Courtney Downs June 06
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USA Courtney Downs LeaseCo, LLC Budget Comparison Books = Accrual For the period ending June 30, 2006 MTD Actual
MTD Budget
355,720.00 (3,665.00)
356,985.00 0.00
352,055.00 0.00 (13.00) (20,447.79)
356,985.00 0.00 0.00 (28,559.00)
Upfront Rent Concessions
(6,987.57)
(2,000.00)
Corporate Discount Delinquent Rent Adjustments & W/O Model Units Courtesy Officer Apt.
0.00 0.00 0.00 (1,980.00) 0.00
0.00 0.00 (500.00) (1,980.00) (575.00)
Employee Apartment Housekeeping & Maintenance Fee Guest Suite
(1,780.80) 0.00 0.00
(1,900.00) 0.00 (1,130.00)
(84,493.00)
(85,817.00)
0.00 0.00 0.00 0.00 $236,352.84
0.00 0.00 0.00 0.00 $234,524.00
Laundry Income Vending Income Covered Parking Income Late Charges & NSF Fees
0.00 68.30 0.00 1,248.00
0.00 68.00 0.00 2,300.00
Month to Month Premium Storage Fees Repair & Maintenance Fees Application Fees Termination Fees & Damages
225.00 813.50 0.00 1,450.00 (550.00)
300.00 1,300.00 0.00 1,000.00 1,033.00
Miscellaneous Income Renters Insurance Interest Income Pet Rents & Fees
292.75 0.00 0.00 2,309.87
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 5,754.50
0.00 0.00 0.00 0.00 8,700.00
Water/Sewer Income Cable/Telephone Income HOA Contributions Developer Developer HOA Dues Forfeited Deposits Developer Contributions Interest Income Other Thunder Income Administration Fee
0.00 1,006.00 0.00 0.00 0.00 0.00 0.00 0.00 3,600.00
0.00 1,000.00 0.00 0.00 190.00 0.00 0.00 0.00 2,000.00
Move-Out Charges
4,056.14
929.00
456.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
225.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Account Revenue Market Rent Loss / Gain to Lease
Gross Potential Rent Prepaid Homeowners Dues Residential Rent Vacancy Loss
Lease Term Concessions Homeowner's Assn Dues Income Homeowner Dues Paid Model Units Lease Contract Difference Total Rental Income
Short Term Lease Fees Extra-Ordinary Income Corporate Rent Corporate Units - expense Deferred Revenue HOA Developer Contributions Acquisition Fees Income - Rental Income - C.A.M. Income - Insurance Income - Taxes Income - Interest
$ Variance MTD Variance Comment
YTD Actual
YTD Budget
Annual Budget
2,134,320.00 (2,460.00)
2,135,530.00 0.00
(1,210.00) (2,460.00)
4,302,534.00 0.00
Filter 0.01 9,282,614.00 (12,250.00)
2,131,860.00 0.00 (31.00) (198,216.58)
2,135,530.00 0.00 0.00 (191,430.00)
(3,670.00) 0.00 (31.00) (6,786.58)
4,302,534.00 0.00 0.00 (390,390.00)
9,270,364.00 0.00 (88.00) (827,718.74)
(105,473.46)
(12,000.00)
(93,473.46)
(24,000.00)
(248,922.06)
0.00 0.00 (10,135.02) (11,880.00) (1,725.00)
0.00 0.00 (3,000.00) (11,880.00) (3,450.00)
0.00 0.00 (7,135.02) 0.00 1,725.00
0.00 0.00 (6,000.00) (23,760.00) (6,900.00)
0.00 0.00 (26,270.04) (51,480.00) (10,350.00)
(10,684.80) 0.00 0.00
(11,400.00) 0.00 (6,780.00)
715.20 0.00 6,780.00
(22,800.00) 0.00 (13,560.00)
(47,731.20) 0.00 (13,560.00)
(410,503.90)
(509,532.00)
99,028.10 (1,019,064.00)
###
0.00 0.00 0.00 0.00 $1,383,210.24
0.00 0.00 0.00 0.00 $1,386,058.00
0.00 0.00 0.00 0.00 $(2,847.76)
0.00 0.00 0.00 0.00 ###
0.00 0.30 0.00 (1,052.00) More residents paid on time resulting in less fee charged and collected.
0.00 68.30 0.00 8,723.45
0.00 408.00 0.00 13,800.00
0.00 (339.70) 0.00 (5,076.55)
0.00 816.00 0.00 27,600.00
0.00 0.00 0.00 0.00 6,035,186.16 0.01 0.00 1,089.20 0.00 47,542.90
(75.00) (486.50) 0.00 450.00 (1,583.00) Residents not paying at time of move-out, however, they have been turned over to the collection agency. (207.25) 0.00 0.00 1,409.87 Aggressive collection from current residents with illegal pets as well as new move ins with pets. 0.00 0.00 0.00 0.00 (2,945.50) garage occupancy is 90%, while some were given away free as a move in incentive. 0.00 6.00 0.00 0.00 (190.00) 0.00 0.00 0.00 1,600.00 We increased the fee from $100.00 to $150.00. 3,127.14 Positive variance with broken lease charges and damages on move outs. 231.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1,047.23 5,925.54 0.00 6,345.00 12,922.86
1,800.00 7,800.00 0.00 6,000.00 6,198.00
(752.77) (1,874.46) 0.00 345.00 6,724.86
3,600.00 15,600.00 0.00 12,000.00 12,396.00
6,144.46 29,078.08 0.00 27,590.00 37,141.72
8,780.29 0.00 0.00 14,332.61
3,000.00 0.00 0.00 5,400.00
5,780.29 0.00 0.00 8,932.61
6,000.00 0.00 0.00 10,800.00
24,146.08 0.00 0.00 44,084.96
0.00 0.00 0.00 0.00 39,319.28
0.00 0.00 0.00 0.00 52,200.00
0.00 0.00 0.00 0.00 (12,880.72)
0.00 0.00 0.00 0.00 104,400.00
0.00 0.00 0.00 0.00 194,547.56
0.00 6,036.00 0.00 0.00 0.00 0.00 0.00 0.00 20,964.00
0.00 6,000.00 0.00 0.00 1,140.00 0.00 0.00 0.00 12,000.00
0.00 36.00 0.00 0.00 (1,140.00) 0.00 0.00 0.00 8,964.00
0.00 12,000.00 0.00 0.00 2,280.00 0.00 0.00 0.00 24,000.00
0.00 26,084.00 0.00 0.00 2,280.00 0.00 0.00 0.00 73,128.00
26,358.14
5,574.00
20,784.14
11,148.00
71,976.56
1,328.15 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1,350.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(21.85) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
2,700.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
6,268.30 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(1,265.00) (3,665.00) Variance reflects residents booked at less than market rate. Was not budgeted but included in gross potential. (4,930.00) 0.00 (13.00) 8,111.21 Postive variance due to actual occupancy of 94% verses 92% budgeted (4,987.57) Up front concessions for the month to remain competitive with competors. 0.00 0.00 500.00 0.00 575.00 Savings due to termination of position. 119.20 0.00 1,130.00 Per Deborah Parker set up guest suite, delay with setting up vendor to pay bills, 1st billing to hit in July. 1,324.00 We have reduced prorated concessions on select units. 0.00 0.00 0.00 0.00 $1,828.84
$ Variance
YTD Variance Comment
Income - Other Income - Condo Sales Total Other Income Total Revenue Expense Managers Salary
Salaries Maintenance Salary Salary - Administrative Commissions & Bonus Payroll Taxes Group Insurance Disability Insurance 401k Match Contract Labor Workers Comp
0.00 0.00 20,730.06
0.00 0.00 20,445.00
0.00 0.00 285.06
0.00 0.00 152,150.85
0.00 0.00 122,670.00
0.00 0.00 29,480.85
0.00 0.00 245,340.00
$257,082.90
$254,969.00
$2,113.90
$1,535,361.09
$1,508,728.00
$26,633.09
###
9,407.55
14,316.00
52,914.24
62,041.00
9,126.76
124,082.00
0.00 0.00 591,101.82 0.01 6,626,287.98 0.01 0.01 276,796.00
0.00 10,191.54 0.00 3,087.90
0.00 9,991.00 0.00 7,000.00
0.00 60,252.36 0.00 21,175.20
0.00 43,291.00 0.00 21,000.00
0.00 (16,961.36) 0.00 (175.20)
0.00 86,582.00 0.00 42,000.00
0.00 193,146.00 0.00 98,000.00
1,794.20 1,605.50 0.00 0.00 2,949.39
2,505.00 1,442.00 0.00 0.00 0.00
10,833.23 9,120.00 0.00 0.00 10,147.34
10,105.00 8,652.00 0.00 0.00 0.00
(728.23) (468.00) 0.00 0.00 (10,147.34)
20,210.00 17,304.00 0.00 0.00 0.00
45,430.00 37,492.00 0.00 0.00 0.00
1,698.92
2,505.00
30,735.00
37,759.00
440.18 807.36 38.00 4.32 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 495.00 0.00 0.00 1,784.86
600.00 1,080.00 100.00 200.00 0.00 0.00 0.00 0.00 100.00 0.00 200.00 0.00 750.00 0.00 0.00 3,030.00
3,417.12 47.50 1,601.25
3,452.00 475.00 1,033.00
(500.00)
900.00
4,565.87
5,860.00
282.45
3,000.00
2,705.00 3,378.30
3,000.00 1,500.00
336.32 0.00
200.00 500.00
0.00 0.00 0.00 166.29 6,868.36
100.00 100.00 100.00 300.00 8,800.00
824.55 0.00 211.46 70.17 0.00 919.98
800.00 150.00 75.00 150.00 100.00 400.00
0.00 53.69 314.20 197.49 0.00 0.00 0.00 194.06 0.00 0.00 0.00 2,785.60
0.00 50.00 75.00 150.00 100.00 0.00 0.00 295.00 0.00 0.00 0.00 2,345.00
Landscape & Grounds
5,938.52
2,745.00
Trash Removal Pest Control Security Patrols Window Cleaning Svc. Interior Cleaning Svc. Cable Television Snow Removal Total Service Expense
536.34 75.00 0.00 0.00 0.00 0.00 0.00 6,549.86
775.00 75.00 0.00 0.00 0.00 45.00 0.00 3,640.00
Total Salary Expense Office Operations & Supplies Telephones Answering Svc. & Pagers Postage & Delivery Patrol Services Membership Dues Publications & Subscriptions Conventions/Seminars Employee Training Furniture Rental Car Expenses Permits & Fees Credit Checks Guest Suite Expense Parking Cost Total Operating Expense Advertising & Promotions Resident Promotions Locators Resident Referrals
Total Advertising Expense Paint & Drywall
Contract Cleaning Svcs. Carpet Cleaning & Repairs
Window Coverings Vinyl & Tile Repairs Lock & Keys Counter & Tub Resurfacing Other Redecorating Cleaning Supplies Total Make Ready Expense General Maintenance & Supplies HVAC Parts & Repairs Plumbing Parts & Repairs Electric Parts & Repairs Roof & Gutter Repairs Pools & Fountains Gates & Entrances Glass & Screens Appliance Parts & Repairs Hardware Exterior Painting Uniforms Elevator Service & Repairs Security & Fire Systems Uninsured Losses Locks & Keys Bulbs & Ballasts Total Maintenance Expense
4,908.45 Manager just returning from maternity leave. Also short staffed in leasing using temp service. 0.00 (200.54) 0.00 3,912.10 Lower bonuses due to slower leasing. 710.80 (163.50) 0.00 0.00 (2,949.39) Temporary office help needed to assist in the office. 806.08 variance is a function of fewer office employees 7,024.00
14,257.10
10,105.00
(4,152.10)
20,210.00
45,430.00
178,699.47
155,194.00
(23,505.47)
310,388.00
159.82 272.64 62.00 195.68 0.00 0.00 0.00 0.00 100.00 0.00 200.00 0.00 255.00 0.00 0.00 1,245.14
6,032.52 5,845.64 611.57 1,010.89 0.00 0.00 142.00 0.00 1,465.75 0.00 16.20 0.00 2,676.11 0.00 0.00 17,800.68
3,600.00 6,480.00 600.00 1,200.00 0.00 0.00 0.00 0.00 1,600.00 0.00 1,200.00 0.00 4,500.00 0.00 0.00 19,180.00
(2,432.52) 634.36 (11.57) 189.11 0.00 0.00 (142.00) 0.00 134.25 0.00 1,183.80 0.00 1,823.89 0.00 0.00 1,379.32
7,200.00 12,960.00 1,200.00 2,400.00 0.00 0.00 1,645.00 0.00 2,200.00 0.00 2,400.00 0.00 9,000.00 0.00 0.00 39,005.00
34.88 427.50 (568.25) Budgeted for 2 referrals and had 3 approved. 1,400.00 Budgeted for 2 referrals and only had 1 referred and a reclass from prior month. 1,294.13
28,655.83 4,422.33 11,908.75
21,697.00 3,875.00 6,198.00
(6,958.83) (547.33) (5,710.75)
42,409.00 10,300.00 12,396.00
696,294.00 0.01 15,600.00 28,080.00 2,600.00 5,200.00 0.00 0.00 1,645.00 0.00 5,600.00 0.00 5,200.00 0.00 19,500.00 0.00 0.00 83,425.00 0.01 92,707.00 19,000.00 26,858.00
8,500.00
5,400.00
(3,100.00)
10,800.00
23,400.00
53,486.91
37,170.00
(16,316.91)
75,905.00
2,717.55 Positive variance due to maintenance staff doing all paints in house instead of outside contracting. 295.00 (1,878.30) Due to large number of turn as well as a large number of repairs. (136.32) 500.00 Did not need to replace.
3,297.19
16,500.00
13,202.81
33,200.00
161,965.00 0.01 72,200.00
11,995.00 10,547.13
16,500.00 7,800.00
4,505.00 (2,747.13)
32,500.00 15,900.00
71,500.00 34,500.00
693.09 0.00
1,200.00 3,000.00
506.91 3,000.00
2,400.00 6,000.00
5,200.00 13,000.00
54.31 185.00 218.86 428.54 27,419.12
600.00 600.00 600.00 1,800.00 48,600.00
545.69 415.00 381.14 1,371.46 21,180.88
1,200.00 1,200.00 1,200.00 3,600.00 97,200.00
2,600.00 2,600.00 2,600.00 7,800.00 212,000.00
3,370.22 532.98 784.63 1,042.92 0.00 2,323.82
4,600.00 900.00 450.00 900.00 600.00 2,400.00
1,229.78 367.02 (334.63) (142.92) 600.00 76.18
9,200.00 1,800.00 4,200.00 1,800.00 1,200.00 5,800.00
20,000.00 3,900.00 5,250.00 3,900.00 2,600.00 11,400.00
0.00 563.43 1,107.23 423.99 90.11 155.56 0.00 546.65 0.00 0.00 0.00 10,941.54
0.00 300.00 450.00 900.00 600.00 800.00 0.00 1,770.00 0.00 0.00 0.00 14,670.00
0.00 (263.43) (657.23) 476.01 509.89 644.44 0.00 1,223.35 0.00 0.00 0.00 3,728.46
0.00 600.00 900.00 1,800.00 1,200.00 2,100.00 0.00 11,540.00 0.00 0.00 0.00 42,140.00
13,528.52
15,480.00
1,951.48
32,205.00
0.00 1,300.00 1,950.00 3,900.00 2,600.00 3,700.00 0.00 15,670.00 0.00 0.00 0.00 76,170.00 0.01 68,655.00
2,972.92 450.00 0.00 0.00 0.00 0.00 (522.13) 16,429.31
5,400.00 450.00 0.00 0.00 0.00 270.00 4,500.00 26,100.00
2,427.08 0.00 0.00 0.00 0.00 270.00 5,022.13 9,670.69
10,050.00 900.00 0.00 0.00 0.00 540.00 8,000.00 51,695.00
22,400.00 1,950.00 0.00 0.00 0.00 1,170.00 17,000.00 111,175.00
100.00 100.00 100.00 133.71 1,931.64 (24.55) 150.00 (136.46) 79.83 100.00 (519.98) 8 new filters needed for the pool. 0.00 (3.69) (239.20) (47.49) 100.00 0.00 0.00 100.94 0.00 0.00 0.00 (440.60) (3,193.52) Annuals were replaced at the end of May as budgeted however the invoice did not arrive until June billing. 238.66 0.00 0.00 0.00 0.00 45.00 0.00 (2,909.86)
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
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Management Fees Asset Management Fees Investor Administration Fee Legal Fees
10,492.25 1,000.00 3,250.00 1,198.90
10,199.00 1,000.00 3,250.00 550.00
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
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 15,941.15
0.00 0.00 0.00 0.00 0.00 0.00 50.00 0.00 0.00 0.00 0.00 0.00 15,049.00
3,406.44
2,800.00
0.00 938.95
0.00 1,800.00
Electricity Electricity Gas - Resident Natural Gas
Water & Sewer Water & Sewer - Resident Reimb Water - irrigation Electric - Tenant Reimbursement Trash Reimbursement Water - Tenant Reimbursement Utility -Vacant Electric
Utility - Vacant Gas Tenant Reimbursement - Gas Total Utility Expense Management Fees Management Fees-MRLL Property Legal Fees Credit Card Fees Bank Charges Bank Adjustments Other Professional Fees Late Charges HOA Assessment Fees Contributions Fiduciary Fees Custodial Fees Thunder Expense Accounting Fees Total Management Expense Property Taxes
8,576.51
10,000.00
(5,528.68)
(4,500.00)
3,326.69
6,290.00
0.00 (2,125.64) 0.00 691.94
0.00 (2,200.00) 0.00 1,700.00
387.07 0.00 9,673.28
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
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(293.25) 0.00 0.00 (648.90) Budgeted for 4 evictions procedures and actually had 8. 0.00 0.00 0.00 0.00 0.00 0.00 50.00 0.00 0.00 0.00 0.00 0.00 (892.15)
63,002.84 6,000.00 19,500.00 9,169.90
60,350.00 6,000.00 19,500.00 3,300.00
(2,652.84) 0.00 0.00 (5,869.90)
121,658.00 12,000.00 39,000.00 6,600.00
0.00 0.00 (104.00) 0.00 0.00 825.49 332.58 0.00 0.00 283.76 0.00 0.00 99,010.57
0.00 0.00 0.00 0.00 0.00 500.00 300.00 0.00 0.00 0.00 0.00 0.00 89,950.00
0.00 0.00 104.00 0.00 0.00 (325.49) (32.58) 0.00 0.00 (283.76) 0.00 0.00 (9,060.57)
0.00 0.00 0.00 0.00 0.00 1,000.00 2,600.00 0.00 0.00 1,400.00 0.00 0.00 184,258.00
(606.44) Includes all common areas. 0.00 861.05 We have turned down the heat on the pool which as resulted in positive variance. 1,423.49 Based on billing from Arapahoe County. 1,028.68 Aggressive collections by AUM. 2,963.31 Watering at off times has helped in lowering the costs. 0.00 (74.36) 0.00 1,008.06 Less vacant and controlling use of A/C by staff and vendors during the make ready process.
20,461.11
16,800.00
(3,661.11)
33,600.00
0.00 0.00 0.00 0.00 0.00 2,000.00 3,300.00 0.00 0.00 1,400.00 0.00 0.00 394,256.00 0.01 72,800.00
0.00 17,374.03
0.00 18,660.00
0.00 1,285.97
0.00 35,120.00
0.00 76,040.00
53,720.60
53,000.00
(720.60)
106,000.00
232,000.00
(24,622.53)
(25,500.00)
(877.47)
(50,500.00)
(110,500.00)
(4,087.32)
15,680.00
19,767.32
40,840.00
84,780.00
0.00 (11,395.99) 0.00 5,788.86
0.00 (13,200.00) 0.00 10,200.00
0.00 (1,804.01) 0.00 4,411.14
0.00 (26,400.00) 0.00 20,400.00
0.00 (57,200.00) 0.00 44,200.00
17.93 0.00 6,621.72
4,509.21 0.00 61,747.97
5,605.00 0.00 81,245.00
1,095.79 0.00 19,497.03
9,820.00 0.00 168,880.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
176,883.26
163,200.00
(13,683.26)
326,400.00
21,840.00 0.00 363,960.00 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 0.01 707,200.00
0.00 41,941.14 700.00 0.00 219,524.40 685,059.97 850,301.12
0.00 40,146.00 0.00 0.00 203,346.00 675,455.00 833,273.00
0.00 (1,795.14) (700.00) 0.00 (16,178.40) (9,604.97) 17,028.12
0.00 80,292.00 0.00 0.00 406,692.00 1,376,163.00 1,665,237.00
29,474.62
27,200.00
Franchise Tax Insurance Tax Consultants MIP Total Taxes & Insurance Total Operating Expenses NET OPERATING INCOME
0.00 6,885.89 200.00 0.00 36,560.51 115,464.49 141,618.41
0.00 6,691.00 0.00 0.00 33,891.00 126,669.00 128,300.00
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
0.33 0.33 0.00 0.66
639,520.02 520,000.02 0.00 1,159,520.04
639,522.00 520,002.00 0.00 1,159,524.00
1.98 1.98 0.00 3.96
1,279,044.00 1,040,004.00 0.00 2,319,048.00
Mortgage Interest Loan Fees Interest Expense Interest Expense Total Debt Service
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
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
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 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 0.00
0.00 0.00
0.00 0.00
0.00 3,000.00
0.00 3,000.00
0.00 3,000.00
Exterior Rehab Interior Rehab
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 262,756.00 26,000.00 84,500.00 14,300.00
(2,274.62) Based on actual charges. 0.00 (194.89) (200.00) 0.00 (2,669.51) 11,204.51 13,318.41
0.00 173,966.00 0.00 0.00 881,166.00 2,980,411.00 3,649,076.06 0.01 2,771,262.00 2,253,342.00 0.00 5,024,604.00 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
HVAC Replacement Carpet & Floor Replacement
0.00 14,149.83
0.00 6,600.00
Refrigerators Dishwashers & Ranges Washers / Dryers Fire Alarm Replacement Other Capital Improvements Boiler Replacement Roof Replacement Total Capital Expenses
0.00 0.00 0.00 0.00 0.00 0.00 0.00 14,149.83
0.00 0.00 0.00 0.00 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 (65,784.76)
0.00 0.00 0.00 (71,554.00)
Rental Guarantee
0.00 (65,784.76)
0.00 (71,554.00)
0.00 (7,549.83) Overage due to budgeted for 6 replacements and actual was 14. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (7,549.83)
0.00 35,195.58
0.00 30,800.00
0.00 (4,395.58)
0.00 63,800.00
0.00 138,600.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 35,195.58
0.00 0.00 0.00 0.00 0.00 0.00 0.00 33,800.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 (1,395.58)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 66,800.00
0.00 0.00 0.00 5,769.24
0.00 0.00 0.00 (347,053.96)
0.00 0.00 0.00 (360,051.00)
0.00 0.00 0.00 12,997.04
0.00 0.00 0.00 (720,611.00)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 147,600.00 0.01 0.00 0.00 0.00 ###
0.00 5,769.24
224,944.65 (122,109.31)
0.00 (360,051.00)
224,944.65 237,941.69
0.00 (720,611.00)
449,889.30
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 Reforecast
Aug 2006 Reforecast
Sep 2006 Reforecast
Oct 2006 Reforecast
Nov 2006 Reforecast
Dec 2006 Reforecast
12 Month Total
$/ Unit 342
$/ Sq. Ft. 313,778
Revenue Gross Potential Rent - Vacancy - Concessions & Disc. - Other Write-offs & Adj. Total Rental Income
356,941 (50,457) (80,765) (5,393) 220,326
356,261 (41,504) (83,296) (4,621) 226,840
353,425 (32,721) (83,632) (13,129) 223,943
356,370 (25,521) (87,552) (3,761) 239,537
356,790 (27,566) (89,252) (3,761) 236,211
352,042 (20,448) (91,481) (3,761) 236,353
356,985 (31,419) (80,000) (6,085) 239,481
356,985 (28,559) (80,000) (6,085) 242,341
360,554 (32,450) (80,000) (6,085) 242,019
364,160 (36,416) (80,000) (6,085) 241,659
364,160 (40,058) (75,000) (6,085) 243,017
364,160 (40,058) (75,000) (6,085) 243,017
4,298,833 (407,177) (985,977) (70,935) 2,834,744
12,569.69 (1,190.57) (2,882.97) (207.41) 8,288.73
13.70 (1.30) (3.14) (0.23) 9.03
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
20,445 259,926
20,445 262,786
20,445 262,464
20,445 262,104
20,445 263,462
20,445 263,462
274,821 3,109,565
803.57 9,092.30
0.88 9.91
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
24,299 3,375 7,885 8,800 4,645 3,640 16,670 16,295 0 33,891
20,239 4,330 5,860 8,700 2,345 3,640 17,049 16,295 0 33,891
24,299 3,030 5,860 8,200 2,295 6,640 15,067 16,655 0 33,891
24,299 3,030 6,385 7,900 13,595 4,640 15,084 16,590 0 37,237
24,299 3,030 5,860 7,500 2,295 4,640 15,469 10,900 0 37,237
37,759 3,030 6,885 7,500 2,295 2,395 14,969 10,900 0 37,237
333,893 37,626 92,222 76,019 38,412 42,024 193,319 149,383 0 432,907
976.30 110.02 269.65 222.28 112.31 122.88 565.26 436.79 0.00 1,265.81
1.06 0.12 0.29 0.24 0.12 0.13 0.62 0.48 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
119,500 140,426
112,349 150,437
115,937 146,527
128,760 133,345
111,230 152,233
122,970 140,493
1,395,804 1,713,761
4,081.30 5,011.00
4.45 5.46
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
193,254 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
2,319,044 2,639 68,196
6,780.83 7.72 199.40
7.39 0.01 0.22
Cash Flow Frm Operations
(71,445)
(51,438)
(52,476)
(47,528)
(58,381)
(65,785)
(59,428)
(49,417)
(53,327)
(66,510)
(44,322)
(56,062)
(676,118)
(1,976.95)
(2.15)
66,280
58,055
58,308
42,302
0
0
0
55,074
52,214
52,536
52,896
37,280
474,945
Balance Sheet Adjustments Cash - Non Operating Accounts Accounts Receivable Prepaid Assets Escrow Deposits
792 9,672 372 (34,325)
(2,230) (940) (275) (34,325)
(4,698) (590) 86 (34,325)
2,407 4,549 156 (34,325)
6,708 (4,100) 1,384 324,584
2,152 (8,512) 280 (30,394)
0 0 0 (2,951)
0 0 0 (2,951)
0 0 0 28,097
0 0 (30,110) (2,951)
0 0 0 (2,951)
0 0 0 (2,951)
5,132 79 (28,106) 170,232
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)
(2,951)
(2,951)
28,097
(33,061)
(2,951)
(2,951)
147,337
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)
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
92,496 (56,149) (1,044) (2,609)
Cash Increase (Decreae) From Liab.
30,890
27,511
50,377
36,014
(289,534)
177,433
0
0
0
0
0
0
32,693
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
(62,379) 39,087
2,706 41,793
26,984 68,777
(47,034) 21,743
5,624 27,367
(21,733) 5,634
(21,144)
$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 Jun-06 LEASING & OCCUPANCY NUMBER OF MOVE INS: NUMBER OF MOVE OUTS: NET FOR THE MONTH:
17 18 -1
OCCUPIED/LEASED %:
91.5% 95.3%
SOURCE OF TRAFFIC: APTGUIDE.COM APARTMENT GUIDE YELLOW PAGES OTHER. NET FOR RENT RENT.NET LIVES IN AREA RESIDENT REFERRAL LOCATORS RENT.COM WALK-IN SIGNAGE WORD OF MOUTH TOTALS CLOSING RATIO:
INCOME THIS MONTH: INCOME LAST MONTH: DIFFERENCE:
$263,125.09 $262,168.99 956.1
TOTAL # GARAGES # GARAGES OCCUPIED GARAGES OCCUPIED %
120 108 90%
REASONS WHY PROSPECTS DID NOT LEASE: Traffic 1 7 0 12 3 5 12 2 2 4 0 4 2
Leased 0 1 0 4 0 0 6 5 0 0 0 3 0
54
19
* * * * * * * * * * * * * *
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
33%
MARKETING ACTIVITIES & SOURCES FOR THE MONTH * Updated all locators with new move in specials and pricing. * Updated all Internet ads with current pricing and specials. * Advertising in industry publications.
OVERVIEW OF COMPARABLE PROPERTIES: The surrounding comps are offering rents averaging one to three months off on a 12 month lease. This translates into one bedrooms starting at $525, two bedrooms at $715 and three bedrooms starting at $950.
RESIDENT RETENTION: Renewals for June averaged an increase of $34.00. We have continued to discuss all options with residents to keep turnover to a minimum but home buying is very popular. 8- residents did not renew due to buying houses, 3-residents got new jobs, 1 getting a divorce. INCIDENTS ON THE PROPERTY:
4 15 0 6 0 0 0 0 7 0 0 1 2 0 35
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 43 18 19 22 51 7 19 0 179
Number of: 19 9 10 179 0 43 18 19 22 51 7 19 0 179 0 0
REFRIGERATORS DISHWASHERS STOVES A/C COMPRESSORS CONDENSING UNITS WATER HEATERS ICE MAKERS GARBAGE DISPOSALS MICROWAVES CARPETS CEILING FANS TOILETS A/C FAN MOTORS COUNTER TOPS CABINETS RESURFACED KITCHEN BLINDS TUBS RESURFACED TUB TILES
CAPITAL IMPROVEMENTS IN PROGRESS: N/A in progress.
PROBLEM AREAS NEEDING ATTENTION: Landscaping is in the midst of a major improvement project to bring it up to our higher standards.
CURRENT STAFF: Manager Assistant Manager Leasing Consultant Leasing Consultant Maintenance Supervisor Assistant Maintenance Maintenance/ Grounds
Nancy Howland Wendy Gillan Carrie McMillan Temporary personnel Gabriel Tellez Russell Briley Jorge Chavez and Jorge Bernal
ACCOMPLISHMENTS FOR THE MONTH: Spring flowers have been planted. Repainting of all front signs. Installed new pool signs Purchased new flutter flags Re-planting flower beds
Number Replaced 0 1 0 0 0 0 0 0 0 6 0 0 0 0 0 15 0 0
Apt. # 10302
9102, 13202, 13206, 13208, 16207, 13106, 12107- guest bedroom.
12-212- 4, 12-111-1, 4108- 1, 9102- 3, 12-209- 1, 6108- , 16-105-1, 10309-1, 13205-1, 13303-1.
Courtney Downs RENTAL SCHEDULE
June 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* 830.00 805.00 830.00 830.00 830.00 830.00 830.00 830.00 830.00 830.00 830.00 1,145.00 1,145.00
CONCESSION PER UNIT 0.00 55.00 105.00 65.00 95.00 300.00 320.00 350.00 320.00 320.00 350.00 100.00 110.00
$869 * Net of Concessions
$192
EFFECTIVE PER S/F
1.18 1.10 0.91 1.03 1.03 0.85 0.81 0.81 0.85 0.81 0.81 1.00 1.00 0.95
EFFECTIVE MONTHLY GROSS $33,200 $31,000 $14,940 $19,920 $26,560 $34,860 $36,520 $18,260 $19,920 $13,280 $16,600 $27,480 $4,580 $297,120
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 June-06 Apartment Name
Address Phone Location # of units Age of Property Application Fee Credit Card Pets Allowed Pet Deposit Sec. Deposit W/D included Covered Parking Garage Cable Tennis Courts # of pools Weight Room Jacuzzi Ceiling Fans Microwaves Mini Blinds FF Freezer Icemakers Fireplaces Access Gates Alarm in Unit Door to Door Aerobics/Kick Box Movie Room Computer Library Indoor Basketball Water Charge
Courtney Downs
Coyote Ranch
15849 E. Jamison Dr16363 E Freemont Ave 720-870-6114 303-693-8787 Englewood, Co Aurora, Co 342 507 3 3 $50.00 $35.00 yes yes yes yes 300 n/r 400-500 150 275-325 Yes yes no yes Detached yes Yes yes no no 1 1 yes yes yes 1 yes yes yes yes yes yes yes yes yes yes yes no no yes Prewired no no no no no no yes yes yes no no yes no
Windsor @ Meridian
Pinnacle @ the Creek
Dove Valley
9875 Jefferson Pkwy 303-256-7700 Englewood, Co 80112 653 6 $40.00 yes yes 150-300 300 Only In Select Units yes yes yes no 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
6107 S Parker Rd 303-766-2500 Centennial, Co 216 3 $35.00 yes yes 200-300 100 Only Select Units yes yes yes no 1 yes 1 yes yes yes yes yes yes no yes no no yes yes no yes
7550 S Blackhawk 303-362-2000 Englewood, Co 80112 312 4 $35.00 yes yes 300-500 199 no yes yes yes yes 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
Cherrywood Village
16950 E Carlson Dr 303-805-7220 Parker, Co 80134 380 3 $35.00 yes yes 400 99 no yes yes yes yes 2 yes 2 yes yes yes yes yes yes yes no no no yes yes no yes
Reserve @ South Creek
15611 E Jamison Dr 303-680-6696 Englewood, Co 80112 168 4 $40.00 yes yes 300-600 225-375 no yes yes yes yes 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
MARKET SURVEY Courtney Downs June-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
690 690
Windsor at Meridian
PSF
779 853
PRICE
0.89 0.81
SIZE
Pinnacle @ the Creek
PSF
PRICE
SIZE
Dove Valley
PSF
PRICE
830 830
704 808
1.18 1.03
615 615
627 701
0.98 0.88
620 660
685 705
0.91 0.94
830
910
0.91
615
811
0.91
730
760
0.96
875 1110
956 1044
0.92 1.06
799
1051
799
1120
0.76 0.71
830
977
0.85
790
1105
0.71
830 830
1030 1030
0.81 0.81
790
1192
0.66
1440 1030
1196 1180
1.20 0.87
1,145
1140
1.00
1170
1398
0.84
1510
1330
1.14
995
1230
0.81
SIZE
700 700
PSF
768 842
PRICE
0.91 0.83
Cherrywood Village SIZE PSF
680
707
Reserve@South Creek SIZE PSF
PRICE
0.96
625
763
0.82
699
1037
0.67
1195
1257
0.95
875
1115
0.78
829
1033
0.80
875
1220
0.72
829
1093
0.76
1100
1356
0.81
1375
1235
1.11
% occ /leased 91 95 95% 95 99 96% 0 0% 95 97 94% 94.0 99 93% 88.0 92 93% 92.0 95 96% Avg PSF 1 0.94 0.78 0.99 0.85 0.81 0.91 0.81 Avg Rents 875 1114 994 808 850 1131 995 Units(Total / Avail) 342 15 507 14 653 216 8 312 8 360 41 0 168 5 Rates Special: 1x1, 2x2 830.00 Special: $300 to $400 off market Sepcial:None 12 mo lease. Special:100 to 200 off rentsSpecial:3 months free over Special: 12 month 3 lease. Months off of market Special: waive application or waive deposits. reflect these rates: $685 1/1 $805 2/2 $1310 3/2 $626 1/1 $800 2/2 $1275 3/2 specials: special were pulled off the internet due to property will not give info. Look and lease $250 off 1st full month Ren: $25 to $50 increase Ren.: Increase $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 (3,665.00)
356,985.00 0.00
352,055.00 0.00 (13.00) (20,447.79)
356,985.00 0.00 0.00 (28,559.00)
Upfront Rent Concessions
(6,987.57)
(2,000.00)
Corporate Discount Delinquent Rent Adjustments & W/O Model Units Courtesy Officer Apt.
0.00 0.00 0.00 (1,980.00) 0.00
0.00 0.00 (500.00) (1,980.00) (575.00)
Employee Apartment Housekeeping & Maintenance Fee Guest Suite
(1,780.80) 0.00 0.00
(1,900.00) 0.00 (1,130.00)
(84,493.00)
(85,817.00)
0.00 0.00 0.00 0.00 $236,352.84
0.00 0.00 0.00 0.00 $234,524.00
Laundry Income Vending Income Covered Parking Income Late Charges & NSF Fees
0.00 68.30 0.00 1,248.00
0.00 68.00 0.00 2,300.00
Month to Month Premium Storage Fees Repair & Maintenance Fees Application Fees Termination Fees & Damages
225.00 813.50 0.00 1,450.00 (550.00)
300.00 1,300.00 0.00 1,000.00 1,033.00
Miscellaneous Income Renters Insurance Interest Income Pet Rents & Fees
292.75 0.00 0.00 2,309.87
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 5,754.50
0.00 0.00 0.00 0.00 8,700.00
Water/Sewer Income Cable/Telephone Income HOA Contributions Developer Developer HOA Dues Forfeited Deposits Developer Contributions Interest Income Other Thunder Income Administration Fee
0.00 1,006.00 0.00 0.00 0.00 0.00 0.00 0.00 3,600.00
0.00 1,000.00 0.00 0.00 190.00 0.00 0.00 0.00 2,000.00
Move-Out Charges
4,056.14
929.00
456.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
225.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Account Revenue Market Rent Loss / Gain to Lease
Gross Potential Rent Prepaid Homeowners Dues Residential Rent Vacancy Loss
Lease Term Concessions Homeowner's Assn Dues Income Homeowner Dues Paid Model Units Lease Contract Difference Total Rental Income
Short Term Lease Fees Extra-Ordinary Income Corporate Rent Corporate Units - expense Deferred Revenue HOA Developer Contributions Acquisition Fees Income - Rental Income - C.A.M. Income - Insurance Income - Taxes Income - Interest
$ Variance MTD Variance Comment
YTD Actual
YTD Budget
Annual Budget
2,134,320.00 (2,460.00)
2,135,530.00 0.00
(1,210.00) (2,460.00)
4,302,534.00 0.00
Filter 0.01 9,282,614.00 (12,250.00)
2,131,860.00 0.00 (31.00) (198,216.58)
2,135,530.00 0.00 0.00 (191,430.00)
(3,670.00) 0.00 (31.00) (6,786.58)
4,302,534.00 0.00 0.00 (390,390.00)
9,270,364.00 0.00 (88.00) (827,718.74)
(105,473.46)
(12,000.00)
(93,473.46)
(24,000.00)
(248,922.06)
0.00 0.00 (10,135.02) (11,880.00) (1,725.00)
0.00 0.00 (3,000.00) (11,880.00) (3,450.00)
0.00 0.00 (7,135.02) 0.00 1,725.00
0.00 0.00 (6,000.00) (23,760.00) (6,900.00)
0.00 0.00 (26,270.04) (51,480.00) (10,350.00)
(10,684.80) 0.00 0.00
(11,400.00) 0.00 (6,780.00)
715.20 0.00 6,780.00
(22,800.00) 0.00 (13,560.00)
(47,731.20) 0.00 (13,560.00)
(410,503.90)
(509,532.00)
99,028.10 (1,019,064.00)
###
0.00 0.00 0.00 0.00 $1,383,210.24
0.00 0.00 0.00 0.00 $1,386,058.00
0.00 0.00 0.00 0.00 $(2,847.76)
0.00 0.00 0.00 0.00 ###
0.00 0.30 0.00 (1,052.00) More residents paid on time resulting in less fee charged and collected.
0.00 68.30 0.00 8,723.45
0.00 408.00 0.00 13,800.00
0.00 (339.70) 0.00 (5,076.55)
0.00 816.00 0.00 27,600.00
0.00 0.00 0.00 0.00 6,035,186.16 0.01 0.00 1,089.20 0.00 47,542.90
(75.00) (486.50) 0.00 450.00 (1,583.00) Residents not paying at time of move-out, however, they have been turned over to the collection agency. (207.25) 0.00 0.00 1,409.87 Aggressive collection from current residents with illegal pets as well as new move ins with pets. 0.00 0.00 0.00 0.00 (2,945.50) garage occupancy is 90%, while some were given away free as a move in incentive. 0.00 6.00 0.00 0.00 (190.00) 0.00 0.00 0.00 1,600.00 We increased the fee from $100.00 to $150.00. 3,127.14 Positive variance with broken lease charges and damages on move outs. 231.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1,047.23 5,925.54 0.00 6,345.00 12,922.86
1,800.00 7,800.00 0.00 6,000.00 6,198.00
(752.77) (1,874.46) 0.00 345.00 6,724.86
3,600.00 15,600.00 0.00 12,000.00 12,396.00
6,144.46 29,078.08 0.00 27,590.00 37,141.72
8,780.29 0.00 0.00 14,332.61
3,000.00 0.00 0.00 5,400.00
5,780.29 0.00 0.00 8,932.61
6,000.00 0.00 0.00 10,800.00
24,146.08 0.00 0.00 44,084.96
0.00 0.00 0.00 0.00 39,319.28
0.00 0.00 0.00 0.00 52,200.00
0.00 0.00 0.00 0.00 (12,880.72)
0.00 0.00 0.00 0.00 104,400.00
0.00 0.00 0.00 0.00 194,547.56
0.00 6,036.00 0.00 0.00 0.00 0.00 0.00 0.00 20,964.00
0.00 6,000.00 0.00 0.00 1,140.00 0.00 0.00 0.00 12,000.00
0.00 36.00 0.00 0.00 (1,140.00) 0.00 0.00 0.00 8,964.00
0.00 12,000.00 0.00 0.00 2,280.00 0.00 0.00 0.00 24,000.00
0.00 26,084.00 0.00 0.00 2,280.00 0.00 0.00 0.00 73,128.00
26,358.14
5,574.00
20,784.14
11,148.00
71,976.56
1,328.15 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1,350.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(21.85) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
2,700.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
6,268.30 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(1,265.00) (3,665.00) Variance reflects residents booked at less than market rate. Was not budgeted but included in gross potential. (4,930.00) 0.00 (13.00) 8,111.21 Postive variance due to actual occupancy of 94% verses 92% budgeted (4,987.57) Up front concessions for the month to remain competitive with competors. 0.00 0.00 500.00 0.00 575.00 Savings due to termination of position. 119.20 0.00 1,130.00 Per Deborah Parker set up guest suite, delay with setting up vendor to pay bills, 1st billing to hit in July. 1,324.00 We have reduced prorated concessions on select units. 0.00 0.00 0.00 0.00 $1,828.84
$ Variance
YTD Variance Comment
Income - Other Income - Condo Sales Total Other Income Total Revenue Expense Managers Salary
Salaries Maintenance Salary Salary - Administrative Commissions & Bonus Payroll Taxes Group Insurance Disability Insurance 401k Match Contract Labor Workers Comp
0.00 0.00 20,730.06
0.00 0.00 20,445.00
0.00 0.00 285.06
0.00 0.00 152,150.85
0.00 0.00 122,670.00
0.00 0.00 29,480.85
0.00 0.00 245,340.00
$257,082.90
$254,969.00
$2,113.90
$1,535,361.09
$1,508,728.00
$26,633.09
###
9,407.55
14,316.00
52,914.24
62,041.00
9,126.76
124,082.00
0.00 0.00 591,101.82 0.01 6,626,287.98 0.01 0.01 276,796.00
0.00 10,191.54 0.00 3,087.90
0.00 9,991.00 0.00 7,000.00
0.00 60,252.36 0.00 21,175.20
0.00 43,291.00 0.00 21,000.00
0.00 (16,961.36) 0.00 (175.20)
0.00 86,582.00 0.00 42,000.00
0.00 193,146.00 0.00 98,000.00
1,794.20 1,605.50 0.00 0.00 2,949.39
2,505.00 1,442.00 0.00 0.00 0.00
10,833.23 9,120.00 0.00 0.00 10,147.34
10,105.00 8,652.00 0.00 0.00 0.00
(728.23) (468.00) 0.00 0.00 (10,147.34)
20,210.00 17,304.00 0.00 0.00 0.00
45,430.00 37,492.00 0.00 0.00 0.00
1,698.92
2,505.00
30,735.00
37,759.00
440.18 807.36 38.00 4.32 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 495.00 0.00 0.00 1,784.86
600.00 1,080.00 100.00 200.00 0.00 0.00 0.00 0.00 100.00 0.00 200.00 0.00 750.00 0.00 0.00 3,030.00
3,417.12 47.50 1,601.25
3,452.00 475.00 1,033.00
(500.00)
900.00
4,565.87
5,860.00
282.45
3,000.00
2,705.00 3,378.30
3,000.00 1,500.00
336.32 0.00
200.00 500.00
0.00 0.00 0.00 166.29 6,868.36
100.00 100.00 100.00 300.00 8,800.00
824.55 0.00 211.46 70.17 0.00 919.98
800.00 150.00 75.00 150.00 100.00 400.00
0.00 53.69 314.20 197.49 0.00 0.00 0.00 194.06 0.00 0.00 0.00 2,785.60
0.00 50.00 75.00 150.00 100.00 0.00 0.00 295.00 0.00 0.00 0.00 2,345.00
Landscape & Grounds
5,938.52
2,745.00
Trash Removal Pest Control Security Patrols Window Cleaning Svc. Interior Cleaning Svc. Cable Television Snow Removal Total Service Expense
536.34 75.00 0.00 0.00 0.00 0.00 0.00 6,549.86
775.00 75.00 0.00 0.00 0.00 45.00 0.00 3,640.00
Total Salary Expense Office Operations & Supplies Telephones Answering Svc. & Pagers Postage & Delivery Patrol Services Membership Dues Publications & Subscriptions Conventions/Seminars Employee Training Furniture Rental Car Expenses Permits & Fees Credit Checks Guest Suite Expense Parking Cost Total Operating Expense Advertising & Promotions Resident Promotions Locators Resident Referrals
Total Advertising Expense Paint & Drywall
Contract Cleaning Svcs. Carpet Cleaning & Repairs
Window Coverings Vinyl & Tile Repairs Lock & Keys Counter & Tub Resurfacing Other Redecorating Cleaning Supplies Total Make Ready Expense General Maintenance & Supplies HVAC Parts & Repairs Plumbing Parts & Repairs Electric Parts & Repairs Roof & Gutter Repairs Pools & Fountains Gates & Entrances Glass & Screens Appliance Parts & Repairs Hardware Exterior Painting Uniforms Elevator Service & Repairs Security & Fire Systems Uninsured Losses Locks & Keys Bulbs & Ballasts Total Maintenance Expense
4,908.45 Manager just returning from maternity leave. Also short staffed in leasing using temp service. 0.00 (200.54) 0.00 3,912.10 Lower bonuses due to slower leasing. 710.80 (163.50) 0.00 0.00 (2,949.39) Temporary office help needed to assist in the office. 806.08 variance is a function of fewer office employees 7,024.00
14,257.10
10,105.00
(4,152.10)
20,210.00
45,430.00
178,699.47
155,194.00
(23,505.47)
310,388.00
159.82 272.64 62.00 195.68 0.00 0.00 0.00 0.00 100.00 0.00 200.00 0.00 255.00 0.00 0.00 1,245.14
6,032.52 5,845.64 611.57 1,010.89 0.00 0.00 142.00 0.00 1,465.75 0.00 16.20 0.00 2,676.11 0.00 0.00 17,800.68
3,600.00 6,480.00 600.00 1,200.00 0.00 0.00 0.00 0.00 1,600.00 0.00 1,200.00 0.00 4,500.00 0.00 0.00 19,180.00
(2,432.52) 634.36 (11.57) 189.11 0.00 0.00 (142.00) 0.00 134.25 0.00 1,183.80 0.00 1,823.89 0.00 0.00 1,379.32
7,200.00 12,960.00 1,200.00 2,400.00 0.00 0.00 1,645.00 0.00 2,200.00 0.00 2,400.00 0.00 9,000.00 0.00 0.00 39,005.00
34.88 427.50 (568.25) Budgeted for 2 referrals and had 3 approved. 1,400.00 Budgeted for 2 referrals and only had 1 referred and a reclass from prior month. 1,294.13
28,655.83 4,422.33 11,908.75
21,697.00 3,875.00 6,198.00
(6,958.83) (547.33) (5,710.75)
42,409.00 10,300.00 12,396.00
696,294.00 0.01 15,600.00 28,080.00 2,600.00 5,200.00 0.00 0.00 1,645.00 0.00 5,600.00 0.00 5,200.00 0.00 19,500.00 0.00 0.00 83,425.00 0.01 92,707.00 19,000.00 26,858.00
8,500.00
5,400.00
(3,100.00)
10,800.00
23,400.00
53,486.91
37,170.00
(16,316.91)
75,905.00
2,717.55 Positive variance due to maintenance staff doing all paints in house instead of outside contracting. 295.00 (1,878.30) Due to large number of turn as well as a large number of repairs. (136.32) 500.00 Did not need to replace.
3,297.19
16,500.00
13,202.81
33,200.00
161,965.00 0.01 72,200.00
11,995.00 10,547.13
16,500.00 7,800.00
4,505.00 (2,747.13)
32,500.00 15,900.00
71,500.00 34,500.00
693.09 0.00
1,200.00 3,000.00
506.91 3,000.00
2,400.00 6,000.00
5,200.00 13,000.00
54.31 185.00 218.86 428.54 27,419.12
600.00 600.00 600.00 1,800.00 48,600.00
545.69 415.00 381.14 1,371.46 21,180.88
1,200.00 1,200.00 1,200.00 3,600.00 97,200.00
2,600.00 2,600.00 2,600.00 7,800.00 212,000.00
3,370.22 532.98 784.63 1,042.92 0.00 2,323.82
4,600.00 900.00 450.00 900.00 600.00 2,400.00
1,229.78 367.02 (334.63) (142.92) 600.00 76.18
9,200.00 1,800.00 4,200.00 1,800.00 1,200.00 5,800.00
20,000.00 3,900.00 5,250.00 3,900.00 2,600.00 11,400.00
0.00 563.43 1,107.23 423.99 90.11 155.56 0.00 546.65 0.00 0.00 0.00 10,941.54
0.00 300.00 450.00 900.00 600.00 800.00 0.00 1,770.00 0.00 0.00 0.00 14,670.00
0.00 (263.43) (657.23) 476.01 509.89 644.44 0.00 1,223.35 0.00 0.00 0.00 3,728.46
0.00 600.00 900.00 1,800.00 1,200.00 2,100.00 0.00 11,540.00 0.00 0.00 0.00 42,140.00
13,528.52
15,480.00
1,951.48
32,205.00
0.00 1,300.00 1,950.00 3,900.00 2,600.00 3,700.00 0.00 15,670.00 0.00 0.00 0.00 76,170.00 0.01 68,655.00
2,972.92 450.00 0.00 0.00 0.00 0.00 (522.13) 16,429.31
5,400.00 450.00 0.00 0.00 0.00 270.00 4,500.00 26,100.00
2,427.08 0.00 0.00 0.00 0.00 270.00 5,022.13 9,670.69
10,050.00 900.00 0.00 0.00 0.00 540.00 8,000.00 51,695.00
22,400.00 1,950.00 0.00 0.00 0.00 1,170.00 17,000.00 111,175.00
100.00 100.00 100.00 133.71 1,931.64 (24.55) 150.00 (136.46) 79.83 100.00 (519.98) 8 new filters needed for the pool. 0.00 (3.69) (239.20) (47.49) 100.00 0.00 0.00 100.94 0.00 0.00 0.00 (440.60) (3,193.52) Annuals were replaced at the end of May as budgeted however the invoice did not arrive until June billing. 238.66 0.00 0.00 0.00 0.00 45.00 0.00 (2,909.86)
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
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Management Fees Asset Management Fees Investor Administration Fee Legal Fees
10,492.25 1,000.00 3,250.00 1,198.90
10,199.00 1,000.00 3,250.00 550.00
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
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 15,941.15
0.00 0.00 0.00 0.00 0.00 0.00 50.00 0.00 0.00 0.00 0.00 0.00 15,049.00
3,406.44
2,800.00
0.00 938.95
0.00 1,800.00
Electricity Electricity Gas - Resident Natural Gas
Water & Sewer Water & Sewer - Resident Reimb Water - irrigation Electric - Tenant Reimbursement Trash Reimbursement Water - Tenant Reimbursement Utility -Vacant Electric
Utility - Vacant Gas Tenant Reimbursement - Gas Total Utility Expense Management Fees Management Fees-MRLL Property Legal Fees Credit Card Fees Bank Charges Bank Adjustments Other Professional Fees Late Charges HOA Assessment Fees Contributions Fiduciary Fees Custodial Fees Thunder Expense Accounting Fees Total Management Expense Property Taxes
8,576.51
10,000.00
(5,528.68)
(4,500.00)
3,326.69
6,290.00
0.00 (2,125.64) 0.00 691.94
0.00 (2,200.00) 0.00 1,700.00
387.07 0.00 9,673.28
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
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(293.25) 0.00 0.00 (648.90) Budgeted for 4 evictions procedures and actually had 8. 0.00 0.00 0.00 0.00 0.00 0.00 50.00 0.00 0.00 0.00 0.00 0.00 (892.15)
63,002.84 6,000.00 19,500.00 9,169.90
60,350.00 6,000.00 19,500.00 3,300.00
(2,652.84) 0.00 0.00 (5,869.90)
121,658.00 12,000.00 39,000.00 6,600.00
0.00 0.00 (104.00) 0.00 0.00 825.49 332.58 0.00 0.00 283.76 0.00 0.00 99,010.57
0.00 0.00 0.00 0.00 0.00 500.00 300.00 0.00 0.00 0.00 0.00 0.00 89,950.00
0.00 0.00 104.00 0.00 0.00 (325.49) (32.58) 0.00 0.00 (283.76) 0.00 0.00 (9,060.57)
0.00 0.00 0.00 0.00 0.00 1,000.00 2,600.00 0.00 0.00 1,400.00 0.00 0.00 184,258.00
(606.44) Includes all common areas. 0.00 861.05 We have turned down the heat on the pool which as resulted in positive variance. 1,423.49 Based on billing from Arapahoe County. 1,028.68 Aggressive collections by AUM. 2,963.31 Watering at off times has helped in lowering the costs. 0.00 (74.36) 0.00 1,008.06 Less vacant and controlling use of A/C by staff and vendors during the make ready process.
20,461.11
16,800.00
(3,661.11)
33,600.00
0.00 0.00 0.00 0.00 0.00 2,000.00 3,300.00 0.00 0.00 1,400.00 0.00 0.00 394,256.00 0.01 72,800.00
0.00 17,374.03
0.00 18,660.00
0.00 1,285.97
0.00 35,120.00
0.00 76,040.00
53,720.60
53,000.00
(720.60)
106,000.00
232,000.00
(24,622.53)
(25,500.00)
(877.47)
(50,500.00)
(110,500.00)
(4,087.32)
15,680.00
19,767.32
40,840.00
84,780.00
0.00 (11,395.99) 0.00 5,788.86
0.00 (13,200.00) 0.00 10,200.00
0.00 (1,804.01) 0.00 4,411.14
0.00 (26,400.00) 0.00 20,400.00
0.00 (57,200.00) 0.00 44,200.00
17.93 0.00 6,621.72
4,509.21 0.00 61,747.97
5,605.00 0.00 81,245.00
1,095.79 0.00 19,497.03
9,820.00 0.00 168,880.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
176,883.26
163,200.00
(13,683.26)
326,400.00
21,840.00 0.00 363,960.00 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 0.01 707,200.00
0.00 41,941.14 700.00 0.00 219,524.40 685,059.97 850,301.12
0.00 40,146.00 0.00 0.00 203,346.00 675,455.00 833,273.00
0.00 (1,795.14) (700.00) 0.00 (16,178.40) (9,604.97) 17,028.12
0.00 80,292.00 0.00 0.00 406,692.00 1,376,163.00 1,665,237.00
29,474.62
27,200.00
Franchise Tax Insurance Tax Consultants MIP Total Taxes & Insurance Total Operating Expenses NET OPERATING INCOME
0.00 6,885.89 200.00 0.00 36,560.51 115,464.49 141,618.41
0.00 6,691.00 0.00 0.00 33,891.00 126,669.00 128,300.00
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
0.33 0.33 0.00 0.66
639,520.02 520,000.02 0.00 1,159,520.04
639,522.00 520,002.00 0.00 1,159,524.00
1.98 1.98 0.00 3.96
1,279,044.00 1,040,004.00 0.00 2,319,048.00
Mortgage Interest Loan Fees Interest Expense Interest Expense Total Debt Service
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
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
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 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 0.00
0.00 0.00
0.00 0.00
0.00 3,000.00
0.00 3,000.00
0.00 3,000.00
Exterior Rehab Interior Rehab
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 262,756.00 26,000.00 84,500.00 14,300.00
(2,274.62) Based on actual charges. 0.00 (194.89) (200.00) 0.00 (2,669.51) 11,204.51 13,318.41
0.00 173,966.00 0.00 0.00 881,166.00 2,980,411.00 3,649,076.06 0.01 2,771,262.00 2,253,342.00 0.00 5,024,604.00 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
HVAC Replacement Carpet & Floor Replacement
0.00 14,149.83
0.00 6,600.00
Refrigerators Dishwashers & Ranges Washers / Dryers Fire Alarm Replacement Other Capital Improvements Boiler Replacement Roof Replacement Total Capital Expenses
0.00 0.00 0.00 0.00 0.00 0.00 0.00 14,149.83
0.00 0.00 0.00 0.00 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 (65,784.76)
0.00 0.00 0.00 (71,554.00)
Rental Guarantee
0.00 (65,784.76)
0.00 (71,554.00)
0.00 (7,549.83) Overage due to budgeted for 6 replacements and actual was 14. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (7,549.83)
0.00 35,195.58
0.00 30,800.00
0.00 (4,395.58)
0.00 63,800.00
0.00 138,600.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 35,195.58
0.00 0.00 0.00 0.00 0.00 0.00 0.00 33,800.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 (1,395.58)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 66,800.00
0.00 0.00 0.00 5,769.24
0.00 0.00 0.00 (347,053.96)
0.00 0.00 0.00 (360,051.00)
0.00 0.00 0.00 12,997.04
0.00 0.00 0.00 (720,611.00)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 147,600.00 0.01 0.00 0.00 0.00 ###
0.00 5,769.24
224,944.65 (122,109.31)
0.00 (360,051.00)
224,944.65 237,941.69
0.00 (720,611.00)
449,889.30
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 Reforecast
Aug 2006 Reforecast
Sep 2006 Reforecast
Oct 2006 Reforecast
Nov 2006 Reforecast
Dec 2006 Reforecast
12 Month Total
$/ Unit 342
$/ Sq. Ft. 313,778
Revenue Gross Potential Rent - Vacancy - Concessions & Disc. - Other Write-offs & Adj. Total Rental Income
356,941 (50,457) (80,765) (5,393) 220,326
356,261 (41,504) (83,296) (4,621) 226,840
353,425 (32,721) (83,632) (13,129) 223,943
356,370 (25,521) (87,552) (3,761) 239,537
356,790 (27,566) (89,252) (3,761) 236,211
352,042 (20,448) (91,481) (3,761) 236,353
356,985 (31,419) (80,000) (6,085) 239,481
356,985 (28,559) (80,000) (6,085) 242,341
360,554 (32,450) (80,000) (6,085) 242,019
364,160 (36,416) (80,000) (6,085) 241,659
364,160 (40,058) (75,000) (6,085) 243,017
364,160 (40,058) (75,000) (6,085) 243,017
4,298,833 (407,177) (985,977) (70,935) 2,834,744
12,569.69 (1,190.57) (2,882.97) (207.41) 8,288.73
13.70 (1.30) (3.14) (0.23) 9.03
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
20,445 259,926
20,445 262,786
20,445 262,464
20,445 262,104
20,445 263,462
20,445 263,462
274,821 3,109,565
803.57 9,092.30
0.88 9.91
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
24,299 3,375 7,885 8,800 4,645 3,640 16,670 16,295 0 33,891
20,239 4,330 5,860 8,700 2,345 3,640 17,049 16,295 0 33,891
24,299 3,030 5,860 8,200 2,295 6,640 15,067 16,655 0 33,891
24,299 3,030 6,385 7,900 13,595 4,640 15,084 16,590 0 37,237
24,299 3,030 5,860 7,500 2,295 4,640 15,469 10,900 0 37,237
37,759 3,030 6,885 7,500 2,295 2,395 14,969 10,900 0 37,237
333,893 37,626 92,222 76,019 38,412 42,024 193,319 149,383 0 432,907
976.30 110.02 269.65 222.28 112.31 122.88 565.26 436.79 0.00 1,265.81
1.06 0.12 0.29 0.24 0.12 0.13 0.62 0.48 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
119,500 140,426
112,349 150,437
115,937 146,527
128,760 133,345
111,230 152,233
122,970 140,493
1,395,804 1,713,761
4,081.30 5,011.00
4.45 5.46
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
193,254 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
2,319,044 2,639 68,196
6,780.83 7.72 199.40
7.39 0.01 0.22
Cash Flow Frm Operations
(71,445)
(51,438)
(52,476)
(47,528)
(58,381)
(65,785)
(59,428)
(49,417)
(53,327)
(66,510)
(44,322)
(56,062)
(676,118)
(1,976.95)
(2.15)
66,280
58,055
58,308
42,302
0
0
0
55,074
52,214
52,536
52,896
37,280
474,945
Balance Sheet Adjustments Cash - Non Operating Accounts Accounts Receivable Prepaid Assets Escrow Deposits
792 9,672 372 (34,325)
(2,230) (940) (275) (34,325)
(4,698) (590) 86 (34,325)
2,407 4,549 156 (34,325)
6,708 (4,100) 1,384 324,584
2,152 (8,512) 280 (30,394)
0 0 0 (2,951)
0 0 0 (2,951)
0 0 0 28,097
0 0 (30,110) (2,951)
0 0 0 (2,951)
0 0 0 (2,951)
5,132 79 (28,106) 170,232
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)
(2,951)
(2,951)
28,097
(33,061)
(2,951)
(2,951)
147,337
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)
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
92,496 (56,149) (1,044) (2,609)
Cash Increase (Decreae) From Liab.
30,890
27,511
50,377
36,014
(289,534)
177,433
0
0
0
0
0
0
32,693
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
(62,379) 39,087
2,706 41,793
26,984 68,777
(47,034) 21,743
5,624 27,367
(21,733) 5,634
(21,144)
$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 Jun-06 LEASING & OCCUPANCY NUMBER OF MOVE INS: NUMBER OF MOVE OUTS: NET FOR THE MONTH:
17 18 -1
OCCUPIED/LEASED %:
91.5% 95.3%
SOURCE OF TRAFFIC: APTGUIDE.COM APARTMENT GUIDE YELLOW PAGES OTHER. NET FOR RENT RENT.NET LIVES IN AREA RESIDENT REFERRAL LOCATORS RENT.COM WALK-IN SIGNAGE WORD OF MOUTH TOTALS CLOSING RATIO:
INCOME THIS MONTH: INCOME LAST MONTH: DIFFERENCE:
$263,125.09 $262,168.99 956.1
TOTAL # GARAGES # GARAGES OCCUPIED GARAGES OCCUPIED %
120 108 90%
REASONS WHY PROSPECTS DID NOT LEASE: Traffic 1 7 0 12 3 5 12 2 2 4 0 4 2
Leased 0 1 0 4 0 0 6 5 0 0 0 3 0
54
19
* * * * * * * * * * * * * *
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
33%
MARKETING ACTIVITIES & SOURCES FOR THE MONTH * Updated all locators with new move in specials and pricing. * Updated all Internet ads with current pricing and specials. * Advertising in industry publications.
OVERVIEW OF COMPARABLE PROPERTIES: The surrounding comps are offering rents averaging one to three months off on a 12 month lease. This translates into one bedrooms starting at $525, two bedrooms at $715 and three bedrooms starting at $950.
RESIDENT RETENTION: Renewals for June averaged an increase of $34.00. We have continued to discuss all options with residents to keep turnover to a minimum but home buying is very popular. 8- residents did not renew due to buying houses, 3-residents got new jobs, 1 getting a divorce. INCIDENTS ON THE PROPERTY:
4 15 0 6 0 0 0 0 7 0 0 1 2 0 35
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 43 18 19 22 51 7 19 0 179
Number of: 19 9 10 179 0 43 18 19 22 51 7 19 0 179 0 0
REFRIGERATORS DISHWASHERS STOVES A/C COMPRESSORS CONDENSING UNITS WATER HEATERS ICE MAKERS GARBAGE DISPOSALS MICROWAVES CARPETS CEILING FANS TOILETS A/C FAN MOTORS COUNTER TOPS CABINETS RESURFACED KITCHEN BLINDS TUBS RESURFACED TUB TILES
CAPITAL IMPROVEMENTS IN PROGRESS: N/A in progress.
PROBLEM AREAS NEEDING ATTENTION: Landscaping is in the midst of a major improvement project to bring it up to our higher standards.
CURRENT STAFF: Manager Assistant Manager Leasing Consultant Leasing Consultant Maintenance Supervisor Assistant Maintenance Maintenance/ Grounds
Nancy Howland Wendy Gillan Carrie McMillan Temporary personnel Gabriel Tellez Russell Briley Jorge Chavez and Jorge Bernal
ACCOMPLISHMENTS FOR THE MONTH: Spring flowers have been planted. Repainting of all front signs. Installed new pool signs Purchased new flutter flags Re-planting flower beds
Number Replaced 0 1 0 0 0 0 0 0 0 6 0 0 0 0 0 15 0 0
Apt. # 10302
9102, 13202, 13206, 13208, 16207, 13106, 12107- guest bedroom.
12-212- 4, 12-111-1, 4108- 1, 9102- 3, 12-209- 1, 6108- , 16-105-1, 10309-1, 13205-1, 13303-1.
Courtney Downs RENTAL SCHEDULE
June 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* 830.00 805.00 830.00 830.00 830.00 830.00 830.00 830.00 830.00 830.00 830.00 1,145.00 1,145.00
CONCESSION PER UNIT 0.00 55.00 105.00 65.00 95.00 300.00 320.00 350.00 320.00 320.00 350.00 100.00 110.00
$869 * Net of Concessions
$192
EFFECTIVE PER S/F
1.18 1.10 0.91 1.03 1.03 0.85 0.81 0.81 0.85 0.81 0.81 1.00 1.00 0.95
EFFECTIVE MONTHLY GROSS $33,200 $31,000 $14,940 $19,920 $26,560 $34,860 $36,520 $18,260 $19,920 $13,280 $16,600 $27,480 $4,580 $297,120
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 June-06 Apartment Name
Address Phone Location # of units Age of Property Application Fee Credit Card Pets Allowed Pet Deposit Sec. Deposit W/D included Covered Parking Garage Cable Tennis Courts # of pools Weight Room Jacuzzi Ceiling Fans Microwaves Mini Blinds FF Freezer Icemakers Fireplaces Access Gates Alarm in Unit Door to Door Aerobics/Kick Box Movie Room Computer Library Indoor Basketball Water Charge
Courtney Downs
Coyote Ranch
15849 E. Jamison Dr16363 E Freemont Ave 720-870-6114 303-693-8787 Englewood, Co Aurora, Co 342 507 3 3 $50.00 $35.00 yes yes yes yes 300 n/r 400-500 150 275-325 Yes yes no yes Detached yes Yes yes no no 1 1 yes yes yes 1 yes yes yes yes yes yes yes yes yes yes yes no no yes Prewired no no no no no no yes yes yes no no yes no
Windsor @ Meridian
Pinnacle @ the Creek
Dove Valley
9875 Jefferson Pkwy 303-256-7700 Englewood, Co 80112 653 6 $40.00 yes yes 150-300 300 Only In Select Units yes yes yes no 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
6107 S Parker Rd 303-766-2500 Centennial, Co 216 3 $35.00 yes yes 200-300 100 Only Select Units yes yes yes no 1 yes 1 yes yes yes yes yes yes no yes no no yes yes no yes
7550 S Blackhawk 303-362-2000 Englewood, Co 80112 312 4 $35.00 yes yes 300-500 199 no yes yes yes yes 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
Cherrywood Village
16950 E Carlson Dr 303-805-7220 Parker, Co 80134 380 3 $35.00 yes yes 400 99 no yes yes yes yes 2 yes 2 yes yes yes yes yes yes yes no no no yes yes no yes
Reserve @ South Creek
15611 E Jamison Dr 303-680-6696 Englewood, Co 80112 168 4 $40.00 yes yes 300-600 225-375 no yes yes yes yes 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
MARKET SURVEY Courtney Downs June-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
690 690
Windsor at Meridian
PSF
779 853
PRICE
0.89 0.81
SIZE
Pinnacle @ the Creek
PSF
PRICE
SIZE
Dove Valley
PSF
PRICE
830 830
704 808
1.18 1.03
615 615
627 701
0.98 0.88
620 660
685 705
0.91 0.94
830
910
0.91
615
811
0.91
730
760
0.96
875 1110
956 1044
0.92 1.06
799
1051
799
1120
0.76 0.71
830
977
0.85
790
1105
0.71
830 830
1030 1030
0.81 0.81
790
1192
0.66
1440 1030
1196 1180
1.20 0.87
1,145
1140
1.00
1170
1398
0.84
1510
1330
1.14
995
1230
0.81
SIZE
700 700
PSF
768 842
PRICE
0.91 0.83
Cherrywood Village SIZE PSF
680
707
Reserve@South Creek SIZE PSF
PRICE
0.96
625
763
0.82
699
1037
0.67
1195
1257
0.95
875
1115
0.78
829
1033
0.80
875
1220
0.72
829
1093
0.76
1100
1356
0.81
1375
1235
1.11
% occ /leased 91 95 95% 95 99 96% 0 0% 95 97 94% 94.0 99 93% 88.0 92 93% 92.0 95 96% Avg PSF 1 0.94 0.78 0.99 0.85 0.81 0.91 0.81 Avg Rents 875 1114 994 808 850 1131 995 Units(Total / Avail) 342 15 507 14 653 216 8 312 8 360 41 0 168 5 Rates Special: 1x1, 2x2 830.00 Special: $300 to $400 off market Sepcial:None 12 mo lease. Special:100 to 200 off rentsSpecial:3 months free over Special: 12 month 3 lease. Months off of market Special: waive application or waive deposits. reflect these rates: $685 1/1 $805 2/2 $1310 3/2 $626 1/1 $800 2/2 $1275 3/2 specials: special were pulled off the internet due to property will not give info. Look and lease $250 off 1st full month Ren: $25 to $50 increase Ren.: Increase $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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