Courtney Downs July 06
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USA Courtney Downs LeaseCo, LLC Budget Comparison Books = Accrual For the period ending July 31, 2006 MTD Actual
MTD Budget
355,720.00
356,985.00
1,020.00
0.00
356,740.00 0.00 13.00 (24,375.41)
356,985.00 0.00 0.00 (21,419.00)
(434.57)
(2,000.00)
Corporate Discount Delinquent Rent Adjustments & W/O
0.00 0.00 (4,763.88)
0.00 0.00 (500.00)
Model Units Courtesy Officer Apt.
(1,980.00) 0.00
(1,980.00) (575.00)
(1,780.80) 0.00 0.00 (83,133.20)
(1,900.00) 0.00 (1,130.00) (87,436.00)
0.00 0.00 0.00 0.00 $240,285.14
0.00 0.00 0.00 0.00 $240,045.00
0.00 152.90 0.00 3,163.00
0.00 68.00 0.00 2,300.00
Month to Month Premium Storage Fees
155.00 649.68
300.00 1,300.00
Repair & Maintenance Fees Application Fees Termination Fees & Damages
0.00 970.00 625.00
0.00 1,000.00 1,033.00
Miscellaneous Income Renters Insurance Interest Income Pet Rents & Fees
279.54 0.00 0.00 2,957.87
500.00 0.00 0.00 900.00
Tower Rent Asset Management Fee Parking Spaces Income Homeowners Assessments Garage Income
0.00 0.00 0.00 0.00 5,987.70
0.00 0.00 0.00 0.00 8,700.00
Water/Sewer Income Cable/Telephone Income HOA Contributions Developer Developer HOA Dues Forfeited Deposits Developer Contributions Interest Income Other Thunder Income Administration Fee Move-Out Charges
0.00 1,006.00 0.00 0.00 150.00 0.00 0.00 0.00 1,851.00 2,026.18
0.00 1,000.00 0.00 0.00 190.00 0.00 0.00 0.00 2,000.00 929.00
505.00
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 20,478.87
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 20,445.00
$260,764.01
$260,490.00
Account Revenue Market Rent Loss / Gain to Lease
Gross Potential Rent Prepaid Homeowners Dues Residential Rent Vacancy Loss Upfront Rent Concessions
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 Laundry Income Vending Income Covered Parking Income Late Charges & NSF Fees
Short Term Lease Fees
Extra-Ordinary Income Corporate Rent Corporate Units - expense Deferred Revenue HOA Developer Contributions Acquisition Fees Income - Rental Income - C.A.M. Income - Insurance Income - Taxes Income - Interest Income - Other Income - Condo Sales Total Other Income Total Revenue Expense
$ Variance MTD Variance Comment
YTD Actual
YTD Budget
Annual Budget
2,490,040.00
2,492,515.00
(2,475.00)
4,302,534.00
Filter 0.01 9,994,054.00
(1,440.00)
0.00
(1,440.00)
0.00
(840.00)
2,488,600.00 0.00 (18.00) (222,591.99)
2,492,515.00 0.00 0.00 (212,849.00)
(3,915.00) 0.00 (18.00) (9,742.99)
4,302,534.00 0.00 0.00 (390,390.00)
9,993,214.00 0.00 (10.00) (884,324.80)
(105,908.03)
(14,000.00)
(91,908.03)
(24,000.00)
(236,685.20)
0.00 0.00 (14,898.90)
0.00 0.00 (3,500.00)
0.00 0.00 (11,398.90)
0.00 0.00 (6,000.00)
0.00 0.00 (45,325.56)
(13,860.00) (1,725.00)
(13,860.00) (4,025.00)
0.00 2,300.00
(23,760.00) (6,900.00)
(55,440.00) (10,350.00)
(12,465.60) 0.00 0.00 (493,637.10)
(13,300.00) 0.00 (7,910.00) (596,968.00)
834.40 0.00 7,910.00 103,330.90
(22,800.00) 0.00 (13,560.00) (1,019,064.00)
(51,292.80) 0.00 (13,560.00) (2,172,604.60)
0.00 0.00 0.00 0.00 $1,623,495.38
0.00 0.00 0.00 0.00 $1,626,103.00
0.00 0.00 0.00 0.00 $(2,607.62)
0.00 0.00 0.00 0.00 $2,796,060.00
0.00 84.90 0.00 863.00 Aggressive rental collections. (145.00) (650.32) Fewer rentals than anticipated. 0.00 (30.00) (408.00) Less bad debt at move out. (220.46) 0.00 0.00 2,057.87 More pets on site than anticipated. We take all sizes but breed restricted. 0.00 0.00 0.00 0.00 (2,712.30) Garage occupancy is 98%, some were given free as a move in incentive. 0.00 6.00 0.00 0.00 (40.00) 0.00 0.00 0.00 (149.00) 1,097.18 Increase in damages at move out. There was 23 move outs this month.
0.00 221.20 0.00 11,886.45
0.00 476.00 0.00 16,100.00
0.00 (254.80) 0.00 (4,213.55)
0.00 816.00 0.00 27,600.00
0.00 0.00 0.00 0.00 6,523,621.04 0.01 0.00 1,564.20 0.00 57,698.90
1,202.23 6,575.22
2,100.00 9,100.00
(897.77) (2,524.78)
3,600.00 15,600.00
6,314.46 30,049.80
0.00 7,315.00 13,547.86
0.00 7,000.00 7,231.00
0.00 315.00 6,316.86
0.00 12,000.00 12,396.00
0.00 28,570.00 40,741.72
9,059.83 0.00 0.00 17,290.48
3,500.00 0.00 0.00 6,300.00
5,559.83 0.00 0.00 10,990.48
6,000.00 0.00 0.00 10,800.00
24,678.74 0.00 0.00 51,296.70
0.00 0.00 0.00 0.00 45,306.98
0.00 0.00 0.00 0.00 60,900.00
0.00 0.00 0.00 0.00 (15,593.02)
0.00 0.00 0.00 0.00 104,400.00
0.00 0.00 0.00 0.00 206,989.36
0.00 7,042.00 0.00 0.00 150.00 0.00 0.00 0.00 22,815.00 28,384.32
0.00 7,000.00 0.00 0.00 1,330.00 0.00 0.00 0.00 14,000.00 6,503.00
0.00 42.00 0.00 0.00 (1,180.00) 0.00 0.00 0.00 8,815.00 21,881.32
0.00 12,000.00 0.00 0.00 2,280.00 0.00 0.00 0.00 24,000.00 11,148.00
0.00 28,096.00 0.00 0.00 2,880.00 0.00 0.00 0.00 73,332.00 71,969.00
280.00 Positive due to folks buying homes do not want to renew at this time. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 33.87
1,833.15
1,575.00
258.15
2,700.00
7,376.30
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 172,629.72
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 143,115.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 29,514.72
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 245,340.00
$1,796,125.10
$1,769,218.00
$26,907.10
$3,041,400.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 631,557.18 0.01 7,155,178.22 0.01 0.01
(1,265.00) Due to market we can not increase rents at this time. 1,020.00 Some units residents are paying more than market rent. Will adjust for August. (245.00) 0.00 13.00 (2,956.41) Variance due to actual occupancy of 92% verses 94% budgeted. 1,565.43 Positive variance due to reduced upfront concessions. 0.00 0.00 (4,263.88) Correction made due to move out charges being incorrectly posted. 0.00 575.00 No courtesy officer at this time. 119.20 0.00 1,130.00 No rentals this month. 4,302.80 We have been reducing the prorated concessions on select units. Average concession is $265 per unit. 0.00 0.00 0.00 0.00 $240.14
$274.01
$ Variance
YTD Variance Comment
Managers Salary
8,370.94
9,545.00
0.00 14,312.58
0.00 6,660.00
Salary - Administrative Commissions & Bonus
0.00 4,039.90
0.00 3,500.00
Payroll Taxes
2,105.22
1,576.00
Group Insurance Disability Insurance 401k Match Contract Labor
1,349.00 0.00 0.00 1,017.97
1,442.00 0.00 0.00 0.00
1,617.01 32,812.62
1,576.00 24,299.00
Office Operations & Supplies
1,219.25
600.00
Telephones Answering Svc. & Pagers Postage & Delivery Patrol Services Membership Dues Publications & Subscriptions Conventions/Seminars Employee Training Furniture Rental Car Expenses Permits & Fees Credit Checks
835.86 69.00 103.95 0.00 0.00 0.00 0.00 95.00 0.00 0.00 0.00 0.00
1,080.00 100.00 200.00 0.00 0.00 345.00 0.00 100.00 0.00 200.00 0.00 750.00
Guest Suite Expense
1,720.76
0.00
Parking Cost Total Operating Expense
0.00 4,043.82
0.00 3,375.00
Advertising & Promotions
4,815.29
3,452.00
Resident Promotions
1,819.46
2,500.00
Locators
1,676.50
1,033.00
1,000.00 9,311.25
900.00 7,885.00
282.45
3,000.00
2,790.00 605.00
3,000.00 1,500.00
0.00 0.00
200.00 500.00
0.00 450.00 0.00 191.91 4,319.36
100.00 100.00 100.00 300.00 8,800.00
General Maintenance & Supplies HVAC Parts & Repairs Plumbing Parts & Repairs Electric Parts & Repairs Roof & Gutter Repairs Pools & Fountains
930.13 0.00 85.40 0.00 0.00 655.01
800.00 150.00 75.00 150.00 100.00 1,400.00
Gates & Entrances Glass & Screens
0.00 855.08
0.00 50.00
Appliance Parts & Repairs Hardware Exterior Painting Uniforms Elevator Service & Repairs Security & Fire Systems
120.52 0.00 0.00 1,300.00 0.00 806.66
75.00 150.00 100.00 1,300.00 0.00 295.00
Uninsured Losses Locks & Keys Bulbs & Ballasts Total Maintenance Expense
0.00 0.00 0.00 4,752.80
0.00 0.00 0.00 4,645.00
Landscape & Grounds
2,990.51
2,745.00
Trash Removal Pest Control Security Patrols Window Cleaning Svc. Interior Cleaning Svc.
535.90 75.00 0.00 0.00 0.00
775.00 75.00 0.00 0.00 0.00
Salaries Maintenance Salary
Workers Comp Total Salary Expense
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
1,174.06 Fewer staff members at this time. Interviewing for replacements. 0.00 (7,652.58) We are over in maintenance payroll due to additional porter position that was not budgeted, this is offset in make ready expense. 0.00 (539.90) Higher number of renewal bonuses paid in July. (529.22) Payroll tax percentage based on gross. 93.00 0.00 0.00 (1,017.97) Temporary office help needed to assist in the office due to open position. (41.01) (8,513.62)
61,285.18
71,586.00
10,300.82
124,082.00
286,344.00
0.00 74,564.94
0.00 49,951.00
0.00 (24,613.94)
0.00 86,582.00
0.00 199,804.00
0.00 25,215.10
0.00 24,500.00
0.00 (715.10)
0.00 42,000.00
0.00 98,000.00
12,938.45
11,681.00
(1,257.45)
20,210.00
46,724.00
10,469.00 0.00 0.00 11,165.31
10,094.00 0.00 0.00 0.00
(375.00) 0.00 0.00 (11,165.31)
17,304.00 0.00 0.00 0.00
40,376.00 0.00 0.00 0.00
15,874.11 211,512.09
11,681.00 179,493.00
(4,193.11) (32,019.09)
20,210.00 310,388.00
7,251.77
4,200.00
(3,051.77)
7,200.00
46,724.00 717,972.00 0.01 16,800.00
6,681.50 680.57 1,114.84 0.00 0.00 142.00 0.00 1,560.75 0.00 16.20 0.00 2,676.11
7,560.00 700.00 1,400.00 0.00 0.00 345.00 0.00 1,700.00 0.00 1,400.00 0.00 5,250.00
878.50 19.43 285.16 0.00 0.00 203.00 0.00 139.25 0.00 1,383.80 0.00 2,573.89
12,960.00 1,200.00 2,400.00 0.00 0.00 1,645.00 0.00 2,200.00 0.00 2,400.00 0.00 9,000.00
30,240.00 2,800.00 5,600.00 0.00 0.00 3,025.00 0.00 5,800.00 0.00 5,600.00 0.00 21,000.00
1,720.76
0.00
(1,720.76)
0.00
0.00
0.00 21,844.50
0.00 22,555.00
0.00 710.50
0.00 39,005.00
(1,363.29) Variance due to For Rent Ad not budgeted. 680.54 Spent less than budgeted. (643.50) Reflects four locator fees paid. Average 50% fee. (100.00) (1,426.25)
33,471.12
25,149.00
(8,322.12)
42,409.00
0.00 90,865.00 0.01 99,611.00
6,241.79
6,375.00
133.21
10,300.00
28,050.00
13,585.25
7,231.00
(6,354.25)
12,396.00
28,924.00
9,500.00 62,798.16
6,300.00 45,055.00
(3,200.00) (17,743.16)
10,800.00 75,905.00
2,717.55 Positive variance due to maintenance staff doing all paints in house instead of outside contracting. 210.00 895.00 More carpets needed replacing this month than cleans. 200.00 500.00 No need to replace any at this time. 100.00 (350.00) 100.00 108.09 4,480.64
3,579.64
19,500.00
15,920.36
33,200.00
25,200.00 181,785.00 0.01 78,200.00
14,785.00 11,152.13
19,500.00 9,300.00
4,715.00 (1,852.13)
32,500.00 15,900.00
77,500.00 37,500.00
693.09 0.00
1,400.00 3,500.00
706.91 3,500.00
2,400.00 6,000.00
5,600.00 14,000.00
54.31 635.00 218.86 620.45 31,738.48
700.00 700.00 700.00 2,100.00 57,400.00
645.69 65.00 481.14 1,479.55 25,661.52
1,200.00 1,200.00 1,200.00 3,600.00 97,200.00
2,800.00 2,800.00 2,800.00 8,400.00 229,600.00
4,300.35 532.98 870.03 1,042.92 0.00 2,978.83
5,400.00 1,050.00 525.00 1,050.00 700.00 3,800.00
1,099.65 517.02 (345.03) 7.08 700.00 821.17
9,200.00 1,800.00 4,200.00 1,800.00 1,200.00 5,800.00
21,600.00 4,200.00 5,400.00 4,200.00 2,800.00 16,200.00
0.00 1,418.51
0.00 350.00
0.00 (1,068.51)
0.00 600.00
0.00 1,400.00
1,227.75 423.99 90.11 1,455.56 0.00 1,353.31
525.00 1,050.00 700.00 2,100.00 0.00 2,065.00
(702.75) 626.01 609.89 644.44 0.00 711.69
900.00 1,800.00 1,200.00 2,100.00 0.00 11,540.00
2,100.00 4,200.00 2,800.00 8,900.00 0.00 16,260.00
0.00 0.00 0.00 15,694.34
0.00 0.00 0.00 19,315.00
0.00 0.00 0.00 3,620.66
0.00 0.00 0.00 42,140.00
16,519.03
18,225.00
1,705.97
32,205.00
0.00 0.00 0.00 90,060.00 0.01 74,145.00
3,508.82 525.00 0.00 0.00 0.00
6,175.00 525.00 0.00 0.00 0.00
2,666.18 0.00 0.00 0.00 0.00
10,050.00 900.00 0.00 0.00 0.00
23,950.00 2,100.00 0.00 0.00 0.00
(619.25) Toner and repair of business center copier. Includes re-stock of bussiness cards. 244.14 31.00 96.05 0.00 0.00 345.00 0.00 5.00 0.00 200.00 0.00 750.00 Monthly invoice was not received prior to ACME. (1,720.76) Reflects coat to set up the quest suite. Includes two months furniture rental. 0.00 (668.82)
(130.13) 150.00 (10.40) 150.00 100.00 744.99 Due to needing less chemicals in the pool and fountain. 0.00 (805.08) Overage due to replacement of windows in the clubhouse damaged by vandalism. (45.52) 150.00 100.00 0.00 0.00 (511.66) Includes replacement of damaged fire extinquishers. 0.00 0.00 0.00 (107.80) (245.51) Variance due to cost to replace main ID color to improve curb appeal. 239.10 0.00 0.00 0.00 0.00
Cable Television Snow Removal Total Service Expense
0.00 0.00 3,601.41
45.00 0.00 3,640.00
45.00 0.00 38.59
0.00 (522.13) 20,030.72
315.00 4,500.00 29,740.00
315.00 5,022.13 9,709.28
540.00 8,000.00 51,695.00
1,260.00 17,000.00 118,455.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
11,015.77
10,420.00
74,018.61
70,770.00
(3,248.61)
121,658.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 284,038.00
1,000.00 3,250.00 697.80 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,181.25
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 1,400.00
7,000.00 22,750.00 9,867.70 0.00 0.00 (104.00) 0.00 0.00 825.49 332.58 0.00 0.00 2,465.01
7,000.00 22,750.00 3,850.00 0.00 0.00 0.00 0.00 0.00 500.00 350.00 0.00 0.00 1,400.00
0.00 0.00 (6,017.70) 0.00 0.00 104.00 0.00 0.00 (325.49) 17.42 0.00 0.00 (1,065.01)
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
28,000.00 91,000.00 15,400.00 0.00 0.00 0.00 0.00 0.00 2,000.00 3,400.00 0.00 0.00 7,000.00
0.00 0.00 18,144.82
0.00 0.00 16,670.00
0.00 0.00 117,155.39
0.00 0.00 106,620.00
0.00 0.00 (10,535.39)
0.00 0.00 184,258.00
Electricity
3,378.20
2,800.00
23,839.31
19,600.00
(4,239.31)
33,600.00
0.00 0.00 430,838.00 0.01 78,400.00
Electricity Gas - Resident Natural Gas
0.00 1,189.28
0.00 1,800.00
0.00 18,563.31
0.00 20,460.00
0.00 1,896.69
0.00 35,120.00
0.00 79,640.00
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
9,391.72
10,000.00
(5,455.29) 6,184.61 0.00 (2,557.00) 0.00 1,473.09 341.22 0.00 13,945.83
(4,500.00) 6,290.00 0.00 (2,200.00) 0.00 1,700.00 405.00 0.00 16,295.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 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
27,619.00
27,200.00
Franchise Tax Insurance
0.00 7,120.90
0.00 6,691.00
Tax Consultants MIP Total Taxes & Insurance Total Operating Expenses NET OPERATING INCOME
0.00 0.00 34,739.90 125,671.81 135,092.20
0.00 0.00 33,891.00 119,500.00 140,990.00
Base Rent Stated Rent Office Rent Total Rent Expense
106,586.67 86,666.67 0.00 193,253.34
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
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
Exterior Rehab Interior Rehab HVAC Replacement Carpet & Floor Replacement Refrigerators Dishwashers & Ranges
(595.77) Based on % of collections. 0.00 0.00 (147.80) 0.00 0.00 0.00 0.00 0.00 0.00 50.00 0.00 0.00 (781.25) Cost for YARDI license fee. 0.00 0.00 (1,474.82) (578.20) Includes all common areas. 0.00 610.72 We have turned down the gas at the pool due to the extreme summer heat, which has resulted in savings. 608.28 Based on billing from Arapahoe County. 955.29 105.39 0.00 357.00 0.00 226.91 63.78 0.00 2,349.17
63,112.32
63,000.00
(112.32)
106,000.00
252,000.00
(30,077.82) 2,097.29 0.00 (13,952.99) 0.00 7,261.95 4,850.43 0.00 75,693.80
(30,000.00) 21,970.00 0.00 (15,400.00) 0.00 11,900.00 6,010.00 0.00 97,540.00
77.82 19,872.71 0.00 (1,447.01) 0.00 4,638.05 1,159.57 0.00 21,846.20
(50,500.00) 40,840.00 0.00 (26,400.00) 0.00 20,400.00 9,820.00 0.00 168,880.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
204,502.26
190,400.00
(14,102.26)
326,400.00
(119,500.00) 97,360.00 0.00 (61,600.00) 0.00 47,600.00 22,650.00 0.00 396,550.00 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 761,600.00
0.00 49,062.04
0.00 46,837.00
0.00 (2,225.04)
0.00 80,292.00
0.00 187,348.00
0.00 0.00 (848.90) (6,171.81) (5,897.80)
700.00 0.00 254,264.30 810,731.78 985,393.32
0.00 0.00 237,237.00 794,955.00 974,263.00
(700.00) 0.00 (17,027.30) (15,776.78) 11,130.32
0.00 0.00 406,692.00 1,376,163.00 1,665,237.00
106,587.00 86,667.00 0.00 193,254.00
0.33 0.33 0.00 0.66
746,106.69 606,666.69 0.00 1,352,773.38
746,109.00 606,669.00 0.00 1,352,778.00
2.31 2.31 0.00 4.62
1,279,044.00 1,040,004.00 0.00 2,319,048.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1,510.50 764.30 305.62 59.04 0.00 0.00 0.00 0.00 0.00 2,639.46
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(1,510.50) (764.30) (305.62) (59.04) 0.00 0.00 0.00 0.00 0.00 (2,639.46)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 2,834.77
0.00 0.00 0.00 6,600.00
0.00 0.00 0.00 38,030.35
0.00 3,000.00 0.00 37,400.00
0.00 3,000.00 0.00 (630.35)
0.00 3,000.00 0.00 63,800.00
0.00 0.00 948,948.00 3,205,073.00 3,906,208.04 0.01 2,984,436.00 2,426,676.00 0.00 5,411,112.00 0.01 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 9,000.00 0.00 151,800.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (419.00) Based on anticipated 2006 taxes. 0.00 (429.90) Pollution policy included.
0.00 0.00 0.00 3,765.23 Replaced three carpets this month. 0.00 0.00
Washers / Dryers Fire Alarm Replacement
236.72 4,658.23
0.00 0.00
0.00 0.00 0.00 7,729.72
0.00 0.00 0.00 6,600.00
Casualty Losses Casualty Recovery Total Casualty Loss NET INCOME (LOSS)
0.00 0.00 0.00 (65,890.86)
0.00 0.00 0.00 (58,864.00)
Rental Guarantee
0.00 (65,890.86)
0.00 (58,864.00)
Other Capital Improvements Boiler Replacement Roof Replacement Total Capital Expenses
(236.72) (4,658.23) Cost to replace fire panels damaged due to lighting storm that occurred 7-30-06. 0.00 0.00 0.00 (1,129.72)
236.72 4,658.23
0.00 0.00
(236.72) (4,658.23)
0.00 0.00
0.00 0.00
0.00 0.00 0.00 42,925.30
0.00 0.00 0.00 40,400.00
0.00 0.00 0.00 (2,525.30)
0.00 0.00 0.00 66,800.00
0.00 0.00 0.00 (7,026.86)
0.00 0.00 0.00 (412,944.82)
0.00 0.00 0.00 (418,915.00)
0.00 0.00 0.00 5,970.18
0.00 0.00 0.00 (720,611.00)
0.00 0.00 0.00 160,800.00 0.01 0.00 0.00 0.00 (1,678,282.36)
0.00 (7,026.86)
224,944.65 (188,000.17)
124,335.14 (294,579.86)
100,609.51 106,579.69
124,335.14 (596,275.86)
574,224.44
USA Courtney Downs LeaseCo, LLC Cash Flow (Actual + Budget) Books = Accrual For the 12 Months Ending Dec 2006 Jan 2006 Actual
Account
Feb 2006 Actual
Mar 2006 Actual
Apr 2006 Actual
May 2006 Actual
Jun 2006 Actual
Jul 2006 Actual
Aug 2006 Reforecast
Sep 2006 Reforecast
Oct 2006 Reforecast
Nov 2006 Reforecast
Dec 2006 Reforecast
12 Month Total
$/ Unit 342
$/ Sq. Ft. 313,778
Revenue Gross Potential Rent - Vacancy - Concessions & Disc. - Other Write-offs & Adj. Total Rental Income
356,941 (50,457) (80,765) (5,393) 220,326
356,261 (41,504) (83,296) (4,621) 226,840
353,425 (32,721) (83,632) (13,129) 223,943
356,370 (25,521) (87,552) (3,761) 239,537
356,790 (27,566) (89,252) (3,761) 236,211
352,042 (20,448) (91,481) (3,761) 236,353
356,753 (24,375) (83,568) (8,525) 240,285
356,985 (28,559) (85,000) (6,085) 237,341
360,554 (32,450) (80,000) (6,085) 242,019
364,160 (36,416) (80,000) (6,085) 241,659
364,160 (40,058) (75,000) (6,085) 243,017
364,160 (40,058) (75,000) (6,085) 243,017
4,298,601 (400,133) (994,545) (73,375) 2,830,548
12,569.01 (1,169.98) (2,908.03) (214.55) 8,276.46
13.70 (1.28) (3.17) (0.23) 9.02
Other Income Total Revenue
26,619 246,945
19,852 246,692
32,398 256,342
25,588 265,125
26,964 263,175
20,730 257,083
20,479 260,764
22,000 259,341
20,445 262,464
20,445 262,104
20,445 263,462
20,445 263,462
276,410 3,106,958
808.22 9,084.67
0.88 9.90
31,314 4,125 10,172 2,824 484 2,095 15,018 17,811 1,732 34,178
27,779 1,829 7,867 1,468 2,348 (1,911) 14,773 10,978 605 39,883
25,751 4,155 8,790 6,877 2,996 750 20,876 5,261 (2,311) 33,892
34,224 2,418 12,875 3,034 938 1,089 15,092 9,118 0 33,962
28,896 3,488 9,217 6,347 1,390 7,856 17,309 8,907 (26) 41,050
30,735 1,785 4,566 6,868 2,786 6,550 15,941 9,673 0 36,561
32,813 4,044 9,311 4,319 4,753 3,601 18,145 13,946 0 34,740
20,239 4,330 5,860 8,700 2,345 3,640 17,049 16,295 0 33,891
24,299 3,030 5,860 8,200 2,295 6,640 15,067 16,655 0 33,891
24,299 3,030 6,385 7,900 13,595 4,640 15,084 16,590 0 37,237
24,299 3,030 5,860 7,500 2,295 4,640 15,469 10,900 0 37,237
37,759 3,030 6,885 7,500 2,295 2,395 14,969 10,900 0 37,237
342,407 38,295 93,648 71,538 38,519 41,986 194,793 147,034 0 433,756
1,001.19 111.97 273.83 209.18 112.63 122.77 569.57 429.92 0.00 1,268.29
1.09 0.12 0.30 0.23 0.12 0.13 0.62 0.47 0.00 1.38
Total Operating Exp. Net Operating Income
119,755 127,190
105,619 141,073
107,036 149,305
112,750 152,375
124,435 138,740
115,464 141,618
125,672 135,092
112,349 146,992
115,937 146,527
128,760 133,345
111,230 152,233
122,970 140,493
1,401,976 1,704,982
4,099.35 4,985.33
4.47 5.43
Rent Expense Partnership Expense Capital Expense
193,253 1,511 3,871
193,253 40 (782)
193,253 324 8,204
193,253 595 6,055
193,253 169 3,698
193,253 0 14,150
193,253 0 7,730
193,254 0 6,600
193,254 0 6,600
193,254 0 6,600
193,254 0 3,300
193,254 0 3,300
2,319,043 2,639 69,325
6,780.83 7.72 202.71
7.39 0.01 0.22
Cash Flow Frm Operations
(71,445)
(51,438)
(52,476)
(47,528)
(58,381)
(65,785)
(65,891)
(52,862)
(53,327)
(66,510)
(44,322)
(56,062)
(686,026)
(2,005.92)
(2.19)
66,280
58,055
58,308
42,302
0
0
0
54,236
55,659
52,536
52,896
34,673
474,945
Balance Sheet Adjustments Cash - Non Operating Accounts Accounts Receivable Prepaid Assets Escrow Deposits
792 9,672 372 (34,325)
(2,230) (940) (275) (34,325)
(4,698) (590) 86 (34,325)
2,407 4,549 156 (34,325)
6,708 (4,100) 1,384 324,584
2,152 (8,512) 280 (30,394)
4,182 14,748 7,106 (30,394)
0 0 0 (2,951)
0 0 0 29,227
0 0 (30,110) (2,951)
0 0 0 (2,951)
0 0 0 (2,951)
9,314 14,826 (21,000) 143,919
Cash Increase (Decreae) From Assets
Operating Expenses Salary Expense Operating Expense Advertising Expense Make Ready Expense Maintenance Expense Service Expense Administrative Expense Utility Expense Management Expense Taxes & Insurance
Rent Guarantee
(23,489)
(37,770)
(39,527)
(27,213)
328,577
(36,473)
(4,358)
(2,951)
29,227
(33,061)
(2,951)
(2,951)
147,060
Accounts Payable Accrued Expenses Other Payables Notess Payable
(5,209) 34,702 1,398 0
4,548 17,279 6,448 (763)
22,679 26,292 1,789 (382)
5,948 32,763 (2,315) (382)
(1,420) (282,521) (5,212) (382)
65,950 115,337 (3,153) (701)
8,685 25,645 (2,593) (382)
(55,000) 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
46,181 (30,504) (3,638) (2,991)
Cash Increase (Decreae) From Liab.
30,890
27,511
50,377
36,014
(289,534)
177,433
31,355
(55,000)
0
0
0
0
9,048
NET CASH FLOW CUMM. NET CASH FLOW
2,236 29,014
(3,642) 25,372
16,682 42,054
3,574 45,628
(19,338) 26,290
75,176 101,466
(38,893) 62,573
(56,577) 5,996
31,559 37,554
(47,034) (9,480)
5,624 (3,856)
(24,339) (28,196)
(54,974)
$700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $$(100,000) $(200,000) $(300,000) Jan 2006
Feb 2006
Mar 2006
Apr 2006
May 2006
NET CASH FLOW
Jun 2006
Jul 2006
Aug 2006
Sep 2006
Oct 2006
Nov 2006
Dec 2006
CUMM. NET CASH FLOW
Units Sq. Ft. ### 384807 bayclub2 castlep cedar congress jackson lee rem ric parkside polo sat sweet trailapt vlgcrest walnut westo wind usacourt usawalcr
160 356 300 257 247 10 428 5 300 440 440 240 280 120 284 12 346 280 284
146,080 384,807 274,080 254,074 221,730 22,160 398,868 24,952 305,832 403,761 548,750 264,892 286,056 108,276 254,103 48,309 433,196 299,111 254,103
K30:
administrator: assume insurance increases by 50%
L30:
administrator: assume insurance increases by 50%
M30:
administrator: assume insurance increases by 50%
K46:
administrator: insurance downpayment
H47:
administrator:
I47:
administrator:
J47:
administrator: replacement reserve
K47:
administrator:
L47:
administrator:
M47:
administrator:
replacement reserve + reduction in tax escrow due to overage replacement reserve + reduction in tax escrow due to overage
replacement reserve + reduction in tax escrow due to overage replacement reserve + reduction in tax escrow due to overage replacement reserve + reduction in tax escrow due to overage
Courtney Downs Apartments July, 2006 LEASING & OCCUPANCY NUMBER OF MOVE INS: NUMBER OF MOVE OUTS: NET FOR THE MONTH:
15 23 -8
OCCUPIED/LEASED %:
89.7%/92.6%
SOURCE OF TRAFFIC:
$260,764.00 $257,082.90 3681.1
TOTAL # GARAGES # GARAGES OCCUPIED GARAGES OCCUPIED %
120 116 97%
REASONS WHY PROSPECTS DID NOT LEASE: Traffic 7 0 0 10 0 0 80 0 5 0 0 0 1
Leased 1 1 0 0 0 0 10 2 1 0 0 0 1
TOTALS
103
16
CLOSING RATIO:
33%
APTGUIDE.COM APARTMENT GUIDE YELLOW PAGES OTHER. NET FOR RENT RENT.NET LIVES IN AREA RESIDENT REFERRAL LOCATORS RENT.COM WALK-IN SIGNAGE WORD OF MOUTH
INCOME THIS MONTH: INCOME LAST MONTH (June): DIFFERENCE:
* * * * * * * * * * * * * *
Job Transfer Too expensive. Future/No Availability/Waiting list Just started looking. Waiting for Home to Sell Current Lease to Expire Needs Ground Floor Moved Elsewhere Will return with roommate or spouse Realtor Looking for Client Undecided Employment pending House sale pending Rented at Competitor TOTALS
MARKETING ACTIVITIES & SOURCES FOR THE MONTH * Updated all Internet ads with current pricing and specials. * Cross marketed with 24 hours fitness. * Cross marketed with Indigo Joe's restaurant. * Met with local realtors and updated with short term leases. * Updated all locators with current prices and specials. * Eight new, bright red and white leasing signs placed on Jamison & Brocos Parkway as well as 12 new flutter flags. * Took local church brochures and price sheet for new members. * Continue to work with Human Resources at First data for all new hires. * Met with Human Resources at King Soopers grocery store with packets for new hires.
OVERVIEW OF COMPARABLE PROPERTIES: We are seeing a slight decline in concession given off per month to new residents. This translates into one bedrooms starting at $619, two bedrooms at $725 and three bedrooms starting at $899.
RESIDENT RETENTION: Renewals for July averaged an increase of $25.92.
INCIDENTS ON THE PROPERTY: On 7/3/06 we experienced storm damage from severe lighting. The stikes hit buildings 6, 12, 16, 18, 19 and the Clubhouse.
10 25 12 18 0 0 0 0 9 0 0 6 7 0 87
On 7/9/06 a drunk driver drove their car into buiding #11 (carriage home) garage. On 7/16/06 an unknown person(s) shot large pellets at the Clubhouse breaking 4 large windows. 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
ROUTINE REPLACEMENTS:
Completed 15 32 10 18 89 0 11 0 175
Number of: 10 7 3 175 0 15 32 10 18 89 0 11 0 175 0
PLUMBING LEAKS
0
CAPITAL IMPROVEMENTS IN PROGRESS: N/A in progress.
PROBLEM AREAS NEEDING ATTENTION: Building 11 Fire room destroyed due to drunk driver, in the process of repair. Windows in club house repaired due to pellet shots. Fire panels repaired due to lighting strike on property. CURRENT STAFF: Manager Assistant Manager Leasing Consultant Leasing Consultant Maintenance Supervisor Assistant Maintenance Maintenance/ Grounds
Nancy Howland Wendy Gillan Carrie McMillan TBH Gabriel Tellez Russell Briley Jorge Chavez and Jorge Bernal
ACCOMPLISHMENTS FOR THE MONTH: Re-sodded buildings 2, 9, 13 and 10. Stepping stones installed on side of business center. Installed new leasing signs and flags on frontage roads.
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 2 0 0 0 0 0 10 0 0
Apt. #
4103 & 9207
15201-2, 9305-1, 12306-1, 19306-1, 16101-2, 7311-1, 4202-2.
Courtney Downs RENTAL SCHEDULE
July 2006
UNIT TYPE A1 A1V A2 B1 B1V C C1 C1V CV D DV E EV TOTAL
1BR 1BR 1BR 2BR 2BR 2BR 2BR 2BR 2BR 2BR 2BR 3BR 3BR
#UNITS
SIZE
40 32 18 24 32 42 44 22 24 16 20 24 4
704 704 910 808 808 977 1,030 1,030 977 1,030 1,030 1,140 1,140
TOTAL S/F 28,160 22,528 16,380 19,392 25,856 41,034 45,320 22,660 23,448 16,480 20,600 27,360 4,560
342
917
313,778
MKT RENT PER UNIT 830 860 935 895 925 1130 1150 1180 1150 1150 1180 1245 1255 $1,044
MKT RENT MONTHLY PER S/F GROSS 1.18 $33,200 1.22 $27,520 1.03 $16,830 1.11 $21,480 1.14 $29,600 1.16 $47,460 1.12 $50,600 1.15 $25,960 1.18 $27,600 1.12 $18,400 1.15 $23,600 1.09 $29,880 1.10 $5,020 $1.14
$357,150
ANNUAL GROSS $398,400 $330,240 $201,960 $257,760 $355,200 $569,520 $607,200 $311,520 $331,200 $220,800 $283,200 $358,560 $60,240 $4,285,800
EFFECTIVE CONCESSION RENTS* 690.00 690.00 690.00 830.00 830.00 830.00 830.00 830.00 830.00 830.00 830.00 1,145.00 1,145.00
CONCESSION PER UNIT 140.00 55.00 245.00 65.00 95.00 300.00 320.00 350.00 320.00 320.00 350.00 100.00 110.00
$845 * Net of Concessions
$213
EFFECTIVE PER S/F
0.98 1.10 0.76 1.03 1.03 0.85 0.81 0.81 0.85 0.81 0.81 1.00 1.00 0.92
EFFECTIVE MONTHLY GROSS $27,600 $31,000 $12,420 $19,920 $26,560 $34,860 $36,520 $18,260 $19,920 $13,280 $16,600 $27,480 $4,580 $289,000
Vacants
Vacants Leased
Notice
Notice Leased
Net Available
9 2 1 9 0 11 4 0 0 0 0 3 0
1 0 0 0 0 1 0 0 0 0 0 1 0
8 1 1 4 0 5 2 0 0 0 0 1 0
3 0 1 1 0 0 1 0 0 0 0 1 0
0 2 5 12 0 13 7 0 0 5 0 3 0
39
3
22
7
47
MARKET SURVEY Courtney Downs July-06 Apartment Name
Address Phone Location # of units Age of Property Application Fee Credit Card Pets Allowed Pet Deposit Sec. Deposit W/D included Covered Parking Garage Cable Tennis Courts # of pools Weight Room Jacuzzi Ceiling Fans Microwaves Mini Blinds FF Freezer Icemakers Fireplaces Access Gates Alarm in Unit Door to Door Aerobics/Kick Box Movie Room Computer Library Indoor Basketball Water Charge
Courtney Downs
Coyote Ranch
15849 E. Jamison Dr16363 E Freemont Ave 720-870-6114 303-693-8787 Englewood, Co Aurora, Co 342 507 3 3 $50.00 $35.00 yes yes yes yes 300 n/r 400-500 150 275-325 Yes no no yes Detached yes Yes yes no no 1 1 yes yes yes 1 yes yes yes yes yes yes yes yes yes yes yes no no yes Prewired no no no no no no yes yes yes no no yes no
Windsor @ Meridian
Pinnacle @ the Creek
Dove Valley
9875 Jefferson Pkwy 303-256-7700 Englewood, Co 80112 653 6 $40.00 yes yes 150-300 300 no yes yes yes no 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
6107 S Parker Rd 303-766-2500 Centennial, Co 216 3 $35.00 yes yes 200-300 100 no yes yes yes no 1 yes 1 yes yes yes yes yes yes no yes no no yes yes no yes
7550 S Blackhawk 303-362-2000 Englewood, Co 80112 312 4 $35.00 yes yes 300-500 199 no yes yes yes yes 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
Cherrywood Village
16950 E Carlson Dr 303-805-7220 Parker, Co 80134 380 3 $35.00 yes yes 400 99 no yes yes yes yes 2 yes 2 yes yes yes yes yes yes yes no no no yes yes no yes
Reserve @ South Creek
15611 E Jamison Dr 303-680-6696 Englewood, Co 80112 168 4 $40.00 yes yes 300-600 225-375 no yes yes yes yes 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
MARKET SURVEY Courtney Downs July-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
Coyote Ranch
PSF
PRICE
SIZE
690 735
Windsor at Meridian
PSF
779 853
PRICE
0.89 0.86
SIZE
Pinnacle @ the Creek
PSF
PRICE
SIZE
Dove Valley
PSF
PRICE
690 690
704 808
0.98 0.85
655 655
627 701
1.04 0.93
619 660
685 705
0.90 0.94
690
910
0.76
805
811
0.91
789
760
0.96
840 946
956 1044
0.88 0.91
769
1051
1009
1120
0.73 0.90
830
977
0.85
790
1105
0.71
830 830
1030 1030
0.81 0.81
790
1192
0.66
1050 1050
1196 1180
0.88 0.89
1,245
1140
1.09
1170
1398
0.84
1500
1330
1.13
1154
1230
0.94
SIZE
710 740
PSF
768 842
PRICE
0.92 0.88
Cherrywood Village SIZE PSF
660 759
707
Reserve@South Creek SIZE PSF
PRICE
0.93
575
763
0.75
725
1037
0.70
899
1257
0.72
780
855
1115
0.77
815
1033
0.79
965
1220
0.79
829
1093
0.76
1100
1356
0.81
1028
1235
0.83
% occ /leased 89 93 95% 85 94 96% 0 0% 95 97 94% 97.0 96 93% 94.0 96 93% 92.0 95 96% Avg PSF 1 0.88 0.79 0.95 0.90 0.83 0.83 0.72 Avg Rents 829 1114 994 808 874 1131 995 Units(Total / Avail) 342 38 507 20 653 216 12 312 15 360 32 0 168 8 Rates Special: 1x1, $690 2x2. $830. Special: $300 to $400 off market Sepcial:None 12 mo lease. Special:100 to 200 off rentsSpecial:$199.00 security deposit Special: $99.00 Look refundable. and Lease $200 Special: off 1st waive full moapplication or waive deposits. reflect these rates: $655 1/1 $840 2/2 $1500 3/2 Preferred employee program $300 of 1st full mo specials: special were pulled off the internet due to property will not give info. Look and lease $250 off 1st full month Ren: Free cleaning or carpet cleaning Ren.: Increase with renewal. $0 to $50. Ren: Info not avail per corporate Ren:Per corporate Ren: $40 increas for 12 month Ren:lease Average $15 to $20 increase. Ren: Free carpet cleaning with 12mo.
MTD Budget
355,720.00
356,985.00
1,020.00
0.00
356,740.00 0.00 13.00 (24,375.41)
356,985.00 0.00 0.00 (21,419.00)
(434.57)
(2,000.00)
Corporate Discount Delinquent Rent Adjustments & W/O
0.00 0.00 (4,763.88)
0.00 0.00 (500.00)
Model Units Courtesy Officer Apt.
(1,980.00) 0.00
(1,980.00) (575.00)
(1,780.80) 0.00 0.00 (83,133.20)
(1,900.00) 0.00 (1,130.00) (87,436.00)
0.00 0.00 0.00 0.00 $240,285.14
0.00 0.00 0.00 0.00 $240,045.00
0.00 152.90 0.00 3,163.00
0.00 68.00 0.00 2,300.00
Month to Month Premium Storage Fees
155.00 649.68
300.00 1,300.00
Repair & Maintenance Fees Application Fees Termination Fees & Damages
0.00 970.00 625.00
0.00 1,000.00 1,033.00
Miscellaneous Income Renters Insurance Interest Income Pet Rents & Fees
279.54 0.00 0.00 2,957.87
500.00 0.00 0.00 900.00
Tower Rent Asset Management Fee Parking Spaces Income Homeowners Assessments Garage Income
0.00 0.00 0.00 0.00 5,987.70
0.00 0.00 0.00 0.00 8,700.00
Water/Sewer Income Cable/Telephone Income HOA Contributions Developer Developer HOA Dues Forfeited Deposits Developer Contributions Interest Income Other Thunder Income Administration Fee Move-Out Charges
0.00 1,006.00 0.00 0.00 150.00 0.00 0.00 0.00 1,851.00 2,026.18
0.00 1,000.00 0.00 0.00 190.00 0.00 0.00 0.00 2,000.00 929.00
505.00
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 20,478.87
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 20,445.00
$260,764.01
$260,490.00
Account Revenue Market Rent Loss / Gain to Lease
Gross Potential Rent Prepaid Homeowners Dues Residential Rent Vacancy Loss Upfront Rent Concessions
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 Laundry Income Vending Income Covered Parking Income Late Charges & NSF Fees
Short Term Lease Fees
Extra-Ordinary Income Corporate Rent Corporate Units - expense Deferred Revenue HOA Developer Contributions Acquisition Fees Income - Rental Income - C.A.M. Income - Insurance Income - Taxes Income - Interest Income - Other Income - Condo Sales Total Other Income Total Revenue Expense
$ Variance MTD Variance Comment
YTD Actual
YTD Budget
Annual Budget
2,490,040.00
2,492,515.00
(2,475.00)
4,302,534.00
Filter 0.01 9,994,054.00
(1,440.00)
0.00
(1,440.00)
0.00
(840.00)
2,488,600.00 0.00 (18.00) (222,591.99)
2,492,515.00 0.00 0.00 (212,849.00)
(3,915.00) 0.00 (18.00) (9,742.99)
4,302,534.00 0.00 0.00 (390,390.00)
9,993,214.00 0.00 (10.00) (884,324.80)
(105,908.03)
(14,000.00)
(91,908.03)
(24,000.00)
(236,685.20)
0.00 0.00 (14,898.90)
0.00 0.00 (3,500.00)
0.00 0.00 (11,398.90)
0.00 0.00 (6,000.00)
0.00 0.00 (45,325.56)
(13,860.00) (1,725.00)
(13,860.00) (4,025.00)
0.00 2,300.00
(23,760.00) (6,900.00)
(55,440.00) (10,350.00)
(12,465.60) 0.00 0.00 (493,637.10)
(13,300.00) 0.00 (7,910.00) (596,968.00)
834.40 0.00 7,910.00 103,330.90
(22,800.00) 0.00 (13,560.00) (1,019,064.00)
(51,292.80) 0.00 (13,560.00) (2,172,604.60)
0.00 0.00 0.00 0.00 $1,623,495.38
0.00 0.00 0.00 0.00 $1,626,103.00
0.00 0.00 0.00 0.00 $(2,607.62)
0.00 0.00 0.00 0.00 $2,796,060.00
0.00 84.90 0.00 863.00 Aggressive rental collections. (145.00) (650.32) Fewer rentals than anticipated. 0.00 (30.00) (408.00) Less bad debt at move out. (220.46) 0.00 0.00 2,057.87 More pets on site than anticipated. We take all sizes but breed restricted. 0.00 0.00 0.00 0.00 (2,712.30) Garage occupancy is 98%, some were given free as a move in incentive. 0.00 6.00 0.00 0.00 (40.00) 0.00 0.00 0.00 (149.00) 1,097.18 Increase in damages at move out. There was 23 move outs this month.
0.00 221.20 0.00 11,886.45
0.00 476.00 0.00 16,100.00
0.00 (254.80) 0.00 (4,213.55)
0.00 816.00 0.00 27,600.00
0.00 0.00 0.00 0.00 6,523,621.04 0.01 0.00 1,564.20 0.00 57,698.90
1,202.23 6,575.22
2,100.00 9,100.00
(897.77) (2,524.78)
3,600.00 15,600.00
6,314.46 30,049.80
0.00 7,315.00 13,547.86
0.00 7,000.00 7,231.00
0.00 315.00 6,316.86
0.00 12,000.00 12,396.00
0.00 28,570.00 40,741.72
9,059.83 0.00 0.00 17,290.48
3,500.00 0.00 0.00 6,300.00
5,559.83 0.00 0.00 10,990.48
6,000.00 0.00 0.00 10,800.00
24,678.74 0.00 0.00 51,296.70
0.00 0.00 0.00 0.00 45,306.98
0.00 0.00 0.00 0.00 60,900.00
0.00 0.00 0.00 0.00 (15,593.02)
0.00 0.00 0.00 0.00 104,400.00
0.00 0.00 0.00 0.00 206,989.36
0.00 7,042.00 0.00 0.00 150.00 0.00 0.00 0.00 22,815.00 28,384.32
0.00 7,000.00 0.00 0.00 1,330.00 0.00 0.00 0.00 14,000.00 6,503.00
0.00 42.00 0.00 0.00 (1,180.00) 0.00 0.00 0.00 8,815.00 21,881.32
0.00 12,000.00 0.00 0.00 2,280.00 0.00 0.00 0.00 24,000.00 11,148.00
0.00 28,096.00 0.00 0.00 2,880.00 0.00 0.00 0.00 73,332.00 71,969.00
280.00 Positive due to folks buying homes do not want to renew at this time. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 33.87
1,833.15
1,575.00
258.15
2,700.00
7,376.30
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 172,629.72
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 143,115.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 29,514.72
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 245,340.00
$1,796,125.10
$1,769,218.00
$26,907.10
$3,041,400.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 631,557.18 0.01 7,155,178.22 0.01 0.01
(1,265.00) Due to market we can not increase rents at this time. 1,020.00 Some units residents are paying more than market rent. Will adjust for August. (245.00) 0.00 13.00 (2,956.41) Variance due to actual occupancy of 92% verses 94% budgeted. 1,565.43 Positive variance due to reduced upfront concessions. 0.00 0.00 (4,263.88) Correction made due to move out charges being incorrectly posted. 0.00 575.00 No courtesy officer at this time. 119.20 0.00 1,130.00 No rentals this month. 4,302.80 We have been reducing the prorated concessions on select units. Average concession is $265 per unit. 0.00 0.00 0.00 0.00 $240.14
$274.01
$ Variance
YTD Variance Comment
Managers Salary
8,370.94
9,545.00
0.00 14,312.58
0.00 6,660.00
Salary - Administrative Commissions & Bonus
0.00 4,039.90
0.00 3,500.00
Payroll Taxes
2,105.22
1,576.00
Group Insurance Disability Insurance 401k Match Contract Labor
1,349.00 0.00 0.00 1,017.97
1,442.00 0.00 0.00 0.00
1,617.01 32,812.62
1,576.00 24,299.00
Office Operations & Supplies
1,219.25
600.00
Telephones Answering Svc. & Pagers Postage & Delivery Patrol Services Membership Dues Publications & Subscriptions Conventions/Seminars Employee Training Furniture Rental Car Expenses Permits & Fees Credit Checks
835.86 69.00 103.95 0.00 0.00 0.00 0.00 95.00 0.00 0.00 0.00 0.00
1,080.00 100.00 200.00 0.00 0.00 345.00 0.00 100.00 0.00 200.00 0.00 750.00
Guest Suite Expense
1,720.76
0.00
Parking Cost Total Operating Expense
0.00 4,043.82
0.00 3,375.00
Advertising & Promotions
4,815.29
3,452.00
Resident Promotions
1,819.46
2,500.00
Locators
1,676.50
1,033.00
1,000.00 9,311.25
900.00 7,885.00
282.45
3,000.00
2,790.00 605.00
3,000.00 1,500.00
0.00 0.00
200.00 500.00
0.00 450.00 0.00 191.91 4,319.36
100.00 100.00 100.00 300.00 8,800.00
General Maintenance & Supplies HVAC Parts & Repairs Plumbing Parts & Repairs Electric Parts & Repairs Roof & Gutter Repairs Pools & Fountains
930.13 0.00 85.40 0.00 0.00 655.01
800.00 150.00 75.00 150.00 100.00 1,400.00
Gates & Entrances Glass & Screens
0.00 855.08
0.00 50.00
Appliance Parts & Repairs Hardware Exterior Painting Uniforms Elevator Service & Repairs Security & Fire Systems
120.52 0.00 0.00 1,300.00 0.00 806.66
75.00 150.00 100.00 1,300.00 0.00 295.00
Uninsured Losses Locks & Keys Bulbs & Ballasts Total Maintenance Expense
0.00 0.00 0.00 4,752.80
0.00 0.00 0.00 4,645.00
Landscape & Grounds
2,990.51
2,745.00
Trash Removal Pest Control Security Patrols Window Cleaning Svc. Interior Cleaning Svc.
535.90 75.00 0.00 0.00 0.00
775.00 75.00 0.00 0.00 0.00
Salaries Maintenance Salary
Workers Comp Total Salary Expense
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
1,174.06 Fewer staff members at this time. Interviewing for replacements. 0.00 (7,652.58) We are over in maintenance payroll due to additional porter position that was not budgeted, this is offset in make ready expense. 0.00 (539.90) Higher number of renewal bonuses paid in July. (529.22) Payroll tax percentage based on gross. 93.00 0.00 0.00 (1,017.97) Temporary office help needed to assist in the office due to open position. (41.01) (8,513.62)
61,285.18
71,586.00
10,300.82
124,082.00
286,344.00
0.00 74,564.94
0.00 49,951.00
0.00 (24,613.94)
0.00 86,582.00
0.00 199,804.00
0.00 25,215.10
0.00 24,500.00
0.00 (715.10)
0.00 42,000.00
0.00 98,000.00
12,938.45
11,681.00
(1,257.45)
20,210.00
46,724.00
10,469.00 0.00 0.00 11,165.31
10,094.00 0.00 0.00 0.00
(375.00) 0.00 0.00 (11,165.31)
17,304.00 0.00 0.00 0.00
40,376.00 0.00 0.00 0.00
15,874.11 211,512.09
11,681.00 179,493.00
(4,193.11) (32,019.09)
20,210.00 310,388.00
7,251.77
4,200.00
(3,051.77)
7,200.00
46,724.00 717,972.00 0.01 16,800.00
6,681.50 680.57 1,114.84 0.00 0.00 142.00 0.00 1,560.75 0.00 16.20 0.00 2,676.11
7,560.00 700.00 1,400.00 0.00 0.00 345.00 0.00 1,700.00 0.00 1,400.00 0.00 5,250.00
878.50 19.43 285.16 0.00 0.00 203.00 0.00 139.25 0.00 1,383.80 0.00 2,573.89
12,960.00 1,200.00 2,400.00 0.00 0.00 1,645.00 0.00 2,200.00 0.00 2,400.00 0.00 9,000.00
30,240.00 2,800.00 5,600.00 0.00 0.00 3,025.00 0.00 5,800.00 0.00 5,600.00 0.00 21,000.00
1,720.76
0.00
(1,720.76)
0.00
0.00
0.00 21,844.50
0.00 22,555.00
0.00 710.50
0.00 39,005.00
(1,363.29) Variance due to For Rent Ad not budgeted. 680.54 Spent less than budgeted. (643.50) Reflects four locator fees paid. Average 50% fee. (100.00) (1,426.25)
33,471.12
25,149.00
(8,322.12)
42,409.00
0.00 90,865.00 0.01 99,611.00
6,241.79
6,375.00
133.21
10,300.00
28,050.00
13,585.25
7,231.00
(6,354.25)
12,396.00
28,924.00
9,500.00 62,798.16
6,300.00 45,055.00
(3,200.00) (17,743.16)
10,800.00 75,905.00
2,717.55 Positive variance due to maintenance staff doing all paints in house instead of outside contracting. 210.00 895.00 More carpets needed replacing this month than cleans. 200.00 500.00 No need to replace any at this time. 100.00 (350.00) 100.00 108.09 4,480.64
3,579.64
19,500.00
15,920.36
33,200.00
25,200.00 181,785.00 0.01 78,200.00
14,785.00 11,152.13
19,500.00 9,300.00
4,715.00 (1,852.13)
32,500.00 15,900.00
77,500.00 37,500.00
693.09 0.00
1,400.00 3,500.00
706.91 3,500.00
2,400.00 6,000.00
5,600.00 14,000.00
54.31 635.00 218.86 620.45 31,738.48
700.00 700.00 700.00 2,100.00 57,400.00
645.69 65.00 481.14 1,479.55 25,661.52
1,200.00 1,200.00 1,200.00 3,600.00 97,200.00
2,800.00 2,800.00 2,800.00 8,400.00 229,600.00
4,300.35 532.98 870.03 1,042.92 0.00 2,978.83
5,400.00 1,050.00 525.00 1,050.00 700.00 3,800.00
1,099.65 517.02 (345.03) 7.08 700.00 821.17
9,200.00 1,800.00 4,200.00 1,800.00 1,200.00 5,800.00
21,600.00 4,200.00 5,400.00 4,200.00 2,800.00 16,200.00
0.00 1,418.51
0.00 350.00
0.00 (1,068.51)
0.00 600.00
0.00 1,400.00
1,227.75 423.99 90.11 1,455.56 0.00 1,353.31
525.00 1,050.00 700.00 2,100.00 0.00 2,065.00
(702.75) 626.01 609.89 644.44 0.00 711.69
900.00 1,800.00 1,200.00 2,100.00 0.00 11,540.00
2,100.00 4,200.00 2,800.00 8,900.00 0.00 16,260.00
0.00 0.00 0.00 15,694.34
0.00 0.00 0.00 19,315.00
0.00 0.00 0.00 3,620.66
0.00 0.00 0.00 42,140.00
16,519.03
18,225.00
1,705.97
32,205.00
0.00 0.00 0.00 90,060.00 0.01 74,145.00
3,508.82 525.00 0.00 0.00 0.00
6,175.00 525.00 0.00 0.00 0.00
2,666.18 0.00 0.00 0.00 0.00
10,050.00 900.00 0.00 0.00 0.00
23,950.00 2,100.00 0.00 0.00 0.00
(619.25) Toner and repair of business center copier. Includes re-stock of bussiness cards. 244.14 31.00 96.05 0.00 0.00 345.00 0.00 5.00 0.00 200.00 0.00 750.00 Monthly invoice was not received prior to ACME. (1,720.76) Reflects coat to set up the quest suite. Includes two months furniture rental. 0.00 (668.82)
(130.13) 150.00 (10.40) 150.00 100.00 744.99 Due to needing less chemicals in the pool and fountain. 0.00 (805.08) Overage due to replacement of windows in the clubhouse damaged by vandalism. (45.52) 150.00 100.00 0.00 0.00 (511.66) Includes replacement of damaged fire extinquishers. 0.00 0.00 0.00 (107.80) (245.51) Variance due to cost to replace main ID color to improve curb appeal. 239.10 0.00 0.00 0.00 0.00
Cable Television Snow Removal Total Service Expense
0.00 0.00 3,601.41
45.00 0.00 3,640.00
45.00 0.00 38.59
0.00 (522.13) 20,030.72
315.00 4,500.00 29,740.00
315.00 5,022.13 9,709.28
540.00 8,000.00 51,695.00
1,260.00 17,000.00 118,455.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
11,015.77
10,420.00
74,018.61
70,770.00
(3,248.61)
121,658.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 284,038.00
1,000.00 3,250.00 697.80 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,181.25
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 1,400.00
7,000.00 22,750.00 9,867.70 0.00 0.00 (104.00) 0.00 0.00 825.49 332.58 0.00 0.00 2,465.01
7,000.00 22,750.00 3,850.00 0.00 0.00 0.00 0.00 0.00 500.00 350.00 0.00 0.00 1,400.00
0.00 0.00 (6,017.70) 0.00 0.00 104.00 0.00 0.00 (325.49) 17.42 0.00 0.00 (1,065.01)
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
28,000.00 91,000.00 15,400.00 0.00 0.00 0.00 0.00 0.00 2,000.00 3,400.00 0.00 0.00 7,000.00
0.00 0.00 18,144.82
0.00 0.00 16,670.00
0.00 0.00 117,155.39
0.00 0.00 106,620.00
0.00 0.00 (10,535.39)
0.00 0.00 184,258.00
Electricity
3,378.20
2,800.00
23,839.31
19,600.00
(4,239.31)
33,600.00
0.00 0.00 430,838.00 0.01 78,400.00
Electricity Gas - Resident Natural Gas
0.00 1,189.28
0.00 1,800.00
0.00 18,563.31
0.00 20,460.00
0.00 1,896.69
0.00 35,120.00
0.00 79,640.00
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
9,391.72
10,000.00
(5,455.29) 6,184.61 0.00 (2,557.00) 0.00 1,473.09 341.22 0.00 13,945.83
(4,500.00) 6,290.00 0.00 (2,200.00) 0.00 1,700.00 405.00 0.00 16,295.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 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
27,619.00
27,200.00
Franchise Tax Insurance
0.00 7,120.90
0.00 6,691.00
Tax Consultants MIP Total Taxes & Insurance Total Operating Expenses NET OPERATING INCOME
0.00 0.00 34,739.90 125,671.81 135,092.20
0.00 0.00 33,891.00 119,500.00 140,990.00
Base Rent Stated Rent Office Rent Total Rent Expense
106,586.67 86,666.67 0.00 193,253.34
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
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
Exterior Rehab Interior Rehab HVAC Replacement Carpet & Floor Replacement Refrigerators Dishwashers & Ranges
(595.77) Based on % of collections. 0.00 0.00 (147.80) 0.00 0.00 0.00 0.00 0.00 0.00 50.00 0.00 0.00 (781.25) Cost for YARDI license fee. 0.00 0.00 (1,474.82) (578.20) Includes all common areas. 0.00 610.72 We have turned down the gas at the pool due to the extreme summer heat, which has resulted in savings. 608.28 Based on billing from Arapahoe County. 955.29 105.39 0.00 357.00 0.00 226.91 63.78 0.00 2,349.17
63,112.32
63,000.00
(112.32)
106,000.00
252,000.00
(30,077.82) 2,097.29 0.00 (13,952.99) 0.00 7,261.95 4,850.43 0.00 75,693.80
(30,000.00) 21,970.00 0.00 (15,400.00) 0.00 11,900.00 6,010.00 0.00 97,540.00
77.82 19,872.71 0.00 (1,447.01) 0.00 4,638.05 1,159.57 0.00 21,846.20
(50,500.00) 40,840.00 0.00 (26,400.00) 0.00 20,400.00 9,820.00 0.00 168,880.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
204,502.26
190,400.00
(14,102.26)
326,400.00
(119,500.00) 97,360.00 0.00 (61,600.00) 0.00 47,600.00 22,650.00 0.00 396,550.00 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 761,600.00
0.00 49,062.04
0.00 46,837.00
0.00 (2,225.04)
0.00 80,292.00
0.00 187,348.00
0.00 0.00 (848.90) (6,171.81) (5,897.80)
700.00 0.00 254,264.30 810,731.78 985,393.32
0.00 0.00 237,237.00 794,955.00 974,263.00
(700.00) 0.00 (17,027.30) (15,776.78) 11,130.32
0.00 0.00 406,692.00 1,376,163.00 1,665,237.00
106,587.00 86,667.00 0.00 193,254.00
0.33 0.33 0.00 0.66
746,106.69 606,666.69 0.00 1,352,773.38
746,109.00 606,669.00 0.00 1,352,778.00
2.31 2.31 0.00 4.62
1,279,044.00 1,040,004.00 0.00 2,319,048.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1,510.50 764.30 305.62 59.04 0.00 0.00 0.00 0.00 0.00 2,639.46
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(1,510.50) (764.30) (305.62) (59.04) 0.00 0.00 0.00 0.00 0.00 (2,639.46)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 2,834.77
0.00 0.00 0.00 6,600.00
0.00 0.00 0.00 38,030.35
0.00 3,000.00 0.00 37,400.00
0.00 3,000.00 0.00 (630.35)
0.00 3,000.00 0.00 63,800.00
0.00 0.00 948,948.00 3,205,073.00 3,906,208.04 0.01 2,984,436.00 2,426,676.00 0.00 5,411,112.00 0.01 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 9,000.00 0.00 151,800.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (419.00) Based on anticipated 2006 taxes. 0.00 (429.90) Pollution policy included.
0.00 0.00 0.00 3,765.23 Replaced three carpets this month. 0.00 0.00
Washers / Dryers Fire Alarm Replacement
236.72 4,658.23
0.00 0.00
0.00 0.00 0.00 7,729.72
0.00 0.00 0.00 6,600.00
Casualty Losses Casualty Recovery Total Casualty Loss NET INCOME (LOSS)
0.00 0.00 0.00 (65,890.86)
0.00 0.00 0.00 (58,864.00)
Rental Guarantee
0.00 (65,890.86)
0.00 (58,864.00)
Other Capital Improvements Boiler Replacement Roof Replacement Total Capital Expenses
(236.72) (4,658.23) Cost to replace fire panels damaged due to lighting storm that occurred 7-30-06. 0.00 0.00 0.00 (1,129.72)
236.72 4,658.23
0.00 0.00
(236.72) (4,658.23)
0.00 0.00
0.00 0.00
0.00 0.00 0.00 42,925.30
0.00 0.00 0.00 40,400.00
0.00 0.00 0.00 (2,525.30)
0.00 0.00 0.00 66,800.00
0.00 0.00 0.00 (7,026.86)
0.00 0.00 0.00 (412,944.82)
0.00 0.00 0.00 (418,915.00)
0.00 0.00 0.00 5,970.18
0.00 0.00 0.00 (720,611.00)
0.00 0.00 0.00 160,800.00 0.01 0.00 0.00 0.00 (1,678,282.36)
0.00 (7,026.86)
224,944.65 (188,000.17)
124,335.14 (294,579.86)
100,609.51 106,579.69
124,335.14 (596,275.86)
574,224.44
USA Courtney Downs LeaseCo, LLC Cash Flow (Actual + Budget) Books = Accrual For the 12 Months Ending Dec 2006 Jan 2006 Actual
Account
Feb 2006 Actual
Mar 2006 Actual
Apr 2006 Actual
May 2006 Actual
Jun 2006 Actual
Jul 2006 Actual
Aug 2006 Reforecast
Sep 2006 Reforecast
Oct 2006 Reforecast
Nov 2006 Reforecast
Dec 2006 Reforecast
12 Month Total
$/ Unit 342
$/ Sq. Ft. 313,778
Revenue Gross Potential Rent - Vacancy - Concessions & Disc. - Other Write-offs & Adj. Total Rental Income
356,941 (50,457) (80,765) (5,393) 220,326
356,261 (41,504) (83,296) (4,621) 226,840
353,425 (32,721) (83,632) (13,129) 223,943
356,370 (25,521) (87,552) (3,761) 239,537
356,790 (27,566) (89,252) (3,761) 236,211
352,042 (20,448) (91,481) (3,761) 236,353
356,753 (24,375) (83,568) (8,525) 240,285
356,985 (28,559) (85,000) (6,085) 237,341
360,554 (32,450) (80,000) (6,085) 242,019
364,160 (36,416) (80,000) (6,085) 241,659
364,160 (40,058) (75,000) (6,085) 243,017
364,160 (40,058) (75,000) (6,085) 243,017
4,298,601 (400,133) (994,545) (73,375) 2,830,548
12,569.01 (1,169.98) (2,908.03) (214.55) 8,276.46
13.70 (1.28) (3.17) (0.23) 9.02
Other Income Total Revenue
26,619 246,945
19,852 246,692
32,398 256,342
25,588 265,125
26,964 263,175
20,730 257,083
20,479 260,764
22,000 259,341
20,445 262,464
20,445 262,104
20,445 263,462
20,445 263,462
276,410 3,106,958
808.22 9,084.67
0.88 9.90
31,314 4,125 10,172 2,824 484 2,095 15,018 17,811 1,732 34,178
27,779 1,829 7,867 1,468 2,348 (1,911) 14,773 10,978 605 39,883
25,751 4,155 8,790 6,877 2,996 750 20,876 5,261 (2,311) 33,892
34,224 2,418 12,875 3,034 938 1,089 15,092 9,118 0 33,962
28,896 3,488 9,217 6,347 1,390 7,856 17,309 8,907 (26) 41,050
30,735 1,785 4,566 6,868 2,786 6,550 15,941 9,673 0 36,561
32,813 4,044 9,311 4,319 4,753 3,601 18,145 13,946 0 34,740
20,239 4,330 5,860 8,700 2,345 3,640 17,049 16,295 0 33,891
24,299 3,030 5,860 8,200 2,295 6,640 15,067 16,655 0 33,891
24,299 3,030 6,385 7,900 13,595 4,640 15,084 16,590 0 37,237
24,299 3,030 5,860 7,500 2,295 4,640 15,469 10,900 0 37,237
37,759 3,030 6,885 7,500 2,295 2,395 14,969 10,900 0 37,237
342,407 38,295 93,648 71,538 38,519 41,986 194,793 147,034 0 433,756
1,001.19 111.97 273.83 209.18 112.63 122.77 569.57 429.92 0.00 1,268.29
1.09 0.12 0.30 0.23 0.12 0.13 0.62 0.47 0.00 1.38
Total Operating Exp. Net Operating Income
119,755 127,190
105,619 141,073
107,036 149,305
112,750 152,375
124,435 138,740
115,464 141,618
125,672 135,092
112,349 146,992
115,937 146,527
128,760 133,345
111,230 152,233
122,970 140,493
1,401,976 1,704,982
4,099.35 4,985.33
4.47 5.43
Rent Expense Partnership Expense Capital Expense
193,253 1,511 3,871
193,253 40 (782)
193,253 324 8,204
193,253 595 6,055
193,253 169 3,698
193,253 0 14,150
193,253 0 7,730
193,254 0 6,600
193,254 0 6,600
193,254 0 6,600
193,254 0 3,300
193,254 0 3,300
2,319,043 2,639 69,325
6,780.83 7.72 202.71
7.39 0.01 0.22
Cash Flow Frm Operations
(71,445)
(51,438)
(52,476)
(47,528)
(58,381)
(65,785)
(65,891)
(52,862)
(53,327)
(66,510)
(44,322)
(56,062)
(686,026)
(2,005.92)
(2.19)
66,280
58,055
58,308
42,302
0
0
0
54,236
55,659
52,536
52,896
34,673
474,945
Balance Sheet Adjustments Cash - Non Operating Accounts Accounts Receivable Prepaid Assets Escrow Deposits
792 9,672 372 (34,325)
(2,230) (940) (275) (34,325)
(4,698) (590) 86 (34,325)
2,407 4,549 156 (34,325)
6,708 (4,100) 1,384 324,584
2,152 (8,512) 280 (30,394)
4,182 14,748 7,106 (30,394)
0 0 0 (2,951)
0 0 0 29,227
0 0 (30,110) (2,951)
0 0 0 (2,951)
0 0 0 (2,951)
9,314 14,826 (21,000) 143,919
Cash Increase (Decreae) From Assets
Operating Expenses Salary Expense Operating Expense Advertising Expense Make Ready Expense Maintenance Expense Service Expense Administrative Expense Utility Expense Management Expense Taxes & Insurance
Rent Guarantee
(23,489)
(37,770)
(39,527)
(27,213)
328,577
(36,473)
(4,358)
(2,951)
29,227
(33,061)
(2,951)
(2,951)
147,060
Accounts Payable Accrued Expenses Other Payables Notess Payable
(5,209) 34,702 1,398 0
4,548 17,279 6,448 (763)
22,679 26,292 1,789 (382)
5,948 32,763 (2,315) (382)
(1,420) (282,521) (5,212) (382)
65,950 115,337 (3,153) (701)
8,685 25,645 (2,593) (382)
(55,000) 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
46,181 (30,504) (3,638) (2,991)
Cash Increase (Decreae) From Liab.
30,890
27,511
50,377
36,014
(289,534)
177,433
31,355
(55,000)
0
0
0
0
9,048
NET CASH FLOW CUMM. NET CASH FLOW
2,236 29,014
(3,642) 25,372
16,682 42,054
3,574 45,628
(19,338) 26,290
75,176 101,466
(38,893) 62,573
(56,577) 5,996
31,559 37,554
(47,034) (9,480)
5,624 (3,856)
(24,339) (28,196)
(54,974)
$700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $$(100,000) $(200,000) $(300,000) Jan 2006
Feb 2006
Mar 2006
Apr 2006
May 2006
NET CASH FLOW
Jun 2006
Jul 2006
Aug 2006
Sep 2006
Oct 2006
Nov 2006
Dec 2006
CUMM. NET CASH FLOW
Units Sq. Ft. ### 384807 bayclub2 castlep cedar congress jackson lee rem ric parkside polo sat sweet trailapt vlgcrest walnut westo wind usacourt usawalcr
160 356 300 257 247 10 428 5 300 440 440 240 280 120 284 12 346 280 284
146,080 384,807 274,080 254,074 221,730 22,160 398,868 24,952 305,832 403,761 548,750 264,892 286,056 108,276 254,103 48,309 433,196 299,111 254,103
K30:
administrator: assume insurance increases by 50%
L30:
administrator: assume insurance increases by 50%
M30:
administrator: assume insurance increases by 50%
K46:
administrator: insurance downpayment
H47:
administrator:
I47:
administrator:
J47:
administrator: replacement reserve
K47:
administrator:
L47:
administrator:
M47:
administrator:
replacement reserve + reduction in tax escrow due to overage replacement reserve + reduction in tax escrow due to overage
replacement reserve + reduction in tax escrow due to overage replacement reserve + reduction in tax escrow due to overage replacement reserve + reduction in tax escrow due to overage
Courtney Downs Apartments July, 2006 LEASING & OCCUPANCY NUMBER OF MOVE INS: NUMBER OF MOVE OUTS: NET FOR THE MONTH:
15 23 -8
OCCUPIED/LEASED %:
89.7%/92.6%
SOURCE OF TRAFFIC:
$260,764.00 $257,082.90 3681.1
TOTAL # GARAGES # GARAGES OCCUPIED GARAGES OCCUPIED %
120 116 97%
REASONS WHY PROSPECTS DID NOT LEASE: Traffic 7 0 0 10 0 0 80 0 5 0 0 0 1
Leased 1 1 0 0 0 0 10 2 1 0 0 0 1
TOTALS
103
16
CLOSING RATIO:
33%
APTGUIDE.COM APARTMENT GUIDE YELLOW PAGES OTHER. NET FOR RENT RENT.NET LIVES IN AREA RESIDENT REFERRAL LOCATORS RENT.COM WALK-IN SIGNAGE WORD OF MOUTH
INCOME THIS MONTH: INCOME LAST MONTH (June): DIFFERENCE:
* * * * * * * * * * * * * *
Job Transfer Too expensive. Future/No Availability/Waiting list Just started looking. Waiting for Home to Sell Current Lease to Expire Needs Ground Floor Moved Elsewhere Will return with roommate or spouse Realtor Looking for Client Undecided Employment pending House sale pending Rented at Competitor TOTALS
MARKETING ACTIVITIES & SOURCES FOR THE MONTH * Updated all Internet ads with current pricing and specials. * Cross marketed with 24 hours fitness. * Cross marketed with Indigo Joe's restaurant. * Met with local realtors and updated with short term leases. * Updated all locators with current prices and specials. * Eight new, bright red and white leasing signs placed on Jamison & Brocos Parkway as well as 12 new flutter flags. * Took local church brochures and price sheet for new members. * Continue to work with Human Resources at First data for all new hires. * Met with Human Resources at King Soopers grocery store with packets for new hires.
OVERVIEW OF COMPARABLE PROPERTIES: We are seeing a slight decline in concession given off per month to new residents. This translates into one bedrooms starting at $619, two bedrooms at $725 and three bedrooms starting at $899.
RESIDENT RETENTION: Renewals for July averaged an increase of $25.92.
INCIDENTS ON THE PROPERTY: On 7/3/06 we experienced storm damage from severe lighting. The stikes hit buildings 6, 12, 16, 18, 19 and the Clubhouse.
10 25 12 18 0 0 0 0 9 0 0 6 7 0 87
On 7/9/06 a drunk driver drove their car into buiding #11 (carriage home) garage. On 7/16/06 an unknown person(s) shot large pellets at the Clubhouse breaking 4 large windows. 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
ROUTINE REPLACEMENTS:
Completed 15 32 10 18 89 0 11 0 175
Number of: 10 7 3 175 0 15 32 10 18 89 0 11 0 175 0
PLUMBING LEAKS
0
CAPITAL IMPROVEMENTS IN PROGRESS: N/A in progress.
PROBLEM AREAS NEEDING ATTENTION: Building 11 Fire room destroyed due to drunk driver, in the process of repair. Windows in club house repaired due to pellet shots. Fire panels repaired due to lighting strike on property. CURRENT STAFF: Manager Assistant Manager Leasing Consultant Leasing Consultant Maintenance Supervisor Assistant Maintenance Maintenance/ Grounds
Nancy Howland Wendy Gillan Carrie McMillan TBH Gabriel Tellez Russell Briley Jorge Chavez and Jorge Bernal
ACCOMPLISHMENTS FOR THE MONTH: Re-sodded buildings 2, 9, 13 and 10. Stepping stones installed on side of business center. Installed new leasing signs and flags on frontage roads.
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 2 0 0 0 0 0 10 0 0
Apt. #
4103 & 9207
15201-2, 9305-1, 12306-1, 19306-1, 16101-2, 7311-1, 4202-2.
Courtney Downs RENTAL SCHEDULE
July 2006
UNIT TYPE A1 A1V A2 B1 B1V C C1 C1V CV D DV E EV TOTAL
1BR 1BR 1BR 2BR 2BR 2BR 2BR 2BR 2BR 2BR 2BR 3BR 3BR
#UNITS
SIZE
40 32 18 24 32 42 44 22 24 16 20 24 4
704 704 910 808 808 977 1,030 1,030 977 1,030 1,030 1,140 1,140
TOTAL S/F 28,160 22,528 16,380 19,392 25,856 41,034 45,320 22,660 23,448 16,480 20,600 27,360 4,560
342
917
313,778
MKT RENT PER UNIT 830 860 935 895 925 1130 1150 1180 1150 1150 1180 1245 1255 $1,044
MKT RENT MONTHLY PER S/F GROSS 1.18 $33,200 1.22 $27,520 1.03 $16,830 1.11 $21,480 1.14 $29,600 1.16 $47,460 1.12 $50,600 1.15 $25,960 1.18 $27,600 1.12 $18,400 1.15 $23,600 1.09 $29,880 1.10 $5,020 $1.14
$357,150
ANNUAL GROSS $398,400 $330,240 $201,960 $257,760 $355,200 $569,520 $607,200 $311,520 $331,200 $220,800 $283,200 $358,560 $60,240 $4,285,800
EFFECTIVE CONCESSION RENTS* 690.00 690.00 690.00 830.00 830.00 830.00 830.00 830.00 830.00 830.00 830.00 1,145.00 1,145.00
CONCESSION PER UNIT 140.00 55.00 245.00 65.00 95.00 300.00 320.00 350.00 320.00 320.00 350.00 100.00 110.00
$845 * Net of Concessions
$213
EFFECTIVE PER S/F
0.98 1.10 0.76 1.03 1.03 0.85 0.81 0.81 0.85 0.81 0.81 1.00 1.00 0.92
EFFECTIVE MONTHLY GROSS $27,600 $31,000 $12,420 $19,920 $26,560 $34,860 $36,520 $18,260 $19,920 $13,280 $16,600 $27,480 $4,580 $289,000
Vacants
Vacants Leased
Notice
Notice Leased
Net Available
9 2 1 9 0 11 4 0 0 0 0 3 0
1 0 0 0 0 1 0 0 0 0 0 1 0
8 1 1 4 0 5 2 0 0 0 0 1 0
3 0 1 1 0 0 1 0 0 0 0 1 0
0 2 5 12 0 13 7 0 0 5 0 3 0
39
3
22
7
47
MARKET SURVEY Courtney Downs July-06 Apartment Name
Address Phone Location # of units Age of Property Application Fee Credit Card Pets Allowed Pet Deposit Sec. Deposit W/D included Covered Parking Garage Cable Tennis Courts # of pools Weight Room Jacuzzi Ceiling Fans Microwaves Mini Blinds FF Freezer Icemakers Fireplaces Access Gates Alarm in Unit Door to Door Aerobics/Kick Box Movie Room Computer Library Indoor Basketball Water Charge
Courtney Downs
Coyote Ranch
15849 E. Jamison Dr16363 E Freemont Ave 720-870-6114 303-693-8787 Englewood, Co Aurora, Co 342 507 3 3 $50.00 $35.00 yes yes yes yes 300 n/r 400-500 150 275-325 Yes no no yes Detached yes Yes yes no no 1 1 yes yes yes 1 yes yes yes yes yes yes yes yes yes yes yes no no yes Prewired no no no no no no yes yes yes no no yes no
Windsor @ Meridian
Pinnacle @ the Creek
Dove Valley
9875 Jefferson Pkwy 303-256-7700 Englewood, Co 80112 653 6 $40.00 yes yes 150-300 300 no yes yes yes no 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
6107 S Parker Rd 303-766-2500 Centennial, Co 216 3 $35.00 yes yes 200-300 100 no yes yes yes no 1 yes 1 yes yes yes yes yes yes no yes no no yes yes no yes
7550 S Blackhawk 303-362-2000 Englewood, Co 80112 312 4 $35.00 yes yes 300-500 199 no yes yes yes yes 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
Cherrywood Village
16950 E Carlson Dr 303-805-7220 Parker, Co 80134 380 3 $35.00 yes yes 400 99 no yes yes yes yes 2 yes 2 yes yes yes yes yes yes yes no no no yes yes no yes
Reserve @ South Creek
15611 E Jamison Dr 303-680-6696 Englewood, Co 80112 168 4 $40.00 yes yes 300-600 225-375 no yes yes yes yes 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
MARKET SURVEY Courtney Downs July-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
Coyote Ranch
PSF
PRICE
SIZE
690 735
Windsor at Meridian
PSF
779 853
PRICE
0.89 0.86
SIZE
Pinnacle @ the Creek
PSF
PRICE
SIZE
Dove Valley
PSF
PRICE
690 690
704 808
0.98 0.85
655 655
627 701
1.04 0.93
619 660
685 705
0.90 0.94
690
910
0.76
805
811
0.91
789
760
0.96
840 946
956 1044
0.88 0.91
769
1051
1009
1120
0.73 0.90
830
977
0.85
790
1105
0.71
830 830
1030 1030
0.81 0.81
790
1192
0.66
1050 1050
1196 1180
0.88 0.89
1,245
1140
1.09
1170
1398
0.84
1500
1330
1.13
1154
1230
0.94
SIZE
710 740
PSF
768 842
PRICE
0.92 0.88
Cherrywood Village SIZE PSF
660 759
707
Reserve@South Creek SIZE PSF
PRICE
0.93
575
763
0.75
725
1037
0.70
899
1257
0.72
780
855
1115
0.77
815
1033
0.79
965
1220
0.79
829
1093
0.76
1100
1356
0.81
1028
1235
0.83
% occ /leased 89 93 95% 85 94 96% 0 0% 95 97 94% 97.0 96 93% 94.0 96 93% 92.0 95 96% Avg PSF 1 0.88 0.79 0.95 0.90 0.83 0.83 0.72 Avg Rents 829 1114 994 808 874 1131 995 Units(Total / Avail) 342 38 507 20 653 216 12 312 15 360 32 0 168 8 Rates Special: 1x1, $690 2x2. $830. Special: $300 to $400 off market Sepcial:None 12 mo lease. Special:100 to 200 off rentsSpecial:$199.00 security deposit Special: $99.00 Look refundable. and Lease $200 Special: off 1st waive full moapplication or waive deposits. reflect these rates: $655 1/1 $840 2/2 $1500 3/2 Preferred employee program $300 of 1st full mo specials: special were pulled off the internet due to property will not give info. Look and lease $250 off 1st full month Ren: Free cleaning or carpet cleaning Ren.: Increase with renewal. $0 to $50. Ren: Info not avail per corporate Ren:Per corporate Ren: $40 increas for 12 month Ren:lease Average $15 to $20 increase. Ren: Free carpet cleaning with 12mo.
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