640 15,469 10,900 0 33,891
37,759 3,030 6,885 7,500 2,295 2,395 14,969 10,900 0 33,891
324,943 38,899 82,224 86,493 40,383 46,339 184,467 175,869 2,337 412,970
950.13 113.74 240.42 252.90 118.08 135.49 539.38 514.24 6.83 1,207.52
1.04 0.12 0.26 0.28 0.13 0.15 0.59 0.56 0.01 1.32
Total Operating Exp. Net Operating Income
119,755 127,190
105,619 141,073
108,300 142,571
112,925 137,946
120,949 134,020
126,669 128,300
119,500 140,990
112,349 142,620
115,937 139,498
125,414 130,434
107,884 145,081
119,624 133,341
1,394,925 1,643,064
4,078.73 4,804.28
4.45 5.24
Rent Expense Partnership Expense Capital Expense
193,253 1,511 3,871
193,253 40 (782)
193,254 0 4,400
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 6,600
193,254 0 3,300
193,254 0 3,300
2,319,047 1,551 60,289
6,780.84 4.53 176.28
7.39 0.00 0.19
Cash Flow Frm Operations
(71,445)
(51,438)
(55,083)
(61,908)
(65,834)
(71,554)
(58,864)
(57,234)
(60,356)
(69,420)
(51,473)
(63,213)
(737,822)
(2,157.38)
(2.35)
66,280
58,055
58,308
42,301
0
0
0
54,510
60,031
59,565
59,152
16,742
474,944
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)
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 3,093
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 19,275
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
(1,438) 8,732 97 (103,283)
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)
(7,125)
(7,125)
3,093
(7,125)
(7,125)
(7,125)
19,275
(7,125)
(7,125)
(7,125)
(95,892)
Accounts Payable Accrued Expenses Other Payables Notess Payable
(5,209) 34,702 1,398 0
4,548 17,279 6,448 (763)
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
0 0 0 0
0 0 0 0
(661) 51,980 7,846 (763)
Cash Increase (Decreae) From Liab.
30,890
27,511
0
0
0
0
0
0
0
0
0
0
58,402
NET CASH FLOW CUMM. NET CASH FLOW
2,236 29,014
(3,642) 25,372
(3,900) 21,472
(26,732) (5,260)
(62,741) (68,001)
(78,679) (146,680)
(65,989) (212,669)
(9,849) (222,518)
18,950 (203,568)
(16,980) (220,548)
554 (219,994)
(53,596) (273,590)
(300,369)
$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
D47:
administrator: replacement reserve
E47:
administrator: replacement reserve
F47:
administrator: replacement reserve
G47:
administrator: replacement reserve
H47:
administrator: replacement reserve
I47:
administrator: replacement reserve
J47:
administrator: replacement reserve
K47:
administrator: replacement reserve
L47:
administrator: replacement reserve
M47:
administrator: replacement reserve
Courtney Downs Apartments February 2006 LEASING & OCCUPANCY NUMBER OF MOVE INS: NUMBER OF MOVE OUTS: NET FOR THE MONTH:
19 10 9
OCCUPIED/LEASED %:
87.0% 91.2%
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:
$246,692.09 $246,944.68 -$252.59
TOTAL # GARAGES # GARAGES OCCUPIED GARAGES OCCUPIED %;
120 115 96%
REASONS WHY PROSPECTS DID NOT LEASE: Traffic 0 8 0 10 0 4 9 3 5 0 0 8 7
Leased 0 3 0 5 0 2 5 3 3 0 0 3 4
54
28
* * * * * * * * * * * * * *
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 * Met with Apartment Guide representative to create new flyers for outside marketing and direct mailers. * Updated all locators with new move in specials and price sheets. * Dropped off brochures and price sheets to surrounding realtors with short term leasing options. * Updated all Internet adds with current pricing and specials. * Met with Human Resources Representative from Home Depot with relocation deals.
OVERVIEW OF COMPARABLE PROPERTIES: The surrounding comps are offering rents averaging from $565 to $755 on one bedrooms, and two bedrooms from $775 to $1015 and three bedrooms from $965 to $1215. Due to a few harsh winter weeks all properties in our market have increased concessions and all pro rated specials. RESIDENT RETENTION: We are showing 10 renewals for the month of February at an average increase of $20.70. We have continued to discuss all options with residents to keep turnover to a minimum. 5- residents did not renew due to buying houses, 1-resident is moving out of town, and 1-moved due to financial reasons. INCIDENTS ON THE PROPERTY: N/A
4 0 2 7 0 1 0 0 5 0 0 4 3 0 26
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 10 21 11 6 83 0 13 0 144
Number of: 11 5 6 144 0 10 21 11 6 83 0 13 0 144 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 5 0 0 0 0 0 8 0 0
Apt. #
2,105,182,021,911,250,000,000
9303-2,4208-2,7105-1,2105-3.
CAPITAL IMPROVEMENTS IN PROGRESS: N/A in progress.
PROBLEM AREAS NEEDING ATTENTION: Notified by Arapahoe water district that Irrigation meter housing must be lowered to grade, per county code. Meter was removed by Arapahoe County to avoid damage. We are in the process of bidding out the work.
CURRENT STAFF: Manager Assistant Manager Leasing Consultant Leasing Consultant Maintenance Supervisor Assistant Maintenance Maintenance/ Grounds
Nancy Howland Beth McCall Wendy Gillan Kathy Hensey Gabriel Tellez Russell Briley Jorge Chavez and Jorge Bernal
ACCOMPLISHMENTS FOR THE MONTH: Treadmills were repaired and free weights replaced. Both flood units are completed.
Courtney Downs RENTAL SCHEDULE
February-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
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
EFFECTIVE CONCESSION RENTS* 775 775 825 795 795 799 850 850 799 850 850 1,035 1,035
CONCESSION PER UNIT 55 85 110 100 130 331 300 330 351 300 330 210 220
$4,285,800
EFFECTIVE PER S/F
1.10 1.10 0.91 0.98 0.98 0.82 0.83 0.83 0.82 0.83 0.83 0.91 0.91
EFFECTIVE MONTHLY GROSS $31,000 $24,800 $14,850 $19,080 $25,440 $33,558 $37,400 $18,700 $19,176 $13,600 $17,000 $24,840 $4,140 $283,584
* Net of Concessions
Vacants + 7 0 4 5 0 6 5 0 0 6 0 0 0
Vacants Leased 3 0 1 0 0 1 2 0 0 0 0 4 0
33
11
Notice
Notice Leased
Net Available
0 0 0 0 0 1 0 0 0 0 0 0 0
0 0 0 3 0 1 2 0 0 1 0 1 0
4 0 3 2 0 5 1 0 0 5 0 0 0
1
8
20
MARKET SURVEY Courtney Downs February-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
Brookside Village
15849 E. Jamison Dr 5400 S Park Terrace 720-870-6114 303-220-7086 Englewood, Co Greenwood Village, Co 342 304 2002 1998 $50.00 $30.00 yes yes yes yes. 300 n/r 225-375 300-1500 300-400 Yes yes no no Detached yes Yes yes no no 1 1 yes yes yes yes yes yes yes yes yes yes yes yes yes no yes yes no no Prewired no no yes no no no yes yes yes no no yes yes
Carriage Place
Coyote Ranch
4900 S Ulster 16363 E Freemont Ave 303-740-7011 303-693-8787 Denver, Co 80237 Aurora, Co 331 507 1997 2002 $40.00 $35.00 yes yes yes yes 350-500 400-500 275 275-325 yes yes no yes yes yes yes yes yes no 2 1 yes yes 2 1 yes yes yes yes yes yes yes yes yes yes yes no yes yes yes no no no no no yes yes yes yes no no yes no
Windsor @ Meridian
9875 Jefferson Pkwy 303-256-7700 Englewood, Co 80112 653 1999 $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 2002 $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 2002 $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 2001 $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 2002 $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 2002 $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 February-06
(Concessions reduced rates) PROPERTY:
Courtney Downs 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
1.05 1.20
PRICE
SIZE
1030 1065
Coyote Ranch PSF
776 785
1.33 1.36
PRICE
SIZE
855 955
Windsor at Meridian PSF
779 853
1.10 1.12
PRICE
SIZE
Pinnacle @ the Creek
PSF
PRICE
SIZE
PSF
830 895
704 808
1.18 1.11
640 645
627 701
1.02 0.92
620 660
685 705
0.91 0.94
935
910
1.03
740
811
0.91
730
760
0.96
835 1110
956 1044
0.87 1.06
910
1051
930
1120
0.87 0.83
1,130
977
1.16
1140
1130
1.01
1265
1141
1.11
1160
1105
1.05
1,150 1,150
1030 1030
1.12 1.12
1155
1144
1.01
1460
1237
1.18
1250
1192
1.05
1440 1030
1196 1180
1.20 0.87
1,235
1140
1.08
1600
1485
1.08
1265 1645
1141 1414
1.11 1.16
1350
1398
0.97
1510
1330
1.14
% occ /leased 87% 92% Avg PSF 1.11 Avg Rents $1,046 Units(Total / Avail) 342 34 Rates Special: 1-4 months off selected units. reflect these rates: $625 1/1 $725 2/2 $985 3/2 specials:
94% $1,144 304
94% 1.07
9
Special: 1-3 months off selected units.
$900-1/1 $990-2/2 $1650-3/2
94% $1,288 331
92% 1.21
11
Special: 1 to 2 months off market.
$797-1/1 $1011-2/2 $77 off 1/1 $353 off 2/2
93% $1,114 507
93% 1.06
26
Special: 1-4 months off market.
$680-1/1 $815-2/2 $1225-3/2
0% 0% 1.00 $994 653 Special: Unknown $685 1/1 $805 2/2 $1310 3/2 special were pulled off the internet
995
1230
0.81
87% 88% 0.88 $808 216 32 Special: No specials $670-1/1 $765-2/2 $1022-3/2
due to property will not give info.
Greenbriar@Saddle Rock PRICE
SIZE
785 880
PSF
707 853
Dove Valley PRICE
1.11 1.03
SIZE
795 825
Cherrywood Village SIZE PSF
PSF
768 842
Ren: Free carpet cleans with renewal. Ren.: Corporate sets all renewal prices.
Ren.: Increase +25 to +50 Ren: Info not avail per corporate
Ren:Per corporate
707
795
763
1.04
995
1037
0.96
1195
1257
1033
1.04
1040
1115
0.93
1110
1033
1.07
1093
1.09
1090
12220
0.09
1190
1093
1.09
1.15
1270
1356
0.94
1375
1235
1.11
1235
93% $1,072 292
94% 1.09
18
Special: $300 off 1st mo rent
$585-1/1 $850-2/2 $1275-3/2 $150-$200 off 1/1
96% $1,004 312
95% 0.79
17
Special:1-3 Months free off of Market
Ren: $20 to $40 icrease pending month renewal
$650-1/1 $860-2/2 $1050-3/2
90% $1,131 360
41
PRICE
1.20
1075
$200-$225 off 2/2 $300 off 3/2
Ren: $25 to $50 increase
850
1195
1425
Reserve@South Creek SIZE PSF
PRICE
1.04 0.98
93% 1.12
93% $995 168
0
Special: 3 Months off of market
0.95
97% 0.98
11
Special: Look and lease is $125 off select units.
$626 1/1 $800 2/2 $1275 3/2
$750 2/2 $925 3/2
Look and lease $250 off 1st full month Ren: $80 increas for 13 month lease
Ren: Average $15 to $20 increase.
Ren: Increase is $10-$25
Account Revenue Market Rent Loss / Gain to Lease Gross Potential Rent Prepaid Homeowners Dues Residential Rent Vacancy Loss
MTD Actual
MTD Budget
355,720.00 680.00 356,400.00 0.00 (139.00) (41,504.16)
355,390.00 0.00 355,390.00 0.00 0.00 (35,345.00)
(3,988.35)
(2,000.00)
0.00 0.00 (285.00) (1,980.00) (575.00) (1,780.80) 0.00 0.00 (79,307.32) 0.00 0.00 0.00 0.00 $226,840.37
0.00 0.00 (500.00) (1,980.00) (575.00) (1,900.00) 0.00 (1,130.00) (84,298.00) 0.00 0.00 0.00 0.00 $227,662.00
Laundry Income Vending Income Covered Parking Income Late Charges & NSF Fees Month to Month Premium Storage Fees Repair & Maintenance Fees Application Fees Termination Fees & Damages
0.00 0.00 0.00 825.00 200.00 1,133.90 0.00 700.00 502.86
0.00 68.00 0.00 2,300.00 300.00 1,300.00 0.00 1,000.00 1,033.00
Miscellaneous Income No Name Interest Income Pet Rents & Fees
666.86 0.00 0.00 2,029.50
500.00 0.00 0.00 900.00
0.00 0.00 0.00 0.00 7,208.00 0.00 1,006.00 0.00 0.00 0.00 0.00 0.00 0.00 3,303.00 2,051.60 225.00 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 19,851.72
0.00 0.00 0.00 0.00 8,700.00 0.00 1,000.00 0.00 0.00 190.00 0.00 0.00 0.00 2,000.00 929.00 225.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 20,445.00
$246,692.09
$248,107.00
8,419.93 0.00 9,191.94
9,545.00 0.00 6,660.00
0.00 4,026.40 1,711.28 1,520.00 0.00 0.00 0.00 2,909.89
0.00 3,500.00 1,576.00 1,442.00 0.00 0.00 0.00 1,576.00
27,779.44
24,299.00
532.56 785.56 0.00 112.94 0.00 0.00
600.00 1,080.00 100.00 200.00 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
Tower Rent Asset Management Fee Parking Spaces Income Homeowners Assessments Garage Income Water/Sewer Income Cable/Telephone Income HOA Contributions Developer Developer HOA Dues Forfeited Deposits Developer Contributions Interest Income Other Thunder Income Administration Fee Move-Out Charges Short Term Lease Fees Extra-Ordinary Income Corporate Rent Corporate Units - expense Deferred Revenue HOA Developer Contributions Acquisition Fees Income - Rental Income - C.A.M. Income - Insurance Income - Taxes Income - Interest Income - Other Income - Condo Sales Total Other Income Total Revenue Expense Managers Salary Salaries Maintenance Salary
Salary - Administrative Commissions & Bonus Payroll Taxes Group Insurance Disability Insurance 401k Match Contract Labor Workers Comp
Total Salary Expense Office Operations & Supplies Telephones Answering Svc. & Pagers Postage & Delivery Patrol Services Membership Dues
$ Variance
MTD Variance Comment
330.00 680.00 1,010.00 0.00 (139.00) (6,159.16) occupancy averaged 89% for the month vs 90% budgetd. We closed out the month at 92% (1,988.35) additional concessions were offered on some vacant apartments. The remained of February was concessed on move in 0.00 0.00 215.00 0.00 0.00 119.20 0.00 1,130.00 4,990.68 0.00 0.00 0.00 0.00 $(821.63) a negative variance to vacancy loss was offset by a savings in concessions 0.00 (68.00) 0.00 (1,475.00) (100.00) (166.10) 0.00 (300.00) (530.14) one partial termination fee was collected this month 166.86 0.00 0.00 1,129.50 pet violation notices were sent out in January resulting in collections of additional pet fees and monthly pet rent 0.00 0.00 0.00 0.00 (1,492.00) 0.00 6.00 0.00 0.00 (190.00) 0.00 0.00 0.00 1,303.00 1,122.60 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (593.28) $(1,414.91)
1,125.07 0.00 (2,531.94) the grounds keeper position was not included in the budget, but these costs are offset in a savings in make ready 0.00 (526.40) (135.28) (78.00) 0.00 0.00 0.00 (1,333.89) negative to budget due to the increased number of employees that were not budgeted (3,480.44) 67.44 294.44 100.00 87.06 0.00 0.00
YTD Actual
YTD Budget
$ Variance
Annual Budget
711,440.00 1,280.00 712,720.00 0.00 482.00 (91,961.49)
710,780.00 0.00 710,780.00 0.00 0.00 (70,690.00)
660.00 1,280.00 1,940.00 0.00 482.00 (21,271.49)
4,302,534.00 0.00 4,302,534.00 0.00 0.00 (390,390.00)
(84,732.28)
(4,000.00)
(80,732.28)
(24,000.00)
0.00 0.00 (1,341.95) (3,960.00) (1,150.00) (3,561.60) 0.00 0.00 (79,328.71) 0.00 0.00 0.00 0.00 $447,165.97
0.00 0.00 (1,000.00) (3,960.00) (1,150.00) (3,800.00) 0.00 (2,260.00) (167,762.00) 0.00 0.00 0.00 0.00 $456,158.00
0.00 0.00 (341.95) 0.00 0.00 238.40 0.00 2,260.00 88,433.29 0.00 0.00 0.00 0.00 $(8,992.03)
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 $2,796,060.00
0.00 0.00 0.00 2,432.00 400.00 2,203.90 0.00 1,350.00 502.86
0.00 136.00 0.00 4,600.00 600.00 2,600.00 0.00 2,000.00 2,066.00
0.00 (136.00) 0.00 (2,168.00) (200.00) (396.10) 0.00 (650.00) (1,563.14)
0.00 816.00 0.00 27,600.00 3,600.00 15,600.00 0.00 12,000.00 12,396.00
6,852.45 0.00 0.00 2,515.50
1,000.00 0.00 0.00 1,800.00
5,852.45 0.00 0.00 715.50
6,000.00 0.00 0.00 10,800.00
0.00 0.00 0.00 0.00 14,099.22 0.00 2,012.00 0.00 0.00 0.00 0.00 0.00 0.00 5,190.00 8,462.87 450.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 46,470.80
0.00 0.00 0.00 0.00 17,400.00 0.00 2,000.00 0.00 0.00 380.00 0.00 0.00 0.00 4,000.00 1,858.00 450.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 40,890.00
0.00 0.00 0.00 0.00 (3,300.78) 0.00 12.00 0.00 0.00 (380.00) 0.00 0.00 0.00 1,190.00 6,604.87 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5,580.80
0.00 0.00 0.00 0.00 104,400.00 0.00 12,000.00 0.00 0.00 2,280.00 0.00 0.00 0.00 24,000.00 11,148.00 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 0.00 0.00 245,340.00
$493,636.77
$497,048.00
$(3,411.23)
$3,041,400.00
17,592.37 0.00 19,121.67
19,090.00 0.00 13,320.00
1,497.63 0.00 (5,801.67)
124,082.00 0.00 86,582.00
0.00 9,316.90 3,851.39 3,192.00 0.00 0.00 0.00 6,018.84
0.00 3,500.00 2,872.00 2,884.00 0.00 0.00 0.00 2,872.00
0.00 (5,816.90) (979.39) (308.00) 0.00 0.00 0.00 (3,146.84)
0.00 42,000.00 20,210.00 17,304.00 0.00 0.00 0.00 20,210.00
59,093.17
44,538.00
(14,555.17)
310,388.00
2,059.35 2,443.47 167.97 584.04 0.00 0.00
1,200.00 2,160.00 200.00 400.00 0.00 0.00
(859.35) (283.47) 32.03 (184.04) 0.00 0.00
7,200.00 12,960.00 1,200.00 2,400.00 0.00 0.00
YTD Variance Comment
Publications & Subscriptions Conventions/Seminars Employee Training Furniture Rental Car Expenses Permits & Fees Credit Checks Guest Suite Expense Parking Cost Total Operating Expense
142.00 0.00 90.00 0.00 0.00 0.00 166.00 0.00 0.00 1,829.06
0.00 0.00 100.00 0.00 200.00 0.00 750.00 0.00 0.00 3,030.00
Advertising & Promotions
5,344.00
3,452.00
Resident Promotions Locators Resident Referrals
668.61 854.25 1,000.00
475.00 1,033.00 900.00
7,866.86
5,860.00
79.72
2,500.00
730.00
2,500.00
469.50 189.00 0.00 0.00 0.00 0.00 0.00 1,468.22
1,200.00 200.00 500.00 100.00 100.00 100.00 300.00 7,500.00
377.92 52.13 122.44 814.78
750.00 150.00 75.00 150.00
0.00 419.56 0.00 240.24 205.46 47.46 68.44 0.00 0.00 0.00 0.00 0.00 0.00 2,348.43
100.00 400.00 0.00 50.00 75.00 150.00 100.00 0.00 0.00 295.00 0.00 0.00 0.00 2,295.00
0.00 513.69 75.00 0.00 0.00 0.00 0.00 (2,500.00)
0.00 775.00 75.00 0.00 0.00 0.00 45.00 1,500.00
(1,911.31)
2,395.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
10,410.88
9,924.00
1,000.00 3,250.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 112.23 0.00 0.00 0.00 0.00 0.00 14,773.11
1,000.00 3,250.00 550.00 0.00 0.00 0.00 0.00 0.00 0.00 50.00 0.00 0.00 0.00 0.00 0.00 14,774.00
0.00 0.00 550.00 0.00 0.00 0.00 0.00 0.00 0.00 (62.23) 0.00 0.00 0.00 0.00 0.00 0.89
2,755.94 0.00 4,782.76 6,137.21 (5,084.83) (1,217.62) 0.00
2,800.00 0.00 4,000.00 7,500.00 (4,000.00) 0.00 0.00
44.06 0.00 (782.76) 1,362.79 1,084.83 1,217.62 0.00
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
Landscape & Grounds Trash Removal Pest Control Security Patrols Window Cleaning Svc. Interior Cleaning Svc. Cable Television Snow Removal
Total Service Expense Expenses - CAM - Electric Expenses - CAM - Water/Sewer Expenses - CAM - Gas Expenses - CAM - Grounds Expenses - CAM - Trash Removal Expenses - CAM - Cleaning Svcs Expenses - CAM - Maintenance Expenses - CAM - Insurance Expenses - CAM - R/E Taxes Total CAM Expense Management Fees 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
(142.00) 0.00 10.00 0.00 200.00 0.00 584.00 0.00 0.00 1,200.94
142.00 0.00 90.00 0.00 0.00 0.00 467.51 0.00 0.00 5,954.34
0.00 0.00 200.00 0.00 400.00 0.00 1,500.00 0.00 0.00 6,060.00
(142.00) 0.00 110.00 0.00 400.00 0.00 1,032.49 0.00 0.00 105.66
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
(1,892.00) all print advertising costs were not completely budgeted. We will be dropping one of our advertisements next quarter to bring these costs more in line. The For Rent ad that we are discontiuing has not been effective and is expensive.
10,590.41
6,904.00
(3,686.41)
42,409.00
(193.61) 178.75 (100.00) two resident referrals at $500 each were paid out this month (2,006.86)
2,719.68 1,229.25 3,500.00
950.00 2,066.00 1,800.00
(1,769.68) 836.75 (1,700.00)
10,300.00 12,396.00 10,800.00
18,039.34
11,720.00
(6,319.34)
75,905.00
155.07
5,000.00
4,844.93
33,200.00
2,780.00
5,000.00
2,220.00
32,500.00
1,103.00 (2.00) 0.00 0.00 185.00 0.00 71.44 4,292.51
2,400.00 400.00 1,000.00 200.00 200.00 200.00 600.00 15,000.00
1,297.00 402.00 1,000.00 200.00 15.00 200.00 528.56 10,707.49
15,900.00 2,400.00 6,000.00 1,200.00 1,200.00 1,200.00 3,600.00 97,200.00
512.77 356.34 401.94 814.78
1,500.00 300.00 150.00 300.00
987.23 (56.34) (251.94) (514.78)
9,200.00 1,800.00 4,200.00 1,800.00
0.00 488.74 0.00 269.29 380.78 47.46 68.44 180.56 0.00 (688.60) 0.00 0.00 0.00 2,832.50
200.00 800.00 0.00 100.00 150.00 300.00 200.00 0.00 0.00 590.00 0.00 0.00 0.00 4,590.00
200.00 311.26 0.00 (169.29) (230.78) 252.54 131.56 (180.56) 0.00 1,278.60 0.00 0.00 0.00 1,757.50
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 1,034.15 150.00 0.00 0.00 0.00 0.00 (1,000.00)
0.00 2,300.00 150.00 0.00 0.00 0.00 90.00 3,000.00
0.00 1,265.85 0.00 0.00 0.00 0.00 90.00 4,000.00
32,205.00 10,050.00 900.00 0.00 0.00 0.00 540.00 8,000.00
184.15
5,540.00
5,355.85
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
20,289.82
19,882.00
(407.82)
121,658.00
2,000.00 6,500.00 0.00 0.00 0.00 0.00 0.00 0.00 825.49 112.23 0.00 0.00 63.95 0.00 0.00 29,791.49
2,000.00 6,500.00 1,100.00 0.00 0.00 0.00 0.00 0.00 0.00 100.00 0.00 0.00 0.00 0.00 0.00 29,582.00
0.00 0.00 1,100.00 0.00 0.00 0.00 0.00 0.00 (825.49) (12.23) 0.00 0.00 (63.95) 0.00 0.00 (209.49)
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 0.00 184,258.00
7,480.64 0.00 10,971.24 18,071.88 (5,118.55) (4,132.78) 0.00
5,600.00 0.00 8,000.00 15,000.00 (8,000.00) 0.00 0.00
(1,880.64) 0.00 (2,971.24) (3,071.88) (2,881.45) 4,132.78 0.00
33,600.00 0.00 35,120.00 106,000.00 (50,500.00) 40,840.00 0.00
2,420.28 done in house to save money to offset staffing costs 1,770.00 fewer turns on apartments created a positive variance 730.50 11.00 500.00 100.00 100.00 100.00 300.00 6,031.78 Positive variance more than offsets the negative payroll costs
372.08 97.87 (47.44) (664.78) Hot water heater coils purchased. 100.00 (19.56) 0.00 (190.24) (130.46) 102.54 31.56 0.00 0.00 295.00 0.00 0.00 0.00 (53.43) no extraordinary costs for the month. In line with budget, YTD is positive to budget 0.00 261.31 0.00 0.00 0.00 0.00 45.00 4,000.00 snow removal was not required this month and the negative entry is a reversed accrual from last month. These costs will not be accrued going forward, unless service is rendered 4,306.31 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (486.88) Based on total revenue collected.
Trash Reimbursement Water - Tenant Reimbursement Utility -Vacant Electric Utility - Vacant Gas Tenant Reimbursement - Gas Total Utility Expense
(1,915.44) 2,819.98 1,478.49 1,221.07 0.00 10,977.56
(2,200.00) 0.00 1,700.00 1,100.00 0.00 10,900.00
Management Fees Management Fees-MRLL Property Legal Fees
0.00 0.00 605.00
0.00 0.00 0.00
Credit Card Fees Bank Charges Bank Adjustments Other Professional Fees Late Charges HOA Assessment Fees Contributions Fiduciary Fees Custodial Fees Thunder Expense Accounting Fees Total Management Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 605.00
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
33,052.33 0.00 6,330.29 500.00 0.00 39,882.62 105,618.99 141,073.10
27,200.00 0.00 6,691.00 0.00 0.00 33,891.00 104,944.00 143,163.00
Base Rent Stated Rent Office Rent Total Rent Expense
106,586.67 86,666.67 0.00 193,253.34
106,587.00 86,667.00 0.00 193,254.00
0.00 0.00 0.00 0.00 0.00
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 Exterior Rehab Interior Rehab HVAC Replacement Carpet & Floor Replacement Refrigerators Dishwashers & Ranges Washers / Dryers Fire Alarm Replacement Other Capital Improvements Boiler Replacement Roof Replacement Total Capital Expenses Casualty Losses Casualty Recovery Total Casualty Loss NET INCOME (LOSS)
(284.56) (2,819.98) 221.51 (121.07) 0.00 (77.56)
(3,803.19) 0.00 2,986.29 2,333.09 0.00 28,788.62
(4,400.00) 0.00 3,400.00 2,200.00 0.00 21,800.00
(596.81) 0.00 413.71 (133.09) 0.00 (6,988.62)
(26,400.00) 0.00 20,400.00 9,820.00 0.00 168,880.00
0.00 0.00 2,311.00
0.00 0.00 0.00
0.00 0.00 (2,311.00)
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 2,337.00
0.00 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 (2,337.00)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
60,252.33 0.00 13,308.15 500.00 0.00 74,060.48 225,373.60 268,263.17
54,400.00 0.00 13,382.00 0.00 0.00 67,782.00 206,612.00 290,436.00
(5,852.33) 0.00 73.85 (500.00) 0.00 (6,278.48) (18,761.60) (22,172.83)
326,400.00 0.00 80,292.00 0.00 0.00 406,692.00 1,376,163.00 1,665,237.00
0.33 0.33 0.00 0.66
213,173.34 173,333.34 0.00 386,506.68
213,174.00 173,334.00 0.00 386,508.00
0.66 0.66 0.00 1.32
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 40.41 0.00 0.00 0.00 0.00 0.00 0.00 40.41
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 (40.41) 0.00 0.00 0.00 0.00 0.00 0.00 (40.41)
1,510.50 0.00 40.41 0.00 0.00 0.00 0.00 0.00 0.00 1,550.91
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(1,510.50) 0.00 (40.41) 0.00 0.00 0.00 0.00 0.00 0.00 (1,550.91)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 (3,000.00) 0.00 2,217.63 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (782.37)
0.00 0.00 0.00 3,300.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3,300.00
0.00 0.00 0.00 3,088.96 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3,088.96
0.00 3,000.00 0.00 6,600.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 9,600.00
0.00 3,000.00 0.00 3,511.04 0.00 0.00 0.00 0.00 0.00 0.00 0.00 6,511.04
0.00 3,000.00 0.00 63,800.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 66,800.00
0.00 0.00 0.00 (51,438.28)
0.00 0.00 0.00 (53,391.00)
0.00 0.00 0.00 (122,883.38)
0.00 0.00 0.00 (105,672.00)
0.00 0.00 0.00 (17,211.38)
0.00 0.00 0.00 (720,611.00)
0.00 0.00 (605.00) legal fees for eviction proceedings 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (605.00) (5,852.33) Includes Arapaho County tax. 0.00 360.71 (500.00) Tax fee paid to Advantax. 0.00 (5,991.62) (674.99) (2,089.90)
0.00 3,000.00 reversal of prior accural 0.00 1,082.37 Replaced three carpets. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4,082.37 0.00 0.00 0.00 1,952.72
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 Reforecast
Apr 2006 Reforecast
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
355,390 (31,811) (87,068) (6,085) 230,426
355,390 (31,811) (87,068) (6,085) 230,426
356,985 (28,559) (87,817) (6,085) 234,524
356,985 (28,559) (87,817) (6,085) 234,524
356,985 (21,419) (89,436) (6,085) 240,045
356,985 (28,559) (87,817) (6,085) 234,524
360,554 (32,450) (87,029) (6,085) 234,990
364,160 (36,416) (86,256) (6,085) 235,403
364,160 (40,058) (85,497) (6,085) 232,520
364,160 (40,058) (85,497) (6,085) 232,520
4,304,956 (411,661) (1,035,363) (70,864) 2,787,068
12,587.59 (1,203.69) (3,027.38) (207.20) 8,149.32
13.72 (1.31) (3.30) (0.23) 8.88
Other Income Total Revenue
26,619 246,945
19,852 246,692
20,445 250,871
20,445 250,871
20,445 254,969
20,445 254,969
20,445 260,490
20,445 254,969
20,445 255,435
20,445 255,848
20,445 252,965
20,445 252,965
250,921 3,037,989
733.69 8,883.01
0.80 9.68
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
24,299 3,030 5,860 7,500 2,295 4,640 14,885 11,900 0 33,891
24,299 3,030 6,885 8,500 3,095 4,140 14,885 14,200 0 33,891
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 33,891
24,299 3,030 5,860 7,500 2,295 4,640 15,469 10,900 0 33,891
37,759 3,030 6,885 7,500 2,295 2,395 14,969 10,900 0 33,891
324,943 38,899 82,224 86,493 40,383 46,339 184,467 175,869 2,337 412,970
950.13 113.74 240.42 252.90 118.08 135.49 539.38 514.24 6.83 1,207.52
1.04 0.12 0.26 0.28 0.13 0.15 0.59 0.56 0.01 1.32
Total Operating Exp. Net Operating Income
119,755 127,190
105,619 141,073
108,300 142,571
112,925 137,946
120,949 134,020
126,669 128,300
119,500 140,990
112,349 142,620
115,937 139,498
125,414 130,434
107,884 145,081
119,624 133,341
1,394,925 1,643,064
4,078.73 4,804.28
4.45 5.24
Rent Expense Partnership Expense Capital Expense
193,253 1,511 3,871
193,253 40 (782)
193,254 0 4,400
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 6,600
193,254 0 3,300
193,254 0 3,300
2,319,047 1,551 60,289
6,780.84 4.53 176.28
7.39 0.00 0.19
Cash Flow Frm Operations
(71,445)
(51,438)
(55,083)
(61,908)
(65,834)
(71,554)
(58,864)
(57,234)
(60,356)
(69,420)
(51,473)
(63,213)
(737,822)
(2,157.38)
(2.35)
66,280
58,055
58,308
42,301
0
0
0
54,510
60,031
59,565
59,152
16,742
474,944
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)
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 3,093
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 19,275
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
(1,438) 8,732 97 (103,283)
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)
(7,125)
(7,125)
3,093
(7,125)
(7,125)
(7,125)
19,275
(7,125)
(7,125)
(7,125)
(95,892)
Accounts Payable Accrued Expenses Other Payables Notess Payable
(5,209) 34,702 1,398 0
4,548 17,279 6,448 (763)
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
0 0 0 0
0 0 0 0
(661) 51,980 7,846 (763)
Cash Increase (Decreae) From Liab.
30,890
27,511
0
0
0
0
0
0
0
0
0
0
58,402
NET CASH FLOW CUMM. NET CASH FLOW
2,236 29,014
(3,642) 25,372
(3,900) 21,472
(26,732) (5,260)
(62,741) (68,001)
(78,679) (146,680)
(65,989) (212,669)
(9,849) (222,518)
18,950 (203,568)
(16,980) (220,548)
554 (219,994)
(53,596) (273,590)
(300,369)
$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
D47:
administrator: replacement reserve
E47:
administrator: replacement reserve
F47:
administrator: replacement reserve
G47:
administrator: replacement reserve
H47:
administrator: replacement reserve
I47:
administrator: replacement reserve
J47:
administrator: replacement reserve
K47:
administrator: replacement reserve
L47:
administrator: replacement reserve
M47:
administrator: replacement reserve
Courtney Downs Apartments February 2006 LEASING & OCCUPANCY NUMBER OF MOVE INS: NUMBER OF MOVE OUTS: NET FOR THE MONTH:
19 10 9
OCCUPIED/LEASED %:
87.0% 91.2%
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:
$246,692.09 $246,944.68 -$252.59
TOTAL # GARAGES # GARAGES OCCUPIED GARAGES OCCUPIED %;
120 115 96%
REASONS WHY PROSPECTS DID NOT LEASE: Traffic 0 8 0 10 0 4 9 3 5 0 0 8 7
Leased 0 3 0 5 0 2 5 3 3 0 0 3 4
54
28
* * * * * * * * * * * * * *
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 * Met with Apartment Guide representative to create new flyers for outside marketing and direct mailers. * Updated all locators with new move in specials and price sheets. * Dropped off brochures and price sheets to surrounding realtors with short term leasing options. * Updated all Internet adds with current pricing and specials. * Met with Human Resources Representative from Home Depot with relocation deals.
OVERVIEW OF COMPARABLE PROPERTIES: The surrounding comps are offering rents averaging from $565 to $755 on one bedrooms, and two bedrooms from $775 to $1015 and three bedrooms from $965 to $1215. Due to a few harsh winter weeks all properties in our market have increased concessions and all pro rated specials. RESIDENT RETENTION: We are showing 10 renewals for the month of February at an average increase of $20.70. We have continued to discuss all options with residents to keep turnover to a minimum. 5- residents did not renew due to buying houses, 1-resident is moving out of town, and 1-moved due to financial reasons. INCIDENTS ON THE PROPERTY: N/A
4 0 2 7 0 1 0 0 5 0 0 4 3 0 26
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 10 21 11 6 83 0 13 0 144
Number of: 11 5 6 144 0 10 21 11 6 83 0 13 0 144 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 5 0 0 0 0 0 8 0 0
Apt. #
2,105,182,021,911,250,000,000
9303-2,4208-2,7105-1,2105-3.
CAPITAL IMPROVEMENTS IN PROGRESS: N/A in progress.
PROBLEM AREAS NEEDING ATTENTION: Notified by Arapahoe water district that Irrigation meter housing must be lowered to grade, per county code. Meter was removed by Arapahoe County to avoid damage. We are in the process of bidding out the work.
CURRENT STAFF: Manager Assistant Manager Leasing Consultant Leasing Consultant Maintenance Supervisor Assistant Maintenance Maintenance/ Grounds
Nancy Howland Beth McCall Wendy Gillan Kathy Hensey Gabriel Tellez Russell Briley Jorge Chavez and Jorge Bernal
ACCOMPLISHMENTS FOR THE MONTH: Treadmills were repaired and free weights replaced. Both flood units are completed.
Courtney Downs RENTAL SCHEDULE
February-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
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
EFFECTIVE CONCESSION RENTS* 775 775 825 795 795 799 850 850 799 850 850 1,035 1,035
CONCESSION PER UNIT 55 85 110 100 130 331 300 330 351 300 330 210 220
$4,285,800
EFFECTIVE PER S/F
1.10 1.10 0.91 0.98 0.98 0.82 0.83 0.83 0.82 0.83 0.83 0.91 0.91
EFFECTIVE MONTHLY GROSS $31,000 $24,800 $14,850 $19,080 $25,440 $33,558 $37,400 $18,700 $19,176 $13,600 $17,000 $24,840 $4,140 $283,584
* Net of Concessions
Vacants + 7 0 4 5 0 6 5 0 0 6 0 0 0
Vacants Leased 3 0 1 0 0 1 2 0 0 0 0 4 0
33
11
Notice
Notice Leased
Net Available
0 0 0 0 0 1 0 0 0 0 0 0 0
0 0 0 3 0 1 2 0 0 1 0 1 0
4 0 3 2 0 5 1 0 0 5 0 0 0
1
8
20
MARKET SURVEY Courtney Downs February-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
Brookside Village
15849 E. Jamison Dr 5400 S Park Terrace 720-870-6114 303-220-7086 Englewood, Co Greenwood Village, Co 342 304 2002 1998 $50.00 $30.00 yes yes yes yes. 300 n/r 225-375 300-1500 300-400 Yes yes no no Detached yes Yes yes no no 1 1 yes yes yes yes yes yes yes yes yes yes yes yes yes no yes yes no no Prewired no no yes no no no yes yes yes no no yes yes
Carriage Place
Coyote Ranch
4900 S Ulster 16363 E Freemont Ave 303-740-7011 303-693-8787 Denver, Co 80237 Aurora, Co 331 507 1997 2002 $40.00 $35.00 yes yes yes yes 350-500 400-500 275 275-325 yes yes no yes yes yes yes yes yes no 2 1 yes yes 2 1 yes yes yes yes yes yes yes yes yes yes yes no yes yes yes no no no no no yes yes yes yes no no yes no
Windsor @ Meridian
9875 Jefferson Pkwy 303-256-7700 Englewood, Co 80112 653 1999 $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 2002 $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 2002 $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 2001 $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 2002 $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 2002 $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 February-06
(Concessions reduced rates) PROPERTY:
Courtney Downs 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
1.05 1.20
PRICE
SIZE
1030 1065
Coyote Ranch PSF
776 785
1.33 1.36
PRICE
SIZE
855 955
Windsor at Meridian PSF
779 853
1.10 1.12
PRICE
SIZE
Pinnacle @ the Creek
PSF
PRICE
SIZE
PSF
830 895
704 808
1.18 1.11
640 645
627 701
1.02 0.92
620 660
685 705
0.91 0.94
935
910
1.03
740
811
0.91
730
760
0.96
835 1110
956 1044
0.87 1.06
910
1051
930
1120
0.87 0.83
1,130
977
1.16
1140
1130
1.01
1265
1141
1.11
1160
1105
1.05
1,150 1,150
1030 1030
1.12 1.12
1155
1144
1.01
1460
1237
1.18
1250
1192
1.05
1440 1030
1196 1180
1.20 0.87
1,235
1140
1.08
1600
1485
1.08
1265 1645
1141 1414
1.11 1.16
1350
1398
0.97
1510
1330
1.14
% occ /leased 87% 92% Avg PSF 1.11 Avg Rents $1,046 Units(Total / Avail) 342 34 Rates Special: 1-4 months off selected units. reflect these rates: $625 1/1 $725 2/2 $985 3/2 specials:
94% $1,144 304
94% 1.07
9
Special: 1-3 months off selected units.
$900-1/1 $990-2/2 $1650-3/2
94% $1,288 331
92% 1.21
11
Special: 1 to 2 months off market.
$797-1/1 $1011-2/2 $77 off 1/1 $353 off 2/2
93% $1,114 507
93% 1.06
26
Special: 1-4 months off market.
$680-1/1 $815-2/2 $1225-3/2
0% 0% 1.00 $994 653 Special: Unknown $685 1/1 $805 2/2 $1310 3/2 special were pulled off the internet
995
1230
0.81
87% 88% 0.88 $808 216 32 Special: No specials $670-1/1 $765-2/2 $1022-3/2
due to property will not give info.
Greenbriar@Saddle Rock PRICE
SIZE
785 880
PSF
707 853
Dove Valley PRICE
1.11 1.03
SIZE
795 825
Cherrywood Village SIZE PSF
PSF
768 842
Ren: Free carpet cleans with renewal. Ren.: Corporate sets all renewal prices.
Ren.: Increase +25 to +50 Ren: Info not avail per corporate
Ren:Per corporate
707
795
763
1.04
995
1037
0.96
1195
1257
1033
1.04
1040
1115
0.93
1110
1033
1.07
1093
1.09
1090
12220
0.09
1190
1093
1.09
1.15
1270
1356
0.94
1375
1235
1.11
1235
93% $1,072 292
94% 1.09
18
Special: $300 off 1st mo rent
$585-1/1 $850-2/2 $1275-3/2 $150-$200 off 1/1
96% $1,004 312
95% 0.79
17
Special:1-3 Months free off of Market
Ren: $20 to $40 icrease pending month renewal
$650-1/1 $860-2/2 $1050-3/2
90% $1,131 360
41
PRICE
1.20
1075
$200-$225 off 2/2 $300 off 3/2
Ren: $25 to $50 increase
850
1195
1425
Reserve@South Creek SIZE PSF
PRICE
1.04 0.98
93% 1.12
93% $995 168
0
Special: 3 Months off of market
0.95
97% 0.98
11
Special: Look and lease is $125 off select units.
$626 1/1 $800 2/2 $1275 3/2
$750 2/2 $925 3/2
Look and lease $250 off 1st full month Ren: $80 increas for 13 month lease
Ren: Average $15 to $20 increase.
Ren: Increase is $10-$25
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