March Courtney Downs
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USA Courtney Downs LeaseCo, LLC Balance Sheet Books = Accrual Mar 2008
ASSETS Cash Operating Cash Money Market Total Cash
OTHER ASSETS Accounts Receivable Prepaid Expenses Tax Escrow Replacement Reserves Capital / Repair Escrow Total Other Assets Total ASSETS
3,441.15 0.00 $3,441.15
9,270.45 43,326.67 341,640.18 69,802.04 200,000.00 664,039.34 667,480.49
LIABILITIES & CAPITAL LIABILITIES Accounts Payable - Trade Other Accounts Payable Accrued Taxes Prepaid Rent Security Deposits Notes Payable Total Liabilities
162,376.09 859,605.23 443,091.73 7,823.42 42,157.01 39,094.50 1,554,147.98
CAPITAL Owners Equity Retained Earnings Total Capital Total LIABILITIES & CAPITAL
100.00 (886,767.49) (886,667.49) 667,480.49
USA Courtney Downs LeaseCo, LLC Budget Comparison Books = Accrual For the period ending March 31, 2008
Account Revenue Market Rent Loss / Gain to Lease Gross Potential Rent Prepaid Homeowners Dues Residential Rent Vacancy Loss
MTD Actual
MTD Budget
294,800.00 29.00
297,830.00 7,880.00
294,829.00 0.00 0.00 (12,200.56)
305,710.00 0.00 0.00 (24,776.00)
6,116.84
(3,000.00)
0.00 0.00 (331.61)
0.00 0.00 (1,586.00)
(1,980.00) 0.00 (2,104.80) 0.00 (1,160.00) (6,383.35)
(1,980.00) 0.00 (1,935.00) 0.00 (1,160.00) (12,879.00)
0.00 0.00 0.00 0.00 $276,785.52
0.00 0.00 0.00 0.00 $258,394.00
Laundry Income Vending Income Covered Parking Income Late Charges & NSF Fees
0.00 0.00 0.00 1,558.51
0.00 0.00 0.00 1,771.00
Month to Month Premium Storage Fees Repair & Maintenance Fees Application Fees
761.61 1,278.56 0.00 1,050.00
750.00 880.00 0.00 1,519.00
Termination Fees & Damages
5,566.26
2,700.00
484.35
1,100.00
Renters Insurance Interest Income Pet Rents & Fees
0.00 0.00 2,998.22
0.00 0.00 3,360.00
Tower Rent Asset Management Fee Parking Spaces Income Homeowners Assessments Garage Income
0.00 0.00 0.00 0.00 7,066.89
0.00 0.00 0.00 0.00 6,790.00
0.00 0.00
0.00 475.00
HOA Contributions Developer Developer HOA Dues Forfeited Deposits Developer Contributions Interest Income Other Thunder Income Administration Fee
0.00 0.00 300.00 0.00 0.00 0.00 2,250.00
0.00 0.00 300.00 0.00 0.00 0.00 2,660.00
Move-Out Charges
1,871.78
2,400.00
544.74 0.00 325.00
500.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 26,055.92
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 25,205.00
$302,841.44
$283,599.00
11,346.86
12,689.00
0.00 10,949.05
0.00 11,403.00
0.00 3,349.77
0.00 3,665.00
0.00 195.24
0.00 1,720.00
0.00 0.00 0.00 0.00 25,840.92
0.00 0.00 1,000.00 0.00 30,477.00
51.40
850.00
796.96
743.00
Upfront Rent Concessions
Corporate Discount Delinquent Rent Adjustments & W/O
Model Units Courtesy Officer Apt. 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
Miscellaneous Income
Water/Sewer Income Cable/Telephone 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 Payroll Taxes Group Insurance Disability Insurance 401k Match Contract Labor Workers Comp Total Salary Expense Office Operations & Supplies Telephones
$ Variance
MTD Variance Comment
(3,030.00) Reflects lease rent verses market rents. (7,851.00) Variance reflects Market rent verses lease rents. (10,881.00) Explained above. 0.00 0.00 12,575.44 We achieved higher occupancy this month, our vacancy was 4% and we were budgeted to be 8%. 9,116.84 Moved concessions due to booking error from up front to lease term concessions. 0.00 0.00 1,254.39 Apartments left in better condition at the time of move out, resulting in less move out charges. 0.00 0.00 (169.80) 0.00 0.00 6,495.65 We have been able to reduce the amount of concessions offered due to higher occupancy. 0.00 0.00 0.00 0.00 $18,391.52
YTD Actual
883,620.00
YTD Budget
$ Variance
886,650.00
(3,030.00)
Annual Budget
3,587,640.00
YTD Variance Comment
Filter 0.01 2,362,900.00
3,658.00
29,067.00
(25,409.00)
74,283.00
40,634.00
887,278.00 0.00 0.00 (40,695.06)
915,717.00 0.00 0.00 (80,645.00)
(28,439.00) 0.00 0.00 39,949.94
3,661,923.00 0.00 0.00 (253,425.00)
2,403,534.00 0.00 0.00 (158,316.62)
5,692.36
(15,000.00)
20,692.36
(42,000.00)
(6,190.80)
0.00 0.00 (16,545.79)
0.00 0.00 (4,627.00)
0.00 0.00 (11,918.79)
0.00 0.00 (18,910.00)
0.00 0.00 (23,090.40)
(5,940.00) 0.00 (5,974.40) 0.00 (1,525.00) (24,173.58)
(5,940.00) 0.00 (5,805.00) 0.00 (3,480.00) (46,379.00)
0.00 0.00 (169.40) 0.00 1,955.00 22,205.42
(23,760.00) 0.00 (23,220.00) 0.00 (13,920.00) (205,887.00)
(15,840.00) 0.00 (15,819.20) 0.00 (7,325.00) (89,814.93)
0.00 0.00 0.00 0.00 $798,116.53
0.00 0.00 0.00 0.00 $753,841.00
0.00 0.00 0.00 0.00 $44,275.53
0.00 0.00 0.00 0.00 $3,080,801.00
0.00 0.00 0.00 6,432.50
0.00 0.00 0.00 4,697.00
0.00 0.00 0.00 1,735.50
0.00 0.00 0.00 21,791.00
0.00 0.00 0.00 0.00 2,087,137.05 1.00 0.00 0.00 0.00 14,459.01
1,882.61 3,766.30 0.00 4,350.00
1,800.00 2,280.00 0.00 4,018.00
82.61 1,486.30 0.00 332.00
9,450.00 11,120.00 0.00 19,796.00
5,194.22 8,204.86 0.00 10,937.00
13,156.26
2,700.00
10,456.26
13,500.00
24,122.52
2,539.60
1,900.00
639.60
8,000.00
6,023.95
0.00 0.00 11,175.90
0.00 3,489.00 10,080.00
0.00 (3,489.00) 1,095.90
0.00 3,489.00 41,160.00
0.00 3,489.00 27,614.12
0.00 0.00 0.00 0.00 21,177.89
0.00 0.00 0.00 0.00 20,370.00
0.00 0.00 0.00 0.00 807.89
0.00 0.00 0.00 0.00 81,480.00
0.00 0.00 0.00 0.00 55,404.78
0.00 3,113.37
0.00 1,425.00
0.00 1,688.37
0.00 5,700.00
0.00 5,013.37
0.00 0.00 300.00 0.00 0.00 0.00 9,450.00
0.00 0.00 900.00 0.00 0.00 0.00 6,580.00
0.00 0.00 (600.00) 0.00 0.00 0.00 2,870.00
0.00 0.00 4,100.00 0.00 0.00 0.00 33,880.00
0.00 0.00 1,800.00 0.00 0.00 0.00 20,940.00
9,080.82
7,200.00
1,880.82
30,000.00
20,552.60
1,344.74 0.00 325.00
1,375.00 0.00 0.00
(30.26) 0.00 325.00
6,625.00 0.00 0.00
3,764.48 0.00 650.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 850.92 Explained above.
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 88,094.99
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 68,814.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 19,280.99
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
$19,242.44 Explained above.
$886,211.52
$822,655.00
$63,556.52
$3,370,892.00
1,342.14 We worked fewer hours this month, due to the way the payroll falls, this will be spent in April. 0.00 453.95 We worked fewer hours this month, due to the way the payroll falls, this will be spent in April. 0.00 315.23 Based on actual commissions paid out. 0.00 1,524.76 We have less participants for our insurance program then what was anticipated in the budget. 0.00 0.00 1,000.00 No extra help needed for this month. 0.00 4,636.08 Explained above.
34,760.70
38,067.00
3,306.30
154,548.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 208,169.91 1.00 2,295,306.96 1.00 1.00 96,863.56
0.00 34,923.47
0.00 34,209.00
0.00 (714.47)
0.00 138,888.00
0.00 91,484.52
0.00 11,874.12
0.00 10,095.00
0.00 (1,779.12)
0.00 46,633.00
0.00 28,983.89
0.00 3,176.16
0.00 5,160.00
0.00 1,983.84
0.00 20,640.00
0.00 10,251.40
0.00 0.00 21.23 0.00 84,755.68
0.00 0.00 3,000.00 0.00 90,531.00
0.00 0.00 2,978.77 0.00 5,775.32
0.00 0.00 5,000.00 0.00 365,709.00
798.60 Less supplies bought for the office this month. (53.96)
1,091.83
2,550.00
1,458.17
10,200.00
0.00 0.00 4,021.23 0.00 231,604.60 1.00 4,543.23
3,208.97
2,229.00
8,916.00
6,977.93
0.00 0.00 0.00 (212.49) We collected14 late fees and two nsf fees versus 22 budgeted. 11.61 398.56 0.00 (469.00) We collected 21 application fees versus 30 budgeted. 2,866.26 We had two units #4308 and #6306 buyout of lease due to one moving out of state and one buying house. (615.65) This includes 19 utility transfer fees and seven credit card convenience fees. 0.00 0.00 (361.78) We collected one less pet fee then anticipated in the budget. 0.00 0.00 0.00 0.00 276.89 We have been pushing the garages and were able to rent two more then budget. 0.00 (475.00) No cable income check received at this time. 0.00 0.00 0.00 0.00 0.00 0.00 (410.00) We collected 15 administration fees versus 18 budgeted. (528.22) Apartments left in better condition resulting in fewer move out charges. 44.74 0.00 325.00 Guest suite rental for four days, should have been booked to guest suite code.
(979.97)
Answering Svc. & Pagers Postage & Delivery Patrol Services Membership Dues Publications & Subscriptions Conventions/Seminars Employee Training
125.83 73.88 0.00 0.00 0.00 0.00 150.17
98.00 211.00 0.00 0.00 114.00 0.00 300.00
Furniture Rental Car Expenses Permits & Fees Credit Checks
0.00 0.00 0.00 636.65
0.00 38.00 0.00 372.00
500.81 0.00 2,335.70
500.00 0.00 3,226.00
Advertising & Promotions
1,694.00
3,500.00
Resident Promotions Locators
32.42 2,382.08
500.00 2,025.00
0.00 4,108.50
500.00 6,525.00
226.09
279.00
Guest Suite Expense Parking Cost Total Operating Expense
Resident Referrals Total Advertising Expense Paint & Drywall
(27.83) 137.12 0.00 0.00 114.00 0.00 149.83 We did not send anyone for outside training this month. 0.00 38.00 No expense for this month. 0.00 (264.65) We budgeted 18 credit checks and processed 31. (0.81) 0.00 890.30 Explained above. 1,806.00 Savings due to dropping of Apartment Guide subscription. 467.58 No party planned for this month. (357.08) Six locators fees paid versus five budgeted. 500.00 No referrals paid this month. 2,416.50 52.91
308.49 559.36 0.00 0.00 121.00 0.00 289.81
294.00 633.00 0.00 0.00 342.00 0.00 1,000.00
(14.49) 73.64 0.00 0.00 221.00 0.00 710.19
1,176.00 2,532.00 0.00 0.00 1,368.00 0.00 4,150.00
826.32 1,477.24 0.00 0.00 577.00 0.00 1,739.98
0.00 0.00 0.00 1,579.60
0.00 114.00 0.00 984.00
0.00 114.00 0.00 (595.60)
0.00 456.00 0.00 4,848.00
0.00 152.00 0.00 3,572.25
1,668.90 0.00 8,827.96
1,650.00 0.00 9,796.00
(18.90) 0.00 968.04
6,450.00 0.00 40,096.00
4,706.49
14,500.00
9,793.51
44,000.00
4,319.71 0.00 24,185.66 1.00 24,400.49
373.17 8,943.39
1,400.00 4,194.00
1,026.83 (4,749.39)
5,400.00 16,070.00
2,305.59 17,544.47
500.00 14,523.05
1,500.00 21,594.00
1,000.00 7,070.95
5,500.00 70,970.00
416.31
711.00
294.69
4,217.00
2,500.00 46,750.55 1.00 1,632.40
Contract Cleaning Svcs.
1,820.00
2,859.00
Carpet Cleaning & Repairs
2,095.00
1,287.00
Window Coverings Vinyl & Tile Repairs Lock & Keys Counter & Tub Resurfacing
260.17 0.00 0.00 0.00
270.00 0.00 85.00 417.00
Other Redecorating Cleaning Supplies Total Make Ready Expense
0.00 21.61 4,422.87
0.00 158.00 5,355.00
500.52 98.24 119.76 245.42 0.00 (110.84)
1,000.00 100.00 120.00 50.00 0.00 100.00
Gates & Entrances Glass & Screens Appliance Parts & Repairs Hardware Exterior Painting Uniforms Elevator Service & Repairs Security & Fire Systems
0.00 0.00 475.46 18.61 0.00 0.00 0.00 1,769.28
10.00 260.00 300.00 120.00 0.00 0.00 0.00 450.00
Uninsured Losses Locks & Keys Bulbs & Ballasts Total Maintenance Expense
0.00 0.00 0.00 3,116.45
0.00 0.00 0.00 2,510.00
Landscape & Grounds Trash Removal Pest Control
0.00 788.10 86.00
0.00 755.00 205.00
Security Patrols Window Cleaning Svc. Interior Cleaning Svc. Cable Television Snow Removal
0.00 0.00 0.00 0.00 701.86
0.00 0.00 0.00 0.00 3,500.00
1,575.96
4,460.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
12,113.66 0.00 0.00 (1,250.00)
11,344.00 0.00 0.00 400.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
General Maintenance & Supplies HVAC Parts & Repairs Plumbing Parts & Repairs Electric Parts & Repairs Roof & Gutter Repairs Pools & Fountains
Total Service Expense Expenses - CAM - Electric Expenses - CAM - Water/Sewer Expenses - CAM - Gas Expenses - CAM - Grounds Expenses - CAM - Trash Removal Expenses - CAM - Cleaning Svcs Expenses - CAM - Maintenance Expenses - CAM - Insurance Expenses - CAM - R/E Taxes Total CAM Expense Management Fees No Name No Name Legal Fees Accounting Fees Postage & Delivery Bank Charges Partnership Insurance Other Administrative Expenses Travel Expense Employee Activities Printing Computer Consulting Computer Expense Bank Charges Development Cost
1,039.00 Apartments left in good shape this month. made for less cleaning expense. (808.00) More carpet repairs were done than anticipated with cleans. 9.83 0.00 85.00 No expense for this month. 417.00 We did not have any counter or tub resurfacing this month. 0.00 136.39 Less supplies ordered for this month. 932.13 Explained above. 499.48 1.76 0.24 (195.42) 0.00 210.84 Pool motor returned due to wrong size. 10.00 260.00 No expense for this month. (175.46) 101.39 0.00 0.00 0.00 (1,319.28) Repair of sprinkler heads in breezeways in building three and six. 0.00 0.00 0.00 (606.45) Explained above. 0.00 (33.10) 119.00 Savings due to no pigeon control needed for this month. 0.00 0.00 0.00 0.00 2,798.14 Savings due to less snow removal needed for this month. 2,884.04 Explained above. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (769.66) Based on % of collections. 0.00 0.00 1,650.00 Five eviction fees this month, versus three budgeted we have not been billed yet for the eviction paperwork. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
7,210.00
8,577.00
1,367.00
34,308.00
20,466.00
2,535.00
3,280.00
745.00
19,446.00
9,197.00
616.53 0.00 0.00 373.00
810.00 0.00 255.00 1,251.00
193.47 0.00 255.00 878.00
3,240.00 0.00 1,020.00 5,004.00
1,956.70 0.00 340.00 2,041.00
0.00 302.90 11,453.74
0.00 474.00 15,358.00
0.00 171.10 3,904.26
0.00 1,896.00 69,131.00
1,290.44 151.09 453.32 498.04 0.00 59.04
2,288.00 400.00 360.00 140.00 0.00 300.00
997.56 248.91 (93.32) (358.04) 0.00 240.96
8,611.00 2,300.00 1,440.00 540.00 3,000.00 4,200.00
0.00 956.51 36,589.61 1.00 5,078.96 749.33 1,053.08 933.46 0.00 348.20
0.00 0.00 1,263.08 47.26 0.00 0.00 0.00 5,018.23
30.00 520.00 900.00 360.00 0.00 0.00 0.00 1,350.00
30.00 520.00 (363.08) 312.74 0.00 0.00 0.00 (3,668.23)
150.00 1,820.00 3,600.00 1,400.00 355.00 600.00 0.00 14,555.00
40.00 780.00 2,938.54 545.87 0.00 0.00 0.00 8,587.51
0.00 0.00 0.00 8,780.50
0.00 0.00 0.00 6,648.00
0.00 0.00 0.00 (2,132.50)
0.00 0.00 0.00 42,571.00
0.00 2,075.75 325.00
0.00 2,265.00 615.00
0.00 189.25 290.00
29,581.00 9,060.00 2,760.00
0.00 0.00 0.00 21,054.95 1.00 0.00 5,883.85 1,231.00
0.00 0.00 0.00 0.00 7,098.72
0.00 0.00 0.00 0.00 10,500.00
0.00 0.00 0.00 0.00 3,401.28
2,775.00 0.00 0.00 0.00 19,500.00
0.00 0.00 0.00 0.00 21,800.58
9,499.47
13,380.00
3,880.53
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
35,391.61 0.00 0.00 (986.44)
32,907.00 0.00 0.00 1,000.00
(2,484.61) 0.00 0.00 1,986.44
134,836.00 0.00 0.00 2,800.00
28,915.43 1.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 91,756.27 0.00 0.00 (836.44)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3,060.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Admin. Expense Electricity Electricity Gas - Resident Natural Gas
10,863.66
11,744.00
2,915.98 0.00 2,745.36
3,250.00 0.00 1,967.00
Water & Sewer
20,957.09
20,000.00
Water & Sewer - Resident Reimb
(8,871.37)
(13,600.00)
Water - irrigation Electric - Tenant Reimbursement Trash Reimbursement Water - Tenant Reimbursement Utility -Vacant Electric Utility - Vacant Gas Tenant Reimbursement - Gas Total Utility Expense
0.00 0.00 (1,803.54) 0.00 927.65 443.45 0.00 17,314.62
0.00 0.00 (2,400.00) 0.00 325.00 768.00 0.00 10,310.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 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 4,840.47 0.00 0.00 35,028.94 104,607.62 198,233.82
Base Rent - Interest Payment Base Rent - Principal Payment Stated Rent Office Rent Total Rent Expense
880.34 Explained above. 334.02 0.00 (778.36) Due to the increase in gas prices our expense has gone up. (957.09) Based on Arapahoe County underestimating of February's usage. (4,728.63) Many residents disputing errors from Arapahoe County water readings and not paying the correct amount at this time. 0.00 0.00 (596.46) 0.00 (602.65) Based on actual usage. 324.55 Based on actual usage. 0.00 (7,004.62) Explained above.
34,405.17
33,907.00
(498.17)
140,696.00
10,413.13 0.00 10,041.66
9,750.00 0.00 5,901.00
(663.13) 0.00 (4,140.66)
40,500.00 0.00 23,604.00
90,919.83 1.00 26,329.11 0.00 20,655.02
51,264.77
60,000.00
8,735.23
240,000.00
152,221.86
(34,931.13)
(40,800.00)
(5,868.87)
(163,200.00)
(98,202.50)
74.35 0.00 (6,310.10) 0.00 3,253.65 1,817.02 0.00 35,623.35
0.00 0.00 (7,200.00) 0.00 3,245.00 2,520.00 0.00 33,416.00
(74.35) 0.00 (889.90) 0.00 (8.65) 702.98 0.00 (2,207.35)
37,400.00 0.00 (25,696.00) 0.00 12,108.00 7,837.00 0.00 172,553.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 1,896.50 940.55 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,837.05
0.00 0.00 0.00 0.00 0.00 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) (940.55) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (2,837.05)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
30,188.00 0.00 4,850.00 57.00 0.00 35,095.00 109,702.00 173,897.00
(0.47) 0.00 9.53 57.00 0.00 66.06 5,094.38 24,336.82
90,565.41 0.00 14,496.93 0.00 0.00 105,062.34 315,768.31 570,443.21
90,564.00 0.00 14,550.00 171.00 0.00 105,285.00 329,915.00 492,740.00
(1.41) 0.00 53.07 171.00 0.00 222.66 14,146.69 77,703.21
362,256.00 0.00 58,200.00 684.00 0.00 421,140.00 1,386,542.00 1,984,350.00
106,586.67 0.00 86,666.71 0.00 193,253.38
106,587.00 0.00 86,667.00 0.00 193,254.00
0.33 0.00 0.29 0.00 0.62
319,760.01 0.00 260,000.13 0.00 579,760.14
319,761.00 0.00 260,001.00 0.00 579,762.00
0.99 0.00 0.87 0.00 1.86
1,443,999.00 0.00 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 0.00 354.87 70.74 0.00 0.00 0.00 0.00 1,000.00 3,200.00 0.00 4,625.61
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 0.00 (154.87) (70.74) 0.00 0.00 0.00 0.00 0.00 50.00 0.00 (175.61)
0.00 0.00 1,110.80 172.27 0.00 0.00 0.00 0.00 3,000.00 9,600.00 0.00 13,883.07
0.00 0.00 600.00 0.00 0.00 0.00 0.00 0.00 3,000.00 9,750.00 0.00 13,350.00
0.00 0.00 (510.80) (172.27) 0.00 0.00 0.00 0.00 0.00 150.00 0.00 (533.07)
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
Exterior Rehab
859.02
0.00
2,852.02
0.00
(2,852.02)
16,846.00
74.35 0.00 (17,713.64) 0.00 7,751.30 14,413.00 0.00 96,663.97 1.00 0.00 0.00 1,896.50 940.55 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,837.05 1.00 241,505.88 0.00 38,737.40 228.00 0.00 280,471.28 859,992.93 1,435,314.03 1.00 852,694.68 0.00 693,334.84 0.00 1,546,029.52 1.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,265.67 243.01 0.00 0.00 0.00 0.00 8,000.00 25,800.00 0.00 36,308.68 1.00 3,711.04
Interior Rehab HVAC Replacement
0.00 540.47
0.00 0.00
0.00 540.47
0.00 0.00
0.00 (540.47)
0.00 1,800.00
0.00 1,080.94
9,488.59
5,000.00
14,887.38
15,000.00
112.62
66,000.00
44,375.97
0.00 485.32
0.00 319.00
0.00 485.32
0.00 578.00
0.00 92.68
1,450.00 1,734.00
0.00 1,867.64
Washers / Dryers
0.00
339.00
296.29
678.00
381.71
1,017.00
1,313.29
Fire Alarm Replacement
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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
Carpet & Floor Replacement Refrigerators Dishwashers & Ranges
(859.02) Golf cart batteries and covers were booked under Exterior rehab by mistake, should have been booked to other capital . 0.00 (540.47) Heating coil needed for apartment #15201. (4,488.59) Actual carpets replaced are 10 versus six budgeted. 0.00 (166.32) Two dishwashers needed versus one budgeted. 339.00 No washers/dryers needed this month. 0.00
Other Capital Improvements
192.60
2,610.00
Boiler Replacement Roof Replacement Total Capital Expenses
0.00 0.00 11,566.00
0.00 0.00 8,268.00
Casualty Losses Casualty Recovery Total Casualty Loss NET INCOME (LOSS)
0.00 0.00 0.00 (11,211.17)
0.00 0.00 0.00 (32,075.00)
Rental Guarantee
0.00 (11,211.17)
0.00 (32,075.00)
2,417.40 Golf cart batteries and covers were booked under Exterior rehab by mistake. 0.00 0.00 (3,298.00)
5,141.39
4,749.00
(392.39)
11,899.00
12,692.99
0.00 0.00 24,202.87
0.00 0.00 21,005.00
0.00 0.00 (3,197.87)
0.00 0.00 100,746.00
0.00 0.00 0.00 20,863.83
0.00 0.00 0.00 (47,402.87)
0.00 0.00 0.00 (121,377.00)
0.00 0.00 0.00 73,974.13
0.00 0.00 0.00 (654,164.00)
0.00 20,863.83
0.00 (47,402.87)
0.00 (121,377.00)
0.00 73,974.13
0.00 (654,164.00)
0.00 0.00 65,041.87 1.00 0.00 0.00 0.00 (212,066.04) 1.00 0.00 0.00
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 Budget
May 2008 Budget
Jun 2008 Budget
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
306,464 (19,000) (17,298) (6,677) 263,489
306,275 (19,986) (15,717) (6,695) 263,877
305,987 (17,809) (17,444) (6,696) 264,038
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
3,633,484 (210,965) (204,989) (89,943) 3,127,587
10,624.22 (616.86) (599.38) (262.99) 9,144.99
11.58 (0.67) (0.65) (0.29) 9.97
364,160 (43,000) (80,000) (6,085) 235,075
4,616,351 (300,079) (334,953) (109,510) 3,871,808
13,498.10 (877.42) (979.40) (320.21) 11,321.08
14.71 (0.96) (1.07) (0.35) 12.34
Other Income Total Revenue
27,835 285,435
34,204 297,935
26,056 302,841
25,000 288,489
26,852 290,729
27,912 291,950
25,305 288,955
27,910 289,581
23,739 282,400
22,628 276,720
24,013 274,728
20,220 269,497
311,674 3,439,261
911.33 10,056.32
0.99 10.96
19,000 254,075
375,819 4,247,628
1,098.89 12,419.96
1.20 13.54
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
30,392 3,348 5,801 5,708 3,115 13,323 11,547 16,246 0 35,095
29,567 3,460 5,901 6,163 4,490 6,678 11,829 17,308 0 35,095
31,117 3,520 6,105 6,062 3,885 4,985 11,878 17,127 0 35,095
31,434 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
359,934 39,128 63,899 65,227 44,704 59,795 141,194 174,760 2,837 420,917
1,052.44 114.41 186.84 190.72 130.71 174.84 412.85 511.00 8.30 1,230.75
1.15 0.12 0.20 0.21 0.14 0.19 0.45 0.56 0.01 1.34
37,759 3,030 6,885 7,500 2,295 2,395 14,969 10,900
459,359 48,656 79,961 82,870 51,189 69,786 178,745 209,100
1,343.16 142.27 233.80 242.31 149.68 204.05 522.65 611.40
1.46 0.16 0.25 0.26 0.16 0.22 0.57 0.67
Total Operating Exp. Net Operating Income
105,638 179,797
105,522 192,412
104,608 198,234
124,575 163,914
120,491 170,238
119,774 172,176
122,872 166,083
118,647 170,934
114,949 167,451
122,613 154,107
107,944 166,784
104,762 164,735
1,372,395 2,066,865
4,012.85 6,043.47
4.37 6.59
Rent Expense Partnership Expense Capital Expense
193,253 4,719 9,734
193,253 4,539 2,903
193,253 4,626 11,566
193,254 4,450 12,546
193,254 4,815 12,458
216,819 4,450 8,074
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
2,484,001 54,298 103,944
7,263.16 158.77 303.93
7.92 0.17 0.33
Cash Flow Frm Operations
(27,909)
(8,283)
(11,211)
(46,336)
(40,289)
(57,167)
(72,990)
(56,935)
(60,077)
(73,162)
(59,485)
(61,534)
(575,378)
(1,682.39)
(1.83)
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
0
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)
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
0 (8,928) (40,713) (171,526)
Cash Increase (Decreae) From Assets
(88,090)
(28,220)
(40,732)
(7,125)
(7,125)
(7,125)
(7,125)
(7,125)
(7,125)
(7,125)
(7,125)
(7,125)
(221,167)
Accounts Payable Accrued Expenses Other Payables Mortgages Payable
(22,965) 20,453 920 48,905
2,827 31,811 2,385 (6,027)
942 51,607 345 (5,836)
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
(19,196) 103,872 3,650 37,042
47,313
30,997
47,058
0
0
0
0
0
0
0
0
0
125,368
(68,685) 13,834
(5,507) 8,327
(4,886) 3,441
(53,461) (50,020)
(47,414) (97,434)
(80,115) (241,841)
(64,060) (305,901)
(67,202) (373,103)
(80,287) (453,390)
(66,610) (520,000)
(68,659) (588,659)
(671,177)
Cash Increase (Decrease) From Liab.
NET CASH FLOW CUMM. NET CASH FLOW
(64,292) (161,726)
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
0 37,237
422,149 37,237
1,234.36 108.88
1.35 0.12
122,970 131,106
1,639,053 2,608,575
4,792.55 7,627.41
5.22 8.31
193,254 0 3,300
256,611 114,248 3,300
750.32 334.06 9.65
0.82 0.36 0.01
(65,449)
2,234,416
6,533.38
7.12
250,000
250,000
0 0 0 (2,951)
(8,928) (40,713) (185,776) (2,951)
(2,951)
(238,368)
0 0 0 0
103,872 3,650 37,042 0
0
144,564
181,601 181,601
2,390,612
W31:
administrator: assume insurance increases by 50%
W48:
administrator:
replacement reserve + reduction in tax escrow due to overage
Courtney Downs Apartments March 08 LEASING & OCCUPANCY NUMBER OF MOVE INS: NUMBER OF MOVE OUTS: NET FOR THE MONTH:
19 16 3
OCCUPIED/LEASED %:
96.20%/97.95%
SOURCE OF TRAFFIC: APTGUIDE.COM APARTMENT GUIDE YELLOW PAGES OTHER. NET BLUE BOOK 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: TOTAL # GARAGES # GARAGES OCCUPIED GARAGES OCCUPIED %
Leased 0 0 0 3 0 0 4 0 1 1 0 8 0
65
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
26%
MARKETING ACTIVITIES & SOURCES FOR THE MONTH * Took brochures and price sheets to Holiday Inn Express. * Took cookie bags with brochures and price sheets to David Weekly homes. * Updated all internet ads with new pricing and specials for the month of March * Took donunts with price sheets to Sky Ridge hospital Human Resourses. * Took brochures and prices to Mann Theaters for employee break room. * Brochures and donuts were taken to "Go" Motors staff. * Met with Newman Home sales team with options of temporary housing for new home buyers. * Dropped off muffins and brochures to King Soopers for the breakroom. * Dropped off doughnuts and brochures to Centennial airport "tack air office". * Took cookie and candy bag with flyer's to Marriott extended stay hotels. * 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 $895 and three bedrooms starting at $1035. Look and leases specials are 1/2 month off with a 12 to 13 month lease. Overall market is 91.8% average occ.and rental rate of $826 per month. RESIDENT RETENTION: We had 24 leases expiring in the month of March. 11 renewed leases with a $43 increase. Notices received; (4) buying homes, (4) relocating out of the area, (3) closer to work (1) too expensive, (1) moving home. INCIDENTS ON THE PROPERTY: N/A
$302,841.44 $297,934.75 $4,906.69 120 107 89%
REASONS WHY PROSPECTS DID NOT LEASE: Traffic 0 0 0 5 2 1 1 2 3 6 0 45 0
0 3 5 8 0 2 4 0 9 0 5 3 5 3 48
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 17 25 15 9 43 3 23 8 143
PLUMBING LEAKS
Number of: 15 9 6 143 0 17 25 15 9 43 3 23 8 143 0 0
REFRIGERATORS DISHWASHERS WINDOWS A/C COMPRESSORS CONDENSING UNITS WATER HEATERS ICE MAKERS GARBAGE DISPOSALS MICROWAVES CARPETS CEILING FANS TOILETS A/C FAN MOTORS COUNTER TOPS CABINETS RESURFACED KITCHEN BLINDS TUBS RESURFACED TUB TILES
CAPITAL IMPROVEMENTS IN PROGRESS: N/A
PROBLEM AREAS NEEDING ATTENTION: Hot water heaters are clogging up due to hard water calcium. Pet areas are starting to show up in spots on the grassy areas.
CURRENT STAFF: Manager Assistant Manager Leasing Consultant Leasing Consultant Maintenance Supervisor Assistant Maintenance Maintenance/ Grounds
Nancy Howland Carrie McMillan Summer Wahrman Kate Hawkins Gabriel Tellez Russell Briley Jorge Chavez and Jorge Bernal
ACCOMPLISHMENTS FOR THE MONTH: Main line sprinkler break repaired by building 3 and 19. Removed dead landscaping in the front of the property, for new landscaping for the month of April. Maintained a 96.20% occupied.
Number Replaced 0 0 0 0 0 0 0 0 0 9 0 0 0 0 0 17 0 0
Apt. #
4305, 6102, 4208, 7111, 19109, 16208, 13207, 15201, 7112.
19207-2, 9103-2, 7111-3, 12205-1, 12102-1, 13207-1, 4208-2, 7209-2, 6108-2, 7112-2.
Courtney Downs RENTAL SCHEDULE
March 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
1 0 0 0 0 6 4 0 0 0 0 0 0
1 0 0 0 0 2 1 0 0 0 0 0 0
7 0 2 6 0 5 8 0 0 8 0 5 0
3 0 0 4 0 1 0 0 0 3 0 1 0
4 0 2 2 0 8 11 0 0 5 0 4 0
11
4
41
11
36
MARKET SURVEY Courtney Downs March-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
MARKET SURVEY Courtney Downs March-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
755 795
779 853
PRICE
0.97 0.93
SIZE
Pinnacle @ the Creek
PSF
PRICE
SIZE
Dove Valley
PSF
PRICE
SIZE
PSF
PRICE
Cherrywood Village SIZE PSF
704 808
1.03 1.05
710 725
627 701
1.13 1.03
725 805
685 705
1.06 1.02
715 750
768 842
0.93 0.89
710 730
707 796
1.00 0.92
910
0.82
835
811
0.91
810
760
1.03
765
992
0.77
760
916
0.83
845 925
956 1044
0.88 0.89
935
1051
960
1120
0.89 0.86
875
977
0.90
940
1105
0.85
900 925
1030 1030
0.87 0.90
985
1192
0.83
975 995
1196 1180
0.82 0.84
1,160
1140
1.02
1055 1190
1398 1398
0.75 0.91
1185
1330
0.89
96 1 884 342
97.95%
0
0% 0.92
93%
95%
0.94 35
0.87 1114 507
31
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
Will not give out any information.
Ren: Info not avail per corporate
1110
1230
90%
93.21%
0.90
763 763
0.93 1.05
1115
0.74
815
1033
0.79
822
1037
0.79
1220
0.75
910
1093
0.83
900
1037
1.23
1120
1356
0.83
1195 1305
1235 1235
0.97 1.04
915 1045
1257 1257
92.0%
34
710 727
825 910
89%
0.96 808 216
Reserve@South Creek SIZE PSF
PRICE
725 850 750
92.1%
94%
0.82 848 312
46
91.8%
28
0
0.73 1.10
94%
0.91 1131 360
0.97 995 168
19
Special:1/2 month free with look and lease.
Special: $500 free gas card or giftcertificate to the mall w/look and lese special.
Special: 1/2 month off 12 to Special: One month free on a 13 month leases. 12 to 13 month special.
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 Money Market Total Cash
OTHER ASSETS Accounts Receivable Prepaid Expenses Tax Escrow Replacement Reserves Capital / Repair Escrow Total Other Assets Total ASSETS
3,441.15 0.00 $3,441.15
9,270.45 43,326.67 341,640.18 69,802.04 200,000.00 664,039.34 667,480.49
LIABILITIES & CAPITAL LIABILITIES Accounts Payable - Trade Other Accounts Payable Accrued Taxes Prepaid Rent Security Deposits Notes Payable Total Liabilities
162,376.09 859,605.23 443,091.73 7,823.42 42,157.01 39,094.50 1,554,147.98
CAPITAL Owners Equity Retained Earnings Total Capital Total LIABILITIES & CAPITAL
100.00 (886,767.49) (886,667.49) 667,480.49
USA Courtney Downs LeaseCo, LLC Budget Comparison Books = Accrual For the period ending March 31, 2008
Account Revenue Market Rent Loss / Gain to Lease Gross Potential Rent Prepaid Homeowners Dues Residential Rent Vacancy Loss
MTD Actual
MTD Budget
294,800.00 29.00
297,830.00 7,880.00
294,829.00 0.00 0.00 (12,200.56)
305,710.00 0.00 0.00 (24,776.00)
6,116.84
(3,000.00)
0.00 0.00 (331.61)
0.00 0.00 (1,586.00)
(1,980.00) 0.00 (2,104.80) 0.00 (1,160.00) (6,383.35)
(1,980.00) 0.00 (1,935.00) 0.00 (1,160.00) (12,879.00)
0.00 0.00 0.00 0.00 $276,785.52
0.00 0.00 0.00 0.00 $258,394.00
Laundry Income Vending Income Covered Parking Income Late Charges & NSF Fees
0.00 0.00 0.00 1,558.51
0.00 0.00 0.00 1,771.00
Month to Month Premium Storage Fees Repair & Maintenance Fees Application Fees
761.61 1,278.56 0.00 1,050.00
750.00 880.00 0.00 1,519.00
Termination Fees & Damages
5,566.26
2,700.00
484.35
1,100.00
Renters Insurance Interest Income Pet Rents & Fees
0.00 0.00 2,998.22
0.00 0.00 3,360.00
Tower Rent Asset Management Fee Parking Spaces Income Homeowners Assessments Garage Income
0.00 0.00 0.00 0.00 7,066.89
0.00 0.00 0.00 0.00 6,790.00
0.00 0.00
0.00 475.00
HOA Contributions Developer Developer HOA Dues Forfeited Deposits Developer Contributions Interest Income Other Thunder Income Administration Fee
0.00 0.00 300.00 0.00 0.00 0.00 2,250.00
0.00 0.00 300.00 0.00 0.00 0.00 2,660.00
Move-Out Charges
1,871.78
2,400.00
544.74 0.00 325.00
500.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 26,055.92
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 25,205.00
$302,841.44
$283,599.00
11,346.86
12,689.00
0.00 10,949.05
0.00 11,403.00
0.00 3,349.77
0.00 3,665.00
0.00 195.24
0.00 1,720.00
0.00 0.00 0.00 0.00 25,840.92
0.00 0.00 1,000.00 0.00 30,477.00
51.40
850.00
796.96
743.00
Upfront Rent Concessions
Corporate Discount Delinquent Rent Adjustments & W/O
Model Units Courtesy Officer Apt. 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
Miscellaneous Income
Water/Sewer Income Cable/Telephone 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 Payroll Taxes Group Insurance Disability Insurance 401k Match Contract Labor Workers Comp Total Salary Expense Office Operations & Supplies Telephones
$ Variance
MTD Variance Comment
(3,030.00) Reflects lease rent verses market rents. (7,851.00) Variance reflects Market rent verses lease rents. (10,881.00) Explained above. 0.00 0.00 12,575.44 We achieved higher occupancy this month, our vacancy was 4% and we were budgeted to be 8%. 9,116.84 Moved concessions due to booking error from up front to lease term concessions. 0.00 0.00 1,254.39 Apartments left in better condition at the time of move out, resulting in less move out charges. 0.00 0.00 (169.80) 0.00 0.00 6,495.65 We have been able to reduce the amount of concessions offered due to higher occupancy. 0.00 0.00 0.00 0.00 $18,391.52
YTD Actual
883,620.00
YTD Budget
$ Variance
886,650.00
(3,030.00)
Annual Budget
3,587,640.00
YTD Variance Comment
Filter 0.01 2,362,900.00
3,658.00
29,067.00
(25,409.00)
74,283.00
40,634.00
887,278.00 0.00 0.00 (40,695.06)
915,717.00 0.00 0.00 (80,645.00)
(28,439.00) 0.00 0.00 39,949.94
3,661,923.00 0.00 0.00 (253,425.00)
2,403,534.00 0.00 0.00 (158,316.62)
5,692.36
(15,000.00)
20,692.36
(42,000.00)
(6,190.80)
0.00 0.00 (16,545.79)
0.00 0.00 (4,627.00)
0.00 0.00 (11,918.79)
0.00 0.00 (18,910.00)
0.00 0.00 (23,090.40)
(5,940.00) 0.00 (5,974.40) 0.00 (1,525.00) (24,173.58)
(5,940.00) 0.00 (5,805.00) 0.00 (3,480.00) (46,379.00)
0.00 0.00 (169.40) 0.00 1,955.00 22,205.42
(23,760.00) 0.00 (23,220.00) 0.00 (13,920.00) (205,887.00)
(15,840.00) 0.00 (15,819.20) 0.00 (7,325.00) (89,814.93)
0.00 0.00 0.00 0.00 $798,116.53
0.00 0.00 0.00 0.00 $753,841.00
0.00 0.00 0.00 0.00 $44,275.53
0.00 0.00 0.00 0.00 $3,080,801.00
0.00 0.00 0.00 6,432.50
0.00 0.00 0.00 4,697.00
0.00 0.00 0.00 1,735.50
0.00 0.00 0.00 21,791.00
0.00 0.00 0.00 0.00 2,087,137.05 1.00 0.00 0.00 0.00 14,459.01
1,882.61 3,766.30 0.00 4,350.00
1,800.00 2,280.00 0.00 4,018.00
82.61 1,486.30 0.00 332.00
9,450.00 11,120.00 0.00 19,796.00
5,194.22 8,204.86 0.00 10,937.00
13,156.26
2,700.00
10,456.26
13,500.00
24,122.52
2,539.60
1,900.00
639.60
8,000.00
6,023.95
0.00 0.00 11,175.90
0.00 3,489.00 10,080.00
0.00 (3,489.00) 1,095.90
0.00 3,489.00 41,160.00
0.00 3,489.00 27,614.12
0.00 0.00 0.00 0.00 21,177.89
0.00 0.00 0.00 0.00 20,370.00
0.00 0.00 0.00 0.00 807.89
0.00 0.00 0.00 0.00 81,480.00
0.00 0.00 0.00 0.00 55,404.78
0.00 3,113.37
0.00 1,425.00
0.00 1,688.37
0.00 5,700.00
0.00 5,013.37
0.00 0.00 300.00 0.00 0.00 0.00 9,450.00
0.00 0.00 900.00 0.00 0.00 0.00 6,580.00
0.00 0.00 (600.00) 0.00 0.00 0.00 2,870.00
0.00 0.00 4,100.00 0.00 0.00 0.00 33,880.00
0.00 0.00 1,800.00 0.00 0.00 0.00 20,940.00
9,080.82
7,200.00
1,880.82
30,000.00
20,552.60
1,344.74 0.00 325.00
1,375.00 0.00 0.00
(30.26) 0.00 325.00
6,625.00 0.00 0.00
3,764.48 0.00 650.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 850.92 Explained above.
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 88,094.99
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 68,814.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 19,280.99
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
$19,242.44 Explained above.
$886,211.52
$822,655.00
$63,556.52
$3,370,892.00
1,342.14 We worked fewer hours this month, due to the way the payroll falls, this will be spent in April. 0.00 453.95 We worked fewer hours this month, due to the way the payroll falls, this will be spent in April. 0.00 315.23 Based on actual commissions paid out. 0.00 1,524.76 We have less participants for our insurance program then what was anticipated in the budget. 0.00 0.00 1,000.00 No extra help needed for this month. 0.00 4,636.08 Explained above.
34,760.70
38,067.00
3,306.30
154,548.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 208,169.91 1.00 2,295,306.96 1.00 1.00 96,863.56
0.00 34,923.47
0.00 34,209.00
0.00 (714.47)
0.00 138,888.00
0.00 91,484.52
0.00 11,874.12
0.00 10,095.00
0.00 (1,779.12)
0.00 46,633.00
0.00 28,983.89
0.00 3,176.16
0.00 5,160.00
0.00 1,983.84
0.00 20,640.00
0.00 10,251.40
0.00 0.00 21.23 0.00 84,755.68
0.00 0.00 3,000.00 0.00 90,531.00
0.00 0.00 2,978.77 0.00 5,775.32
0.00 0.00 5,000.00 0.00 365,709.00
798.60 Less supplies bought for the office this month. (53.96)
1,091.83
2,550.00
1,458.17
10,200.00
0.00 0.00 4,021.23 0.00 231,604.60 1.00 4,543.23
3,208.97
2,229.00
8,916.00
6,977.93
0.00 0.00 0.00 (212.49) We collected14 late fees and two nsf fees versus 22 budgeted. 11.61 398.56 0.00 (469.00) We collected 21 application fees versus 30 budgeted. 2,866.26 We had two units #4308 and #6306 buyout of lease due to one moving out of state and one buying house. (615.65) This includes 19 utility transfer fees and seven credit card convenience fees. 0.00 0.00 (361.78) We collected one less pet fee then anticipated in the budget. 0.00 0.00 0.00 0.00 276.89 We have been pushing the garages and were able to rent two more then budget. 0.00 (475.00) No cable income check received at this time. 0.00 0.00 0.00 0.00 0.00 0.00 (410.00) We collected 15 administration fees versus 18 budgeted. (528.22) Apartments left in better condition resulting in fewer move out charges. 44.74 0.00 325.00 Guest suite rental for four days, should have been booked to guest suite code.
(979.97)
Answering Svc. & Pagers Postage & Delivery Patrol Services Membership Dues Publications & Subscriptions Conventions/Seminars Employee Training
125.83 73.88 0.00 0.00 0.00 0.00 150.17
98.00 211.00 0.00 0.00 114.00 0.00 300.00
Furniture Rental Car Expenses Permits & Fees Credit Checks
0.00 0.00 0.00 636.65
0.00 38.00 0.00 372.00
500.81 0.00 2,335.70
500.00 0.00 3,226.00
Advertising & Promotions
1,694.00
3,500.00
Resident Promotions Locators
32.42 2,382.08
500.00 2,025.00
0.00 4,108.50
500.00 6,525.00
226.09
279.00
Guest Suite Expense Parking Cost Total Operating Expense
Resident Referrals Total Advertising Expense Paint & Drywall
(27.83) 137.12 0.00 0.00 114.00 0.00 149.83 We did not send anyone for outside training this month. 0.00 38.00 No expense for this month. 0.00 (264.65) We budgeted 18 credit checks and processed 31. (0.81) 0.00 890.30 Explained above. 1,806.00 Savings due to dropping of Apartment Guide subscription. 467.58 No party planned for this month. (357.08) Six locators fees paid versus five budgeted. 500.00 No referrals paid this month. 2,416.50 52.91
308.49 559.36 0.00 0.00 121.00 0.00 289.81
294.00 633.00 0.00 0.00 342.00 0.00 1,000.00
(14.49) 73.64 0.00 0.00 221.00 0.00 710.19
1,176.00 2,532.00 0.00 0.00 1,368.00 0.00 4,150.00
826.32 1,477.24 0.00 0.00 577.00 0.00 1,739.98
0.00 0.00 0.00 1,579.60
0.00 114.00 0.00 984.00
0.00 114.00 0.00 (595.60)
0.00 456.00 0.00 4,848.00
0.00 152.00 0.00 3,572.25
1,668.90 0.00 8,827.96
1,650.00 0.00 9,796.00
(18.90) 0.00 968.04
6,450.00 0.00 40,096.00
4,706.49
14,500.00
9,793.51
44,000.00
4,319.71 0.00 24,185.66 1.00 24,400.49
373.17 8,943.39
1,400.00 4,194.00
1,026.83 (4,749.39)
5,400.00 16,070.00
2,305.59 17,544.47
500.00 14,523.05
1,500.00 21,594.00
1,000.00 7,070.95
5,500.00 70,970.00
416.31
711.00
294.69
4,217.00
2,500.00 46,750.55 1.00 1,632.40
Contract Cleaning Svcs.
1,820.00
2,859.00
Carpet Cleaning & Repairs
2,095.00
1,287.00
Window Coverings Vinyl & Tile Repairs Lock & Keys Counter & Tub Resurfacing
260.17 0.00 0.00 0.00
270.00 0.00 85.00 417.00
Other Redecorating Cleaning Supplies Total Make Ready Expense
0.00 21.61 4,422.87
0.00 158.00 5,355.00
500.52 98.24 119.76 245.42 0.00 (110.84)
1,000.00 100.00 120.00 50.00 0.00 100.00
Gates & Entrances Glass & Screens Appliance Parts & Repairs Hardware Exterior Painting Uniforms Elevator Service & Repairs Security & Fire Systems
0.00 0.00 475.46 18.61 0.00 0.00 0.00 1,769.28
10.00 260.00 300.00 120.00 0.00 0.00 0.00 450.00
Uninsured Losses Locks & Keys Bulbs & Ballasts Total Maintenance Expense
0.00 0.00 0.00 3,116.45
0.00 0.00 0.00 2,510.00
Landscape & Grounds Trash Removal Pest Control
0.00 788.10 86.00
0.00 755.00 205.00
Security Patrols Window Cleaning Svc. Interior Cleaning Svc. Cable Television Snow Removal
0.00 0.00 0.00 0.00 701.86
0.00 0.00 0.00 0.00 3,500.00
1,575.96
4,460.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
12,113.66 0.00 0.00 (1,250.00)
11,344.00 0.00 0.00 400.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
General Maintenance & Supplies HVAC Parts & Repairs Plumbing Parts & Repairs Electric Parts & Repairs Roof & Gutter Repairs Pools & Fountains
Total Service Expense Expenses - CAM - Electric Expenses - CAM - Water/Sewer Expenses - CAM - Gas Expenses - CAM - Grounds Expenses - CAM - Trash Removal Expenses - CAM - Cleaning Svcs Expenses - CAM - Maintenance Expenses - CAM - Insurance Expenses - CAM - R/E Taxes Total CAM Expense Management Fees No Name No Name Legal Fees Accounting Fees Postage & Delivery Bank Charges Partnership Insurance Other Administrative Expenses Travel Expense Employee Activities Printing Computer Consulting Computer Expense Bank Charges Development Cost
1,039.00 Apartments left in good shape this month. made for less cleaning expense. (808.00) More carpet repairs were done than anticipated with cleans. 9.83 0.00 85.00 No expense for this month. 417.00 We did not have any counter or tub resurfacing this month. 0.00 136.39 Less supplies ordered for this month. 932.13 Explained above. 499.48 1.76 0.24 (195.42) 0.00 210.84 Pool motor returned due to wrong size. 10.00 260.00 No expense for this month. (175.46) 101.39 0.00 0.00 0.00 (1,319.28) Repair of sprinkler heads in breezeways in building three and six. 0.00 0.00 0.00 (606.45) Explained above. 0.00 (33.10) 119.00 Savings due to no pigeon control needed for this month. 0.00 0.00 0.00 0.00 2,798.14 Savings due to less snow removal needed for this month. 2,884.04 Explained above. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (769.66) Based on % of collections. 0.00 0.00 1,650.00 Five eviction fees this month, versus three budgeted we have not been billed yet for the eviction paperwork. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
7,210.00
8,577.00
1,367.00
34,308.00
20,466.00
2,535.00
3,280.00
745.00
19,446.00
9,197.00
616.53 0.00 0.00 373.00
810.00 0.00 255.00 1,251.00
193.47 0.00 255.00 878.00
3,240.00 0.00 1,020.00 5,004.00
1,956.70 0.00 340.00 2,041.00
0.00 302.90 11,453.74
0.00 474.00 15,358.00
0.00 171.10 3,904.26
0.00 1,896.00 69,131.00
1,290.44 151.09 453.32 498.04 0.00 59.04
2,288.00 400.00 360.00 140.00 0.00 300.00
997.56 248.91 (93.32) (358.04) 0.00 240.96
8,611.00 2,300.00 1,440.00 540.00 3,000.00 4,200.00
0.00 956.51 36,589.61 1.00 5,078.96 749.33 1,053.08 933.46 0.00 348.20
0.00 0.00 1,263.08 47.26 0.00 0.00 0.00 5,018.23
30.00 520.00 900.00 360.00 0.00 0.00 0.00 1,350.00
30.00 520.00 (363.08) 312.74 0.00 0.00 0.00 (3,668.23)
150.00 1,820.00 3,600.00 1,400.00 355.00 600.00 0.00 14,555.00
40.00 780.00 2,938.54 545.87 0.00 0.00 0.00 8,587.51
0.00 0.00 0.00 8,780.50
0.00 0.00 0.00 6,648.00
0.00 0.00 0.00 (2,132.50)
0.00 0.00 0.00 42,571.00
0.00 2,075.75 325.00
0.00 2,265.00 615.00
0.00 189.25 290.00
29,581.00 9,060.00 2,760.00
0.00 0.00 0.00 21,054.95 1.00 0.00 5,883.85 1,231.00
0.00 0.00 0.00 0.00 7,098.72
0.00 0.00 0.00 0.00 10,500.00
0.00 0.00 0.00 0.00 3,401.28
2,775.00 0.00 0.00 0.00 19,500.00
0.00 0.00 0.00 0.00 21,800.58
9,499.47
13,380.00
3,880.53
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
35,391.61 0.00 0.00 (986.44)
32,907.00 0.00 0.00 1,000.00
(2,484.61) 0.00 0.00 1,986.44
134,836.00 0.00 0.00 2,800.00
28,915.43 1.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 91,756.27 0.00 0.00 (836.44)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 3,060.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Admin. Expense Electricity Electricity Gas - Resident Natural Gas
10,863.66
11,744.00
2,915.98 0.00 2,745.36
3,250.00 0.00 1,967.00
Water & Sewer
20,957.09
20,000.00
Water & Sewer - Resident Reimb
(8,871.37)
(13,600.00)
Water - irrigation Electric - Tenant Reimbursement Trash Reimbursement Water - Tenant Reimbursement Utility -Vacant Electric Utility - Vacant Gas Tenant Reimbursement - Gas Total Utility Expense
0.00 0.00 (1,803.54) 0.00 927.65 443.45 0.00 17,314.62
0.00 0.00 (2,400.00) 0.00 325.00 768.00 0.00 10,310.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 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 4,840.47 0.00 0.00 35,028.94 104,607.62 198,233.82
Base Rent - Interest Payment Base Rent - Principal Payment Stated Rent Office Rent Total Rent Expense
880.34 Explained above. 334.02 0.00 (778.36) Due to the increase in gas prices our expense has gone up. (957.09) Based on Arapahoe County underestimating of February's usage. (4,728.63) Many residents disputing errors from Arapahoe County water readings and not paying the correct amount at this time. 0.00 0.00 (596.46) 0.00 (602.65) Based on actual usage. 324.55 Based on actual usage. 0.00 (7,004.62) Explained above.
34,405.17
33,907.00
(498.17)
140,696.00
10,413.13 0.00 10,041.66
9,750.00 0.00 5,901.00
(663.13) 0.00 (4,140.66)
40,500.00 0.00 23,604.00
90,919.83 1.00 26,329.11 0.00 20,655.02
51,264.77
60,000.00
8,735.23
240,000.00
152,221.86
(34,931.13)
(40,800.00)
(5,868.87)
(163,200.00)
(98,202.50)
74.35 0.00 (6,310.10) 0.00 3,253.65 1,817.02 0.00 35,623.35
0.00 0.00 (7,200.00) 0.00 3,245.00 2,520.00 0.00 33,416.00
(74.35) 0.00 (889.90) 0.00 (8.65) 702.98 0.00 (2,207.35)
37,400.00 0.00 (25,696.00) 0.00 12,108.00 7,837.00 0.00 172,553.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 1,896.50 940.55 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,837.05
0.00 0.00 0.00 0.00 0.00 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) (940.55) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (2,837.05)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
30,188.00 0.00 4,850.00 57.00 0.00 35,095.00 109,702.00 173,897.00
(0.47) 0.00 9.53 57.00 0.00 66.06 5,094.38 24,336.82
90,565.41 0.00 14,496.93 0.00 0.00 105,062.34 315,768.31 570,443.21
90,564.00 0.00 14,550.00 171.00 0.00 105,285.00 329,915.00 492,740.00
(1.41) 0.00 53.07 171.00 0.00 222.66 14,146.69 77,703.21
362,256.00 0.00 58,200.00 684.00 0.00 421,140.00 1,386,542.00 1,984,350.00
106,586.67 0.00 86,666.71 0.00 193,253.38
106,587.00 0.00 86,667.00 0.00 193,254.00
0.33 0.00 0.29 0.00 0.62
319,760.01 0.00 260,000.13 0.00 579,760.14
319,761.00 0.00 260,001.00 0.00 579,762.00
0.99 0.00 0.87 0.00 1.86
1,443,999.00 0.00 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 0.00 354.87 70.74 0.00 0.00 0.00 0.00 1,000.00 3,200.00 0.00 4,625.61
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 0.00 (154.87) (70.74) 0.00 0.00 0.00 0.00 0.00 50.00 0.00 (175.61)
0.00 0.00 1,110.80 172.27 0.00 0.00 0.00 0.00 3,000.00 9,600.00 0.00 13,883.07
0.00 0.00 600.00 0.00 0.00 0.00 0.00 0.00 3,000.00 9,750.00 0.00 13,350.00
0.00 0.00 (510.80) (172.27) 0.00 0.00 0.00 0.00 0.00 150.00 0.00 (533.07)
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
Exterior Rehab
859.02
0.00
2,852.02
0.00
(2,852.02)
16,846.00
74.35 0.00 (17,713.64) 0.00 7,751.30 14,413.00 0.00 96,663.97 1.00 0.00 0.00 1,896.50 940.55 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,837.05 1.00 241,505.88 0.00 38,737.40 228.00 0.00 280,471.28 859,992.93 1,435,314.03 1.00 852,694.68 0.00 693,334.84 0.00 1,546,029.52 1.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,265.67 243.01 0.00 0.00 0.00 0.00 8,000.00 25,800.00 0.00 36,308.68 1.00 3,711.04
Interior Rehab HVAC Replacement
0.00 540.47
0.00 0.00
0.00 540.47
0.00 0.00
0.00 (540.47)
0.00 1,800.00
0.00 1,080.94
9,488.59
5,000.00
14,887.38
15,000.00
112.62
66,000.00
44,375.97
0.00 485.32
0.00 319.00
0.00 485.32
0.00 578.00
0.00 92.68
1,450.00 1,734.00
0.00 1,867.64
Washers / Dryers
0.00
339.00
296.29
678.00
381.71
1,017.00
1,313.29
Fire Alarm Replacement
0.00
0.00
0.00
0.00
0.00
0.00
0.00
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
Carpet & Floor Replacement Refrigerators Dishwashers & Ranges
(859.02) Golf cart batteries and covers were booked under Exterior rehab by mistake, should have been booked to other capital . 0.00 (540.47) Heating coil needed for apartment #15201. (4,488.59) Actual carpets replaced are 10 versus six budgeted. 0.00 (166.32) Two dishwashers needed versus one budgeted. 339.00 No washers/dryers needed this month. 0.00
Other Capital Improvements
192.60
2,610.00
Boiler Replacement Roof Replacement Total Capital Expenses
0.00 0.00 11,566.00
0.00 0.00 8,268.00
Casualty Losses Casualty Recovery Total Casualty Loss NET INCOME (LOSS)
0.00 0.00 0.00 (11,211.17)
0.00 0.00 0.00 (32,075.00)
Rental Guarantee
0.00 (11,211.17)
0.00 (32,075.00)
2,417.40 Golf cart batteries and covers were booked under Exterior rehab by mistake. 0.00 0.00 (3,298.00)
5,141.39
4,749.00
(392.39)
11,899.00
12,692.99
0.00 0.00 24,202.87
0.00 0.00 21,005.00
0.00 0.00 (3,197.87)
0.00 0.00 100,746.00
0.00 0.00 0.00 20,863.83
0.00 0.00 0.00 (47,402.87)
0.00 0.00 0.00 (121,377.00)
0.00 0.00 0.00 73,974.13
0.00 0.00 0.00 (654,164.00)
0.00 20,863.83
0.00 (47,402.87)
0.00 (121,377.00)
0.00 73,974.13
0.00 (654,164.00)
0.00 0.00 65,041.87 1.00 0.00 0.00 0.00 (212,066.04) 1.00 0.00 0.00
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 Budget
May 2008 Budget
Jun 2008 Budget
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
306,464 (19,000) (17,298) (6,677) 263,489
306,275 (19,986) (15,717) (6,695) 263,877
305,987 (17,809) (17,444) (6,696) 264,038
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
3,633,484 (210,965) (204,989) (89,943) 3,127,587
10,624.22 (616.86) (599.38) (262.99) 9,144.99
11.58 (0.67) (0.65) (0.29) 9.97
364,160 (43,000) (80,000) (6,085) 235,075
4,616,351 (300,079) (334,953) (109,510) 3,871,808
13,498.10 (877.42) (979.40) (320.21) 11,321.08
14.71 (0.96) (1.07) (0.35) 12.34
Other Income Total Revenue
27,835 285,435
34,204 297,935
26,056 302,841
25,000 288,489
26,852 290,729
27,912 291,950
25,305 288,955
27,910 289,581
23,739 282,400
22,628 276,720
24,013 274,728
20,220 269,497
311,674 3,439,261
911.33 10,056.32
0.99 10.96
19,000 254,075
375,819 4,247,628
1,098.89 12,419.96
1.20 13.54
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
30,392 3,348 5,801 5,708 3,115 13,323 11,547 16,246 0 35,095
29,567 3,460 5,901 6,163 4,490 6,678 11,829 17,308 0 35,095
31,117 3,520 6,105 6,062 3,885 4,985 11,878 17,127 0 35,095
31,434 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
359,934 39,128 63,899 65,227 44,704 59,795 141,194 174,760 2,837 420,917
1,052.44 114.41 186.84 190.72 130.71 174.84 412.85 511.00 8.30 1,230.75
1.15 0.12 0.20 0.21 0.14 0.19 0.45 0.56 0.01 1.34
37,759 3,030 6,885 7,500 2,295 2,395 14,969 10,900
459,359 48,656 79,961 82,870 51,189 69,786 178,745 209,100
1,343.16 142.27 233.80 242.31 149.68 204.05 522.65 611.40
1.46 0.16 0.25 0.26 0.16 0.22 0.57 0.67
Total Operating Exp. Net Operating Income
105,638 179,797
105,522 192,412
104,608 198,234
124,575 163,914
120,491 170,238
119,774 172,176
122,872 166,083
118,647 170,934
114,949 167,451
122,613 154,107
107,944 166,784
104,762 164,735
1,372,395 2,066,865
4,012.85 6,043.47
4.37 6.59
Rent Expense Partnership Expense Capital Expense
193,253 4,719 9,734
193,253 4,539 2,903
193,253 4,626 11,566
193,254 4,450 12,546
193,254 4,815 12,458
216,819 4,450 8,074
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
2,484,001 54,298 103,944
7,263.16 158.77 303.93
7.92 0.17 0.33
Cash Flow Frm Operations
(27,909)
(8,283)
(11,211)
(46,336)
(40,289)
(57,167)
(72,990)
(56,935)
(60,077)
(73,162)
(59,485)
(61,534)
(575,378)
(1,682.39)
(1.83)
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
0
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)
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
0 (8,928) (40,713) (171,526)
Cash Increase (Decreae) From Assets
(88,090)
(28,220)
(40,732)
(7,125)
(7,125)
(7,125)
(7,125)
(7,125)
(7,125)
(7,125)
(7,125)
(7,125)
(221,167)
Accounts Payable Accrued Expenses Other Payables Mortgages Payable
(22,965) 20,453 920 48,905
2,827 31,811 2,385 (6,027)
942 51,607 345 (5,836)
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
(19,196) 103,872 3,650 37,042
47,313
30,997
47,058
0
0
0
0
0
0
0
0
0
125,368
(68,685) 13,834
(5,507) 8,327
(4,886) 3,441
(53,461) (50,020)
(47,414) (97,434)
(80,115) (241,841)
(64,060) (305,901)
(67,202) (373,103)
(80,287) (453,390)
(66,610) (520,000)
(68,659) (588,659)
(671,177)
Cash Increase (Decrease) From Liab.
NET CASH FLOW CUMM. NET CASH FLOW
(64,292) (161,726)
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
0 37,237
422,149 37,237
1,234.36 108.88
1.35 0.12
122,970 131,106
1,639,053 2,608,575
4,792.55 7,627.41
5.22 8.31
193,254 0 3,300
256,611 114,248 3,300
750.32 334.06 9.65
0.82 0.36 0.01
(65,449)
2,234,416
6,533.38
7.12
250,000
250,000
0 0 0 (2,951)
(8,928) (40,713) (185,776) (2,951)
(2,951)
(238,368)
0 0 0 0
103,872 3,650 37,042 0
0
144,564
181,601 181,601
2,390,612
W31:
administrator: assume insurance increases by 50%
W48:
administrator:
replacement reserve + reduction in tax escrow due to overage
Courtney Downs Apartments March 08 LEASING & OCCUPANCY NUMBER OF MOVE INS: NUMBER OF MOVE OUTS: NET FOR THE MONTH:
19 16 3
OCCUPIED/LEASED %:
96.20%/97.95%
SOURCE OF TRAFFIC: APTGUIDE.COM APARTMENT GUIDE YELLOW PAGES OTHER. NET BLUE BOOK 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: TOTAL # GARAGES # GARAGES OCCUPIED GARAGES OCCUPIED %
Leased 0 0 0 3 0 0 4 0 1 1 0 8 0
65
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
26%
MARKETING ACTIVITIES & SOURCES FOR THE MONTH * Took brochures and price sheets to Holiday Inn Express. * Took cookie bags with brochures and price sheets to David Weekly homes. * Updated all internet ads with new pricing and specials for the month of March * Took donunts with price sheets to Sky Ridge hospital Human Resourses. * Took brochures and prices to Mann Theaters for employee break room. * Brochures and donuts were taken to "Go" Motors staff. * Met with Newman Home sales team with options of temporary housing for new home buyers. * Dropped off muffins and brochures to King Soopers for the breakroom. * Dropped off doughnuts and brochures to Centennial airport "tack air office". * Took cookie and candy bag with flyer's to Marriott extended stay hotels. * 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 $895 and three bedrooms starting at $1035. Look and leases specials are 1/2 month off with a 12 to 13 month lease. Overall market is 91.8% average occ.and rental rate of $826 per month. RESIDENT RETENTION: We had 24 leases expiring in the month of March. 11 renewed leases with a $43 increase. Notices received; (4) buying homes, (4) relocating out of the area, (3) closer to work (1) too expensive, (1) moving home. INCIDENTS ON THE PROPERTY: N/A
$302,841.44 $297,934.75 $4,906.69 120 107 89%
REASONS WHY PROSPECTS DID NOT LEASE: Traffic 0 0 0 5 2 1 1 2 3 6 0 45 0
0 3 5 8 0 2 4 0 9 0 5 3 5 3 48
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 17 25 15 9 43 3 23 8 143
PLUMBING LEAKS
Number of: 15 9 6 143 0 17 25 15 9 43 3 23 8 143 0 0
REFRIGERATORS DISHWASHERS WINDOWS A/C COMPRESSORS CONDENSING UNITS WATER HEATERS ICE MAKERS GARBAGE DISPOSALS MICROWAVES CARPETS CEILING FANS TOILETS A/C FAN MOTORS COUNTER TOPS CABINETS RESURFACED KITCHEN BLINDS TUBS RESURFACED TUB TILES
CAPITAL IMPROVEMENTS IN PROGRESS: N/A
PROBLEM AREAS NEEDING ATTENTION: Hot water heaters are clogging up due to hard water calcium. Pet areas are starting to show up in spots on the grassy areas.
CURRENT STAFF: Manager Assistant Manager Leasing Consultant Leasing Consultant Maintenance Supervisor Assistant Maintenance Maintenance/ Grounds
Nancy Howland Carrie McMillan Summer Wahrman Kate Hawkins Gabriel Tellez Russell Briley Jorge Chavez and Jorge Bernal
ACCOMPLISHMENTS FOR THE MONTH: Main line sprinkler break repaired by building 3 and 19. Removed dead landscaping in the front of the property, for new landscaping for the month of April. Maintained a 96.20% occupied.
Number Replaced 0 0 0 0 0 0 0 0 0 9 0 0 0 0 0 17 0 0
Apt. #
4305, 6102, 4208, 7111, 19109, 16208, 13207, 15201, 7112.
19207-2, 9103-2, 7111-3, 12205-1, 12102-1, 13207-1, 4208-2, 7209-2, 6108-2, 7112-2.
Courtney Downs RENTAL SCHEDULE
March 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
1 0 0 0 0 6 4 0 0 0 0 0 0
1 0 0 0 0 2 1 0 0 0 0 0 0
7 0 2 6 0 5 8 0 0 8 0 5 0
3 0 0 4 0 1 0 0 0 3 0 1 0
4 0 2 2 0 8 11 0 0 5 0 4 0
11
4
41
11
36
MARKET SURVEY Courtney Downs March-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
MARKET SURVEY Courtney Downs March-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
755 795
779 853
PRICE
0.97 0.93
SIZE
Pinnacle @ the Creek
PSF
PRICE
SIZE
Dove Valley
PSF
PRICE
SIZE
PSF
PRICE
Cherrywood Village SIZE PSF
704 808
1.03 1.05
710 725
627 701
1.13 1.03
725 805
685 705
1.06 1.02
715 750
768 842
0.93 0.89
710 730
707 796
1.00 0.92
910
0.82
835
811
0.91
810
760
1.03
765
992
0.77
760
916
0.83
845 925
956 1044
0.88 0.89
935
1051
960
1120
0.89 0.86
875
977
0.90
940
1105
0.85
900 925
1030 1030
0.87 0.90
985
1192
0.83
975 995
1196 1180
0.82 0.84
1,160
1140
1.02
1055 1190
1398 1398
0.75 0.91
1185
1330
0.89
96 1 884 342
97.95%
0
0% 0.92
93%
95%
0.94 35
0.87 1114 507
31
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
Will not give out any information.
Ren: Info not avail per corporate
1110
1230
90%
93.21%
0.90
763 763
0.93 1.05
1115
0.74
815
1033
0.79
822
1037
0.79
1220
0.75
910
1093
0.83
900
1037
1.23
1120
1356
0.83
1195 1305
1235 1235
0.97 1.04
915 1045
1257 1257
92.0%
34
710 727
825 910
89%
0.96 808 216
Reserve@South Creek SIZE PSF
PRICE
725 850 750
92.1%
94%
0.82 848 312
46
91.8%
28
0
0.73 1.10
94%
0.91 1131 360
0.97 995 168
19
Special:1/2 month free with look and lease.
Special: $500 free gas card or giftcertificate to the mall w/look and lese special.
Special: 1/2 month off 12 to Special: One month free on a 13 month leases. 12 to 13 month special.
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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