Monthly Financial Report May 06
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USA Courtney Downs LeaseCo, LLC Cash Flow (Actual + Budget) Books = Accrual For the 12 Months Ending Dec 2006 Jan 2006 Actual
Account
Feb 2006 Actual
Mar 2006 Actual
Apr 2006 Actual
May 2006 Actual
Jun 2006 Reforecast
Jul 2006 Reforecast
Aug 2006 Reforecast
Sep 2006 Reforecast
Oct 2006 Reforecast
Nov 2006 Reforecast
Dec 2006 Reforecast
12 Month Total
$/ Unit 342
$/ Sq. Ft. 313,778
Revenue Gross Potential Rent - Vacancy - Concessions & Disc. - Other Write-offs & Adj. Total Rental Income
356,941 (50,457) (80,765) (5,393) 220,326
356,261 (41,504) (83,296) (4,621) 226,840
353,425 (32,721) (83,632) (13,129) 223,943
356,370 (25,521) (87,552) (3,761) 239,537
356,790 (27,566) (89,252) (3,761) 236,211
356,985 (28,559) (80,000) (6,085) 242,341
356,985 (21,419) (80,000) (6,085) 249,481
356,985 (28,559) (80,000) (6,085) 242,341
360,554 (32,450) (80,000) (6,085) 242,019
364,160 (36,416) (80,000) (6,085) 241,659
364,160 (40,058) (75,000) (6,085) 243,017
364,160 (40,058) (75,000) (6,085) 243,017
4,303,776 (405,288) (974,497) (73,259) 2,850,732
12,584.14 (1,185.05) (2,849.41) (214.21) 8,335.47
13.72 (1.29) (3.11) (0.23) 9.09
Other Income Total Revenue
26,619 246,945
19,852 246,692
32,398 256,342
25,588 265,125
26,964 263,175
20,445 262,786
20,445 269,926
20,445 262,786
20,445 262,464
20,445 262,104
20,445 263,462
20,445 263,462
274,536 3,125,268
802.74 9,138.21
0.87 9.96
31,314 4,125 10,172 2,824 484 2,095 15,018 17,811 1,732 34,178
27,779 1,829 7,867 1,468 2,348 (1,911) 14,773 10,978 605 39,883
25,751 4,155 8,790 6,877 2,996 750 20,876 5,261 (2,311) 33,892
34,224 2,418 12,875 3,034 938 1,089 15,092 9,118 0 33,962
28,896 3,488 9,217 6,347 1,390 7,856 17,309 8,907 (26) 41,050
37,759 3,030 5,860 8,800 2,345 3,640 15,049 16,295 0 33,891
24,299 3,375 7,885 8,800 4,645 3,640 16,670 16,295 0 33,891
20,239 4,330 5,860 8,700 2,345 3,640 17,049 16,295 0 33,891
24,299 3,030 5,860 8,200 2,295 6,640 15,067 16,655 0 33,891
24,299 3,030 6,385 7,900 13,595 4,640 15,084 16,590 0 37,237
24,299 3,030 5,860 7,500 2,295 4,640 15,469 10,900 0 37,237
37,759 3,030 6,885 7,500 2,295 2,395 14,969 10,900 0 37,237
340,917 38,871 93,516 77,951 37,971 39,114 192,426 156,005 0 430,237
996.83 113.66 273.44 227.93 111.03 114.37 562.65 456.15 0.00 1,258.00
1.09 0.12 0.30 0.25 0.12 0.12 0.61 0.50 0.00 1.37
Total Operating Exp. Net Operating Income
119,755 127,190
105,619 141,073
107,036 149,305
112,750 152,375
124,435 138,740
126,669 136,117
119,500 150,426
112,349 150,437
115,937 146,527
128,760 133,345
111,230 152,233
122,970 140,493
1,407,009 1,718,259
4,114.06 5,024.15
4.48 5.48
Rent Expense Partnership Expense Capital Expense
193,253 1,511 3,871
193,253 40 (782)
193,253 324 8,204
193,253 595 6,055
193,253 169 3,698
193,254 0 6,600
193,254 0 6,600
193,254 0 6,600
193,254 0 6,600
193,254 0 6,600
193,254 0 3,300
193,254 0 3,300
2,319,045 2,639 60,646
6,780.83 7.72 177.33
7.39 0.01 0.19
Cash Flow Frm Operations
(71,445)
(51,438)
(52,476)
(47,528)
(58,381)
(63,737)
(49,428)
(49,417)
(53,327)
(66,510)
(44,322)
(56,062)
(664,071)
(1,941.73)
(2.12)
66,280
58,055
58,308
42,302
0
0
0
45,074
52,214
52,536
52,896
47,280
474,945
Balance Sheet Adjustments Cash - Non Operating Accounts Accounts Receivable Prepaid Assets Escrow Deposits
792 9,672 372 (34,325)
(2,230) (940) (275) (34,325)
(4,698) (590) 86 (34,325)
2,407 4,549 156 (34,325)
6,708 (4,100) 1,384 324,584
0 0 0 (2,951)
0 0 0 (2,951)
0 0 0 (2,951)
0 0 0 20,547
0 0 (30,110) (2,951)
0 0 0 (2,951)
0 0 0 (2,951)
2,980 8,591 (28,386) 190,125
Cash Increase (Decreae) From Assets
Operating Expenses Salary Expense Operating Expense Advertising Expense Make Ready Expense Maintenance Expense Service Expense Administrative Expense Utility Expense Management Expense Taxes & Insurance
Rent Guarantee
(23,489)
(37,770)
(39,527)
(27,213)
328,577
(2,951)
(2,951)
(2,951)
20,547
(33,061)
(2,951)
(2,951)
173,309
Accounts Payable Accrued Expenses Other Payables Notess Payable
(5,209) 34,702 1,398 0
4,548 17,279 6,448 (763)
22,679 26,292 1,789 (382)
5,948 32,763 (2,315) (382)
(1,420) (282,521) (5,212) (382)
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
26,546 (171,486) 2,108 (1,909)
Cash Increase (Decreae) From Liab.
30,890
27,511
50,377
36,014
(289,534)
0
0
0
0
0
0
0
(144,741)
NET CASH FLOW CUMM. NET CASH FLOW
2,236 29,014
(3,642) 25,372
16,682 42,054
3,574 45,628
(19,338) 26,290
(66,688) (40,398)
(52,379) (92,777)
(7,294) (100,071)
19,434 (80,636)
(47,034) (127,670)
5,624 (122,047)
(11,733) (133,779)
(160,558)
$700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $$(100,000) $(200,000) $(300,000) Jan 2006
Feb 2006
Mar 2006
Apr 2006
May 2006
NET CASH FLOW
Jun 2006
Jul 2006
Aug 2006
Sep 2006
Oct 2006
Nov 2006
Dec 2006
CUMM. NET CASH FLOW
Units Sq. Ft. ### 384807 bayclub2 castlep cedar congress jackson lee rem ric parkside polo sat sweet trailapt vlgcrest walnut westo wind usacourt usawalcr
160 356 300 257 247 10 428 5 300 440 440 240 280 120 284 12 346 280 284
146,080 384,807 274,080 254,074 221,730 22,160 398,868 24,952 305,832 403,761 548,750 264,892 286,056 108,276 254,103 48,309 433,196 299,111 254,103
K30:
administrator: assume insurance increases by 50%
L30:
administrator: assume insurance increases by 50%
M30:
administrator: assume insurance increases by 50%
K46:
administrator: insurance downpayment
G47:
administrator:
H47:
administrator:
I47:
administrator:
J47:
administrator: replacement reserve
K47:
administrator:
L47:
administrator:
M47:
administrator:
replacement reserve + reduction in tax escrow due to overage replacement reserve + reduction in tax escrow due to overage replacement reserve + reduction in tax escrow due to overage
replacement reserve + reduction in tax escrow due to overage replacement reserve + reduction in tax escrow due to overage replacement reserve + reduction in tax escrow due to overage
USA Courtney Downs LeaseCo, LLC Budget Comparison Books = Accrual For the period ending May 31, 2006
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
355,720.00 1,070.00 356,790.00 0.00 0.00 (27,565.66) (6,494.32)
356,985.00 0.00 356,985.00 0.00 0.00 (28,559.00) (2,000.00)
0.00 0.00 0.00 (1,980.00) 0.00 (1,780.80) 0.00 0.00
0.00 0.00 (500.00) (1,980.00) (575.00) (1,900.00) 0.00 (1,130.00)
(82,758.04)
(85,817.00)
0.00 0.00 0.00 0.00 $236,211.18
0.00 0.00 0.00 0.00 $234,524.00
Laundry Income Vending Income Covered Parking Income Late Charges & NSF Fees
0.00 0.00 0.00 2,244.80
0.00 68.00 0.00 2,300.00
Month to Month Premium Storage Fees Repair & Maintenance Fees Application Fees Termination Fees & Damages
219.00 891.76 0.00 1,200.00 2,500.00
300.00 1,300.00 0.00 1,000.00 1,033.00
249.30
500.00
No Name Interest Income Pet Rents & Fees
0.00 0.00 2,751.80
0.00 0.00 900.00
Tower Rent Asset Management Fee Parking Spaces Income Homeowners Assessments Garage Income
0.00 0.00 0.00 0.00 5,850.09
0.00 0.00 0.00 0.00 8,700.00
Water/Sewer Income Cable/Telephone Income HOA Contributions Developer Developer HOA Dues Forfeited Deposits Developer Contributions Interest Income Other Thunder Income Administration Fee
0.00 1,006.00 0.00 0.00 0.00 0.00 0.00 0.00 4,074.00
0.00 1,000.00 0.00 0.00 190.00 0.00 0.00 0.00 2,000.00
Move-Out Charges
5,603.90
929.00
373.16 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 26,963.81
225.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 20,445.00
$263,174.99
$254,969.00
8,641.39 0.00 9,521.17
9,545.00 0.00 6,660.00
0.00 3,351.80
0.00 3,500.00
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
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
$ Variance
MTD Variance Comment
(1,265.00) 1,070.00 (195.00) 0.00 0.00 993.34 (4,494.32) Slight increase in upfront concessions for the month to remain competitive with competitors. Up to one month offered depending on the lease term. 0.00 0.00 500.00 0.00 575.00 119.20 0.00 1,130.00 No guest suite at this time.
YTD Actual
YTD Budget
$ Variance
1,778,600.00 1,205.00 1,779,805.00 0.00 (18.00) (177,768.79) (98,485.89)
1,778,545.00 0.00 1,778,545.00 0.00 0.00 (162,871.00) (10,000.00)
55.00 1,205.00 1,260.00 0.00 (18.00) (14,897.79) (88,485.89)
0.00 0.00 (10,135.02) (9,900.00) (1,725.00) (8,904.00) 0.00 0.00
0.00 0.00 (2,500.00) (9,900.00) (2,875.00) (9,500.00) 0.00 (5,650.00)
0.00 0.00 (7,635.02) 0.00 1,150.00 596.00 0.00 5,650.00
(326,010.90)
(423,715.00)
97,704.10
0.00 0.00 0.00 0.00 $1,146,857.40
0.00 0.00 0.00 0.00 $1,151,534.00
0.00 0.00 0.00 0.00 $(4,676.60)
0.00 0.00 0.00 7,475.45
0.00 340.00 0.00 11,500.00
0.00 (340.00) 0.00 (4,024.55)
(81.00) (408.24) 0.00 200.00 1,467.00 Collected more due to higher number of lease breaks for home purchases. (250.70)
822.23 5,112.04 0.00 4,895.00 13,472.86
1,500.00 6,500.00 0.00 5,000.00 5,165.00
(677.77) (1,387.96) 0.00 (105.00) 8,307.86
8,487.54
2,500.00
5,987.54
0.00 0.00 1,851.80 Positive variance due to increase in fees.
0.00 0.00 12,022.74
0.00 0.00 4,500.00
0.00 0.00 7,522.74
0.00 0.00 0.00 0.00 33,564.78
0.00 0.00 0.00 0.00 43,500.00
0.00 0.00 0.00 0.00 (9,935.22)
0.00 5,030.00 0.00 0.00 0.00 0.00 0.00 0.00 17,364.00
0.00 5,000.00 0.00 0.00 950.00 0.00 0.00 0.00 10,000.00
0.00 30.00 0.00 0.00 (950.00) 0.00 0.00 0.00 7,364.00
22,302.00
4,645.00
17,657.00
872.15 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 131,420.79
1,125.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 102,225.00
(252.85) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 29,195.79
$1,278,278.19
$1,253,759.00
$24,519.19
43,506.69 0.00 50,060.82
47,725.00 0.00 33,300.00
4,218.31 0.00 (16,760.82)
0.00 18,087.30
0.00 14,000.00
0.00 (4,087.30)
3,058.96 We have been able to reduce the amount of concessions given to meet the market needs. We are able to renew leases with fewer concessions. 0.00 0.00 0.00 0.00 $1,687.18 0.00 (68.00) 0.00 (55.20)
0.00 0.00 0.00 0.00 (2,849.91) Fewer rentals due to higher turnover than expected. 0.00 6.00 0.00 0.00 (190.00) 0.00 0.00 0.00 2,074.00 We increased the non refundable admin fee to $150 4,674.90 Aggressive collection of damages and fees from moveouts. 148.16 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 6,518.81 $8,205.99
903.61 0.00 (2,861.17) We are over in maintenance payroll due additional porter position that was not budgeted for, this is offset in make ready expense. 0.00 148.20
Annual Budget
YTD Variance Comment
4,302,534.00 0.00 4,302,534.00 0.00 0.00 (390,390.00) (24,000.00) Increased upfront and monthly concessions during winter months to compete with competitors.
0.00 0.00 (6,000.00) (23,760.00) (6,900.00) (22,800.00) 0.00 (13,560.00) Guest suite has not been set up for the year but is scheduled for this June. (1,019,064.00) We have been able to reduce the amount of concessions given as well as renewal amounts, to meet the market needs. 0.00 0.00 0.00 0.00 $2,796,060.00 0.00 816.00 0.00 27,600.00 Zero tolerance program has allowed for aggressive collections to decrease delinquency. 3,600.00 15,600.00 0.00 12,000.00 12,396.00 Collected more due to higher number of lease breaks due to home purchases. 6,000.00 Pet fines and trash fees have been enforced throughout the year. 0.00 0.00 10,800.00 An increase of pet deposits by $150.00 per pet have allowed us to have a positive variance. 0.00 0.00 0.00 0.00 104,400.00 Due to a higher number of moveouts having one or more garages that are pending rental. 0.00 12,000.00 0.00 0.00 2,280.00 0.00 0.00 0.00 24,000.00 We have increased the rate of our administration fee by $100 . 11,148.00 Aggressive collection of damages and fees from moveouts. 2,700.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 245,340.00 $3,041,400.00
124,082.00 0.00 86,582.00 We are over in maintenance payroll due to having a porter position that was not budgeted for, this offset in make ready expense. 0.00 42,000.00 Due to timing of payout.
Payroll Taxes Group Insurance Disability Insurance 401k Match Contract Labor
Workers Comp
1,702.57 1,529.50 0.00 0.00 2,462.44
1,576.00 1,442.00 0.00 0.00 0.00
(126.57) (87.50) 0.00 0.00 (2,462.44) Temporary office help needed to assist in the office due to manager out on maternity leave. (111.33) Reflective of number of associates on payroll. (4,597.20)
1,687.33
1,576.00
28,896.20
24,299.00
Office Operations & Supplies
774.35
600.00
Telephones Answering Svc. & Pagers Postage & Delivery Patrol Services Membership Dues Publications & Subscriptions Conventions/Seminars Employee Training Furniture Rental Car Expenses Permits & Fees Credit Checks Guest Suite Expense Parking Cost Total Operating Expense
876.33 100.00 129.27 0.00 0.00 0.00 0.00 1,100.00 0.00 16.20 0.00 492.00 0.00 0.00 3,488.15
1,080.00 100.00 200.00 0.00 0.00 0.00 0.00 1,100.00 0.00 200.00 0.00 750.00 0.00 0.00 4,030.00
Advertising & Promotions
5,143.92
4,437.00
Resident Promotions Locators
424.68 3,148.25
475.00 1,033.00
500.00
900.00
9,216.85
6,845.00
363.74
3,000.00
2,636.26 Positive variance due to staff performing paints in house.
2,415.00 3,181.83
3,000.00 1,500.00
358.77 0.00
200.00 500.00
585.00 (1,681.83) Variance due to more cleans required. Fewer carpet replacements needed. (158.77) 500.00
Lock & Keys Counter & Tub Resurfacing Other Redecorating Cleaning Supplies
27.98 0.00 0.00 0.00
100.00 100.00 100.00 300.00
Total Make Ready Expense
6,347.32
8,800.00
421.20 0.00 0.00 0.00 0.00 79.17 0.00 240.45 0.00 0.00 12.71 0.00 0.00 636.64
800.00 150.00 75.00 150.00 100.00 400.00 0.00 50.00 75.00 150.00 100.00 0.00 0.00 295.00
0.00 0.00 0.00 1,390.17
0.00 0.00 0.00 2,345.00
Landscape & Grounds Trash Removal
7,245.00 536.02
7,245.00 775.00
Pest Control Security Patrols Window Cleaning Svc. Interior Cleaning Svc. Cable Television Snow Removal Total Service Expense
75.00 0.00 0.00 0.00 0.00 0.00 7,856.02
Total Salary Expense
Resident Referrals Total Advertising Expense Paint & Drywall
Contract Cleaning Svcs. Carpet Cleaning & Repairs Window Coverings Vinyl & Tile Repairs
General Maintenance & Supplies HVAC Parts & Repairs Plumbing Parts & Repairs Electric Parts & Repairs Roof & Gutter Repairs Pools & Fountains Gates & Entrances Glass & Screens Appliance Parts & Repairs Hardware Exterior Painting Uniforms Elevator Service & Repairs Security & Fire Systems Uninsured Losses Locks & Keys Bulbs & Ballasts Total Maintenance Expense
Expenses - CAM - Electric Expenses - CAM - Water/Sewer Expenses - CAM - Gas Expenses - CAM - Grounds Expenses - CAM - Trash Removal Expenses - CAM - Cleaning Svcs Expenses - CAM - Maintenance Expenses - CAM - Insurance Expenses - CAM - R/E Taxes Total CAM Expense Management Fees Asset Management Fees Investor Administration Fee Legal Fees Accounting Fees Postage & Delivery Bank Charges
9,039.03 7,514.50 0.00 0.00 7,197.95
7,600.00 7,210.00 0.00 0.00 0.00
(1,439.03) (304.50) 0.00 0.00 (7,197.95)
20,210.00 17,304.00 0.00 0.00 0.00 Temporary office help needed to cover schedule.
12,558.18
7,600.00
(4,958.18)
20,210.00
147,964.47
117,435.00
(30,529.47)
310,388.00
(174.35)
5,592.34
3,000.00
(2,592.34)
203.67 0.00 70.73 0.00 0.00 0.00 0.00 0.00 0.00 183.80 0.00 258.00 0.00 0.00 541.85
5,038.28 573.57 1,006.57 0.00 0.00 142.00 0.00 1,465.75 0.00 16.20 0.00 2,181.11 0.00 0.00 16,015.82
5,400.00 500.00 1,000.00 0.00 0.00 0.00 0.00 1,500.00 0.00 1,000.00 0.00 3,750.00 0.00 0.00 16,150.00
361.72 (73.57) (6.57) 0.00 0.00 (142.00) 0.00 34.25 0.00 983.80 0.00 1,568.89 0.00 0.00 134.18
25,238.71
18,245.00
(6,993.71)
42,409.00 Extra cost is due to For Rent contract.
4,374.83 10,307.50
3,400.00 5,165.00
(974.83) (5,142.50)
10,300.00 12,396.00 Larger number of locator referrals than originally projected.
400.00
9,000.00
4,500.00
(4,500.00)
(2,371.85)
48,921.04
31,310.00
(17,611.04)
10,800.00 Aggressive promoting of referral fee in the news letter has brought in more referrals. 75,905.00
3,014.74
13,500.00
10,485.26
9,290.00 7,168.83
13,500.00 6,300.00
4,210.00 (868.83)
356.77 0.00
1,000.00 2,500.00
643.23 2,500.00
72.02 100.00 100.00 300.00
54.31 185.00 218.86 262.25
500.00 500.00 500.00 1,500.00
445.69 315.00 281.14 1,237.75
2,452.68
20,550.76
39,800.00
19,249.24
2,545.67 532.98 573.17 972.75 0.00 1,403.84 0.00 509.74 793.03 226.50 90.11 155.56 0.00 352.59
3,800.00 750.00 375.00 750.00 500.00 2,000.00 0.00 250.00 375.00 750.00 500.00 800.00 0.00 1,475.00
1,254.33 217.02 (198.17) (222.75) 500.00 596.16 0.00 (259.74) (418.03) 523.50 409.89 644.44 0.00 1,122.41
9,200.00 1,800.00 4,200.00 1,800.00 1,200.00 5,800.00 0.00 600.00 900.00 1,800.00 1,200.00 2,100.00 0.00 11,540.00
0.00 0.00 0.00 8,155.94
0.00 0.00 0.00 12,325.00
0.00 0.00 0.00 4,169.06
0.00 0.00 0.00 42,140.00
0.00 238.98
7,590.00 2,436.58
12,735.00 4,625.00
5,145.00 2,188.42
75.00 0.00 0.00 0.00 45.00 0.00 8,140.00
0.00 0.00 0.00 0.00 45.00 0.00 283.98
375.00 0.00 0.00 0.00 0.00 (522.13) 9,879.45
375.00 0.00 0.00 0.00 225.00 4,500.00 22,460.00
0.00 0.00 0.00 0.00 225.00 5,022.13 12,580.55
32,205.00 10,050.00 Calls for pick ups only when necessary, have saved in cost. 900.00 0.00 0.00 0.00 540.00 8,000.00 51,695.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
10,769.02 1,000.00 3,250.00 1,950.00
10,199.00 1,000.00 3,250.00 550.00
52,510.59 5,000.00 16,250.00 7,971.00
50,151.00 5,000.00 16,250.00 2,750.00
(2,359.59) 0.00 0.00 (5,221.00)
0.00 0.00 (52.00)
0.00 0.00 0.00
0.00 0.00 (104.00)
0.00 0.00 0.00
0.00 0.00 104.00
(706.92) Variance due to addition of For Rent magazine ad. Needed to increase marketing efforts. 50.32 (2,115.25) We had 8 locators referrals this month and are budgeted for 3.
378.80 150.00 75.00 150.00 100.00 320.83 0.00 (190.45) 75.00 150.00 87.29 0.00 0.00 (341.64) Reflects payment of three months. 0.00 0.00 0.00 954.83
(570.02) 0.00 0.00 (1,400.00) Reflects eight evictions filed. 0.00 0.00 52.00
7,200.00 We are over due to the purchase of a new copier for the office. 12,960.00 1,200.00 2,400.00 0.00 0.00 1,645.00 0.00 2,200.00 0.00 2,400.00 0.00 9,000.00 0.00 0.00 39,005.00
33,200.00 We have a porter who does the painting in place of contracting it out. 32,500.00 15,900.00 2,400.00 6,000.00 Vinyl and tile repairs have been done in house in an effort to cut costs. 1,200.00 1,200.00 1,200.00 3,600.00 Cleaning company has been using their own supplies this has cut down on the cost greatly. 97,200.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 121,658.00 Based on contract. 12,000.00 39,000.00 6,600.00 Due to high number of evictions of residents who have been chronically late on rent. 0.00 0.00 0.00
Partnership Insurance Other Administrative Expenses Travel Expense Employee Activities Printing Computer Consulting Computer Expense Bank Charges Development Cost Total Admin. Expense
0.00 0.00 0.00 172.64 0.00 0.00 219.81 0.00 0.00 17,309.47
0.00 0.00 500.00 50.00 0.00 0.00 0.00 0.00 0.00 15,549.00
0.00 0.00 825.49 332.58 0.00 0.00 283.76 0.00 0.00 83,069.42
0.00 0.00 500.00 250.00 0.00 0.00 0.00 0.00 0.00 74,901.00
0.00 0.00 (325.49) (82.58) 0.00 0.00 (283.76) 0.00 0.00 (8,168.42)
0.00 0.00 1,000.00 2,600.00 0.00 0.00 1,400.00 0.00 0.00 184,258.00
3,649.34
2,800.00
0.00 297.14
0.00 2,160.00
(849.34) Includes usage on all bldgs and common area. 0.00 1,862.86 We have turned down the heat in the pool to off set higher costs.
17,054.67
14,000.00
(3,054.67)
33,600.00
0.00 16,435.08
0.00 16,860.00
0.00 424.92
0.00 35,120.00
Water & Sewer Water & Sewer - Resident Reimb Water - irrigation
10,381.31 (4,899.27) 26.10
10,000.00 (4,500.00) 6,290.00
(381.31) 399.27 6,263.90 Irrigation meters have been off for the winter so no watering until the end of May was needed.
45,144.09 (19,093.85) (7,414.01)
43,000.00 (21,000.00) 9,390.00
(2,144.09) (1,906.15) 16,804.01
106,000.00 (50,500.00) 40,840.00 Irrigation meters have been off for the winter so no watering until the end of May was needed.
Electric - Tenant Reimbursement Trash Reimbursement Water - Tenant Reimbursement Utility -Vacant Electric
0.00 (1,809.77) 0.00 653.76
0.00 (2,200.00) 0.00 1,700.00
0.00 (9,270.35) 0.00 5,096.92
0.00 (11,000.00) 0.00 8,500.00
0.00 (1,729.65) 0.00 3,403.08
608.84 0.00 8,907.45
800.00 0.00 17,050.00
0.00 (390.23) Reflective of lower occupancy. 0.00 1,046.24 We have been collecting un paid electric bills from current residents. 191.16 0.00 8,142.55
4,122.14 0.00 52,074.69
5,200.00 0.00 64,950.00
1,077.86 0.00 12,875.31
0.00 (26,400.00) 0.00 20,400.00 We have been collecting un-paid electric bills from current residents. 9,820.00 0.00 168,880.00
0.00 0.00 0.00 0.00 (26.00) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (26.00)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 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
32,756.31
27,200.00
147,408.64
136,000.00
(11,408.64)
326,400.00
Franchise Tax Insurance
0.00 8,293.51
0.00 6,691.00
0.00 35,055.25
0.00 33,455.00
0.00 (1,600.25)
0.00 80,292.00
Tax Consultants MIP Total Taxes & Insurance Total Operating Expenses NET OPERATING INCOME
0.00 0.00 41,049.82 124,435.45 138,739.54
0.00 0.00 33,891.00 120,949.00 134,020.00
500.00 0.00 182,963.89 569,595.48 708,682.71
0.00 0.00 169,455.00 548,786.00 704,973.00
(500.00) 0.00 (13,508.89) (20,809.48) 3,709.71
0.00 0.00 406,692.00 1,376,163.00 1,665,237.00
Base Rent Stated Rent Office Rent Total Rent Expense
106,586.67 86,666.67 0.00 193,253.34
106,587.00 86,667.00 0.00 193,254.00
0.33 0.33 0.00 0.66
532,933.35 433,333.35 0.00 966,266.70
532,935.00 433,335.00 0.00 966,270.00
1.65 1.65 0.00 3.30
1,279,044.00 1,040,004.00 0.00 2,319,048.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 169.30 0.00 0.00 0.00 0.00 0.00 0.00 0.00 169.30
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 (169.30) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (169.30)
1,510.50 764.30 305.62 59.04 0.00 0.00 0.00 0.00 0.00 2,639.46
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(1,510.50) (764.30) (305.62) (59.04) 0.00 0.00 0.00 0.00 0.00 (2,639.46)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Exterior Rehab Interior Rehab HVAC Replacement Carpet & Floor Replacement
0.00 0.00 0.00 3,698.23
0.00 0.00 0.00 6,600.00
0.00 0.00 0.00 21,045.75
0.00 3,000.00 0.00 24,200.00
0.00 3,000.00 0.00 3,154.25
Refrigerators Dishwashers & Ranges Washers / Dryers Fire Alarm Replacement Other Capital Improvements Boiler Replacement Roof Replacement Total Capital Expenses
0.00 0.00 0.00 0.00 0.00 0.00 0.00 3,698.23
0.00 0.00 0.00 0.00 0.00 0.00 0.00 6,600.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 21,045.75
0.00 0.00 0.00 0.00 0.00 0.00 0.00 27,200.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 6,154.25
Casualty Losses Casualty Recovery Total Casualty Loss NET INCOME (LOSS)
0.00 0.00 0.00 (58,381.33)
0.00 0.00 0.00 (65,834.00)
0.00 0.00 0.00 7,452.67
0.00 0.00 0.00 (281,269.20)
0.00 0.00 0.00 (288,497.00)
0.00 0.00 0.00 7,227.80
0.00 0.00 0.00 (720,611.00)
Rental Guarantee
0.00 (58,381.33)
0.00 (65,834.00)
0.00 7,452.67
224,944.65 (56,324.55)
0.00 (288,497.00)
224,944.65 232,172.45
0.00 (720,611.00)
Electricity Electricity Gas - Resident Natural Gas
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 Partnership Exp- Lease up Costs Total Partnership Expense
0.00 0.00 500.00 (122.64) 0.00 0.00 (219.81) 0.00 0.00 (1,760.47)
0.00 0.00 0.00 0.00 26.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 26.00 (5,556.31) Includes payment of the personal property taxes. 0.00 (1,602.51) Rate higher than anticipated. Includes pollution policy premium. 0.00 0.00 (7,158.82) (3,486.45) 4,719.54
0.00 0.00 0.00 2,901.77 Saved on carpet replacement due to having carpets cleaned and repaired. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,901.77
0.00 3,000.00 0.00 63,800.00 Saved on carpet replacement due to having carpets cleaned and repaired. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 66,800.00
Courtney Downs Apartments May-06 LEASING & OCCUPANCY NUMBER OF MOVE INS: NUMBER OF MOVE OUTS: NET FOR THE MONTH:
24 21 3
OCCUPIED/LEASED %:
92.4% 95.3%
SOURCE OF TRAFFIC: APTGUIDE.COM APARTMENT GUIDE YELLOW PAGES OTHER. NET FOR RENT RENT.NET LIVES IN AREA RESIDENT REFERRAL LOCATORS RENT.COM WALK-IN SIGNAGE WORD OF MOUTH TOTALS CLOSING RATIO:
INCOME THIS MONTH: INCOME LAST MONTH: DIFFERENCE:
$262,168.99 $265,048.00 -$2,879.01
TOTAL # GARAGES # GARAGES OCCUPIED GARAGES OCCUPIED %
120 94 78%
REASONS WHY PROSPECTS DID NOT LEASE: Traffic 1 7 0 12 3 5 12 2 2 4 0 4 2
Leased 1 4 0 5 0 1 4 4 2 0 0 3 0
54
24
* * * * * * * * * * * * * *
Job Transfer Restricted Pet Breed Future/No Availability/Waiting list Just started looking. Waiting for Home to Sell Current Lease to Expire Needs Ground Floor Moved Elsewhere Will return with roommate or spouse Realtor Looking for Client Undecided Employment pending House sale pending Rented at Competitor TOTALS
33%
MARKETING ACTIVITIES & SOURCES FOR THE MONTH * Updated all locators with new move in specials and pricing * Updated all Internet ads with current pricing and specials. Advertising in industry publications
OVERVIEW OF COMPARABLE PROPERTIES: The surrounding comps are offering rents averaging one to three months off on a month lease. and one and two bedrooms from $525 to $1095 and three bedrooms from $950 to $1275.
RESIDENT RETENTION: Renewals for May averaged an increase of $32.00. We have continued to discuss all options with residents to keep turnover to a minimum but home buying is very popular. 7- residents did not renew due to buying houses, 2-residents got new jobs, 1 had health reasons. INCIDENTS ON THE PROPERTY: The pool gate was broken and is now fixed.
2 2 0 3 11 0 1 0 7 0 0 4 0 0 30
MAINTENANCE:
MARKET READY UNITS COMPLETE PAINTS TOUCH UPS WORK ORDERS Pending Misc 0 Electrical 0 Punch 0 HVAC 0 Plumbing 0 Property Ext. 0 Appliances 0 Safety 0 Total 0 ROOF LEAKS PLUMBING LEAKS
ROUTINE REPLACEMENTS:
Completed 21 10 14 12 55 5 10 0 127
Number of: 15 8 7 127 0 21 10 14 12 55 5 10 0 127 0 0
CAPITAL IMPROVEMENTS IN PROGRESS: N/A in progress.
PROBLEM AREAS NEEDING ATTENTION: Sprinkler system repaired and tested.
CURRENT STAFF: Manager Assistant Manager Leasing Consultant Leasing Consultant Maintenance Supervisor Assistant Maintenance Maintenance/ Grounds
Nancy Howland Beth McCall Wendy Gillan Temporary personnel Gabriel Tellez Russell Briley Jorge Chavez and Jorge Bernal
ACCOMPLISHMENTS FOR THE MONTH: Spring flowers have been planted.
REFRIGERATORS DISHWASHERS STOVES A/C COMPRESSORS CONDENSING UNITS WATER HEATERS ICE MAKERS GARBAGE DISPOSALS MICROWAVES CARPETS CEILING FANS TOILETS A/C FAN MOTORS COUNTER TOPS CABINETS RESURFACED KITCHEN BLINDS TUBS RESURFACED TUB TILES
Number Replaced 0 0 0 0 0 0 0 0 0 7 0 0 0 0 0 9 0 0
rtney Downs Apartments May-06
Apt. #
12111, 12202, 16106, 4301, 12110, 19302, 6211,
12-212- 2, 12-111-2, 7-204- 1, 12-108- 2, 12-312- 1, 16-305- 1.
Courtney Downs RENTAL SCHEDULE
May-06
UNIT TYPE A1 A1V A2 B1 B1V C C1 C1V CV D DV E EV TOTAL
1BR 1BR 1BR 2BR 2BR 2BR 2BR 2BR 2BR 2BR 2BR 3BR 3BR
#UNITS 40 32 18 24 32 42 44 22 24 16 20 24 4 342
SIZE 704 704 910 808 808 977 1,030 1,030 977 1,030 1,030 1,140 1,140 917
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
MKT RENT PER UNIT 830 860 935 895 925 1130 1150 1180 1150 1150 1180 1245 1255
313,778
$1,044
MKT RENT MONTHLY PER S/F GROSS 1.18 $33,200 1.22 $27,520 1.03 $16,830 1.11 $21,480 1.14 $29,600 1.16 $47,460 1.12 $50,600 1.15 $25,960 1.18 $27,600 1.12 $18,400 1.15 $23,600 1.09 $29,880 1.10 $5,020 $1.14
$357,150
ANNUAL GROSS $398,400 $330,240 $201,960 $257,760 $355,200 $569,520 $607,200 $311,520 $331,200 $220,800 $283,200 $358,560 $60,240 $4,285,800
EFFECTIVE CONCESSION RENTS* 830.00 805.00 830.00 830.00 830.00 830.00 830.00 830.00 830.00 830.00 830.00 1,145.00 1,145.00
CONCESSION PER UNIT 0.00 55.00 105.00 65.00 95.00 300.00 320.00 350.00 320.00 320.00 350.00 100.00 110.00
$869 * Net of Concessions
$192
EFFECTIVE PER S/F
1.18 1.10 0.91 1.03 1.03 0.85 0.81 0.81 0.85 0.81 0.81 1.00 1.00 0.95
EFFECTIVE MONTHLY GROSS $33,200 $31,000 $14,940 $19,920 $26,560 $34,860 $36,520 $18,260 $19,920 $13,280 $16,600 $27,480 $4,580 $297,120
Vacants
Vacants Leased
Notice
Notice Leased
Net Available
9 2 1 9 0 11 4 0 0 0 0 3 0
1 0 0 0 0 1 0 0 0 0 0 1 0
8 1 1 4 0 5 2 0 0 0 0 1 0
3 0 1 1 0 0 1 0 0 0 0 1 0
0 2 5 12 0 13 7 0 0 5 0 3 0
39
3
22
7
47
MARKET SURVEY Courtney Downs May-06 Apartment Name
Courtney Downs
Brookside Village
Carriage Place
Coyote Ranch
Windsor @ Meridian
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
15849 E. Jamison Dr 720-870-6114 Englewood, Co 342 3 $50.00 yes yes 300 n/r 150 Yes no Detached Yes no 1 yes yes yes yes yes yes yes yes no Prewired no no no yes no yes
5400 S Park Terrace 303-220-7086 Greenwood Village, Co 304 7 $30.00 yes yes. 225-375 300-400 yes no yes yes no 1 yes yes yes yes yes yes no yes no no yes no yes yes no yes
4900 S Ulster 303-740-7011 Denver, Co 80237 331 7 $40.00 yes yes 350-500 275 yes no yes yes yes 2 yes 2 yes yes yes yes yes yes yes yes no no yes yes no yes
16363 E Freemont Ave 303-693-8787 Aurora, Co 507 3 $35.00 yes yes 400-500 275-325 yes yes yes yes no 1 yes 1 yes yes yes yes yes no yes no no no yes yes no no
9875 Jefferson Pkwy 303-256-7700 Englewood, Co 80112 653 6 $40.00 yes yes 150-300 300 Only In Select Units yes yes yes no 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
Pinnacle @ the Creek Greenbriar @ Saddle Rock
6107 S Parker Rd 303-766-2500 Centennial, Co 216 3 $35.00 yes yes 200-300 100 Only Select Units yes yes yes no 1 yes 1 yes yes yes yes yes yes no yes no no yes yes no yes
22159 E Ontario Dr 303-617-6600 Aurora, Co 250 3 $35.00 yes yes 400 250-400 no yes yes yes no 1 yes 1 yes yes yes yes yes yes no no no no no yes no yes
Dove Valley
7550 S Blackhawk 303-362-2000 Englewood, Co 80112 312 4 $35.00 yes yes 300-500 199 no yes yes yes yes 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
Cherrywood Village
16950 E Carlson Dr 303-805-7220 Parker, Co 80134 380 3 $35.00 yes yes 400 99 no yes yes yes yes 2 yes 2 yes yes yes yes yes yes yes no no no yes yes no yes
Reserve @ South Creek
15611 E Jamison Dr 303-680-6696 Englewood, Co 80112 168 4 $40.00 yes yes 300-600 225-375 no yes yes yes yes 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
MARKET SURVEY Courtney Downs May-06
(Concessions reduced rates) PROPERTY:
Courtney Downs Apt PRICE
Efficiency Efficiency 1B1B (A) 1B1B (B) 1B1B w/study 1B 1B 1B w/loft 1B1B w/study 2B2B (E) 2B2B (F) 2B2B (G) 2B2B (H) 2B2B 2B w/study 2B2B TH 2B2B TH 3B2B 3B2B
SIZE
Brookside Village
PSF
PRICE
SIZE
850 975
Carriage Place
PSF
812 815
PRICE
1.05 1.20
SIZE
1030 1065
Coyote Ranch
PSF
776 785
PRICE
1.33 1.36
SIZE
855 955
Windsor at Meridian
PSF
779 853
PRICE
1.10 1.12
SIZE
Pinnacle @ the Creek
PSF
PRICE
SIZE
Greenbriar@Saddle Rock
PSF
PRICE
830 895
704 808
1.18 1.11
640 645
627 701
1.02 0.92
620 660
685 705
0.91 0.94
935
910
1.03
740
811
0.91
730
760
0.96
835 1110
956 1044
0.87 1.06
910
1051
930
1120
0.87 0.83
1,130
977
1.16
1140
1130
1.01
1265
1141
1.11
1160
1105
1.05
1,150 1,150
1030 1030
1.12 1.12
1155
1144
1.01
1460
1237
1.18
1250
1192
1.05
1440 1030
1196 1180
1.20 0.87
1,235
1140
1.08
1600
1485
1.08
1265 1645
1141 1414
1.11 1.16
1350
1398
0.97
1510
1330
1.14
995
1230
0.81
SIZE
785 880
Dove Valley
PSF
707 853
PRICE
1.11 1.03
SIZE
795 825
PSF
768 842
PRICE
1.04 0.98
Cherrywood Village SIZE PSF
850
707
Reserve@South Creek SIZE PSF
PRICE
1.20
795
763
1.04
995
1037
0.96
1195
1257
0.95
1075
1033
1.04
1040
1115
0.93
1110
1033
1.07
1195
1093
1.09
1090
12220
0.09
1190
1093
1.09
1.15
1270
1356
0.94
1375
1235
1.11
1425
1235
% occ /leased 92 95 95% 94.00 96 96% 97 98.00% 98% 96 100 96% 0 0% 95 97 94% 92 95 93% 94.0 99 93% 88.0 92 93% 92.0 95 96% Avg PSF 1 1.11 1.06 1.19 1.05 1.01 0.87 1.09 0.95 1.11 0.98 Avg Rents 1046 1144 1288 1114 994 808 1072 1004 1131 995 Units(Total / Avail) 342 9 304 11 331 5 507 20 653 216 8 292 22 312 8 360 41 0 168 5 Rates Special: 1x1, 2x2 830.00 Special: $300 off 11-12 mo Special: leases. $200 off market onSpecial: 12 mo lease. $300 to $400 off market Sepcial:None 12 mo lease. Special:100 to 200 off rentsSpecial: $200 off per mo onSpecial:3 12 mo leases. months free over Special: 12 month 3 lease. Months off of market Special: waive application or waive deposits. reflect these rates: $685 1/1 $805 2/2 $1310 3/2 $626 1/1 $800 2/2 $1275 3/2 specials: special were pulled off the internet due to property will not give info. Look and lease $250 off 1st full month Ren: $25 to $50 increase Ren: $15-$25 Increase. Ren.: 20% off of market. Ren.: Increase $0 to $50. Ren: Info not avail per corporate Ren:Per corporate Ren: $50 increases on 12 mo Ren: renewal. $40 increas for 12 month Ren:lease Average $15 to $20 increase. Ren: Free carpet cleaning with 12mo.
Account
Feb 2006 Actual
Mar 2006 Actual
Apr 2006 Actual
May 2006 Actual
Jun 2006 Reforecast
Jul 2006 Reforecast
Aug 2006 Reforecast
Sep 2006 Reforecast
Oct 2006 Reforecast
Nov 2006 Reforecast
Dec 2006 Reforecast
12 Month Total
$/ Unit 342
$/ Sq. Ft. 313,778
Revenue Gross Potential Rent - Vacancy - Concessions & Disc. - Other Write-offs & Adj. Total Rental Income
356,941 (50,457) (80,765) (5,393) 220,326
356,261 (41,504) (83,296) (4,621) 226,840
353,425 (32,721) (83,632) (13,129) 223,943
356,370 (25,521) (87,552) (3,761) 239,537
356,790 (27,566) (89,252) (3,761) 236,211
356,985 (28,559) (80,000) (6,085) 242,341
356,985 (21,419) (80,000) (6,085) 249,481
356,985 (28,559) (80,000) (6,085) 242,341
360,554 (32,450) (80,000) (6,085) 242,019
364,160 (36,416) (80,000) (6,085) 241,659
364,160 (40,058) (75,000) (6,085) 243,017
364,160 (40,058) (75,000) (6,085) 243,017
4,303,776 (405,288) (974,497) (73,259) 2,850,732
12,584.14 (1,185.05) (2,849.41) (214.21) 8,335.47
13.72 (1.29) (3.11) (0.23) 9.09
Other Income Total Revenue
26,619 246,945
19,852 246,692
32,398 256,342
25,588 265,125
26,964 263,175
20,445 262,786
20,445 269,926
20,445 262,786
20,445 262,464
20,445 262,104
20,445 263,462
20,445 263,462
274,536 3,125,268
802.74 9,138.21
0.87 9.96
31,314 4,125 10,172 2,824 484 2,095 15,018 17,811 1,732 34,178
27,779 1,829 7,867 1,468 2,348 (1,911) 14,773 10,978 605 39,883
25,751 4,155 8,790 6,877 2,996 750 20,876 5,261 (2,311) 33,892
34,224 2,418 12,875 3,034 938 1,089 15,092 9,118 0 33,962
28,896 3,488 9,217 6,347 1,390 7,856 17,309 8,907 (26) 41,050
37,759 3,030 5,860 8,800 2,345 3,640 15,049 16,295 0 33,891
24,299 3,375 7,885 8,800 4,645 3,640 16,670 16,295 0 33,891
20,239 4,330 5,860 8,700 2,345 3,640 17,049 16,295 0 33,891
24,299 3,030 5,860 8,200 2,295 6,640 15,067 16,655 0 33,891
24,299 3,030 6,385 7,900 13,595 4,640 15,084 16,590 0 37,237
24,299 3,030 5,860 7,500 2,295 4,640 15,469 10,900 0 37,237
37,759 3,030 6,885 7,500 2,295 2,395 14,969 10,900 0 37,237
340,917 38,871 93,516 77,951 37,971 39,114 192,426 156,005 0 430,237
996.83 113.66 273.44 227.93 111.03 114.37 562.65 456.15 0.00 1,258.00
1.09 0.12 0.30 0.25 0.12 0.12 0.61 0.50 0.00 1.37
Total Operating Exp. Net Operating Income
119,755 127,190
105,619 141,073
107,036 149,305
112,750 152,375
124,435 138,740
126,669 136,117
119,500 150,426
112,349 150,437
115,937 146,527
128,760 133,345
111,230 152,233
122,970 140,493
1,407,009 1,718,259
4,114.06 5,024.15
4.48 5.48
Rent Expense Partnership Expense Capital Expense
193,253 1,511 3,871
193,253 40 (782)
193,253 324 8,204
193,253 595 6,055
193,253 169 3,698
193,254 0 6,600
193,254 0 6,600
193,254 0 6,600
193,254 0 6,600
193,254 0 6,600
193,254 0 3,300
193,254 0 3,300
2,319,045 2,639 60,646
6,780.83 7.72 177.33
7.39 0.01 0.19
Cash Flow Frm Operations
(71,445)
(51,438)
(52,476)
(47,528)
(58,381)
(63,737)
(49,428)
(49,417)
(53,327)
(66,510)
(44,322)
(56,062)
(664,071)
(1,941.73)
(2.12)
66,280
58,055
58,308
42,302
0
0
0
45,074
52,214
52,536
52,896
47,280
474,945
Balance Sheet Adjustments Cash - Non Operating Accounts Accounts Receivable Prepaid Assets Escrow Deposits
792 9,672 372 (34,325)
(2,230) (940) (275) (34,325)
(4,698) (590) 86 (34,325)
2,407 4,549 156 (34,325)
6,708 (4,100) 1,384 324,584
0 0 0 (2,951)
0 0 0 (2,951)
0 0 0 (2,951)
0 0 0 20,547
0 0 (30,110) (2,951)
0 0 0 (2,951)
0 0 0 (2,951)
2,980 8,591 (28,386) 190,125
Cash Increase (Decreae) From Assets
Operating Expenses Salary Expense Operating Expense Advertising Expense Make Ready Expense Maintenance Expense Service Expense Administrative Expense Utility Expense Management Expense Taxes & Insurance
Rent Guarantee
(23,489)
(37,770)
(39,527)
(27,213)
328,577
(2,951)
(2,951)
(2,951)
20,547
(33,061)
(2,951)
(2,951)
173,309
Accounts Payable Accrued Expenses Other Payables Notess Payable
(5,209) 34,702 1,398 0
4,548 17,279 6,448 (763)
22,679 26,292 1,789 (382)
5,948 32,763 (2,315) (382)
(1,420) (282,521) (5,212) (382)
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
26,546 (171,486) 2,108 (1,909)
Cash Increase (Decreae) From Liab.
30,890
27,511
50,377
36,014
(289,534)
0
0
0
0
0
0
0
(144,741)
NET CASH FLOW CUMM. NET CASH FLOW
2,236 29,014
(3,642) 25,372
16,682 42,054
3,574 45,628
(19,338) 26,290
(66,688) (40,398)
(52,379) (92,777)
(7,294) (100,071)
19,434 (80,636)
(47,034) (127,670)
5,624 (122,047)
(11,733) (133,779)
(160,558)
$700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $$(100,000) $(200,000) $(300,000) Jan 2006
Feb 2006
Mar 2006
Apr 2006
May 2006
NET CASH FLOW
Jun 2006
Jul 2006
Aug 2006
Sep 2006
Oct 2006
Nov 2006
Dec 2006
CUMM. NET CASH FLOW
Units Sq. Ft. ### 384807 bayclub2 castlep cedar congress jackson lee rem ric parkside polo sat sweet trailapt vlgcrest walnut westo wind usacourt usawalcr
160 356 300 257 247 10 428 5 300 440 440 240 280 120 284 12 346 280 284
146,080 384,807 274,080 254,074 221,730 22,160 398,868 24,952 305,832 403,761 548,750 264,892 286,056 108,276 254,103 48,309 433,196 299,111 254,103
K30:
administrator: assume insurance increases by 50%
L30:
administrator: assume insurance increases by 50%
M30:
administrator: assume insurance increases by 50%
K46:
administrator: insurance downpayment
G47:
administrator:
H47:
administrator:
I47:
administrator:
J47:
administrator: replacement reserve
K47:
administrator:
L47:
administrator:
M47:
administrator:
replacement reserve + reduction in tax escrow due to overage replacement reserve + reduction in tax escrow due to overage replacement reserve + reduction in tax escrow due to overage
replacement reserve + reduction in tax escrow due to overage replacement reserve + reduction in tax escrow due to overage replacement reserve + reduction in tax escrow due to overage
USA Courtney Downs LeaseCo, LLC Budget Comparison Books = Accrual For the period ending May 31, 2006
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
355,720.00 1,070.00 356,790.00 0.00 0.00 (27,565.66) (6,494.32)
356,985.00 0.00 356,985.00 0.00 0.00 (28,559.00) (2,000.00)
0.00 0.00 0.00 (1,980.00) 0.00 (1,780.80) 0.00 0.00
0.00 0.00 (500.00) (1,980.00) (575.00) (1,900.00) 0.00 (1,130.00)
(82,758.04)
(85,817.00)
0.00 0.00 0.00 0.00 $236,211.18
0.00 0.00 0.00 0.00 $234,524.00
Laundry Income Vending Income Covered Parking Income Late Charges & NSF Fees
0.00 0.00 0.00 2,244.80
0.00 68.00 0.00 2,300.00
Month to Month Premium Storage Fees Repair & Maintenance Fees Application Fees Termination Fees & Damages
219.00 891.76 0.00 1,200.00 2,500.00
300.00 1,300.00 0.00 1,000.00 1,033.00
249.30
500.00
No Name Interest Income Pet Rents & Fees
0.00 0.00 2,751.80
0.00 0.00 900.00
Tower Rent Asset Management Fee Parking Spaces Income Homeowners Assessments Garage Income
0.00 0.00 0.00 0.00 5,850.09
0.00 0.00 0.00 0.00 8,700.00
Water/Sewer Income Cable/Telephone Income HOA Contributions Developer Developer HOA Dues Forfeited Deposits Developer Contributions Interest Income Other Thunder Income Administration Fee
0.00 1,006.00 0.00 0.00 0.00 0.00 0.00 0.00 4,074.00
0.00 1,000.00 0.00 0.00 190.00 0.00 0.00 0.00 2,000.00
Move-Out Charges
5,603.90
929.00
373.16 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 26,963.81
225.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 20,445.00
$263,174.99
$254,969.00
8,641.39 0.00 9,521.17
9,545.00 0.00 6,660.00
0.00 3,351.80
0.00 3,500.00
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
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
$ Variance
MTD Variance Comment
(1,265.00) 1,070.00 (195.00) 0.00 0.00 993.34 (4,494.32) Slight increase in upfront concessions for the month to remain competitive with competitors. Up to one month offered depending on the lease term. 0.00 0.00 500.00 0.00 575.00 119.20 0.00 1,130.00 No guest suite at this time.
YTD Actual
YTD Budget
$ Variance
1,778,600.00 1,205.00 1,779,805.00 0.00 (18.00) (177,768.79) (98,485.89)
1,778,545.00 0.00 1,778,545.00 0.00 0.00 (162,871.00) (10,000.00)
55.00 1,205.00 1,260.00 0.00 (18.00) (14,897.79) (88,485.89)
0.00 0.00 (10,135.02) (9,900.00) (1,725.00) (8,904.00) 0.00 0.00
0.00 0.00 (2,500.00) (9,900.00) (2,875.00) (9,500.00) 0.00 (5,650.00)
0.00 0.00 (7,635.02) 0.00 1,150.00 596.00 0.00 5,650.00
(326,010.90)
(423,715.00)
97,704.10
0.00 0.00 0.00 0.00 $1,146,857.40
0.00 0.00 0.00 0.00 $1,151,534.00
0.00 0.00 0.00 0.00 $(4,676.60)
0.00 0.00 0.00 7,475.45
0.00 340.00 0.00 11,500.00
0.00 (340.00) 0.00 (4,024.55)
(81.00) (408.24) 0.00 200.00 1,467.00 Collected more due to higher number of lease breaks for home purchases. (250.70)
822.23 5,112.04 0.00 4,895.00 13,472.86
1,500.00 6,500.00 0.00 5,000.00 5,165.00
(677.77) (1,387.96) 0.00 (105.00) 8,307.86
8,487.54
2,500.00
5,987.54
0.00 0.00 1,851.80 Positive variance due to increase in fees.
0.00 0.00 12,022.74
0.00 0.00 4,500.00
0.00 0.00 7,522.74
0.00 0.00 0.00 0.00 33,564.78
0.00 0.00 0.00 0.00 43,500.00
0.00 0.00 0.00 0.00 (9,935.22)
0.00 5,030.00 0.00 0.00 0.00 0.00 0.00 0.00 17,364.00
0.00 5,000.00 0.00 0.00 950.00 0.00 0.00 0.00 10,000.00
0.00 30.00 0.00 0.00 (950.00) 0.00 0.00 0.00 7,364.00
22,302.00
4,645.00
17,657.00
872.15 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 131,420.79
1,125.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 102,225.00
(252.85) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 29,195.79
$1,278,278.19
$1,253,759.00
$24,519.19
43,506.69 0.00 50,060.82
47,725.00 0.00 33,300.00
4,218.31 0.00 (16,760.82)
0.00 18,087.30
0.00 14,000.00
0.00 (4,087.30)
3,058.96 We have been able to reduce the amount of concessions given to meet the market needs. We are able to renew leases with fewer concessions. 0.00 0.00 0.00 0.00 $1,687.18 0.00 (68.00) 0.00 (55.20)
0.00 0.00 0.00 0.00 (2,849.91) Fewer rentals due to higher turnover than expected. 0.00 6.00 0.00 0.00 (190.00) 0.00 0.00 0.00 2,074.00 We increased the non refundable admin fee to $150 4,674.90 Aggressive collection of damages and fees from moveouts. 148.16 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 6,518.81 $8,205.99
903.61 0.00 (2,861.17) We are over in maintenance payroll due additional porter position that was not budgeted for, this is offset in make ready expense. 0.00 148.20
Annual Budget
YTD Variance Comment
4,302,534.00 0.00 4,302,534.00 0.00 0.00 (390,390.00) (24,000.00) Increased upfront and monthly concessions during winter months to compete with competitors.
0.00 0.00 (6,000.00) (23,760.00) (6,900.00) (22,800.00) 0.00 (13,560.00) Guest suite has not been set up for the year but is scheduled for this June. (1,019,064.00) We have been able to reduce the amount of concessions given as well as renewal amounts, to meet the market needs. 0.00 0.00 0.00 0.00 $2,796,060.00 0.00 816.00 0.00 27,600.00 Zero tolerance program has allowed for aggressive collections to decrease delinquency. 3,600.00 15,600.00 0.00 12,000.00 12,396.00 Collected more due to higher number of lease breaks due to home purchases. 6,000.00 Pet fines and trash fees have been enforced throughout the year. 0.00 0.00 10,800.00 An increase of pet deposits by $150.00 per pet have allowed us to have a positive variance. 0.00 0.00 0.00 0.00 104,400.00 Due to a higher number of moveouts having one or more garages that are pending rental. 0.00 12,000.00 0.00 0.00 2,280.00 0.00 0.00 0.00 24,000.00 We have increased the rate of our administration fee by $100 . 11,148.00 Aggressive collection of damages and fees from moveouts. 2,700.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 245,340.00 $3,041,400.00
124,082.00 0.00 86,582.00 We are over in maintenance payroll due to having a porter position that was not budgeted for, this offset in make ready expense. 0.00 42,000.00 Due to timing of payout.
Payroll Taxes Group Insurance Disability Insurance 401k Match Contract Labor
Workers Comp
1,702.57 1,529.50 0.00 0.00 2,462.44
1,576.00 1,442.00 0.00 0.00 0.00
(126.57) (87.50) 0.00 0.00 (2,462.44) Temporary office help needed to assist in the office due to manager out on maternity leave. (111.33) Reflective of number of associates on payroll. (4,597.20)
1,687.33
1,576.00
28,896.20
24,299.00
Office Operations & Supplies
774.35
600.00
Telephones Answering Svc. & Pagers Postage & Delivery Patrol Services Membership Dues Publications & Subscriptions Conventions/Seminars Employee Training Furniture Rental Car Expenses Permits & Fees Credit Checks Guest Suite Expense Parking Cost Total Operating Expense
876.33 100.00 129.27 0.00 0.00 0.00 0.00 1,100.00 0.00 16.20 0.00 492.00 0.00 0.00 3,488.15
1,080.00 100.00 200.00 0.00 0.00 0.00 0.00 1,100.00 0.00 200.00 0.00 750.00 0.00 0.00 4,030.00
Advertising & Promotions
5,143.92
4,437.00
Resident Promotions Locators
424.68 3,148.25
475.00 1,033.00
500.00
900.00
9,216.85
6,845.00
363.74
3,000.00
2,636.26 Positive variance due to staff performing paints in house.
2,415.00 3,181.83
3,000.00 1,500.00
358.77 0.00
200.00 500.00
585.00 (1,681.83) Variance due to more cleans required. Fewer carpet replacements needed. (158.77) 500.00
Lock & Keys Counter & Tub Resurfacing Other Redecorating Cleaning Supplies
27.98 0.00 0.00 0.00
100.00 100.00 100.00 300.00
Total Make Ready Expense
6,347.32
8,800.00
421.20 0.00 0.00 0.00 0.00 79.17 0.00 240.45 0.00 0.00 12.71 0.00 0.00 636.64
800.00 150.00 75.00 150.00 100.00 400.00 0.00 50.00 75.00 150.00 100.00 0.00 0.00 295.00
0.00 0.00 0.00 1,390.17
0.00 0.00 0.00 2,345.00
Landscape & Grounds Trash Removal
7,245.00 536.02
7,245.00 775.00
Pest Control Security Patrols Window Cleaning Svc. Interior Cleaning Svc. Cable Television Snow Removal Total Service Expense
75.00 0.00 0.00 0.00 0.00 0.00 7,856.02
Total Salary Expense
Resident Referrals Total Advertising Expense Paint & Drywall
Contract Cleaning Svcs. Carpet Cleaning & Repairs Window Coverings Vinyl & Tile Repairs
General Maintenance & Supplies HVAC Parts & Repairs Plumbing Parts & Repairs Electric Parts & Repairs Roof & Gutter Repairs Pools & Fountains Gates & Entrances Glass & Screens Appliance Parts & Repairs Hardware Exterior Painting Uniforms Elevator Service & Repairs Security & Fire Systems Uninsured Losses Locks & Keys Bulbs & Ballasts Total Maintenance Expense
Expenses - CAM - Electric Expenses - CAM - Water/Sewer Expenses - CAM - Gas Expenses - CAM - Grounds Expenses - CAM - Trash Removal Expenses - CAM - Cleaning Svcs Expenses - CAM - Maintenance Expenses - CAM - Insurance Expenses - CAM - R/E Taxes Total CAM Expense Management Fees Asset Management Fees Investor Administration Fee Legal Fees Accounting Fees Postage & Delivery Bank Charges
9,039.03 7,514.50 0.00 0.00 7,197.95
7,600.00 7,210.00 0.00 0.00 0.00
(1,439.03) (304.50) 0.00 0.00 (7,197.95)
20,210.00 17,304.00 0.00 0.00 0.00 Temporary office help needed to cover schedule.
12,558.18
7,600.00
(4,958.18)
20,210.00
147,964.47
117,435.00
(30,529.47)
310,388.00
(174.35)
5,592.34
3,000.00
(2,592.34)
203.67 0.00 70.73 0.00 0.00 0.00 0.00 0.00 0.00 183.80 0.00 258.00 0.00 0.00 541.85
5,038.28 573.57 1,006.57 0.00 0.00 142.00 0.00 1,465.75 0.00 16.20 0.00 2,181.11 0.00 0.00 16,015.82
5,400.00 500.00 1,000.00 0.00 0.00 0.00 0.00 1,500.00 0.00 1,000.00 0.00 3,750.00 0.00 0.00 16,150.00
361.72 (73.57) (6.57) 0.00 0.00 (142.00) 0.00 34.25 0.00 983.80 0.00 1,568.89 0.00 0.00 134.18
25,238.71
18,245.00
(6,993.71)
42,409.00 Extra cost is due to For Rent contract.
4,374.83 10,307.50
3,400.00 5,165.00
(974.83) (5,142.50)
10,300.00 12,396.00 Larger number of locator referrals than originally projected.
400.00
9,000.00
4,500.00
(4,500.00)
(2,371.85)
48,921.04
31,310.00
(17,611.04)
10,800.00 Aggressive promoting of referral fee in the news letter has brought in more referrals. 75,905.00
3,014.74
13,500.00
10,485.26
9,290.00 7,168.83
13,500.00 6,300.00
4,210.00 (868.83)
356.77 0.00
1,000.00 2,500.00
643.23 2,500.00
72.02 100.00 100.00 300.00
54.31 185.00 218.86 262.25
500.00 500.00 500.00 1,500.00
445.69 315.00 281.14 1,237.75
2,452.68
20,550.76
39,800.00
19,249.24
2,545.67 532.98 573.17 972.75 0.00 1,403.84 0.00 509.74 793.03 226.50 90.11 155.56 0.00 352.59
3,800.00 750.00 375.00 750.00 500.00 2,000.00 0.00 250.00 375.00 750.00 500.00 800.00 0.00 1,475.00
1,254.33 217.02 (198.17) (222.75) 500.00 596.16 0.00 (259.74) (418.03) 523.50 409.89 644.44 0.00 1,122.41
9,200.00 1,800.00 4,200.00 1,800.00 1,200.00 5,800.00 0.00 600.00 900.00 1,800.00 1,200.00 2,100.00 0.00 11,540.00
0.00 0.00 0.00 8,155.94
0.00 0.00 0.00 12,325.00
0.00 0.00 0.00 4,169.06
0.00 0.00 0.00 42,140.00
0.00 238.98
7,590.00 2,436.58
12,735.00 4,625.00
5,145.00 2,188.42
75.00 0.00 0.00 0.00 45.00 0.00 8,140.00
0.00 0.00 0.00 0.00 45.00 0.00 283.98
375.00 0.00 0.00 0.00 0.00 (522.13) 9,879.45
375.00 0.00 0.00 0.00 225.00 4,500.00 22,460.00
0.00 0.00 0.00 0.00 225.00 5,022.13 12,580.55
32,205.00 10,050.00 Calls for pick ups only when necessary, have saved in cost. 900.00 0.00 0.00 0.00 540.00 8,000.00 51,695.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
10,769.02 1,000.00 3,250.00 1,950.00
10,199.00 1,000.00 3,250.00 550.00
52,510.59 5,000.00 16,250.00 7,971.00
50,151.00 5,000.00 16,250.00 2,750.00
(2,359.59) 0.00 0.00 (5,221.00)
0.00 0.00 (52.00)
0.00 0.00 0.00
0.00 0.00 (104.00)
0.00 0.00 0.00
0.00 0.00 104.00
(706.92) Variance due to addition of For Rent magazine ad. Needed to increase marketing efforts. 50.32 (2,115.25) We had 8 locators referrals this month and are budgeted for 3.
378.80 150.00 75.00 150.00 100.00 320.83 0.00 (190.45) 75.00 150.00 87.29 0.00 0.00 (341.64) Reflects payment of three months. 0.00 0.00 0.00 954.83
(570.02) 0.00 0.00 (1,400.00) Reflects eight evictions filed. 0.00 0.00 52.00
7,200.00 We are over due to the purchase of a new copier for the office. 12,960.00 1,200.00 2,400.00 0.00 0.00 1,645.00 0.00 2,200.00 0.00 2,400.00 0.00 9,000.00 0.00 0.00 39,005.00
33,200.00 We have a porter who does the painting in place of contracting it out. 32,500.00 15,900.00 2,400.00 6,000.00 Vinyl and tile repairs have been done in house in an effort to cut costs. 1,200.00 1,200.00 1,200.00 3,600.00 Cleaning company has been using their own supplies this has cut down on the cost greatly. 97,200.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 121,658.00 Based on contract. 12,000.00 39,000.00 6,600.00 Due to high number of evictions of residents who have been chronically late on rent. 0.00 0.00 0.00
Partnership Insurance Other Administrative Expenses Travel Expense Employee Activities Printing Computer Consulting Computer Expense Bank Charges Development Cost Total Admin. Expense
0.00 0.00 0.00 172.64 0.00 0.00 219.81 0.00 0.00 17,309.47
0.00 0.00 500.00 50.00 0.00 0.00 0.00 0.00 0.00 15,549.00
0.00 0.00 825.49 332.58 0.00 0.00 283.76 0.00 0.00 83,069.42
0.00 0.00 500.00 250.00 0.00 0.00 0.00 0.00 0.00 74,901.00
0.00 0.00 (325.49) (82.58) 0.00 0.00 (283.76) 0.00 0.00 (8,168.42)
0.00 0.00 1,000.00 2,600.00 0.00 0.00 1,400.00 0.00 0.00 184,258.00
3,649.34
2,800.00
0.00 297.14
0.00 2,160.00
(849.34) Includes usage on all bldgs and common area. 0.00 1,862.86 We have turned down the heat in the pool to off set higher costs.
17,054.67
14,000.00
(3,054.67)
33,600.00
0.00 16,435.08
0.00 16,860.00
0.00 424.92
0.00 35,120.00
Water & Sewer Water & Sewer - Resident Reimb Water - irrigation
10,381.31 (4,899.27) 26.10
10,000.00 (4,500.00) 6,290.00
(381.31) 399.27 6,263.90 Irrigation meters have been off for the winter so no watering until the end of May was needed.
45,144.09 (19,093.85) (7,414.01)
43,000.00 (21,000.00) 9,390.00
(2,144.09) (1,906.15) 16,804.01
106,000.00 (50,500.00) 40,840.00 Irrigation meters have been off for the winter so no watering until the end of May was needed.
Electric - Tenant Reimbursement Trash Reimbursement Water - Tenant Reimbursement Utility -Vacant Electric
0.00 (1,809.77) 0.00 653.76
0.00 (2,200.00) 0.00 1,700.00
0.00 (9,270.35) 0.00 5,096.92
0.00 (11,000.00) 0.00 8,500.00
0.00 (1,729.65) 0.00 3,403.08
608.84 0.00 8,907.45
800.00 0.00 17,050.00
0.00 (390.23) Reflective of lower occupancy. 0.00 1,046.24 We have been collecting un paid electric bills from current residents. 191.16 0.00 8,142.55
4,122.14 0.00 52,074.69
5,200.00 0.00 64,950.00
1,077.86 0.00 12,875.31
0.00 (26,400.00) 0.00 20,400.00 We have been collecting un-paid electric bills from current residents. 9,820.00 0.00 168,880.00
0.00 0.00 0.00 0.00 (26.00) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (26.00)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 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
32,756.31
27,200.00
147,408.64
136,000.00
(11,408.64)
326,400.00
Franchise Tax Insurance
0.00 8,293.51
0.00 6,691.00
0.00 35,055.25
0.00 33,455.00
0.00 (1,600.25)
0.00 80,292.00
Tax Consultants MIP Total Taxes & Insurance Total Operating Expenses NET OPERATING INCOME
0.00 0.00 41,049.82 124,435.45 138,739.54
0.00 0.00 33,891.00 120,949.00 134,020.00
500.00 0.00 182,963.89 569,595.48 708,682.71
0.00 0.00 169,455.00 548,786.00 704,973.00
(500.00) 0.00 (13,508.89) (20,809.48) 3,709.71
0.00 0.00 406,692.00 1,376,163.00 1,665,237.00
Base Rent Stated Rent Office Rent Total Rent Expense
106,586.67 86,666.67 0.00 193,253.34
106,587.00 86,667.00 0.00 193,254.00
0.33 0.33 0.00 0.66
532,933.35 433,333.35 0.00 966,266.70
532,935.00 433,335.00 0.00 966,270.00
1.65 1.65 0.00 3.30
1,279,044.00 1,040,004.00 0.00 2,319,048.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 169.30 0.00 0.00 0.00 0.00 0.00 0.00 0.00 169.30
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 (169.30) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (169.30)
1,510.50 764.30 305.62 59.04 0.00 0.00 0.00 0.00 0.00 2,639.46
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(1,510.50) (764.30) (305.62) (59.04) 0.00 0.00 0.00 0.00 0.00 (2,639.46)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Exterior Rehab Interior Rehab HVAC Replacement Carpet & Floor Replacement
0.00 0.00 0.00 3,698.23
0.00 0.00 0.00 6,600.00
0.00 0.00 0.00 21,045.75
0.00 3,000.00 0.00 24,200.00
0.00 3,000.00 0.00 3,154.25
Refrigerators Dishwashers & Ranges Washers / Dryers Fire Alarm Replacement Other Capital Improvements Boiler Replacement Roof Replacement Total Capital Expenses
0.00 0.00 0.00 0.00 0.00 0.00 0.00 3,698.23
0.00 0.00 0.00 0.00 0.00 0.00 0.00 6,600.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 21,045.75
0.00 0.00 0.00 0.00 0.00 0.00 0.00 27,200.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 6,154.25
Casualty Losses Casualty Recovery Total Casualty Loss NET INCOME (LOSS)
0.00 0.00 0.00 (58,381.33)
0.00 0.00 0.00 (65,834.00)
0.00 0.00 0.00 7,452.67
0.00 0.00 0.00 (281,269.20)
0.00 0.00 0.00 (288,497.00)
0.00 0.00 0.00 7,227.80
0.00 0.00 0.00 (720,611.00)
Rental Guarantee
0.00 (58,381.33)
0.00 (65,834.00)
0.00 7,452.67
224,944.65 (56,324.55)
0.00 (288,497.00)
224,944.65 232,172.45
0.00 (720,611.00)
Electricity Electricity Gas - Resident Natural Gas
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 Partnership Exp- Lease up Costs Total Partnership Expense
0.00 0.00 500.00 (122.64) 0.00 0.00 (219.81) 0.00 0.00 (1,760.47)
0.00 0.00 0.00 0.00 26.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 26.00 (5,556.31) Includes payment of the personal property taxes. 0.00 (1,602.51) Rate higher than anticipated. Includes pollution policy premium. 0.00 0.00 (7,158.82) (3,486.45) 4,719.54
0.00 0.00 0.00 2,901.77 Saved on carpet replacement due to having carpets cleaned and repaired. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,901.77
0.00 3,000.00 0.00 63,800.00 Saved on carpet replacement due to having carpets cleaned and repaired. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 66,800.00
Courtney Downs Apartments May-06 LEASING & OCCUPANCY NUMBER OF MOVE INS: NUMBER OF MOVE OUTS: NET FOR THE MONTH:
24 21 3
OCCUPIED/LEASED %:
92.4% 95.3%
SOURCE OF TRAFFIC: APTGUIDE.COM APARTMENT GUIDE YELLOW PAGES OTHER. NET FOR RENT RENT.NET LIVES IN AREA RESIDENT REFERRAL LOCATORS RENT.COM WALK-IN SIGNAGE WORD OF MOUTH TOTALS CLOSING RATIO:
INCOME THIS MONTH: INCOME LAST MONTH: DIFFERENCE:
$262,168.99 $265,048.00 -$2,879.01
TOTAL # GARAGES # GARAGES OCCUPIED GARAGES OCCUPIED %
120 94 78%
REASONS WHY PROSPECTS DID NOT LEASE: Traffic 1 7 0 12 3 5 12 2 2 4 0 4 2
Leased 1 4 0 5 0 1 4 4 2 0 0 3 0
54
24
* * * * * * * * * * * * * *
Job Transfer Restricted Pet Breed Future/No Availability/Waiting list Just started looking. Waiting for Home to Sell Current Lease to Expire Needs Ground Floor Moved Elsewhere Will return with roommate or spouse Realtor Looking for Client Undecided Employment pending House sale pending Rented at Competitor TOTALS
33%
MARKETING ACTIVITIES & SOURCES FOR THE MONTH * Updated all locators with new move in specials and pricing * Updated all Internet ads with current pricing and specials. Advertising in industry publications
OVERVIEW OF COMPARABLE PROPERTIES: The surrounding comps are offering rents averaging one to three months off on a month lease. and one and two bedrooms from $525 to $1095 and three bedrooms from $950 to $1275.
RESIDENT RETENTION: Renewals for May averaged an increase of $32.00. We have continued to discuss all options with residents to keep turnover to a minimum but home buying is very popular. 7- residents did not renew due to buying houses, 2-residents got new jobs, 1 had health reasons. INCIDENTS ON THE PROPERTY: The pool gate was broken and is now fixed.
2 2 0 3 11 0 1 0 7 0 0 4 0 0 30
MAINTENANCE:
MARKET READY UNITS COMPLETE PAINTS TOUCH UPS WORK ORDERS Pending Misc 0 Electrical 0 Punch 0 HVAC 0 Plumbing 0 Property Ext. 0 Appliances 0 Safety 0 Total 0 ROOF LEAKS PLUMBING LEAKS
ROUTINE REPLACEMENTS:
Completed 21 10 14 12 55 5 10 0 127
Number of: 15 8 7 127 0 21 10 14 12 55 5 10 0 127 0 0
CAPITAL IMPROVEMENTS IN PROGRESS: N/A in progress.
PROBLEM AREAS NEEDING ATTENTION: Sprinkler system repaired and tested.
CURRENT STAFF: Manager Assistant Manager Leasing Consultant Leasing Consultant Maintenance Supervisor Assistant Maintenance Maintenance/ Grounds
Nancy Howland Beth McCall Wendy Gillan Temporary personnel Gabriel Tellez Russell Briley Jorge Chavez and Jorge Bernal
ACCOMPLISHMENTS FOR THE MONTH: Spring flowers have been planted.
REFRIGERATORS DISHWASHERS STOVES A/C COMPRESSORS CONDENSING UNITS WATER HEATERS ICE MAKERS GARBAGE DISPOSALS MICROWAVES CARPETS CEILING FANS TOILETS A/C FAN MOTORS COUNTER TOPS CABINETS RESURFACED KITCHEN BLINDS TUBS RESURFACED TUB TILES
Number Replaced 0 0 0 0 0 0 0 0 0 7 0 0 0 0 0 9 0 0
rtney Downs Apartments May-06
Apt. #
12111, 12202, 16106, 4301, 12110, 19302, 6211,
12-212- 2, 12-111-2, 7-204- 1, 12-108- 2, 12-312- 1, 16-305- 1.
Courtney Downs RENTAL SCHEDULE
May-06
UNIT TYPE A1 A1V A2 B1 B1V C C1 C1V CV D DV E EV TOTAL
1BR 1BR 1BR 2BR 2BR 2BR 2BR 2BR 2BR 2BR 2BR 3BR 3BR
#UNITS 40 32 18 24 32 42 44 22 24 16 20 24 4 342
SIZE 704 704 910 808 808 977 1,030 1,030 977 1,030 1,030 1,140 1,140 917
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
MKT RENT PER UNIT 830 860 935 895 925 1130 1150 1180 1150 1150 1180 1245 1255
313,778
$1,044
MKT RENT MONTHLY PER S/F GROSS 1.18 $33,200 1.22 $27,520 1.03 $16,830 1.11 $21,480 1.14 $29,600 1.16 $47,460 1.12 $50,600 1.15 $25,960 1.18 $27,600 1.12 $18,400 1.15 $23,600 1.09 $29,880 1.10 $5,020 $1.14
$357,150
ANNUAL GROSS $398,400 $330,240 $201,960 $257,760 $355,200 $569,520 $607,200 $311,520 $331,200 $220,800 $283,200 $358,560 $60,240 $4,285,800
EFFECTIVE CONCESSION RENTS* 830.00 805.00 830.00 830.00 830.00 830.00 830.00 830.00 830.00 830.00 830.00 1,145.00 1,145.00
CONCESSION PER UNIT 0.00 55.00 105.00 65.00 95.00 300.00 320.00 350.00 320.00 320.00 350.00 100.00 110.00
$869 * Net of Concessions
$192
EFFECTIVE PER S/F
1.18 1.10 0.91 1.03 1.03 0.85 0.81 0.81 0.85 0.81 0.81 1.00 1.00 0.95
EFFECTIVE MONTHLY GROSS $33,200 $31,000 $14,940 $19,920 $26,560 $34,860 $36,520 $18,260 $19,920 $13,280 $16,600 $27,480 $4,580 $297,120
Vacants
Vacants Leased
Notice
Notice Leased
Net Available
9 2 1 9 0 11 4 0 0 0 0 3 0
1 0 0 0 0 1 0 0 0 0 0 1 0
8 1 1 4 0 5 2 0 0 0 0 1 0
3 0 1 1 0 0 1 0 0 0 0 1 0
0 2 5 12 0 13 7 0 0 5 0 3 0
39
3
22
7
47
MARKET SURVEY Courtney Downs May-06 Apartment Name
Courtney Downs
Brookside Village
Carriage Place
Coyote Ranch
Windsor @ Meridian
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
15849 E. Jamison Dr 720-870-6114 Englewood, Co 342 3 $50.00 yes yes 300 n/r 150 Yes no Detached Yes no 1 yes yes yes yes yes yes yes yes no Prewired no no no yes no yes
5400 S Park Terrace 303-220-7086 Greenwood Village, Co 304 7 $30.00 yes yes. 225-375 300-400 yes no yes yes no 1 yes yes yes yes yes yes no yes no no yes no yes yes no yes
4900 S Ulster 303-740-7011 Denver, Co 80237 331 7 $40.00 yes yes 350-500 275 yes no yes yes yes 2 yes 2 yes yes yes yes yes yes yes yes no no yes yes no yes
16363 E Freemont Ave 303-693-8787 Aurora, Co 507 3 $35.00 yes yes 400-500 275-325 yes yes yes yes no 1 yes 1 yes yes yes yes yes no yes no no no yes yes no no
9875 Jefferson Pkwy 303-256-7700 Englewood, Co 80112 653 6 $40.00 yes yes 150-300 300 Only In Select Units yes yes yes no 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
Pinnacle @ the Creek Greenbriar @ Saddle Rock
6107 S Parker Rd 303-766-2500 Centennial, Co 216 3 $35.00 yes yes 200-300 100 Only Select Units yes yes yes no 1 yes 1 yes yes yes yes yes yes no yes no no yes yes no yes
22159 E Ontario Dr 303-617-6600 Aurora, Co 250 3 $35.00 yes yes 400 250-400 no yes yes yes no 1 yes 1 yes yes yes yes yes yes no no no no no yes no yes
Dove Valley
7550 S Blackhawk 303-362-2000 Englewood, Co 80112 312 4 $35.00 yes yes 300-500 199 no yes yes yes yes 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
Cherrywood Village
16950 E Carlson Dr 303-805-7220 Parker, Co 80134 380 3 $35.00 yes yes 400 99 no yes yes yes yes 2 yes 2 yes yes yes yes yes yes yes no no no yes yes no yes
Reserve @ South Creek
15611 E Jamison Dr 303-680-6696 Englewood, Co 80112 168 4 $40.00 yes yes 300-600 225-375 no yes yes yes yes 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
MARKET SURVEY Courtney Downs May-06
(Concessions reduced rates) PROPERTY:
Courtney Downs Apt PRICE
Efficiency Efficiency 1B1B (A) 1B1B (B) 1B1B w/study 1B 1B 1B w/loft 1B1B w/study 2B2B (E) 2B2B (F) 2B2B (G) 2B2B (H) 2B2B 2B w/study 2B2B TH 2B2B TH 3B2B 3B2B
SIZE
Brookside Village
PSF
PRICE
SIZE
850 975
Carriage Place
PSF
812 815
PRICE
1.05 1.20
SIZE
1030 1065
Coyote Ranch
PSF
776 785
PRICE
1.33 1.36
SIZE
855 955
Windsor at Meridian
PSF
779 853
PRICE
1.10 1.12
SIZE
Pinnacle @ the Creek
PSF
PRICE
SIZE
Greenbriar@Saddle Rock
PSF
PRICE
830 895
704 808
1.18 1.11
640 645
627 701
1.02 0.92
620 660
685 705
0.91 0.94
935
910
1.03
740
811
0.91
730
760
0.96
835 1110
956 1044
0.87 1.06
910
1051
930
1120
0.87 0.83
1,130
977
1.16
1140
1130
1.01
1265
1141
1.11
1160
1105
1.05
1,150 1,150
1030 1030
1.12 1.12
1155
1144
1.01
1460
1237
1.18
1250
1192
1.05
1440 1030
1196 1180
1.20 0.87
1,235
1140
1.08
1600
1485
1.08
1265 1645
1141 1414
1.11 1.16
1350
1398
0.97
1510
1330
1.14
995
1230
0.81
SIZE
785 880
Dove Valley
PSF
707 853
PRICE
1.11 1.03
SIZE
795 825
PSF
768 842
PRICE
1.04 0.98
Cherrywood Village SIZE PSF
850
707
Reserve@South Creek SIZE PSF
PRICE
1.20
795
763
1.04
995
1037
0.96
1195
1257
0.95
1075
1033
1.04
1040
1115
0.93
1110
1033
1.07
1195
1093
1.09
1090
12220
0.09
1190
1093
1.09
1.15
1270
1356
0.94
1375
1235
1.11
1425
1235
% occ /leased 92 95 95% 94.00 96 96% 97 98.00% 98% 96 100 96% 0 0% 95 97 94% 92 95 93% 94.0 99 93% 88.0 92 93% 92.0 95 96% Avg PSF 1 1.11 1.06 1.19 1.05 1.01 0.87 1.09 0.95 1.11 0.98 Avg Rents 1046 1144 1288 1114 994 808 1072 1004 1131 995 Units(Total / Avail) 342 9 304 11 331 5 507 20 653 216 8 292 22 312 8 360 41 0 168 5 Rates Special: 1x1, 2x2 830.00 Special: $300 off 11-12 mo Special: leases. $200 off market onSpecial: 12 mo lease. $300 to $400 off market Sepcial:None 12 mo lease. Special:100 to 200 off rentsSpecial: $200 off per mo onSpecial:3 12 mo leases. months free over Special: 12 month 3 lease. Months off of market Special: waive application or waive deposits. reflect these rates: $685 1/1 $805 2/2 $1310 3/2 $626 1/1 $800 2/2 $1275 3/2 specials: special were pulled off the internet due to property will not give info. Look and lease $250 off 1st full month Ren: $25 to $50 increase Ren: $15-$25 Increase. Ren.: 20% off of market. Ren.: Increase $0 to $50. Ren: Info not avail per corporate Ren:Per corporate Ren: $50 increases on 12 mo Ren: renewal. $40 increas for 12 month Ren:lease Average $15 to $20 increase. Ren: Free carpet cleaning with 12mo.
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