USA Courtney Downs LeaseCo, LLC Balance Sheet Books = Accrual Nov 2006
ASSETS Cash Operating Cash Money Market Security Deposits Total Cash
OTHER ASSETS Accounts Receivable Prepaid Expenses Tax Escrow Cash in Bank-Wrk Cap Reserve Capital / Repair Escrow Total Other Assets Total ASSETS
69,663.42 0.00 62,375.06 $132,038.48
12,605.24 37,139.44 227,891.85 33,005.43 200,000.00 510,641.96 642,680.44
LIABILITIES & CAPITAL LIABILITIES Accounts Payable - Trade Other Accounts Payable Accrued Taxes Prepaid Rent Security Deposits Notes Payable Total Liabilities
10,613.26 569,973.61 302,825.02 5,397.54 61,701.56 (328.39) 950,182.60
CAPITAL Owners Equity Retained Earnings Total Capital Total LIABILITIES & CAPITAL
100.00 (307,602.16) (307,502.16) 642,680.44
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 Actual
Sep 2006 Actual
Oct 2006 Actual
Nov 2006 Actual
Dec 2006 Reforecast
12 Month Total
$/ Unit 342
$/ Sq. Ft. 313,778
Revenue Gross Potential Rent - Vacancy - Concessions & Disc. - Other Write-offs & Adj. Total Rental Income
356,941 (50,457) (80,765) (5,393) 220,326
356,261 (41,504) (83,296) (4,621) 226,840
353,425 (32,721) (83,632) (13,129) 223,943
356,370 (25,521) (87,552) (3,761) 239,537
356,790 (27,566) (89,252) (3,761) 236,211
352,042 (20,448) (91,481) (3,761) 236,353
356,753 (24,375) (83,568) (8,525) 240,285
356,720 (29,656) (82,402) (4,902) 239,760
356,720 (19,795) (79,734) (6,891) 250,300
357,700 (27,386) (80,099) (6,370) 243,846
355,328 (32,196) (80,362) (6,051) 236,720
364,160 (43,000) (80,000) (6,085) 235,075
4,279,210 (374,625) (1,002,141) (73,248) 2,829,196
12,512.31 (1,095.40) (2,930.24) (214.18) 8,272.50
13.64 (1.19) (3.19) (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
29,442 269,202
23,112 273,411
27,168 271,014
26,551 263,270
19,000 254,075
297,902 3,127,097
871.06 9,143.56
0.95 9.97
31,314 4,125 10,172 2,824 484 2,095 15,018 17,811 1,732 34,178
27,779 1,829 7,867 1,468 2,348 (1,911) 14,773 10,978 605 39,883
25,751 4,155 8,790 6,877 2,996 750 20,876 5,261 (2,311) 33,892
34,224 2,418 12,875 3,034 938 1,089 15,092 9,118 0 33,962
28,896 3,488 9,217 6,347 1,390 7,856 17,309 8,907 (26) 41,050
30,735 1,785 4,566 6,868 2,786 6,550 15,941 9,673 0 36,561
32,813 4,044 9,311 4,319 4,753 3,601 18,145 13,946 0 34,740
30,497 1,759 9,128 6,576 1,299 3,942 18,942 10,892 0 35,107
25,074 2,987 5,468 2,661 933 6,370 16,905 14,755 0 33,746
32,939 3,546 8,689 5,755 14,604 3,538 17,508 13,099 0 36,233
27,075 3,528 3,394 6,286 4,679 1,973 15,877 7,614 0 35,713
37,759 3,030 6,885 7,500 2,295 2,395 14,969 10,900 0 37,237
364,856 36,694 96,362 60,516 39,504 38,249 201,357 132,953 0 432,299
1,066.83 107.29 281.76 176.95 115.51 111.84 588.76 388.75 0.00 1,264.03
1.16 0.12 0.31 0.19 0.13 0.12 0.64 0.42 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
118,141 151,061
108,899 164,512
135,911 135,103
106,138 157,133
122,970 131,106
1,402,790 1,724,307
4,101.72 5,041.83
4.47 5.50
Rent Expense Partnership Expense Capital Expense
193,253 1,511 3,871
193,253 40 (782)
193,253 324 8,204
193,253 595 6,055
193,253 169 3,698
193,253 0 14,150
193,253 0 7,730
193,253 0 3,637
193,253 1,128 2,383
193,253 62 5,646
193,253 9,150 3,806
193,254 0 3,300
2,319,041 12,979 61,696
6,780.82 37.95 180.40
7.39 0.04 0.20
Cash Flow Frm Operations
(71,445)
(51,438)
(52,476)
(47,528)
(58,381)
(65,785)
(65,891)
(45,830)
(32,251)
(63,858)
(49,076)
(65,449)
(669,409)
(1,957.34)
(2.13)
66,280
58,055
58,308
42,302
0
0
0
55,178
45,798
42,772
45,351
60,901
474,945
Balance Sheet Adjustments Cash - Non Operating Accounts Accounts Receivable Prepaid Assets Escrow Deposits
792 9,672 372 (34,325)
(2,230) (940) (275) (34,325)
(4,698) (590) 86 (34,325)
2,407 4,549 156 (34,325)
6,708 (4,100) 1,384 324,584
2,152 (8,512) 280 (30,394)
4,182 14,748 7,106 (30,394)
3,545 (1,503) 15,908 (30,394)
(771) 626 6,446 (30,394)
9,084 (2,785) (17,590) (30,394)
1,271 (3,429) 451 25,664
0 0 0 (2,951)
22,444 7,736 14,324 58,029
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
Rental Guarantees
(23,489)
(37,770)
(39,527)
(27,213)
328,577
(36,473)
(4,358)
(12,444)
(24,092)
(41,684)
23,957
(2,951)
102,533
Accounts Payable Accrued Expenses Other Payables Mortgages Payable
(5,209) 34,702 1,398 0
4,548 17,279 6,448 (763)
22,679 26,292 1,789 (382)
5,948 32,763 (2,315) (382)
(1,420) (282,521) (5,212) (382)
65,950 115,337 (3,153) (701)
8,685 25,645 (2,593) (382)
30,415 23,477 (5,234) 0
(53,751) 32,478 (2,080) (391)
(9,112) 45,961 (4,145) 0
(15,790) 22,329 (3,449) 0
0 0 0 0
52,942 93,741 (18,545) (3,382)
Cash Increase (Decrease) From Liab.
30,890
27,511
50,377
36,014
(289,534)
177,433
31,355
48,658
(23,744)
32,704
3,090
0
124,756
NET CASH FLOW CUMM. NET CASH FLOW
2,236 29,014
(3,642) 25,372
16,682 42,054
3,574 45,628
(19,338) 26,290
75,176 101,466
(38,893) 62,573
45,563 108,136
(34,289) 73,846
(30,066) 43,780
23,322 67,102
(7,499) 59,603
32,825
$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
Jun 2006
NET CASH FLOW
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
M30:
administrator: assume insurance increases by 50%
M47:
administrator:
replacement reserve + reduction in tax escrow due to overage
USA Courtney Downs LeaseCo, LLC Budget Comparison Books = Accrual For the period ending November 30, 2006 MTD Actual
MTD Budget
355,720.00
364,160.00
Loss / Gain to Lease Gross Potential Rent Prepaid Homeowners Dues Residential Rent
730.00 356,450.00 0.00 (1,122.00)
0.00 364,160.00 0.00 0.00
Vacancy Loss
(32,195.83)
(40,058.00)
Upfront Rent Concessions
(1,075.66)
(2,000.00)
Corporate Discount Delinquent Rent Adjustments & W/O
0.00 0.00 (1,130.30)
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 (1,160.00) (79,285.87)
(1,900.00) 0.00 (1,130.00) (83,497.00)
0.00 0.00 0.00 0.00 $236,719.54
0.00 0.00 0.00 0.00 $232,520.00
Laundry Income Vending Income Covered Parking Income Late Charges & NSF Fees
0.00 0.00 0.00 858.00
0.00 68.00 0.00 2,300.00
Month to Month Premium Storage Fees
145.00 700.00
300.00 1,300.00
Repair & Maintenance Fees Application Fees Termination Fees & Damages
0.00 910.00 2,892.68
0.00 1,000.00 1,033.00
Miscellaneous Income Renters Insurance Interest Income Pet Rents & Fees
719.48 0.00 0.00 3,132.66
500.00 0.00 0.00 900.00
Tower Rent Asset Management Fee Parking Spaces Income Homeowners Assessments Garage Income
0.00 0.00 0.00 0.00 6,241.50
0.00 0.00 0.00 0.00 8,700.00
Water/Sewer Income Cable/Telephone Income
0.00 5,317.87
0.00 1,000.00
0.00 0.00 250.00 0.00 0.00 0.00 900.00
0.00 0.00 190.00 0.00 0.00 0.00 2,000.00
4,323.57
929.00
160.00 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
Account Revenue Market Rent
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
HOA Contributions Developer Developer HOA Dues Forfeited Deposits Developer Contributions Interest Income Other Thunder Income Administration Fee Move-Out Charges
Short Term Lease Fees Extra-Ordinary Income Corporate Rent Corporate Units - expense Deferred Revenue HOA Developer Contributions Acquisition Fees Income - Rental Income - C.A.M.
$ Variance MTD Variance Comment (8,440.00) Due to market conditions, could not increase market rents. Continue with concessions. 730.00 (7,710.00) 0.00 (1,122.00) Correcting mis coded rent from prior momths. 7,862.17 Positive variance due to actual occupancy of 91% versus 90% budgeted. 924.34 Positive variance due to reduction of upfront concessions. 0.00 0.00 (630.30) Additional write offs due to 9-skips. 0.00 575.00 Savings due to termination of position. 119.20 0.00 (30.00) 4,211.13 Savings due to reducing the prorated concessions on selected units. 0.00 0.00 0.00 0.00 $4,199.54 0.00 (68.00) 0.00 (1,442.00) More residents paid on time resulting in less fees charged and collected. (155.00) (600.00) Due to residents moving out and renewing, storage units are not being re-rented. 0.00 (90.00) 1,859.68 Collected more fees due to new home purchases. 219.48 0.00 0.00 2,232.66 All new move in's with pets are required to pay a non refundable pet fee and pet rent. 0.00 0.00 0.00 0.00 (2,458.50) Fewer rentals due to higher turnover than expected and lower rates given as move in incentives. 0.00 4,317.87 Includes quarterly collections for phone and cable, includes an accrual for future collections in 2006. 0.00 0.00 60.00 0.00 0.00 0.00 (1,100.00) Budgeted for 13 move ins, had 6 actual. 3,394.57 More damages charged at move out than budgeted. Move outs higher than anticipated. (65.00) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
YTD Actual
YTD Budget
$ Variance
Annual Budget
3,912,920.00
3,938,374.00
(25,454.00)
4,302,534.00
2,130.00 3,915,050.00 0.00 0.00
0.00 3,938,374.00 0.00 0.00
2,130.00 (23,324.00) 0.00 0.00
0.00 4,302,534.00 0.00 0.00
(331,625.27)
(350,332.00)
18,706.73
(390,390.00)
(107,397.35)
(22,000.00)
(85,397.35)
(24,000.00)
0.00 0.00 (21,039.40)
0.00 0.00 (5,500.00)
0.00 0.00 (15,539.40)
0.00 0.00 (6,000.00)
(21,780.00) (1,725.00)
(21,780.00) (6,325.00)
0.00 4,600.00
(23,760.00) (6,900.00)
(19,588.80) 0.00 (3,030.00) (814,743.55)
(20,900.00) 0.00 (12,430.00) (935,567.00)
1,311.20 0.00 9,400.00 120,823.45
(22,800.00) 0.00 (13,560.00) (1,019,064.00)
0.00 0.00 0.00 0.00 $2,594,120.63
0.00 0.00 0.00 0.00 $2,563,540.00
0.00 0.00 0.00 0.00 $30,580.63
0.00 0.00 0.00 0.00 $2,796,060.00
0.00 403.23 0.00 19,521.70
0.00 748.00 0.00 25,300.00
0.00 (344.77) 0.00 (5,778.30)
0.00 816.00 0.00 27,600.00
2,112.23 9,343.45
3,300.00 14,300.00
(1,187.77) (4,956.55)
3,600.00 15,600.00
0.00 12,530.00 27,448.44
0.00 11,000.00 11,363.00
0.00 1,530.00 16,085.44
0.00 12,000.00 12,396.00
11,433.85 0.00 0.00 27,334.73
5,500.00 0.00 0.00 9,900.00
5,933.85 0.00 0.00 17,434.73
6,000.00 0.00 0.00 10,800.00
0.00 0.00 0.00 0.00 71,919.17
0.00 0.00 0.00 0.00 95,700.00
0.00 0.00 0.00 0.00 (23,780.83)
0.00 0.00 0.00 0.00 104,400.00
0.00 15,748.67
0.00 11,000.00
0.00 4,748.67
0.00 12,000.00
0.00 0.00 1,490.98 0.00 0.00 0.00 32,565.00
0.00 0.00 2,090.00 0.00 0.00 0.00 22,000.00
0.00 0.00 (599.02) 0.00 0.00 0.00 10,565.00
0.00 0.00 2,280.00 0.00 0.00 0.00 24,000.00
44,165.98
10,219.00
33,946.98
11,148.00
2,884.12 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
2,475.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
409.12 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
YTD Variance Comment
Income - Insurance Income - Taxes Income - Interest Income - Other Income - Condo Sales Total Other Income
0.00 0.00 0.00 0.00 0.00 26,550.76
0.00 0.00 0.00 0.00 0.00 20,445.00
0.00 0.00 0.00 0.00 0.00 6,105.76
0.00 0.00 0.00 0.00 0.00 278,901.55
0.00 0.00 0.00 0.00 0.00 224,895.00
0.00 0.00 0.00 0.00 0.00 54,006.55
0.00 0.00 0.00 0.00 0.00 245,340.00
$263,270.30
$252,965.00
$10,305.30
$2,873,022.18
$2,788,435.00
$84,587.18
$3,041,400.00
10,290.79 0.00 9,893.39
9,545.00 0.00 6,660.00
97,738.07 0.00 111,670.42
109,766.00 0.00 76,591.00
12,027.93 0.00 (35,079.42)
124,082.00 0.00 86,582.00
Salary - Administrative Commissions & Bonus
0.00 1,611.20
0.00 3,500.00
0.00 36,867.30
0.00 35,000.00
0.00 (1,867.30)
0.00 42,000.00
Payroll Taxes Group Insurance Disability Insurance 401k Match Contract Labor Workers Comp
1,684.93 1,463.00 0.00 0.00 0.00 2,132.14
1,576.00 1,442.00 0.00 0.00 0.00 1,576.00
19,643.82 16,321.00 0.00 0.00 21,303.72 23,552.58
17,705.00 15,862.00 0.00 0.00 0.00 17,705.00
(1,938.82) (459.00) 0.00 0.00 (21,303.72) (5,847.58)
20,210.00 17,304.00 0.00 0.00 0.00 20,210.00
27,075.45
24,299.00
(745.79) 0.00 (3,233.39) We are over in maintenance payroll due to additional porter position that was not budgeted, this is offset in make ready expenses. 0.00 1,888.80 Fewer move ins and renewals than anticipated. (108.93) (21.00) 0.00 0.00 0.00 (556.14) Reflective of total payroll costs. (2,776.45)
327,096.91
272,629.00
(54,467.91)
310,388.00
626.37 767.25 112.55 358.45 0.00 0.00 0.00 0.00 213.08 0.00 154.86 0.00 796.50 498.65
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
9,677.08 10,119.12 1,000.88 2,027.22 0.00 0.00 534.75 0.00 1,131.90 0.00 301.00 0.00 5,066.90 3,805.33
6,600.00 11,880.00 1,100.00 2,200.00 0.00 0.00 1,645.00 0.00 2,100.00 0.00 2,200.00 0.00 8,250.00 0.00
(3,077.08) 1,760.88 99.12 172.78 0.00 0.00 1,110.25 0.00 968.10 0.00 1,899.00 0.00 3,183.10 (3,805.33)
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 3,527.71
0.00 3,030.00
(26.37) 312.75 (12.55) (158.45) 0.00 0.00 0.00 0.00 (113.08) 0.00 45.14 0.00 (46.50) (498.65) Reflects cable and furniture rental for the guest suite. 0.00 (497.71)
0.00 33,664.18
0.00 35,975.00
0.00 2,310.82
0.00 39,005.00
2,348.09
3,452.00
38,957.00
(10,384.20)
42,409.00
475.00 1,033.00
1,103.91 Cancelled For Rent advertising. (82.58) 544.52 Two placement fees paid. 900.00 No resident referral for the month. 2,465.85
49,341.20
557.58 488.48
6,956.06 16,179.83
8,800.00 11,363.00
1,843.94 (4,816.83)
10,300.00 12,396.00
Total Revenue Expense Managers Salary Salaries Maintenance Salary
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
0.00
900.00
3,394.15
5,860.00
Paint & Drywall
1,012.38
2,500.00
Contract Cleaning Svcs.
3,310.00
2,500.00
Carpet Cleaning & Repairs
1,560.00
1,200.00
Window Coverings Vinyl & Tile Repairs Lock & Keys Counter & Tub Resurfacing Other Redecorating Cleaning Supplies Total Make Ready Expense
0.00 11.85 227.13 0.00 0.00 164.19 6,285.55
200.00 500.00 100.00 100.00 100.00 300.00 7,500.00
1,335.83
750.00
HVAC Parts & Repairs Plumbing Parts & Repairs Electric Parts & Repairs Roof & Gutter Repairs Pools & Fountains Gates & Entrances Glass & Screens
218.31 141.01 338.04 0.00 130.85 0.00 293.93
150.00 75.00 150.00 100.00 400.00 0.00 50.00
Appliance Parts & Repairs
645.56
75.00
Hardware Exterior Painting Uniforms Elevator Service & Repairs Security & Fire Systems
0.00 0.00 99.99 0.00 1,475.00
150.00 100.00 0.00 0.00 295.00
Uninsured Losses Locks & Keys Bulbs & Ballasts Total Maintenance Expense
0.00 0.00 0.00 4,678.52
0.00 0.00 0.00 2,295.00
Total Advertising Expense
General Maintenance & Supplies
17,000.00
9,900.00
(7,100.00)
10,800.00
89,477.09
69,020.00
(20,457.09)
75,905.00
4,723.52
30,700.00
25,976.48
33,200.00
25,445.00
30,000.00
4,555.00
32,500.00
18,482.13
14,700.00
(3,782.13)
15,900.00
1,615.23 11.85 660.59 941.46 218.86 917.07 53,015.71
2,200.00 5,500.00 1,100.00 1,100.00 1,100.00 3,300.00 89,700.00
584.77 5,488.15 439.41 158.54 881.14 2,382.93 36,684.29
2,400.00 6,000.00 1,200.00 1,200.00 1,200.00 3,600.00 97,200.00
(585.83) Includes quarterly fitness center repairs, replaced bateeries in smoke alarms, replaced the vacuum at the car care center, also restocked the "doggie pots."
7,664.89
8,450.00
785.11
9,200.00
(68.31) (66.01) (188.04) 100.00 269.15 0.00 (243.93) Replaced patio glass in one unit. (570.56) Purchased washer/dryer parts. Parts failure more than anticipated.
1,102.25 5,017.13 1,493.93 0.00 4,486.33 0.00 1,712.44
1,650.00 4,125.00 1,650.00 1,100.00 5,400.00 0.00 550.00
547.75 (892.13) 156.07 1,100.00 913.67 0.00 (1,162.44)
1,800.00 4,200.00 1,800.00 1,200.00 5,800.00 0.00 600.00
2,184.76
825.00
(1,359.76)
900.00
548.35 90.11 944.62 0.00 11,964.21
1,650.00 1,100.00 2,100.00 0.00 11,245.00
1,101.65 1,009.89 1,155.38 0.00 (719.21)
1,800.00 1,200.00 2,100.00 0.00 11,540.00
0.00 0.00 0.00 37,209.02
0.00 0.00 0.00 39,845.00
0.00 0.00 0.00 2,635.98
0.00 0.00 0.00 42,140.00
1,487.62 Majority of the paints are performed by in house staff. (810.00) Reflects contract cleaning of 16 units plus common areas. (360.00) Cleaned 16 carpets. Some repairs required. 200.00 488.15 (127.13) 100.00 100.00 135.81 1,214.45
150.00 100.00 (99.99) 0.00 (1,180.00) Performed annual Fire alarm testing. 0.00 0.00 0.00 (2,383.52)
Landscape & Grounds
1,988.13
2,745.00
Trash Removal Pest Control Security Patrols Window Cleaning Svc. Interior Cleaning Svc. Cable Television Snow Removal
527.33 75.00 0.00 0.00 0.00 0.00 (617.50)
775.00 75.00 0.00 0.00 0.00 45.00 1,000.00
1,972.96
4,640.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
10,613.26
10,119.00
1,000.00 3,250.00 872.80 0.00 0.00 0.00 0.00 0.00 140.79 0.00 0.00 0.00 0.00 0.00 0.00 15,876.85
1,000.00 3,250.00 550.00 0.00 0.00 0.00 0.00 0.00 500.00 50.00 0.00 0.00 0.00 0.00 0.00 15,469.00
2,615.99 0.00 2,087.36
2,800.00 0.00 4,000.00
Total Service Expense Expenses - CAM - Electric Expenses - CAM - Water/Sewer Expenses - CAM - Gas Expenses - CAM - Grounds Expenses - CAM - Trash Removal Expenses - CAM - Cleaning Svcs Expenses - CAM - Maintenance Expenses - CAM - Insurance Expenses - CAM - R/E Taxes Total CAM Expense Management Fees Asset Management Fees Investor Administration Fee Legal Fees Accounting Fees Postage & Delivery Bank Charges Partnership Insurance Other Administrative Expenses Travel Expense Employee Activities Printing Computer Consulting Computer Expense Bank Charges Development Cost Total Admin. Expense Electricity Electricity Gas - Resident Natural Gas Water & Sewer Water & Sewer - Resident Reimb Water - irrigation Electric - Tenant Reimbursement 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
6,769.35
7,500.00
(5,954.71)
(4,000.00)
1,842.85
0.00
0.00 (2,718.18) 0.00 620.04
0.00 (2,200.00) 0.00 1,700.00
2,351.05
1,100.00
0.00 7,613.75
0.00 10,900.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
756.87 Positive variance due to end of season, contract ended. 247.67 Fewer pick ups needed. 0.00 0.00 0.00 0.00 45.00 1,617.50 Due to less snow fall this month. 2,667.04 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (494.26) Based on % of collections. 0.00 0.00 (322.80) Eviction fees. 0.00 0.00 0.00 0.00 0.00 359.21 50.00 0.00 0.00 0.00 0.00 0.00 (407.85) 184.01 0.00 1,912.64 Not heating the hot tub at this time. Less usuage. 730.65 Based on current usuage. 1,954.71 Collected at 88% of water/sewer bill. (1,842.85) Budgeted in water/sewer category. 0.00 518.18 0.00 1,079.96 Fewer vacants and rates less than budgeted. (1,251.05) Had to heat units during sub zero temperatures. 0.00 3,286.25 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
32,205.00
2,600.39
32,205.00
5,628.17 760.56 0.00 0.00 0.00 0.00 (139.63)
9,275.00 825.00 0.00 0.00 0.00 495.00 6,500.00
3,646.83 64.44 0.00 0.00 0.00 495.00 6,639.63
10,050.00 900.00 0.00 0.00 0.00 540.00 8,000.00
35,853.71
49,300.00
13,446.29
51,695.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
118,404.31
111,539.00
(6,865.31)
121,658.00
11,000.00 35,750.00 13,839.40 0.00 0.00 (104.00) 0.00 0.00 966.28 2,596.02 0.00 0.00 3,936.30 0.00 0.00 186,388.31
11,000.00 35,750.00 6,050.00 0.00 0.00 0.00 0.00 0.00 1,000.00 2,550.00 0.00 0.00 1,400.00 0.00 0.00 169,289.00
0.00 0.00 (7,789.40) 0.00 0.00 104.00 0.00 0.00 33.72 (46.02) 0.00 0.00 (2,536.30) 0.00 0.00 (17,099.31)
12,000.00 39,000.00 6,600.00 0.00 0.00 0.00 0.00 0.00 1,000.00 2,600.00 0.00 0.00 1,400.00 0.00 0.00 184,258.00
35,427.51 0.00 29,207.36
30,800.00 0.00 31,120.00
(4,627.51) 0.00 1,912.64
33,600.00 0.00 35,120.00
97,595.17
98,500.00
904.83
106,000.00
(56,260.00)
(46,500.00)
9,760.00
(50,500.00)
21,890.64
40,840.00
18,949.36
40,840.00
0.00 (23,255.74) 0.00 9,580.66
0.00 (24,200.00) 0.00 18,700.00
0.00 (944.26) 0.00 9,119.34
0.00 (26,400.00) 0.00 20,400.00
7,867.20
8,720.00
852.80
9,820.00
0.00 122,052.80
0.00 157,980.00
0.00 35,927.20
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
314,978.26
299,200.00
(15,778.26)
326,400.00
0.00 79,384.37 700.00 0.00 395,062.63 1,279,820.36 1,593,201.82
0.00 73,601.00 0.00 0.00 372,801.00 1,256,539.00 1,531,896.00
0.00 (5,783.37) (700.00) 0.00 (22,261.63) (23,281.36) 61,305.82
0.00 80,292.00 0.00 0.00 406,692.00 1,376,163.00 1,665,237.00
27,619.00
27,200.00
Franchise Tax Insurance Tax Consultants MIP Total Taxes & Insurance Total Operating Expenses NET OPERATING INCOME
0.00 8,093.70 0.00 0.00 35,712.70 106,137.64 157,132.66
0.00 6,691.00 0.00 0.00 33,891.00 107,884.00 145,081.00
Base Rent Stated Rent Office Rent Total Rent Expense
106,586.67 86,666.71 0.00 193,253.38
106,587.00 86,667.00 0.00 193,254.00
0.33 0.29 0.00 0.62
1,172,453.37 953,333.41 0.00 2,125,786.78
1,172,457.00 953,337.00 0.00 2,125,794.00
3.63 3.59 0.00 7.22
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
1,510.50
0.00
(1,510.50)
0.00
Mortgage Interest Loan Fees Interest Expense Interest Expense Total Debt Service Partnership Legal Fees
(419.00) Based on anticipated accruals. 0.00 (1,402.70) Actual cost. 0.00 0.00 (1,821.70) 1,746.36 12,051.66
29,604.61
Partnership Accounting Fees
9,150.00
0.00
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 9,150.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 2,721.64 0.00 0.00 0.00 0.00 1,084.00
0.00 0.00 0.00 3,300.00 0.00 0.00 0.00 0.00 0.00
Boiler Replacement Roof Replacement Total Capital Expenses
0.00 0.00 3,805.64
0.00 0.00 3,300.00
Casualty Losses Casualty Recovery Total Casualty Loss NET INCOME (LOSS)
0.00 0.00 0.00 (49,076.36)
0.00 0.00 0.00 (51,473.00)
45,351.21 (3,725.15)
0.00 (51,473.00)
Exterior Rehab Interior Rehab HVAC Replacement Carpet & Floor Replacement Refrigerators Dishwashers & Ranges Washers / Dryers Fire Alarm Replacement Other Capital Improvements
Rental Guarantee
(9,150.00) 9000- Partnership fee CPA firm Fee. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (9,150.00)
10,726.30
0.00
(10,726.30)
0.00
655.29 86.91 0.00 0.00 0.00 0.00 0.00 12,979.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(655.29) (86.91) 0.00 0.00 0.00 0.00 0.00 (12,979.00)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 578.36 Replaced two carpets. 0.00 0.00 0.00 0.00 (1,084.00) First payment of resurfacing of the hot tub. 0.00 0.00 (505.64)
0.00 0.00 0.00 52,417.49 0.00 0.00 236.72 4,658.23 1,084.00
0.00 3,000.00 0.00 60,500.00 0.00 0.00 0.00 0.00 0.00
0.00 3,000.00 0.00 8,082.51 0.00 0.00 (236.72) (4,658.23) (1,084.00)
0.00 3,000.00 0.00 63,800.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 58,396.44
0.00 0.00 63,500.00
0.00 0.00 5,103.56
0.00 0.00 66,800.00
0.00 0.00 0.00 2,396.64
0.00 0.00 0.00 (603,960.40)
0.00 0.00 0.00 (657,398.00)
0.00 0.00 0.00 53,437.60
0.00 0.00 0.00 (720,611.00)
45,351.21 47,747.85
414,043.73 (189,916.67)
124,335.14 (533,062.86)
289,708.59 343,146.19
124,335.14 (596,275.86)
Courtney Downs Apartments Nov-06 LEASING & OCCUPANCY NUMBER OF MOVE INS: NUMBER OF MOVE OUTS: NET FOR THE MONTH:
11 13 -2
OCCUPIED/LEASED %:
91.23% 93.27%
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:
$263,270.00 $271,013.82 -7743.82
TOTAL # GARAGES # GARAGES OCCUPIED GARAGES OCCUPIED %
120 117 98%
REASONS WHY PROSPECTS DID NOT LEASE: Traffic 0 7 0 12 0 6 25 9 4 8 0 28 0
Leased 0 3 0 1 0 0 6 1 0 0 0 2 0
99
13
* * * * * * * * * * * * * *
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
3 13 0 12 15 4 6 0 15 0 0 12 6 0 86
33%
MARKETING ACTIVITIES & SOURCES FOR THE MONTH * Dropped off bag of cookies and candy with flyer and brochures to Richmond Homes. * Updated all locators with new pricing information. * Updated all internet ads with new pricing. * Took locators lunch and new prices for the month. * Took flyer's to Colorado Fitness club . * Brochures were taken to Human Resources at Albertsons Supermarket. * Met with Prudential sales team with options of temporary housing for new home buyers. * Dropped off cookie basket and brochures and price sheets with Human Resources at First Data Corporation. * Dropped off doughnuts and brochures to Parker Adventist Hospital with Human Resources. * Took cookie and candy bag with flyer's to Parker Fire Station. * Took cookie and candy bag to Burt Chevrolet with brochures. * Took cookie and candy bag to Wells Fargo with brochures. OVERVIEW OF COMPARABLE PROPERTIES: The surrounding comps are still offering specials of one to two months free on selected units. This translates into one bedroom effective rents of $520, two bedrooms at $730and three bedrooms starting at $985. Look and leases are being locked in with $500.00 off move in and one moth free as well as prorating concessions on a 12 to 13 month lease with some of our competitors. RESIDENT RETENTION: We had 15 leases expiring in the month of November. Five are moving due to buying and/or renting houses one is moving out due to relocating, one is moving due to contract being over and one is going month to month. Overall our five renewals had an average increase of $55.00 per renewal. INCIDENTS ON THE PROPERTY: Garage #50 was hit by a car and damage (about $200) is being billed to Resident.
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 18 17 12 14 48 0 15 1 125
PLUMBING LEAKS
Number of: 12 7 5 125 0 18 17 12 14 48 0 15 1 125 0 0
CAPITAL IMPROVEMENTS IN PROGRESS: N/A
PROBLEM AREAS NEEDING ATTENTION: We are in the process of resurfacing the hot tub.
CURRENT STAFF: Manager Assistant Manager Leasing Consultant Leasing Consultant Maintenance Supervisor Assistant Maintenance Maintenance/ Grounds
Nancy Howland Wendy Gillan Carrie McMillan Jessica Branch Gabriel Tellez Russell Briley Jorge Chavez and Jorge Bernal
ACCOMPLISHMENTS FOR THE MONTH: Special efforts focused on marketing.
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 0 0 0 0 0 0 11 0 0
Apt. #
17201-3, 19201-1, 6212-1, 6209-1, 4307-1, 19204-2, 16105-2.
Courtney Downs RENTAL SCHEDULE
November 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 November-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 4 4 $50.00 $35.00 yes yes yes yes 300 n/r 350-600 150 275-325 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 7 $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 4 $35.00 yes yes $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 5 $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 4 $35.00 yes yes 350-500 275-325 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 5 $40.00 yes yes 300 125-250 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 November-06
(Concessions reduced rates) PROPERTY:
Courtney Downs Apt PRICE
Efficiency Efficiency 1B1B (A) 1B1B (B) 1B1B w/study 1B 1B 1B w/loft 1B1B w/study 2B2B (E) 2B2B (F) 2B2B (G) 2B2B (H) 2B2B 2B w/study 2B2B TH 2B2B TH 3B2B 3B2B
% occ /leased Avg PSF Avg Rents Units(Total / Avail)
SIZE
Coyote Ranch
PSF
PRICE
SIZE
690 780
Windsor at Meridian
PSF
PRICE
779 853
0.89 0.91
SIZE
Pinnacle @ the Creek
PSF
PRICE
SIZE
Dove Valley
PSF
PRICE
640 660
704 808
0.91 0.82
615 615
627 701
0.98 0.88
624 700
685 705
0.91 0.99
690
910
0.76
615
811
0.91
784
760
0.96
875 1110
956 1044
0.92 1.06
784
1051
1014
1120
0.75 0.91
800
977
0.82
855
1105
0.77
830 860
1030 1030
0.81 0.83
910
1192
0.76
1440 1030
1196 1180
1.20 0.87
1,100
1140
0.96
1215
1398
0.87
1510
1330
1.14
0
0% 0.99
91 1 797 342
93.27
42
95% 0.84
96.8 1114 507
99
98% 0.84
11
Special: 1x1 620.00, 2x2 800.00, as well as price matching a few comps in the Special: Reduced pricing Rates area. for all floor plans. reflect these rates: specials:
Ren: $50 increase
Ren.: Keep all residents 4% under all new residents.
994 653
1064
1230
93 808 216
91
0.87
94% 0.90
19
SIZE
700 750
PSF
PRICE
768 842
0.91 0.89
Cherrywood Village SIZE PSF
645
0.91
689
763
0.90
820
1037
0.79
1099
1257
810
1115
0.73
828
1033
0.80
880
1220
0.72
832
1093
0.76
1050
1356
0.77
1151
1235
0.93
95.8 838 312
96
93% 0.80
28
93.0 1131 360
94
36
Reserve@South Creek SIZE PSF
PRICE
707
94% 0.85 0
98.0 995 168
99
Special:waive security deposit and $150.00 gift Sepcial:None card to any location. $685 1/1 $805 2/2 $1310 3/2 special was pulled off the internet due to property will not give info.
Special: Discounted rents on select units as well as first months rent free..
Special: Waive security deposit and $250 to $500 Special: Discounts on all off first months rent. available rents. $626 1/1 $800 2/2 $1275 3/2
Ren: Info not avail per corporate
Ren: $40 increas for 12 month lease
Ren: Average $15 to $20 increase.
Ren:Per corporate
0.87
96% 0.86
11
Ren: Free carpet cleaning with 12mo.