USA Courtney Downs LeaseCo, LLC Budget Comparison Books = Accrual For the period ending January 31, 2006
Account Revenue Market Rent Loss / Gain to Lease Gross Potential Rent Prepaid Homeowners Dues Residential Rent Vacancy Loss
MTD Actual
MTD Budget
$ Variance
355,720.00 600.00 356,320.00 0.00 621.00 (50,457.33)
355,390.00 0.00 355,390.00 0.00 0.00 (35,345.00)
(80,743.93)
(2,000.00)
0.00 0.00 (1,056.95) (1,980.00) (575.00) (1,780.80) 0.00 0.00 (21.39) 0.00 0.00 0.00 0.00 $220,325.60
0.00 0.00 (500.00) (1,980.00) (575.00) (1,900.00) 0.00 (1,130.00) (83,464.00) 0.00 0.00 0.00 0.00 $228,496.00
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 Miscellaneous Income
0.00 0.00 0.00 1,607.00 200.00 1,070.00 0.00 650.00 0.00 6,185.59
0.00 68.00 0.00 2,300.00 300.00 1,300.00 0.00 1,000.00 1,033.00 500.00
No Name Interest Income Pet Rents & Fees 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
0.00 0.00 486.00 0.00 0.00 0.00 0.00 6,891.22 0.00 1,006.00 0.00 0.00 0.00 0.00 0.00 0.00 1,887.00 6,411.27
0.00 0.00 900.00 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
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
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 26,619.08
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
$246,944.68
$248,941.00
9,172.44 0.00 9,929.73
9,545.00 0.00 6,660.00
Salary - Administrative Commissions & Bonus
0.00 5,290.50
0.00 0.00
Payroll Taxes Group Insurance Disability Insurance 401k Match Contract Labor Workers Comp
2,140.11 1,672.00 0.00 0.00 0.00 3,108.95
1,296.00 1,442.00 0.00 0.00 0.00 1,296.00
Total Salary Expense
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
Total Revenue
Expense Managers Salary Salaries Maintenance Salary
31,313.73
20,239.00
Office Operations & Supplies
1,526.79
600.00
Telephones
1,657.91
1,080.00
167.97 471.10 0.00 0.00 0.00 0.00 0.00 0.00 0.00
100.00 200.00 0.00 0.00 0.00 0.00 100.00 0.00 200.00
Answering Svc. & Pagers Postage & Delivery Patrol Services Membership Dues Publications & Subscriptions Conventions/Seminars Employee Training Furniture Rental Car Expenses
MTD Variance Comment
330.00 600.00 930.00 0.00 621.00 (15,112.33) occupancy averaged only 86% while we budgetd for 90%. Several unanticipated move outs at year end have hurt occupancy (78,743.93) Concessions being offered are up to three months free (prorated) to help improve occupancy. We are in line with budget, as this number is offset positively in Lease Term concessions below 0.00 0.00 (556.95) 0.00 0.00 119.20 0.00 1,130.00 83,442.61 0.00 0.00 0.00 0.00 $(8,170.40)
YTD Actual
YTD Budget
$ Variance
Annual Budget
355,720.00 600.00 356,320.00 0.00 621.00 (50,457.33)
355,390.00 0.00 355,390.00 0.00 0.00 (35,345.00)
330.00 600.00 930.00 0.00 621.00 (15,112.33)
4,302,534.00 0.00 4,302,534.00 0.00 0.00 (390,390.00)
(80,743.93)
(2,000.00)
(78,743.93)
(24,000.00)
0.00 0.00 (1,056.95) (1,980.00) (575.00) (1,780.80) 0.00 0.00 (21.39) 0.00 0.00 0.00 0.00 $220,325.60
0.00 0.00 (500.00) (1,980.00) (575.00) (1,900.00) 0.00 (1,130.00) (83,464.00) 0.00 0.00 0.00 0.00 $228,496.00
0.00 0.00 (556.95) 0.00 0.00 119.20 0.00 1,130.00 83,442.61 0.00 0.00 0.00 0.00 $(8,170.40)
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 1,607.00 200.00 1,070.00 0.00 650.00 0.00 6,185.59
0.00 68.00 0.00 2,300.00 300.00 1,300.00 0.00 1,000.00 1,033.00 500.00
0.00 (68.00) 0.00 (693.00) (100.00) (230.00) 0.00 (350.00) (1,033.00) 5,685.59
0.00 816.00 0.00 27,600.00 3,600.00 15,600.00 0.00 12,000.00 12,396.00 6,000.00
0.00 0.00 486.00 0.00 0.00 0.00 0.00 6,891.22 0.00 1,006.00 0.00 0.00 0.00 0.00 0.00 0.00 1,887.00 6,411.27
0.00 0.00 900.00 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
0.00 0.00 (414.00) 0.00 0.00 0.00 0.00 (1,808.78) 0.00 6.00 0.00 0.00 (190.00) 0.00 0.00 0.00 (113.00) 5,482.27
0.00 0.00 10,800.00 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
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 26,619.08
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
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 6,174.08
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
$246,944.68
$248,941.00
$(1,996.32)
$3,041,400.00
372.56 0.00 (3,269.73) Maintenance was incorrectly budgeted. We have an additional employee that was not budgeted in payroll, but is offset in Make Ready costs. This will be a wash to the bottom line
9,172.44 0.00 9,929.73
9,545.00 0.00 6,660.00
372.56 0.00 (3,269.73)
124,082.00 0.00 86,582.00
0.00 (5,290.50) bonuses were not budgeted in January, as an oversight. In addition, there are accrued bonuses from October that had not been booked. (844.11) (230.00) 0.00 0.00 0.00 (1,812.95) negative variance due to not budgeting the additional employee in Maintenance (11,074.73)
0.00 5,290.50
0.00 0.00
0.00 (5,290.50)
0.00 42,000.00
2,140.11 1,672.00 0.00 0.00 0.00 3,108.95
1,296.00 1,442.00 0.00 0.00 0.00 1,296.00
(844.11) (230.00) 0.00 0.00 0.00 (1,812.95)
20,210.00 17,304.00 0.00 0.00 0.00 20,210.00
31,313.73
20,239.00
(11,074.73)
310,388.00
1,526.79
600.00
(926.79)
7,200.00
1,657.91
1,080.00
(577.91)
12,960.00
167.97 471.10 0.00 0.00 0.00 0.00 0.00 0.00 0.00
100.00 200.00 0.00 0.00 0.00 0.00 100.00 0.00 200.00
(67.97) (271.10) 0.00 0.00 0.00 0.00 100.00 0.00 200.00
1,200.00 2,400.00 0.00 0.00 0.00 0.00 2,200.00 0.00 2,400.00
0.00 (68.00) 0.00 (693.00) (100.00) (230.00) 0.00 (350.00) (1,033.00) 5,685.59 additional income this month from fees from pet fines for unauthorized pets and trash clean up fines 0.00 0.00 (414.00) 0.00 0.00 0.00 0.00 (1,808.78) 0.00 6.00 0.00 0.00 (190.00) 0.00 0.00 0.00 (113.00) 5,482.27 aggressive charges on cleaning and damages and fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 6,174.08 $(1,996.32) Negative variance in vacancy loss is nearly all offset in other income collections
(926.79) new copier was needed and we are on a monthly payment plan. This is $400 per month we hadn't expected (577.91) include costs for a past due bill from September (67.97) (271.10) 0.00 0.00 0.00 0.00 100.00 0.00 200.00
YTD Variance Comment
Permits & Fees Credit Checks Guest Suite Expense Parking Cost Total Operating Expense
0.00 301.51 0.00 0.00 4,125.28
0.00 750.00 0.00 0.00 3,030.00
0.00 448.49 0.00 0.00 (1,095.28)
0.00 301.51 0.00 0.00 4,125.28
0.00 750.00 0.00 0.00 3,030.00
0.00 448.49 0.00 0.00 (1,095.28)
0.00 9,000.00 0.00 0.00 37,360.00
Advertising & Promotions
5,246.41
3,452.00
5,246.41
3,452.00
(1,794.41)
42,409.00
Resident Promotions
2,051.07
475.00
2,051.07
475.00
(1,576.07)
10,300.00
375.00 2,500.00 10,172.48
1,033.00 900.00 5,860.00
(1,794.41) Did not budget for all costs including full page in For Rent. We will drop this at the end of the contract in June. This is too expensive and not cost effective. We are also advertising in Apt. Guide which is a better, more effective source (1,576.07) Contravest costs charged back from December employee events 658.00 (1,600.00) had 5 resident referrals at $500 each (4,312.48)
375.00 2,500.00 10,172.48
1,033.00 900.00 5,860.00
658.00 (1,600.00) (4,312.48)
12,396.00 10,800.00 75,905.00
75.35
2,500.00
75.35
2,500.00
2,424.65
33,200.00
2,050.00 633.50 (191.00) 0.00 0.00 185.00 0.00 71.44 2,824.29
2,500.00 1,200.00 200.00 500.00 100.00 100.00 100.00 300.00 7,500.00
2,050.00 633.50 (191.00) 0.00 0.00 185.00 0.00 71.44 2,824.29
2,500.00 1,200.00 200.00 500.00 100.00 100.00 100.00 300.00 7,500.00
450.00 566.50 391.00 500.00 100.00 (85.00) 100.00 228.56 4,675.71
32,500.00 15,900.00 2,400.00 6,000.00 1,200.00 1,200.00 1,200.00 3,600.00 97,200.00
134.85 304.21 279.50 0.00 0.00 69.18 0.00 29.05 175.32 0.00 0.00 180.56 0.00 (688.60)
750.00 150.00 75.00 150.00 100.00 400.00 0.00 50.00 75.00 150.00 100.00 0.00 0.00 295.00
134.85 304.21 279.50 0.00 0.00 69.18 0.00 29.05 175.32 0.00 0.00 180.56 0.00 (688.60)
750.00 150.00 75.00 150.00 100.00 400.00 0.00 50.00 75.00 150.00 100.00 0.00 0.00 295.00
615.15 (154.21) (204.50) 150.00 100.00 330.82 0.00 20.95 (100.32) 150.00 100.00 (180.56) 0.00 983.60
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 0.00 0.00 11,540.00
0.00 0.00 0.00 484.07
0.00 0.00 0.00 2,295.00
0.00 0.00 0.00 484.07
0.00 0.00 0.00 2,295.00
0.00 0.00 0.00 1,810.93
0.00 0.00 0.00 40,040.00
0.00 520.46 75.00 0.00 0.00 0.00 0.00 1,500.00 2,095.46
0.00 1,525.00 75.00 0.00 0.00 0.00 45.00 1,500.00 3,145.00
0.00 1,004.54 0.00 0.00 0.00 0.00 45.00 0.00 1,049.54
0.00 520.46 75.00 0.00 0.00 0.00 0.00 1,500.00 2,095.46
0.00 1,525.00 75.00 0.00 0.00 0.00 45.00 1,500.00 3,145.00
0.00 1,004.54 0.00 0.00 0.00 0.00 45.00 0.00 1,049.54
0.00 10,050.00 900.00 0.00 0.00 0.00 540.00 8,000.00 19,490.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
9,878.94 1,000.00 3,250.00 0.00 0.00 0.00 0.00 0.00 0.00 825.49 0.00 0.00 0.00 63.95 0.00 0.00 15,018.38
9,958.00 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 14,808.00
9,878.94 1,000.00 3,250.00 0.00 0.00 0.00 0.00 0.00 0.00 825.49 0.00 0.00 0.00 63.95 0.00 0.00 15,018.38
9,958.00 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 14,808.00
79.06 0.00 0.00 550.00 0.00 0.00 0.00 0.00 0.00 (825.49) 50.00 0.00 0.00 (63.95) 0.00 0.00 (210.38)
121,658.00 12,000.00 39,000.00 6,600.00 0.00 0.00 0.00 0.00 0.00 0.00 2,600.00 0.00 0.00 0.00 0.00 0.00 181,858.00
Electricity
4,724.70
2,800.00
4,724.70
2,800.00
(1,924.70)
33,600.00
Electricity Gas - Resident Natural Gas
0.00 6,188.48
0.00 4,000.00
0.00 6,188.48
0.00 4,000.00
0.00 (2,188.48)
0.00 35,120.00
11,934.67 (33.72) (2,915.16) 0.00 (1,887.75) (2,819.98)
7,500.00 0.00 0.00 0.00 (2,200.00) (4,000.00)
11,934.67 (33.72) (2,915.16) 0.00 (1,887.75) (2,819.98)
7,500.00 0.00 0.00 0.00 (2,200.00) (4,000.00)
(4,434.67) 33.72 2,915.16 0.00 (312.25) (1,180.02)
106,000.00 0.00 0.00 0.00 (26,400.00) (50,500.00)
1,507.80 1,112.02 0.00 17,811.06
1,700.00 1,100.00 0.00 10,900.00
1,507.80 1,112.02 0.00 17,811.06
1,700.00 1,100.00 0.00 10,900.00
192.20 (12.02) 0.00 (6,911.06)
20,400.00 9,820.00 0.00 128,040.00
0.00 0.00 1,706.00 0.00 26.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,732.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 1,706.00 0.00 26.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,732.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 (1,706.00) 0.00 (26.00) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (1,732.00)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
27,200.00
27,200.00
27,200.00
27,200.00
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
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
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 Property Taxes
2,424.65 costs not utilized, as we have an employee inhouse. This offsets the negative variance in salaries. 450.00 566.50 391.00 500.00 100.00 (85.00) 100.00 228.56 4,675.71 615.15 (154.21) (204.50) 150.00 100.00 330.82 0.00 20.95 (100.32) 150.00 100.00 (180.56) 0.00 983.60 reversal of prior accruals for fire monitoring fees 0.00 0.00 0.00 1,810.93 savings throughout the categories as we are fully staffed and doing most work in house
79.06 0.00 0.00 550.00 0.00 0.00 0.00 0.00 0.00 (825.49) 50.00 0.00 0.00 (63.95) 0.00 0.00 (210.38) (1,924.70) higher vacancy results in our costs increasing to pay for those units 0.00 (2,188.48) gas costs have increased and higher than budgeted (4,434.67) 33.72 2,915.16 0.00 (312.25) (1,180.02) negative variance is a function of occupancy being below budget 192.20 (12.02) 0.00 (6,911.06) 0.00 0.00 (1,706.00) evictions filed in December. 0.00 (26.00) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (1,732.00) 0.00
0.00
326,400.00
Franchise Tax Insurance Tax Consultants MIP Total Taxes & Insurance Total Operating Expenses NET OPERATING INCOME
0.00 6,977.86 0.00 0.00 34,177.86 119,754.61 127,190.07
0.00 6,691.00 0.00 0.00 33,891.00 101,668.00 147,273.00
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
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
1,510.50 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,510.50
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 Refrigerators Dishwashers & Ranges Washers / Dryers Fire Alarm Replacement Other Capital Improvements Boiler Replacement Roof Replacement Total Capital Expenses
0.00 3,000.00 0.00 871.33 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3,871.33
0.00 3,000.00 0.00 3,300.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 6,300.00
0.00 0.00 0.00 (71,445.10)
0.00 0.00 0.00 (52,281.00)
66,279.82 (5,165.28)
0.00 (52,281.00)
Mortgage Interest Loan Fees Interest Expense Interest Expense Total Debt Service
Casualty Losses Casualty Recovery Total Casualty Loss NET INCOME (LOSS) Rental Guarantee
0.00 (286.86) 0.00 0.00 (286.86) (18,086.61) (20,082.93)
0.00 6,977.86 0.00 0.00 34,177.86 119,754.61 127,190.07
0.00 6,691.00 0.00 0.00 33,891.00 101,668.00 147,273.00
0.33 0.33 0.00 0.66
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
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
1,510.50 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,510.50
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 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (1,510.50)
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 0.00 871.33 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3,871.33
0.00 3,000.00 0.00 3,300.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 6,300.00
0.00 0.00 0.00 2,428.67 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,428.67
0.00 0.00 0.00 63,800.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 63,800.00
0.00 0.00 0.00 (19,164.10)
0.00 0.00 0.00 (71,445.10)
0.00 0.00 0.00 (52,281.00)
0.00 0.00 0.00 (19,164.10)
0.00 0.00 0.00 (638,421.00)
66,279.82 47,115.72
66,279.82 (5,165.28)
0.00 (52,281.00)
66,279.82 47,115.72
0.00 (638,421.00)
(1,510.50) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (1,510.50) 0.00 0.00 0.00 2,428.67 One carpet replacement 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,428.67
0.00 (286.86) 0.00 0.00 (286.86) (18,086.61) (20,082.93)
0.00 80,292.00 0.00 0.00 406,692.00 1,296,973.00 1,744,427.00
USA Courtney Downs LeaseCo, LLC Cash Flow (Actual + Budget) Books = Accrual For the 12 Months Ending Dec 2006 Jan 2006 Actual
Account
Feb 2006 Reforecast
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
355,390 (35,345) (86,298) (6,085) 227,662
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
4,304,085 (405,502) (1,038,365) (72,328) 2,787,890
12,585.04 (1,185.68) (3,036.16) (211.48) 8,151.72
13.72 (1.29) (3.31) (0.23) 8.88
Other Income Total Revenue
26,619 246,945
20,445 248,107
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
251,514 3,039,404
735.42 8,887.15
0.80 9.69
31,314 4,125 10,172 2,824 484 2,095 15,018 17,811 1,732 34,178
24,299 3,030 5,860 7,500 2,295 2,395 14,774 10,900 0 33,891
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
321,463 40,100 80,217 92,524 40,329 50,645 184,468 175,791 1,732 406,979
939.95 117.25 234.55 270.54 117.92 148.09 539.38 514.01 5.06 1,190.00
1.02 0.13 0.26 0.29 0.13 0.16 0.59 0.56 0.01 1.30
Total Operating Exp. Net Operating Income
119,755 127,190
104,944 143,163
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
1,394,250 1,645,154
4,076.75 4,810.39
4.44 5.24
Rent Expense Partnership Expense Capital Expense
193,253 1,511 3,871
193,254 0 3,300
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 1,511 64,371
6,780.84 4.42 188.22
7.39 0.00 0.21
Cash Flow Frm Operations
(71,445)
(53,391)
(55,083)
(61,908)
(65,834)
(71,554)
(58,864)
(57,234)
(60,356)
(69,420)
(51,473)
(63,213)
(739,775)
(2,163.09)
(2.36)
66,280
58,055
56,893
43,716
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)
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 7,175
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)
792 9,672 372 (72,000)
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)
(7,125)
(7,125)
(7,125)
7,175
(7,125)
(7,125)
(7,125)
19,275
(7,125)
(7,125)
(7,125)
(61,164)
Accounts Payable Accrued Expenses Other Payables Notess Payable
(5,209) 34,702 1,398 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 0
0 0 0 0
(5,209) 34,702 1,398 0
Cash Increase (Decreae) From Liab.
30,890
0
0
0
0
0
0
0
0
0
0
0
30,890
NET CASH FLOW CUMM. NET CASH FLOW
2,236 29,014
(2,461) 26,553
(5,315) 21,238
(25,317) (4,079)
(58,659) (62,738)
(78,679) (141,417)
(65,989) (207,406)
(9,849) (217,255)
18,950 (198,305)
(16,980) (215,285)
554 (214,731)
(53,596) (268,327)
(295,105)
$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
C47:
administrator: replacement reserve
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 January-06 LEASING & OCCUPANCY NUMBER OF MOVE INS: NUMBER OF MOVE OUTS: NET FOR THE MONTH:
6 9 -3
OCCUPIED/LEASED %:
86.8% /90.3%
SOURCE OF TRAFFIC: APTGUIDE.COM APARTMENT GUIDE YELLOW PAGES OTHER. NET FOR RENT RENT.NET LIVES IN AREA RESIDENT REFERRAL LOCATORS RENT.COM WALK-IN SINAGE WORD OF MOUTH TOTALS CLOSING RATIO:
INCOME THIS MONTH: INCOME LAST MONTH: DIFFERENCE:
$246,945.00 $251,060.18 -$4,115.18
TOTAL # GARAGES # GARAGES OCCUPIED GARAGES OCCUPIED %;
120 116 97%
REASONS WHY PROSPECTS DID NOT LEASE: Traffic 0 5 0 5 0 5 13 7 1 1 0 6 1
Leased 0 0 0 3 0 1 4 5 1 0 0 1 1
44
16
* * * * * * * * * * * * * *
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 * Staff canvassed local shopping and business office with flyers and price sheets. * Updated all locators with new move in specials and price sheets. * Dropped off all brochures and price sheets to surrounding realtors. * For Rent - 1 page color ad with feature listing on the Internet and Rentals.com, Rentnet.com & Rent.com * We are working with Apartment Guide to get a direct mailer for Coyote Ranch apartments. * * *
OVERVIEW OF COMPARABLE PROPERTIES: Due to Occupancy dropping we were forced to drop prices on select units from 1-4 months off.
0 1 2 0 0 0 2 0 12 0 0 5 6 0 28
RESIDENT RETENTION: We had five renewals averaging $50.00. We are negoitating with all residents for the next couple months to maintain occupancy.
INCIDENTS ON THE PROPERTY: N/A
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 27 4 11 5 45 0 12 14 118
Number of: 11 5 6 118 0 27 4 11 5 45 0 12 14 118 0 0
CAPITAL IMPROVEMENTS IN PROGRESS: N/A in progress. PROBLEM AREAS NEEDING ATTENTION OR MONEY TO REPAIR:
Problem areas CURRENT STAFF: Manager Assistant Manager Leasing Consultant Leasing Consultant Maintenance Supervisor Assistant Maintenance Maintenance/ Grounds
Nancy Howland Beth McCall Wendy Gillan Marcia Tucker Gabriel Tellez Russell Briley Jorge Chavez and Jorge Bernal
ACCOMPLISHMENTS FOR THE MONTH: Did Bi-yearly filter change in all units. Putting together locator luncheon. Crime free training for staff at sheriff's dept. Took bids for summer landscaping.
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 3 0 0 0 0 0 10 0 0
rtney Downs Apartments January-06
Apt. #
12311, 6303, 10303.
6205-1, 7111-2, 16108-2, 19207-2, 13307-1, 10311-1, 12311-1
Courtney Downs RENTAL SCHEDULE
January-06
UNIT TYPE A1 A1V A2 B1 B1V C C1 C1V CV D DV E EV TOTAL
1BR 1BR 1BR 2BR 2BR 2BR 2BR 2BR 2BR 2BR 2BR 3BR 3BR
#UNITS 40 32 18 24 32 42 44 22 24 16 20 24 4 342
SIZE 704 704 910 808 808 977 1,030 1,030 977 1,030 1,030 1,140 1,140 917
TOTAL S/F 28,160 22,528 16,380 19,392 25,856 41,034 45,320 22,660 23,448 16,480 20,600 27,360 4,560
MKT RENT PER UNIT 830 860 935 895 925 1130 1150 1180 1150 1150 1180 1245 1255
313,778
$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* 775.00 775.00 825.00 795.00 795.00 799.00 850.00 850.00 799.00 850.00 850.00 1,035.00 1,035.00
CONCESSION PER UNIT 55.00 55.00 110.00 100.00 130.00 331.00 300.00 330.00 351.00 300.00 330.00 210.00 220.00
$847 * Net of Concessions
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 $31,000 $14,850 $19,080 $25,440 $33,558 $37,400 $18,700 $19,176 $13,600 $17,000 $24,840 $4,140
0.92
$289,784
EFFECTIVE PER S/F
Vacants
Vacants Leased
Notice
Notice Leased
7 0 4 5 0 6 5 0 0 6 0 0 0
3 0 1 0 0 1 2 0 0 0 0 4 0
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
33
11
1
8
Net Available 4 0 3 2 0 2 1 0 0 5 0 3 0 20
MARKET SURVEY Courtney Downs January-06 Apartment Name
Courtney Downs
Brookside Village
Carriage Place
Coyote Ranch
Windsor @ Meridian
Address Phone Location # of units Age of Property Application Fee Credit Card Pets Allowed Pet Deposit Sec. Deposit W/D included Covered Parking Garage Cable Tennis Courts # of pools Weight Room Jacuzzi Ceiling Fans Microwaves Mini Blinds FF Freezer Icemakers Fireplaces Access Gates Alarm in Unit Door to Door Aerobics/Kick Box Movie Room Computer Library Indoor Basketball Water Charge
15849 E. Jamison Dr 720-870-6114 Englewood, Co 342 3 $50.00 yes yes 300 n/r 300-1500 Yes no Detached Yes no 1 yes yes yes yes yes yes yes yes no Prewired no no no yes no yes
5400 S Park Terrace 303-220-7086 Greenwood Village, Co 304 7 $30.00 yes yes. 225-375 300-400 yes no yes yes no 1 yes yes yes yes yes yes no yes no no yes no yes yes no yes
4900 S Ulster 303-740-7011 Denver, Co 80237 331 7 $40.00 yes yes 350-500 275 yes no yes yes yes 2 yes 2 yes yes yes yes yes yes yes yes no no yes yes no yes
16363 E Freemont Ave 303-693-8787 Aurora, Co 507 3 $35.00 yes yes 400-500 275-325 yes yes yes yes no 1 yes 1 yes yes yes yes yes no yes no no no yes yes no no
9875 Jefferson Pkwy 303-256-7700 Englewood, Co 80112 653 6 $40.00 yes yes 150-300 300 Only In Select Units yes yes yes no 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
Pinnacle @ the Creek Greenbriar @ Saddle Rock
6107 S Parker Rd 303-766-2500 Centennial, Co 216 3 $35.00 yes yes 200-300 100 Only Select Units yes yes yes no 1 yes 1 yes yes yes yes yes yes no yes no no yes yes no yes
22159 E Ontario Dr 303-617-6600 Aurora, Co 250 3 $35.00 yes yes 400 250-400 no yes yes yes no 1 yes 1 yes yes yes yes yes yes no no no no no yes no yes
Dove Valley
7550 S Blackhawk 303-362-2000 Englewood, Co 80112 312 4 $35.00 yes yes 300-500 199 no yes yes yes yes 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
Cherrywood Village
16950 E Carlson Dr 303-805-7220 Parker, Co 80134 380 3 $35.00 yes yes 400 99 no yes yes yes yes 2 yes 2 yes yes yes yes yes yes yes no no no yes yes no yes
Reserve @ South Creek
15611 E Jamison Dr 303-680-6696 Englewood, Co 80112 168 4 $40.00 yes yes 300-600 225-375 no yes yes yes yes 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
MARKET SURVEY Courtney Downs January-06
(Concessions reduced rates) PROPERTY:
Courtney Downs Apt PRICE
Efficiency Efficiency 1B1B (A) 1B1B (B) 1B1B w/study 1B 1B 1B w/loft 1B1B w/study 2B2B (E) 2B2B (F) 2B2B (G) 2B2B (H) 2B2B 2B w/study 2B2B TH 2B2B TH 3B2B 3B2B
SIZE
Brookside Village
PSF
PRICE
SIZE
850 975
Carriage Place
PSF
812 815
PRICE
1.05 1.20
SIZE
1030 1065
776 785
Windsor at Meridian
Coyte Ranch
PSF
PRICE
1.33 1.36
SIZE
855 955
PSF
779 853
PRICE
1.10 1.12
SIZE
Pinnacle @ the CreekGreenbriar@Saddle Rock
PSF
PRICE
SIZE
PSF
PRICE
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
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
1.13
930
995
1120
1230
% occ /leased 87% 91% 94% 94% 96% 94% 92% 94% 0 0% 88% Avg PSF 1 1.11 1.07 1.21 1.06 1.00 Avg Rents 1046 1144 1288 1114 994 808 Units(Total / Avail) 342 39 304 9 331 9 507 26 653 216 18 Rates Special: 1-4 months off selectedSpecial: units. 1-3 months off selected Special: units. 1 to 2 months off market. Special: 1-4 months off market. Sepcial:None Special: No specials reflect these rates:$625 1/1 $725 2/2 $985 3/2 $900-1/1 $990-2/2 $1650-3/2 $797-1/1 $1011-2/2 $680-1/1 $815-2/2 $685 1/1 $805 2/2 $1310 3/2$670-1/1 specials: $1225-3/2 special were pulled off the internet $765-2/2 $1022-3/2 $77 off 1/1 $353 off 2/2 due to property will not give info. Ren: $25 to $50 increase
Ren: Free carpet cleans withRen.: renewal. Corporate sets all renewal Ren.:prices. Increase +25 to +50 Ren: Info not avail per corporate Ren:Per corporate
0.87
89% 0.89
Dove Valley
SIZE
785 880
PSF
707 853
PRICE
1.11 1.03
SIZE
795 825
PSF
768 842
PRICE
1.04 0.98
Cherrywood Village SIZE PSF
850
707
PRICE
Reserve@South Creek SIZE PSF
1.20
795
763
1.04
995
1037
0.96
1195
1257
0.95
1075
1033
1.04
1040
1115
0.93
1110
1033
1.07
1195
1093
1.09
1090
12220
0.09
1190
1093
1.09
1425
1235
1.15
1270
1356
0.94
1375
1235
1.11
92% 95% 975 95% 91 93% 93 97% 1.09 0.80 1.12 0.98 1072 1004 1131 995 292 30 312 27 360 48 0 168 5 Special: $300 off 1st mo rentSpecial:1-3 Months free off of Special: Market3 Months off of market Special: Look and lease is $125 off select units. $585-1/1 $850-2/2 $650-1/1 $860-2/2 $626 1/1 $800 2/2 $1275 3/2$750 2/2 $925 3/2 $1275-3/2 $1050-3/2 $150-$200 off 1/1 $200-$225 off 2/2 $300 off 3/2 Look and lease $250 off 1st full month Ren: $20 to $40 icrease pending Ren: month $80 increas renewal for 13 month Ren: lease Average $15 to $20 increase. Ren: Increase is $10-$25