Usa Courtney Downs August 2007
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USA Courtney Downs LeaseCo, LLC Balance Sheet Books = Accrual Aug 2007
ASSETS Cash Operating Cash Money Market Total Cash
58,620.11 0.00 $58,620.11
OTHER ASSETS Accounts Receivable Prepaid Expenses Tax Escrow Replacement Reserves Capital / Repair Escrow Total Other Assets
(240.17) 22,531.85 140,912.10 69,743.58 200,000.00 432,947.36
Total ASSETS
491,567.47
LIABILITIES & CAPITAL LIABILITIES Accounts Payable - Trade Other Accounts Payable Accrued Taxes Prepaid Rent Security Deposits Notes Payable Total Liabilities
171,260.28 705,285.05 227,602.26 22,973.93 40,980.13 11,933.20 1,180,034.85
CAPITAL Owners Equity Retained Earnings Total Capital Total LIABILITIES & CAPITAL
100.00 (688,567.38) (688,467.38) 491,567.47
USA Courtney Downs LeaseCo, LLC Cash Flow (Actual + Budget) Books = Accrual For the 12 Months Ending Dec 2007 Jan 2007 Actual
Account
Feb 2007 Actual
Mar 2007 Actual
Apr 2007 Actual
May 2007 Actual
Jun 2007 Actual
Jul 2007 Actual
Aug 2007 Actual
Sep 2007 Budget
Oct 2007 Budget
Nov 2007 Budget
Dec 2007 Budget
12 Month Total
342
$/ Sq. Ft. 313,778
3,958,918 (226,656) (673,464) (76,566) 2,982,232
11,575.78 (662.74) (1,969.19) (223.88) 8,719.98
12.62 (0.72) (2.15) (0.24) 9.50
364,160 (43,000) (80,000) (6,085) 235,075
20,195 273,775
273,671 3,255,904
800.21 9,520.19
0.87 10.38
30,347 3,665 6,394 2,828 2,425 1,835 17,301 8,051 32,739
359,052 40,128 75,755 52,575 39,466 58,291 197,070 118,470 437,200
1,049.86 117.33 221.51 153.73 115.40 170.44 576.23 346.40 1,278.36
1.14 0.13 0.24 0.17 0.13 0.19 0.63 0.38 1.39
108,332 167,793
105,585 168,189
1,378,009 1,877,895
4,029.27 5,490.92
4.39 5.98
193,253 415 4,900
193,253 415 4,900
2,319,040 2,988 76,048
6,780.82 8.74 222.36
7.39 0.01 0.24
(30,776)
(30,379)
(1,521.00)
(1.66)
Revenue Gross Potential Rent - Vacancy - Concessions & Disc. - Other Write-offs & Adj. Total Rental Income
352,560 (34,193) (77,240) (5,251) 235,876
345,950 (31,453) (77,177) (7,154) 230,165
343,190 (33,657) (74,811) (5,738) 228,984
338,114 (26,399) (68,736) (5,449) 237,529
331,407 (19,217) (56,781) (6,551) 248,858
327,521 (11,745) (52,476) (6,386) 256,914
321,211 (8,517) (45,332) (5,803) 261,560
314,121 (14,496) (33,435) (8,688) 257,502
321,211 (11,745) (44,000) (6,386) 259,080
321,211 (11,745) (46,476) (6,386) 256,604
321,211 (11,745) (47,500) (6,386) 255,580
321,211 (11,745) (49,500) (6,386) 253,580
Other Income Total Revenue
27,580 263,457
21,616 251,781
22,944 251,928
22,832 260,361
23,203 272,061
22,482 279,396
19,521 281,081
31,663 289,166
20,545 279,625
20,545 277,149
20,545 276,125
33,611 2,710 6,159 3,805 2,027 6,403 15,368 9,370 37,910
20,391 2,821 5,921 2,722 1,541 10,329 15,798 15,941 33,542
30,933 2,230 9,117 3,636 2,485 1,917 15,451 12,794 33,143
32,195 3,652 4,298 6,647 2,639 3,299 15,440 6,685 33,465
31,382 3,228 6,292 4,645 1,612 5,923 14,701 9,354 34,552
31,663 3,040 4,400 6,951 1,405 4,883 16,179 12,548 34,243
40,842 5,519 4,564 5,843 3,289 3,010 18,825 12,990 64,955
22,827 2,088 7,230 4,190 2,097 3,137 16,316 1,571 34,433
30,872 3,725 7,393 3,803 2,425 5,585 17,235 12,776 32,739
26,976 3,725 6,993 3,705 15,095 5,585 17,209 8,388 32,739
27,014 3,725 6,993 3,803 2,425 6,385 17,247 8,001 32,739
Total Operating Exp. Net Operating Income
117,362 146,094
109,007 142,774
111,705 140,223
108,319 152,043
111,690 160,371
115,314 164,082
159,837 121,244
93,888 195,277
116,553 163,072
120,416 156,732
Rent Expense Partnership Expense Capital Expense
193,253 0 1,601
193,253 0 4,113
193,253 0 10,791
193,253 0 8,376
193,253 365 13,906
193,253 0 2,091
193,253 690 4,426
193,253 273 11,143
193,253 415 4,900
193,253 415 4,900
Cash Flow Frm Operations
(48,760)
(54,592)
(63,822)
(49,586)
(47,153)
(31,262)
(77,125)
(35,497)
(41,836)
Operating Expenses Salary Expense Operating Expense Advertising Expense Make Ready Expense Maintenance Expense Service Expense Administrative Expense Utility Expense Taxes & Insurance
(9,392)
$/ Unit
(520,181)
Dec 2006 Reforecast
342
$/ Sq. Ft. 313,778
4,977,088 (293,809) (852,435) (95,647) 3,735,197
14,552.89 (859.09) (2,492.50) (279.67) 10,921.63
15.86 (0.94) (2.72) (0.30) 11.90
19,000 254,075
334,213 4,069,409
977.23 11,898.86
1.07 12.97
37,759 3,030 6,885 7,500 2,295 2,395 14,969 10,900 0 37,237
455,223 50,666 96,250 66,859 46,726 69,077 247,165 145,769 438,480 37,237
1,331.06 148.15 281.43 195.49 136.63 201.98 722.70 426.22 1,282.11 108.88
1.45 0.16 0.31 0.21 0.15 0.22 0.79 0.46 1.40 0.12
122,970 131,106
1,653,451 2,415,958
4,834.65 7,064.20
5.27 7.70
193,254 0 3,300
197,080 86,070 3,300
576.26 251.67 9.65
0.63 0.27 0.01
2,129,507
6,226.63
6.79
(65,449) Rental Guarantees
7,543
(3,489)
Balance Sheet Adjustments Cash - Non Operating Accounts Accounts Receivable Prepaid Assets Escrow Deposits
0 (4,571) (7,749) (30,394)
0 (717) 3,588 (34,568)
Cash Increase (Decreae) From Assets
0
0
4,562 131,540 6,328 (34,568)
4,374 (134,406) (4,460) (34,822)
0
0
2,739 2,387 523 322,388
0 (1,420) 337 (35,800)
0
0
0
0
0
0
46,036 8,565 10,797 (35,800)
0 8,625 5,633 (35,800)
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
(7,125)
(7,125)
(7,125)
(7,125)
(42,714)
(31,697)
107,861
(169,314)
328,037
(36,884)
29,597
(21,543)
Accounts Payable Accrued Expenses Other Payables Mortgages Payable
36,334 41,830 (1,829) 0
64,458 25,859 (1,300) (11,458)
(135,734) 110,449 (1,433) (5,571)
185,452 36,480 (4,374) 15,448
117,385 (411,342) (2,739) 1,581
41,375 29,291 (793) 0
118,141 (51,145) (1,500) 12,262
24,714 (11,371) (2,763) 0
Cash Increase (Decrease) From Liab.
76,334
77,559
(32,289)
233,006
(295,115)
69,872
77,757
10,580
NET CASH FLOW CUMM. NET CASH FLOW
(7,597) 47,614
(12,219) 35,395
11,751 47,146
14,106 61,251
(14,231) 47,020
1,726 48,746
30,229 78,975
(20,355) 58,620
0
57,711 10,001 14,997 52,135
250,000
250,000
0 0 0 (2,951)
10,001 14,997 37,885 (2,951)
134,844 (2,951)
0 0 0 0 0
0 0 0 0 0
0 0 0 0
0 0 0 0
0
0
452,123 (229,950) (16,731) 12,262
0 0 0 0
(48,961) (32,963)
(37,901) (70,863)
(37,504) (108,367)
181,601 181,601
$700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $$(100,000) $(200,000)
Feb 2007
Mar 2007
Apr 2007
May 2007
Jun 2007
Row 59
Jul 2007
Aug 2007
Sep 2007
Oct 2007
Nov 2007
(234,419)
(167,633)
55210.94
$(300,000) Jan 2007
59,932 (229,950) (16,731) 12,262 0
217,704 0
(42,622) 15,998
12 Month Total
Dec 2007
Row 60
Units Sq. Ft. ### 384807 bayclub2 castlep cedar congress jackson lee rem ric parkside polo sat sweet trailapt vlgcrest walnut westo wind usacourt usawalcr
160 356 300 257 247 10 428 5 300 440 440 240 280 120 284 12 346 280 284
146,080 384,807 274,080 254,074 221,730 22,160 398,868 24,952 305,832 403,761 548,750 264,892 286,056 108,276 254,103 48,309 433,196 299,111 254,103
2,205,020
$/ Unit
W30:
administrator: assume insurance increases by 50%
W47:
administrator:
replacement reserve + reduction in tax escrow due to overage
USA Courtney Downs LeaseCo, LLC Budget Comparison Books = Accrual For the period ending August 31, 2007
Account Revenue Market Rent Loss / Gain to Lease
Gross Potential Rent Prepaid Homeowners Dues Residential Rent Vacancy Loss
MTD Actual
MTD Budget
$ Variance
294,410.00
349,860.00
19,711.00
0.00
314,121.00 0.00 0.00 (14,495.77)
349,860.00 0.00 0.00 (23,504.56)
(1,741.84)
(6,960.00)
0.00 0.00 (3,766.94) (1,980.00) 0.00 (1,780.80) 0.00 (1,160.00) (31,693.49)
0.00 0.00 (666.98) (1,625.00) 0.00 (2,050.00) 0.00 (900.00) (48,029.36)
0.00 0.00 0.00 0.00 $257,502.16
0.00 0.00 0.00 0.00 $266,124.10
Laundry Income Vending Income Covered Parking Income Late Charges & NSF Fees Month to Month Premium
0.00 0.00 0.00 1,926.00 711.94
0.00 68.00 0.00 1,650.00 200.00
Storage Fees Repair & Maintenance Fees Application Fees
1,045.45 0.00 2,169.90
960.00 0.00 950.00
Termination Fees & Damages Miscellaneous Income
2,725.00 676.23
1,000.00 1,160.00
Renters Insurance Interest Income Pet Rents & Fees
0.00 0.00 5,112.35
0.00 0.00 2,456.00
Tower Rent Asset Management Fee Parking Spaces Income Homeowners Assessments Garage Income Water/Sewer Income Cable/Telephone Income
0.00 0.00 0.00 0.00 6,617.66 0.00 0.00
0.00 0.00 0.00 0.00 6,650.00 0.00 1,006.00
0.00 0.00 600.00
0.00 0.00 90.00
0.00 0.00 0.00 3,050.00 5,228.45 1,325.00
0.00 0.00 0.00 3,200.00 3,330.00 300.00
0.00 475.41 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 425.00 (1,750.00) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Upfront Rent Concessions
Corporate Discount Delinquent Rent Adjustments & W/O Model Units Courtesy Officer Apt. Employee Apartment Housekeeping & Maintenance Fee Guest Suite Lease Term Concessions
Homeowner's Assn Dues Income Homeowner Dues Paid Model Units Lease Contract Difference Total Rental Income
HOA Contributions Developer Developer HOA Dues Forfeited Deposits Developer Contributions Interest Income Other Thunder Income Administration Fee Move-Out Charges 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
MTD Variance Comment
(55,450.00) Concessions are no longer being offered, market rents changed to reflect lower rents. 19,711.00 We have changed the budget to reflect lower market rents, this will continue to reduce over time as last years concessions deplete. (35,739.00) 0.00 0.00 9,008.79 Property closed out at a 2.8% vacancy, versus 6.1% budgeted. 5,218.16 Current specials are only offered on our two bedrooms and only with a look and lease do they receive $350.00 off first months rent. 0.00 0.00 (3,099.96) Variance due to three skips. (355.00) Current market rent on two units. 0.00 269.20 Fewer emloyees living on site. 0.00 (260.00) Market rent. No rentals this month. 16,335.87 We have been able to reduce the amount of concessions given off each month to meet market needs. We have also been renewing leases with fewer concessions. 0.00 0.00 0.00 0.00 $(8,621.94) 0.00 (68.00) 0.00 276.00 Aggressive collection efforts. 511.94 Had five more residents stay on the property month to month while building their houses. 85.45 0.00 1,219.90 50 actual application fees collected versus 18 budgeted for. 1,725.00 One break lease fee was collected. (483.77) Collected 16 credit card fees and 24 utility transfer fees. 0.00 0.00 2,656.35 11 non-refundable pet fee at $300.00 were collected as well as additional pet rents from new move ins. 0.00 0.00 0.00 0.00 (32.34) 0.00 (1,006.00) Did not receive revenue check this month. Will post in September. 0.00 0.00 510.00 Two NR pet fees. Mis coded, will recode in Sept. 0.00 0.00 0.00 (150.00) 1,898.45 Damages from 19 move outs. 1,025.00 10 residents are on short term leases, versus three budgeted. 0.00 50.41 1,750.00 No corporate units as anticipated. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
YTD Actual
YTD Budget
2,377,010.00
2,815,820.00
297,064.00
0.00
2,674,074.00 0.00 0.00 (179,676.69)
2,815,820.00 0.00 0.00 (213,519.37)
(24,726.95)
(50,025.00)
0.00 0.00 (11,654.04) (15,840.00) 0.00 (14,246.40) 0.00 (9,280.00) (461,260.86)
0.00 0.00 (5,130.02) (13,000.00) 0.00 (16,400.00) 0.00 (7,200.00) (463,669.23)
0.00 0.00 0.00 0.00 $1,957,389.06
0.00 0.00 0.00 0.00 $2,046,876.38
0.00 0.00 0.00 12,327.73 5,275.80
0.00 544.00 0.00 13,200.00 1,600.00
7,080.43 0.00 12,429.90
7,680.00 0.00 7,350.00
7,759.76 5,383.15
8,000.00 9,280.00
0.00 3,488.53 27,106.07
0.00 0.00 19,648.00
0.00 0.00 0.00 0.00 53,815.01 0.00 4,564.46
0.00 0.00 0.00 0.00 53,200.00 0.00 8,048.00
0.00 0.00 2,993.65
0.00 0.00 720.00
0.00 0.00 0.00 24,350.00 21,296.35 3,495.23
0.00 0.00 0.00 24,600.00 35,520.00 2,850.00
0.00 475.41 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 3,400.00 (14,000.00) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Income - Other Income - Condo Sales Total Other Income
0.00 0.00 31,663.39
0.00 0.00 21,695.00
0.00 0.00 9,968.39
0.00 0.00 191,841.48
0.00 0.00 181,640.00
$289,165.55
$287,819.10
$1,346.45
$2,149,230.54
$2,228,516.38
7,824.46
12,613.82
90,515.77
97,306.60
0.00 11,196.95 0.00 0.00 0.00 2,602.36 0.00 0.00 1,203.13
0.00 11,784.65 0.00 2,250.00 0.00 778.00 0.00 0.00 0.00
0.00 104,014.20 0.00 31,233.51 0.00 13,479.86 0.00 0.00 4,599.88
0.00 90,910.18 0.00 24,523.18 0.00 6,224.00 0.00 0.00 0.00
0.00 22,826.90
0.00 27,426.47
0.00 243,843.22
0.00 218,963.96
Office Operations & Supplies
441.26
1,000.00
5,237.86
8,000.00
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
672.36 125.83 91.22 0.00 0.00 0.00 0.00 253.98 0.00 0.00 0.00 0.00 503.38 0.00 2,088.03
1,100.00 100.00 170.00 0.00 0.00 90.00 0.00 115.00 0.00 25.00 25.00 570.00 650.00 0.00 3,845.00
5,662.71 723.49 1,701.91 0.00 0.00 897.82 0.00 3,271.91 0.00 385.44 0.00 2,993.00 4,414.15 0.00 25,288.29
8,800.00 800.00 1,360.00 0.00 0.00 720.00 0.00 920.00 0.00 200.00 200.00 4,410.00 5,200.00 0.00 30,610.00
Advertising & Promotions
4,990.48
2,600.00
29,557.44
26,100.00
Resident Promotions Locators
638.23 1,601.42
798.00 2,313.92
3,367.43 10,455.94
6,384.00 17,788.26
0.00 7,230.13
2,480.00 8,191.92
4,600.00 47,980.81
19,065.00 69,337.26
126.84
720.00
1,609.29
5,490.00
Total Revenue Expense Managers Salary
Salaries Maintenance Salary Salary - Administrative Commissions & Bonus Payroll Taxes Group Insurance Disability Insurance 401k Match Contract Labor Workers Comp Total Salary Expense
Resident Referrals Total Advertising Expense Paint & Drywall
4,789.36 Reflects final payroll plus payout of vacation time from Contravest. Includes June and July bonuses $6600, will re-code in Sept. Payroll is favorable YTD. 0.00 587.70 0.00 2,250.00 Bonuses paid in salaries. 0.00 (1,824.36) Final payroll and accrued vacation. 0.00 0.00 (1,203.13) Used temp labor to cover open position. 0.00 4,599.57 558.74 Less supplies needed for the office this month. 427.64 Reflects current services. (25.83) 78.78 0.00 0.00 90.00 0.00 (138.98) 0.00 25.00 25.00 570.00 Invoice not received prior to ACME. 146.62 0.00 1,756.97 (2,390.48) Includes advertising gifts, new flutter flags, human directional and full page advertising in South/East Denver mag. 159.77 712.50 Paid three locator palcements this month @ 50% fee. 2,480.00 No referrals were used this month. 961.79 593.16 Turns completed in house.
Contract Cleaning Svcs. Carpet Cleaning & Repairs
2,090.00 1,018.00
250.00 2,400.00
Window Coverings Vinyl & Tile Repairs Lock & Keys Counter & Tub Resurfacing
237.58 0.00 210.77 0.00
100.00 0.00 50.00 416.67
Other Redecorating Cleaning Supplies
0.00 506.52
25.00 133.33
4,189.71
4,095.00
260.50
700.00
104.05 212.06 45.32 0.00 477.73 0.00 0.00 406.12 424.09 0.00 0.00 0.00 167.08 0.00 0.00 0.00 2,096.95
100.00 140.00 150.00 0.00 450.00 0.00 160.00 450.00 75.00 25.00 0.00 0.00 175.00 0.00 0.00 0.00 2,425.00
Landscape & Grounds Trash Removal Pest Control
2,218.00 361.32 558.00
2,500.00 510.00 75.24
Security Patrols Window Cleaning Svc. Interior Cleaning Svc. Cable Television Snow Removal Total Service Expense
0.00 0.00 0.00 0.00 0.00 3,137.32
0.00 0.00 0.00 0.00 0.00 3,085.24
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 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 Asset Management Fees Investor Administration Fee Legal Fees
11,566.62 1,000.00 3,250.00 499.00
11,512.76 1,000.00 3,300.00 1,300.00
Accounting Fees Postage & Delivery Bank Charges Partnership Insurance Other Administrative Expenses Travel Expense Employee Activities Printing Computer Consulting Computer Expense Bank Charges Development Cost Total Admin. Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 16,315.62
0.00 0.00 9.58 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 17,122.34
2,518.57
3,340.00
Total Make Ready Expense General Maintenance & Supplies HVAC Parts & Repairs Plumbing Parts & Repairs Electric Parts & Repairs Roof & Gutter Repairs Pools & Fountains Gates & Entrances Glass & Screens Appliance Parts & Repairs Hardware Exterior Painting Uniforms Elevator Service & Repairs Security & Fire Systems Uninsured Losses Locks & Keys Bulbs & Ballasts Total Maintenance Expense
Expenses - CAM - Electric Expenses - CAM - Water/Sewer Expenses - CAM - Gas Expenses - CAM - Grounds Expenses - CAM - Trash Removal Expenses - CAM - Cleaning Svcs Expenses - CAM - Maintenance Expenses - CAM - Insurance Expenses - CAM - R/E Taxes Total CAM Expense
Electricity
(1,840.00) Due to budget error. 1,382.00 Five actual carpets cleaned this month.
21,240.00 11,941.00
2,000.00 18,300.00
(137.58) 0.00 (160.77) 416.67 No tubs and counters resurfaced this month. 25.00 (373.19) Extra supplies order for the move in gift bags. (94.71)
1,785.81 0.00 575.08 75.00
800.00 0.00 400.00 3,333.36
0.00 1,211.63
200.00 1,066.64
38,437.81
31,590.00
4,812.31
5,600.00
(4.05) (72.06) 104.68 0.00 (27.73) 0.00 160.00 43.88 (349.09) Replaced bi-fold doors for two units. 25.00 0.00 0.00 7.92 0.00 0.00 0.00 328.05
1,306.24 788.40 326.75 270.00 3,237.56 0.00 1,183.91 1,512.74 891.60 355.34 45.40 0.00 2,365.48 0.00 0.00 0.00 17,095.73
800.00 1,120.00 1,200.00 0.00 3,600.00 0.00 1,280.00 4,050.00 600.00 200.00 1,000.00 0.00 1,400.00 0.00 0.00 0.00 20,850.00
282.00 Monthly landscape services. 148.68 (482.76) Extra service calls for bee problem in unit #16305. 0.00 0.00 0.00 0.00 0.00 (52.08)
16,262.90 5,243.78 1,023.26
15,000.00 4,080.00 601.92
0.00 0.00 0.00 0.00 16,370.42 38,900.36
0.00 0.00 0.00 0.00 3,800.00 23,481.92
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
88,823.41 8,000.00 26,000.00 2,008.40
89,140.65 8,000.00 26,400.00 10,400.00
0.00 0.00 0.00 0.00 0.00 572.67 123.71 0.00 0.00 2,550.30 0.00 0.00 128,078.49
0.00 0.00 76.64 0.00 0.00 0.00 0.00 0.00 0.00 5,124.00 0.00 0.00 139,141.29
21,984.64
26,720.00
439.50 Minnimal supplies required this month.
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (53.86) 0.00 50.00 801.00 Six eviction fees filed, versus eight budgeted for. 0.00 0.00 9.58 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 806.72 821.43 Current usage is less than anticipated.
Electricity Gas - Resident Natural Gas Water & Sewer Water & Sewer - Resident Reimb Water - irrigation Electric - Tenant Reimbursement Trash Reimbursement Water - Tenant Reimbursement Utility -Vacant Electric Utility - Vacant Gas Tenant Reimbursement - Gas Total Utility Expense Management Fees Management Fees-MRLL Property Legal Fees Credit Card Fees Bank Charges Bank Adjustments Other Professional Fees Late Charges HOA Assessment Fees Contributions Fiduciary Fees Custodial Fees Thunder Expense Accounting Fees Total Management Expense
0.00 (498.56)
0.00 2,565.00
8,793.35 (12,470.77)
8,965.00 (6,275.50)
4,533.32
6,000.00
0.00 (2,497.60) 0.00 1,192.43 0.00 0.00 1,570.74
0.00 (2,011.00) 0.00 677.94 451.96 0.00 13,713.40
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Property Taxes Franchise Tax Insurance Tax Consultants MIP Total Taxes & Insurance Total Operating Expenses NET OPERATING INCOME
28,800.00 0.00 5,632.95 0.00 0.00 34,432.95 93,888.35 195,277.20
27,616.50 0.00 5,073.00 49.88 0.00 32,739.38 112,643.75 175,175.35
Base Rent - Interest Payment Base Rent - Principal Payment Stated Rent Office Rent Total Rent Expense
106,586.67 0.00 86,666.71 0.00 193,253.38
106,586.67 0.00 86,666.67 0.00 193,253.34
0.00 0.00 0.00 0.00 0.00
0.00 3,063.56 The prior month accrual was $800 more than the actual cost. 171.65 6,195.27 Increased water rate and now billing back eligible water fees that were not billed. 1,466.68 Actual was $8000 accrual reversed was $4000. 0.00 486.60 0.00 (514.49) Based on actual expense. 451.96 Invoice not received prior to ACME. 0.00 12,142.66
0.00 20,520.00
104,845.43 (70,971.74)
71,720.00 (50,204.00)
16,356.74
18,000.00
0.00 (19,001.57) 0.00 9,264.32 4,560.35 0.00 81,282.17
0.00 (16,088.00) 0.00 6,158.52 4,105.68 0.00 80,932.20
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
227,602.26 0.00 78,040.61 600.00 0.00 306,242.87 927,149.75 1,222,080.79
220,932.00 0.00 40,584.00 399.04 0.00 261,915.04 876,821.67 1,351,694.71
0.00 0.00 (0.04) 0.00 (0.04)
852,693.36 0.00 693,333.68 0.00 1,546,027.04
852,693.36 0.00 693,333.36 0.00 1,546,026.72
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 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 225.46 47.41 0.00 0.00 0.00 0.00 0.00 272.87
170.00 170.00 75.00 0.00 0.00 0.00 0.00 0.00 0.00 415.00
170.00 170.00 (150.46) (47.41) 0.00 0.00 0.00 0.00 0.00 142.13
0.00 365.00 507.86 454.82 0.00 0.00 0.00 0.00 0.00 1,327.68
1,360.00 1,360.00 600.00 0.00 0.00 0.00 0.00 0.00 0.00 3,320.00
Exterior Rehab Interior Rehab HVAC Replacement Carpet & Floor Replacement
0.00 0.00 0.00 4,351.47
0.00 0.00 0.00 4,900.00
0.00 0.00 0.00 43,208.30
18,946.00 3,250.00 0.00 39,200.00
Refrigerators Dishwashers & Ranges Washers / Dryers Fire Alarm Replacement Other Capital Improvements
641.96 0.00 0.00 0.00 6,150.00
0.00 0.00 0.00 0.00 0.00
1,227.02 0.00 0.00 0.00 12,012.26
600.00 0.00 0.00 0.00 3,713.00
0.00 0.00 11,143.43
0.00 0.00 4,900.00
0.00 0.00 56,447.58
0.00 0.00 65,709.00
Mortgage Interest Loan Fees Interest Expense Interest Expense Total Debt Service Partnership Legal Fees Partnership Accounting Fees Partnership Travel Partnership - Meals Partnership Fees - Other Partnership Expense Due Diligence Cost Dead Deal Cost Partnership Exp- Leaseup Costs Total Partnership Expense
Boiler Replacement Roof Replacement Total Capital Expenses
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 14,244.00
(1,183.50) Reflects current tax rate. 0.00 (559.95) Includes pollution policy 49.88 0.00 (1,693.57) 18,755.40 20,101.85
0.00 0.00 0.00 548.53 Replaced six carpets and budgeted to replace seven. (641.96) Replaced one refrigerator. 0.00 0.00 0.00 (6,150.00) Filling of cracks in the parking lot $2920 and repair of the landings in bld two and six $2800. 0.00 0.00 (6,243.43)
Casualty Losses Casualty Recovery Total Casualty Loss NET INCOME (LOSS)
0.00 0.00 0.00 (9,392.48)
0.00 0.00 0.00 (23,392.99)
0.00 0.00 0.00 14,000.51
0.00 0.00 0.00 (381,721.51)
0.00 0.00 0.00 (263,361.01)
Rental Guarantee
0.00 (9,392.48)
0.00 (23,392.99)
0.00 14,000.51
4,054.35 (377,667.16)
0.00 (263,361.01)
$ Variance
Annual Budget
YTD Variance Comment
(438,810.00)
4,209,210.00
Filter 0.01 ###
297,064.00
0.00
###
(141,746.00) 0.00 0.00 33,842.68
4,209,210.00 0.00 0.00 (325,479.64)
### 0.00 0.00 ###
25,298.05
(59,160.00)
###
0.00 0.00 (6,524.02) (2,840.00) 0.00 2,153.60 0.00 (2,080.00) 2,408.37
0.00 0.00 (7,841.82) (19,500.00) 0.00 (24,600.00) 0.00 (10,800.00) (632,942.99)
0.00 0.00 ### ### 0.00 ### 0.00 ### ###
0.00 0.00 0.00 0.00 $(89,487.32)
0.00 0.00 0.00 0.00 $3,128,885.55
0.00 (544.00) 0.00 (872.27) 3,675.80
0.00 816.00 0.00 19,800.00 2,400.00
0.00 0.00 0.00 0.00 ### 1.00 0.00 612.00 0.00 ### 7,787.74
(599.57) 0.00 5,079.90
11,520.00 0.00 10,250.00
### 0.00 ###
(240.24) (3,896.85)
12,000.00 13,920.00
### ###
0.00 3,488.53 7,458.07
0.00 0.00 29,472.00
0.00 3,488.53 ###
0.00 0.00 0.00 0.00 615.01 0.00 (3,483.54)
0.00 0.00 0.00 0.00 79,800.00 0.00 12,072.00
0.00 0.00 0.00 0.00 ### 0.00 ###
0.00 0.00 2,273.65
0.00 0.00 1,080.00
0.00 0.00 4,403.65
0.00 0.00 0.00 (250.00) (14,223.65) 645.23
0.00 0.00 0.00 33,800.00 48,840.00 3,600.00
0.00 0.00 0.00 ### ### 7,970.23
0.00 (2,924.59) 14,000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 5,100.00 (21,000.00) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 4,775.82 ### 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 10,201.48
0.00 0.00 263,470.00
$(79,285.84)
$3,392,355.55
6,790.83
147,761.88
0.00 0.00 ### 1.00 ### 1.00 1.00 ###
0.00 (13,104.02) 0.00 (6,710.33) 0.00 (7,255.86) 0.00 0.00 (4,599.88)
0.00 138,048.78 0.00 39,026.28 0.00 9,336.00 0.00 0.00 0.00
0.00 ### 0.00 ### 0.00 ### 0.00 0.00 5,803.01
0.00 (24,879.26)
0.00 334,172.94
2,762.14
12,000.00
0.00 ### 1.00 ###
3,137.29 76.51 (341.91) 0.00 0.00 (177.82) 0.00 (2,351.91) 0.00 (185.44) 200.00 1,417.00 785.85 0.00 5,321.71
13,200.00 1,200.00 2,040.00 0.00 0.00 1,080.00 0.00 1,380.00 0.00 300.00 300.00 6,150.00 7,800.00 0.00 45,450.00
(3,457.44)
36,900.00
### 1,749.32 3,323.13 0.00 0.00 1,707.82 0.00 4,560.89 0.00 610.44 225.00 7,973.00 ### 0.00 ### 1.00 ###
3,016.57 7,332.32
9,576.00 24,440.78
### ###
14,465.00 21,356.45
26,195.00 97,111.78
3,880.71
7,852.50
### ### 1.00 7,946.13
(19,240.00) 6,359.00
3,000.00 26,175.00
### ###
(985.81) 0.00 (175.08) 3,258.36
1,200.00 0.00 600.00 5,000.04
2,923.39 0.00 1,235.85 3,825.03
200.00 (144.99)
300.00 1,599.96
225.00 2,918.12
(6,847.81)
45,727.50
787.69
8,400.00
### 1.00 ###
(506.24) 331.60 873.25 (270.00) 362.44 0.00 96.09 2,537.26 (291.60) (155.34) 954.60 0.00 (965.48) 0.00 0.00 0.00 3,754.27
1,200.00 5,055.00 1,800.00 0.00 5,400.00 0.00 1,920.00 5,850.00 900.00 300.00 2,000.00 0.00 10,395.00 0.00 0.00 0.00 43,220.00
(1,262.90) (1,163.78) (421.34)
30,000.00 6,120.00 902.88
0.00 0.00 0.00 0.00 (12,570.42) (15,418.44)
0.00 0.00 0.00 0.00 5,850.00 42,872.88
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
317.24 0.00 400.00 8,391.60
135,694.22 12,000.00 39,600.00 15,600.00
0.00 0.00 76.64 0.00 0.00 (572.67) (123.71) 0.00 0.00 2,573.70 0.00 0.00 11,062.80
0.00 0.00 114.96 0.00 0.00 0.00 0.00 0.00 0.00 5,124.00 0.00 0.00 208,133.18
4,735.36
40,080.00
2,310.29 2,260.46 1,722.07 270.00 7,765.29 0.00 2,623.91 6,418.86 1,990.69 580.34 1,045.40 0.00 4,107.56 0.00 0.00 0.00 ### 1.00 ### ### 2,258.42 0.00 0.00 0.00 0.00 ### ### 1.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ### ### ### ### 0.00 0.00 86.22 0.00 0.00 572.67 123.71 0.00 0.00 7,674.30 0.00 0.00 ### 1.00 ###
0.00 6,276.00
0.00 30,780.00
0.00 ###
(33,125.43) 20,767.74
107,580.00 (75,306.00)
### ###
1,643.26
23,500.00
###
0.00 2,913.57 0.00 (3,105.80) (454.67) 0.00 (349.97)
0.00 (24,132.00) 0.00 9,387.78 6,258.52 0.00 118,148.30
(6,670.26) 0.00 (37,456.61) (200.96) 0.00 (44,327.83) (50,328.08) (129,613.92)
331,398.00 0.00 60,876.00 598.56 0.00 392,872.56 1,327,709.14 2,064,646.41
0.00 0.00 (0.32) 0.00 (0.32)
1,279,040.04 0.00 1,040,000.04 0.00 2,319,040.08
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
1,360.00 995.00 92.14 (454.82) 0.00 0.00 0.00 0.00 0.00 1,992.32
2,040.00 2,040.00 900.00 0.00 0.00 0.00 0.00 0.00 0.00 4,980.00
18,946.00 3,250.00 0.00 (4,008.30)
18,946.00 3,250.00 0.00 58,800.00
0.00 ### 0.00 ### ### 0.00 ### 1.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ### 0.00 ### 1,048.92 0.00 ### ### ### 1.00 ### 0.00 ### 0.00 ### 1.00 0.00 0.00 0.00 0.00 0.00 0.00 1,530.00 1,895.00 1,408.32 502.23 0.00 0.00 0.00 0.00 0.00 5,335.55 1.00 ### 3,250.00 0.00 ###
(627.02) 0.00 0.00 0.00 (8,299.26)
600.00 0.00 0.00 0.00 3,713.00
2,468.98 0.00 0.00 0.00 ###
0.00 0.00 9,261.42
0.00 0.00 85,309.00
0.00 0.00 ###
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 (118,360.50)
0.00 0.00 0.00 (344,682.67)
4,054.35 (114,306.15)
0.00 (344,682.67)
1.00 0.00 0.00 0.00 ### 1.00 4,054.35 1.00
Courtney Downs Apartments Aug-07 LEASING & OCCUPANCY NUMBER OF MOVE INS: NUMBER OF MOVE OUTS: NET FOR THE MONTH:
24 28 -4
OCCUPIED/LEASED %:
97.2%, 98.1%
SOURCE OF TRAFFIC: APTGUIDE.COM APARTMENT GUIDE YELLOW PAGES OTHER. NET BLUE BOOK RENT.NET LIVES IN AREA RESIDENT REFERRAL LOCATORS RENT.COM WALK-IN SIGNAGE WORD OF MOUTH TOTALS CLOSING RATIO:
INCOME THIS MONTH: INCOME LAST MONTH: DIFFERENCE:
$289,165.55 $281,080.63 $8,084.92
TOTAL # GARAGES # GARAGES OCCUPIED GARAGES OCCUPIED %
120 115 96%
REASONS WHY PROSPECTS DID NOT LEASE: Traffic 0 6 0 0 22 0 21 5 7 5 9 3 0
Leased 0 1 0 0 11 0 9 2 0 0 0 3 0
78
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 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 * Took brochures to Regal Entertainment for preferred employer program. * Took flyers and brochures to Sky Ridge Human Resources for new employees to the area. * Took flyers to Parker Adventist Hospital. * Took locators lunch and new prices for the month. * Updated all internet ads with new pricing and specials for the month of April . * Brochures and lunch were taken to Direct TV Human Resources. * Met with Metro Brokers sales team with options of temporary housing for new home buyers. * Dropped off cookie basket and brochures to Nextel. * Dropped off doughnuts and brochures to Marriott extended stay hotels. * Took cookie and candy bag with flyer's to Ryland Homes team. * Took cookie bag and brochures to Ford dealership. * Took cookie and candy bag to Richmond homes. OVERVIEW OF COMPARABLE PROPERTIES: The surrounding comps are still offering discounted rents on selected units. This translates into one bedroom effective rents of $710, two bedrooms at $825and three bedrooms starting at $900. Look and leases are being locked in with $250 to $500 off 1st rent on a 12 to 13 month lease. RESIDENT RETENTION: We had 32 leases expiring in the month of August. Five are moving due to purchasing a home and/or condo, four are moving due to relocating, three is loosing their roommate, three due to price increase, one is moving closer to work. four were skips, two went on month to month, one transfers on site. Overall we had 9 renewals with an average increase of $36.66 per renewal. INCIDENTS ON THE PROPERTY: N/A
6 7 10 8 5 3 9 0 4 0 0 0 0 0 52
MAINTENANCE:
ROUTINE REPLACEMENTS:
MARKET READY UNITS COMPLETE PAINTS TOUCH UPS WORK ORDERS Pending Misc 0 Electrical 0 Punch 0 HVAC 0 Plumbing Property Ext. Appliances Safety Total ROOF LEAKS
0 0 0 0 0
Completed 35 17 27 9
Number of: 27 12 15 134 0 35 17 27 9
32 0 10 4 134
PLUMBING LEAKS
32 0 10 4 134 0
0
CAPITAL IMPROVEMENTS IN PROGRESS: N/A
PROBLEM AREAS NEEDING ATTENTION: Getting bids for curb repairs. Pulling out summer flowers and putting mulch or rock in.
CURRENT STAFF: Manager Assistant Manager Leasing Consultant Leasing Consultant Maintenance Supervisor Assistant Maintenance Maintenance/ Grounds
Nancy Howland Wendy Gillan Carrie McMillan Summer Wahrman Gabriel Tellez Russell Briley Jorge Chavez and Jorge Bernal
ACCOMPLISHMENTS FOR THE MONTH: Replaced hot tub motor. Had parking lot cracks filled. Pool water changed out.
REFRIGERATORS DISHWASHERS WINDOWS A/C COMPRESSORS CONDENSING UNITS WATER HEATERS ICE MAKERS GARBAGE DISPOSALS MICROWAVES CARPETS CEILING FANS TOILETS A/C FAN MOTORS COUNTER TOPS CABINETS RESURFACED KITCHEN
BLINDS TUBS RESURFACED TUB TILES
Number Replaced 0 0 2 0 0 0 0 0 0 7 0 0 0 0 0
31 0 0
Apt. #
2103-1, 3201-1.
13108, 7110, 12212, 10102, 2103, 9209, 10101.
12302-2, 2101-3, 2205-1, 2212-1, 7110-2, 9109-2, 9310-1, 10112-3, 12212-1, 19302-1, 6311-1, 9209-2, 13208-1, 10101-2, 10310-2, 73021, 10102-3, 16106-2.
Courtney Downs RENTAL SCHEDULE
August 2007
UNIT TYPE A1 A1V A2 B1 B1V C C1 C1V CV D DV E EV TOTAL
1BR 1BR 1BR 2BR 2BR 2BR 2BR 2BR 2BR 2BR 2BR 3BR 3BR
#UNITS
SIZE
40 32 18 24 32 42 44 22 24 16 20 24 4
704 704 910 808 808 977 1,030 1,030 977 1,030 1,030 1,140 1,140
TOTAL S/F 28,160 22,528 16,380 19,392 25,856 41,034 45,320 22,660 23,448 16,480 20,600 27,360 4,560
342
917
313,778
MKT RENT PER UNIT 725 725 850 750 760 875 900 925 875 925 925 1160 1160 $870
MKT RENT MONTHLY PER S/F GROSS 1.03 $29,000 1.22 $27,520 1.03 $15,300 1.11 $18,000 1.14 $24,320 1.16 $36,750 1.12 $39,600 1.15 $20,350 1.18 $21,000 0.90 $14,800 0.90 $18,500 1.02 $27,840 1.02 $4,640 $0.95
$297,620
ANNUAL GROSS $348,000 $330,240 $183,600 $216,000 $291,840 $441,000 $475,200 $244,200 $252,000 $177,600 $222,000 $334,080 $55,680 $3,571,440
EFFECTIVE CONCESSION RENTS* 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
CONCESSION PER UNIT
$* Net of Concessions
EFFECTIVE PER S/F
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Vacants
Vacants Leased
Notice
Notice Leased
Net Available
$$$$$$$$$$$-
0 0 1 0 0 0 3 0 0 0 0 2 0
3 0 0 3 0 1 1 0 0 1 0 1 0
7 0 3 8 0 11 0 0 0 2 0 4 0
0 0 0 0 0 2 4 0 0 1 0 2 0
3 0 2 4 0 3 3 0 0 3 0 5 0
$-
6
10
35
9
23
EFFECTIVE MONTHLY GROSS $-
MARKET SURVEY Courtney Downs August-07 Apartment Name
Address Phone Location # of units Age of Property Application Fee Credit Card Pets Allowed Pet Deposit Sec. Deposit W/D included Covered Parking Garage Cable Tennis Courts # of pools Weight Room Jacuzzi Ceiling Fans Microwaves Mini Blinds FF Freezer Icemakers Fireplaces Access Gates Alarm in Unit Door to Door Aerobics/Kick Box Movie Room Computer Library Indoor Basketball Water Charge
Courtney Downs
Coyote Ranch
15849 E. Jamison Dr16363 E Freemont Ave 720-870-6114 303-693-8787 Englewood, Co Aurora, Co 342 507 5 5 $50.00 $35.00 yes yes yes yes 300 n/r 300-600 150 275-325 Yes yes no yes Detached yes Yes yes no no 1 1 yes yes yes 1 yes yes yes yes yes yes yes yes yes yes yes no no yes Prewired no no no no no no yes yes yes no no yes no
Windsor @ Meridian
Pinnacle @ the Creek
Dove Valley
9875 Jefferson Pkwy 303-256-7700 Englewood, Co 80112 653 7 $40.00 yes yes 150-300 300 Only In Select Units yes yes yes no 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
6107 S Parker Rd 303-766-2500 Centennial, Co 216 4 $35.00 no yes $100 $300 Only Select Units yes yes yes no 1 yes 1 yes yes yes yes yes yes no yes no no yes yes no yes
7550 S Blackhawk 303-362-2000 Englewood, Co 80112 312 6 $40.00 yes yes 300-500 $100.00 no no yes yes yes 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
Cherrywood Village
16950 E Carlson Dr 303-805-7200 Parker, Co 80134 360 6 $35.00 no yes $400-500 $200-300 yes no yes yes yes 2 yes 2 yes yes yes yes yes yes yes no no no yes yes no yes
Reserve @ South Creek
15611 E Jamison Dr 303-680-6696 Englewood, Co 80112 168 6 $40.00 yes yes 300 100 no no yes yes yes 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
MARKET SURVEY Courtney Downs August-07
(Concessions reduced rates) PROPERTY:
Courtney Downs Apt PRICE
Efficiency Efficiency 1B1B (A) 1B1B (B) 1B1B w/study 1B 1B 1B w/loft 1B1B w/study 2B2B (E) 2B2B (F) 2B2B (G) 2B2B (H) 2B2B 2B w/study 2B2B TH 2B2B TH 3B2B 3B2B
% occ /leased Avg PSF Avg Rents Units(Total / Avail)
SIZE
Coyote Ranch
PSF
PRICE
SIZE
Windsor at Meridian
PSF
710 900
779 853
PRICE
0.91 1.06
SIZE
Pinnacle @ the Creek
PSF
PRICE
SIZE
Dove Valley
PSF
PRICE
SIZE
PSF
725 850
704 808
1.03 1.05
680 740
627 701
1.08 1.06
713 688
685 705
1.04 1.02
720 730
768 842
750
910
0.82
840
811
0.91
739
760
1.03
895
992
820 920
956 1044
0.86 0.88
900
1051
975
1120
0.86 0.87
875
977
0.90
950
1105
0.86
900 925
1030 1030
0.87 0.90
1015
1192
0.85
1060 1090
1196 1180
0.89 0.92
1,160
1140
1.02
1270 1340
1398 1398
0.91 0.91
1320
1330
0.99
97 1 884 342
98.51%
0
0% 0.95
91% 0.94
6
98.2 1114 507
100.7
98% 0.92
0
Special: look and lease special $150 security deposit waived and $350 off first months rent only on Special: Reduced pricing Rates steepelchases and arlingtons. for all floor plans. reflect these rates: specials:
Ren: $75 to $100 increase.
Ren.: 11% increase on all renewals.
994 653
Will not give out any information.
Ren: Info not avail per corporate
1100
1230
94.1
95.00%
808 216
9
0.89
94% 0.95
PRICE
0.94 0.87
Cherrywood Village SIZE PSF
690 708
707 796
1040
916
Reserve@South Creek SIZE PSF
PRICE
0.98
689 729
763 763
0.90 1.05
885
1115
0.79
900
1033
0.87
813
1037
0.78
970
1220
0.80
965
1093
0.88
840
1037
1.23
1100
1356
0.81
1290 1305
1235 1235
1.04 1.04
897 1134
1257 1257
93.7 883 312
91
93% 0.84
13
93.7 1131 360
95
22
94% 0.96 0
93.2 995 168
95
0.71 1.10
98% 0.96
4
Special:waive security deposit.
Special: $500.00 off 1st month rent look and lease Special: All of September special. free, Look and Lease.
Special: $500 off the 1st months rent.
Ren:Per corporate
Ren: $15 to $30 increas for 12 month lease
Ren: Free carpet cleaning with 12mo.
Ren: Average $45 to $75 increase.
ASSETS Cash Operating Cash Money Market Total Cash
58,620.11 0.00 $58,620.11
OTHER ASSETS Accounts Receivable Prepaid Expenses Tax Escrow Replacement Reserves Capital / Repair Escrow Total Other Assets
(240.17) 22,531.85 140,912.10 69,743.58 200,000.00 432,947.36
Total ASSETS
491,567.47
LIABILITIES & CAPITAL LIABILITIES Accounts Payable - Trade Other Accounts Payable Accrued Taxes Prepaid Rent Security Deposits Notes Payable Total Liabilities
171,260.28 705,285.05 227,602.26 22,973.93 40,980.13 11,933.20 1,180,034.85
CAPITAL Owners Equity Retained Earnings Total Capital Total LIABILITIES & CAPITAL
100.00 (688,567.38) (688,467.38) 491,567.47
USA Courtney Downs LeaseCo, LLC Cash Flow (Actual + Budget) Books = Accrual For the 12 Months Ending Dec 2007 Jan 2007 Actual
Account
Feb 2007 Actual
Mar 2007 Actual
Apr 2007 Actual
May 2007 Actual
Jun 2007 Actual
Jul 2007 Actual
Aug 2007 Actual
Sep 2007 Budget
Oct 2007 Budget
Nov 2007 Budget
Dec 2007 Budget
12 Month Total
342
$/ Sq. Ft. 313,778
3,958,918 (226,656) (673,464) (76,566) 2,982,232
11,575.78 (662.74) (1,969.19) (223.88) 8,719.98
12.62 (0.72) (2.15) (0.24) 9.50
364,160 (43,000) (80,000) (6,085) 235,075
20,195 273,775
273,671 3,255,904
800.21 9,520.19
0.87 10.38
30,347 3,665 6,394 2,828 2,425 1,835 17,301 8,051 32,739
359,052 40,128 75,755 52,575 39,466 58,291 197,070 118,470 437,200
1,049.86 117.33 221.51 153.73 115.40 170.44 576.23 346.40 1,278.36
1.14 0.13 0.24 0.17 0.13 0.19 0.63 0.38 1.39
108,332 167,793
105,585 168,189
1,378,009 1,877,895
4,029.27 5,490.92
4.39 5.98
193,253 415 4,900
193,253 415 4,900
2,319,040 2,988 76,048
6,780.82 8.74 222.36
7.39 0.01 0.24
(30,776)
(30,379)
(1,521.00)
(1.66)
Revenue Gross Potential Rent - Vacancy - Concessions & Disc. - Other Write-offs & Adj. Total Rental Income
352,560 (34,193) (77,240) (5,251) 235,876
345,950 (31,453) (77,177) (7,154) 230,165
343,190 (33,657) (74,811) (5,738) 228,984
338,114 (26,399) (68,736) (5,449) 237,529
331,407 (19,217) (56,781) (6,551) 248,858
327,521 (11,745) (52,476) (6,386) 256,914
321,211 (8,517) (45,332) (5,803) 261,560
314,121 (14,496) (33,435) (8,688) 257,502
321,211 (11,745) (44,000) (6,386) 259,080
321,211 (11,745) (46,476) (6,386) 256,604
321,211 (11,745) (47,500) (6,386) 255,580
321,211 (11,745) (49,500) (6,386) 253,580
Other Income Total Revenue
27,580 263,457
21,616 251,781
22,944 251,928
22,832 260,361
23,203 272,061
22,482 279,396
19,521 281,081
31,663 289,166
20,545 279,625
20,545 277,149
20,545 276,125
33,611 2,710 6,159 3,805 2,027 6,403 15,368 9,370 37,910
20,391 2,821 5,921 2,722 1,541 10,329 15,798 15,941 33,542
30,933 2,230 9,117 3,636 2,485 1,917 15,451 12,794 33,143
32,195 3,652 4,298 6,647 2,639 3,299 15,440 6,685 33,465
31,382 3,228 6,292 4,645 1,612 5,923 14,701 9,354 34,552
31,663 3,040 4,400 6,951 1,405 4,883 16,179 12,548 34,243
40,842 5,519 4,564 5,843 3,289 3,010 18,825 12,990 64,955
22,827 2,088 7,230 4,190 2,097 3,137 16,316 1,571 34,433
30,872 3,725 7,393 3,803 2,425 5,585 17,235 12,776 32,739
26,976 3,725 6,993 3,705 15,095 5,585 17,209 8,388 32,739
27,014 3,725 6,993 3,803 2,425 6,385 17,247 8,001 32,739
Total Operating Exp. Net Operating Income
117,362 146,094
109,007 142,774
111,705 140,223
108,319 152,043
111,690 160,371
115,314 164,082
159,837 121,244
93,888 195,277
116,553 163,072
120,416 156,732
Rent Expense Partnership Expense Capital Expense
193,253 0 1,601
193,253 0 4,113
193,253 0 10,791
193,253 0 8,376
193,253 365 13,906
193,253 0 2,091
193,253 690 4,426
193,253 273 11,143
193,253 415 4,900
193,253 415 4,900
Cash Flow Frm Operations
(48,760)
(54,592)
(63,822)
(49,586)
(47,153)
(31,262)
(77,125)
(35,497)
(41,836)
Operating Expenses Salary Expense Operating Expense Advertising Expense Make Ready Expense Maintenance Expense Service Expense Administrative Expense Utility Expense Taxes & Insurance
(9,392)
$/ Unit
(520,181)
Dec 2006 Reforecast
342
$/ Sq. Ft. 313,778
4,977,088 (293,809) (852,435) (95,647) 3,735,197
14,552.89 (859.09) (2,492.50) (279.67) 10,921.63
15.86 (0.94) (2.72) (0.30) 11.90
19,000 254,075
334,213 4,069,409
977.23 11,898.86
1.07 12.97
37,759 3,030 6,885 7,500 2,295 2,395 14,969 10,900 0 37,237
455,223 50,666 96,250 66,859 46,726 69,077 247,165 145,769 438,480 37,237
1,331.06 148.15 281.43 195.49 136.63 201.98 722.70 426.22 1,282.11 108.88
1.45 0.16 0.31 0.21 0.15 0.22 0.79 0.46 1.40 0.12
122,970 131,106
1,653,451 2,415,958
4,834.65 7,064.20
5.27 7.70
193,254 0 3,300
197,080 86,070 3,300
576.26 251.67 9.65
0.63 0.27 0.01
2,129,507
6,226.63
6.79
(65,449) Rental Guarantees
7,543
(3,489)
Balance Sheet Adjustments Cash - Non Operating Accounts Accounts Receivable Prepaid Assets Escrow Deposits
0 (4,571) (7,749) (30,394)
0 (717) 3,588 (34,568)
Cash Increase (Decreae) From Assets
0
0
4,562 131,540 6,328 (34,568)
4,374 (134,406) (4,460) (34,822)
0
0
2,739 2,387 523 322,388
0 (1,420) 337 (35,800)
0
0
0
0
0
0
46,036 8,565 10,797 (35,800)
0 8,625 5,633 (35,800)
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
(7,125)
(7,125)
(7,125)
(7,125)
(42,714)
(31,697)
107,861
(169,314)
328,037
(36,884)
29,597
(21,543)
Accounts Payable Accrued Expenses Other Payables Mortgages Payable
36,334 41,830 (1,829) 0
64,458 25,859 (1,300) (11,458)
(135,734) 110,449 (1,433) (5,571)
185,452 36,480 (4,374) 15,448
117,385 (411,342) (2,739) 1,581
41,375 29,291 (793) 0
118,141 (51,145) (1,500) 12,262
24,714 (11,371) (2,763) 0
Cash Increase (Decrease) From Liab.
76,334
77,559
(32,289)
233,006
(295,115)
69,872
77,757
10,580
NET CASH FLOW CUMM. NET CASH FLOW
(7,597) 47,614
(12,219) 35,395
11,751 47,146
14,106 61,251
(14,231) 47,020
1,726 48,746
30,229 78,975
(20,355) 58,620
0
57,711 10,001 14,997 52,135
250,000
250,000
0 0 0 (2,951)
10,001 14,997 37,885 (2,951)
134,844 (2,951)
0 0 0 0 0
0 0 0 0 0
0 0 0 0
0 0 0 0
0
0
452,123 (229,950) (16,731) 12,262
0 0 0 0
(48,961) (32,963)
(37,901) (70,863)
(37,504) (108,367)
181,601 181,601
$700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $$(100,000) $(200,000)
Feb 2007
Mar 2007
Apr 2007
May 2007
Jun 2007
Row 59
Jul 2007
Aug 2007
Sep 2007
Oct 2007
Nov 2007
(234,419)
(167,633)
55210.94
$(300,000) Jan 2007
59,932 (229,950) (16,731) 12,262 0
217,704 0
(42,622) 15,998
12 Month Total
Dec 2007
Row 60
Units Sq. Ft. ### 384807 bayclub2 castlep cedar congress jackson lee rem ric parkside polo sat sweet trailapt vlgcrest walnut westo wind usacourt usawalcr
160 356 300 257 247 10 428 5 300 440 440 240 280 120 284 12 346 280 284
146,080 384,807 274,080 254,074 221,730 22,160 398,868 24,952 305,832 403,761 548,750 264,892 286,056 108,276 254,103 48,309 433,196 299,111 254,103
2,205,020
$/ Unit
W30:
administrator: assume insurance increases by 50%
W47:
administrator:
replacement reserve + reduction in tax escrow due to overage
USA Courtney Downs LeaseCo, LLC Budget Comparison Books = Accrual For the period ending August 31, 2007
Account Revenue Market Rent Loss / Gain to Lease
Gross Potential Rent Prepaid Homeowners Dues Residential Rent Vacancy Loss
MTD Actual
MTD Budget
$ Variance
294,410.00
349,860.00
19,711.00
0.00
314,121.00 0.00 0.00 (14,495.77)
349,860.00 0.00 0.00 (23,504.56)
(1,741.84)
(6,960.00)
0.00 0.00 (3,766.94) (1,980.00) 0.00 (1,780.80) 0.00 (1,160.00) (31,693.49)
0.00 0.00 (666.98) (1,625.00) 0.00 (2,050.00) 0.00 (900.00) (48,029.36)
0.00 0.00 0.00 0.00 $257,502.16
0.00 0.00 0.00 0.00 $266,124.10
Laundry Income Vending Income Covered Parking Income Late Charges & NSF Fees Month to Month Premium
0.00 0.00 0.00 1,926.00 711.94
0.00 68.00 0.00 1,650.00 200.00
Storage Fees Repair & Maintenance Fees Application Fees
1,045.45 0.00 2,169.90
960.00 0.00 950.00
Termination Fees & Damages Miscellaneous Income
2,725.00 676.23
1,000.00 1,160.00
Renters Insurance Interest Income Pet Rents & Fees
0.00 0.00 5,112.35
0.00 0.00 2,456.00
Tower Rent Asset Management Fee Parking Spaces Income Homeowners Assessments Garage Income Water/Sewer Income Cable/Telephone Income
0.00 0.00 0.00 0.00 6,617.66 0.00 0.00
0.00 0.00 0.00 0.00 6,650.00 0.00 1,006.00
0.00 0.00 600.00
0.00 0.00 90.00
0.00 0.00 0.00 3,050.00 5,228.45 1,325.00
0.00 0.00 0.00 3,200.00 3,330.00 300.00
0.00 475.41 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 425.00 (1,750.00) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Upfront Rent Concessions
Corporate Discount Delinquent Rent Adjustments & W/O Model Units Courtesy Officer Apt. Employee Apartment Housekeeping & Maintenance Fee Guest Suite Lease Term Concessions
Homeowner's Assn Dues Income Homeowner Dues Paid Model Units Lease Contract Difference Total Rental Income
HOA Contributions Developer Developer HOA Dues Forfeited Deposits Developer Contributions Interest Income Other Thunder Income Administration Fee Move-Out Charges 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
MTD Variance Comment
(55,450.00) Concessions are no longer being offered, market rents changed to reflect lower rents. 19,711.00 We have changed the budget to reflect lower market rents, this will continue to reduce over time as last years concessions deplete. (35,739.00) 0.00 0.00 9,008.79 Property closed out at a 2.8% vacancy, versus 6.1% budgeted. 5,218.16 Current specials are only offered on our two bedrooms and only with a look and lease do they receive $350.00 off first months rent. 0.00 0.00 (3,099.96) Variance due to three skips. (355.00) Current market rent on two units. 0.00 269.20 Fewer emloyees living on site. 0.00 (260.00) Market rent. No rentals this month. 16,335.87 We have been able to reduce the amount of concessions given off each month to meet market needs. We have also been renewing leases with fewer concessions. 0.00 0.00 0.00 0.00 $(8,621.94) 0.00 (68.00) 0.00 276.00 Aggressive collection efforts. 511.94 Had five more residents stay on the property month to month while building their houses. 85.45 0.00 1,219.90 50 actual application fees collected versus 18 budgeted for. 1,725.00 One break lease fee was collected. (483.77) Collected 16 credit card fees and 24 utility transfer fees. 0.00 0.00 2,656.35 11 non-refundable pet fee at $300.00 were collected as well as additional pet rents from new move ins. 0.00 0.00 0.00 0.00 (32.34) 0.00 (1,006.00) Did not receive revenue check this month. Will post in September. 0.00 0.00 510.00 Two NR pet fees. Mis coded, will recode in Sept. 0.00 0.00 0.00 (150.00) 1,898.45 Damages from 19 move outs. 1,025.00 10 residents are on short term leases, versus three budgeted. 0.00 50.41 1,750.00 No corporate units as anticipated. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
YTD Actual
YTD Budget
2,377,010.00
2,815,820.00
297,064.00
0.00
2,674,074.00 0.00 0.00 (179,676.69)
2,815,820.00 0.00 0.00 (213,519.37)
(24,726.95)
(50,025.00)
0.00 0.00 (11,654.04) (15,840.00) 0.00 (14,246.40) 0.00 (9,280.00) (461,260.86)
0.00 0.00 (5,130.02) (13,000.00) 0.00 (16,400.00) 0.00 (7,200.00) (463,669.23)
0.00 0.00 0.00 0.00 $1,957,389.06
0.00 0.00 0.00 0.00 $2,046,876.38
0.00 0.00 0.00 12,327.73 5,275.80
0.00 544.00 0.00 13,200.00 1,600.00
7,080.43 0.00 12,429.90
7,680.00 0.00 7,350.00
7,759.76 5,383.15
8,000.00 9,280.00
0.00 3,488.53 27,106.07
0.00 0.00 19,648.00
0.00 0.00 0.00 0.00 53,815.01 0.00 4,564.46
0.00 0.00 0.00 0.00 53,200.00 0.00 8,048.00
0.00 0.00 2,993.65
0.00 0.00 720.00
0.00 0.00 0.00 24,350.00 21,296.35 3,495.23
0.00 0.00 0.00 24,600.00 35,520.00 2,850.00
0.00 475.41 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 3,400.00 (14,000.00) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Income - Other Income - Condo Sales Total Other Income
0.00 0.00 31,663.39
0.00 0.00 21,695.00
0.00 0.00 9,968.39
0.00 0.00 191,841.48
0.00 0.00 181,640.00
$289,165.55
$287,819.10
$1,346.45
$2,149,230.54
$2,228,516.38
7,824.46
12,613.82
90,515.77
97,306.60
0.00 11,196.95 0.00 0.00 0.00 2,602.36 0.00 0.00 1,203.13
0.00 11,784.65 0.00 2,250.00 0.00 778.00 0.00 0.00 0.00
0.00 104,014.20 0.00 31,233.51 0.00 13,479.86 0.00 0.00 4,599.88
0.00 90,910.18 0.00 24,523.18 0.00 6,224.00 0.00 0.00 0.00
0.00 22,826.90
0.00 27,426.47
0.00 243,843.22
0.00 218,963.96
Office Operations & Supplies
441.26
1,000.00
5,237.86
8,000.00
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
672.36 125.83 91.22 0.00 0.00 0.00 0.00 253.98 0.00 0.00 0.00 0.00 503.38 0.00 2,088.03
1,100.00 100.00 170.00 0.00 0.00 90.00 0.00 115.00 0.00 25.00 25.00 570.00 650.00 0.00 3,845.00
5,662.71 723.49 1,701.91 0.00 0.00 897.82 0.00 3,271.91 0.00 385.44 0.00 2,993.00 4,414.15 0.00 25,288.29
8,800.00 800.00 1,360.00 0.00 0.00 720.00 0.00 920.00 0.00 200.00 200.00 4,410.00 5,200.00 0.00 30,610.00
Advertising & Promotions
4,990.48
2,600.00
29,557.44
26,100.00
Resident Promotions Locators
638.23 1,601.42
798.00 2,313.92
3,367.43 10,455.94
6,384.00 17,788.26
0.00 7,230.13
2,480.00 8,191.92
4,600.00 47,980.81
19,065.00 69,337.26
126.84
720.00
1,609.29
5,490.00
Total Revenue Expense Managers Salary
Salaries Maintenance Salary Salary - Administrative Commissions & Bonus Payroll Taxes Group Insurance Disability Insurance 401k Match Contract Labor Workers Comp Total Salary Expense
Resident Referrals Total Advertising Expense Paint & Drywall
4,789.36 Reflects final payroll plus payout of vacation time from Contravest. Includes June and July bonuses $6600, will re-code in Sept. Payroll is favorable YTD. 0.00 587.70 0.00 2,250.00 Bonuses paid in salaries. 0.00 (1,824.36) Final payroll and accrued vacation. 0.00 0.00 (1,203.13) Used temp labor to cover open position. 0.00 4,599.57 558.74 Less supplies needed for the office this month. 427.64 Reflects current services. (25.83) 78.78 0.00 0.00 90.00 0.00 (138.98) 0.00 25.00 25.00 570.00 Invoice not received prior to ACME. 146.62 0.00 1,756.97 (2,390.48) Includes advertising gifts, new flutter flags, human directional and full page advertising in South/East Denver mag. 159.77 712.50 Paid three locator palcements this month @ 50% fee. 2,480.00 No referrals were used this month. 961.79 593.16 Turns completed in house.
Contract Cleaning Svcs. Carpet Cleaning & Repairs
2,090.00 1,018.00
250.00 2,400.00
Window Coverings Vinyl & Tile Repairs Lock & Keys Counter & Tub Resurfacing
237.58 0.00 210.77 0.00
100.00 0.00 50.00 416.67
Other Redecorating Cleaning Supplies
0.00 506.52
25.00 133.33
4,189.71
4,095.00
260.50
700.00
104.05 212.06 45.32 0.00 477.73 0.00 0.00 406.12 424.09 0.00 0.00 0.00 167.08 0.00 0.00 0.00 2,096.95
100.00 140.00 150.00 0.00 450.00 0.00 160.00 450.00 75.00 25.00 0.00 0.00 175.00 0.00 0.00 0.00 2,425.00
Landscape & Grounds Trash Removal Pest Control
2,218.00 361.32 558.00
2,500.00 510.00 75.24
Security Patrols Window Cleaning Svc. Interior Cleaning Svc. Cable Television Snow Removal Total Service Expense
0.00 0.00 0.00 0.00 0.00 3,137.32
0.00 0.00 0.00 0.00 0.00 3,085.24
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 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 Asset Management Fees Investor Administration Fee Legal Fees
11,566.62 1,000.00 3,250.00 499.00
11,512.76 1,000.00 3,300.00 1,300.00
Accounting Fees Postage & Delivery Bank Charges Partnership Insurance Other Administrative Expenses Travel Expense Employee Activities Printing Computer Consulting Computer Expense Bank Charges Development Cost Total Admin. Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 16,315.62
0.00 0.00 9.58 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 17,122.34
2,518.57
3,340.00
Total Make Ready Expense General Maintenance & Supplies HVAC Parts & Repairs Plumbing Parts & Repairs Electric Parts & Repairs Roof & Gutter Repairs Pools & Fountains Gates & Entrances Glass & Screens Appliance Parts & Repairs Hardware Exterior Painting Uniforms Elevator Service & Repairs Security & Fire Systems Uninsured Losses Locks & Keys Bulbs & Ballasts Total Maintenance Expense
Expenses - CAM - Electric Expenses - CAM - Water/Sewer Expenses - CAM - Gas Expenses - CAM - Grounds Expenses - CAM - Trash Removal Expenses - CAM - Cleaning Svcs Expenses - CAM - Maintenance Expenses - CAM - Insurance Expenses - CAM - R/E Taxes Total CAM Expense
Electricity
(1,840.00) Due to budget error. 1,382.00 Five actual carpets cleaned this month.
21,240.00 11,941.00
2,000.00 18,300.00
(137.58) 0.00 (160.77) 416.67 No tubs and counters resurfaced this month. 25.00 (373.19) Extra supplies order for the move in gift bags. (94.71)
1,785.81 0.00 575.08 75.00
800.00 0.00 400.00 3,333.36
0.00 1,211.63
200.00 1,066.64
38,437.81
31,590.00
4,812.31
5,600.00
(4.05) (72.06) 104.68 0.00 (27.73) 0.00 160.00 43.88 (349.09) Replaced bi-fold doors for two units. 25.00 0.00 0.00 7.92 0.00 0.00 0.00 328.05
1,306.24 788.40 326.75 270.00 3,237.56 0.00 1,183.91 1,512.74 891.60 355.34 45.40 0.00 2,365.48 0.00 0.00 0.00 17,095.73
800.00 1,120.00 1,200.00 0.00 3,600.00 0.00 1,280.00 4,050.00 600.00 200.00 1,000.00 0.00 1,400.00 0.00 0.00 0.00 20,850.00
282.00 Monthly landscape services. 148.68 (482.76) Extra service calls for bee problem in unit #16305. 0.00 0.00 0.00 0.00 0.00 (52.08)
16,262.90 5,243.78 1,023.26
15,000.00 4,080.00 601.92
0.00 0.00 0.00 0.00 16,370.42 38,900.36
0.00 0.00 0.00 0.00 3,800.00 23,481.92
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
88,823.41 8,000.00 26,000.00 2,008.40
89,140.65 8,000.00 26,400.00 10,400.00
0.00 0.00 0.00 0.00 0.00 572.67 123.71 0.00 0.00 2,550.30 0.00 0.00 128,078.49
0.00 0.00 76.64 0.00 0.00 0.00 0.00 0.00 0.00 5,124.00 0.00 0.00 139,141.29
21,984.64
26,720.00
439.50 Minnimal supplies required this month.
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (53.86) 0.00 50.00 801.00 Six eviction fees filed, versus eight budgeted for. 0.00 0.00 9.58 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 806.72 821.43 Current usage is less than anticipated.
Electricity Gas - Resident Natural Gas Water & Sewer Water & Sewer - Resident Reimb Water - irrigation Electric - Tenant Reimbursement Trash Reimbursement Water - Tenant Reimbursement Utility -Vacant Electric Utility - Vacant Gas Tenant Reimbursement - Gas Total Utility Expense Management Fees Management Fees-MRLL Property Legal Fees Credit Card Fees Bank Charges Bank Adjustments Other Professional Fees Late Charges HOA Assessment Fees Contributions Fiduciary Fees Custodial Fees Thunder Expense Accounting Fees Total Management Expense
0.00 (498.56)
0.00 2,565.00
8,793.35 (12,470.77)
8,965.00 (6,275.50)
4,533.32
6,000.00
0.00 (2,497.60) 0.00 1,192.43 0.00 0.00 1,570.74
0.00 (2,011.00) 0.00 677.94 451.96 0.00 13,713.40
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Property Taxes Franchise Tax Insurance Tax Consultants MIP Total Taxes & Insurance Total Operating Expenses NET OPERATING INCOME
28,800.00 0.00 5,632.95 0.00 0.00 34,432.95 93,888.35 195,277.20
27,616.50 0.00 5,073.00 49.88 0.00 32,739.38 112,643.75 175,175.35
Base Rent - Interest Payment Base Rent - Principal Payment Stated Rent Office Rent Total Rent Expense
106,586.67 0.00 86,666.71 0.00 193,253.38
106,586.67 0.00 86,666.67 0.00 193,253.34
0.00 0.00 0.00 0.00 0.00
0.00 3,063.56 The prior month accrual was $800 more than the actual cost. 171.65 6,195.27 Increased water rate and now billing back eligible water fees that were not billed. 1,466.68 Actual was $8000 accrual reversed was $4000. 0.00 486.60 0.00 (514.49) Based on actual expense. 451.96 Invoice not received prior to ACME. 0.00 12,142.66
0.00 20,520.00
104,845.43 (70,971.74)
71,720.00 (50,204.00)
16,356.74
18,000.00
0.00 (19,001.57) 0.00 9,264.32 4,560.35 0.00 81,282.17
0.00 (16,088.00) 0.00 6,158.52 4,105.68 0.00 80,932.20
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
227,602.26 0.00 78,040.61 600.00 0.00 306,242.87 927,149.75 1,222,080.79
220,932.00 0.00 40,584.00 399.04 0.00 261,915.04 876,821.67 1,351,694.71
0.00 0.00 (0.04) 0.00 (0.04)
852,693.36 0.00 693,333.68 0.00 1,546,027.04
852,693.36 0.00 693,333.36 0.00 1,546,026.72
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 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 225.46 47.41 0.00 0.00 0.00 0.00 0.00 272.87
170.00 170.00 75.00 0.00 0.00 0.00 0.00 0.00 0.00 415.00
170.00 170.00 (150.46) (47.41) 0.00 0.00 0.00 0.00 0.00 142.13
0.00 365.00 507.86 454.82 0.00 0.00 0.00 0.00 0.00 1,327.68
1,360.00 1,360.00 600.00 0.00 0.00 0.00 0.00 0.00 0.00 3,320.00
Exterior Rehab Interior Rehab HVAC Replacement Carpet & Floor Replacement
0.00 0.00 0.00 4,351.47
0.00 0.00 0.00 4,900.00
0.00 0.00 0.00 43,208.30
18,946.00 3,250.00 0.00 39,200.00
Refrigerators Dishwashers & Ranges Washers / Dryers Fire Alarm Replacement Other Capital Improvements
641.96 0.00 0.00 0.00 6,150.00
0.00 0.00 0.00 0.00 0.00
1,227.02 0.00 0.00 0.00 12,012.26
600.00 0.00 0.00 0.00 3,713.00
0.00 0.00 11,143.43
0.00 0.00 4,900.00
0.00 0.00 56,447.58
0.00 0.00 65,709.00
Mortgage Interest Loan Fees Interest Expense Interest Expense Total Debt Service Partnership Legal Fees Partnership Accounting Fees Partnership Travel Partnership - Meals Partnership Fees - Other Partnership Expense Due Diligence Cost Dead Deal Cost Partnership Exp- Leaseup Costs Total Partnership Expense
Boiler Replacement Roof Replacement Total Capital Expenses
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 14,244.00
(1,183.50) Reflects current tax rate. 0.00 (559.95) Includes pollution policy 49.88 0.00 (1,693.57) 18,755.40 20,101.85
0.00 0.00 0.00 548.53 Replaced six carpets and budgeted to replace seven. (641.96) Replaced one refrigerator. 0.00 0.00 0.00 (6,150.00) Filling of cracks in the parking lot $2920 and repair of the landings in bld two and six $2800. 0.00 0.00 (6,243.43)
Casualty Losses Casualty Recovery Total Casualty Loss NET INCOME (LOSS)
0.00 0.00 0.00 (9,392.48)
0.00 0.00 0.00 (23,392.99)
0.00 0.00 0.00 14,000.51
0.00 0.00 0.00 (381,721.51)
0.00 0.00 0.00 (263,361.01)
Rental Guarantee
0.00 (9,392.48)
0.00 (23,392.99)
0.00 14,000.51
4,054.35 (377,667.16)
0.00 (263,361.01)
$ Variance
Annual Budget
YTD Variance Comment
(438,810.00)
4,209,210.00
Filter 0.01 ###
297,064.00
0.00
###
(141,746.00) 0.00 0.00 33,842.68
4,209,210.00 0.00 0.00 (325,479.64)
### 0.00 0.00 ###
25,298.05
(59,160.00)
###
0.00 0.00 (6,524.02) (2,840.00) 0.00 2,153.60 0.00 (2,080.00) 2,408.37
0.00 0.00 (7,841.82) (19,500.00) 0.00 (24,600.00) 0.00 (10,800.00) (632,942.99)
0.00 0.00 ### ### 0.00 ### 0.00 ### ###
0.00 0.00 0.00 0.00 $(89,487.32)
0.00 0.00 0.00 0.00 $3,128,885.55
0.00 (544.00) 0.00 (872.27) 3,675.80
0.00 816.00 0.00 19,800.00 2,400.00
0.00 0.00 0.00 0.00 ### 1.00 0.00 612.00 0.00 ### 7,787.74
(599.57) 0.00 5,079.90
11,520.00 0.00 10,250.00
### 0.00 ###
(240.24) (3,896.85)
12,000.00 13,920.00
### ###
0.00 3,488.53 7,458.07
0.00 0.00 29,472.00
0.00 3,488.53 ###
0.00 0.00 0.00 0.00 615.01 0.00 (3,483.54)
0.00 0.00 0.00 0.00 79,800.00 0.00 12,072.00
0.00 0.00 0.00 0.00 ### 0.00 ###
0.00 0.00 2,273.65
0.00 0.00 1,080.00
0.00 0.00 4,403.65
0.00 0.00 0.00 (250.00) (14,223.65) 645.23
0.00 0.00 0.00 33,800.00 48,840.00 3,600.00
0.00 0.00 0.00 ### ### 7,970.23
0.00 (2,924.59) 14,000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 5,100.00 (21,000.00) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 4,775.82 ### 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 10,201.48
0.00 0.00 263,470.00
$(79,285.84)
$3,392,355.55
6,790.83
147,761.88
0.00 0.00 ### 1.00 ### 1.00 1.00 ###
0.00 (13,104.02) 0.00 (6,710.33) 0.00 (7,255.86) 0.00 0.00 (4,599.88)
0.00 138,048.78 0.00 39,026.28 0.00 9,336.00 0.00 0.00 0.00
0.00 ### 0.00 ### 0.00 ### 0.00 0.00 5,803.01
0.00 (24,879.26)
0.00 334,172.94
2,762.14
12,000.00
0.00 ### 1.00 ###
3,137.29 76.51 (341.91) 0.00 0.00 (177.82) 0.00 (2,351.91) 0.00 (185.44) 200.00 1,417.00 785.85 0.00 5,321.71
13,200.00 1,200.00 2,040.00 0.00 0.00 1,080.00 0.00 1,380.00 0.00 300.00 300.00 6,150.00 7,800.00 0.00 45,450.00
(3,457.44)
36,900.00
### 1,749.32 3,323.13 0.00 0.00 1,707.82 0.00 4,560.89 0.00 610.44 225.00 7,973.00 ### 0.00 ### 1.00 ###
3,016.57 7,332.32
9,576.00 24,440.78
### ###
14,465.00 21,356.45
26,195.00 97,111.78
3,880.71
7,852.50
### ### 1.00 7,946.13
(19,240.00) 6,359.00
3,000.00 26,175.00
### ###
(985.81) 0.00 (175.08) 3,258.36
1,200.00 0.00 600.00 5,000.04
2,923.39 0.00 1,235.85 3,825.03
200.00 (144.99)
300.00 1,599.96
225.00 2,918.12
(6,847.81)
45,727.50
787.69
8,400.00
### 1.00 ###
(506.24) 331.60 873.25 (270.00) 362.44 0.00 96.09 2,537.26 (291.60) (155.34) 954.60 0.00 (965.48) 0.00 0.00 0.00 3,754.27
1,200.00 5,055.00 1,800.00 0.00 5,400.00 0.00 1,920.00 5,850.00 900.00 300.00 2,000.00 0.00 10,395.00 0.00 0.00 0.00 43,220.00
(1,262.90) (1,163.78) (421.34)
30,000.00 6,120.00 902.88
0.00 0.00 0.00 0.00 (12,570.42) (15,418.44)
0.00 0.00 0.00 0.00 5,850.00 42,872.88
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
317.24 0.00 400.00 8,391.60
135,694.22 12,000.00 39,600.00 15,600.00
0.00 0.00 76.64 0.00 0.00 (572.67) (123.71) 0.00 0.00 2,573.70 0.00 0.00 11,062.80
0.00 0.00 114.96 0.00 0.00 0.00 0.00 0.00 0.00 5,124.00 0.00 0.00 208,133.18
4,735.36
40,080.00
2,310.29 2,260.46 1,722.07 270.00 7,765.29 0.00 2,623.91 6,418.86 1,990.69 580.34 1,045.40 0.00 4,107.56 0.00 0.00 0.00 ### 1.00 ### ### 2,258.42 0.00 0.00 0.00 0.00 ### ### 1.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ### ### ### ### 0.00 0.00 86.22 0.00 0.00 572.67 123.71 0.00 0.00 7,674.30 0.00 0.00 ### 1.00 ###
0.00 6,276.00
0.00 30,780.00
0.00 ###
(33,125.43) 20,767.74
107,580.00 (75,306.00)
### ###
1,643.26
23,500.00
###
0.00 2,913.57 0.00 (3,105.80) (454.67) 0.00 (349.97)
0.00 (24,132.00) 0.00 9,387.78 6,258.52 0.00 118,148.30
(6,670.26) 0.00 (37,456.61) (200.96) 0.00 (44,327.83) (50,328.08) (129,613.92)
331,398.00 0.00 60,876.00 598.56 0.00 392,872.56 1,327,709.14 2,064,646.41
0.00 0.00 (0.32) 0.00 (0.32)
1,279,040.04 0.00 1,040,000.04 0.00 2,319,040.08
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
1,360.00 995.00 92.14 (454.82) 0.00 0.00 0.00 0.00 0.00 1,992.32
2,040.00 2,040.00 900.00 0.00 0.00 0.00 0.00 0.00 0.00 4,980.00
18,946.00 3,250.00 0.00 (4,008.30)
18,946.00 3,250.00 0.00 58,800.00
0.00 ### 0.00 ### ### 0.00 ### 1.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ### 0.00 ### 1,048.92 0.00 ### ### ### 1.00 ### 0.00 ### 0.00 ### 1.00 0.00 0.00 0.00 0.00 0.00 0.00 1,530.00 1,895.00 1,408.32 502.23 0.00 0.00 0.00 0.00 0.00 5,335.55 1.00 ### 3,250.00 0.00 ###
(627.02) 0.00 0.00 0.00 (8,299.26)
600.00 0.00 0.00 0.00 3,713.00
2,468.98 0.00 0.00 0.00 ###
0.00 0.00 9,261.42
0.00 0.00 85,309.00
0.00 0.00 ###
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 (118,360.50)
0.00 0.00 0.00 (344,682.67)
4,054.35 (114,306.15)
0.00 (344,682.67)
1.00 0.00 0.00 0.00 ### 1.00 4,054.35 1.00
Courtney Downs Apartments Aug-07 LEASING & OCCUPANCY NUMBER OF MOVE INS: NUMBER OF MOVE OUTS: NET FOR THE MONTH:
24 28 -4
OCCUPIED/LEASED %:
97.2%, 98.1%
SOURCE OF TRAFFIC: APTGUIDE.COM APARTMENT GUIDE YELLOW PAGES OTHER. NET BLUE BOOK RENT.NET LIVES IN AREA RESIDENT REFERRAL LOCATORS RENT.COM WALK-IN SIGNAGE WORD OF MOUTH TOTALS CLOSING RATIO:
INCOME THIS MONTH: INCOME LAST MONTH: DIFFERENCE:
$289,165.55 $281,080.63 $8,084.92
TOTAL # GARAGES # GARAGES OCCUPIED GARAGES OCCUPIED %
120 115 96%
REASONS WHY PROSPECTS DID NOT LEASE: Traffic 0 6 0 0 22 0 21 5 7 5 9 3 0
Leased 0 1 0 0 11 0 9 2 0 0 0 3 0
78
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 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 * Took brochures to Regal Entertainment for preferred employer program. * Took flyers and brochures to Sky Ridge Human Resources for new employees to the area. * Took flyers to Parker Adventist Hospital. * Took locators lunch and new prices for the month. * Updated all internet ads with new pricing and specials for the month of April . * Brochures and lunch were taken to Direct TV Human Resources. * Met with Metro Brokers sales team with options of temporary housing for new home buyers. * Dropped off cookie basket and brochures to Nextel. * Dropped off doughnuts and brochures to Marriott extended stay hotels. * Took cookie and candy bag with flyer's to Ryland Homes team. * Took cookie bag and brochures to Ford dealership. * Took cookie and candy bag to Richmond homes. OVERVIEW OF COMPARABLE PROPERTIES: The surrounding comps are still offering discounted rents on selected units. This translates into one bedroom effective rents of $710, two bedrooms at $825and three bedrooms starting at $900. Look and leases are being locked in with $250 to $500 off 1st rent on a 12 to 13 month lease. RESIDENT RETENTION: We had 32 leases expiring in the month of August. Five are moving due to purchasing a home and/or condo, four are moving due to relocating, three is loosing their roommate, three due to price increase, one is moving closer to work. four were skips, two went on month to month, one transfers on site. Overall we had 9 renewals with an average increase of $36.66 per renewal. INCIDENTS ON THE PROPERTY: N/A
6 7 10 8 5 3 9 0 4 0 0 0 0 0 52
MAINTENANCE:
ROUTINE REPLACEMENTS:
MARKET READY UNITS COMPLETE PAINTS TOUCH UPS WORK ORDERS Pending Misc 0 Electrical 0 Punch 0 HVAC 0 Plumbing Property Ext. Appliances Safety Total ROOF LEAKS
0 0 0 0 0
Completed 35 17 27 9
Number of: 27 12 15 134 0 35 17 27 9
32 0 10 4 134
PLUMBING LEAKS
32 0 10 4 134 0
0
CAPITAL IMPROVEMENTS IN PROGRESS: N/A
PROBLEM AREAS NEEDING ATTENTION: Getting bids for curb repairs. Pulling out summer flowers and putting mulch or rock in.
CURRENT STAFF: Manager Assistant Manager Leasing Consultant Leasing Consultant Maintenance Supervisor Assistant Maintenance Maintenance/ Grounds
Nancy Howland Wendy Gillan Carrie McMillan Summer Wahrman Gabriel Tellez Russell Briley Jorge Chavez and Jorge Bernal
ACCOMPLISHMENTS FOR THE MONTH: Replaced hot tub motor. Had parking lot cracks filled. Pool water changed out.
REFRIGERATORS DISHWASHERS WINDOWS A/C COMPRESSORS CONDENSING UNITS WATER HEATERS ICE MAKERS GARBAGE DISPOSALS MICROWAVES CARPETS CEILING FANS TOILETS A/C FAN MOTORS COUNTER TOPS CABINETS RESURFACED KITCHEN
BLINDS TUBS RESURFACED TUB TILES
Number Replaced 0 0 2 0 0 0 0 0 0 7 0 0 0 0 0
31 0 0
Apt. #
2103-1, 3201-1.
13108, 7110, 12212, 10102, 2103, 9209, 10101.
12302-2, 2101-3, 2205-1, 2212-1, 7110-2, 9109-2, 9310-1, 10112-3, 12212-1, 19302-1, 6311-1, 9209-2, 13208-1, 10101-2, 10310-2, 73021, 10102-3, 16106-2.
Courtney Downs RENTAL SCHEDULE
August 2007
UNIT TYPE A1 A1V A2 B1 B1V C C1 C1V CV D DV E EV TOTAL
1BR 1BR 1BR 2BR 2BR 2BR 2BR 2BR 2BR 2BR 2BR 3BR 3BR
#UNITS
SIZE
40 32 18 24 32 42 44 22 24 16 20 24 4
704 704 910 808 808 977 1,030 1,030 977 1,030 1,030 1,140 1,140
TOTAL S/F 28,160 22,528 16,380 19,392 25,856 41,034 45,320 22,660 23,448 16,480 20,600 27,360 4,560
342
917
313,778
MKT RENT PER UNIT 725 725 850 750 760 875 900 925 875 925 925 1160 1160 $870
MKT RENT MONTHLY PER S/F GROSS 1.03 $29,000 1.22 $27,520 1.03 $15,300 1.11 $18,000 1.14 $24,320 1.16 $36,750 1.12 $39,600 1.15 $20,350 1.18 $21,000 0.90 $14,800 0.90 $18,500 1.02 $27,840 1.02 $4,640 $0.95
$297,620
ANNUAL GROSS $348,000 $330,240 $183,600 $216,000 $291,840 $441,000 $475,200 $244,200 $252,000 $177,600 $222,000 $334,080 $55,680 $3,571,440
EFFECTIVE CONCESSION RENTS* 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
CONCESSION PER UNIT
$* Net of Concessions
EFFECTIVE PER S/F
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Vacants
Vacants Leased
Notice
Notice Leased
Net Available
$$$$$$$$$$$-
0 0 1 0 0 0 3 0 0 0 0 2 0
3 0 0 3 0 1 1 0 0 1 0 1 0
7 0 3 8 0 11 0 0 0 2 0 4 0
0 0 0 0 0 2 4 0 0 1 0 2 0
3 0 2 4 0 3 3 0 0 3 0 5 0
$-
6
10
35
9
23
EFFECTIVE MONTHLY GROSS $-
MARKET SURVEY Courtney Downs August-07 Apartment Name
Address Phone Location # of units Age of Property Application Fee Credit Card Pets Allowed Pet Deposit Sec. Deposit W/D included Covered Parking Garage Cable Tennis Courts # of pools Weight Room Jacuzzi Ceiling Fans Microwaves Mini Blinds FF Freezer Icemakers Fireplaces Access Gates Alarm in Unit Door to Door Aerobics/Kick Box Movie Room Computer Library Indoor Basketball Water Charge
Courtney Downs
Coyote Ranch
15849 E. Jamison Dr16363 E Freemont Ave 720-870-6114 303-693-8787 Englewood, Co Aurora, Co 342 507 5 5 $50.00 $35.00 yes yes yes yes 300 n/r 300-600 150 275-325 Yes yes no yes Detached yes Yes yes no no 1 1 yes yes yes 1 yes yes yes yes yes yes yes yes yes yes yes no no yes Prewired no no no no no no yes yes yes no no yes no
Windsor @ Meridian
Pinnacle @ the Creek
Dove Valley
9875 Jefferson Pkwy 303-256-7700 Englewood, Co 80112 653 7 $40.00 yes yes 150-300 300 Only In Select Units yes yes yes no 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
6107 S Parker Rd 303-766-2500 Centennial, Co 216 4 $35.00 no yes $100 $300 Only Select Units yes yes yes no 1 yes 1 yes yes yes yes yes yes no yes no no yes yes no yes
7550 S Blackhawk 303-362-2000 Englewood, Co 80112 312 6 $40.00 yes yes 300-500 $100.00 no no yes yes yes 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
Cherrywood Village
16950 E Carlson Dr 303-805-7200 Parker, Co 80134 360 6 $35.00 no yes $400-500 $200-300 yes no yes yes yes 2 yes 2 yes yes yes yes yes yes yes no no no yes yes no yes
Reserve @ South Creek
15611 E Jamison Dr 303-680-6696 Englewood, Co 80112 168 6 $40.00 yes yes 300 100 no no yes yes yes 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
MARKET SURVEY Courtney Downs August-07
(Concessions reduced rates) PROPERTY:
Courtney Downs Apt PRICE
Efficiency Efficiency 1B1B (A) 1B1B (B) 1B1B w/study 1B 1B 1B w/loft 1B1B w/study 2B2B (E) 2B2B (F) 2B2B (G) 2B2B (H) 2B2B 2B w/study 2B2B TH 2B2B TH 3B2B 3B2B
% occ /leased Avg PSF Avg Rents Units(Total / Avail)
SIZE
Coyote Ranch
PSF
PRICE
SIZE
Windsor at Meridian
PSF
710 900
779 853
PRICE
0.91 1.06
SIZE
Pinnacle @ the Creek
PSF
PRICE
SIZE
Dove Valley
PSF
PRICE
SIZE
PSF
725 850
704 808
1.03 1.05
680 740
627 701
1.08 1.06
713 688
685 705
1.04 1.02
720 730
768 842
750
910
0.82
840
811
0.91
739
760
1.03
895
992
820 920
956 1044
0.86 0.88
900
1051
975
1120
0.86 0.87
875
977
0.90
950
1105
0.86
900 925
1030 1030
0.87 0.90
1015
1192
0.85
1060 1090
1196 1180
0.89 0.92
1,160
1140
1.02
1270 1340
1398 1398
0.91 0.91
1320
1330
0.99
97 1 884 342
98.51%
0
0% 0.95
91% 0.94
6
98.2 1114 507
100.7
98% 0.92
0
Special: look and lease special $150 security deposit waived and $350 off first months rent only on Special: Reduced pricing Rates steepelchases and arlingtons. for all floor plans. reflect these rates: specials:
Ren: $75 to $100 increase.
Ren.: 11% increase on all renewals.
994 653
Will not give out any information.
Ren: Info not avail per corporate
1100
1230
94.1
95.00%
808 216
9
0.89
94% 0.95
PRICE
0.94 0.87
Cherrywood Village SIZE PSF
690 708
707 796
1040
916
Reserve@South Creek SIZE PSF
PRICE
0.98
689 729
763 763
0.90 1.05
885
1115
0.79
900
1033
0.87
813
1037
0.78
970
1220
0.80
965
1093
0.88
840
1037
1.23
1100
1356
0.81
1290 1305
1235 1235
1.04 1.04
897 1134
1257 1257
93.7 883 312
91
93% 0.84
13
93.7 1131 360
95
22
94% 0.96 0
93.2 995 168
95
0.71 1.10
98% 0.96
4
Special:waive security deposit.
Special: $500.00 off 1st month rent look and lease Special: All of September special. free, Look and Lease.
Special: $500 off the 1st months rent.
Ren:Per corporate
Ren: $15 to $30 increas for 12 month lease
Ren: Free carpet cleaning with 12mo.
Ren: Average $45 to $75 increase.
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