Courtney Downs October 2006
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USA Courtney Downs LeaseCo, LLC Balance Sheet Books = Accrual Oct 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
44,293.35 0.00 65,375.06 $109,668.41
9,176.24 37,590.22 204,623.33 81,938.44 200,000.00 533,328.23 642,996.64
LIABILITIES & CAPITAL LIABILITIES Accounts Payable - Trade Other Accounts Payable Accrued Taxes Prepaid Rent Security Deposits Notes Payable Total Liabilities
26,414.18 575,264.08 275,206.02 5,386.24 65,150.56 (328.39) 947,092.69
CAPITAL Owners Equity Retained Earnings Total Capital Total LIABILITIES & CAPITAL
100.00 (304,196.05) (304,096.05) 642,996.64
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 Reforecast
Nov 2006 Reforecast
Dec 2006 Reforecast
12 Month Total
$/ Unit 342
$/ Sq. Ft. 313,778
Revenue Gross Potential Rent - Vacancy - Concessions & Disc. - Other Write-offs & Adj. Total Rental Income
356,941 (50,457) (80,765) (5,393) 220,326
356,261 (41,504) (83,296) (4,621) 226,840
353,425 (32,721) (83,632) (13,129) 223,943
356,370 (25,521) (87,552) (3,761) 239,537
356,790 (27,566) (89,252) (3,761) 236,211
352,042 (20,448) (91,481) (3,761) 236,353
356,753 (24,375) (83,568) (8,525) 240,285
356,720 (29,656) (82,402) (4,902) 239,760
356,720 (19,795) (79,734) (6,891) 250,300
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
4,294,502 (388,576) (991,681) (72,997) 2,841,248
12,557.02 (1,136.19) (2,899.65) (213.44) 8,307.74
13.69 (1.24) (3.16) (0.23) 9.05
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
20,445 262,104
20,445 263,462
20,445 263,462
286,518 3,127,766
837.77 9,145.51
0.91 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
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
353,440 35,680 96,524 63,875 36,112 42,018 198,525 139,730 0 434,826
1,033.45 104.33 282.23 186.77 105.59 122.86 580.48 408.57 0.00 1,271.42
1.13 0.11 0.31 0.20 0.12 0.13 0.63 0.45 0.00 1.39
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
128,760 133,345
111,230 152,233
122,970 140,493
1,400,730 1,727,036
4,095.70 5,049.81
4.46 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
193,254 0 6,600
193,254 0 3,300
193,254 0 3,300
2,319,042 3,767 62,145
6,780.82 11.01 181.71
7.39 0.01 0.20
Cash Flow Frm Operations
(71,445)
(51,438)
(52,476)
(47,528)
(58,381)
(65,785)
(65,891)
(45,830)
(32,251)
(66,510)
(44,322)
(56,062)
(657,918)
(1,923.74)
(2.10)
66,280
58,055
58,308
42,302
0
0
0
55,178
45,798
41,589
52,896
54,539
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)
0 0 (23,201) (2,951)
0 0 0 (2,951)
0 0 0 (2,951)
12,089 13,950 8,262 56,856
Cash Increase (Decreae) From Assets
Operating Expenses Salary Expense Operating Expense Advertising Expense Make Ready Expense Maintenance Expense Service Expense Administrative Expense Utility Expense Management Expense Taxes & Insurance
Rent Guarantee
(23,489)
(37,770)
(39,527)
(27,213)
328,577
(36,473)
(4,358)
(12,444)
(24,092)
(26,152)
(2,951)
(2,951)
91,156
Accounts Payable Accrued Expenses Other Payables Notess Payable
(5,209) 34,702 1,398 0
4,548 17,279 6,448 (763)
22,679 26,292 1,789 (382)
5,948 32,763 (2,315) (382)
(1,420) (282,521) (5,212) (382)
65,950 115,337 (3,153) (701)
8,685 25,645 (2,593) (382)
30,415 23,477 (5,234) 0
(53,751) 32,478 (2,080) (391)
(34,000) 0 0 0
0 0 0 0
0 0 0 0
43,844 25,451 (10,951) (3,382)
Cash Increase (Decreae) From Liab.
30,890
27,511
50,377
36,014
(289,534)
177,433
31,355
48,658
(23,744)
(34,000)
0
0
54,962
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
(85,073) (11,227)
5,624 (5,603)
(4,473) (10,077)
(36,855)
$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
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
USA Courtney Downs LeaseCo, LLC Budget Comparison Books = Accrual For the period ending October 31, 2006 MTD Actual
MTD Budget
355,720.00 840.00 356,560.00 0.00 1,140.00
364,160.00 0.00 364,160.00 0.00 0.00
(27,385.72)
(36,416.00)
(305.11)
(2,000.00)
Corporate Discount Delinquent Rent Adjustments & W/O
0.00 0.00 (1,449.00)
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) (79,793.51)
(1,900.00) 0.00 (1,130.00) (84,256.00)
0.00 0.00 0.00 0.00 $243,845.86
0.00 0.00 0.00 0.00 $235,403.00
Laundry Income Vending Income Covered Parking Income Late Charges & NSF Fees Month to Month Premium Storage Fees
0.00 182.03 0.00 2,489.25 455.00 748.87
0.00 68.00 0.00 2,300.00 300.00 1,300.00
Repair & Maintenance Fees Application Fees Termination Fees & Damages
0.00 850.00 5,760.23
0.00 1,000.00 1,033.00
Miscellaneous Income Renters Insurance Interest Income Pet Rents & Fees
275.00 0.00 0.00 2,110.00
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 6,815.29
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 1,183.00 0.00 0.00 435.50 0.00 0.00 0.00 2,550.00
0.00 1,000.00 0.00 0.00 190.00 0.00 0.00 0.00 2,000.00
Move-Out Charges
3,191.21
929.00
122.58 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 27,167.96
225.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 20,445.00
$271,013.82
$255,848.00
Account Revenue Market Rent Loss / Gain to Lease Gross Potential Rent Prepaid Homeowners Dues Residential Rent Vacancy Loss
Upfront Rent Concessions
Employee Apartment Housekeeping & Maintenance Fee Guest Suite Lease Term Concessions
Homeowner's Assn Dues Income Homeowner Dues Paid Model Units Lease Contract Difference Total Rental Income
Short Term Lease Fees Extra-Ordinary Income Corporate Rent Corporate Units - expense Deferred Revenue HOA Developer Contributions Acquisition Fees Income - Rental Income - C.A.M. Income - Insurance Income - Taxes Income - Interest Income - Other Income - Condo Sales Total Other Income Total Revenue Expense
$ Variance MTD Variance Comment (8,440.00) 840.00 (7,600.00) 0.00 1,140.00 Income due to guest suite rental. 9,030.28 Positive variance due to actual occupancy of 93% versus 91% budgeted. 1,694.89 Positive variance due to cutting back on upfront concessions. 0.00 0.00 (949.00) Additional write off due to 1-skip. 0.00 575.00 Savings due to termination of position. 119.20 0.00 (30.00) 4,462.49 Savings due to reducing the prorated concessions on select unit types. 0.00 0.00 0.00 0.00 $8,442.86
YTD Actual
YTD Budget
$ Variance
Annual Budget
3,557,200.00 1,400.00 3,558,600.00 0.00 1,122.00
3,574,214.00 0.00 3,574,214.00 0.00 0.00
(17,014.00) 1,400.00 (15,614.00) 0.00 1,122.00
4,302,534.00 0.00 4,302,534.00 0.00 0.00
(299,429.44)
(310,274.00)
10,844.56
(390,390.00)
(106,321.69)
(20,000.00)
(86,321.69)
(24,000.00)
0.00 0.00 (19,909.10)
0.00 0.00 (5,000.00)
0.00 0.00 (14,909.10)
0.00 0.00 (6,000.00)
(19,800.00) (1,725.00)
(19,800.00) (5,750.00)
0.00 4,025.00
(23,760.00) (6,900.00)
(17,808.00) 0.00 (1,870.00) (735,457.68)
(19,000.00) 0.00 (11,300.00) (852,070.00)
1,192.00 0.00 9,430.00 116,612.32
(22,800.00) 0.00 (13,560.00) (1,019,064.00)
0.00 0.00 0.00 0.00 $2,357,401.09
0.00 0.00 0.00 0.00 $2,331,020.00
0.00 0.00 0.00 0.00 $26,381.09
0.00 0.00 0.00 0.00 $2,796,060.00
0.00 114.03 0.00 189.25 155.00 (551.13) Due to move-outs who gave up storage units not yet re-rented. 0.00 (150.00) 4,727.23 Collected more lease break fees due to new home purchases. (225.00) 0.00 0.00 1,210.00 All new move in's with pets are required to pay a non refundable pet fee as well as pet rent.
0.00 403.23 0.00 18,663.70 1,967.23 8,643.45
0.00 680.00 0.00 23,000.00 3,000.00 13,000.00
0.00 (276.77) 0.00 (4,336.30) (1,032.77) (4,356.55)
0.00 816.00 0.00 27,600.00 3,600.00 15,600.00
0.00 11,620.00 24,555.76
0.00 10,000.00 10,330.00
0.00 1,620.00 14,225.76
0.00 12,000.00 12,396.00
10,714.37 0.00 0.00 24,202.07
5,000.00 0.00 0.00 9,000.00
5,714.37 0.00 0.00 15,202.07
6,000.00 0.00 0.00 10,800.00
0.00 0.00 0.00 0.00 (1,884.71) Fewer rentals due to higher turnover than expected and lower rates given as move in incentives. 0.00 183.00 0.00 0.00 245.50 0.00 0.00 0.00 550.00 Budget for 13 and actual move in's 17. 2,262.21 Positive variance with lease break charges and damages on soda charges. (102.42) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 6,722.96
0.00 0.00 0.00 0.00 65,677.67
0.00 0.00 0.00 0.00 87,000.00
0.00 0.00 0.00 0.00 (21,322.33)
0.00 0.00 0.00 0.00 104,400.00
0.00 10,430.80 0.00 0.00 1,240.98 0.00 0.00 0.00 31,665.00
0.00 10,000.00 0.00 0.00 1,900.00 0.00 0.00 0.00 20,000.00
0.00 430.80 0.00 0.00 (659.02) 0.00 0.00 0.00 11,665.00
0.00 12,000.00 0.00 0.00 2,280.00 0.00 0.00 0.00 24,000.00
39,842.41
9,290.00
30,552.41
11,148.00
2,724.12 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 252,350.79
2,250.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 204,450.00
474.12 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 47,900.79
2,700.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 245,340.00
$2,609,751.88
$2,535,470.00
$74,281.88
$3,041,400.00
$15,165.82
YTD Variance Comment
Managers Salary Salaries Maintenance Salary
9,531.61 0.00 9,403.06
9,545.00 0.00 6,660.00
Salary - Administrative Commissions & Bonus
0.00 5,356.60
0.00 3,500.00
Payroll Taxes Group Insurance Disability Insurance 401k Match Contract Labor
1,923.96 1,463.00 0.00 0.00 3,082.00
1,576.00 1,442.00 0.00 0.00 0.00
2,178.43 32,938.66
1,576.00 24,299.00
993.45 1,199.77 138.76 200.84 0.00 0.00 0.00 0.00 0.00 0.00 69.42 0.00 459.50 484.36 0.00 3,546.10
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
5,974.37
3,452.00
493.77
1,000.00
1,220.94 1,000.00 8,689.08
1,033.00 900.00 6,385.00
(140.37)
2,900.00
2,975.00 2,635.00
2,500.00 1,200.00
229.85 0.00
200.00 500.00
55.47 0.00 0.00 0.00 5,754.95
100.00 100.00 100.00 300.00 7,900.00
788.38 321.44 3,667.32 0.00 0.00 593.67 0.00 0.00 0.00 0.00 0.00 296.78 0.00 8,936.03
750.00 150.00 3,375.00 150.00 100.00 400.00 0.00 50.00 75.00 150.00 100.00 0.00 0.00 8,295.00
0.00 0.00 0.00 14,603.62
0.00 0.00 0.00 13,595.00
Landscape & Grounds
2,016.57
2,745.00
Trash Removal Pest Control Security Patrols Window Cleaning Svc. Interior Cleaning Svc. Cable Television Snow Removal Total Service Expense
521.43 0.00 0.00 0.00 0.00 0.00 1,000.00 3,538.00
775.00 75.00 0.00 0.00 0.00 45.00 1,000.00 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
Workers Comp 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
Expenses - CAM - Electric Expenses - CAM - Water/Sewer Expenses - CAM - Gas Expenses - CAM - Grounds Expenses - CAM - Trash Removal Expenses - CAM - Cleaning Svcs
13.39 0.00 (2,743.06) Additional porter position not budgeted. This is offset in make ready expense. 0.00 (1,856.60) Bonuses were paid on 22 move in's for the month of September. (347.96) (21.00) 0.00 0.00 (3,082.00) Temporary office help needed to assist in the office due to open position. This is offset by vacant leasing position. (602.43) (8,639.66)
87,447.28 0.00 101,777.03
100,221.00 0.00 69,931.00
12,773.72 0.00 (31,846.03)
124,082.00 0.00 86,582.00
0.00 35,256.10
0.00 31,500.00
0.00 (3,756.10)
0.00 42,000.00
17,958.89 14,858.00 0.00 0.00 21,303.72
16,129.00 14,420.00 0.00 0.00 0.00
(1,829.89) (438.00) 0.00 0.00 (21,303.72)
20,210.00 17,304.00 0.00 0.00 0.00
21,420.44 300,021.46
16,129.00 248,330.00
(5,291.44) (51,691.46)
20,210.00 310,388.00
9,050.71 9,351.87 888.33 1,668.77 0.00 0.00 534.75 0.00 918.82 0.00 146.14 0.00 4,270.40 3,306.68 0.00 30,136.47
6,000.00 10,800.00 1,000.00 2,000.00 0.00 0.00 1,645.00 0.00 2,000.00 0.00 2,000.00 0.00 7,500.00 0.00 0.00 32,945.00
(3,050.71) 1,448.13 111.67 331.23 0.00 0.00 1,110.25 0.00 1,081.18 0.00 1,853.86 0.00 3,229.60 (3,306.68) 0.00 2,808.53
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
(2,522.37) Due to For Rent Ad not being budgeted for. 506.23 Spent less on vendor night and residents party. (187.94) (100.00) (2,304.08)
46,993.11
35,505.00
(11,488.11)
42,409.00
6,398.48
8,325.00
1,926.52
10,300.00
15,691.35 17,000.00 86,082.94
10,330.00 9,000.00 63,160.00
(5,361.35) (8,000.00) (22,922.94)
12,396.00 10,800.00 75,905.00
3,040.37 Positive variance due to maintenance staff doing all paints in house instead of contracting outside vendors. (475.00) (1,435.00) More carpets were cleaned to save on cost of replacing of carpet. (29.85) 500.00 No need to replace any at this time. 44.53 100.00 100.00 300.00 2,145.05
3,711.14
28,200.00
24,488.86
33,200.00
22,135.00 16,922.13
27,500.00 13,500.00
5,365.00 (3,422.13)
32,500.00 15,900.00
1,615.23 0.00
2,000.00 5,000.00
384.77 5,000.00
2,400.00 6,000.00
433.46 941.46 218.86 752.88 46,730.16
1,000.00 1,000.00 1,000.00 3,000.00 82,200.00
566.54 58.54 781.14 2,247.12 35,469.84
1,200.00 1,200.00 1,200.00 3,600.00 97,200.00
6,329.06 883.94 4,876.12 1,155.89 0.00 4,355.48 0.00 1,418.51 1,539.20 548.35 90.11 844.63 0.00 10,489.21
7,700.00 1,500.00 4,050.00 1,500.00 1,000.00 5,000.00 0.00 500.00 750.00 1,500.00 1,000.00 2,100.00 0.00 10,950.00
1,370.94 616.06 (826.12) 344.11 1,000.00 644.52 0.00 (918.51) (789.20) 951.65 909.89 1,255.37 0.00 460.79
9,200.00 1,800.00 4,200.00 1,800.00 1,200.00 5,800.00 0.00 600.00 900.00 1,800.00 1,200.00 2,100.00 0.00 11,540.00
0.00 0.00 0.00 32,530.50
0.00 0.00 0.00 37,550.00
0.00 0.00 0.00 5,019.50
0.00 0.00 0.00 42,140.00
27,616.48
29,460.00
1,843.52
32,205.00
5,100.84 685.56 0.00 0.00 0.00 0.00 477.87 33,880.75
8,500.00 750.00 0.00 0.00 0.00 450.00 5,500.00 44,660.00
3,399.16 64.44 0.00 0.00 0.00 450.00 5,022.13 10,779.25
10,050.00 900.00 0.00 0.00 0.00 540.00 8,000.00 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
(393.45) (119.77) (38.76) (0.84) 0.00 0.00 0.00 0.00 100.00 0.00 130.58 0.00 290.50 (484.36) 0.00 (516.10)
(38.38) (171.44) (292.32) 150.00 100.00 (193.67) 0.00 50.00 75.00 150.00 100.00 (296.78) 0.00 (641.03) Annual Fire alarm and backflow testing done. 0.00 0.00 0.00 (1,008.62) 728.43 Savings due to in house winter fertilization in smaller areas. 253.57 75.00 0.00 0.00 0.00 45.00 0.00 1,102.00 0.00 0.00 0.00 0.00 0.00 0.00
Expenses - CAM - Maintenance Expenses - CAM - Insurance Expenses - CAM - R/E Taxes Total CAM Expense Management Fees
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
11,322.38
10,234.00
Asset Management Fees Investor Administration Fee Legal Fees
1,000.00 3,250.00 1,298.90
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 0.00 637.15 0.00 0.00 0.00 0.00 0.00 17,508.43
0.00 0.00 0.00 0.00 0.00 0.00 50.00 0.00 0.00 0.00 0.00 0.00 15,084.00
2,768.98 0.00 4,678.89
2,800.00 0.00 2,700.00
Electricity Electricity Gas - Resident Natural Gas Water & Sewer
10,140.79
8,500.00
Water & Sewer - Resident Reimb
(7,875.61)
(4,000.00)
4,778.55
6,290.00
0.00 (2,433.96) 0.00 644.63
0.00 (2,200.00) 0.00 1,700.00
396.55 0.00 13,098.82
800.00 0.00 16,590.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
27,619.00 0.00 8,614.20
27,200.00 0.00 6,691.00
Tax Consultants MIP Total Taxes & Insurance Total Operating Expenses NET OPERATING INCOME
0.00 0.00 36,233.20 135,910.86 135,102.96
0.00 0.00 33,891.00 125,414.00 130,434.00
Base Rent Stated Rent Office Rent Total Rent Expense
106,586.67 86,666.67 0.00 193,253.34
106,587.00 86,667.00 0.00 193,254.00
0.00 0.00 0.00 0.00 0.00
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 Franchise Tax Insurance
Mortgage Interest Loan Fees Interest Expense Interest Expense Total Debt Service Partnership Legal Fees Partnership Accounting Fees Partnership Travel Partnership - Meals Partnership Fees - Other Partnership Expense Due Diligence Cost Dead Deal Cost Partnership Exp- Leaseup Costs Total Partnership Expense Exterior Rehab Interior Rehab HVAC Replacement Carpet & Floor Replacement Refrigerators Dishwashers & Ranges Washers / Dryers Fire Alarm Replacement
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
(1,088.38) Based on gross collections. 0.00 0.00 (748.90) 9 evictions but budgeted for 4. 0.00 0.00 0.00 0.00 0.00 0.00 (587.15) 0.00 0.00 0.00 0.00 0.00 (2,424.43)
107,791.05
101,420.00
(6,371.05)
121,658.00
10,000.00 32,500.00 12,966.60
10,000.00 32,500.00 5,500.00
0.00 0.00 (7,466.60)
12,000.00 39,000.00 6,600.00
0.00 0.00 (104.00) 0.00 0.00 825.49 2,596.02 0.00 0.00 3,936.30 0.00 0.00 170,511.46
0.00 0.00 0.00 0.00 0.00 500.00 2,500.00 0.00 0.00 1,400.00 0.00 0.00 153,820.00
0.00 0.00 104.00 0.00 0.00 (325.49) (96.02) 0.00 0.00 (2,536.30) 0.00 0.00 (16,691.46)
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
31.02 0.00 (1,978.89) Winter weather has incurred more gas to heat the pool. (1,640.79) Based on billing from Arapahoe County. 3,875.61 Based on billing from Arapahoe County. 1,511.45 Based on billing from Arapahoe County. 0.00 233.96 0.00 1,055.37 All A/C's have been turned off in vacant units due to colder weather.
32,811.52 0.00 27,120.00
28,000.00 0.00 27,120.00
(4,811.52) 0.00 0.00
33,600.00 0.00 35,120.00
90,825.82
91,000.00
174.18
106,000.00
(50,305.29)
(42,500.00)
7,805.29
(50,500.00)
20,047.79
40,840.00
20,792.21
40,840.00
0.00 (20,537.56) 0.00 8,960.62
0.00 (22,000.00) 0.00 17,000.00
0.00 (1,462.44) 0.00 8,039.38
0.00 (26,400.00) 0.00 20,400.00
403.45 0.00 3,491.18
5,516.15 0.00 114,439.05
7,620.00 0.00 147,080.00
2,103.85 0.00 32,640.95
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
287,359.26 0.00 71,609.71
272,000.00 0.00 66,910.00
(15,359.26) 0.00 (4,699.71)
326,400.00 0.00 80,292.00
700.00 0.00 359,668.97 1,174,001.76 1,435,750.12
0.00 0.00 338,910.00 1,148,655.00 1,386,815.00
(700.00) 0.00 (20,758.97) (25,346.76) 48,935.12
0.00 0.00 406,692.00 1,376,163.00 1,665,237.00
0.33 0.33 0.00 0.66
1,065,866.70 866,666.70 0.00 1,932,533.40
1,065,870.00 866,670.00 0.00 1,932,540.00
3.30 3.30 0.00 6.60
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 62.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 62.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 (62.00) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (62.00)
1,510.50 1,576.30 655.29 86.91 0.00 0.00 0.00 0.00 0.00 3,829.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(1,510.50) (1,576.30) (655.29) (86.91) 0.00 0.00 0.00 0.00 0.00 (3,829.00)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 5,646.07
0.00 0.00 0.00 6,600.00
0.00 0.00 0.00 49,695.85
0.00 3,000.00 0.00 57,200.00
0.00 3,000.00 0.00 7,504.15
0.00 3,000.00 0.00 63,800.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 236.72 4,658.23
0.00 0.00 0.00 0.00
0.00 0.00 (236.72) (4,658.23)
0.00 0.00 0.00 0.00
(419.00) 0.00 (1,923.20) Based on actual expense. 0.00 0.00 (2,342.20) (10,496.86) 4,668.96
0.00 0.00 0.00 953.93 Budgeted for 6 replacements and only replaced 5. 0.00 0.00 0.00 0.00
Other Capital Improvements Boiler Replacement Roof Replacement Total Capital Expenses
0.00 0.00 0.00 5,646.07
0.00 0.00 0.00 6,600.00
0.00 0.00 0.00 953.93
0.00 0.00 0.00 54,590.80
0.00 0.00 0.00 60,200.00
0.00 0.00 0.00 5,609.20
0.00 0.00 0.00 66,800.00
Casualty Losses Casualty Recovery Total Casualty Loss NET INCOME (LOSS)
0.00 0.00 0.00 (63,858.45)
0.00 0.00 0.00 (69,420.00)
0.00 0.00 0.00 5,561.55
0.00 0.00 0.00 (555,203.08)
0.00 0.00 0.00 (605,925.00)
0.00 0.00 0.00 50,721.92
0.00 0.00 0.00 (720,611.00)
Rental Guarantee
42,771.61 (21,086.84)
0.00 (69,420.00)
42,771.61 48,333.16
368,692.52 (186,510.56)
124,335.14 (481,589.86)
244,357.38 295,079.30
124,335.14 (596,275.86)
Courtney Downs Apartments Oct-06 LEASING & OCCUPANCY NUMBER OF MOVE INS: NUMBER OF MOVE OUTS: NET FOR THE MONTH:
18 25 -7
OCCUPIED/LEASED %:
93%/90%
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:
$271,013.00 $273,411.00 ($2,398)
TOTAL # GARAGES # GARAGES OCCUPIED GARAGES OCCUPIED %
120 117 98%
REASONS WHY PROSPECTS DID NOT LEASE: Traffic 0 6 0 0 4 0 31 15 6 0 0 18 0
Leased 0 2 0 0 0 0 11 0 0 0 0 4 0
80
17
* * * * * * * * * * * * * *
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
21%
MARKETING ACTIVITIES & SOURCES FOR THE MONTH * Dropped off muffins and brochures to First Data Corp. * Dropped off brochures to 24 Hour Fitness Athletic Club. * Dropped off doughnuts and brochures to Richmond Homes. * Took locators lunch and new prices for the month. * Updated all internet ads with new pricing. * Brochures where taken to Human Resources at King Soopers. * Met with KB sales team with options of temporary housing for new home buyers.
OVERVIEW OF COMPARABLE PROPERTIES: The surrounding comps are still offering rents averaging one to three months off on a 12 month lease on any unit type. This translates into one bedrooms starting at $525, two bedrooms at $715 and three bedrooms starting at $1145. Look and leases are being locked in with no security deposit and one month free. RESIDENT RETENTION: We had 15 renewals for leases expiring in October. These renewals averaged a $53.50 per lease increase.
INCIDENTS ON THE PROPERTY: Hot Tub is down and waiting new heater.
4 15 0 8 0 0 4 0 18 0 0 8 6 0 63
MAINTENANCE:
ROUTINE REPLACEMENTS:
MARKET READY UNITS COMPLETE PAINTS TOUCH UPS WORK ORDERS Pending Misc 0 Electrical 0 Punch 0 HVAC 0 Plumbing Property Ext. Appliances Safety Total ROOF LEAKS
0 0 0 0 0
Completed 35 18 15 22 65 0 20 0 175
PLUMBING LEAKS
Number of: 15 7 8 175 0 35 18 15 22 65 8 20 0 183 0 0
CAPITAL IMPROVEMENTS IN PROGRESS: N/A in progress.
PROBLEM AREAS NEEDING ATTENTION: Hot tub in need of a new heater and resurfacing.
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: Tomb stones at all entrances were painted. New flutter flags were installed. Building 6 roof repaired. Winterized sprinkler system.
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 6 0 0 0 0 0 13 0 0
Apt. #
12104, 9206, 6210, 10210, 2203, 6306.
10210- 1, 9101-1, 2203- 2, 191021, 12104- 1, 6210-2 ,2206-2, 73051, 13301-2.
Courtney Downs RENTAL SCHEDULE
October 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 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 $835
MKT RENT MONTHLY PER S/F GROSS 0.98 $27,600 1.22 $27,520 1.03 $12,420 1.11 $19,920 1.14 $26,560 1.16 $34,860 1.12 $36,520 1.15 $18,260 1.18 $19,920 0.81 $13,280 0.81 $16,600 1.00 $27,480 1.00 $4,580 $0.91
$285,520
ANNUAL GROSS $331,200 $330,240 $149,040 $239,040 $318,720 $418,320 $438,240 $219,120 $239,040 $159,360 $199,200 $329,760 $54,960 $3,426,240
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 0.00 55.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
$845 * Net of Concessions
$4
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 October-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 October-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
Windsor at Meridian
PSF
710 710
779 853
PRICE
SIZE
0.91 0.83
Pinnacle @ the Creek
PSF
PRICE
SIZE
Dove Valley
PSF
PRICE
690 690
704 808
0.98 0.85
615 615
627 701
0.98 0.88
620 660
685 705
0.91 0.94
690
910
0.76
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
815
1105
0.74
830 830
1030 1030
0.81 0.81
815
1192
0.68
1440 1030
1196 1180
1.20 0.87
1,145
1140
1.00
999
1398
0.71
1510
1330
1.14
0
0% 0.99
91 1 815 342
92.69
116
Special: 1x1 690.00, 2x2 Rates 830.00 reflect these rates: specials:
95% 0.87
96.3 1114 507
97.5
96% 0.78
12
994 653
995
95 808 216
1230
93.3
0.81
94% 0.85
13
SIZE
525 525
PSF
PRICE
768 842
0.68 0.62
Cherrywood Village SIZE PSF
675
0.95
625
763
0.82
699
1037
0.67
1195
1257
820
1115
0.74
815
1033
0.79
820
1220
0.67
825
1093
0.75
1095
1356
0.81
1210
1235
0.98
97.6 757 312
98
93% 0.70
94.2 1131 360
18
Special:$210.00 off per Special: $350 off per monthSepcial:None month all units. $685 1/1 $805 2/2 $1310 3/2 special was pulled off the internet due to property will not give info.
Special:Up to l3 months free pro rated.
Ren: Info not avail per corporate
Ren: $40 increas for 12 month lease
96
324
Reserve@South Creek SIZE PSF
PRICE
707
94% 0.87 11
93.4 995 168
95
0.95
96% 0.81
5
Special: 3 months pro rated Special: waive application or off per month. waive deposits. $626 1/1 $800 2/2 $1275 3/2
Look and lease $250 off 1st full month
Ren: $25 to $50 increase
Ren.: Increase $0 to $50.
Ren:Per corporate
Ren: Average $15 to $20 increase.
Ren: Free carpet cleaning with 12mo.
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
44,293.35 0.00 65,375.06 $109,668.41
9,176.24 37,590.22 204,623.33 81,938.44 200,000.00 533,328.23 642,996.64
LIABILITIES & CAPITAL LIABILITIES Accounts Payable - Trade Other Accounts Payable Accrued Taxes Prepaid Rent Security Deposits Notes Payable Total Liabilities
26,414.18 575,264.08 275,206.02 5,386.24 65,150.56 (328.39) 947,092.69
CAPITAL Owners Equity Retained Earnings Total Capital Total LIABILITIES & CAPITAL
100.00 (304,196.05) (304,096.05) 642,996.64
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 Reforecast
Nov 2006 Reforecast
Dec 2006 Reforecast
12 Month Total
$/ Unit 342
$/ Sq. Ft. 313,778
Revenue Gross Potential Rent - Vacancy - Concessions & Disc. - Other Write-offs & Adj. Total Rental Income
356,941 (50,457) (80,765) (5,393) 220,326
356,261 (41,504) (83,296) (4,621) 226,840
353,425 (32,721) (83,632) (13,129) 223,943
356,370 (25,521) (87,552) (3,761) 239,537
356,790 (27,566) (89,252) (3,761) 236,211
352,042 (20,448) (91,481) (3,761) 236,353
356,753 (24,375) (83,568) (8,525) 240,285
356,720 (29,656) (82,402) (4,902) 239,760
356,720 (19,795) (79,734) (6,891) 250,300
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
4,294,502 (388,576) (991,681) (72,997) 2,841,248
12,557.02 (1,136.19) (2,899.65) (213.44) 8,307.74
13.69 (1.24) (3.16) (0.23) 9.05
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
20,445 262,104
20,445 263,462
20,445 263,462
286,518 3,127,766
837.77 9,145.51
0.91 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
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
353,440 35,680 96,524 63,875 36,112 42,018 198,525 139,730 0 434,826
1,033.45 104.33 282.23 186.77 105.59 122.86 580.48 408.57 0.00 1,271.42
1.13 0.11 0.31 0.20 0.12 0.13 0.63 0.45 0.00 1.39
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
128,760 133,345
111,230 152,233
122,970 140,493
1,400,730 1,727,036
4,095.70 5,049.81
4.46 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
193,254 0 6,600
193,254 0 3,300
193,254 0 3,300
2,319,042 3,767 62,145
6,780.82 11.01 181.71
7.39 0.01 0.20
Cash Flow Frm Operations
(71,445)
(51,438)
(52,476)
(47,528)
(58,381)
(65,785)
(65,891)
(45,830)
(32,251)
(66,510)
(44,322)
(56,062)
(657,918)
(1,923.74)
(2.10)
66,280
58,055
58,308
42,302
0
0
0
55,178
45,798
41,589
52,896
54,539
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)
0 0 (23,201) (2,951)
0 0 0 (2,951)
0 0 0 (2,951)
12,089 13,950 8,262 56,856
Cash Increase (Decreae) From Assets
Operating Expenses Salary Expense Operating Expense Advertising Expense Make Ready Expense Maintenance Expense Service Expense Administrative Expense Utility Expense Management Expense Taxes & Insurance
Rent Guarantee
(23,489)
(37,770)
(39,527)
(27,213)
328,577
(36,473)
(4,358)
(12,444)
(24,092)
(26,152)
(2,951)
(2,951)
91,156
Accounts Payable Accrued Expenses Other Payables Notess Payable
(5,209) 34,702 1,398 0
4,548 17,279 6,448 (763)
22,679 26,292 1,789 (382)
5,948 32,763 (2,315) (382)
(1,420) (282,521) (5,212) (382)
65,950 115,337 (3,153) (701)
8,685 25,645 (2,593) (382)
30,415 23,477 (5,234) 0
(53,751) 32,478 (2,080) (391)
(34,000) 0 0 0
0 0 0 0
0 0 0 0
43,844 25,451 (10,951) (3,382)
Cash Increase (Decreae) From Liab.
30,890
27,511
50,377
36,014
(289,534)
177,433
31,355
48,658
(23,744)
(34,000)
0
0
54,962
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
(85,073) (11,227)
5,624 (5,603)
(4,473) (10,077)
(36,855)
$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
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
USA Courtney Downs LeaseCo, LLC Budget Comparison Books = Accrual For the period ending October 31, 2006 MTD Actual
MTD Budget
355,720.00 840.00 356,560.00 0.00 1,140.00
364,160.00 0.00 364,160.00 0.00 0.00
(27,385.72)
(36,416.00)
(305.11)
(2,000.00)
Corporate Discount Delinquent Rent Adjustments & W/O
0.00 0.00 (1,449.00)
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) (79,793.51)
(1,900.00) 0.00 (1,130.00) (84,256.00)
0.00 0.00 0.00 0.00 $243,845.86
0.00 0.00 0.00 0.00 $235,403.00
Laundry Income Vending Income Covered Parking Income Late Charges & NSF Fees Month to Month Premium Storage Fees
0.00 182.03 0.00 2,489.25 455.00 748.87
0.00 68.00 0.00 2,300.00 300.00 1,300.00
Repair & Maintenance Fees Application Fees Termination Fees & Damages
0.00 850.00 5,760.23
0.00 1,000.00 1,033.00
Miscellaneous Income Renters Insurance Interest Income Pet Rents & Fees
275.00 0.00 0.00 2,110.00
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 6,815.29
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 1,183.00 0.00 0.00 435.50 0.00 0.00 0.00 2,550.00
0.00 1,000.00 0.00 0.00 190.00 0.00 0.00 0.00 2,000.00
Move-Out Charges
3,191.21
929.00
122.58 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 27,167.96
225.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 20,445.00
$271,013.82
$255,848.00
Account Revenue Market Rent Loss / Gain to Lease Gross Potential Rent Prepaid Homeowners Dues Residential Rent Vacancy Loss
Upfront Rent Concessions
Employee Apartment Housekeeping & Maintenance Fee Guest Suite Lease Term Concessions
Homeowner's Assn Dues Income Homeowner Dues Paid Model Units Lease Contract Difference Total Rental Income
Short Term Lease Fees Extra-Ordinary Income Corporate Rent Corporate Units - expense Deferred Revenue HOA Developer Contributions Acquisition Fees Income - Rental Income - C.A.M. Income - Insurance Income - Taxes Income - Interest Income - Other Income - Condo Sales Total Other Income Total Revenue Expense
$ Variance MTD Variance Comment (8,440.00) 840.00 (7,600.00) 0.00 1,140.00 Income due to guest suite rental. 9,030.28 Positive variance due to actual occupancy of 93% versus 91% budgeted. 1,694.89 Positive variance due to cutting back on upfront concessions. 0.00 0.00 (949.00) Additional write off due to 1-skip. 0.00 575.00 Savings due to termination of position. 119.20 0.00 (30.00) 4,462.49 Savings due to reducing the prorated concessions on select unit types. 0.00 0.00 0.00 0.00 $8,442.86
YTD Actual
YTD Budget
$ Variance
Annual Budget
3,557,200.00 1,400.00 3,558,600.00 0.00 1,122.00
3,574,214.00 0.00 3,574,214.00 0.00 0.00
(17,014.00) 1,400.00 (15,614.00) 0.00 1,122.00
4,302,534.00 0.00 4,302,534.00 0.00 0.00
(299,429.44)
(310,274.00)
10,844.56
(390,390.00)
(106,321.69)
(20,000.00)
(86,321.69)
(24,000.00)
0.00 0.00 (19,909.10)
0.00 0.00 (5,000.00)
0.00 0.00 (14,909.10)
0.00 0.00 (6,000.00)
(19,800.00) (1,725.00)
(19,800.00) (5,750.00)
0.00 4,025.00
(23,760.00) (6,900.00)
(17,808.00) 0.00 (1,870.00) (735,457.68)
(19,000.00) 0.00 (11,300.00) (852,070.00)
1,192.00 0.00 9,430.00 116,612.32
(22,800.00) 0.00 (13,560.00) (1,019,064.00)
0.00 0.00 0.00 0.00 $2,357,401.09
0.00 0.00 0.00 0.00 $2,331,020.00
0.00 0.00 0.00 0.00 $26,381.09
0.00 0.00 0.00 0.00 $2,796,060.00
0.00 114.03 0.00 189.25 155.00 (551.13) Due to move-outs who gave up storage units not yet re-rented. 0.00 (150.00) 4,727.23 Collected more lease break fees due to new home purchases. (225.00) 0.00 0.00 1,210.00 All new move in's with pets are required to pay a non refundable pet fee as well as pet rent.
0.00 403.23 0.00 18,663.70 1,967.23 8,643.45
0.00 680.00 0.00 23,000.00 3,000.00 13,000.00
0.00 (276.77) 0.00 (4,336.30) (1,032.77) (4,356.55)
0.00 816.00 0.00 27,600.00 3,600.00 15,600.00
0.00 11,620.00 24,555.76
0.00 10,000.00 10,330.00
0.00 1,620.00 14,225.76
0.00 12,000.00 12,396.00
10,714.37 0.00 0.00 24,202.07
5,000.00 0.00 0.00 9,000.00
5,714.37 0.00 0.00 15,202.07
6,000.00 0.00 0.00 10,800.00
0.00 0.00 0.00 0.00 (1,884.71) Fewer rentals due to higher turnover than expected and lower rates given as move in incentives. 0.00 183.00 0.00 0.00 245.50 0.00 0.00 0.00 550.00 Budget for 13 and actual move in's 17. 2,262.21 Positive variance with lease break charges and damages on soda charges. (102.42) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 6,722.96
0.00 0.00 0.00 0.00 65,677.67
0.00 0.00 0.00 0.00 87,000.00
0.00 0.00 0.00 0.00 (21,322.33)
0.00 0.00 0.00 0.00 104,400.00
0.00 10,430.80 0.00 0.00 1,240.98 0.00 0.00 0.00 31,665.00
0.00 10,000.00 0.00 0.00 1,900.00 0.00 0.00 0.00 20,000.00
0.00 430.80 0.00 0.00 (659.02) 0.00 0.00 0.00 11,665.00
0.00 12,000.00 0.00 0.00 2,280.00 0.00 0.00 0.00 24,000.00
39,842.41
9,290.00
30,552.41
11,148.00
2,724.12 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 252,350.79
2,250.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 204,450.00
474.12 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 47,900.79
2,700.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 245,340.00
$2,609,751.88
$2,535,470.00
$74,281.88
$3,041,400.00
$15,165.82
YTD Variance Comment
Managers Salary Salaries Maintenance Salary
9,531.61 0.00 9,403.06
9,545.00 0.00 6,660.00
Salary - Administrative Commissions & Bonus
0.00 5,356.60
0.00 3,500.00
Payroll Taxes Group Insurance Disability Insurance 401k Match Contract Labor
1,923.96 1,463.00 0.00 0.00 3,082.00
1,576.00 1,442.00 0.00 0.00 0.00
2,178.43 32,938.66
1,576.00 24,299.00
993.45 1,199.77 138.76 200.84 0.00 0.00 0.00 0.00 0.00 0.00 69.42 0.00 459.50 484.36 0.00 3,546.10
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
5,974.37
3,452.00
493.77
1,000.00
1,220.94 1,000.00 8,689.08
1,033.00 900.00 6,385.00
(140.37)
2,900.00
2,975.00 2,635.00
2,500.00 1,200.00
229.85 0.00
200.00 500.00
55.47 0.00 0.00 0.00 5,754.95
100.00 100.00 100.00 300.00 7,900.00
788.38 321.44 3,667.32 0.00 0.00 593.67 0.00 0.00 0.00 0.00 0.00 296.78 0.00 8,936.03
750.00 150.00 3,375.00 150.00 100.00 400.00 0.00 50.00 75.00 150.00 100.00 0.00 0.00 8,295.00
0.00 0.00 0.00 14,603.62
0.00 0.00 0.00 13,595.00
Landscape & Grounds
2,016.57
2,745.00
Trash Removal Pest Control Security Patrols Window Cleaning Svc. Interior Cleaning Svc. Cable Television Snow Removal Total Service Expense
521.43 0.00 0.00 0.00 0.00 0.00 1,000.00 3,538.00
775.00 75.00 0.00 0.00 0.00 45.00 1,000.00 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
Workers Comp 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
Expenses - CAM - Electric Expenses - CAM - Water/Sewer Expenses - CAM - Gas Expenses - CAM - Grounds Expenses - CAM - Trash Removal Expenses - CAM - Cleaning Svcs
13.39 0.00 (2,743.06) Additional porter position not budgeted. This is offset in make ready expense. 0.00 (1,856.60) Bonuses were paid on 22 move in's for the month of September. (347.96) (21.00) 0.00 0.00 (3,082.00) Temporary office help needed to assist in the office due to open position. This is offset by vacant leasing position. (602.43) (8,639.66)
87,447.28 0.00 101,777.03
100,221.00 0.00 69,931.00
12,773.72 0.00 (31,846.03)
124,082.00 0.00 86,582.00
0.00 35,256.10
0.00 31,500.00
0.00 (3,756.10)
0.00 42,000.00
17,958.89 14,858.00 0.00 0.00 21,303.72
16,129.00 14,420.00 0.00 0.00 0.00
(1,829.89) (438.00) 0.00 0.00 (21,303.72)
20,210.00 17,304.00 0.00 0.00 0.00
21,420.44 300,021.46
16,129.00 248,330.00
(5,291.44) (51,691.46)
20,210.00 310,388.00
9,050.71 9,351.87 888.33 1,668.77 0.00 0.00 534.75 0.00 918.82 0.00 146.14 0.00 4,270.40 3,306.68 0.00 30,136.47
6,000.00 10,800.00 1,000.00 2,000.00 0.00 0.00 1,645.00 0.00 2,000.00 0.00 2,000.00 0.00 7,500.00 0.00 0.00 32,945.00
(3,050.71) 1,448.13 111.67 331.23 0.00 0.00 1,110.25 0.00 1,081.18 0.00 1,853.86 0.00 3,229.60 (3,306.68) 0.00 2,808.53
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
(2,522.37) Due to For Rent Ad not being budgeted for. 506.23 Spent less on vendor night and residents party. (187.94) (100.00) (2,304.08)
46,993.11
35,505.00
(11,488.11)
42,409.00
6,398.48
8,325.00
1,926.52
10,300.00
15,691.35 17,000.00 86,082.94
10,330.00 9,000.00 63,160.00
(5,361.35) (8,000.00) (22,922.94)
12,396.00 10,800.00 75,905.00
3,040.37 Positive variance due to maintenance staff doing all paints in house instead of contracting outside vendors. (475.00) (1,435.00) More carpets were cleaned to save on cost of replacing of carpet. (29.85) 500.00 No need to replace any at this time. 44.53 100.00 100.00 300.00 2,145.05
3,711.14
28,200.00
24,488.86
33,200.00
22,135.00 16,922.13
27,500.00 13,500.00
5,365.00 (3,422.13)
32,500.00 15,900.00
1,615.23 0.00
2,000.00 5,000.00
384.77 5,000.00
2,400.00 6,000.00
433.46 941.46 218.86 752.88 46,730.16
1,000.00 1,000.00 1,000.00 3,000.00 82,200.00
566.54 58.54 781.14 2,247.12 35,469.84
1,200.00 1,200.00 1,200.00 3,600.00 97,200.00
6,329.06 883.94 4,876.12 1,155.89 0.00 4,355.48 0.00 1,418.51 1,539.20 548.35 90.11 844.63 0.00 10,489.21
7,700.00 1,500.00 4,050.00 1,500.00 1,000.00 5,000.00 0.00 500.00 750.00 1,500.00 1,000.00 2,100.00 0.00 10,950.00
1,370.94 616.06 (826.12) 344.11 1,000.00 644.52 0.00 (918.51) (789.20) 951.65 909.89 1,255.37 0.00 460.79
9,200.00 1,800.00 4,200.00 1,800.00 1,200.00 5,800.00 0.00 600.00 900.00 1,800.00 1,200.00 2,100.00 0.00 11,540.00
0.00 0.00 0.00 32,530.50
0.00 0.00 0.00 37,550.00
0.00 0.00 0.00 5,019.50
0.00 0.00 0.00 42,140.00
27,616.48
29,460.00
1,843.52
32,205.00
5,100.84 685.56 0.00 0.00 0.00 0.00 477.87 33,880.75
8,500.00 750.00 0.00 0.00 0.00 450.00 5,500.00 44,660.00
3,399.16 64.44 0.00 0.00 0.00 450.00 5,022.13 10,779.25
10,050.00 900.00 0.00 0.00 0.00 540.00 8,000.00 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
(393.45) (119.77) (38.76) (0.84) 0.00 0.00 0.00 0.00 100.00 0.00 130.58 0.00 290.50 (484.36) 0.00 (516.10)
(38.38) (171.44) (292.32) 150.00 100.00 (193.67) 0.00 50.00 75.00 150.00 100.00 (296.78) 0.00 (641.03) Annual Fire alarm and backflow testing done. 0.00 0.00 0.00 (1,008.62) 728.43 Savings due to in house winter fertilization in smaller areas. 253.57 75.00 0.00 0.00 0.00 45.00 0.00 1,102.00 0.00 0.00 0.00 0.00 0.00 0.00
Expenses - CAM - Maintenance Expenses - CAM - Insurance Expenses - CAM - R/E Taxes Total CAM Expense Management Fees
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
11,322.38
10,234.00
Asset Management Fees Investor Administration Fee Legal Fees
1,000.00 3,250.00 1,298.90
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 0.00 637.15 0.00 0.00 0.00 0.00 0.00 17,508.43
0.00 0.00 0.00 0.00 0.00 0.00 50.00 0.00 0.00 0.00 0.00 0.00 15,084.00
2,768.98 0.00 4,678.89
2,800.00 0.00 2,700.00
Electricity Electricity Gas - Resident Natural Gas Water & Sewer
10,140.79
8,500.00
Water & Sewer - Resident Reimb
(7,875.61)
(4,000.00)
4,778.55
6,290.00
0.00 (2,433.96) 0.00 644.63
0.00 (2,200.00) 0.00 1,700.00
396.55 0.00 13,098.82
800.00 0.00 16,590.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
27,619.00 0.00 8,614.20
27,200.00 0.00 6,691.00
Tax Consultants MIP Total Taxes & Insurance Total Operating Expenses NET OPERATING INCOME
0.00 0.00 36,233.20 135,910.86 135,102.96
0.00 0.00 33,891.00 125,414.00 130,434.00
Base Rent Stated Rent Office Rent Total Rent Expense
106,586.67 86,666.67 0.00 193,253.34
106,587.00 86,667.00 0.00 193,254.00
0.00 0.00 0.00 0.00 0.00
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 Franchise Tax Insurance
Mortgage Interest Loan Fees Interest Expense Interest Expense Total Debt Service Partnership Legal Fees Partnership Accounting Fees Partnership Travel Partnership - Meals Partnership Fees - Other Partnership Expense Due Diligence Cost Dead Deal Cost Partnership Exp- Leaseup Costs Total Partnership Expense Exterior Rehab Interior Rehab HVAC Replacement Carpet & Floor Replacement Refrigerators Dishwashers & Ranges Washers / Dryers Fire Alarm Replacement
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
(1,088.38) Based on gross collections. 0.00 0.00 (748.90) 9 evictions but budgeted for 4. 0.00 0.00 0.00 0.00 0.00 0.00 (587.15) 0.00 0.00 0.00 0.00 0.00 (2,424.43)
107,791.05
101,420.00
(6,371.05)
121,658.00
10,000.00 32,500.00 12,966.60
10,000.00 32,500.00 5,500.00
0.00 0.00 (7,466.60)
12,000.00 39,000.00 6,600.00
0.00 0.00 (104.00) 0.00 0.00 825.49 2,596.02 0.00 0.00 3,936.30 0.00 0.00 170,511.46
0.00 0.00 0.00 0.00 0.00 500.00 2,500.00 0.00 0.00 1,400.00 0.00 0.00 153,820.00
0.00 0.00 104.00 0.00 0.00 (325.49) (96.02) 0.00 0.00 (2,536.30) 0.00 0.00 (16,691.46)
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
31.02 0.00 (1,978.89) Winter weather has incurred more gas to heat the pool. (1,640.79) Based on billing from Arapahoe County. 3,875.61 Based on billing from Arapahoe County. 1,511.45 Based on billing from Arapahoe County. 0.00 233.96 0.00 1,055.37 All A/C's have been turned off in vacant units due to colder weather.
32,811.52 0.00 27,120.00
28,000.00 0.00 27,120.00
(4,811.52) 0.00 0.00
33,600.00 0.00 35,120.00
90,825.82
91,000.00
174.18
106,000.00
(50,305.29)
(42,500.00)
7,805.29
(50,500.00)
20,047.79
40,840.00
20,792.21
40,840.00
0.00 (20,537.56) 0.00 8,960.62
0.00 (22,000.00) 0.00 17,000.00
0.00 (1,462.44) 0.00 8,039.38
0.00 (26,400.00) 0.00 20,400.00
403.45 0.00 3,491.18
5,516.15 0.00 114,439.05
7,620.00 0.00 147,080.00
2,103.85 0.00 32,640.95
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
287,359.26 0.00 71,609.71
272,000.00 0.00 66,910.00
(15,359.26) 0.00 (4,699.71)
326,400.00 0.00 80,292.00
700.00 0.00 359,668.97 1,174,001.76 1,435,750.12
0.00 0.00 338,910.00 1,148,655.00 1,386,815.00
(700.00) 0.00 (20,758.97) (25,346.76) 48,935.12
0.00 0.00 406,692.00 1,376,163.00 1,665,237.00
0.33 0.33 0.00 0.66
1,065,866.70 866,666.70 0.00 1,932,533.40
1,065,870.00 866,670.00 0.00 1,932,540.00
3.30 3.30 0.00 6.60
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 62.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 62.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 (62.00) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (62.00)
1,510.50 1,576.30 655.29 86.91 0.00 0.00 0.00 0.00 0.00 3,829.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(1,510.50) (1,576.30) (655.29) (86.91) 0.00 0.00 0.00 0.00 0.00 (3,829.00)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 5,646.07
0.00 0.00 0.00 6,600.00
0.00 0.00 0.00 49,695.85
0.00 3,000.00 0.00 57,200.00
0.00 3,000.00 0.00 7,504.15
0.00 3,000.00 0.00 63,800.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 236.72 4,658.23
0.00 0.00 0.00 0.00
0.00 0.00 (236.72) (4,658.23)
0.00 0.00 0.00 0.00
(419.00) 0.00 (1,923.20) Based on actual expense. 0.00 0.00 (2,342.20) (10,496.86) 4,668.96
0.00 0.00 0.00 953.93 Budgeted for 6 replacements and only replaced 5. 0.00 0.00 0.00 0.00
Other Capital Improvements Boiler Replacement Roof Replacement Total Capital Expenses
0.00 0.00 0.00 5,646.07
0.00 0.00 0.00 6,600.00
0.00 0.00 0.00 953.93
0.00 0.00 0.00 54,590.80
0.00 0.00 0.00 60,200.00
0.00 0.00 0.00 5,609.20
0.00 0.00 0.00 66,800.00
Casualty Losses Casualty Recovery Total Casualty Loss NET INCOME (LOSS)
0.00 0.00 0.00 (63,858.45)
0.00 0.00 0.00 (69,420.00)
0.00 0.00 0.00 5,561.55
0.00 0.00 0.00 (555,203.08)
0.00 0.00 0.00 (605,925.00)
0.00 0.00 0.00 50,721.92
0.00 0.00 0.00 (720,611.00)
Rental Guarantee
42,771.61 (21,086.84)
0.00 (69,420.00)
42,771.61 48,333.16
368,692.52 (186,510.56)
124,335.14 (481,589.86)
244,357.38 295,079.30
124,335.14 (596,275.86)
Courtney Downs Apartments Oct-06 LEASING & OCCUPANCY NUMBER OF MOVE INS: NUMBER OF MOVE OUTS: NET FOR THE MONTH:
18 25 -7
OCCUPIED/LEASED %:
93%/90%
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:
$271,013.00 $273,411.00 ($2,398)
TOTAL # GARAGES # GARAGES OCCUPIED GARAGES OCCUPIED %
120 117 98%
REASONS WHY PROSPECTS DID NOT LEASE: Traffic 0 6 0 0 4 0 31 15 6 0 0 18 0
Leased 0 2 0 0 0 0 11 0 0 0 0 4 0
80
17
* * * * * * * * * * * * * *
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
21%
MARKETING ACTIVITIES & SOURCES FOR THE MONTH * Dropped off muffins and brochures to First Data Corp. * Dropped off brochures to 24 Hour Fitness Athletic Club. * Dropped off doughnuts and brochures to Richmond Homes. * Took locators lunch and new prices for the month. * Updated all internet ads with new pricing. * Brochures where taken to Human Resources at King Soopers. * Met with KB sales team with options of temporary housing for new home buyers.
OVERVIEW OF COMPARABLE PROPERTIES: The surrounding comps are still offering rents averaging one to three months off on a 12 month lease on any unit type. This translates into one bedrooms starting at $525, two bedrooms at $715 and three bedrooms starting at $1145. Look and leases are being locked in with no security deposit and one month free. RESIDENT RETENTION: We had 15 renewals for leases expiring in October. These renewals averaged a $53.50 per lease increase.
INCIDENTS ON THE PROPERTY: Hot Tub is down and waiting new heater.
4 15 0 8 0 0 4 0 18 0 0 8 6 0 63
MAINTENANCE:
ROUTINE REPLACEMENTS:
MARKET READY UNITS COMPLETE PAINTS TOUCH UPS WORK ORDERS Pending Misc 0 Electrical 0 Punch 0 HVAC 0 Plumbing Property Ext. Appliances Safety Total ROOF LEAKS
0 0 0 0 0
Completed 35 18 15 22 65 0 20 0 175
PLUMBING LEAKS
Number of: 15 7 8 175 0 35 18 15 22 65 8 20 0 183 0 0
CAPITAL IMPROVEMENTS IN PROGRESS: N/A in progress.
PROBLEM AREAS NEEDING ATTENTION: Hot tub in need of a new heater and resurfacing.
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: Tomb stones at all entrances were painted. New flutter flags were installed. Building 6 roof repaired. Winterized sprinkler system.
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 6 0 0 0 0 0 13 0 0
Apt. #
12104, 9206, 6210, 10210, 2203, 6306.
10210- 1, 9101-1, 2203- 2, 191021, 12104- 1, 6210-2 ,2206-2, 73051, 13301-2.
Courtney Downs RENTAL SCHEDULE
October 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 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 $835
MKT RENT MONTHLY PER S/F GROSS 0.98 $27,600 1.22 $27,520 1.03 $12,420 1.11 $19,920 1.14 $26,560 1.16 $34,860 1.12 $36,520 1.15 $18,260 1.18 $19,920 0.81 $13,280 0.81 $16,600 1.00 $27,480 1.00 $4,580 $0.91
$285,520
ANNUAL GROSS $331,200 $330,240 $149,040 $239,040 $318,720 $418,320 $438,240 $219,120 $239,040 $159,360 $199,200 $329,760 $54,960 $3,426,240
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 0.00 55.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
$845 * Net of Concessions
$4
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 October-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 October-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
Windsor at Meridian
PSF
710 710
779 853
PRICE
SIZE
0.91 0.83
Pinnacle @ the Creek
PSF
PRICE
SIZE
Dove Valley
PSF
PRICE
690 690
704 808
0.98 0.85
615 615
627 701
0.98 0.88
620 660
685 705
0.91 0.94
690
910
0.76
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
815
1105
0.74
830 830
1030 1030
0.81 0.81
815
1192
0.68
1440 1030
1196 1180
1.20 0.87
1,145
1140
1.00
999
1398
0.71
1510
1330
1.14
0
0% 0.99
91 1 815 342
92.69
116
Special: 1x1 690.00, 2x2 Rates 830.00 reflect these rates: specials:
95% 0.87
96.3 1114 507
97.5
96% 0.78
12
994 653
995
95 808 216
1230
93.3
0.81
94% 0.85
13
SIZE
525 525
PSF
PRICE
768 842
0.68 0.62
Cherrywood Village SIZE PSF
675
0.95
625
763
0.82
699
1037
0.67
1195
1257
820
1115
0.74
815
1033
0.79
820
1220
0.67
825
1093
0.75
1095
1356
0.81
1210
1235
0.98
97.6 757 312
98
93% 0.70
94.2 1131 360
18
Special:$210.00 off per Special: $350 off per monthSepcial:None month all units. $685 1/1 $805 2/2 $1310 3/2 special was pulled off the internet due to property will not give info.
Special:Up to l3 months free pro rated.
Ren: Info not avail per corporate
Ren: $40 increas for 12 month lease
96
324
Reserve@South Creek SIZE PSF
PRICE
707
94% 0.87 11
93.4 995 168
95
0.95
96% 0.81
5
Special: 3 months pro rated Special: waive application or off per month. waive deposits. $626 1/1 $800 2/2 $1275 3/2
Look and lease $250 off 1st full month
Ren: $25 to $50 increase
Ren.: Increase $0 to $50.
Ren:Per corporate
Ren: Average $15 to $20 increase.
Ren: Free carpet cleaning with 12mo.
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