June Courtney Downs
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USA Courtney Downs LeaseCo, LLC Balance Sheet Books = Accrual Jun 2008
ASSETS Cash Operating Cash Total Cash
17,556.24 $17,556.24
OTHER ASSETS Accounts Receivable Prepaid Expenses Tax Escrow Replacement Reserves Capital / Repair Escrow Total Other Assets
3,270.84 28,805.26 80,457.35 65,969.73 200,000.00 378,503.18
Total ASSETS
396,059.42
LIABILITIES & CAPITAL LIABILITIES Accounts Payable - Trade Other Accounts Payable Accrued Taxes Prepaid Rent Security Deposits Notes Payable Total Liabilities
161,895.14 928,437.05 181,130.82 6,083.02 42,182.01 20,673.11 1,340,401.15
CAPITAL Owners Equity Retained Earnings Total Capital Total LIABILITIES & CAPITAL
100.00 (944,441.73) (944,341.73) 396,059.42
USA Courtney Downs LeaseCo, LLC Cash Flow (Actual + Budget) Books = Accrual For the 12 Months Ending Dec 2008 Jan 2008 Actual
Account
Feb 2008 Actual
Mar 2008 Actual
Apr 2008 Actual
May 2008 Actual
Jun 2008 Actual
Jul 2008 Budget
Aug 2008 Budget
Sep 2008 Budget
Oct 2008 Budget
Nov 2008 Budget
Dec 2008 Budget
12 Month Total
$/ Unit 342
$/ Sq. Ft. 313,778
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
297,252 (14,979) (10,069) (14,603) 257,600
295,197 (13,515) (8,145) (9,805) 263,731
294,829 (12,201) (267) (5,576) 276,786
294,994 (15,566) (7,022) (8,312) 264,094
296,658 (15,360) (9,644) (6,419) 265,235
296,653 (16,776) (9,354) (7,331) 263,191
305,250 (15,591) (19,316) (6,693) 263,650
305,131 (15,591) (21,188) (6,681) 261,671
304,686 (16,802) (22,560) (6,663) 258,661
304,342 (19,995) (23,621) (6,634) 254,092
304,117 (22,418) (24,370) (6,614) 250,715
303,954 (23,078) (24,994) (6,605) 249,277
3,603,063 (201,872) (180,550) (91,937) 3,128,704
10,535.27 (590.27) (527.92) (268.82) 9,148.26
11.48 (0.64) (0.58) (0.29) 9.97
364,160 (43,000) (80,000) (6,085) 235,075
4,585,841 (290,959) (310,443) (111,511) 3,872,929
13,408.89 (850.76) (907.73) (326.05) 11,324.35
14.61 (0.93) (0.99) (0.36) 12.34
Other Income Total Revenue
27,835 285,435
34,204 297,935
26,056 302,841
32,784 296,878
34,945 300,181
32,874 296,065
28,000 291,650
27,910 289,581
23,739 282,400
22,628 276,720
24,013 274,728
20,220 269,497
335,208 3,463,911
980.14 10,128.40
1.07 11.04
19,000 254,075
399,422 4,272,351
1,167.90 12,492.25
1.27 13.62
30,826 3,660 5,531 3,627 1,403 6,708 12,525 4,914 1,416 35,029
28,089 2,832 4,884 3,404 4,261 1,216 11,016 13,395 1,421 35,004
25,841 2,336 4,109 4,423 3,116 1,576 10,864 17,315 0 35,029
26,731 3,352 2,530 7,268 2,525 3,523 12,483 1,952 599 35,029
21,154 3,896 3,632 4,005 1,935 12,678 11,635 12,928 240 35,629
25,364 4,409 5,794 6,515 2,826 3,604 13,235 7,131 191 35,224
38,046 3,544 6,327 6,819 2,920 4,985 14,818 16,930 0 35,095
31,434 3,444 6,227 6,819 2,730 4,985 11,783 16,130 0 35,095
30,692 3,336 5,340 6,289 2,513 3,960 11,496 16,228 0 35,095
29,929 3,264 4,685 5,961 12,210 3,960 11,269 16,240 0 35,095
30,554 3,204 4,731 5,102 2,672 3,960 11,189 11,437 0 35,095
30,059 3,180 4,259 4,850 1,388 3,460 10,980 11,491 0 35,095
348,718 40,457 58,049 65,081 40,499 54,614 143,293 146,090 3,867 421,514
1,019.64 118.29 169.73 190.30 118.42 159.69 418.98 427.16 11.31 1,232.50
1.11 0.13 0.19 0.21 0.13 0.17 0.46 0.47 0.01 1.34
37,759 3,030 6,885 7,500 2,295 2,395 14,969 10,900
448,111 49,989 74,094 82,724 46,973 64,589 180,850 180,346
1,310.27 146.17 216.65 241.88 137.35 188.86 528.80 527.33
1.43 0.16 0.24 0.26 0.15 0.21 0.58 0.57
Total Operating Exp. Net Operating Income
105,638 179,797
105,522 192,412
104,608 198,234
95,992 200,886
107,732 192,449
104,292 191,774
129,484 162,166
118,647 170,934
114,949 167,451
122,613 154,107
107,944 166,784
104,762 164,735
1,322,183 2,141,729
3,866.03 6,262.36
4.21 6.83
Rent Expense Partnership Expense Capital Expense
193,253 4,719 9,734
193,253 4,539 2,903
193,253 4,626 11,566
193,253 4,787 6,943
193,253 4,740 7,872
216,819 4,508 13,807
216,819 4,450 17,804
216,819 4,450 6,600
216,819 4,450 6,259
216,819 4,450 6,000
216,819 4,450 5,000
216,819 4,450 5,000
2,484,000 54,618 99,488
7,263.16 159.70 290.90
7.92 0.17 0.32
Cash Flow Frm Operations
(27,909)
(8,283)
(11,211)
(4,098)
(13,416)
(43,360)
(76,907)
(56,935)
(60,077)
(73,162)
(59,485)
(61,534)
(496,377)
(1,451.40)
(1.58)
0
0
0
0
0
0
0
0
0
0
0
0
Operating Expenses Salary Expense Operating Expense Advertising Expense Make Ready Expense Maintenance Expense Service Expense Administrative Expense Utility Expense Credit Card Fees Taxes & Insurance
Rental Guarantees Balance Sheet Adjustments Cash - Non Operating Accounts Accounts Receivable Prepaid Assets Escrow Deposits
0 (1,895) (50,394) (35,800)
0 2,740 4,840 (35,800)
0 (9,772) 4,840 (35,800)
Cash Increase (Decreae) From Assets
(88,090)
(28,220)
Accounts Payable Accrued Expenses Other Payables Mortgages Payable
(22,965) 20,453 920 48,905
2,827 31,811 2,385 (6,027)
47,313
(68,685) 13,834
0
0 8,270 4,840 341,933
0 (2,448) 4,840 (37,985)
0 177 4,840 (38,933)
0 0 0 (7,125)
0 0 0 14,250
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
0 (2,928) (26,192) 136,239
(40,732)
355,044
(35,592)
(33,916)
(7,125)
14,250
(7,125)
(7,125)
(7,125)
(7,125)
107,119
942 51,607 345 (5,836)
207 (345,380) 1,665 (6,064)
69,651 44,376 (1,490) (6,293)
22,994 16,001 (150) (6,064)
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
73,656 (181,131) 3,675 18,620
30,997
47,058
(349,572)
106,245
32,780
0
0
0
0
0
0
(85,179)
(5,507) 8,327
(4,886) 3,441
1,374 4,815
57,237 62,052
(44,496) 17,556
(84,032) (66,476)
(42,685) (109,161)
(67,202) (176,363)
(80,287) (256,650)
(66,610) (323,260)
(68,659) (391,919)
(474,437)
0 37,237
422,748 37,237
1,236.11 108.88
1.35 0.12
122,970 131,106
1,587,660 2,684,690
4,642.28 7,849.97
5.06 8.56
193,254 0 3,300
256,932 109,779 3,300
751.26 320.99 9.65
0.82 0.35 0.01
(65,449)
2,314,679
6,768.07
7.38
250,000
250,000
0 0 0 (2,951) (2,951)
Cash Increase (Decrease) From Liab.
0 0 0 0 0
NET CASH FLOW CUMM. NET CASH FLOW
181,601 181,601
82518.64
$700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $$(100,000) $(200,000) $(300,000) Jan 2008
Feb 2008
Mar 2008
Apr 2008
May 2008
Jun 2008
Row 60
Jul 2008
Aug 2008
Sep 2008
Oct 2008
Nov 2008
Dec 2008
Row 61
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
(2,928) (26,192) 121,989 (2,951) 89,918 (181,131) 3,675 18,620 0 (158,835)
2,495,762
W31:
administrator: assume insurance increases by 50%
C35:
rssmith: Stated Rent = $86,667
D35:
rssmith: Stated Rent = $86,667
W48:
administrator:
replacement reserve + reduction in tax escrow due to overage
USA Courtney Downs LeaseCo, LLC Budget Comparison Books = Accrual For the period ending June 30, 2008
Account Revenue Market Rent Loss / Gain to Lease Gross Potential Rent Prepaid Homeowners Dues Residential Rent Vacancy Loss
Upfront Rent Concessions
MTD Actual
MTD Budget
$ Variance
295,420.00 1,233.00
297,830.00 8,157.00
296,653.00 0.00 0.00 (16,776.46)
305,987.00 0.00 0.00 (17,809.00)
0.00
(3,000.00)
Corporate Discount Delinquent Rent Adjustments & W/O
0.00 0.00 (3,080.11)
0.00 0.00 (1,621.00)
Model Units Courtesy Officer Apt. Employee Apartment Housekeeping & Maintenance Fee Guest Suite Lease Term Concessions
(1,645.00) 0.00 (1,950.80) 0.00 (655.00) (9,354.20)
(1,980.00) 0.00 (1,935.00) 0.00 (1,160.00) (14,444.00)
0.00 0.00 0.00 0.00 $263,191.43
0.00 0.00 0.00 0.00 $264,038.00
Laundry Income Vending Income Covered Parking Income Late Charges & NSF Fees Month to Month Premium
0.00 0.00 0.00 1,736.73 1,815.00
0.00 0.00 0.00 1,925.00 750.00
Storage Fees Repair & Maintenance Fees Application Fees
1,100.32 0.00 2,600.00
920.00 0.00 2,107.00
Termination Fees & Damages Miscellaneous Income
2,500.00 1,476.99
2,700.00 600.00
Renters Insurance Interest Income Pet Rents & Fees Tower Rent Asset Management Fee Parking Spaces Income Homeowners Assessments Garage Income Water/Sewer Income Cable/Telephone Income
0.00 0.00 3,901.68 0.00 0.00 0.00 0.00 6,829.00 0.00 0.00
0.00 0.00 4,200.00 0.00 0.00 0.00 0.00 6,790.00 0.00 475.00
HOA Contributions Developer Developer HOA Dues Forfeited Deposits Developer Contributions Interest Income Other Thunder Income Administration Fee
0.00 0.00 0.00 0.00 0.00 0.00 4,500.00
0.00 0.00 500.00 0.00 0.00 0.00 3,920.00
Move-Out Charges
5,614.30
2,400.00
800.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 32,874.02
625.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 27,912.00
$296,065.45
$291,950.00
10,294.54
12,689.00
0.00 10,707.96
0.00 11,403.00
0.00 3,543.75
0.00 5,305.00
Payroll Taxes Group Insurance
0.00 180.22
0.00 1,720.00
Disability Insurance 401k Match Contract Labor
0.00 0.00 637.26
0.00 0.00 0.00
0.00 25,363.73
0.00 31,117.00
Office Operations & Supplies
1,790.23
850.00
Telephones Answering Svc. & Pagers Postage & Delivery Patrol Services Membership Dues Publications & Subscriptions Conventions/Seminars Employee Training Furniture Rental
795.62 125.83 198.90 0.00 0.00 157.00 0.00 222.58 0.00
743.00 98.00 211.00 0.00 0.00 114.00 0.00 350.00 0.00
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 Managers Salary Salaries Maintenance Salary Salary - Administrative Commissions & Bonus
Workers Comp Total Salary Expense
MTD Variance Comment
(2,410.00) Market rent increase will reflect in July (6,924.00) Variance reflects market rent verses lease rents. (9,334.00) 0.00 0.00 1,032.54 We achieved higher occupancythis month, our vacancy was 5.6% and we were budgeted to be 5.8%. 3,000.00 No upfront concessions offered at this time. 0.00 0.00 (1,459.11) We had one unit that skipped owing a full months rent. 335.00 Rent will be increased in July. 0.00 (15.80) 0.00 505.00 Unit was rented for three nights. 5,089.80 We have been able to reduce the amount of concessions offered due to higher occupancy. 0.00 0.00 0.00 0.00 $(846.57) 0.00 0.00 0.00 (188.27) 1,065.00 Two month to month fees budgeted, actual collected was five. 180.32 0.00 493.00 We had 42 applications budgeted and actual collected was 52. (200.00) 876.99 This includes collection of 17 credit card fees and 16 utility transfer fees. 0.00 0.00 (298.32) Fewer pets moved in this month. 0.00 0.00 0.00 0.00 39.00 0.00 (475.00) Cable income check is quarterly and we received that last month. 0.00 0.00 (500.00) No deposits forfeited this month. 0.00 0.00 0.00 580.00 Collected 30 administration fees when budgeted for 26. 3,214.30 More damages at move out than anticipated. 175.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4,962.02 $4,115.45
2,394.46 Shorter payrolls due to conversion to biweekly pay. 0.00 695.04 Shorter payrolls due to conversion to biweekly pay. 0.00 1,761.25 We paid out fewer new move ins and renewals this month. 0.00 1,539.78 We have less participants for our insurance program then what was anticipated in the budget. 0.00 0.00 (637.26) We used a temp in the office due to one open position for a short time. 0.00 5,753.27 (940.23) Old office supply bill unpaid from month ago of $1400. Favorable YTD. (52.62) (27.83) 12.10 0.00 0.00 (43.00) 0.00 127.42 0.00
YTD Actual
YTD Budget
1,770,279.00 5,304.00
1,780,140.00 54,303.00
(9,861.00) (48,999.00)
3,587,640.00 74,283.00
0.01 4,143,669.00 68,997.00
1,775,583.00 0.00 0.00 (88,396.60)
1,834,443.00 0.00 0.00 (139,950.00)
(58,860.00) 0.00 0.00 51,553.40
3,661,923.00 0.00 0.00 (253,425.00)
4,212,666.00 0.00 0.00 (262,932.06)
7,576.58
(24,000.00)
31,576.58
(42,000.00)
(19,423.42)
0.00 0.00 (25,091.72)
0.00 0.00 (9,470.00)
0.00 0.00 (15,621.72)
0.00 0.00 (18,910.00)
0.00 0.00 (39,262.83)
(11,210.00) 0.00 (11,985.77) 0.00 (3,760.00) (52,077.85)
(11,880.00) 0.00 (11,610.00) 0.00 (6,960.00) (87,838.00)
670.00 0.00 (375.77) 0.00 3,200.00 35,760.15
(23,760.00) 0.00 (23,220.00) 0.00 (13,920.00) (205,887.00)
(26,715.00) 0.00 (27,481.57) 0.00 (12,535.00) (163,714.05)
0.00 0.00 0.00 0.00 $1,590,637.64
0.00 0.00 0.00 0.00 $1,542,735.00
0.00 0.00 0.00 0.00 $47,902.64
0.00 0.00 0.00 0.00 $3,080,801.00
0.00 0.00 0.00 13,239.25 6,689.07
0.00 0.00 0.00 10,472.00 3,750.00
0.00 0.00 0.00 2,767.25 2,939.07
0.00 0.00 0.00 21,791.00 9,450.00
0.00 0.00 0.00 0.00 3,660,602.07 1.00 0.00 0.00 0.00 27,372.98 13,004.07
7,135.55 0.00 10,800.00
4,960.00 0.00 9,800.00
2,175.55 0.00 1,000.00
11,120.00 0.00 19,796.00
14,115.87 0.00 25,307.00
18,292.11 6,522.68
8,100.00 3,500.00
10,192.11 3,022.68
13,500.00 8,000.00
31,592.11 12,099.67
0.00 0.00 21,427.99 0.00 0.00 0.00 0.00 42,033.37 0.00 9,856.49
0.00 3,489.00 21,000.00 0.00 0.00 0.00 0.00 40,740.00 0.00 2,850.00
0.00 (3,489.00) 427.99 0.00 0.00 0.00 0.00 1,293.37 0.00 7,006.49
0.00 3,489.00 41,160.00 0.00 0.00 0.00 0.00 81,480.00 0.00 5,700.00
0.00 3,489.00 50,529.67 0.00 0.00 0.00 0.00 96,392.37 0.00 13,181.49
0.00 0.00 900.00 0.00 0.00 0.00 21,750.00
0.00 0.00 2,200.00 0.00 0.00 0.00 16,940.00
0.00 0.00 (1,300.00) 0.00 0.00 0.00 4,810.00
0.00 0.00 4,100.00 0.00 0.00 0.00 33,880.00
0.00 0.00 3,600.00 0.00 0.00 0.00 47,110.00
26,621.60
15,600.00
11,021.60
30,000.00
50,235.90
3,344.74 0.00 85.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 188,697.85
2,875.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 146,276.00
469.74 0.00 85.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 42,421.85
6,625.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 290,091.00
$1,779,335.49
$1,689,011.00
$90,324.49
$3,370,892.00
64,224.93
76,134.00
11,909.07
154,548.00
7,644.74 0.00 85.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 395,759.87 1.00 4,056,361.94 1.00 1.00 163,342.47
0.00 66,373.03
0.00 68,418.00
0.00 2,044.97
0.00 138,888.00
0.00 156,901.99
0.00 22,257.63
0.00 23,735.00
0.00 1,477.37
0.00 46,633.00
0.00 54,841.38
0.00 3,641.73
0.00 10,320.00
0.00 6,678.27
0.00 20,640.00
0.00 15,861.95
0.00 0.00 1,507.03
0.00 0.00 3,000.00
0.00 0.00 1,492.97
0.00 0.00 5,000.00
0.00 0.00 5,144.29
0.00 158,004.35
0.00 181,607.00
0.00 23,602.65
0.00 365,709.00
3,443.59
5,100.00
1,656.41
10,200.00
0.00 396,092.08 1.00 11,183.82
5,475.26 685.98 1,120.06 0.00 0.00 1,498.08 0.00 1,771.68 0.00
4,458.00 588.00 1,266.00 0.00 0.00 684.00 0.00 2,050.00 0.00
(1,017.26) (97.98) 145.94 0.00 0.00 (814.08) 0.00 278.32 0.00
8,916.00 1,176.00 2,532.00 0.00 0.00 1,368.00 0.00 4,150.00 0.00
11,471.88 1,497.81 2,795.96 0.00 0.00 2,453.08 0.00 4,394.26 0.00
$ Variance
Annual Budget
YTD Variance Comment
Filter
Car Expenses Permits & Fees Credit Checks Guest Suite Expense Parking Cost Total Operating Expense
0.00 0.00 601.20 517.26 0.00 4,408.62
38.00 0.00 516.00 600.00 0.00 3,520.00
Advertising & Promotions
2,571.62
3,500.00
Resident Promotions Locators
267.20 2,705.65
400.00 1,705.00
250.00 5,794.47
500.00 6,105.00
(3.75)
405.00
Resident Referrals Total Advertising Expense Paint & Drywall
38.00 0.00 (85.20) 82.74 0.00 (888.62)
0.00 16.00 3,190.55 3,283.34 0.00 20,484.54
228.00 0.00 2,400.00 3,350.00 0.00 20,124.00
228.00 (16.00) (790.55) 66.66 0.00 (360.54)
456.00 0.00 4,848.00 6,450.00 0.00 40,096.00
928.38 Savings due to dropping of Apartment Guide advertising. 132.80 (1,000.65) Five locators budgeted and we had eight referrals. 250.00 We had one resident referral. 310.53
10,354.54
25,000.00
14,645.46
44,000.00
266.00 16.00 6,707.75 7,750.60 0.00 48,537.16 1.00 41,426.16
1,118.92 14,256.82
2,700.00 8,701.00
1,581.08 (5,555.82)
5,400.00 16,070.00
4,486.12 27,368.47
750.00 26,480.28
3,000.00 39,401.00
2,250.00 12,920.72
5,500.00 70,970.00
408.75 No paint supplies or contract work needed this month. In house staff painted the units.
1,837.53
1,881.00
43.47
4,217.00
4,500.00 77,780.75 1.00 4,119.78
Contract Cleaning Svcs.
3,050.00
2,859.00
Carpet Cleaning & Repairs
2,419.00
1,868.00
Window Coverings Vinyl & Tile Repairs Lock & Keys Counter & Tub Resurfacing Other Redecorating Cleaning Supplies
278.96 0.00 46.85 353.31 0.00 370.14
270.00 0.00 85.00 417.00 0.00 158.00
Total Make Ready Expense
6,514.51
6,062.00
General Maintenance & Supplies HVAC Parts & Repairs Plumbing Parts & Repairs Electric Parts & Repairs Roof & Gutter Repairs Pools & Fountains Gates & Entrances Glass & Screens
834.38 55.39 185.72 50.36 0.00 537.57 0.00 239.19
720.00 350.00 120.00 50.00 1,500.00 600.00 20.00 0.00
Appliance Parts & Repairs
915.84
300.00
7.18 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,825.63
120.00 100.00 0.00 0.00 5.00 0.00 0.00 0.00 3,885.00
Landscape & Grounds Trash Removal
2,446.05 1,020.75
3,000.00 755.00
Pest Control Security Patrols Window Cleaning Svc. Interior Cleaning Svc. Cable Television Snow Removal Total Service Expense
137.00 0.00 0.00 0.00 0.00 0.00 3,603.80
305.00 925.00 0.00 0.00 0.00 0.00 4,985.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Management Fees No Name No Name Legal Fees
11,830.72 0.00 0.00 601.90
11,678.00 0.00 0.00 200.00
Accounting Fees Postage & Delivery Bank Charges
0.00 0.00 802.36
0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
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 Expenses - CAM - Maintenance Expenses - CAM - Insurance Expenses - CAM - R/E Taxes Total CAM Expense
Partnership Insurance Other Administrative Expenses Travel Expense Employee Activities Printing Computer Consulting Computer Expense Bank Charges Development Cost
(191.00) We had more turns this month than budgeted. (551.00) We had more turns this month than budgeted. (8.96) 0.00 38.15 63.69 0.00 (212.14) More turns this month, Includes purcahse of doggy bags for the pet stations. (452.51)
16,070.00
17,154.00
1,084.00
34,308.00
39,133.00
6,786.00
8,676.00
1,890.00
19,446.00
19,749.00
1,804.34 0.00 235.09 1,586.00 0.00 922.04
1,620.00 0.00 510.00 2,502.00 0.00 948.00
3,240.00 0.00 1,020.00 5,004.00 0.00 1,896.00
3,973.30 0.00 876.94 4,858.31 0.00 2,398.18
29,241.00
33,291.00
4,050.00
69,131.00
(114.38) 294.61 We had no repairs this month. (65.72) (0.36) 1,500.00 No repairs needed at this time. 62.43 20.00 (239.19) Needed new screens for turns due to damage. (615.84) Two microwave doors for turns, drip pans, brackets for fridges. 112.82 100.00 0.00 0.00 5.00 0.00 0.00 0.00 1,059.37
3,301.21 524.16 1,034.52 652.35 0.00 1,243.11 0.00 611.03
4,628.00 1,200.00 720.00 290.00 3,000.00 2,100.00 90.00 780.00
1,326.79 675.84 (314.52) (362.35) 3,000.00 856.89 90.00 168.97
8,611.00 2,300.00 1,440.00 540.00 3,000.00 4,200.00 150.00 1,820.00
75,108.51 1.00 9,483.59 2,129.55 2,060.24 1,042.71 4,500.00 4,480.68 110.00 1,630.22
3,135.45
1,800.00
(1,335.45)
3,600.00
6,151.29
458.26 0.00 32.32 0.00 5,073.64 0.00 0.00 0.00 16,066.05
720.00 255.00 300.00 0.00 2,255.00 0.00 0.00 0.00 18,138.00
261.74 255.00 267.68 0.00 (2,818.64) 0.00 0.00 0.00 2,071.95
1,400.00 355.00 600.00 0.00 14,555.00 0.00 0.00 0.00 42,571.00
17,092.49 4,290.50
17,581.00 4,530.00
488.51 239.50
29,581.00 9,060.00
1,305.44 355.00 332.32 0.00 7,333.64 0.00 0.00 0.00 40,914.68 1.00 40,119.54 10,596.25
642.75 0.00 0.00 0.00 0.00 7,278.72 29,304.46
1,330.00 925.00 0.00 0.00 0.00 14,000.00 38,366.00
687.25 925.00 0.00 0.00 0.00 6,721.28 9,061.54
2,760.00 2,775.00 0.00 0.00 0.00 19,500.00 63,676.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
71,104.67 0.00 0.00 (353.04)
67,561.00 0.00 0.00 1,600.00
(3,543.67) 0.00 0.00 1,953.04
134,836.00 0.00 0.00 2,800.00
2,414.75 1,850.00 0.00 0.00 0.00 21,278.72 76,259.26 1.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 162,174.39 0.00 0.00 2,048.86
0.00 0.00 952.36
0.00 0.00 0.00
0.00 0.00 (952.36)
0.00 0.00 0.00
0.00 0.00 1,754.72
0.00 0.00 0.00 0.00 0.00 0.00 53.60 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 (53.60) 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 3,060.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 53.60 0.00 0.00
553.95 Monthly service only this month. (265.75) One extra pick up for the month of June. 168.00 925.00 None used at this time. 0.00 0.00 0.00 0.00 1,381.20 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (152.72) Based on % of collections. 0.00 0.00 (401.90) Nine evictions filed and two budgeted for. 0.00 0.00 (802.36) Reflects four months of bank charges. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(184.34) 0.00 274.91 916.00 0.00 25.96
Total Admin. Expense
13,234.98
11,878.00
Electricity
2,551.94
3,500.00
Electricity Gas - Resident Natural Gas
0.00 2,668.28
0.00 1,967.00
17,130.91 (16,985.04)
20,000.00 (13,600.00)
Water & Sewer Water & Sewer - Resident Reimb Water - irrigation
(1,356.98) 948.06 We had lower cost than anticipated in the budget. 0.00 (701.28) Due to higher gas prices our expense has increased. 2,869.09 Based on actual expense. 3,385.04 As of June 1st we started collecting the reimbursement in house which has improved the collections. 2,621.50 We had lower cost than anticipated in the budget. 0.00 363.40 Residents pay a flat rate fee. 0.00 320.51 Savings due to higher occupancy. 189.84 Savings due to higher occupancy. 0.00 9,996.16
71,757.59
69,161.00
(2,596.59)
140,696.00
19,261.76
20,250.00
988.24
40,500.00
166,031.57 1.00 45,563.70
0.00 14,101.99
0.00 11,802.00
0.00 (2,299.99)
0.00 23,604.00
0.00 30,539.27
104,516.06 (78,873.00)
120,000.00 (81,600.00)
15,483.94 (2,727.00)
240,000.00 (163,200.00)
261,646.97 (191,058.04)
3,914.57
16,600.00
12,685.43
37,400.00
29,493.07
0.00 (13,094.81) 0.00 4,946.78 2,861.07 0.00 57,634.42
0.00 (13,624.00) 0.00 6,310.00 4,359.00 0.00 84,097.00
0.00 (529.19) 0.00 1,363.22 1,497.93 0.00 26,462.58
0.00 (25,696.00) 0.00 12,108.00 7,837.00 0.00 172,553.00
0.00 0.00 1,896.50 1,970.34 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3,866.84
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 (1,896.50) (1,970.34) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (3,866.84)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
3,178.50
5,800.00
0.00 (2,375.40) 0.00 599.49 362.16 0.00 7,130.84
0.00 (2,012.00) 0.00 920.00 552.00 0.00 17,127.00
0.00 0.00 0.00 191.14 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 191.14
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Property Taxes Franchise Tax Insurance Tax Consultants MIP Total Taxes & Insurance Total Operating Expenses NET OPERATING INCOME
30,188.47 0.00 5,035.65 0.00 0.00 35,224.12 104,291.84 191,773.61
30,188.00 0.00 4,850.00 57.00 0.00 35,095.00 119,774.00 172,176.00
(0.47) 0.00 (185.65) 57.00 0.00 (129.12) 15,482.16 19,597.61
181,130.82 0.00 29,213.52 600.00 0.00 210,944.34 623,783.87 1,155,551.62
181,128.00 0.00 29,100.00 342.00 0.00 210,570.00 694,755.00 994,256.00
(2.82) 0.00 (113.52) (258.00) 0.00 (374.34) 70,971.13 161,295.62
362,256.00 0.00 58,200.00 684.00 0.00 421,140.00 1,386,542.00 1,984,350.00
Base Rent - Interest Payment Base Rent - Principal Payment Stated Rent Office Rent Total Rent Expense
106,586.67 23,565.33 86,666.71 0.00 216,818.71
106,586.67 23,565.33 86,667.00 0.00 216,819.00
0.00 0.00 0.29 0.00 0.29
639,520.02 23,565.33 520,000.26 0.00 1,183,085.61
639,521.67 23,565.33 520,002.00 0.00 1,183,089.00
1.65 0.00 1.74 0.00 3.39
1,420,433.67 23,565.33 1,040,004.00 0.00 2,484,003.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 255.51 52.40 0.00 0.00 0.00 0.00 0.00 4,200.00 0.00 4,507.91
0.00 0.00 200.00 0.00 0.00 0.00 0.00 0.00 1,000.00 3,250.00 0.00 4,450.00
0.00 540.00 1,898.47 279.81 0.00 0.00 0.00 0.00 4,000.00 21,200.00 0.00 27,918.28
0.00 365.00 1,200.00 0.00 0.00 0.00 0.00 0.00 6,000.00 19,500.00 0.00 27,065.00
0.00 (175.00) (698.47) (279.81) 0.00 0.00 0.00 0.00 2,000.00 (1,700.00) 0.00 (853.28)
0.00 365.00 2,400.00 0.00 0.00 0.00 0.00 0.00 12,000.00 39,000.00 0.00 53,765.00
0.00 0.00 0.00 10,149.40
1,215.00 0.00 600.00 6,000.00
2,852.02 1,021.68 540.47 34,341.60
6,721.00 0.00 600.00 32,000.00
3,868.98 (1,021.68) 59.53 (2,341.60)
16,846.00 0.00 1,800.00 66,000.00
0.00 (31,106.21) 0.00 12,776.27 17,659.00 0.00 165,989.26 1.00 0.00 0.00 1,896.50 2,161.48 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4,057.98 1.00 422,635.29 0.00 68,199.17 999.00 0.00 491,833.46 1,542,604.71 2,513,757.23 1.00 1,492,215.03 94,261.32 1,213,335.97 0.00 2,799,812.32 1.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 905.00 3,553.98 332.21 0.00 0.00 0.00 0.00 11,000.00 48,150.00 0.00 63,941.19 1.00 10,788.02 1,021.68 1,740.47 82,491.00
0.00 0.00 0.00 0.00
0.00 259.00 0.00 0.00
651.41 485.32 890.25 0.00
690.00 1,156.00 1,017.00 0.00
38.59 670.68 126.75 0.00
1,450.00 1,734.00 1,017.00 0.00
1,341.41 1,900.32 1,907.25 0.00
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
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 Asset Management Fees Investor Administration Fee 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 (191.14) Actual credit card fee for the month. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (191.14)
0.00 0.00 (55.51) (52.40) 0.00 0.00 0.00 0.00 1,000.00 None booked at this time. (950.00) Investor reporting fee. 0.00 (57.91) 1,215.00 Did not replace utility doors yet. 0.00 600.00 No repairs needed at this time. (4,149.40) Budgeted for five carpets and we replaced nine, and had two end of month bills from May come in for payment in June. 0.00 259.00 0.00 0.00
Other Capital Improvements
3,657.50
0.00
Boiler Replacement Roof Replacement Total Capital Expenses
0.00 0.00 13,806.90
0.00 0.00 8,074.00
Casualty Losses Casualty Recovery Total Casualty Loss NET INCOME (LOSS)
0.00 0.00 0.00 (43,359.91)
0.00 0.00 0.00 (57,167.00)
Rental Guarantee
0.00 (43,359.91)
0.00 (57,167.00)
(3,657.50) BBQ installed for the pool area, A/C repaired for #13204, replaced the pool pump and installed a new water meter gage. 0.00 0.00 (5,732.90)
12,042.09
11,899.00
(143.09)
11,899.00
27,598.59
0.00 0.00 52,824.84
0.00 0.00 54,083.00
0.00 0.00 1,258.16
0.00 0.00 100,746.00
0.00 0.00 0.00 13,807.09
0.00 0.00 0.00 (108,277.11)
0.00 0.00 0.00 (269,981.00)
0.00 0.00 0.00 161,703.89
0.00 0.00 0.00 (654,164.00)
0.00 13,807.09
0.00 (108,277.11)
0.00 (269,981.00)
0.00 161,703.89
0.00 (654,164.00)
0.00 0.00 128,788.74 1.00 0.00 0.00 0.00 (478,785.02) 1.00 0.00 0.00
Courtney Downs Apartments June 08 LEASING & OCCUPANCY NUMBER OF MOVE INS: NUMBER OF MOVE OUTS: NET FOR THE MONTH:
16 20 -4
OCCUPIED/LEASED %:
96%99%
SOURCE OF TRAFFIC: APARTMENT GUIDE.COM APARTMENT GUIDE YELLOW PAGES OTHER. NET BLUE BOOK RENT.COM LIVES IN AREA RESIDENT REFERRAL LOCATORS RENT.COM WALK IN SIGNAGE BROCHURE/FLYER TOTALS CLOSING RATIO:
INCOME THIS MONTH: INCOME LAST MONTH: DIFFERENCE:
$296,065.00 $300,181.00 -$4,116.00
TOTAL # GARAGES # GARAGES OCCUPIED GARAGES OCCUPIED %
120 108 90%
REASONS WHY PROSPECTS DID NOT LEASE: Traffic 4 0 0 13 15 12 10 9 10 0 0 17 0
Leased 1 0 0 4 4 2 6 3 5 0 0 6 0
90
31
* * * * * * * * * * * * * *
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
35%
MARKETING ACTIVITIES & SOURCES FOR THE MONTH * Took brochures and price sheets to Parker Adventist. * Took cookie bags with brochures and price sheets to Holiday Inn. * Updated all internet ads with new pricing and specials for the month of June. * Took donuts with price sheets to Centennial hospital Human Resources. * Took brochures and prices to Curves Fitness for employee break room. * Brochures and donuts were taken to Chrysler Motors staff. * Met with Richmond Home sales team with options of temporary housing for new home buyers. * Dropped off muffins and brochures to Wells Fargo bank for the break room. * Dropped off doughnuts and brochures to Hertz car rental. * Took cookie and candy bag with flyer's to United Artist Theaters staff. * Took brochures and prices to First Data Corporation. * Took lunch to locators with updates on specials and prices. OVERVIEW OF COMPARABLE PROPERTIES: The surrounding comps are still offering discounted rents on selected units. This translates into one bedroom effective rents of $715, two bedrooms at $840 and three bedrooms starting at $1205. Look and leases specials are 1/2 month off with a 12 to 13 month lease. Overall market is 94.2% average occ.and rental rate of $836 per month. RESIDENT RETENTION: We had 39 leases expiring in the month of June. 18 renewed leases with a $42.83 increase. Notices received; (3) buying homes, (5) out of state, (5) closer to work, (2) price increase, (1) roommate split (4) transferring on site, (1) requested by management.. INCIDENTS ON THE PROPERTY: Child in apartment #7111 near drowning. Reported to the insurance company.
0 0 6 10 0 0 0 0 14 0 11 5 9 4 59
Few cars broken into.
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 11 32 19 23
Number of: 19 12 7 164 0 11 32 19 23
62 0 17 0 164
PLUMBING LEAKS
62 0 17 0 164 0
0
CAPITAL IMPROVEMENTS IN PROGRESS: N/A
PROBLEM AREAS NEEDING ATTENTION: Gypcrete areas needing repair. Trickel pans needing repair. Paint peeling and dry rot on some trim. CURRENT STAFF: Manager Assistant Manager Leasing Consultant Leasing Consultant Maintenance Supervisor Assistant Maintenance Maintenance/ Grounds
Nancy Howland Carrie McMillan Adreyanna Black Kate Hawkins Gabriel Tellez Russell Briley Jorge Chavez and Jorge Bernal
ACCOMPLISHMENTS FOR THE MONTH: Soded pet damaged areas. Repaired and painted tombstone on Bronco's parkway. Repaired grate outside pool area, trip hazard. Maintained 9% occupancy.
REFRIGERATORS DISHWASHERS WINDOWS A/C COMPRESSORS CONDENSING UNITS WATER HEATERS ICE MAKERS GARBAGE DISPOSALS MICROWAVES CARPETS/vinyl 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 1 0 0 9 0 0 0 0 0
24 0 0
Apt. #
19103
6304, 2206, 12104, 7102, 6103, 2105, 7309, 13101, 13204.
2209-2, 10103-2, 19302-1, 6304-1, 12112-3, 10205-2, 2206-2, 193101, 16302-1, 10201-2, 9207-2, 12104-1, 7102-2, 12207-2.
MARKET SURVEY Courtney Downs June-08 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 5 5 $50.00 $35.00 yes yes yes yes 300 n/r 300-600 150 275-325 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 no yes $100 $300 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 6 $40.00 yes yes 300-500 $100.00 no no 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 303-805-7200 Parker, Co 80134 360 6 $35.00 no yes $400-500 $200-300 yes no 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 6 $50.00 yes yes 300 100 no no yes yes yes 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
Courtney Downs RENTAL SCHEDULE
June 08
UNIT TYPE A1 A1V A2 B1 B1V C C1 C1V CV D DV E EV TOTAL
1BR 1BR 1BR 1BR 1BR 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 725 725 850 750 760 875 900 925 875 925 925 1160 1160 $870
MKT RENT MONTHLY PER S/F GROSS 1.03 $29,000 1.03 $27,520 0.93 $15,300 0.93 $18,000 0.94 $24,320 0.90 $36,750 0.87 $39,600 0.90 $20,350 0.90 $21,000 0.90 $14,800 0.90 $18,500 1.02 $27,840 1.02 $4,640 $0.95
$297,620
ANNUAL GROSS $348,000 $330,240 $183,600 $216,000 $291,840 $441,000 $475,200 $244,200 $252,000 $177,600 $222,000 $334,080 $55,680 $3,571,440
EFFECTIVE CONCESSION RENTS* 725.00 725.00 850.00 750.00 760.00 875.00 900.00 925.00 875.00 925.00 925.00 1,160.00 1,160.00
CONCESSION PER UNIT
$870 * Net of Concessions
EFFECTIVE PER S/F
1.03 1.03 0.93 0.93 0.94 0.90 0.87 0.90 0.90 0.90 0.90 1.02 1.02 0.95
EFFECTIVE MONTHLY GROSS $29,000 $27,520 $15,300 $18,000 $24,320 $36,750 $39,600 $20,350 $21,000 $14,800 $18,500 $27,840 $4,640 $297,620
Vacants
Vacants Leased
Notice
Notice Leased
Net Available
3 0 0 1 0 5 2 0 0 1 0 2 0
3 0 0 1 0 3 2 0 0 1 0 1 0
13 0 1 5 0 10 13 0 0 4 0 5 0
6 0 0 3 0 5 3 0 0 3 0 1 0
7 0 1 2 0 7 10 0 0 1 0 5 0
14
11
51
21
33
MARKET SURVEY Courtney Downs June-08
(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
725 805
779 853
PRICE
0.93 0.94
SIZE
Pinnacle @ the Creek
PSF
PRICE
SIZE
Dove Valley
PSF
PRICE
SIZE
PSF
PRICE
Cherrywood Village SIZE PSF
704 808
1.03 1.05
715 740
627 701
1.14 1.06
705 800
685 705
1.03 1.02
700 715
768 842
0.91 0.85
695 700
707 796
0.98 0.88
910
0.82
820
811
0.91
805
760
1.03
720
992
0.73
710
916
0.78
835 915
956 1044
0.87 0.88
900
1051
915
1120
0.86 0.82
875
977
0.90
925
1105
0.84
900 925
1030 1030
0.87 0.90
940
1192
0.79
960 980
1196 1180
0.80 0.83
1,160
1140
1.02
1185 1205
1398 1398
0.85 0.91
1215
1330
0.91
96 1 884 342
99.42%
0
0% 0.93
96%
99%
0.94 25
0.88 1114 507
17
Special: Waived security Special: One month free Rates deposit with approved credit. on 12 to 13 month lease. reflect these rates: specials:
Ren: $50 to $75 increase.
Ren.: 15% increase on all renewals.
994 653
985
1230
93%
94.20%
0.80
763 763
0.90 1.05
1115
0.72
800
1033
0.77
810
1037
0.78
1220
0.67
830
1093
0.76
825
1037
1.23
1000
1356
0.74
1005 1055
1235 1235
0.81 1.04
925 1015
1257 1257
91.4%
34
690 710
805 815
90%
0.93 808 216
Reserve@South Creek SIZE PSF
PRICE
725 850 750
92.1%
94%
0.77 793 312
45
92.5%
26
0
0.74 1.10
96%
0.86 1131 360
0.97 995 168
10
Will not give out any information.
Special:1/2 month free with look and lease.
Special: One month free or giftcertificate to the mall Special: 1/2 month off 12 to Special: One month free on a w/look and lese special. 13 month leases. 12 to 13 month special.
Ren: Info not avail per corporate
Ren:Per corporate
Ren: $35 to $80 increas for 12 month lease
Ren: Average $25 to $75 increase.
Ren: Free carpet cleaning with 12mo.
ASSETS Cash Operating Cash Total Cash
17,556.24 $17,556.24
OTHER ASSETS Accounts Receivable Prepaid Expenses Tax Escrow Replacement Reserves Capital / Repair Escrow Total Other Assets
3,270.84 28,805.26 80,457.35 65,969.73 200,000.00 378,503.18
Total ASSETS
396,059.42
LIABILITIES & CAPITAL LIABILITIES Accounts Payable - Trade Other Accounts Payable Accrued Taxes Prepaid Rent Security Deposits Notes Payable Total Liabilities
161,895.14 928,437.05 181,130.82 6,083.02 42,182.01 20,673.11 1,340,401.15
CAPITAL Owners Equity Retained Earnings Total Capital Total LIABILITIES & CAPITAL
100.00 (944,441.73) (944,341.73) 396,059.42
USA Courtney Downs LeaseCo, LLC Cash Flow (Actual + Budget) Books = Accrual For the 12 Months Ending Dec 2008 Jan 2008 Actual
Account
Feb 2008 Actual
Mar 2008 Actual
Apr 2008 Actual
May 2008 Actual
Jun 2008 Actual
Jul 2008 Budget
Aug 2008 Budget
Sep 2008 Budget
Oct 2008 Budget
Nov 2008 Budget
Dec 2008 Budget
12 Month Total
$/ Unit 342
$/ Sq. Ft. 313,778
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
297,252 (14,979) (10,069) (14,603) 257,600
295,197 (13,515) (8,145) (9,805) 263,731
294,829 (12,201) (267) (5,576) 276,786
294,994 (15,566) (7,022) (8,312) 264,094
296,658 (15,360) (9,644) (6,419) 265,235
296,653 (16,776) (9,354) (7,331) 263,191
305,250 (15,591) (19,316) (6,693) 263,650
305,131 (15,591) (21,188) (6,681) 261,671
304,686 (16,802) (22,560) (6,663) 258,661
304,342 (19,995) (23,621) (6,634) 254,092
304,117 (22,418) (24,370) (6,614) 250,715
303,954 (23,078) (24,994) (6,605) 249,277
3,603,063 (201,872) (180,550) (91,937) 3,128,704
10,535.27 (590.27) (527.92) (268.82) 9,148.26
11.48 (0.64) (0.58) (0.29) 9.97
364,160 (43,000) (80,000) (6,085) 235,075
4,585,841 (290,959) (310,443) (111,511) 3,872,929
13,408.89 (850.76) (907.73) (326.05) 11,324.35
14.61 (0.93) (0.99) (0.36) 12.34
Other Income Total Revenue
27,835 285,435
34,204 297,935
26,056 302,841
32,784 296,878
34,945 300,181
32,874 296,065
28,000 291,650
27,910 289,581
23,739 282,400
22,628 276,720
24,013 274,728
20,220 269,497
335,208 3,463,911
980.14 10,128.40
1.07 11.04
19,000 254,075
399,422 4,272,351
1,167.90 12,492.25
1.27 13.62
30,826 3,660 5,531 3,627 1,403 6,708 12,525 4,914 1,416 35,029
28,089 2,832 4,884 3,404 4,261 1,216 11,016 13,395 1,421 35,004
25,841 2,336 4,109 4,423 3,116 1,576 10,864 17,315 0 35,029
26,731 3,352 2,530 7,268 2,525 3,523 12,483 1,952 599 35,029
21,154 3,896 3,632 4,005 1,935 12,678 11,635 12,928 240 35,629
25,364 4,409 5,794 6,515 2,826 3,604 13,235 7,131 191 35,224
38,046 3,544 6,327 6,819 2,920 4,985 14,818 16,930 0 35,095
31,434 3,444 6,227 6,819 2,730 4,985 11,783 16,130 0 35,095
30,692 3,336 5,340 6,289 2,513 3,960 11,496 16,228 0 35,095
29,929 3,264 4,685 5,961 12,210 3,960 11,269 16,240 0 35,095
30,554 3,204 4,731 5,102 2,672 3,960 11,189 11,437 0 35,095
30,059 3,180 4,259 4,850 1,388 3,460 10,980 11,491 0 35,095
348,718 40,457 58,049 65,081 40,499 54,614 143,293 146,090 3,867 421,514
1,019.64 118.29 169.73 190.30 118.42 159.69 418.98 427.16 11.31 1,232.50
1.11 0.13 0.19 0.21 0.13 0.17 0.46 0.47 0.01 1.34
37,759 3,030 6,885 7,500 2,295 2,395 14,969 10,900
448,111 49,989 74,094 82,724 46,973 64,589 180,850 180,346
1,310.27 146.17 216.65 241.88 137.35 188.86 528.80 527.33
1.43 0.16 0.24 0.26 0.15 0.21 0.58 0.57
Total Operating Exp. Net Operating Income
105,638 179,797
105,522 192,412
104,608 198,234
95,992 200,886
107,732 192,449
104,292 191,774
129,484 162,166
118,647 170,934
114,949 167,451
122,613 154,107
107,944 166,784
104,762 164,735
1,322,183 2,141,729
3,866.03 6,262.36
4.21 6.83
Rent Expense Partnership Expense Capital Expense
193,253 4,719 9,734
193,253 4,539 2,903
193,253 4,626 11,566
193,253 4,787 6,943
193,253 4,740 7,872
216,819 4,508 13,807
216,819 4,450 17,804
216,819 4,450 6,600
216,819 4,450 6,259
216,819 4,450 6,000
216,819 4,450 5,000
216,819 4,450 5,000
2,484,000 54,618 99,488
7,263.16 159.70 290.90
7.92 0.17 0.32
Cash Flow Frm Operations
(27,909)
(8,283)
(11,211)
(4,098)
(13,416)
(43,360)
(76,907)
(56,935)
(60,077)
(73,162)
(59,485)
(61,534)
(496,377)
(1,451.40)
(1.58)
0
0
0
0
0
0
0
0
0
0
0
0
Operating Expenses Salary Expense Operating Expense Advertising Expense Make Ready Expense Maintenance Expense Service Expense Administrative Expense Utility Expense Credit Card Fees Taxes & Insurance
Rental Guarantees Balance Sheet Adjustments Cash - Non Operating Accounts Accounts Receivable Prepaid Assets Escrow Deposits
0 (1,895) (50,394) (35,800)
0 2,740 4,840 (35,800)
0 (9,772) 4,840 (35,800)
Cash Increase (Decreae) From Assets
(88,090)
(28,220)
Accounts Payable Accrued Expenses Other Payables Mortgages Payable
(22,965) 20,453 920 48,905
2,827 31,811 2,385 (6,027)
47,313
(68,685) 13,834
0
0 8,270 4,840 341,933
0 (2,448) 4,840 (37,985)
0 177 4,840 (38,933)
0 0 0 (7,125)
0 0 0 14,250
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
0 (2,928) (26,192) 136,239
(40,732)
355,044
(35,592)
(33,916)
(7,125)
14,250
(7,125)
(7,125)
(7,125)
(7,125)
107,119
942 51,607 345 (5,836)
207 (345,380) 1,665 (6,064)
69,651 44,376 (1,490) (6,293)
22,994 16,001 (150) (6,064)
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
73,656 (181,131) 3,675 18,620
30,997
47,058
(349,572)
106,245
32,780
0
0
0
0
0
0
(85,179)
(5,507) 8,327
(4,886) 3,441
1,374 4,815
57,237 62,052
(44,496) 17,556
(84,032) (66,476)
(42,685) (109,161)
(67,202) (176,363)
(80,287) (256,650)
(66,610) (323,260)
(68,659) (391,919)
(474,437)
0 37,237
422,748 37,237
1,236.11 108.88
1.35 0.12
122,970 131,106
1,587,660 2,684,690
4,642.28 7,849.97
5.06 8.56
193,254 0 3,300
256,932 109,779 3,300
751.26 320.99 9.65
0.82 0.35 0.01
(65,449)
2,314,679
6,768.07
7.38
250,000
250,000
0 0 0 (2,951) (2,951)
Cash Increase (Decrease) From Liab.
0 0 0 0 0
NET CASH FLOW CUMM. NET CASH FLOW
181,601 181,601
82518.64
$700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $$(100,000) $(200,000) $(300,000) Jan 2008
Feb 2008
Mar 2008
Apr 2008
May 2008
Jun 2008
Row 60
Jul 2008
Aug 2008
Sep 2008
Oct 2008
Nov 2008
Dec 2008
Row 61
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
(2,928) (26,192) 121,989 (2,951) 89,918 (181,131) 3,675 18,620 0 (158,835)
2,495,762
W31:
administrator: assume insurance increases by 50%
C35:
rssmith: Stated Rent = $86,667
D35:
rssmith: Stated Rent = $86,667
W48:
administrator:
replacement reserve + reduction in tax escrow due to overage
USA Courtney Downs LeaseCo, LLC Budget Comparison Books = Accrual For the period ending June 30, 2008
Account Revenue Market Rent Loss / Gain to Lease Gross Potential Rent Prepaid Homeowners Dues Residential Rent Vacancy Loss
Upfront Rent Concessions
MTD Actual
MTD Budget
$ Variance
295,420.00 1,233.00
297,830.00 8,157.00
296,653.00 0.00 0.00 (16,776.46)
305,987.00 0.00 0.00 (17,809.00)
0.00
(3,000.00)
Corporate Discount Delinquent Rent Adjustments & W/O
0.00 0.00 (3,080.11)
0.00 0.00 (1,621.00)
Model Units Courtesy Officer Apt. Employee Apartment Housekeeping & Maintenance Fee Guest Suite Lease Term Concessions
(1,645.00) 0.00 (1,950.80) 0.00 (655.00) (9,354.20)
(1,980.00) 0.00 (1,935.00) 0.00 (1,160.00) (14,444.00)
0.00 0.00 0.00 0.00 $263,191.43
0.00 0.00 0.00 0.00 $264,038.00
Laundry Income Vending Income Covered Parking Income Late Charges & NSF Fees Month to Month Premium
0.00 0.00 0.00 1,736.73 1,815.00
0.00 0.00 0.00 1,925.00 750.00
Storage Fees Repair & Maintenance Fees Application Fees
1,100.32 0.00 2,600.00
920.00 0.00 2,107.00
Termination Fees & Damages Miscellaneous Income
2,500.00 1,476.99
2,700.00 600.00
Renters Insurance Interest Income Pet Rents & Fees Tower Rent Asset Management Fee Parking Spaces Income Homeowners Assessments Garage Income Water/Sewer Income Cable/Telephone Income
0.00 0.00 3,901.68 0.00 0.00 0.00 0.00 6,829.00 0.00 0.00
0.00 0.00 4,200.00 0.00 0.00 0.00 0.00 6,790.00 0.00 475.00
HOA Contributions Developer Developer HOA Dues Forfeited Deposits Developer Contributions Interest Income Other Thunder Income Administration Fee
0.00 0.00 0.00 0.00 0.00 0.00 4,500.00
0.00 0.00 500.00 0.00 0.00 0.00 3,920.00
Move-Out Charges
5,614.30
2,400.00
800.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 32,874.02
625.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 27,912.00
$296,065.45
$291,950.00
10,294.54
12,689.00
0.00 10,707.96
0.00 11,403.00
0.00 3,543.75
0.00 5,305.00
Payroll Taxes Group Insurance
0.00 180.22
0.00 1,720.00
Disability Insurance 401k Match Contract Labor
0.00 0.00 637.26
0.00 0.00 0.00
0.00 25,363.73
0.00 31,117.00
Office Operations & Supplies
1,790.23
850.00
Telephones Answering Svc. & Pagers Postage & Delivery Patrol Services Membership Dues Publications & Subscriptions Conventions/Seminars Employee Training Furniture Rental
795.62 125.83 198.90 0.00 0.00 157.00 0.00 222.58 0.00
743.00 98.00 211.00 0.00 0.00 114.00 0.00 350.00 0.00
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 Managers Salary Salaries Maintenance Salary Salary - Administrative Commissions & Bonus
Workers Comp Total Salary Expense
MTD Variance Comment
(2,410.00) Market rent increase will reflect in July (6,924.00) Variance reflects market rent verses lease rents. (9,334.00) 0.00 0.00 1,032.54 We achieved higher occupancythis month, our vacancy was 5.6% and we were budgeted to be 5.8%. 3,000.00 No upfront concessions offered at this time. 0.00 0.00 (1,459.11) We had one unit that skipped owing a full months rent. 335.00 Rent will be increased in July. 0.00 (15.80) 0.00 505.00 Unit was rented for three nights. 5,089.80 We have been able to reduce the amount of concessions offered due to higher occupancy. 0.00 0.00 0.00 0.00 $(846.57) 0.00 0.00 0.00 (188.27) 1,065.00 Two month to month fees budgeted, actual collected was five. 180.32 0.00 493.00 We had 42 applications budgeted and actual collected was 52. (200.00) 876.99 This includes collection of 17 credit card fees and 16 utility transfer fees. 0.00 0.00 (298.32) Fewer pets moved in this month. 0.00 0.00 0.00 0.00 39.00 0.00 (475.00) Cable income check is quarterly and we received that last month. 0.00 0.00 (500.00) No deposits forfeited this month. 0.00 0.00 0.00 580.00 Collected 30 administration fees when budgeted for 26. 3,214.30 More damages at move out than anticipated. 175.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4,962.02 $4,115.45
2,394.46 Shorter payrolls due to conversion to biweekly pay. 0.00 695.04 Shorter payrolls due to conversion to biweekly pay. 0.00 1,761.25 We paid out fewer new move ins and renewals this month. 0.00 1,539.78 We have less participants for our insurance program then what was anticipated in the budget. 0.00 0.00 (637.26) We used a temp in the office due to one open position for a short time. 0.00 5,753.27 (940.23) Old office supply bill unpaid from month ago of $1400. Favorable YTD. (52.62) (27.83) 12.10 0.00 0.00 (43.00) 0.00 127.42 0.00
YTD Actual
YTD Budget
1,770,279.00 5,304.00
1,780,140.00 54,303.00
(9,861.00) (48,999.00)
3,587,640.00 74,283.00
0.01 4,143,669.00 68,997.00
1,775,583.00 0.00 0.00 (88,396.60)
1,834,443.00 0.00 0.00 (139,950.00)
(58,860.00) 0.00 0.00 51,553.40
3,661,923.00 0.00 0.00 (253,425.00)
4,212,666.00 0.00 0.00 (262,932.06)
7,576.58
(24,000.00)
31,576.58
(42,000.00)
(19,423.42)
0.00 0.00 (25,091.72)
0.00 0.00 (9,470.00)
0.00 0.00 (15,621.72)
0.00 0.00 (18,910.00)
0.00 0.00 (39,262.83)
(11,210.00) 0.00 (11,985.77) 0.00 (3,760.00) (52,077.85)
(11,880.00) 0.00 (11,610.00) 0.00 (6,960.00) (87,838.00)
670.00 0.00 (375.77) 0.00 3,200.00 35,760.15
(23,760.00) 0.00 (23,220.00) 0.00 (13,920.00) (205,887.00)
(26,715.00) 0.00 (27,481.57) 0.00 (12,535.00) (163,714.05)
0.00 0.00 0.00 0.00 $1,590,637.64
0.00 0.00 0.00 0.00 $1,542,735.00
0.00 0.00 0.00 0.00 $47,902.64
0.00 0.00 0.00 0.00 $3,080,801.00
0.00 0.00 0.00 13,239.25 6,689.07
0.00 0.00 0.00 10,472.00 3,750.00
0.00 0.00 0.00 2,767.25 2,939.07
0.00 0.00 0.00 21,791.00 9,450.00
0.00 0.00 0.00 0.00 3,660,602.07 1.00 0.00 0.00 0.00 27,372.98 13,004.07
7,135.55 0.00 10,800.00
4,960.00 0.00 9,800.00
2,175.55 0.00 1,000.00
11,120.00 0.00 19,796.00
14,115.87 0.00 25,307.00
18,292.11 6,522.68
8,100.00 3,500.00
10,192.11 3,022.68
13,500.00 8,000.00
31,592.11 12,099.67
0.00 0.00 21,427.99 0.00 0.00 0.00 0.00 42,033.37 0.00 9,856.49
0.00 3,489.00 21,000.00 0.00 0.00 0.00 0.00 40,740.00 0.00 2,850.00
0.00 (3,489.00) 427.99 0.00 0.00 0.00 0.00 1,293.37 0.00 7,006.49
0.00 3,489.00 41,160.00 0.00 0.00 0.00 0.00 81,480.00 0.00 5,700.00
0.00 3,489.00 50,529.67 0.00 0.00 0.00 0.00 96,392.37 0.00 13,181.49
0.00 0.00 900.00 0.00 0.00 0.00 21,750.00
0.00 0.00 2,200.00 0.00 0.00 0.00 16,940.00
0.00 0.00 (1,300.00) 0.00 0.00 0.00 4,810.00
0.00 0.00 4,100.00 0.00 0.00 0.00 33,880.00
0.00 0.00 3,600.00 0.00 0.00 0.00 47,110.00
26,621.60
15,600.00
11,021.60
30,000.00
50,235.90
3,344.74 0.00 85.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 188,697.85
2,875.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 146,276.00
469.74 0.00 85.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 42,421.85
6,625.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 290,091.00
$1,779,335.49
$1,689,011.00
$90,324.49
$3,370,892.00
64,224.93
76,134.00
11,909.07
154,548.00
7,644.74 0.00 85.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 395,759.87 1.00 4,056,361.94 1.00 1.00 163,342.47
0.00 66,373.03
0.00 68,418.00
0.00 2,044.97
0.00 138,888.00
0.00 156,901.99
0.00 22,257.63
0.00 23,735.00
0.00 1,477.37
0.00 46,633.00
0.00 54,841.38
0.00 3,641.73
0.00 10,320.00
0.00 6,678.27
0.00 20,640.00
0.00 15,861.95
0.00 0.00 1,507.03
0.00 0.00 3,000.00
0.00 0.00 1,492.97
0.00 0.00 5,000.00
0.00 0.00 5,144.29
0.00 158,004.35
0.00 181,607.00
0.00 23,602.65
0.00 365,709.00
3,443.59
5,100.00
1,656.41
10,200.00
0.00 396,092.08 1.00 11,183.82
5,475.26 685.98 1,120.06 0.00 0.00 1,498.08 0.00 1,771.68 0.00
4,458.00 588.00 1,266.00 0.00 0.00 684.00 0.00 2,050.00 0.00
(1,017.26) (97.98) 145.94 0.00 0.00 (814.08) 0.00 278.32 0.00
8,916.00 1,176.00 2,532.00 0.00 0.00 1,368.00 0.00 4,150.00 0.00
11,471.88 1,497.81 2,795.96 0.00 0.00 2,453.08 0.00 4,394.26 0.00
$ Variance
Annual Budget
YTD Variance Comment
Filter
Car Expenses Permits & Fees Credit Checks Guest Suite Expense Parking Cost Total Operating Expense
0.00 0.00 601.20 517.26 0.00 4,408.62
38.00 0.00 516.00 600.00 0.00 3,520.00
Advertising & Promotions
2,571.62
3,500.00
Resident Promotions Locators
267.20 2,705.65
400.00 1,705.00
250.00 5,794.47
500.00 6,105.00
(3.75)
405.00
Resident Referrals Total Advertising Expense Paint & Drywall
38.00 0.00 (85.20) 82.74 0.00 (888.62)
0.00 16.00 3,190.55 3,283.34 0.00 20,484.54
228.00 0.00 2,400.00 3,350.00 0.00 20,124.00
228.00 (16.00) (790.55) 66.66 0.00 (360.54)
456.00 0.00 4,848.00 6,450.00 0.00 40,096.00
928.38 Savings due to dropping of Apartment Guide advertising. 132.80 (1,000.65) Five locators budgeted and we had eight referrals. 250.00 We had one resident referral. 310.53
10,354.54
25,000.00
14,645.46
44,000.00
266.00 16.00 6,707.75 7,750.60 0.00 48,537.16 1.00 41,426.16
1,118.92 14,256.82
2,700.00 8,701.00
1,581.08 (5,555.82)
5,400.00 16,070.00
4,486.12 27,368.47
750.00 26,480.28
3,000.00 39,401.00
2,250.00 12,920.72
5,500.00 70,970.00
408.75 No paint supplies or contract work needed this month. In house staff painted the units.
1,837.53
1,881.00
43.47
4,217.00
4,500.00 77,780.75 1.00 4,119.78
Contract Cleaning Svcs.
3,050.00
2,859.00
Carpet Cleaning & Repairs
2,419.00
1,868.00
Window Coverings Vinyl & Tile Repairs Lock & Keys Counter & Tub Resurfacing Other Redecorating Cleaning Supplies
278.96 0.00 46.85 353.31 0.00 370.14
270.00 0.00 85.00 417.00 0.00 158.00
Total Make Ready Expense
6,514.51
6,062.00
General Maintenance & Supplies HVAC Parts & Repairs Plumbing Parts & Repairs Electric Parts & Repairs Roof & Gutter Repairs Pools & Fountains Gates & Entrances Glass & Screens
834.38 55.39 185.72 50.36 0.00 537.57 0.00 239.19
720.00 350.00 120.00 50.00 1,500.00 600.00 20.00 0.00
Appliance Parts & Repairs
915.84
300.00
7.18 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,825.63
120.00 100.00 0.00 0.00 5.00 0.00 0.00 0.00 3,885.00
Landscape & Grounds Trash Removal
2,446.05 1,020.75
3,000.00 755.00
Pest Control Security Patrols Window Cleaning Svc. Interior Cleaning Svc. Cable Television Snow Removal Total Service Expense
137.00 0.00 0.00 0.00 0.00 0.00 3,603.80
305.00 925.00 0.00 0.00 0.00 0.00 4,985.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Management Fees No Name No Name Legal Fees
11,830.72 0.00 0.00 601.90
11,678.00 0.00 0.00 200.00
Accounting Fees Postage & Delivery Bank Charges
0.00 0.00 802.36
0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
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 Expenses - CAM - Maintenance Expenses - CAM - Insurance Expenses - CAM - R/E Taxes Total CAM Expense
Partnership Insurance Other Administrative Expenses Travel Expense Employee Activities Printing Computer Consulting Computer Expense Bank Charges Development Cost
(191.00) We had more turns this month than budgeted. (551.00) We had more turns this month than budgeted. (8.96) 0.00 38.15 63.69 0.00 (212.14) More turns this month, Includes purcahse of doggy bags for the pet stations. (452.51)
16,070.00
17,154.00
1,084.00
34,308.00
39,133.00
6,786.00
8,676.00
1,890.00
19,446.00
19,749.00
1,804.34 0.00 235.09 1,586.00 0.00 922.04
1,620.00 0.00 510.00 2,502.00 0.00 948.00
3,240.00 0.00 1,020.00 5,004.00 0.00 1,896.00
3,973.30 0.00 876.94 4,858.31 0.00 2,398.18
29,241.00
33,291.00
4,050.00
69,131.00
(114.38) 294.61 We had no repairs this month. (65.72) (0.36) 1,500.00 No repairs needed at this time. 62.43 20.00 (239.19) Needed new screens for turns due to damage. (615.84) Two microwave doors for turns, drip pans, brackets for fridges. 112.82 100.00 0.00 0.00 5.00 0.00 0.00 0.00 1,059.37
3,301.21 524.16 1,034.52 652.35 0.00 1,243.11 0.00 611.03
4,628.00 1,200.00 720.00 290.00 3,000.00 2,100.00 90.00 780.00
1,326.79 675.84 (314.52) (362.35) 3,000.00 856.89 90.00 168.97
8,611.00 2,300.00 1,440.00 540.00 3,000.00 4,200.00 150.00 1,820.00
75,108.51 1.00 9,483.59 2,129.55 2,060.24 1,042.71 4,500.00 4,480.68 110.00 1,630.22
3,135.45
1,800.00
(1,335.45)
3,600.00
6,151.29
458.26 0.00 32.32 0.00 5,073.64 0.00 0.00 0.00 16,066.05
720.00 255.00 300.00 0.00 2,255.00 0.00 0.00 0.00 18,138.00
261.74 255.00 267.68 0.00 (2,818.64) 0.00 0.00 0.00 2,071.95
1,400.00 355.00 600.00 0.00 14,555.00 0.00 0.00 0.00 42,571.00
17,092.49 4,290.50
17,581.00 4,530.00
488.51 239.50
29,581.00 9,060.00
1,305.44 355.00 332.32 0.00 7,333.64 0.00 0.00 0.00 40,914.68 1.00 40,119.54 10,596.25
642.75 0.00 0.00 0.00 0.00 7,278.72 29,304.46
1,330.00 925.00 0.00 0.00 0.00 14,000.00 38,366.00
687.25 925.00 0.00 0.00 0.00 6,721.28 9,061.54
2,760.00 2,775.00 0.00 0.00 0.00 19,500.00 63,676.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
71,104.67 0.00 0.00 (353.04)
67,561.00 0.00 0.00 1,600.00
(3,543.67) 0.00 0.00 1,953.04
134,836.00 0.00 0.00 2,800.00
2,414.75 1,850.00 0.00 0.00 0.00 21,278.72 76,259.26 1.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 162,174.39 0.00 0.00 2,048.86
0.00 0.00 952.36
0.00 0.00 0.00
0.00 0.00 (952.36)
0.00 0.00 0.00
0.00 0.00 1,754.72
0.00 0.00 0.00 0.00 0.00 0.00 53.60 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 (53.60) 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 3,060.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 53.60 0.00 0.00
553.95 Monthly service only this month. (265.75) One extra pick up for the month of June. 168.00 925.00 None used at this time. 0.00 0.00 0.00 0.00 1,381.20 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (152.72) Based on % of collections. 0.00 0.00 (401.90) Nine evictions filed and two budgeted for. 0.00 0.00 (802.36) Reflects four months of bank charges. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(184.34) 0.00 274.91 916.00 0.00 25.96
Total Admin. Expense
13,234.98
11,878.00
Electricity
2,551.94
3,500.00
Electricity Gas - Resident Natural Gas
0.00 2,668.28
0.00 1,967.00
17,130.91 (16,985.04)
20,000.00 (13,600.00)
Water & Sewer Water & Sewer - Resident Reimb Water - irrigation
(1,356.98) 948.06 We had lower cost than anticipated in the budget. 0.00 (701.28) Due to higher gas prices our expense has increased. 2,869.09 Based on actual expense. 3,385.04 As of June 1st we started collecting the reimbursement in house which has improved the collections. 2,621.50 We had lower cost than anticipated in the budget. 0.00 363.40 Residents pay a flat rate fee. 0.00 320.51 Savings due to higher occupancy. 189.84 Savings due to higher occupancy. 0.00 9,996.16
71,757.59
69,161.00
(2,596.59)
140,696.00
19,261.76
20,250.00
988.24
40,500.00
166,031.57 1.00 45,563.70
0.00 14,101.99
0.00 11,802.00
0.00 (2,299.99)
0.00 23,604.00
0.00 30,539.27
104,516.06 (78,873.00)
120,000.00 (81,600.00)
15,483.94 (2,727.00)
240,000.00 (163,200.00)
261,646.97 (191,058.04)
3,914.57
16,600.00
12,685.43
37,400.00
29,493.07
0.00 (13,094.81) 0.00 4,946.78 2,861.07 0.00 57,634.42
0.00 (13,624.00) 0.00 6,310.00 4,359.00 0.00 84,097.00
0.00 (529.19) 0.00 1,363.22 1,497.93 0.00 26,462.58
0.00 (25,696.00) 0.00 12,108.00 7,837.00 0.00 172,553.00
0.00 0.00 1,896.50 1,970.34 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3,866.84
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 (1,896.50) (1,970.34) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (3,866.84)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
3,178.50
5,800.00
0.00 (2,375.40) 0.00 599.49 362.16 0.00 7,130.84
0.00 (2,012.00) 0.00 920.00 552.00 0.00 17,127.00
0.00 0.00 0.00 191.14 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 191.14
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Property Taxes Franchise Tax Insurance Tax Consultants MIP Total Taxes & Insurance Total Operating Expenses NET OPERATING INCOME
30,188.47 0.00 5,035.65 0.00 0.00 35,224.12 104,291.84 191,773.61
30,188.00 0.00 4,850.00 57.00 0.00 35,095.00 119,774.00 172,176.00
(0.47) 0.00 (185.65) 57.00 0.00 (129.12) 15,482.16 19,597.61
181,130.82 0.00 29,213.52 600.00 0.00 210,944.34 623,783.87 1,155,551.62
181,128.00 0.00 29,100.00 342.00 0.00 210,570.00 694,755.00 994,256.00
(2.82) 0.00 (113.52) (258.00) 0.00 (374.34) 70,971.13 161,295.62
362,256.00 0.00 58,200.00 684.00 0.00 421,140.00 1,386,542.00 1,984,350.00
Base Rent - Interest Payment Base Rent - Principal Payment Stated Rent Office Rent Total Rent Expense
106,586.67 23,565.33 86,666.71 0.00 216,818.71
106,586.67 23,565.33 86,667.00 0.00 216,819.00
0.00 0.00 0.29 0.00 0.29
639,520.02 23,565.33 520,000.26 0.00 1,183,085.61
639,521.67 23,565.33 520,002.00 0.00 1,183,089.00
1.65 0.00 1.74 0.00 3.39
1,420,433.67 23,565.33 1,040,004.00 0.00 2,484,003.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 255.51 52.40 0.00 0.00 0.00 0.00 0.00 4,200.00 0.00 4,507.91
0.00 0.00 200.00 0.00 0.00 0.00 0.00 0.00 1,000.00 3,250.00 0.00 4,450.00
0.00 540.00 1,898.47 279.81 0.00 0.00 0.00 0.00 4,000.00 21,200.00 0.00 27,918.28
0.00 365.00 1,200.00 0.00 0.00 0.00 0.00 0.00 6,000.00 19,500.00 0.00 27,065.00
0.00 (175.00) (698.47) (279.81) 0.00 0.00 0.00 0.00 2,000.00 (1,700.00) 0.00 (853.28)
0.00 365.00 2,400.00 0.00 0.00 0.00 0.00 0.00 12,000.00 39,000.00 0.00 53,765.00
0.00 0.00 0.00 10,149.40
1,215.00 0.00 600.00 6,000.00
2,852.02 1,021.68 540.47 34,341.60
6,721.00 0.00 600.00 32,000.00
3,868.98 (1,021.68) 59.53 (2,341.60)
16,846.00 0.00 1,800.00 66,000.00
0.00 (31,106.21) 0.00 12,776.27 17,659.00 0.00 165,989.26 1.00 0.00 0.00 1,896.50 2,161.48 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4,057.98 1.00 422,635.29 0.00 68,199.17 999.00 0.00 491,833.46 1,542,604.71 2,513,757.23 1.00 1,492,215.03 94,261.32 1,213,335.97 0.00 2,799,812.32 1.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 905.00 3,553.98 332.21 0.00 0.00 0.00 0.00 11,000.00 48,150.00 0.00 63,941.19 1.00 10,788.02 1,021.68 1,740.47 82,491.00
0.00 0.00 0.00 0.00
0.00 259.00 0.00 0.00
651.41 485.32 890.25 0.00
690.00 1,156.00 1,017.00 0.00
38.59 670.68 126.75 0.00
1,450.00 1,734.00 1,017.00 0.00
1,341.41 1,900.32 1,907.25 0.00
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
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 Asset Management Fees Investor Administration Fee 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 (191.14) Actual credit card fee for the month. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (191.14)
0.00 0.00 (55.51) (52.40) 0.00 0.00 0.00 0.00 1,000.00 None booked at this time. (950.00) Investor reporting fee. 0.00 (57.91) 1,215.00 Did not replace utility doors yet. 0.00 600.00 No repairs needed at this time. (4,149.40) Budgeted for five carpets and we replaced nine, and had two end of month bills from May come in for payment in June. 0.00 259.00 0.00 0.00
Other Capital Improvements
3,657.50
0.00
Boiler Replacement Roof Replacement Total Capital Expenses
0.00 0.00 13,806.90
0.00 0.00 8,074.00
Casualty Losses Casualty Recovery Total Casualty Loss NET INCOME (LOSS)
0.00 0.00 0.00 (43,359.91)
0.00 0.00 0.00 (57,167.00)
Rental Guarantee
0.00 (43,359.91)
0.00 (57,167.00)
(3,657.50) BBQ installed for the pool area, A/C repaired for #13204, replaced the pool pump and installed a new water meter gage. 0.00 0.00 (5,732.90)
12,042.09
11,899.00
(143.09)
11,899.00
27,598.59
0.00 0.00 52,824.84
0.00 0.00 54,083.00
0.00 0.00 1,258.16
0.00 0.00 100,746.00
0.00 0.00 0.00 13,807.09
0.00 0.00 0.00 (108,277.11)
0.00 0.00 0.00 (269,981.00)
0.00 0.00 0.00 161,703.89
0.00 0.00 0.00 (654,164.00)
0.00 13,807.09
0.00 (108,277.11)
0.00 (269,981.00)
0.00 161,703.89
0.00 (654,164.00)
0.00 0.00 128,788.74 1.00 0.00 0.00 0.00 (478,785.02) 1.00 0.00 0.00
Courtney Downs Apartments June 08 LEASING & OCCUPANCY NUMBER OF MOVE INS: NUMBER OF MOVE OUTS: NET FOR THE MONTH:
16 20 -4
OCCUPIED/LEASED %:
96%99%
SOURCE OF TRAFFIC: APARTMENT GUIDE.COM APARTMENT GUIDE YELLOW PAGES OTHER. NET BLUE BOOK RENT.COM LIVES IN AREA RESIDENT REFERRAL LOCATORS RENT.COM WALK IN SIGNAGE BROCHURE/FLYER TOTALS CLOSING RATIO:
INCOME THIS MONTH: INCOME LAST MONTH: DIFFERENCE:
$296,065.00 $300,181.00 -$4,116.00
TOTAL # GARAGES # GARAGES OCCUPIED GARAGES OCCUPIED %
120 108 90%
REASONS WHY PROSPECTS DID NOT LEASE: Traffic 4 0 0 13 15 12 10 9 10 0 0 17 0
Leased 1 0 0 4 4 2 6 3 5 0 0 6 0
90
31
* * * * * * * * * * * * * *
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
35%
MARKETING ACTIVITIES & SOURCES FOR THE MONTH * Took brochures and price sheets to Parker Adventist. * Took cookie bags with brochures and price sheets to Holiday Inn. * Updated all internet ads with new pricing and specials for the month of June. * Took donuts with price sheets to Centennial hospital Human Resources. * Took brochures and prices to Curves Fitness for employee break room. * Brochures and donuts were taken to Chrysler Motors staff. * Met with Richmond Home sales team with options of temporary housing for new home buyers. * Dropped off muffins and brochures to Wells Fargo bank for the break room. * Dropped off doughnuts and brochures to Hertz car rental. * Took cookie and candy bag with flyer's to United Artist Theaters staff. * Took brochures and prices to First Data Corporation. * Took lunch to locators with updates on specials and prices. OVERVIEW OF COMPARABLE PROPERTIES: The surrounding comps are still offering discounted rents on selected units. This translates into one bedroom effective rents of $715, two bedrooms at $840 and three bedrooms starting at $1205. Look and leases specials are 1/2 month off with a 12 to 13 month lease. Overall market is 94.2% average occ.and rental rate of $836 per month. RESIDENT RETENTION: We had 39 leases expiring in the month of June. 18 renewed leases with a $42.83 increase. Notices received; (3) buying homes, (5) out of state, (5) closer to work, (2) price increase, (1) roommate split (4) transferring on site, (1) requested by management.. INCIDENTS ON THE PROPERTY: Child in apartment #7111 near drowning. Reported to the insurance company.
0 0 6 10 0 0 0 0 14 0 11 5 9 4 59
Few cars broken into.
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 11 32 19 23
Number of: 19 12 7 164 0 11 32 19 23
62 0 17 0 164
PLUMBING LEAKS
62 0 17 0 164 0
0
CAPITAL IMPROVEMENTS IN PROGRESS: N/A
PROBLEM AREAS NEEDING ATTENTION: Gypcrete areas needing repair. Trickel pans needing repair. Paint peeling and dry rot on some trim. CURRENT STAFF: Manager Assistant Manager Leasing Consultant Leasing Consultant Maintenance Supervisor Assistant Maintenance Maintenance/ Grounds
Nancy Howland Carrie McMillan Adreyanna Black Kate Hawkins Gabriel Tellez Russell Briley Jorge Chavez and Jorge Bernal
ACCOMPLISHMENTS FOR THE MONTH: Soded pet damaged areas. Repaired and painted tombstone on Bronco's parkway. Repaired grate outside pool area, trip hazard. Maintained 9% occupancy.
REFRIGERATORS DISHWASHERS WINDOWS A/C COMPRESSORS CONDENSING UNITS WATER HEATERS ICE MAKERS GARBAGE DISPOSALS MICROWAVES CARPETS/vinyl 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 1 0 0 9 0 0 0 0 0
24 0 0
Apt. #
19103
6304, 2206, 12104, 7102, 6103, 2105, 7309, 13101, 13204.
2209-2, 10103-2, 19302-1, 6304-1, 12112-3, 10205-2, 2206-2, 193101, 16302-1, 10201-2, 9207-2, 12104-1, 7102-2, 12207-2.
MARKET SURVEY Courtney Downs June-08 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 5 5 $50.00 $35.00 yes yes yes yes 300 n/r 300-600 150 275-325 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 no yes $100 $300 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 6 $40.00 yes yes 300-500 $100.00 no no 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 303-805-7200 Parker, Co 80134 360 6 $35.00 no yes $400-500 $200-300 yes no 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 6 $50.00 yes yes 300 100 no no yes yes yes 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
Courtney Downs RENTAL SCHEDULE
June 08
UNIT TYPE A1 A1V A2 B1 B1V C C1 C1V CV D DV E EV TOTAL
1BR 1BR 1BR 1BR 1BR 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 725 725 850 750 760 875 900 925 875 925 925 1160 1160 $870
MKT RENT MONTHLY PER S/F GROSS 1.03 $29,000 1.03 $27,520 0.93 $15,300 0.93 $18,000 0.94 $24,320 0.90 $36,750 0.87 $39,600 0.90 $20,350 0.90 $21,000 0.90 $14,800 0.90 $18,500 1.02 $27,840 1.02 $4,640 $0.95
$297,620
ANNUAL GROSS $348,000 $330,240 $183,600 $216,000 $291,840 $441,000 $475,200 $244,200 $252,000 $177,600 $222,000 $334,080 $55,680 $3,571,440
EFFECTIVE CONCESSION RENTS* 725.00 725.00 850.00 750.00 760.00 875.00 900.00 925.00 875.00 925.00 925.00 1,160.00 1,160.00
CONCESSION PER UNIT
$870 * Net of Concessions
EFFECTIVE PER S/F
1.03 1.03 0.93 0.93 0.94 0.90 0.87 0.90 0.90 0.90 0.90 1.02 1.02 0.95
EFFECTIVE MONTHLY GROSS $29,000 $27,520 $15,300 $18,000 $24,320 $36,750 $39,600 $20,350 $21,000 $14,800 $18,500 $27,840 $4,640 $297,620
Vacants
Vacants Leased
Notice
Notice Leased
Net Available
3 0 0 1 0 5 2 0 0 1 0 2 0
3 0 0 1 0 3 2 0 0 1 0 1 0
13 0 1 5 0 10 13 0 0 4 0 5 0
6 0 0 3 0 5 3 0 0 3 0 1 0
7 0 1 2 0 7 10 0 0 1 0 5 0
14
11
51
21
33
MARKET SURVEY Courtney Downs June-08
(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
725 805
779 853
PRICE
0.93 0.94
SIZE
Pinnacle @ the Creek
PSF
PRICE
SIZE
Dove Valley
PSF
PRICE
SIZE
PSF
PRICE
Cherrywood Village SIZE PSF
704 808
1.03 1.05
715 740
627 701
1.14 1.06
705 800
685 705
1.03 1.02
700 715
768 842
0.91 0.85
695 700
707 796
0.98 0.88
910
0.82
820
811
0.91
805
760
1.03
720
992
0.73
710
916
0.78
835 915
956 1044
0.87 0.88
900
1051
915
1120
0.86 0.82
875
977
0.90
925
1105
0.84
900 925
1030 1030
0.87 0.90
940
1192
0.79
960 980
1196 1180
0.80 0.83
1,160
1140
1.02
1185 1205
1398 1398
0.85 0.91
1215
1330
0.91
96 1 884 342
99.42%
0
0% 0.93
96%
99%
0.94 25
0.88 1114 507
17
Special: Waived security Special: One month free Rates deposit with approved credit. on 12 to 13 month lease. reflect these rates: specials:
Ren: $50 to $75 increase.
Ren.: 15% increase on all renewals.
994 653
985
1230
93%
94.20%
0.80
763 763
0.90 1.05
1115
0.72
800
1033
0.77
810
1037
0.78
1220
0.67
830
1093
0.76
825
1037
1.23
1000
1356
0.74
1005 1055
1235 1235
0.81 1.04
925 1015
1257 1257
91.4%
34
690 710
805 815
90%
0.93 808 216
Reserve@South Creek SIZE PSF
PRICE
725 850 750
92.1%
94%
0.77 793 312
45
92.5%
26
0
0.74 1.10
96%
0.86 1131 360
0.97 995 168
10
Will not give out any information.
Special:1/2 month free with look and lease.
Special: One month free or giftcertificate to the mall Special: 1/2 month off 12 to Special: One month free on a w/look and lese special. 13 month leases. 12 to 13 month special.
Ren: Info not avail per corporate
Ren:Per corporate
Ren: $35 to $80 increas for 12 month lease
Ren: Average $25 to $75 increase.
Ren: Free carpet cleaning with 12mo.
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