Sept Courtney Downs

USA Courtney Downs LeaseCo, LLC Key Variable Analysis 8/31/2008 Number of Units Average Length of Stay (mos.) Renewal Rate Turnover Rate - Current month YTD annualized Current Gross Potential (most recent fin. stmt.) Gross Potential (beg. Budget year) % Increase in GPR (current to beg. budget yr.)

Write-offs as % of Gross Potential Other Income/Unit (excl. Utility Reimb.) Application Fee Per Move In Redec/Admin. Fee Per Move In

#REF!

#REF!

MTD -0.18%

% Change

$294,410 $2,842 $297,252

$301,250 ($3,635) $297,615

2.32% -227.90% 0.12%

Current Actual

Current Budget

% Variance

$271,191 $28,230 $299,421

$261,671 $27,910 $289,581

$9,520 $320 $9,840

Month

Average Occupied Rent

Economic Occupancy

Physical Occupancy

Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08

#REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! Err:502 Err:502 Err:502 Err:502

#REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! Err:502 Err:502 Err:502 Err:502

91.40% 94.04% 95.32% 93.18% 93.81% 94.09% 93.94% 94.81% Err:502 Err:502 Err:502 Err:502

Category

Expenses /unit/yr.

Category

Expenses /unit/yr.

YTD 1.08% #REF! Net Rental Income Other Income Total Revenue

#REF! #REF!

Average Advertising/Locator Cost per Move-In: Total Resident Retention per Unit: Average Cost per Turn (move-out): % Water/Sewer Recovery - MTD & YTD - Actuals

$225

$206

$538 75.32% Actual + Bud #REF! #REF! #REF!

$285 71.90% Budget #REF! #REF! #REF!

Lease Expiration Sep-08

Actual Current Month

Market Rent (MR) LTL as % of MR Gross Potential

Controllable Expenses as % of Total Revenue: Total Expenses as % of Total Revenue:

Total Controllable Expenses (/unit/yr.): Total Non-controllable Expenses (/unit/yr.): Total Expenses (/unit/yr.):

Actual Jan

20.00

Salary Expense Operating Expense Advertising Expense Make Ready Expense Maintenance Expense Management Expense

$992 $116 $162 $186 $123 #N/A

Credit Card Fees Service Expense Administrative Expense Utility Expense Taxes & Insurance Capital Expense

$13 $154 $418 $430 $1,232 $312

(Net Rental income) / (total units * occupancy)

USA Courtney Downs LeaseCo, LLC Summary Report

Actual 25 15

30 30

Variance (5) 15

94.81% 5.19% 90.02%

94.82% 5.18% 86.86%

-0.01% -0.01% 3.16%

Move-ins Move-outs Physical Occupancy Vacancy Economic Occupancy

Budget

Prior Month

Current Month

Subsquent Month

at month end (vacancy / market rent) (net rental / market rent)

Annualized Per Unit

Net Rental Revenue Actual / Projected Budget - Original Variance

265,581 263,650 1,931

271,191 261,671 9,520

262,493 258,661 3,832

Other Revenue Actual Budget - Original Variance

37,758 25,305 12,453

28,230 27,910 320

29,567 23,739 5,828

99,514 122,872 23,358

76,346 118,647 42,301

68,416 114,949 46,533

#REF! #REF! #REF!

Expenses - Taxes & Insurance Actual Budget - Original Variance

35,029 35,095 66

35,029 35,095 66

35,222 35,095 (127)

#REF! #REF! #REF!

Expenses - Capital Actual Budget - Original Variance

23,117 17,804 (5,313)

7,400 6,600 (800)

7,228 6,259 (969)

Actual 2,782,500 2,232,955 549,545

Budget 2,782,500 1,984,350 798,150

Expenses - Controllable Actual Budget - Original Variance

NOI Goal - Annual NOI Goal @ 7.00% cap Projected NOI Variance

( YTD Actual + Remaining Projected Budget)

Variance 248,604.99

( from disposition analysis ) ( YTD Actual + Remaining Budget )

Lease Expiration USA Courtney Downs LeaseCo, LLC (10600) Month Year = 09/2008 Property

Unit Type

Units

MTM

Sep-08

10600

Arlington(cdc1)

66.00

0.00

2.00

10600

Calder(cda1)

72.00

0.00

9.00

10600

Churchill(cde)

28.00

0.00

1.00

10600

Derby(cda2)

18.00

0.00

1.00

10600

Drysdale (Study)(cdb1)

56.00

0.00

3.00

10600

Lexington(cdd)

36.00

0.00

2.00

10600

Steplechase(cdc)

10600

USA Courtney Downs LeaseCo, LLC (10600)

66.00

0.00

2.00

342.00

0.00

20.00

Oct-08

Nov-08

Dec-08

Jan-09

Feb-09

Mar-09

Apr-09

May-09

5.00

3.00

5.00

4.00

7.00

2.00

4.00

5.00

8.00

2.00

5.00

4.00

6.00

3.00

7.00

3.00

3.00

0.00

5.00

1.00

1.00

4.00

1.00

2.00

0.00

2.00

1.00

1.00

3.00

1.00

1.00

1.00

7.00

8.00

2.00

4.00

0.00

6.00

5.00

4.00

2.00

0.00

1.00

2.00

2.00

3.00

4.00

6.00

5.00

7.00

3.00

5.00

7.00

3.00

4.00

5.00

30.00

22.00

22.00

21.00

26.00

22.00

26.00

26.00

Jun-09

Jul-09

Aug-09

Total

8.00

4.00

3.00

52.00

4.00

6.00

7.00

64.00

1.00

3.00

1.00

23.00

2.00

2.00

1.00

16.00

2.00

2.00

5.00

48.00

7.00

1.00

2.00

32.00

7.00

5.00

5.00

58.00

31.00

23.00

24.00

293.00

Courtney Downs Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Move Ins cummulative move in

17 17

16 33

19 52

16 68

28 96

16 112

31 143

25 168

Move Outs cummulative move out

17 17

11 28

19 47

21 68

18 86

20 106

33 139

15 154

Sep

Oct

Nov

Dec 168

168

168

168

168

154

154

154

154

154

USA Courtney Downs LeaseCo, LLC (10600) 12 Month Occupancy Showing Occupancy Percentage By Property And Month

Year : 2008 Grouped By : Region Calculation by : Unit Count Property

2007 2008

Units

342

Sq Ft

311,852

Jan

Feb

Mar

Apr

89.50

88.75

88.09

90.32

91.40

94.04

95.32

93.18

May

Jun

July

Aug

Sep

93.11

94.95

95.85

94.18

93.98

93.81

94.09

93.94

94.81

Oct

94.00

Nov

92.69

Dec

92.10

USA Courtney Downs LeaseCo, LLC (10600)

Budget Period = Jan 2008-Dec 2008 Book = Accrual Jan-08

Feb-08

Mar-08

 INCOME  Market Rent  Loss / Gain to Lease  Gross Potential Rent  Vacancy Loss  Upfront Rent Concessions  Adjustments & W/O  Model Units  Employee Apartment  Guest Suite  Lease Term Concessions  INCOME RENTAL

294,410.00 10,247.00 304,657.00 -28,795.00 -6,000.00 -1,507.00 -1,980.00 -1,935.00 -1,160.00 -17,793.00 245,487.00

294,410.00 10,940.00 305,350.00 -27,074.00 -6,000.00 -1,534.00 -1,980.00 -1,935.00 -1,160.00 -15,707.00 249,960.00

297,830.00 7,880.00 305,710.00 -24,776.00 -3,000.00 -1,586.00 -1,980.00 -1,935.00 -1,160.00 -12,879.00 258,394.00

 OTHER REVENUES  Late Charges & NSF Fees  Month to Month Premium  Storage Fees  Application Fees  Termination Fees & Damages  Miscellaneous Income  Interest Income  Pet Rents & Fees  Garage Income  Cable/Telephone Income  Forfeited Deposits  Administration Fee  Move-Out Charges  Short Term Lease Fees  TOTAL OTHER REVENUES  TOTAL REVENUE

1,463.00 300.00 680.00 1,176.00 0.00 600.00 3,489.00 3,360.00 6,790.00 475.00 300.00 1,820.00 2,400.00 500.00 23,353.00 268,840.00

1,463.00 750.00 720.00 1,323.00 0.00 200.00 0.00 3,360.00 6,790.00 475.00 300.00 2,100.00 2,400.00 375.00 20,256.00 270,216.00

1,771.00 750.00 880.00 1,519.00 2,700.00 1,100.00 0.00 3,360.00 6,790.00 475.00 300.00 2,660.00 2,400.00 500.00 25,205.00 283,599.00

12,689.00 11,403.00 3,005.00 1,720.00 1,000.00 29,817.00

12,689.00 11,403.00 3,425.00 1,720.00 1,000.00 30,237.00

12,689.00 11,403.00 3,665.00 1,720.00 1,000.00 30,477.00

850.00 743.00 98.00 211.00 114.00 350.00 38.00

850.00 743.00 98.00 211.00 114.00 350.00 38.00

850.00 743.00 98.00 211.00 114.00 300.00 38.00

 SALARY EXPENSES  Managers Salary  Maintenance Salary  Commissions & Bonus  Group Insurance  Contract Labor  TOTAL SALARY EXPENSES  OPERATING EXPENSES  Office Operations & Supplies  Telephones  Answering Svc. & Pagers  Postage & Delivery  Publications & Subscriptions  Employee Training  Car Expenses

 Credit Checks  Guest Suite Expense  TOTAL OPERATING EXPENSE

288.00 600.00 3,292.00

324.00 550.00 3,278.00

372.00 500.00 3,226.00

 ADVERTISING EXPENSES  Advertising & Promotions  Resident Promotions  Locators  Resident Referrals  TOTAL ADVERTISING EXPENSES

7,500.00 500.00 723.00 500.00 9,223.00

3,500.00 400.00 1,446.00 500.00 5,846.00

3,500.00 500.00 2,025.00 500.00 6,525.00

 MAKE READY EXPENSES  Paint & Drywall  Contract Cleaning Svcs.  Carpet Cleaning & Repairs  Window Coverings  Lock & Keys  Counter & Tub Resurfacing  Cleaning Supplies  TOTAL MAKE READY EXPENSES

207.00 2,859.00 955.00 270.00 85.00 417.00 158.00 4,951.00

225.00 2,859.00 1,038.00 270.00 85.00 417.00 158.00 5,052.00

279.00 2,859.00 1,287.00 270.00 85.00 417.00 158.00 5,355.00

 MAINTENANCE EXPENSES  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  Security & Fire Systems  TOTAL MAINTENANCE EXPENSE

599.00 200.00 120.00 40.00 0.00 100.00 10.00 260.00 300.00 120.00 0.00 0.00 450.00 2,199.00

689.00 100.00 120.00 50.00 0.00 100.00 10.00 0.00 300.00 120.00 0.00 0.00 450.00 1,939.00

1,000.00 100.00 120.00 50.00 0.00 100.00 10.00 260.00 300.00 120.00 0.00 0.00 450.00 2,510.00

 SERVICE EXPENSES  Landscape & Grounds  Trash Removal  Pest Control  Security Patrols  Snow Removal  TOTAL SERVICE EXPENSES

0.00 755.00 205.00 0.00 3,500.00 4,460.00

0.00 755.00 205.00 0.00 3,500.00 4,460.00

0.00 755.00 205.00 0.00 3,500.00 4,460.00

10,754.00 400.00 0.00 11,154.00

10,809.00 200.00 0.00 11,009.00

11,344.00 400.00 0.00 11,744.00

 ADMINISTRATIVE EXPENSES  Management Fees  Legal Fees  Computer Expense  TOTAL ADMINISTRATIVE EXPENSES  UTILITY EXPENSES

 Electricity  Natural Gas  Water & Sewer  Water & Sewer - Resident Reimb  Water - irrigation  Trash Reimbursement  Utility -Vacant Electric  Utility - Vacant Gas  TOTAL UTILITY EXPENSES

3,250.00 1,967.00 20,000.00 -13,600.00 0.00 -2,400.00 1,505.00 903.00 11,625.00

3,250.00 1,967.00 20,000.00 -13,600.00 0.00 -2,400.00 1,415.00 849.00 11,481.00

3,250.00 1,967.00 20,000.00 -13,600.00 0.00 -2,400.00 325.00 768.00 10,310.00

 TAXES & INSURANCE  Property Taxes  Insurance  Tax Consultants  TOTAL TAXES & INSURANCE  TOTAL OPERATING EXPENSES  NET OPERATING INCOME

30,188.00 4,850.00 57.00 35,095.00 111,816.00 157,024.00

30,188.00 4,850.00 57.00 35,095.00 108,397.00 161,819.00

30,188.00 4,850.00 57.00 35,095.00 109,702.00 173,897.00

 TIC RENT EXPENSE  Base Rent - Interest Payment  Base Rent - Principal Payment  Stated Rent  Total TIC Rent Expense

106,587.00 0.00 86,667.00 193,254.00

106,587.00 0.00 86,667.00 193,254.00

106,587.00 0.00 86,667.00 193,254.00

0.00 200.00 1,000.00 3,250.00 4,450.00

0.00 200.00 1,000.00 3,250.00 4,450.00

0.00 200.00 1,000.00 3,250.00 4,450.00

0.00 0.00 5,000.00 0.00 0.00 339.00 0.00 5,339.00 -46,019.00

0.00 0.00 5,000.00 0.00 259.00 0.00 2,139.00 7,398.00 -43,283.00

0.00 0.00 5,000.00 0.00 319.00 339.00 2,610.00 8,268.00 -32,075.00

157,024.00

318,843.00

492,740.00

 PARTNERSHIP EXPENSES  Partnership Accounting Fees  Partnership Travel  Asset Management Fees  Investor Administration Fee  TOTAL PARTNERSHIP EXPENSES  CAPITAL EXPENSES  Exterior Rehab  HVAC Replacement  Carpet & Floor Replacement  Refrigerators  Dishwashers & Ranges  Washers / Dryers  Other Capital Improvements  TOTAL CAPITAL EXPENSES  NET INCOME

NOI YTD - Budget

Projected Move-Ins Total Move Outs Resulting Occupancy at Month End Average Monthly Occupancy

13 12 90.44% 90.22%

15 13 91.17% 90.80%

19 16 92.19% 91.68%

Average Scheduled Rent per Unit Average Monthly Occupied Rent

861 894

861 896

871 896

Apr-08

May-08

Jun-08

297,830.00 8,634.00 306,464.00 -21,510.00 -3,000.00 -1,602.00 -1,980.00 -1,935.00 -1,160.00 -14,298.00 260,979.00

297,830.00 8,445.00 306,275.00 -19,986.00 -3,000.00 -1,620.00 -1,980.00 -1,935.00 -1,160.00 -12,717.00 263,877.00

297,830.00 8,157.00 305,987.00 -17,809.00 -3,000.00 -1,621.00 -1,980.00 -1,935.00 -1,160.00 -14,444.00 264,038.00

1,925.00 600.00 840.00 1,813.00 0.00 500.00 0.00 3,360.00 6,790.00 475.00 400.00 3,220.00 2,400.00 375.00 22,698.00 283,677.00

1,925.00 600.00 920.00 1,862.00 2,700.00 500.00 0.00 3,360.00 6,790.00 475.00 400.00 3,220.00 3,600.00 500.00 26,852.00 290,729.00

12,689.00 11,403.00 4,580.00 1,720.00 0.00 30,392.00

850.00 743.00 98.00 211.00 114.00 350.00 38.00

Jul-08

Aug-08

Sep-08

301,250.00 4,000.00 305,250.00 -15,591.00 -3,000.00 -1,618.00 -1,980.00 -1,935.00 -1,160.00 -16,316.00 263,650.00

301,250.00 3,881.00 305,131.00 -15,591.00 -3,000.00 -1,606.00 -1,980.00 -1,935.00 -1,160.00 -18,188.00 261,671.00

301,250.00 3,436.00 304,686.00 -16,802.00 -3,000.00 -1,588.00 -1,980.00 -1,935.00 -1,160.00 -19,560.00 258,661.00

1,925.00 750.00 920.00 2,107.00 2,700.00 600.00 0.00 4,200.00 6,790.00 475.00 500.00 3,920.00 2,400.00 625.00 27,912.00 291,950.00

1,925.00 900.00 1,000.00 2,205.00 0.00 800.00 0.00 3,360.00 6,790.00 475.00 500.00 4,200.00 2,400.00 750.00 25,305.00 288,955.00

1,925.00 750.00 1,080.00 2,205.00 2,700.00 800.00 0.00 3,360.00 6,790.00 475.00 600.00 4,200.00 2,400.00 625.00 27,910.00 289,581.00

1,925.00 900.00 1,120.00 1,764.00 0.00 800.00 0.00 3,360.00 6,790.00 475.00 500.00 3,080.00 2,400.00 625.00 23,739.00 282,400.00

12,689.00 11,403.00 3,755.00 1,720.00 0.00 29,567.00

12,689.00 11,403.00 5,305.00 1,720.00 0.00 31,117.00

13,069.00 11,745.00 4,900.00 1,720.00 0.00 31,434.00

13,069.00 11,745.00 4,900.00 1,720.00 0.00 31,434.00

13,069.00 11,745.00 4,158.00 1,720.00 0.00 30,692.00

850.00 743.00 98.00 211.00 114.00 350.00 38.00

850.00 743.00 98.00 211.00 114.00 350.00 38.00

850.00 743.00 98.00 211.00 114.00 350.00 38.00

850.00 743.00 98.00 211.00 114.00 350.00 38.00

850.00 743.00 98.00 211.00 114.00 350.00 38.00

444.00 500.00 3,348.00

456.00 600.00 3,460.00

516.00 600.00 3,520.00

540.00 600.00 3,544.00

540.00 500.00 3,444.00

432.00 500.00 3,336.00

3,500.00 400.00 1,401.00 500.00 5,801.00

3,500.00 500.00 1,401.00 500.00 5,901.00

3,500.00 400.00 1,705.00 500.00 6,105.00

3,500.00 500.00 1,827.00 500.00 6,327.00

3,500.00 400.00 1,827.00 500.00 6,227.00

3,000.00 500.00 1,340.00 500.00 5,340.00

342.00 2,859.00 1,577.00 270.00 85.00 417.00 158.00 5,708.00

423.00 2,859.00 1,951.00 270.00 85.00 417.00 158.00 6,163.00

405.00 2,859.00 1,868.00 270.00 85.00 417.00 158.00 6,062.00

540.00 2,859.00 2,490.00 270.00 85.00 417.00 158.00 6,819.00

540.00 2,859.00 2,490.00 270.00 85.00 417.00 158.00 6,819.00

446.00 2,859.00 2,054.00 270.00 85.00 417.00 158.00 6,289.00

900.00 100.00 120.00 50.00 0.00 600.00 20.00 0.00 300.00 120.00 155.00 300.00 450.00 3,115.00

720.00 350.00 120.00 50.00 1,500.00 600.00 20.00 260.00 300.00 120.00 0.00 0.00 450.00 4,490.00

720.00 350.00 120.00 50.00 1,500.00 600.00 20.00 0.00 300.00 120.00 100.00 0.00 5.00 3,885.00

900.00 350.00 120.00 50.00 0.00 600.00 20.00 260.00 300.00 120.00 0.00 0.00 200.00 2,920.00

720.00 350.00 120.00 40.00 0.00 600.00 20.00 260.00 300.00 120.00 0.00 0.00 200.00 2,730.00

653.00 100.00 120.00 40.00 0.00 600.00 20.00 260.00 300.00 120.00 100.00 0.00 200.00 2,513.00

8,863.00 755.00 205.00 0.00 3,500.00 13,323.00

5,718.00 755.00 205.00 0.00 0.00 6,678.00

3,000.00 755.00 305.00 925.00 0.00 4,985.00

3,000.00 755.00 305.00 925.00 0.00 4,985.00

3,000.00 755.00 305.00 925.00 0.00 4,985.00

3,000.00 755.00 205.00 0.00 0.00 3,960.00

11,347.00 200.00 0.00 11,547.00

11,629.00 200.00 0.00 11,829.00

11,678.00 200.00 0.00 11,878.00

11,558.00 200.00 3,060.00 14,818.00

11,583.00 200.00 0.00 11,783.00

11,296.00 200.00 0.00 11,496.00

3,500.00 1,967.00 20,000.00 -13,600.00 5,000.00 -2,400.00 1,112.00 667.00 16,246.00

3,500.00 1,967.00 20,000.00 -13,600.00 5,800.00 -2,012.00 1,033.00 620.00 17,308.00

3,500.00 1,967.00 20,000.00 -13,600.00 5,800.00 -2,012.00 920.00 552.00 17,127.00

3,500.00 1,967.00 20,000.00 -13,600.00 5,800.00 -2,012.00 797.00 478.00 16,930.00

3,500.00 1,967.00 20,000.00 -13,600.00 5,000.00 -2,012.00 797.00 478.00 16,130.00

3,500.00 1,967.00 20,000.00 -13,600.00 5,000.00 -2,012.00 858.00 515.00 16,228.00

30,188.00 4,850.00 57.00 35,095.00 124,575.00 159,102.00

30,188.00 4,850.00 57.00 35,095.00 120,491.00 170,238.00

30,188.00 4,850.00 57.00 35,095.00 119,774.00 172,176.00

30,188.00 4,850.00 57.00 35,095.00 122,872.00 166,083.00

30,188.00 4,850.00 57.00 35,095.00 118,647.00 170,934.00

30,188.00 4,850.00 57.00 35,095.00 114,949.00 167,451.00

106,587.00 0.00 86,667.00 193,254.00

106,587.00 0.00 86,667.00 193,254.00

106,586.67 23,565.33 86,667.00 216,819.00

106,474.53 23,677.47 86,667.00 216,819.00

106,361.87 23,790.13 86,667.00 216,819.00

130,152.00 0.00 86,667.00 216,819.00

0.00 200.00 1,000.00 3,250.00 4,450.00

365.00 200.00 1,000.00 3,250.00 4,815.00

0.00 200.00 1,000.00 3,250.00 4,450.00

0.00 200.00 1,000.00 3,250.00 4,450.00

0.00 200.00 1,000.00 3,250.00 4,450.00

0.00 200.00 1,000.00 3,250.00 4,450.00

2,546.00 0.00 5,000.00 0.00 0.00 0.00 5,000.00 12,546.00 -51,148.00

2,960.00 0.00 6,000.00 690.00 319.00 339.00 2,150.00 12,458.00 -40,289.00

1,215.00 600.00 6,000.00 0.00 259.00 0.00 0.00 8,074.00 -57,167.00

10,125.00 600.00 6,000.00 760.00 319.00 0.00 0.00 17,804.00 -72,990.00

0.00 600.00 6,000.00 0.00 0.00 0.00 0.00 6,600.00 -56,935.00

0.00 0.00 6,000.00 0.00 259.00 0.00 0.00 6,259.00 -60,077.00

651,842.00

822,080.00

994,256.00

1,160,339.00

1,331,273.00

1,498,724.00

30 30 94.82% 94.82%

30 30 94.82% 94.82%

22 25 94.02% 94.42%

23 19 93.36% 92.78%

23 24 93.22% 93.29%

28 23 94.82% 94.02%

871 898

871 897

871 896

881 893

881 893

881 891

Oct-08

Nov-08

Dec-08

Total

301,250.00 3,092.00 304,342.00 -19,995.00 -3,000.00 -1,559.00 -1,980.00 -1,935.00 -1,160.00 -20,621.00 254,092.00

301,250.00 2,867.00 304,117.00 -22,418.00 -3,000.00 -1,539.00 -1,980.00 -1,935.00 -1,160.00 -21,370.00 250,715.00

301,250.00 3,587,640.00 2,704.00 74,283.00 303,954.00 3,661,923.00 -23,078.00 -253,425.00 -3,000.00 -42,000.00 -1,530.00 -18,910.00 -1,980.00 -23,760.00 -1,935.00 -23,220.00 -1,160.00 -13,920.00 -21,994.00 -205,887.00 249,277.00 3,080,801.00

1,848.00 1,500.00 1,080.00 1,470.00 0.00 600.00 0.00 3,360.00 6,790.00 475.00 100.00 2,380.00 2,400.00 625.00 22,628.00 276,720.00

1,848.00 1,050.00 960.00 1,225.00 2,700.00 800.00 0.00 3,360.00 6,790.00 475.00 100.00 1,680.00 2,400.00 625.00 24,013.00 274,728.00

1,848.00 21,791.00 600.00 9,450.00 920.00 11,120.00 1,127.00 19,796.00 0.00 13,500.00 700.00 8,000.00 0.00 3,489.00 3,360.00 41,160.00 6,790.00 81,480.00 475.00 5,700.00 100.00 4,100.00 1,400.00 33,880.00 2,400.00 30,000.00 500.00 6,625.00 20,220.00 290,091.00 269,497.00 3,370,892.00

13,069.00 11,745.00 3,395.00 1,720.00 0.00 29,929.00

13,069.00 11,745.00 3,020.00 1,720.00 1,000.00 30,554.00

13,069.00 11,745.00 2,525.00 1,720.00 1,000.00 30,059.00

154,548.00 138,888.00 46,633.00 20,640.00 5,000.00 365,709.00

850.00 743.00 98.00 211.00 114.00 350.00 38.00

850.00 743.00 98.00 211.00 114.00 350.00 38.00

850.00 743.00 98.00 211.00 114.00 350.00 38.00

10,200.00 8,916.00 1,176.00 2,532.00 1,368.00 4,150.00 456.00

360.00 500.00 3,264.00

300.00 500.00 3,204.00

276.00 500.00 3,180.00

4,848.00 6,450.00 40,096.00

3,000.00 400.00 1,035.00 250.00 4,685.00

3,000.00 500.00 731.00 500.00 4,731.00

3,000.00 400.00 609.00 250.00 4,259.00

44,000.00 5,400.00 16,070.00 5,500.00 70,970.00

387.00 2,859.00 1,785.00 270.00 85.00 417.00 158.00 5,961.00

234.00 2,859.00 1,079.00 270.00 85.00 417.00 158.00 5,102.00

189.00 2,859.00 872.00 270.00 85.00 417.00 158.00 4,850.00

4,217.00 34,308.00 19,446.00 3,240.00 1,020.00 5,004.00 1,896.00 69,131.00

630.00 100.00 120.00 40.00 0.00 100.00 0.00 0.00 300.00 120.00 0.00 300.00 10,500.00 12,210.00

652.00 100.00 120.00 40.00 0.00 100.00 0.00 260.00 300.00 100.00 0.00 0.00 1,000.00 2,672.00

428.00 100.00 120.00 40.00 0.00 100.00 0.00 0.00 300.00 100.00 0.00 0.00 200.00 1,388.00

8,611.00 2,300.00 1,440.00 540.00 3,000.00 4,200.00 150.00 1,820.00 3,600.00 1,400.00 355.00 600.00 14,555.00 42,571.00

3,000.00 755.00 205.00 0.00 0.00 3,960.00

0.00 755.00 205.00 0.00 3,000.00 3,960.00

0.00 755.00 205.00 0.00 2,500.00 3,460.00

29,581.00 9,060.00 2,760.00 2,775.00 19,500.00 63,676.00

11,069.00 200.00 0.00 11,269.00

10,989.00 200.00 0.00 11,189.00

10,780.00 200.00 0.00 10,980.00

134,836.00 2,800.00 3,060.00 140,696.00

3,250.00 1,967.00 20,000.00 -13,600.00 5,000.00 -2,012.00 1,022.00 613.00 16,240.00

3,250.00 1,967.00 20,000.00 -13,600.00 0.00 -2,012.00 1,145.00 687.00 11,437.00

3,250.00 1,967.00 20,000.00 -13,600.00 0.00 -2,012.00 1,179.00 707.00 11,491.00

40,500.00 23,604.00 240,000.00 -163,200.00 37,400.00 -25,696.00 12,108.00 7,837.00 172,553.00

30,188.00 4,850.00 57.00 35,095.00 122,613.00 154,107.00

30,188.00 4,850.00 57.00 35,095.00 107,944.00 166,784.00

30,188.00 362,256.00 4,850.00 58,200.00 57.00 684.00 35,095.00 421,140.00 104,762.00 1,386,542.00 965,402.00 164,735.00 1,984,350.00

130,152.00 0.00 86,667.00 216,819.00

130,152.00 0.00 86,667.00 216,819.00

130,152.00 1,372,966.07 0.00 71,032.93 86,667.00 1,040,004.00 216,819.00 2,484,003.00

0.00 200.00 1,000.00 3,250.00 4,450.00

0.00 200.00 1,000.00 3,250.00 4,450.00

0.00 200.00 1,000.00 3,250.00 4,450.00

365.00 2,400.00 12,000.00 39,000.00 53,765.00

0.00 0.00 6,000.00 0.00 0.00 0.00 0.00 6,000.00 -73,162.00

0.00 0.00 5,000.00 0.00 0.00 0.00 0.00 5,000.00 -59,485.00

0.00 0.00 5,000.00 0.00 0.00 0.00 0.00 5,000.00 -61,534.00

16,846.00 1,800.00 66,000.00 1,450.00 1,734.00 1,017.00 11,899.00 100,746.00 -654,164.00

1,652,831.00

1,819,615.00

1,984,350.00 1,984,350.00 0.00

17 22 92.70% 93.36%

12 13 92.41% 92.56%

10 11 92.27% 92.34%

2,822.81

881 891

881 890

881 889

USA Courtney Downs LeaseCo, LLC (10600)

Income Statement (12 months) Period = Jan 2008-Dec 2008 Book = Accrual Jan-08

Feb-08

Mar-08

 INCOME  Market Rent  Loss / Gain to Lease  Gross Potential Rent  Residential Rent  Vacancy Loss  Upfront Rent Concessions  Adjustments & W/O  Model Units  Employee Apartment  Guest Suite  Lease Term Concessions  INCOME RENTAL

294,410.00 2,842.00 297,252.00 0.00 -14,979.36 10.00 -11,483.60 -1,980.00 -1,934.80 795.00 -10,079.23 257,600.01

294,410.00 787.00 295,197.00 0.00 -13,515.14 -434.48 -4,730.58 -1,980.00 -1,934.80 -1,160.00 -7,711.00 263,731.00

294,800.00 29.00 294,829.00 0.00 -12,200.56 6,116.84 -331.61 -1,980.00 -2,104.80 -1,160.00 -6,383.35 276,785.52

 OTHER REVENUES  Late Charges & NSF Fees  Month to Month Premium  Storage Fees  Application Fees  Termination Fees & Damages  Miscellaneous Income  Pet Rents & Fees  Garage Income  Cable/Telephone Income  Forfeited Deposits  Administration Fee  Move-Out Charges  Short Term Lease Fees  Corporate Rent  TOTAL OTHER REVENUES  TOTAL REVENUE

2,095.04 455.00 1,217.74 1,800.00 5,090.00 736.40 3,370.97 7,019.83 0.00 0.00 4,050.00 1,600.34 400.00 0.00 27,835.32 285,435.33

2,778.95 666.00 1,270.00 1,500.00 2,500.00 1,318.85 4,806.71 7,091.17 3,113.37 0.00 3,150.00 5,608.70 400.00 0.00 34,203.75 297,934.75

1,558.51 761.61 1,278.56 1,050.00 5,566.26 484.35 2,998.22 7,066.89 0.00 300.00 2,250.00 1,871.78 544.74 325.00 26,055.92 302,841.44

11,795.28 12,801.68 4,717.00 1,490.46 21.23 30,825.65

11,618.56 11,172.74 3,807.35 1,490.46 0.00 28,089.11

11,346.86 10,949.05 3,349.77 195.24 0.00 25,840.92

1,040.43 1,211.63 125.83 288.66 37.00 74.64

0.00 1,200.38 56.83 196.82 84.00 65.00

51.40 796.96 125.83 73.88 0.00 150.17

 SALARY EXPENSES  Managers Salary  Maintenance Salary  Commissions & Bonus  Group Insurance  Contract Labor  TOTAL SALARY EXPENSES  OPERATING EXPENSES  Office Operations & Supplies  Telephones  Answering Svc. & Pagers  Postage & Delivery  Publications & Subscriptions  Employee Training

 Permits & Fees  Credit Checks  Guest Suite Expense  TOTAL OPERATING EXPENSES

0.00 381.95 499.77 3,659.91

0.00 561.00 668.32 2,832.35

0.00 636.65 500.81 2,335.70

 ADVERTISING EXPENSES  Advertising & Promotions  Resident Promotions  Locators  Resident Referrals  TOTAL ADVERTISING EXPENSES

1,051.00 259.91 3,969.81 250.00 5,530.72

1,961.49 80.84 2,591.50 250.00 4,883.83

1,694.00 32.42 2,382.08 0.00 4,108.50

 MAKE READY EXPENSES  Paint & Drywall  Contract Cleaning Svcs.  Carpet Cleaning & Repairs  Window Coverings  Lock & Keys  Counter & Tub Resurfacing  Cleaning Supplies  TOTAL MAKE READY EXPENSES

25.12 2,825.00 320.00 356.36 0.00 50.00 50.88 3,627.36

165.10 2,565.00 120.00 0.00 0.00 323.00 230.41 3,403.51

226.09 1,820.00 2,095.00 260.17 0.00 0.00 21.61 4,422.87

 MAINTENANCE EXPENSES  General Maintenance & Supplies  HVAC Parts & Repairs  Plumbing Parts & Repairs  Electric Parts & Repairs  Pools & Fountains  Glass & Screens  Appliance Parts & Repairs  Hardware  Uniforms  Security & Fire Systems  TOTAL MAINTENANCE EXPENSE

548.03 0.00 286.20 252.62 0.00 0.00 273.05 26.73 0.00 16.20 1,402.83

241.89 52.85 47.36 0.00 169.88 0.00 514.57 1.92 0.00 3,232.75 4,261.22

500.52 98.24 119.76 245.42 -110.84 0.00 475.46 18.61 0.00 1,769.28 3,116.45

 SERVICE EXPENSES  Landscape & Grounds  Trash Removal  Pest Control  Snow Removal  TOTAL SERVICE EXPENSES

0.00 555.73 86.00 6,066.20 6,707.93

0.00 731.92 153.00 330.66 1,215.58

0.00 788.10 86.00 701.86 1,575.96

11,360.56 1,164.90 0.00 0.00 12,525.46

11,917.39 -901.34 0.00 0.00 11,016.05

12,113.66 -1,250.00 0.00 0.00 10,863.66

4,040.14 3,808.88

3,457.01 3,487.42

2,915.98 2,745.36

 ADMINISTRATIVE EXPENSES  Management Fees  Legal Fees  Bank Charges  Computer Expense  TOTAL ADMINISTRATIVE EXPENSES  UTILITY EXPENSES  Electricity  Natural Gas

 Water & Sewer  Water & Sewer - Resident Reimb  Water - irrigation  Trash Reimbursement  Utility -Vacant Electric  Utility - Vacant Gas  TOTAL UTILITY EXPENSES

13,536.27 -16,247.17 74.35 -2,300.14 1,439.86 561.78 4,913.97

16,771.41 -9,812.59 0.00 -2,206.42 886.14 811.79 13,394.76

20,957.09 -8,871.37 0.00 -1,803.54 927.65 443.45 17,314.62

 MANAGEMENT EXPENSES  Property Legal Fees  Credit Card Fees  TOTAL MANAGEMENT EXPENSES

837.50 578.11 1,415.61

1,059.00 362.44 1,421.44

0.00 0.00 0.00

 TAXES & INSURANCE  Property Taxes  Insurance  Tax Consultants  TOTAL TAXES & INSURANCE  TOTAL OPERATING EXPENSES  NET OPERATING INCOME

30,188.47 4,840.47 0.00 35,028.94 105,638.38 179,796.95

30,188.47 4,815.99 0.00 35,004.46 105,522.31 192,412.44

30,188.47 4,840.47 0.00 35,028.94 104,607.62 198,233.82

 TIC RENT EXPENSE  Base Rent - Interest Payment  Base Rent - Principal Payment  Stated Rent  Total TIC Rent Expense

106,586.67 0.00 86,666.71 193,253.38

106,586.67 0.00 86,666.71 193,253.38

106,586.67 0.00 86,666.71 193,253.38

0.00 518.50 0.00 1,000.00 3,200.00 4,718.50

0.00 237.43 101.53 1,000.00 3,200.00 4,538.96

0.00 354.87 70.74 1,000.00 3,200.00 4,625.61

 CAPITAL EXPENSES  Exterior Rehab  Interior Rehab  HVAC Replacement  Carpet & Floor Replacement  Refrigerators  Dishwashers & Ranges  Washers / Dryers  Other Capital Improvements  TOTAL CAPITAL EXPENSES  NET INCOME

1,993.00 0.00 0.00 2,698.32 0.00 0.00 296.29 4,746.03 9,733.64 -27,908.57

0.00 0.00 0.00 2,700.47 0.00 0.00 0.00 202.76 2,903.23 -8,283.13

859.02 0.00 540.47 9,488.59 0.00 485.32 0.00 192.60 11,566.00 -11,211.17

 TOTAL OF ALL

-27,908.57

-8,283.13

-11,211.17

 PARTNERSHIP EXPENSES  Partnership Accounting Fees  Partnership Travel  Partnership - Meals  Asset Management Fees  Investor Administration Fee  TOTAL PARTNERSHIP EXPENSES

Apr-08

May-08

Jun-08

Jul-08

Aug-08

Sep-08

295,729.00 -735.00 294,994.00 0.00 -15,565.50 1,884.22 -3,557.59 -1,980.00 -2,104.80 -670.00 -8,906.07 264,094.26

295,510.00 1,148.00 296,658.00 0.00 -15,359.58 0.00 -1,908.23 -1,645.00 -1,955.77 -910.00 -9,644.00 265,235.42

295,420.00 1,233.00 296,653.00 0.00 -16,776.46 0.00 -3,080.11 -1,645.00 -1,950.80 -655.00 -9,354.20 263,191.43

301,250.00 -4,175.00 297,075.00 0.00 -16,864.78 0.00 -1,188.89 -1,685.00 -1,950.80 -910.00 -8,894.19 265,581.34

301,250.00 -3,635.00 297,615.00 -40.00 -14,200.16 195.00 551.53 -1,645.00 -1,950.80 -910.00 -8,425.00 271,190.57

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

2,075.02 1,696.46 1,122.00 1,970.00 2,550.00 390.21 2,640.66 7,019.55 3,355.82 0.00 3,450.00 6,354.00 400.00 -240.00 32,783.72 296,877.98

2,995.00 1,295.00 1,146.93 1,880.00 85.85 2,115.88 3,709.75 7,006.93 3,387.30 600.00 4,350.00 5,572.48 800.00 0.00 34,945.12 300,180.54

1,736.73 1,815.00 1,100.32 2,600.00 2,500.00 1,476.99 3,901.68 6,829.00 0.00 0.00 4,500.00 5,614.30 800.00 0.00 32,874.02 296,065.45

2,374.45 2,206.80 1,181.51 2,510.00 2,658.06 1,772.95 4,372.75 6,422.57 81.23 0.00 4,200.00 5,659.05 998.00 3,320.83 37,758.20 303,339.54

2,901.82 1,344.01 1,249.73 1,400.00 2,630.53 1,083.14 3,300.01 6,825.03 0.00 150.00 2,400.00 4,378.12 567.74 0.00 28,230.13 299,420.70

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

11,634.72 12,190.20 2,741.20 97.62 66.88 26,730.62

7,534.97 8,551.40 4,098.56 187.73 781.66 21,154.32

10,294.54 10,707.96 3,543.75 180.22 637.26 25,363.73

17,054.11 16,394.39 8,032.50 270.33 133.76 41,885.09

10,700.81 11,024.72 0.00 180.22 0.00 21,905.75

0.00 0.00 0.00 0.00 0.00 0.00

532.19 788.60 251.66 336.06 42.00 391.68

29.34 682.07 0.00 25.74 1,178.08 867.61

1,790.23 795.62 125.83 198.90 157.00 222.58

758.66 781.26 257.00 250.34 175.00 199.82

499.33 787.83 69.00 259.94 0.00 245.27

0.00 0.00 0.00 0.00 0.00 0.00

16.00 381.30 612.82 3,352.31

0.00 628.45 484.36 3,895.65

0.00 601.20 517.26 4,408.62

0.00 835.40 537.40 3,794.88

0.00 855.65 480.82 3,197.84

0.00 0.00 0.00 0.00

1,694.00 341.15 495.28 0.00 2,530.43

1,382.43 137.40 2,112.50 0.00 3,632.33

2,571.62 267.20 2,705.65 250.00 5,794.47

3,053.00 152.30 1,381.71 500.00 5,087.01

1,336.00 76.85 4,286.75 500.00 6,199.60

0.00 0.00 0.00 0.00 0.00

1,417.14 3,715.00 1,069.00 472.22 188.24 225.00 181.20 7,267.80

7.83 2,095.00 763.00 436.63 0.00 634.69 67.80 4,004.95

-3.75 3,050.00 2,419.00 278.96 46.85 353.31 370.14 6,514.51

425.39 3,845.00 1,103.00 832.42 26.87 0.00 413.53 6,646.21

1,400.66 3,785.00 1,672.00 317.47 387.65 426.68 77.06 8,066.52

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

539.45 304.79 395.48 103.95 321.12 0.00 427.94 376.76 0.00 55.41 2,524.90

636.94 12.89 0.00 0.00 325.38 371.84 528.59 27.06 32.32 0.00 1,935.02

834.38 55.39 185.72 50.36 537.57 239.19 915.84 7.18 0.00 0.00 2,825.63

1,331.54 54.23 206.96 0.00 957.57 0.00 744.24 110.99 730.84 487.50 4,623.87

580.18 36.93 161.54 130.38 521.84 0.00 1,468.72 0.00 0.00 810.00 3,709.59

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

2,853.04 395.60 94.75 180.00 3,523.39

11,793.40 798.40 86.00 0.00 12,677.80

2,446.05 1,020.75 137.00 0.00 3,603.80

3,235.32 829.87 1,006.00 0.00 5,071.19

2,463.64 609.90 86.00 0.00 3,159.54

0.00 0.00 0.00 0.00 0.00

11,875.12 457.60 150.00 0.00 12,482.72

12,007.22 -426.10 0.00 53.60 11,634.72

11,830.72 601.90 802.36 0.00 13,234.98

12,133.58 608.49 0.00 2,202.01 14,944.08

11,950.85 -326.00 98.72 0.00 11,723.57

0.00 0.00 0.00 0.00 0.00

3,328.18 683.42

2,968.51 708.63

2,551.94 2,668.28

3,031.00 1,681.68

3,113.96 1,286.63

0.00 0.00

16,286.33 -16,738.47 0.00 -2,442.50 558.98 275.97 1,951.91

19,834.05 -10,218.36 661.72 -1,966.81 534.66 405.92 12,928.32

17,130.91 -16,985.04 3,178.50 -2,375.40 599.49 362.16 7,130.84

17,770.67 -11,088.94 6,140.50 -2,256.15 1,206.08 328.48 16,813.32

21,460.51 -13,385.44 6,942.70 -2,348.75 927.90 386.24 18,383.75

0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 599.10 599.10

0.00 239.55 239.55

0.00 191.14 191.14

0.00 648.68 648.68

0.00 0.00 0.00

0.00 0.00 0.00

30,188.47 4,840.47 0.00 35,028.94 95,992.12 200,885.86

30,188.47 4,840.47 600.00 35,628.94 107,731.60 192,448.94

30,188.47 5,035.65 0.00 35,224.12 104,291.84 191,773.61

30,188.47 4,840.47 0.00 35,028.94 134,543.27 168,796.27

30,188.47 4,840.47 0.00 35,028.94 111,375.10 188,045.60

0.00 0.00 0.00 0.00 0.00 0.00

106,586.67 0.00 86,666.71 193,253.38

106,586.67 0.00 86,666.71 193,253.38

106,586.67 23,565.33 86,666.71 216,818.71

106,474.53 23,677.47 86,666.71 216,818.71

106,361.87 23,790.13 86,666.71 216,818.71

0.00 0.00 0.00 0.00

0.00 532.16 55.14 1,000.00 3,200.00 4,787.30

540.00 0.00 0.00 0.00 4,200.00 4,740.00

0.00 255.51 52.40 0.00 4,200.00 4,507.91

0.00 0.00 0.00 0.00 4,200.00 4,200.00

0.00 350.32 32.76 0.00 4,200.00 4,583.08

0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 6,943.49 0.00 0.00 0.00 0.00 6,943.49 -4,098.31

0.00 1,021.68 0.00 2,361.33 651.41 0.00 593.96 3,243.20 7,871.58 -13,416.02

0.00 0.00 0.00 10,149.40 0.00 0.00 0.00 3,657.50 13,806.90 -43,359.91

2,543.08 0.00 0.00 14,854.93 471.71 225.00 0.00 5,021.89 23,116.61 -75,339.05

0.00 0.00 0.00 7,399.81 0.00 0.00 0.00 0.00 7,399.81 -40,756.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

-4,098.31

-13,416.02

-43,359.91

-75,339.05

-40,756.00

0.00

Oct-08

Nov-08

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00

Dec-08

Total

0.00 2,372,779.00 0.00 -2,506.00 0.00 2,370,273.00 0.00 -40.00 0.00 -119,461.54 0.00 7,771.58 0.00 -25,729.08 0.00 -14,540.00 0.00 -15,887.37 0.00 -5,580.00 0.00 -69,397.04 0.00 2,127,409.55 0 0 0.00 18,515.52 0.00 10,239.88 0.00 9,566.79 0.00 14,710.00 0.00 23,580.70 0.00 9,378.77 0.00 29,100.75 0.00 55,280.97 0.00 9,937.72 0.00 1,050.00 0.00 28,350.00 0.00 36,658.77 0.00 4,910.48 0.00 3,405.83 0.00 254,686.18 0.00 2,382,095.73 0 0 0.00 91,979.85 0.00 93,792.14 0.00 30,290.13 0.00 4,092.28 0.00 1,640.79 0.00 221,795.19 0 0 0.00 4,701.58 0.00 7,044.35 0.00 1,011.98 0.00 1,630.34 0.00 1,673.08 0.00 2,216.77

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00

0.00 0.00

0.00 0.00

16.00 4,881.60 4,301.56 27,477.26 0 0 14,743.54 1,348.07 19,925.28 1,750.00 37,766.89 0 0 3,663.58 23,700.00 9,561.00 2,954.23 649.61 2,012.68 1,412.63 43,953.73 0 0 5,212.93 615.32 1,403.02 782.73 2,722.52 611.03 5,348.41 569.25 763.16 6,371.14 24,399.51 0 0 22,791.45 5,730.27 1,734.75 7,278.72 37,535.19 0 0 95,189.10 -70.55 1,051.08 2,255.61 98,425.24 0 0 25,406.72 17,070.30

0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00

0.00 0.00 0.00

0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00

0.00

0.00

143,747.24 -103,347.38 16,997.77 -17,699.71 7,080.76 3,575.79 92,831.49 0 0 1,896.50 2,619.02 4,515.52 0 0 241,507.76 38,894.46 600.00 281,002.22 869,702.24 1,512,393.49 0 0 852,356.42 71,032.93 693,333.68 1,616,723.03 0 0 540.00 2,248.79 312.57 4,000.00 29,600.00 36,701.36 0 0 5,395.10 1,021.68 540.47 56,596.34 1,123.12 710.32 890.25 17,063.98 83,341.26 -224,372.16 0 -224,372.16

USA Courtney Downs LeaseCo, LLC Balance Sheet Books = Accrual Sep 2008

ASSETS Cash Operating Cash Total Cash

33,972.17 $33,972.17

OTHER ASSETS Accounts Receivable Prepaid Expenses Tax Escrow Cash in Bank-Wrk Cap Reserve Capital / Repair Escrow Total Other Assets

2,673.15 14,283.85 175,882.61 28,963.43 200,000.00 421,803.04

Total ASSETS

455,775.21

LIABILITIES & CAPITAL LIABILITIES Accounts Payable - Trade A/P - Creekstone Partners LLC A/P - US Advisors Other Accounts Payable Accrued Taxes Prepaid Rent Security Deposits Notes Payable Total Liabilities

143,001.18 360,076.00 360,076.00 345,285.05 271,696.23 18,942.38 41,880.50 2,479.74 1,543,437.08

CAPITAL Creekstone Partners LLC US Advisors LLC Retained Earnings Total Capital Total LIABILITIES & CAPITAL

50.00 50.00 (1,087,761.87) (1,087,661.87) 455,775.21

USA Courtney Downs LeaseCo, LLC Cash Flow (Actual + Budget) Books = Accrual For the 12 Months Ending Dec 2008 Jan 2008 Actual

Account

Feb 2008 Actual

Mar 2008 Actual

Apr 2008 Actual

May 2008 Actual

Jun 2008 Actual

Jul 2008 Actual

Aug 2008 Actual

Sep 2008 Actual

Oct 2008 Budget

Nov 2008 Budget

Dec 2008 Budget

12 Month Total

$/ Unit 342

$/ Sq. Ft. 313,778

Dec 2006 Reforecast

12 Month Total

$/ Unit 342

$/ Sq. Ft. 313,778

Revenue Gross Potential Rent - Vacancy - Concessions & Disc. - Other Write-offs & Adj. Total Rental Income

297,252 (14,979) (10,069) (14,603) 257,600

295,197 (13,515) (8,145) (9,805) 263,731

294,829 (12,201) (267) (5,576) 276,786

294,994 (15,566) (7,022) (8,312) 264,094

296,658 (15,360) (9,644) (6,419) 265,235

296,653 (16,776) (9,354) (7,331) 263,191

297,075 (16,865) (8,894) (5,735) 265,581

297,575 (14,200) (8,230) (3,954) 271,191

298,491 (22,699) (7,543) (5,756) 262,493

282,337 0 (7,883) (4,542) 269,912

282,337 0 (7,883) (4,542) 269,912

303,954 (13,000) (24,994) (6,605) 259,355

3,537,352 (155,161) (109,928) (83,181) 3,189,082

10,343.13 (453.69) (321.43) (243.22) 9,324.80

11.27 (0.49) (0.35) (0.27) 10.16

364,160 (43,000) (80,000) (6,085) 235,075

4,498,157 (211,615) (223,127) (100,656) 3,962,759

13,152.51 (618.76) (652.42) (294.31) 11,587.01

14.34 (0.67) (0.71) (0.32) 12.63

Other Income Total Revenue

27,835 285,435

34,204 297,935

26,056 302,841

32,784 296,878

34,945 300,181

32,874 296,065

37,758 303,340

28,230 299,421

29,567 292,059

24,047 293,959

24,013 293,925

20,220 279,575

352,532 3,541,614

1,030.80 10,355.60

1.12 11.29

19,000 254,075

416,797 4,379,556

1,218.71 12,805.72

1.33 13.96

30,826 3,660 5,531 3,627 1,403 6,708 12,525 4,914 1,416 35,029

28,089 2,832 4,884 3,404 4,261 1,216 11,016 13,395 1,421 35,004

25,841 2,336 4,109 4,423 3,116 1,576 10,864 17,315 0 35,029

26,731 3,352 2,530 7,268 2,525 3,523 12,483 1,952 599 35,029

21,154 3,896 3,632 4,005 1,935 12,678 11,635 12,928 240 35,629

25,364 4,409 5,794 6,515 2,826 3,604 13,235 7,131 191 35,224

41,885 3,795 5,087 6,646 4,624 5,071 14,944 16,813 649 35,029

21,906 3,198 6,200 8,067 3,710 3,160 11,724 18,384 0 35,029

27,009 2,636 3,872 3,787 1,228 3,802 10,944 15,137 0 35,222

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

339,347 39,761 55,314 63,654 41,897 52,717 142,807 147,137 4,516 421,509

992.24 116.26 161.74 186.12 122.51 154.14 417.56 430.22 13.20 1,232.48

1.08 0.13 0.18 0.20 0.13 0.17 0.46 0.47 0.01 1.34

37,759 3,030 6,885 7,500 2,295 2,395 14,969 10,900 0 37,237

438,712 49,292 71,351 81,292 48,375 62,687 180,363 181,395 4,529 422,743 37,237

1,282.78 144.13 208.63 237.70 141.45 183.29 527.38 530.40 13.24 1,236.09 108.88

1.40 0.16 0.23 0.26 0.15 0.20 0.57 0.58 0.01 1.35 0.12

Total Operating Exp. Net Operating Income

105,638 179,797

105,522 192,412

104,608 198,234

95,992 200,886

107,732 192,449

104,292 191,774

134,543 168,796

111,375 188,046

103,638 188,421

122,613 171,346

107,944 185,981

104,762 174,813

1,308,659 2,232,955

3,826.49 6,529.11

4.17 7.12

122,970 131,106

1,577,975 2,801,581

4,613.96 8,191.76

5.03 8.93

Base Rent Stated Rent Partnership Expense Capital Expense

106,587 86,667 4,719 9,734

106,587 86,667 4,539 2,903

106,587 86,667 4,626 11,566

106,587 86,667 4,787 6,943

106,587 86,667 4,740 7,872

130,152 86,667 4,508 13,807

130,152 86,667 4,200 23,117

130,152 86,667 4,583 7,400

130,152 86,667 (8,400) 7,228

130,152 86,667 4,450 6,000

130,152 86,667 4,450 5,000

130,152 86,667 4,450 5,000

1,443,997 1,040,001 41,651 106,569

4,222.21 3,040.94 121.79 311.61

4.60 3.31 0.13 0.34

193,254 0 3,300

243,927 116,881 3,300

713.24 341.76 9.65

0.78 0.37 0.01

Cash Flow Frm Operations

(27,909)

(8,283)

(11,211)

(4,098)

(13,416)

(43,360)

(75,339)

(40,756)

(27,225)

(55,923)

(40,287)

(51,456)

(399,263)

(1,167.44)

(1.27) 7,127.11

7.77

0

0

0

0

0

0

0

0

0

0

0

0

Operating Expenses Salary Expense Operating Expense Advertising Expense Make Ready Expense Maintenance Expense Service Expense Administrative Expense Utility Expense Credit Card Fees Taxes & Insurance

Rental Guarantees Balance Sheet Adjustments Cash - Non Operating Accounts Accounts Receivable Prepaid Assets Escrow Deposits

0 (1,895) (50,394) (35,800)

0 2,740 4,840 (35,800)

0 (9,772) 4,840 (35,800)

Cash Increase (Decreae) From Assets

(88,090)

(28,220)

Accounts Payable Accrued Expenses Other Payables Mortgages Payable

(22,965) 20,453 920 48,905

2,827 31,811 2,385 (6,027)

47,313

(68,685) 15,378

Cash Increase (Decrease) From Liab.

NET CASH FLOW CUMM. NET CASH FLOW

0

0 8,270 4,840 341,933

0 (2,448) 4,840 (37,985)

0 177 4,840 (38,933)

0 2,774 4,840 (38,933)

0 (3,219) 4,840 (38,933)

0 1,043 4,840 19,448

0 0 0 (7,125)

0 0 0 (7,125)

0 0 0 (7,125)

0 (2,330) (11,671) 77,820

(40,732)

355,044

(35,592)

(33,916)

(31,319)

(37,312)

25,331

(7,125)

(7,125)

(7,125)

63,819

942 51,607 345 (5,836)

207 (345,380) 1,665 (6,064)

69,651 44,376 (1,490) (6,293)

22,994 16,001 (150) (6,064)

45,880 30,188 2,436 (6,064)

83,754 30,188 1,045 (6,064)

1,043 4,840 19,448 0

0 0 0 0

0 0 0 0

0 0 0 0

204,333 (115,913) 26,604 6,491

30,997

47,058

(349,572)

106,245

32,780

72,440

108,923

25,331

0

0

0

121,515

(5,507) 9,871

(4,886) 4,986

1,374 6,360

57,237 63,597

(44,496) 19,101

(34,218) (15,117)

30,855 15,738

23,437 39,175

(63,048) (23,873)

(47,412) (71,285)

(58,581) (129,866)

(213,929)

84063.14

$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 61

Jul 2008

Aug 2008

Sep 2008

Oct 2008

Nov 2008

Dec 2008

Row 62

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

(65,449)

2,437,473

250,000

250,000

0 0 0 (2,951)

(2,330) (11,671) 63,570 (2,951)

(2,951)

46,618

0 0 0 0

(115,913) 26,604 6,491 0

0

(82,818)

181,601 181,601

2,651,273

W31:

administrator: assume insurance increases by 50%

J48:

rssmith: estimated Replacement Reserve draw

W49:

administrator:

replacement reserve + reduction in tax escrow due to overage

USA Courtney Downs LeaseCo, LLC Budget Comparison Books = Accrual For the period ending September 30, 2008

Account Revenue Market Rent Loss / Gain to Lease Gross Potential Rent Prepaid Homeowners Dues Residential Rent Vacancy Loss Upfront Rent Concessions

MTD Actual

MTD Budget

$ Variance

301,250.00 (2,719.00)

301,250.00 3,436.00

298,531.00 0.00 (40.00) (22,699.25)

304,686.00 0.00 0.00 (16,802.00)

(95.00)

(3,000.00)

Corporate Discount Delinquent Rent Adjustments & W/O

0.00 0.00 (1,061.08)

0.00 0.00 (1,588.00)

Model Units Courtesy Officer Apt. Employee Apartment

(1,645.00) 0.00 (2,139.80)

(1,980.00) 0.00 (1,935.00)

0.00 (910.00)

0.00 (1,160.00)

(7,448.03)

(19,560.00)

0.00 0.00 0.00 0.00 $262,492.84

0.00 0.00 0.00 0.00 $258,661.00

0.00 0.00 0.00 1,284.97

0.00 0.00 0.00 1,925.00

Housekeeping & Maintenance Fee Guest Suite Lease Term Concessions

Homeowner's Assn Dues Income Homeowner Dues Paid Model Units Lease Contract Difference Total Rental Income Laundry Income Vending Income Covered Parking Income Late Charges & NSF Fees Month to Month Premium

500.00

900.00

Storage Fees Repair & Maintenance Fees Application Fees

1,200.98 0.00 2,070.00

1,120.00 0.00 1,764.00

Termination Fees & Damages

5,943.26

0.00

937.02

800.00

Renters Insurance Interest Income Pet Rents & Fees

0.00 0.00 5,249.60

0.00 0.00 3,360.00

Tower Rent Asset Management Fee Parking Spaces Income Association Assessments Garage Income

0.00 0.00 0.00 0.00 6,430.48

0.00 0.00 0.00 0.00 6,790.00

0.00 0.00 0.00 0.00 300.00

0.00 475.00 0.00 0.00 500.00

Developer Contributions Interest Income Other Thunder Income Administration Fee

0.00 0.00 0.00 3,900.00

0.00 0.00 0.00 3,080.00

Move-Out Charges

1,352.80

2,400.00

397.43

625.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 29,566.54

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 23,739.00

$292,059.38

$282,400.00

Miscellaneous Income

Water/Sewer Income Cable/Telephone Income HOA Contributions Developer Developer HOA Dues Forfeited Deposits

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

MTD Variance Comment

0.00 (6,155.00) Variance reflects market rent verses lease rents. (6,155.00) 0.00 (40.00) (5,897.25) Average vacancy was at 8% verses budgeted at 6%. 2,905.00 Only one small upfront concession offered this month. 0.00 0.00 526.92 We did not have as many residents leave owing money then anticipated in the budget. 335.00 0.00 (204.80) We have one additional employee living on site than budgeted. 0.00 250.00 Reflects new market price on guest suite. 12,111.97 We have been able to reduce the amount of concessions offered due to higher occupancy. 0.00 0.00 0.00 0.00 $3,831.84 0.00 0.00 0.00 (640.03) We have 14 late fees collected and one NSF fee. More residents paid on time this month. (400.00) Two month to month fees collected verses five were budgeted. 80.98 0.00 306.00 We had 41 application fees collected and budgeted was 35. 5,943.26 We had two $2,500 buyouts, one for moving out of state and one for buying new home. 137.02 This includes 21 utility transfer fees and seven credit card convenience fees. 0.00 0.00 1,889.60 This includes three more new pet fees at $300.00 each verses two budgeted. 0.00 0.00 0.00 0.00 (359.52) Loss due to four residents turning in their garages at the end of their lease term. 0.00 (475.00) None received at this time. 0.00 0.00 (200.00) One deposit forfeited verses two budgeted. 0.00 0.00 0.00 820.00 We collected 26 administration fees verses 20 budgeted. (1,047.20) Apartments left in better condition resulting in fewer move out charges. (227.57) Collected two short term fees verses four budgeted. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5,827.54 $9,659.38

YTD Actual

YTD Budget

2,674,029.00 (5,225.00)

2,683,890.00 65,620.00

(9,861.00) (70,845.00)

3,587,640.00 74,283.00

0.01 5,960,419.00 61,112.00

2,668,804.00 0.00 (80.00) (142,160.79)

2,749,510.00 0.00 0.00 (187,934.00)

(80,706.00) 0.00 (80.00) 45,773.21

3,661,923.00 0.00 0.00 (253,425.00)

6,021,531.00 0.00 (120.00) (369,596.04)

7,676.58

(33,000.00)

40,676.58

(42,000.00)

(28,418.42)

0.00 0.00 (26,790.16)

0.00 0.00 (14,282.00)

0.00 0.00 (12,508.16)

0.00 0.00 (18,910.00)

0.00 0.00 (43,721.24)

(16,185.00) 0.00 (18,027.17)

(17,820.00) 0.00 (17,415.00)

1,635.00 0.00 (612.17)

(23,760.00) 0.00 (23,220.00)

(37,630.00) 0.00 (39,516.97)

0.00 (6,490.00)

0.00 (10,440.00)

0.00 3,950.00

0.00 (13,920.00)

0.00 (19,000.00)

(76,845.07)

(141,902.00)

65,056.93

(205,887.00)

(245,755.10)

0.00 0.00 0.00 0.00 $2,389,902.39

0.00 0.00 0.00 0.00 $2,326,717.00

0.00 0.00 0.00 0.00 $63,185.39

0.00 0.00 0.00 0.00 $3,080,801.00

0.00 0.00 0.00 19,800.49

0.00 0.00 0.00 16,247.00

0.00 0.00 0.00 3,553.49

0.00 0.00 0.00 21,791.00

0.00 0.00 0.00 0.00 5,237,773.23 1.00 0.00 0.00 0.00 39,257.46

10,739.88

6,300.00

4,439.88

9,450.00

18,439.88

10,767.77 0.00 16,780.00

8,160.00 0.00 15,974.00

2,607.77 0.00 806.00

11,120.00 0.00 19,796.00

21,248.75 0.00 36,588.00

29,523.96

10,800.00

18,723.96

13,500.00

46,267.22

10,315.79

5,900.00

4,415.79

8,000.00

17,952.81

0.00 0.00 34,350.35

0.00 3,489.00 31,080.00

0.00 (3,489.00) 3,270.35

0.00 3,489.00 41,160.00

0.00 3,489.00 74,039.95

0.00 0.00 0.00 0.00 61,711.45

0.00 0.00 0.00 0.00 61,110.00

0.00 0.00 0.00 0.00 601.45

0.00 0.00 0.00 0.00 81,480.00

0.00 0.00 0.00 0.00 136,041.93

0.00 9,937.72 0.00 0.00 1,350.00

0.00 4,275.00 0.00 0.00 3,800.00

0.00 5,662.72 0.00 0.00 (2,450.00)

0.00 5,700.00 0.00 0.00 4,100.00

0.00 14,687.72 0.00 0.00 5,950.00

0.00 0.00 0.00 32,250.00

0.00 0.00 0.00 28,420.00

0.00 0.00 0.00 3,830.00

0.00 0.00 0.00 33,880.00

0.00 0.00 0.00 67,650.00

38,011.57

22,800.00

15,211.57

30,000.00

64,564.37

5,307.91

4,875.00

432.91

6,625.00

11,205.34

0.00 3,405.83 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 284,252.72

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 223,230.00

0.00 3,405.83 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 61,022.72

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 290,091.00

$2,674,155.11

$2,549,947.00

$124,208.11

$3,370,892.00

0.00 3,405.83 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 560,788.26 1.00 5,798,561.49

$ Variance

Annual Budget

YTD Variance Comment

Filter

Expense Managers Salary

11,031.53

13,069.00

0.00 11,036.48

0.00 11,745.00

0.00 4,761.13

0.00 4,158.00

0.00 180.22

0.00 1,720.00

0.00 0.00 0.00 0.00 27,009.36

0.00 0.00 0.00 0.00 30,692.00

Office Operations & Supplies

338.81

850.00

Telephones Answering Svc. & Pagers

706.86 69.00

743.00 98.00

Postage & Delivery

119.77

211.00

Patrol Services Membership Dues Publications & Subscriptions Conventions/Seminars Employee Training

0.00 0.00 0.00 0.00 363.08

0.00 0.00 114.00 0.00 350.00

Furniture Rental Car Expenses Permits & Fees Credit Checks

0.00 0.00 0.00 521.35

0.00 38.00 0.00 432.00

517.28 0.00 2,636.15

500.00 0.00 3,336.00

Advertising & Promotions

2,311.96

3,000.00

Resident Promotions Locators

233.52 1,077.00

500.00 1,340.00

Salaries Maintenance Salary Salary - Administrative Commissions & Bonus Payroll Taxes Group Insurance Disability Insurance 401k Match Contract Labor Workers Comp Total Salary Expense

Guest Suite Expense Parking Cost Total Operating Expense

Resident Referrals Total Advertising Expense Paint & Drywall Contract Cleaning Svcs. Carpet Cleaning & Repairs Window Coverings Vinyl & Tile Repairs Lock & Keys Counter & Tub Resurfacing Other Redecorating Cleaning Supplies Total Make Ready Expense General Maintenance & Supplies HVAC Parts & Repairs Plumbing Parts & Repairs Electric Parts & Repairs Roof & Gutter Repairs Pools & Fountains Gates & Entrances Glass & Screens Appliance Parts & Repairs Hardware Exterior Painting Uniforms Elevator Service & Repairs Security & Fire Systems Uninsured Losses Locks & Keys Bulbs & Ballasts Total Maintenance Expense

250.00

500.00

3,872.48

5,340.00

267.63

446.00

1,860.00 1,325.00

2,859.00 2,054.00

(61.35)

270.00

0.00 0.00 225.00 0.00 170.96 3,787.24

0.00 85.00 417.00 0.00 158.00 6,289.00

131.34 0.00 150.81 0.00 0.00 526.00 0.00 0.00 333.40

653.00 100.00 120.00 40.00 0.00 600.00 20.00 260.00 300.00

86.16 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,227.71

120.00 100.00 0.00 0.00 200.00 0.00 0.00 0.00 2,513.00

2,037.47 Due to manager being out on maternity leave. Payroll changed from semi monthly to biweekly. 0.00 708.52 Payroll changed from semi monthly to biweekly. 0.00 (603.13) We paid out leasing promotions this month. 0.00 1,539.78 We have less participants for our insurance program than what was anticipated in the budget. 0.00 0.00 0.00 0.00 3,682.64 511.19 Less office supplies needed for the office this month. 36.14 29.00 No pager service needed due to the use of the maintenance team having all calls forward to cell phone. 91.23 Less bills sent in weekly due to manager being on maternity leave. 0.00 0.00 114.00 No expense for this month. 0.00 (13.08) Callsource was booked by mistake and should have been booked to advertising. 0.00 38.00 No expense for this month. 0.00 (89.35) 34 credit checks applied and budgeted was 29. (17.28) 0.00 699.85 688.04 Savings due to dropping of Apartment Guide advertising and to Call Source being book to employee training. 266.48 No party planned for this month. 263.00 Three locators used verses four budgeted. 250.00 One resident referral used verses two budgeted. 1,467.52 178.37 Less paint needed for apartment turns this month. 999.00 We turned less units than budgeted. 729.00 Had more carpets replaced this month than cleaned. 331.35 Credit due to returned blind order, no blinds ordered this month. 0.00 85.00 No expense for this month. 192.00 Tub refinished in apartment #19312. 0.00 (12.96) 2,501.76 521.66 100.00 No expense for this month. (30.81) Repair of flood leak in apt #9108. 40.00 No expense for this month. 0.00 74.00 20.00 No expense for this month. 260.00 No expense for this month. (33.40) Microwave panel needed for apt #2101. 33.84 100.00 No expense for this month. 0.00 0.00 200.00 0.00 0.00 0.00 1,285.29

103,011.38

115,341.00

12,329.62

154,548.00

1.00 1.00 242,452.91

0.00 104,828.62

0.00 103,653.00

0.00 (1,175.62)

0.00 138,888.00

0.00 231,263.10

0.00 35,051.26

0.00 37,693.00

0.00 2,641.74

0.00 46,633.00

0.00 81,663.39

0.00 4,272.50

0.00 15,480.00

0.00 11,207.50

0.00 20,640.00

0.00 21,652.72

0.00 0.00 1,640.79 0.00 248,804.55

0.00 0.00 3,000.00 0.00 275,167.00

0.00 0.00 1,359.21 0.00 26,362.45

0.00 0.00 5,000.00 0.00 365,709.00

5,040.39

7,650.00

2,609.61

10,200.00

0.00 0.00 4,640.79 0.00 581,672.91 1.00 13,879.20

7,751.21 1,080.98

6,687.00 882.00

(1,064.21) (198.98)

8,916.00 1,176.00

15,888.07 2,129.98

1,750.11

1,899.00

148.89

2,532.00

3,979.88

0.00 0.00 1,673.08 0.00 2,579.85

0.00 0.00 1,026.00 0.00 3,100.00

0.00 0.00 (647.08) 0.00 520.15

0.00 0.00 1,368.00 0.00 4,150.00

0.00 0.00 2,813.08 0.00 6,392.93

0.00 0.00 16.00 5,402.95

0.00 342.00 0.00 3,912.00

0.00 342.00 (16.00) (1,490.95)

0.00 456.00 0.00 4,848.00

0.00 380.00 16.00 10,268.30

4,818.84 0.00 30,113.41

4,950.00 0.00 30,448.00

131.16 0.00 334.59

6,450.00 0.00 40,096.00

17,055.50

35,000.00

17,944.50

44,000.00

10,786.12 0.00 66,533.56 1.00 57,367.46

1,581.59 21,002.28

4,100.00 13,695.00

2,518.41 (7,307.28)

5,400.00 16,070.00

6,415.11 37,114.28

2,000.00

4,500.00

2,500.00

5,500.00

7,250.00

41,639.37

57,295.00

15,655.63

70,970.00

3,931.21

3,407.00

(524.21)

4,217.00

108,146.85 1.00 8,051.84

25,560.00 10,886.00

25,731.00 15,710.00

171.00 4,824.00

34,308.00 19,446.00

56,010.00 29,975.00

2,892.88

2,430.00

(462.88)

3,240.00

5,531.53

0.00 649.61 2,237.68 0.00 1,583.59 47,740.97

0.00 765.00 3,753.00 0.00 1,422.00 53,218.00

0.00 115.39 1,515.32 0.00 (161.59) 5,477.03

0.00 1,020.00 5,004.00 0.00 1,896.00 69,131.00

5,344.27 615.32 1,553.83 782.73 0.00 3,248.52 0.00 611.03 5,681.81

6,901.00 2,000.00 1,080.00 420.00 3,000.00 3,900.00 150.00 1,560.00 2,700.00

1,556.73 1,384.68 (473.83) (362.73) 3,000.00 651.48 150.00 948.97 (2,981.81)

8,611.00 2,300.00 1,440.00 540.00 3,000.00 4,200.00 150.00 1,820.00 3,600.00

0.00 1,499.61 6,632.68 0.00 3,334.55 111,035.21 1.00 13,029.61 2,715.32 2,904.64 1,242.73 3,000.00 8,274.52 170.00 2,431.03 9,015.21

655.41 0.00 763.16 0.00 6,371.14 0.00 0.00 0.00 25,627.22

1,080.00 355.00 300.00 0.00 2,855.00 0.00 0.00 0.00 26,301.00

424.59 355.00 (463.16) 0.00 (3,516.14) 0.00 0.00 0.00 673.78

1,400.00 355.00 600.00 0.00 14,555.00 0.00 0.00 0.00 42,571.00

1,941.57 455.00 1,063.16 0.00 9,426.14 0.00 0.00 0.00 55,668.93

Landscape & Grounds Trash Removal Pest Control Security Patrols Window Cleaning Svc. Interior Cleaning Svc. Cable Television Snow Removal 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

2,909.56 806.51 86.00 0.00 0.00 0.00 0.00 0.00 3,802.07

3,000.00 755.00 205.00 0.00 0.00 0.00 0.00 0.00 3,960.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Management Fees No Name No Name Legal Fees

11,682.38 0.00 0.00 (690.00)

11,296.00 0.00 0.00 200.00

Accounting Fees Postage & Delivery Bank Charges

0.00 0.00 (48.54)

0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 10,943.84

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 11,496.00

2,991.16 0.00 1,396.90

3,500.00 0.00 1,967.00

Water & Sewer Water & Sewer - Resident Reimb Water - irrigation

19,546.95 (13,874.72) 6,228.80

20,000.00 (13,600.00) 5,000.00

Electric - Tenant Reimbursement Trash Reimbursement Water - Tenant Reimbursement Utility -Vacant Electric Utility - Vacant Gas Tenant Reimbursement - Gas Total Utility Expense

0.00 (2,274.84) 0.00 897.02 225.82 0.00 15,137.09

0.00 (2,012.00) 0.00 858.00 515.00 0.00 16,228.00

Partnership Insurance Other Administrative Expenses Travel Expense Employee Activities Printing Computer Consulting Computer Expense Bank Charges Development Cost Total Admin. Expense Electricity Electricity Gas - Resident Natural Gas

Management Fees Management Fees-MRLL Property Legal Fees Credit Card Fees Bank Charges Bank Adjustments Other Professional Fees Late Charges HOA Assessment Fees Contributions Fiduciary Fees Custodial Fees Thunder Expense Accounting Fees Total Management Expense Property Taxes Franchise Tax Insurance Tax Consultants MIP Total Taxes & Insurance Total Operating Expenses NET OPERATING INCOME

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

30,188.47 0.00 5,033.51 0.00 0.00 35,221.98 103,637.92 188,421.46

30,188.00 0.00 4,850.00 57.00 0.00 35,095.00 114,949.00 167,451.00

90.44 (51.51) 119.00 No pigeon service at this time. 0.00 0.00 0.00 0.00 0.00 157.93 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (386.38) Based on % of collections. 0.00 0.00 890.00 Processing of three evictions and billing of #10310's eviction. 0.00 0.00 48.54 Bank fees for the month of September. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 552.16 508.84 Used less power due to cooler days. 0.00 570.10 Due to nice temperatures, no need to turn up the heat. 453.05 274.72 Aggressive collections on site. (1,228.80) Due to Metco adjusting the watering scheduled times. 0.00 262.84 0.00 (39.02) 289.18 Due to higher occupancy. 0.00 1,090.91 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.47) 0.00 (183.51) 57.00 No expense needed at this time. 0.00 (126.98) 11,311.08 20,970.46

106,871.48 0.00 0.00 (760.55)

101,998.00 0.00 0.00 2,200.00

(4,873.48) 0.00 0.00 2,960.55

134,836.00 0.00 0.00 2,800.00

1.00 58,191.57 14,893.29 4,256.75 2,775.00 0.00 0.00 0.00 21,278.72 101,395.33 1.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 231,847.86 0.00 0.00 949.45

0.00 0.00 1,002.54

0.00 0.00 0.00

0.00 0.00 (1,002.54)

0.00 0.00 0.00

0.00 0.00 954.00

0.00 0.00 0.00 0.00 0.00 0.00 2,255.61 0.00 0.00 109,369.08

0.00 0.00 0.00 0.00 0.00 0.00 3,060.00 0.00 0.00 107,258.00

0.00 0.00 0.00 0.00 0.00 0.00 804.39 0.00 0.00 (2,111.08)

0.00 0.00 0.00 0.00 0.00 0.00 3,060.00 0.00 0.00 140,696.00

28,397.88 0.00 18,467.20

30,750.00 0.00 17,703.00

2,352.12 0.00 (764.20)

40,500.00 0.00 23,604.00

0.00 0.00 0.00 0.00 0.00 0.00 5,315.61 0.00 0.00 239,066.92 1.00 65,639.04 0.00 39,534.10

163,294.19 (117,222.10) 23,226.57

180,000.00 (122,400.00) 32,400.00

16,705.81 (5,177.90) 9,173.43

240,000.00 (163,200.00) 37,400.00

382,841.14 (267,096.82) 66,855.37

0.00 (19,974.55) 0.00 7,977.78 3,801.61 0.00 107,968.58

0.00 (19,660.00) 0.00 8,762.00 5,830.00 0.00 133,385.00

0.00 314.55 0.00 784.22 2,028.39 0.00 25,416.42

0.00 (25,696.00) 0.00 12,108.00 7,837.00 0.00 172,553.00

0.00 (43,921.39) 0.00 18,494.80 20,527.00 0.00 272,718.67 1.00 0.00 0.00 1,896.50 2,619.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4,515.52 1.00 603,764.70 0.00 97,461.48 1,170.00 0.00 702,396.18 2,243,150.08 3,555,411.41

25,701.01 6,536.78 1,820.75 0.00 0.00 0.00 0.00 7,278.72 41,337.26

26,581.00 6,795.00 2,145.00 2,775.00 0.00 0.00 0.00 14,000.00 52,296.00

879.99 258.22 324.25 2,775.00 0.00 0.00 0.00 6,721.28 10,958.74

29,581.00 9,060.00 2,760.00 2,775.00 0.00 0.00 0.00 19,500.00 63,676.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 1,896.50 2,619.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4,515.52

0.00 0.00 0.00 0.00 0.00 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) (2,619.02) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (4,515.52)

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

271,696.23 0.00 43,927.97 600.00 0.00 316,224.20 973,340.16 1,700,814.95

271,692.00 0.00 43,650.00 513.00 0.00 315,855.00 1,051,223.00 1,498,724.00

(4.23) 0.00 (277.97) (87.00) 0.00 (369.20) 77,882.84 202,090.95

362,256.00 0.00 58,200.00 684.00 0.00 421,140.00 1,386,542.00 1,984,350.00

Base Rent - Interest Payment Base Rent - Principal Payment Stated Rent Office Rent Total Rent Expense Mortgage Interest Loan Fees Interest Expense Interest Expense Total Debt Service

106,248.67 23,903.33 86,667.00 0.00 216,819.00

0.00 0.00 0.29 0.00 0.29

958,605.09 94,936.26 780,000.39 0.00 1,833,541.74

958,606.74 94,936.26 780,003.00 0.00 1,833,546.00

1.65 0.00 2.61 0.00 4.26

1,349,062.74 94,936.26 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 0.00 200.00 No expense at this time 0.00 0.00 0.00 0.00 0.00 1,000.00 No expense at this time 11,650.00 Investor reporting fee for the month charged. 0.00 12,850.00

0.00 540.00 2,248.79 312.57 0.00 0.00 0.00 0.00 4,000.00 21,200.00

0.00 365.00 1,800.00 0.00 0.00 0.00 0.00 0.00 9,000.00 29,250.00

0.00 (175.00) (448.79) (312.57) 0.00 0.00 0.00 0.00 5,000.00 8,050.00

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 28,301.36

0.00 40,415.00

0.00 12,113.64

0.00 53,765.00

0.00 0.00 0.00 795.28 Five carpets replaced and six were budgeted. 0.00 16.34 Replacement of dishwasher in apt #9312. 0.00 0.00 (1,780.46) Reclass for sprinkler repair and AAA fire security repair of building 7 and 6211's pipe burst. 0.00 0.00 (968.84)

5,395.10 1,021.68 540.47 61,801.06

16,846.00 0.00 1,800.00 50,000.00

11,450.90 (1,021.68) 1,259.53 (11,801.06)

16,846.00 0.00 1,800.00 66,000.00

0.00 64,766.36 1.00 22,241.10 1,021.68 2,340.47 123,005.78

1,123.12 952.98

1,450.00 1,734.00

326.88 781.02

1,450.00 1,734.00

2,573.12 3,188.64

890.25 0.00 18,844.44

1,017.00 0.00 11,899.00

126.75 0.00 (6,945.44)

1,017.00 0.00 11,899.00

1,907.25 0.00 32,523.90

0.00 0.00 90,569.10

0.00 0.00 84,746.00

0.00 0.00 (5,823.10)

0.00 0.00 100,746.00

0.00 0.00 188,801.94 1.00 0.00 0.00 0.00 (798,882.34) 1.00 0.00 0.00

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

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (8,400.00)

0.00 0.00 200.00 0.00 0.00 0.00 0.00 0.00 1,000.00 3,250.00

Partnership Exp- Leaseup Costs Total Partnership Expense

0.00 (8,400.00)

0.00 4,450.00

0.00 0.00 0.00 5,204.72

0.00 0.00 0.00 6,000.00

0.00 242.66

0.00 259.00

0.00 0.00 1,780.46

0.00 0.00 0.00

Boiler Replacement Roof Replacement Total Capital Expenses

0.00 0.00 7,227.84

0.00 0.00 6,259.00

Casualty Losses Casualty Recovery Total Casualty Loss NET INCOME (LOSS)

0.00 0.00 0.00 (27,225.09)

0.00 0.00 0.00 (60,077.00)

0.00 0.00 0.00 32,851.91

0.00 0.00 0.00 (251,597.25)

0.00 0.00 0.00 (459,983.00)

0.00 0.00 0.00 208,385.75

0.00 0.00 0.00 (654,164.00)

Rental Guarantee

0.00 (27,225.09)

0.00 (60,077.00)

0.00 32,851.91

0.00 (251,597.25)

0.00 (459,983.00)

0.00 208,385.75

0.00 (654,164.00)

Exterior Rehab Interior Rehab HVAC Replacement Carpet & Floor Replacement Refrigerators Dishwashers & Ranges Washers / Dryers Fire Alarm Replacement Other Capital Improvements

1.00 2,129,709.17 237,679.18 1,733,337.10 0.00 4,100,725.45 1.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 905.00 4,248.79 312.57 0.00 0.00 0.00 0.00 14,000.00 45,300.00

106,248.67 23,903.33 86,666.71 0.00 216,818.71

Courtney Downs Apartments September 08 LEASING & OCCUPANCY NUMBER OF MOVE INS: NUMBER OF MOVE OUTS: NET FOR THE MONTH:

19 20 -1

OCCUPIED/LEASED %:

95.03%, 97.37%

SOURCE OF TRAFFIC: APARTMENT GUIDE.COM APARTMENT GUIDE YELLOW PAGES OTHER. NET BLUE BOOK RENT.COM LIVES IN AREA RESIDENT REFERRAL LOCATORS WORD of MOUTH WALK IN SIGNAGE BROCHURE/FLYER TOTALS CLOSING RATIO:

INCOME THIS MONTH: INCOME LAST MONTH: DIFFERENCE:

$292,059.00 $299,421.00 -$7,362.00

TOTAL # GARAGES # GARAGES OCCUPIED GARAGES OCCUPIED %

120 110 92%

REASONS WHY PROSPECTS DID NOT LEASE: Traffic 0 0 0 15 5 4 18 4 5 0 0 11 0

Leased 0 0 0 4 1 3 8 1 2 0 0 7 0

62

26

* * * * * * * * * * * * * *

Job Transfer Too expensive. Future/No Availability/Waiting list Just started looking. Waiting for Home to Sell Current Lease to Expire Needs Ground Floor Breed restrictions Will return with roommate or spouse Realtor Looking for Client Undecided Employment pending Location Rented at Competitor TOTALS

41%

MARKETING ACTIVITIES & SOURCES FOR THE MONTH * Took donuts with brochures and price sheets to Regal Theaters. * Took cookie bags with brochures and price sheets to Richmond homes. * Updated all internet ads with new pricing and specials for the month of September. * Took donuts with price sheets to the new Costco staff. * Took brochures and prices to the new Curves Fitness center for employee break room. * Brochures and donuts were taken to Go Toyota staff. * Met with Ryland Home sales team with options of temporary housing for new home buyers. * Dropped off muffins and brochures to Wells Fargo bank for the break room. * Took brochures and flyers to Best Buy. * Took brochures and flyers to King Soopers for the breakroom. * Took brochures and price sheets to Nextel staff. * Updated the locators with brochures and price sheets OVERVIEW OF COMPARABLE PROPERTIES: The surrounding comps are still offering discounted rents on selected units. This translates into one bedroom effective rents of $708, two bedrooms at $780 and three bedrooms starting at $1055. Look and leases specials are 1 month free with a 12 to 13 month lease. Overall market is 93.5% average occupancy. and rental rate of $812 per month. RESIDENT RETENTION: We had 24 leases expiring in the month of September. 14 renewed leases with a $38.75 increase. Notices received; (3) buying homes, (3) closer to work, (1) roommate split (1) Too expensive, (2) skips. INCIDENTS ON THE PROPERTY: N/A

2 4 0 9 6 0 4 0 0 0 4 3 0 4 36

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 13 23 19 16 72 9 12 25 189

PLUMBING LEAKS

Number of: 19 11 7 189 0 13 23 19 16 72 9 12 25 189 0

0

CAPITAL IMPROVEMENTS IN PROGRESS: N/A

PROBLEM AREAS NEEDING ATTENTION: Garage doors are in need of repair. Rock work needed on building edges.

CURRENT STAFF: Manager Assistant Manager Leasing Consultant Leasing Consultant Maintenance Supervisor Assistant Maintenance Maintenance/ Grounds

Nancy Howland Carrie McMillan Adreyanna Black Kate Hawkins Gabriel Tellez Russell Briley Jorge Chavez and Jorge Bernal

ACCOMPLISHMENTS FOR THE MONTH: Repair of two treadmills in the workout room. Started to paint the storage room doors and electrical room doors. Started to paint the chipping rails throughout the property.

REFRIGERATORS DISHWASHERS WINDOWS A/C COMPRESSORS CONDENSING UNITS WATER HEATERS ICE MAKERS GARBAGE DISPOSALS MICROWAVES CARPETS/vinyl CEILING FANS TOILETS A/C FAN MOTORS COUNTER TOPS CABINETS RESURFACED KITCHEN

BLINDS TUBS RESURFACED TUB TILES

Number Replaced 0 1 1 0 0 0 0 0 0 6 0 0 0 0 0

23 0 0

Apt. # 13104 Work out room window.

19203, 16105, 10207, 12101, 13105, 12105.

13105-2, 2104-2, 6206-1, 7302-1, 10305-2, 10308-1, 19203-1, 193051, 12105-2, 2312-2, 9311-1, 162082, 12101-3, 16105-2.

MARKET SURVEY Courtney Downs September-08

(Concessions reduced rates) PROPERTY:

Courtney Downs Apt PRICE

Efficiency Efficiency 1B1B (A) 1B1B (B) 1B1B w/study 1B 1B 1B w/loft 1B1B w/study 2B2B (E) 2B2B (F) 2B2B (G) 2B2B (H) 2B2B 2B w/study 2B2B TH 2B2B TH 3B2B 3B2B

% occ /leased Avg PSF Avg Rents Units(Total / Avail)

SIZE

Coyote Ranch

PSF

PRICE

SIZE

Windsor at Meridian

PSF

725 830

779 853

PRICE

0.93 0.97

SIZE

Pinnacle @ the Creek

PSF

PRICE

SIZE

Dove Valley

PSF

SIZE

PSF

PRICE

Cherrywood Village SIZE PSF

1.07 0.95

720 835

627 701

1.15 1.19

685 705

1.09 1.06

705 728

768 842

0.92 0.86

720 730

707 796

1.02 0.92

0.93

899

811

1.11

810

760

1.07

815

992

0.82

815

916

0.89

915 925

956 1044

0.96 0.89

1005

1051

1015

1120

0.96 0.91

895

977

0.92

825

1105

0.75

1030 1030

0.88 0.91

910

1192

0.76

1080 1099

1196 1180

0.90 0.93

1,180

1140

1.04

1150 1180

1398 1398

0.82 0.84

1145

1330

0.86

95 1 899 342

97.37%

0

0% 1.00

97%

98%

0.96 39

0.85 1114 507

18

Special: Specials on select units and waived security Special: One month free Rates deposit with approved credit. on 12 to 13 month lease. reflect these rates: specials:

Ren: $35 to $75 increase.

Ren.: 15% increase on all renewals.

994 653

1185

1230

95%

95.40%

0.96

763 763

0.94 0.97

1115

0.74

900

1033

0.87

835

1037

0.81

1220

0.81

935

1093

0.86

850

1037

0.82

1180

1356

0.87

1125 1150

1235 1235

0.91 0.93

999 1195

1257 1257

93.4%

20

715 740

825 985

97%

1.01 808 216

Reserve@South Creek SIZE PSF

PRICE

704 808 910

905 935

745 750

PRICE

755 770 850

92.1%

93%

0.84 873 312

48

93.5%

32

0

0.79 0.95

96%

0.91 1131 360

0.88 995 168

18

Will not give out any information.

Special:1/2 month free with look and lease.

Special: One month free or giftcertificate to the mall Special: 1/2 month off 12 to Special: One month free on a w/look and lese special. 13 month leases. 12 to 13 month special.

Ren: Info not avail per corporate

Ren:Per corporate

Ren: $20 to $40 increas for 12 month lease

Ren: Average $25 to $55 increase.

Ren: Free carpet cleaning with 12mo.

MARKET SURVEY Courtney Downs September-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 $100 Only Select Units yes yes yes no 1 yes 1 yes yes yes yes yes yes no yes no no yes yes no yes

7550 S Blackhawk 303-362-2000 Englewood, Co 80112 312 6 $45.00 yes yes 300-500 $199.00 no no yes yes yes 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes

Cherrywood Village

16950 E Carlson Dr 303-805-7200 Parker, Co 80134 360 6 $35.00 no yes $400-500 $200-300 yes no yes yes yes 2 yes 2 yes yes yes yes yes yes yes no no no yes yes no yes

Reserve @ South Creek

15611 E Jamison Dr 303-680-6696 Englewood, Co 80112 168 6 $50.00 yes yes 300 100 no no yes yes yes 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes

Courtney Downs RENTAL SCHEDULE

September 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 745 755 850 770 780 895 920 930 905 945 955 1180 1180 $888

MKT RENT MONTHLY PER S/F GROSS 1.06 $29,800 1.07 $27,520 0.93 $15,300 0.95 $18,480 0.97 $24,960 0.92 $37,590 0.89 $40,480 0.90 $20,460 0.93 $21,720 0.92 $15,120 0.93 $19,100 1.04 $28,320 1.04 $4,720 $0.97

$303,570

ANNUAL GROSS $357,600 $330,240 $183,600 $221,760 $299,520 $451,080 $485,760 $245,520 $260,640 $181,440 $229,200 $339,840 $56,640 $3,642,840

EFFECTIVE CONCESSION RENTS* 745.00 755.00 850.00 770.00 780.00 895.00 920.00 930.00 905.00 945.00 955.00 1,180.00 1,180.00

CONCESSION PER UNIT

$888 * Net of Concessions

EFFECTIVE PER S/F

1.06 1.07 0.93 0.95 0.97 0.92 0.89 0.90 0.93 0.92 0.93 1.04 1.04 0.97

EFFECTIVE MONTHLY GROSS $29,800 $27,520 $15,300 $18,480 $24,960 $37,590 $40,480 $20,460 $21,720 $15,120 $19,100 $28,320 $4,720 $303,570

Vacants

Vacants Leased

Notice

Notice Leased

Net Available

4 0 0 2 0 2 4 0 0 1 0 2 0

2 0 0 1 0 0 2 0 0 1 0 0 0

7 0 0 9 0 8 6 0 0 2 0 3 0

0 0 1 0 0 1 1 0 0 1 0 1 0

9 0 0 9 0 9 7 0 0 1 0 4 0

15

6

35

5

39