Usa Courtney Downs Dec 2007
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USA Courtney Downs LeaseCo, LLC Balance Sheet Books = Accrual Dec 2007
ASSETS Cash Operating Cash Money Market Total Cash
82,518.64 0.00 $82,518.64
OTHER ASSETS Accounts Receivable Prepaid Expenses Tax Escrow Replacement Reserves Capital / Repair Escrow Total Other Assets
342.88 2,613.19 255,613.86 48,427.04 200,000.00 506,996.97
Total ASSETS
589,515.61
LIABILITIES & CAPITAL LIABILITIES Accounts Payable - Trade Other Accounts Payable Accrued Taxes Prepaid Rent Security Deposits Notes Payable Total Liabilities
176,273.32 826,437.05 362,261.61 20,048.63 38,506.72 2,052.90 1,425,580.23
CAPITAL Owners Equity Retained Earnings Total Capital Total LIABILITIES & CAPITAL
100.00 (836,164.62) (836,064.62) 589,515.61
USA Courtney Downs LeaseCo, LLC Budget Comparison Books = Accrual For the period ending December 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
347,440.00
4,439.00
0.00
298,849.00 0.00 0.00 (11,315.35)
347,440.00 0.00 0.00 (30,525.35)
Upfront Rent Concessions
(6,526.71)
(435.00)
Corporate Discount Delinquent Rent Adjustments & W/O
0.00 0.00 (8,250.48)
0.00 0.00 (681.96)
(1,980.00) 0.00 (1,934.80) 0.00 (1,160.00) (12,998.29)
(1,625.00) 0.00 (2,050.00) 0.00 (900.00) (39,120.21)
0.00 0.00 0.00 0.00 $254,683.37
0.00 0.00 0.00 0.00 $272,102.48
0.00 0.00 0.00 1,344.87
0.00 68.00 0.00 1,650.00
955.00
200.00
1,062.09 0.00 1,410.00
960.00 0.00 650.00
Termination Fees & Damages
236.00
1,000.00
Miscellaneous Income
960.86
1,160.00
Renters Insurance Interest Income Pet Rents & Fees
0.00 0.00 3,272.58
0.00 0.00 2,456.00
Tower Rent Asset Management Fee Parking Spaces Income Homeowners Assessments Garage Income
0.00 0.00 0.00 0.00 7,201.90
0.00 0.00 0.00 0.00 6,650.00
Water/Sewer Income Cable/Telephone Income
0.00 3,321.55
0.00 1,006.00
HOA Contributions Developer Developer HOA Dues Forfeited Deposits Developer Contributions Interest Income Other Thunder Income Administration Fee
0.00 0.00 601.00 0.00 0.00 0.00 3,150.00
0.00 0.00 90.00 0.00 0.00 0.00 2,000.00
Move-Out Charges
2,977.91
3,330.00
629.03
300.00
Extra-Ordinary Income Corporate Rent Corporate Units - expense
0.00 0.00 0.00
0.00 425.00 (1,750.00)
Deferred Revenue HOA Developer Contributions
0.00 0.00
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 Laundry Income Vending Income Covered Parking Income Late Charges & NSF Fees Month to Month Premium Storage Fees Repair & Maintenance Fees Application Fees
Short Term Lease Fees
0.00 0.00
MTD Variance Comment
(53,030.00) Concessions are no longer being offered, market rents adjusted to reflect the lower rents. 4,439.00 Actual reflects variance in market rents vs lease rents which include concessions. (48,591.00) 0.00 0.00 19,210.00 Our vacancy was 5% higher then budgeted. (6,091.71) Includes up front concessions offered as look and lease special to be competetive with market. Two weeks to month free offered. 0.00 0.00 (7,568.52) Loss is due to one skip who left owing rent and damages at move out. Includes late charges and concession bill back. (355.00) Market rent higher than budgeted. 0.00 115.20 0.00 (260.00) 26,121.92 We have been able to reduce the amount of concessions at turnover. We have also been renewing lease with fewer concessions. 0.00 0.00 0.00 0.00 $(17,419.11)
YTD Actual
YTD Budget
3,554,650.00
4,209,210.00
340,691.00
0.00
3,895,341.00 0.00 0.00 (243,165.38)
4,209,210.00 0.00 0.00 (325,479.64)
(45,759.53)
(59,160.00)
0.00 0.00 (26,761.56)
0.00 0.00 (7,841.82)
(23,760.00) 0.00 (21,844.60) 0.00 (14,097.85) (538,987.89)
(19,500.00) 0.00 (24,600.00) 0.00 (10,800.00) (632,942.99)
0.00 0.00 0.00 0.00 $2,980,964.19
0.00 0.00 0.00 0.00 $3,128,885.55
0.00 (68.00) 0.00 (305.13) Collected fewer late fee this month due to residents paying on time. 755.00 Five month to month fees collected versus two budgeted. 102.09 0.00 760.00 28 applications fees collected versus 19 budgeted. (764.00) Fewer term fees collected this month, adjusted two concession bill backs that were coded incorrectly. (199.14) Collected 21 utility transfer fees, and 11 credit card convenience fees. 0.00 0.00 816.58 Collection of $20 pet rent, includes several NR pet fees. 0.00 0.00 0.00 0.00 551.90 Higher occupancy. Garage fee is $90 per month. 0.00 2,315.55 $3,105.91 commissions collected as well as $215.64 4th Qtr Cable income.
0.00 0.00 0.00 21,364.47
0.00 816.00 0.00 19,800.00
10,159.25
2,400.00
11,333.24 0.00 17,929.90
11,520.00 0.00 10,250.00
14,108.82
12,000.00
8,254.64
13,920.00
0.00 3,488.53 39,970.57
0.00 0.00 29,472.00
0.00 0.00 0.00 0.00 82,329.81
0.00 0.00 0.00 0.00 79,800.00
0.00 8,063.47
0.00 12,072.00
0.00 0.00 511.00 NR pet fees collected. 0.00 0.00 0.00 1,150.00 Collected 24 administration fees versus 13 budgeted. (352.09) Fewer charges required on move outs.
0.00 0.00 6,012.05 0.00 0.00 0.00 35,750.00
0.00 0.00 1,080.00 0.00 0.00 0.00 33,800.00
29,285.61
48,840.00
6,677.32
3,600.00
329.03 Received four short term fees versus one budgeted. 0.00 (425.00) No corporate units at this time. 1,750.00 Bills being paid under guest suite expense. 0.00 0.00
0.00 475.41 0.00 0.00 0.00
0.00 5,100.00 (21,000.00) 0.00 0.00
Acquisition Fees Income - Rental Income - C.A.M. Income - Insurance Income - Taxes Income - Interest Income - Other Income - Condo Sales Total Other Income
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 27,122.79
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 20,195.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 6,927.79
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 295,203.09
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 263,470.00
$281,806.16
$292,297.48
$(10,491.32)
$3,276,167.28
$3,392,355.55
11,504.05 0.00 11,142.47 0.00 3,458.93
12,613.82 0.00 11,784.65 0.00 5,170.30
138,108.82 0.00 151,303.51 0.00 48,278.35
147,761.88 0.00 138,048.78 0.00 39,026.28
0.00 1,490.46
0.00 778.00
0.00 20,321.45
0.00 9,336.00
0.00 0.00 288.42
0.00 0.00 0.00
0.00 0.00 5,720.12
0.00 0.00 0.00
0.00 27,884.33
0.00 30,346.77
0.00 363,732.25
0.00 334,172.94
Office Operations & Supplies
(229.16)
1,000.00
7,285.67
12,000.00
Telephones Answering Svc. & Pagers Postage & Delivery Patrol Services Membership Dues Publications & Subscriptions Conventions/Seminars Employee Training
847.55 69.00 167.93 0.00 0.00 0.00 0.00 1,320.93
1,100.00 100.00 170.00 0.00 0.00 90.00 0.00 115.00
9,059.18 1,175.40 2,781.78 0.00 0.00 1,198.82 0.00 4,963.64
13,200.00 1,200.00 2,040.00 0.00 0.00 1,080.00 0.00 1,380.00
0.00 0.00 0.00 450.35 499.77 0.00 3,126.37
0.00 25.00 25.00 390.00 650.00 0.00 3,665.00
0.00 385.44 0.00 5,193.51 6,419.51 0.00 38,462.95
0.00 300.00 300.00 6,150.00 7,800.00 0.00 45,450.00
2,241.00 367.33
2,600.00 798.00
42,030.54 5,113.61
36,900.00 9,576.00
1,560.43 0.00 4,168.76
1,446.20 1,550.00 6,394.20
15,503.18 5,100.00 67,747.33
24,440.78 26,195.00 97,111.78
52.36
427.50
2,456.88
7,852.50
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
Furniture Rental Car Expenses Permits & Fees Credit Checks Guest Suite Expense Parking Cost Total Operating Expense Advertising & Promotions Resident Promotions Locators Resident Referrals Total Advertising Expense Paint & Drywall
1,109.77 Fewer hours reported this month. 0.00 642.18 0.00 1,711.37 We paid fewer bonuses then budgeted. 0.00 (712.46) We have more participants for our insurance program then what was anticipated in the budget. 0.00 0.00 (288.42) Used temp labor to cover for open office positions. 0.00 2,462.44 1,229.16 We received a refund check of $349.91 from HSBC. 252.45 31.00 2.07 0.00 0.00 90.00 0.00 (1,205.93) Includes cost for holiday party, two months Grace Hill Training, preemployment screening and annual Drug Free Workplace fee. 0.00 25.00 25.00 (60.35) 150.23 0.00 538.63 359.00 Reflects current advertising costs. 430.67 Spent less on resident party this month. (114.23) 1,550.00 No referral fees paid this month 2,225.44 375.14
Contract Cleaning Svcs.
2,980.00
250.00
(2,730.00) We had an error in budgeting. Contract cleaned 32 units plus weekly cost to clean the clubroom. 736.00 We had fewer carpet cleans than anticipated. 100.00
34,565.00
3,000.00
689.00
1,425.00
18,076.00
26,175.00
0.00
100.00
3,075.19
1,200.00
Vinyl & Tile Repairs Lock & Keys Counter & Tub Resurfacing
0.00 0.00 935.93
0.00 50.00 416.67
0.00 670.00 2,072.57
0.00 600.00 5,000.04
25.00 133.33 2,827.50
0.00 50.00 (519.26) Repair of backsplashes for the kitchen and bathroom in unit 9210. 25.00 55.47 (1,907.65)
Other Redecorating Cleaning Supplies Total Make Ready Expense
0.00 77.86 4,735.15
0.00 1,835.87 62,751.51
300.00 1,599.96 45,727.50
111.82 0.00 42.41 6.07 0.00 0.00
700.00 100.00 140.00 150.00 0.00 450.00
588.18 Fewer expenses this month. 100.00 97.59 143.93 0.00 450.00 No ordering of spa supplies this month.
7,449.17 1,700.38 1,342.07 507.57 270.00 4,595.34
8,400.00 1,200.00 5,055.00 1,800.00 0.00 5,400.00
0.00 56.38 104.00 103.29 0.00 0.00 0.00 0.00 0.00 0.00 0.00 423.97
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
125.00 1,500.53 3,402.35 1,286.32 355.34 502.73 0.00 12,645.50 0.00 0.00 0.00 35,682.30
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
Landscape & Grounds
675.00
0.00
24,373.38
30,000.00
Trash Removal Pest Control Security Patrols Window Cleaning Svc. Interior Cleaning Svc. Cable Television Snow Removal
376.80 172.00 0.00 0.00 0.00 0.00 443.07
510.00 75.24 0.00 0.00 0.00 0.00 1,250.00
7,820.66 1,559.26 0.00 0.00 0.00 0.00 16,813.49
6,120.00 902.88 0.00 0.00 0.00 0.00 5,850.00
1,666.87
1,835.24
50,566.79
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
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 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
11,263.62 1,000.00 3,200.00 664.80
11,691.90 1,000.00 3,300.00 1,300.00
133,888.77 12,000.00 38,750.00 3,406.50
135,694.22 12,000.00 39,600.00 15,600.00
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 16,128.42
0.00 0.00 9.58 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 17,301.48
0.00 0.00 0.01 0.00 0.00 572.67 123.71 0.00 0.00 2,550.30 0.00 0.00 191,291.96
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
Carpet Cleaning & Repairs Window Coverings
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
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
0.00 103.62 346.00 Fewer supplies required this month. (28.29) 25.00 0.00 0.00 175.00 0.00 0.00 0.00 2,001.03 (675.00) Rock and feather grass installed around the fountain and a repair to the irrigation line. Favorable YTD. 133.20 (96.76) 0.00 0.00 0.00 0.00 806.93 Ice melt for snow and one snow removal on 12/09/2007. 168.37 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 428.28 Based on % of collection. 0.00 100.00 635.20 Two evictions filed versus five 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 1,173.06
Electricity Electricity Gas - Resident Natural Gas Water & Sewer
3,041.61 0.00 2,405.18 13,178.18
3,340.00 0.00 2,565.00 8,965.00
298.39 0.00 159.82 (4,213.18) Due to increase of water charges when only budgeted for a 3% increase.
30,886.61 0.00 19,988.40 155,742.88
40,080.00 0.00 30,780.00 107,580.00
Water & Sewer - Resident Reimb
(11,246.52)
(6,275.50)
(107,939.51)
(75,306.00)
Water - irrigation Electric - Tenant Reimbursement Trash Reimbursement Water - Tenant Reimbursement Utility -Vacant Electric
0.00 0.00 (2,186.15) 0.00 1,364.05
0.00 0.00 (2,011.00) 0.00 880.44
26,038.84 0.00 (27,631.57) 0.00 13,075.56
23,500.00 0.00 (24,132.00) 0.00 9,387.78
742.87 0.00 7,299.22
586.96 0.00 8,050.90
4,971.02 Collected 85% of water billed. Favorable variance due to increase in water rates beyond budget. 0.00 0.00 175.15 0.00 (483.61) Vacant electric bills higher than anticipated due to colder weather. (155.91) 0.00 751.68
5,709.57 0.00 115,870.78
6,258.52 0.00 118,148.30
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 1,146.87 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,146.87
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
48,259.35
27,616.50
362,261.61
331,398.00
Franchise Tax Insurance Tax Consultants MIP Total Taxes & Insurance Total Operating Expenses NET OPERATING INCOME
0.00 6,117.55 0.00 0.00 54,376.90 119,809.99 161,996.17
0.00 5,073.00 49.88 0.00 32,739.38 105,585.47 186,712.01
0.00 101,180.39 600.00 0.00 464,042.00 1,391,294.74 1,884,872.54
0.00 60,876.00 598.56 0.00 392,872.56 1,327,709.14 2,064,646.41
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 (0.04) 0.00 (0.04)
1,279,040.04 0.00 1,040,000.52 0.00 2,319,040.56
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
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 913.46 144.16 0.00 0.00 0.00 0.00 0.00 1,057.62
170.00 170.00 75.00 0.00 0.00 0.00 0.00 0.00 0.00 415.00
170.00 170.00 (838.46) (144.16) 0.00 0.00 0.00 0.00 0.00 (642.62)
0.00 365.00 1,993.92 889.96 0.00 0.00 0.00 0.00 0.00 3,248.88
2,040.00 2,040.00 900.00 0.00 0.00 0.00 0.00 0.00 0.00 4,980.00
Exterior Rehab Interior Rehab HVAC Replacement Carpet & Floor Replacement
0.00 0.00 0.00 8,522.14
0.00 0.00 0.00 4,900.00
4,533.00 0.00 0.00 71,146.85
18,946.00 3,250.00 0.00 58,800.00
Refrigerators Dishwashers & Ranges Washers / Dryers Fire Alarm Replacement Other Capital Improvements Boiler Replacement Roof Replacement Total Capital Expenses
0.00 0.00 263.01 0.00 540.48 0.00 0.00 9,325.63
0.00 0.00 0.00 0.00 0.00 0.00 0.00 4,900.00
1,227.02 0.00 263.01 0.00 14,731.97 0.00 0.00 91,901.85
600.00 0.00 0.00 0.00 3,713.00 0.00 0.00 85,309.00
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 Property Taxes
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
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (20,642.85) Accrue monthly property tax as well as 2007 tax true up. 0.00 (1,044.55) Includes pollution policy. 49.88 0.00 (21,637.52) (14,224.52) (24,715.84)
0.00 0.00 0.00 (3,622.14) Eight carpets needed replacement, versus four budgeted. 0.00 0.00 (263.01) One dryer needed replacing. 0.00 (540.48) Two windows replaced. 0.00 0.00 (4,425.63)
Casualty Losses Casualty Recovery Total Casualty Loss NET INCOME (LOSS)
0.00 0.00 0.00 (41,640.46)
0.00 0.00 0.00 (11,856.33)
0.00 0.00 0.00 (29,784.13)
0.00 0.00 0.00 (529,318.75)
0.00 0.00 0.00 (344,682.67)
Rental Guarantee
0.00 (41,640.46)
0.00 (11,856.33)
0.00 (29,784.13)
4,054.35 (525,264.40)
0.00 (344,682.67)
$ Variance
Annual Budget
YTD Variance Comment
(654,560.00)
4,209,210.00
340,691.00
0.00
(313,869.00) 0.00 0.00 82,314.26
4,209,210.00 0.00 0.00 (325,479.64)
13,400.47
(59,160.00)
0.00 0.00 (18,919.74)
0.00 0.00 (7,841.82)
(4,260.00) 0.00 2,755.40 0.00 (3,297.85) 93,955.10
(19,500.00) 0.00 (24,600.00) 0.00 (10,800.00) (632,942.99)
0.00 0.00 0.00 0.00 $(147,921.36)
0.00 0.00 0.00 0.00 $3,128,885.55
0.00 (816.00) 0.00 1,564.47
0.00 816.00 0.00 19,800.00
7,759.25
2,400.00
(186.76) 0.00 7,679.90
11,520.00 0.00 10,250.00
2,108.82
12,000.00
(5,665.36)
13,920.00
0.00 3,488.53 10,498.57
0.00 0.00 29,472.00
0.00 0.00 0.00 0.00 2,529.81
0.00 0.00 0.00 0.00 79,800.00
0.00 (4,008.53)
0.00 12,072.00
0.00 0.00 4,932.05 0.00 0.00 0.00 1,950.00
0.00 0.00 1,080.00 0.00 0.00 0.00 33,800.00
(19,554.39)
48,840.00
3,077.32
3,600.00
0.00 (4,624.59) 21,000.00 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 0.00 31,733.09
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 263,470.00
$(116,188.27)
$3,392,355.55
9,653.06 0.00 (13,254.73) 0.00 (9,252.07)
147,761.88 0.00 138,048.78 0.00 39,026.28
0.00 (10,985.45)
0.00 9,336.00
0.00 0.00 (5,720.12)
0.00 0.00 0.00
0.00 (29,559.31)
0.00 334,172.94
4,714.33
12,000.00
4,140.82 24.60 (741.78) 0.00 0.00 (118.82) 0.00 (3,583.64)
13,200.00 1,200.00 2,040.00 0.00 0.00 1,080.00 0.00 1,380.00
0.00 (85.44) 300.00 956.49 1,380.49 0.00 6,987.05
0.00 300.00 300.00 6,150.00 7,800.00 0.00 45,450.00
(5,130.54) 4,462.39
36,900.00 9,576.00
8,937.60 21,095.00 29,364.45
24,440.78 26,195.00 97,111.78
5,395.62
7,852.50
(31,565.00)
3,000.00
8,099.00
26,175.00
(1,875.19)
1,200.00
0.00 (70.00) 2,927.47
0.00 600.00 5,000.04
300.00 (235.91) (17,024.01)
300.00 1,599.96 45,727.50
950.83 (500.38) 3,712.93 1,292.43 (270.00) 804.66
8,400.00 1,200.00 5,055.00 1,800.00 0.00 5,400.00
(125.00) 419.47 2,447.65 (386.32) (55.34) 1,497.27 0.00 (2,250.50) 0.00 0.00 0.00 7,537.70
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
5,626.62
30,000.00
(1,700.66) (656.38) 0.00 0.00 0.00 0.00 (10,963.49)
6,120.00 902.88 0.00 0.00 0.00 0.00 5,850.00
(7,693.91)
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
1,805.45 0.00 850.00 12,193.50
135,694.22 12,000.00 39,600.00 15,600.00
0.00 0.00 114.95 0.00 0.00 (572.67) (123.71) 0.00 0.00 2,573.70 0.00 0.00 16,841.22
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
9,193.39 0.00 10,791.60 (48,162.88)
40,080.00 0.00 30,780.00 107,580.00
32,633.51
(75,306.00)
(2,538.84) 0.00 3,499.57 0.00 (3,687.78)
23,500.00 0.00 (24,132.00) 0.00 9,387.78
548.95 0.00 2,277.52
6,258.52 0.00 118,148.30
0.00 0.00 0.00 (1,146.87) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (1,146.87)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(30,863.61)
331,398.00
0.00 (40,304.39) (1.44) 0.00 (71,169.44) (63,585.60) (179,773.87)
0.00 60,876.00 598.56 0.00 392,872.56 1,327,709.14 2,064,646.41
0.00 0.00 (0.48) 0.00 (0.48)
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
2,040.00 1,675.00 (1,093.92) (889.96) 0.00 0.00 0.00 0.00 0.00 1,731.12
2,040.00 2,040.00 900.00 0.00 0.00 0.00 0.00 0.00 0.00 4,980.00
14,413.00 3,250.00 0.00 (12,346.85)
18,946.00 3,250.00 0.00 58,800.00
(627.02) 0.00 (263.01) 0.00 (11,018.97) 0.00 0.00 (6,592.85)
600.00 0.00 0.00 0.00 3,713.00 0.00 0.00 85,309.00
0.00 0.00 0.00 (184,636.08)
0.00 0.00 0.00 (344,682.67)
4,054.35 (180,581.73)
0.00 (344,682.67)
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 Actual
Oct 2007 Actual
Nov 2007 Actual
Dec 2007 Actual
12 Month Total
342
$/ Sq. Ft. 313,778
3,895,341 (243,165) (584,747) (86,464) 2,980,964
11,389.89 (711.01) (1,709.79) (252.82) 8,716.27
12.41 (0.77) (1.86) (0.28) 9.50
364,160 (43,000) (80,000) (6,085) 235,075
27,123 281,806
295,203 3,276,167
863.17 9,579.44
0.94 10.44
27,884 3,126 4,169 4,735 424 1,667 16,128 7,299 0 54,377
363,732 38,463 67,747 62,752 35,682 50,567 191,292 115,871 1,147 464,042
1,063.54 112.46 198.09 183.48 104.33 147.86 559.33 338.80 3.35 1,356.85
1.16 0.12 0.22 0.20 0.11 0.16 0.61 0.37 0.00 1.48
112,980 164,695
119,810 161,996
1,391,295 1,884,873
4,068.11 5,511.32
4.43 6.01
193,253 0 6,129
193,253 129 11,240
193,253 1,058 9,326
2,319,041 3,249 91,902
6,780.82 9.50 268.72
7.39 0.01 0.29
(40,585)
(39,927)
(41,640)
(1,547.72)
(1.69)
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
309,900 (17,176) (26,860) (5,798) 260,065
307,861 (16,540) (27,853) (7,418) 256,050
304,657 (18,457) (24,522) (8,902) 252,776
298,849 (11,315) (19,525) (13,325) 254,683
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
31,751 289,253
27,802 287,867
23,451 279,501
24,899 277,675
33,611 2,710 6,159 3,805 2,027 6,403 15,368 9,370 0 37,910
20,391 2,821 5,921 2,722 1,541 10,329 15,798 15,941 0 33,542
30,933 2,230 9,117 3,636 2,485 1,917 15,451 12,794 0 33,143
32,195 3,652 4,298 6,647 2,639 3,299 15,440 6,685 0 33,465
31,382 3,228 6,292 4,645 1,612 5,923 14,701 9,382 0 34,552
31,663 3,040 4,400 6,951 1,405 4,883 16,179 12,548 0 34,243
40,842 5,519 4,564 5,843 3,289 3,010 18,825 12,990 0 64,955
22,827 2,088 7,230 4,190 2,097 3,137 16,316 1,571 0 34,433
31,229 3,595 3,448 7,769 2,185 3,150 16,541 8,672 0 34,062
29,995 1,911 6,521 6,636 11,250 3,267 14,854 10,645 945 34,680
30,781 4,543 5,629 5,174 4,727 3,583 15,690 7,972 202 34,680
Total Operating Exp. Net Operating Income
117,362 146,094
109,007 142,774
111,705 140,223
108,319 152,043
111,718 160,343
115,314 164,082
159,837 121,244
93,888 195,364
110,652 177,215
120,703 158,798
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
193,253 735 8,759
Cash Flow Frm Operations
(48,760)
(54,592)
(63,822)
(49,586)
(47,181)
(31,262)
(77,125)
(25,533)
Operating Expenses Salary Expense Operating Expense Advertising Expense Make Ready Expense Maintenance Expense Service Expense Administrative Expense Utility Expense Credit Card Fees Taxes & Insurance
(9,305)
$/ Unit
(529,319)
Dec 2006 Reforecast
342
$/ Sq. Ft. 313,778
4,874,409 (316,649) (710,506) (115,029) 3,732,225
14,252.66 (925.88) (2,077.50) (336.34) 10,912.94
15.53 (1.01) (2.26) (0.37) 11.89
19,000 254,075
367,089 4,099,313
1,073.36 11,986.30
1.17 13.06
37,759 3,030 6,885 7,500 2,295 2,395 14,969 10,900
461,221 49,275 84,628 80,344 43,233 58,360 238,639 142,381
1,348.60 144.08 247.45 234.92 126.41 170.64 697.78 416.32
1.47 0.16 0.27 0.26 0.14 0.19 0.76 0.45
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
0 37,237
465,400 37,237
1,360.82 108.88
1.48 0.12
1,660,718 2,438,595
4,855.90 7,130.40
5.29 7.77
193,254 0 3,300
197,699 112,736 3,300
578.07 329.64 9.65
0.63 0.36 0.01
0
0
0
0
0
0
0
0
2,124,861
6,213.04
6.77
0 250,000
4,562 131,540 6,328 (34,568)
4,374 (134,406) (4,460) (34,822)
2,739 2,415 523 322,388
0 (1,420) 337 (35,800)
46,036 8,565 10,797 (35,800)
0 8,538 5,633 (35,800)
0 (43) 5,633 (35,800)
0 321 5,139 (35,800)
0 1,244 5,880 14,016
0 (2,018) 3,267 (35,800)
57,711 9,447 34,915 (12,750)
(42,714)
(31,697)
107,861
(169,314)
328,065
(36,884)
29,597
(21,630)
(30,210)
(30,340)
21,140
(34,552)
89,322
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
18,691 25,600 (2,538) (11,933)
37,197 32,375 1,250 0
6,339 21,925 (1,824) 0
67,513 48,259 638 2,053
581,863 (101,791) (19,204) 2,381
Cash Increase (Decrease) From Liab.
76,334
77,559
(32,289)
233,006
(295,115)
69,872
77,757
10,580
29,821
70,821
26,440
118,463
463,250
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
(25,922) 32,698
(103) 32,595
7,653 40,248
42,271 82,519
23,253
0 0 0 (2,951) (2,951) 0 0 0 0 0
181,601 181,601
55210.94
$700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $$(100,000) $(200,000) $(300,000) Jan 2007
Feb 2007
Mar 2007
Apr 2007
May 2007
Jun 2007
Row 60
Jul 2007
Aug 2007
Sep 2007
Oct 2007
Nov 2007
Dec 2007
Row 61
Units Sq. Ft. ### 384807 bayclub2 castlep cedar congress jackson lee rem ric parkside polo sat sweet trailapt vlgcrest walnut westo wind usacourt usawalcr
160 356 300 257 247 10 428 5 300 440 440 240 280 120 284 12 346 280 284
146,080 384,807 274,080 254,074 221,730 22,160 398,868 24,952 305,832 403,761 548,750 264,892 286,056 108,276 254,103 48,309 433,196 299,111 254,103
$/ Unit
122,970 131,106
(65,449) Rental Guarantees
12 Month Total
250,000
8,672 44,062 (34,534) (2,951) 15,249 (31,606) (20,390) 4,434 0 (47,562)
2,342,548
W31:
administrator: assume insurance increases by 50%
W48:
administrator:
replacement reserve + reduction in tax escrow due to overage
Courtney Downs Apartments December 07 LEASING & OCCUPANCY NUMBER OF MOVE INS: NUMBER OF MOVE OUTS: NET FOR THE MONTH:
25 23 2
OCCUPIED/LEASED %:
93.57%/95.32%
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:
$281,806.00 $277,675.00 $4,131.00
TOTAL # GARAGES # GARAGES OCCUPIED GARAGES OCCUPIED %
120 116 97%
REASONS WHY PROSPECTS DID NOT LEASE: Traffic 0 0 0 0 18 0 22 3 9 0 0 8 0
Leased 0 0 0 0 4 0 8 1 2 0 0 4 0
60
19
* * * * * * * * * * * * * *
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
32%
MARKETING ACTIVITIES & SOURCES FOR THE MONTH * Took lunch with updated special to Nextel Human Resources. * Took lunch to locators with updates on specials and prices.. * Took flyers to Sky Ridge Hospital Human Resources. * Took brochures and specials to Direct T.V. * Updated all internet ads with new pricing and specials for the month of December. * Brochures and lunch were taken to First Data Human Resources. * Met with KB sales team with options of temporary housing for new home buyers. * Dropped off cookie basket and brochures to Wells Fargo Team. * Dropped off doughnuts and brochures to Marriott extended stay hotels. * Took cookie and candy bag with flyer's to Newman Homes. * Took lunch to sales team with brochures to Richmond Homes Team. * Took cookie and candy bag to D R Horton Homes sales center. OVERVIEW OF COMPARABLE PROPERTIES: The surrounding comps are still offering discounted rents on selected units. This translates into one bedroom effective rents of $680, two bedrooms at $755 and three bedrooms starting at $1099. Look and leases specials are one month with a 12 to 13 month lease. Overall market is 94% average occ. and rental rate of $810. per month. RESIDENT RETENTION: We had 21 leases expiring in the month of December. Nine renewed leases with a $52 increase. Notices received; (4) buying homes, (4) relocating out of the area (4) job change
INCIDENTS ON THE PROPERTY: Pipe broke in bld #17 on 12/31/2007 due to freezing temperatures.
0 5 0 11 0 0 3 6 9 0 7 0 0 0 41
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 32 19 18 7
Number of: 18 8 10 124 0 32 19 18 7
25 0 15 8 124
PLUMBING LEAKS
25 0 15 8 124 0 0
REFRIGERATORS DISHWASHERS WINDOWS A/C COMPRESSORS CONDENSING UNITS WATER HEATERS ICE MAKERS GARBAGE DISPOSALS MICROWAVES CARPETS CEILING FANS TOILETS A/C FAN MOTORS COUNTER TOPS CABINETS RESURFACED KITCHEN BLINDS TUBS RESURFACED TUB TILES
CAPITAL IMPROVEMENTS IN PROGRESS: N/A
PROBLEM AREAS NEEDING ATTENTION: Snow blower needs repairs or repalcement. Air compressor is broken may be repaired or replaced.
CURRENT STAFF: Manager Assistant Manager Leasing Consultant Leasing Consultant Maintenance Supervisor Assistant Maintenance Maintenance/ Grounds
Nancy Howland Carrie McMillan Summer Wahrman Kate Hawkins Gabriel Tellez Russell Briley Jorge Chavez and Jorge Bernal
ACCOMPLISHMENTS FOR THE MONTH: Performed extra snow removal on property due to ice patches forming on the shady side of the bldgs. Maintained 93% occupancy. Collected $10,000 more in income this month than last month.
Number Replaced 0 0 0 0 0 0 0 0 0 8 0 0 0 0 0 21 0 0
Apt. #
7209, 6209, 16304, 7106, 12207, 10109, 12105, 10306.
9210-2, 12207-2, 19111-3, 2111-1, 9207-1, 9212-1, 12208-2, 10109-2, 7106-2, 7209-1, 6209-2, 16304-2
Courtney Downs RENTAL SCHEDULE
December 07
UNIT TYPE A1 A1V A2 B1 B1V C C1 C1V CV D DV E EV TOTAL
1BR 1BR 1BR 1BR 1BR 2BR 2BR 2BR 2BR 2BR 2BR 3BR 3BR
#UNITS
SIZE
40 32 18 24 32 42 44 22 24 16 20 24 4
704 704 910 808 808 977 1,030 1,030 977 1,030 1,030 1,140 1,140
TOTAL S/F 28,160 22,528 16,380 19,392 25,856 41,034 45,320 22,660 23,448 16,480 20,600 27,360 4,560
342
917
313,778
MKT RENT PER UNIT 725 725 850 750 760 875 900 925 875 925 925 1160 1160 $870
MKT RENT MONTHLY PER S/F GROSS 1.03 $29,000 1.03 $27,520 0.93 $15,300 0.93 $18,000 0.94 $24,320 0.90 $36,750 0.87 $39,600 0.90 $20,350 0.90 $21,000 0.90 $14,800 0.90 $18,500 1.02 $27,840 1.02 $4,640 $0.95
$297,620
ANNUAL GROSS $348,000 $330,240 $183,600 $216,000 $291,840 $441,000 $475,200 $244,200 $252,000 $177,600 $222,000 $334,080 $55,680 $3,571,440
EFFECTIVE CONCESSION RENTS* 725.00 725.00 850.00 750.00 760.00 875.00 900.00 925.00 875.00 925.00 925.00 1,160.00 1,160.00
CONCESSION PER UNIT
$870 * Net of Concessions
EFFECTIVE PER S/F
1.03 1.03 0.93 0.93 0.94 0.90 0.87 0.90 0.90 0.90 0.90 1.02 1.02 0.95
EFFECTIVE MONTHLY GROSS $29,000 $27,520 $15,300 $18,000 $24,320 $36,750 $39,600 $20,350 $21,000 $14,800 $18,500 $27,840 $4,640 $297,620
Vacants
Vacants Leased
Notice
Notice Leased
Net Available
2 0 1 2 0 3 3 0 0 4 0 2 0
0 0 0 0 0 3 0 0 0 0 0 0 0
6 0 1 3 0 4 5 0 0 1 0 3 0
1 0 1 1 0 0 0 0 0 0 0 0 0
7 0 1 4 0 4 8 0 0 5 0 5 0
17
3
23
3
34
MARKET SURVEY Courtney Downs December-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 $50.00 yes yes 300 100 no no yes yes yes 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
MARKET SURVEY Courtney Downs December-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
760 775
779 853
PRICE
0.98 0.91
SIZE
Pinnacle @ the Creek
PSF
PRICE
SIZE
Dove Valley
PSF
SIZE
PSF
PRICE
Cherrywood Village SIZE PSF
1.03 1.05
680 740
627 701
1.08 1.06
685 705
1.16 1.02
755 765
768 842
0.98 0.91
725 745
707 796
1.03 0.94
0.82
840
811
0.91
845
760
1.03
780
992
0.79
780
916
0.85
820 920
956 1044
0.86 0.88
1109
1051
1110
1120
1.06 0.99
875
977
0.90
885
1105
0.80
1030 1030
0.87 0.90
915
1192
0.77
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
94 1 884 342
95.32%
0
0% 0.95
96%
97%
0.94 40
0.88 1114 507
21
Special: look and lease special $150 security deposit waived and reduced rents on Special: Reduced pricing Rates select units. for all floor plans. reflect these rates: specials:
Ren: $50 to $75 increase.
Ren.: 15% increase on all renewals.
994 653
Will not give out any information.
Ren: Info not avail per corporate
1169
1230
93%
95.10%
0.95
763 763
0.94 1.05
1115
0.86
905
1033
0.88
819
1037
0.79
1220
0.81
905
1093
0.83
905
1037
1.23
1099
1356
0.81
1290 1305
1235 1235
1.04 1.04
909 1039
1257 1257
94.6%
27
719 738
955 985
96%
1.03 808 216
Reserve@South Creek SIZE PSF
PRICE
704 808 910
900 925
795 830
PRICE
725 850 750
92.5%
95%
0.86 890 312
19
94.5%
19
0
Special:One month free with look and lease.
Special: One month off 12 Special: First full months to 13 month lease. rent.
Ren:Per corporate
Ren: $60 to $85 increas for 12 month lease
0.72 1.10
96%
0.94 1131 360
0.97 995 168
18
Special: One month free on a 12 to 13 month special.
Ren: Average $50 to $125 Ren: Free carpet cleaning increase. with 12mo.
ASSETS Cash Operating Cash Money Market Total Cash
82,518.64 0.00 $82,518.64
OTHER ASSETS Accounts Receivable Prepaid Expenses Tax Escrow Replacement Reserves Capital / Repair Escrow Total Other Assets
342.88 2,613.19 255,613.86 48,427.04 200,000.00 506,996.97
Total ASSETS
589,515.61
LIABILITIES & CAPITAL LIABILITIES Accounts Payable - Trade Other Accounts Payable Accrued Taxes Prepaid Rent Security Deposits Notes Payable Total Liabilities
176,273.32 826,437.05 362,261.61 20,048.63 38,506.72 2,052.90 1,425,580.23
CAPITAL Owners Equity Retained Earnings Total Capital Total LIABILITIES & CAPITAL
100.00 (836,164.62) (836,064.62) 589,515.61
USA Courtney Downs LeaseCo, LLC Budget Comparison Books = Accrual For the period ending December 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
347,440.00
4,439.00
0.00
298,849.00 0.00 0.00 (11,315.35)
347,440.00 0.00 0.00 (30,525.35)
Upfront Rent Concessions
(6,526.71)
(435.00)
Corporate Discount Delinquent Rent Adjustments & W/O
0.00 0.00 (8,250.48)
0.00 0.00 (681.96)
(1,980.00) 0.00 (1,934.80) 0.00 (1,160.00) (12,998.29)
(1,625.00) 0.00 (2,050.00) 0.00 (900.00) (39,120.21)
0.00 0.00 0.00 0.00 $254,683.37
0.00 0.00 0.00 0.00 $272,102.48
0.00 0.00 0.00 1,344.87
0.00 68.00 0.00 1,650.00
955.00
200.00
1,062.09 0.00 1,410.00
960.00 0.00 650.00
Termination Fees & Damages
236.00
1,000.00
Miscellaneous Income
960.86
1,160.00
Renters Insurance Interest Income Pet Rents & Fees
0.00 0.00 3,272.58
0.00 0.00 2,456.00
Tower Rent Asset Management Fee Parking Spaces Income Homeowners Assessments Garage Income
0.00 0.00 0.00 0.00 7,201.90
0.00 0.00 0.00 0.00 6,650.00
Water/Sewer Income Cable/Telephone Income
0.00 3,321.55
0.00 1,006.00
HOA Contributions Developer Developer HOA Dues Forfeited Deposits Developer Contributions Interest Income Other Thunder Income Administration Fee
0.00 0.00 601.00 0.00 0.00 0.00 3,150.00
0.00 0.00 90.00 0.00 0.00 0.00 2,000.00
Move-Out Charges
2,977.91
3,330.00
629.03
300.00
Extra-Ordinary Income Corporate Rent Corporate Units - expense
0.00 0.00 0.00
0.00 425.00 (1,750.00)
Deferred Revenue HOA Developer Contributions
0.00 0.00
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 Laundry Income Vending Income Covered Parking Income Late Charges & NSF Fees Month to Month Premium Storage Fees Repair & Maintenance Fees Application Fees
Short Term Lease Fees
0.00 0.00
MTD Variance Comment
(53,030.00) Concessions are no longer being offered, market rents adjusted to reflect the lower rents. 4,439.00 Actual reflects variance in market rents vs lease rents which include concessions. (48,591.00) 0.00 0.00 19,210.00 Our vacancy was 5% higher then budgeted. (6,091.71) Includes up front concessions offered as look and lease special to be competetive with market. Two weeks to month free offered. 0.00 0.00 (7,568.52) Loss is due to one skip who left owing rent and damages at move out. Includes late charges and concession bill back. (355.00) Market rent higher than budgeted. 0.00 115.20 0.00 (260.00) 26,121.92 We have been able to reduce the amount of concessions at turnover. We have also been renewing lease with fewer concessions. 0.00 0.00 0.00 0.00 $(17,419.11)
YTD Actual
YTD Budget
3,554,650.00
4,209,210.00
340,691.00
0.00
3,895,341.00 0.00 0.00 (243,165.38)
4,209,210.00 0.00 0.00 (325,479.64)
(45,759.53)
(59,160.00)
0.00 0.00 (26,761.56)
0.00 0.00 (7,841.82)
(23,760.00) 0.00 (21,844.60) 0.00 (14,097.85) (538,987.89)
(19,500.00) 0.00 (24,600.00) 0.00 (10,800.00) (632,942.99)
0.00 0.00 0.00 0.00 $2,980,964.19
0.00 0.00 0.00 0.00 $3,128,885.55
0.00 (68.00) 0.00 (305.13) Collected fewer late fee this month due to residents paying on time. 755.00 Five month to month fees collected versus two budgeted. 102.09 0.00 760.00 28 applications fees collected versus 19 budgeted. (764.00) Fewer term fees collected this month, adjusted two concession bill backs that were coded incorrectly. (199.14) Collected 21 utility transfer fees, and 11 credit card convenience fees. 0.00 0.00 816.58 Collection of $20 pet rent, includes several NR pet fees. 0.00 0.00 0.00 0.00 551.90 Higher occupancy. Garage fee is $90 per month. 0.00 2,315.55 $3,105.91 commissions collected as well as $215.64 4th Qtr Cable income.
0.00 0.00 0.00 21,364.47
0.00 816.00 0.00 19,800.00
10,159.25
2,400.00
11,333.24 0.00 17,929.90
11,520.00 0.00 10,250.00
14,108.82
12,000.00
8,254.64
13,920.00
0.00 3,488.53 39,970.57
0.00 0.00 29,472.00
0.00 0.00 0.00 0.00 82,329.81
0.00 0.00 0.00 0.00 79,800.00
0.00 8,063.47
0.00 12,072.00
0.00 0.00 511.00 NR pet fees collected. 0.00 0.00 0.00 1,150.00 Collected 24 administration fees versus 13 budgeted. (352.09) Fewer charges required on move outs.
0.00 0.00 6,012.05 0.00 0.00 0.00 35,750.00
0.00 0.00 1,080.00 0.00 0.00 0.00 33,800.00
29,285.61
48,840.00
6,677.32
3,600.00
329.03 Received four short term fees versus one budgeted. 0.00 (425.00) No corporate units at this time. 1,750.00 Bills being paid under guest suite expense. 0.00 0.00
0.00 475.41 0.00 0.00 0.00
0.00 5,100.00 (21,000.00) 0.00 0.00
Acquisition Fees Income - Rental Income - C.A.M. Income - Insurance Income - Taxes Income - Interest Income - Other Income - Condo Sales Total Other Income
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 27,122.79
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 20,195.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 6,927.79
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 295,203.09
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 263,470.00
$281,806.16
$292,297.48
$(10,491.32)
$3,276,167.28
$3,392,355.55
11,504.05 0.00 11,142.47 0.00 3,458.93
12,613.82 0.00 11,784.65 0.00 5,170.30
138,108.82 0.00 151,303.51 0.00 48,278.35
147,761.88 0.00 138,048.78 0.00 39,026.28
0.00 1,490.46
0.00 778.00
0.00 20,321.45
0.00 9,336.00
0.00 0.00 288.42
0.00 0.00 0.00
0.00 0.00 5,720.12
0.00 0.00 0.00
0.00 27,884.33
0.00 30,346.77
0.00 363,732.25
0.00 334,172.94
Office Operations & Supplies
(229.16)
1,000.00
7,285.67
12,000.00
Telephones Answering Svc. & Pagers Postage & Delivery Patrol Services Membership Dues Publications & Subscriptions Conventions/Seminars Employee Training
847.55 69.00 167.93 0.00 0.00 0.00 0.00 1,320.93
1,100.00 100.00 170.00 0.00 0.00 90.00 0.00 115.00
9,059.18 1,175.40 2,781.78 0.00 0.00 1,198.82 0.00 4,963.64
13,200.00 1,200.00 2,040.00 0.00 0.00 1,080.00 0.00 1,380.00
0.00 0.00 0.00 450.35 499.77 0.00 3,126.37
0.00 25.00 25.00 390.00 650.00 0.00 3,665.00
0.00 385.44 0.00 5,193.51 6,419.51 0.00 38,462.95
0.00 300.00 300.00 6,150.00 7,800.00 0.00 45,450.00
2,241.00 367.33
2,600.00 798.00
42,030.54 5,113.61
36,900.00 9,576.00
1,560.43 0.00 4,168.76
1,446.20 1,550.00 6,394.20
15,503.18 5,100.00 67,747.33
24,440.78 26,195.00 97,111.78
52.36
427.50
2,456.88
7,852.50
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
Furniture Rental Car Expenses Permits & Fees Credit Checks Guest Suite Expense Parking Cost Total Operating Expense Advertising & Promotions Resident Promotions Locators Resident Referrals Total Advertising Expense Paint & Drywall
1,109.77 Fewer hours reported this month. 0.00 642.18 0.00 1,711.37 We paid fewer bonuses then budgeted. 0.00 (712.46) We have more participants for our insurance program then what was anticipated in the budget. 0.00 0.00 (288.42) Used temp labor to cover for open office positions. 0.00 2,462.44 1,229.16 We received a refund check of $349.91 from HSBC. 252.45 31.00 2.07 0.00 0.00 90.00 0.00 (1,205.93) Includes cost for holiday party, two months Grace Hill Training, preemployment screening and annual Drug Free Workplace fee. 0.00 25.00 25.00 (60.35) 150.23 0.00 538.63 359.00 Reflects current advertising costs. 430.67 Spent less on resident party this month. (114.23) 1,550.00 No referral fees paid this month 2,225.44 375.14
Contract Cleaning Svcs.
2,980.00
250.00
(2,730.00) We had an error in budgeting. Contract cleaned 32 units plus weekly cost to clean the clubroom. 736.00 We had fewer carpet cleans than anticipated. 100.00
34,565.00
3,000.00
689.00
1,425.00
18,076.00
26,175.00
0.00
100.00
3,075.19
1,200.00
Vinyl & Tile Repairs Lock & Keys Counter & Tub Resurfacing
0.00 0.00 935.93
0.00 50.00 416.67
0.00 670.00 2,072.57
0.00 600.00 5,000.04
25.00 133.33 2,827.50
0.00 50.00 (519.26) Repair of backsplashes for the kitchen and bathroom in unit 9210. 25.00 55.47 (1,907.65)
Other Redecorating Cleaning Supplies Total Make Ready Expense
0.00 77.86 4,735.15
0.00 1,835.87 62,751.51
300.00 1,599.96 45,727.50
111.82 0.00 42.41 6.07 0.00 0.00
700.00 100.00 140.00 150.00 0.00 450.00
588.18 Fewer expenses this month. 100.00 97.59 143.93 0.00 450.00 No ordering of spa supplies this month.
7,449.17 1,700.38 1,342.07 507.57 270.00 4,595.34
8,400.00 1,200.00 5,055.00 1,800.00 0.00 5,400.00
0.00 56.38 104.00 103.29 0.00 0.00 0.00 0.00 0.00 0.00 0.00 423.97
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
125.00 1,500.53 3,402.35 1,286.32 355.34 502.73 0.00 12,645.50 0.00 0.00 0.00 35,682.30
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
Landscape & Grounds
675.00
0.00
24,373.38
30,000.00
Trash Removal Pest Control Security Patrols Window Cleaning Svc. Interior Cleaning Svc. Cable Television Snow Removal
376.80 172.00 0.00 0.00 0.00 0.00 443.07
510.00 75.24 0.00 0.00 0.00 0.00 1,250.00
7,820.66 1,559.26 0.00 0.00 0.00 0.00 16,813.49
6,120.00 902.88 0.00 0.00 0.00 0.00 5,850.00
1,666.87
1,835.24
50,566.79
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
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 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
11,263.62 1,000.00 3,200.00 664.80
11,691.90 1,000.00 3,300.00 1,300.00
133,888.77 12,000.00 38,750.00 3,406.50
135,694.22 12,000.00 39,600.00 15,600.00
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 16,128.42
0.00 0.00 9.58 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 17,301.48
0.00 0.00 0.01 0.00 0.00 572.67 123.71 0.00 0.00 2,550.30 0.00 0.00 191,291.96
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
Carpet Cleaning & Repairs Window Coverings
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
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
0.00 103.62 346.00 Fewer supplies required this month. (28.29) 25.00 0.00 0.00 175.00 0.00 0.00 0.00 2,001.03 (675.00) Rock and feather grass installed around the fountain and a repair to the irrigation line. Favorable YTD. 133.20 (96.76) 0.00 0.00 0.00 0.00 806.93 Ice melt for snow and one snow removal on 12/09/2007. 168.37 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 428.28 Based on % of collection. 0.00 100.00 635.20 Two evictions filed versus five 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 1,173.06
Electricity Electricity Gas - Resident Natural Gas Water & Sewer
3,041.61 0.00 2,405.18 13,178.18
3,340.00 0.00 2,565.00 8,965.00
298.39 0.00 159.82 (4,213.18) Due to increase of water charges when only budgeted for a 3% increase.
30,886.61 0.00 19,988.40 155,742.88
40,080.00 0.00 30,780.00 107,580.00
Water & Sewer - Resident Reimb
(11,246.52)
(6,275.50)
(107,939.51)
(75,306.00)
Water - irrigation Electric - Tenant Reimbursement Trash Reimbursement Water - Tenant Reimbursement Utility -Vacant Electric
0.00 0.00 (2,186.15) 0.00 1,364.05
0.00 0.00 (2,011.00) 0.00 880.44
26,038.84 0.00 (27,631.57) 0.00 13,075.56
23,500.00 0.00 (24,132.00) 0.00 9,387.78
742.87 0.00 7,299.22
586.96 0.00 8,050.90
4,971.02 Collected 85% of water billed. Favorable variance due to increase in water rates beyond budget. 0.00 0.00 175.15 0.00 (483.61) Vacant electric bills higher than anticipated due to colder weather. (155.91) 0.00 751.68
5,709.57 0.00 115,870.78
6,258.52 0.00 118,148.30
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 1,146.87 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,146.87
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
48,259.35
27,616.50
362,261.61
331,398.00
Franchise Tax Insurance Tax Consultants MIP Total Taxes & Insurance Total Operating Expenses NET OPERATING INCOME
0.00 6,117.55 0.00 0.00 54,376.90 119,809.99 161,996.17
0.00 5,073.00 49.88 0.00 32,739.38 105,585.47 186,712.01
0.00 101,180.39 600.00 0.00 464,042.00 1,391,294.74 1,884,872.54
0.00 60,876.00 598.56 0.00 392,872.56 1,327,709.14 2,064,646.41
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 (0.04) 0.00 (0.04)
1,279,040.04 0.00 1,040,000.52 0.00 2,319,040.56
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
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 913.46 144.16 0.00 0.00 0.00 0.00 0.00 1,057.62
170.00 170.00 75.00 0.00 0.00 0.00 0.00 0.00 0.00 415.00
170.00 170.00 (838.46) (144.16) 0.00 0.00 0.00 0.00 0.00 (642.62)
0.00 365.00 1,993.92 889.96 0.00 0.00 0.00 0.00 0.00 3,248.88
2,040.00 2,040.00 900.00 0.00 0.00 0.00 0.00 0.00 0.00 4,980.00
Exterior Rehab Interior Rehab HVAC Replacement Carpet & Floor Replacement
0.00 0.00 0.00 8,522.14
0.00 0.00 0.00 4,900.00
4,533.00 0.00 0.00 71,146.85
18,946.00 3,250.00 0.00 58,800.00
Refrigerators Dishwashers & Ranges Washers / Dryers Fire Alarm Replacement Other Capital Improvements Boiler Replacement Roof Replacement Total Capital Expenses
0.00 0.00 263.01 0.00 540.48 0.00 0.00 9,325.63
0.00 0.00 0.00 0.00 0.00 0.00 0.00 4,900.00
1,227.02 0.00 263.01 0.00 14,731.97 0.00 0.00 91,901.85
600.00 0.00 0.00 0.00 3,713.00 0.00 0.00 85,309.00
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 Property Taxes
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
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (20,642.85) Accrue monthly property tax as well as 2007 tax true up. 0.00 (1,044.55) Includes pollution policy. 49.88 0.00 (21,637.52) (14,224.52) (24,715.84)
0.00 0.00 0.00 (3,622.14) Eight carpets needed replacement, versus four budgeted. 0.00 0.00 (263.01) One dryer needed replacing. 0.00 (540.48) Two windows replaced. 0.00 0.00 (4,425.63)
Casualty Losses Casualty Recovery Total Casualty Loss NET INCOME (LOSS)
0.00 0.00 0.00 (41,640.46)
0.00 0.00 0.00 (11,856.33)
0.00 0.00 0.00 (29,784.13)
0.00 0.00 0.00 (529,318.75)
0.00 0.00 0.00 (344,682.67)
Rental Guarantee
0.00 (41,640.46)
0.00 (11,856.33)
0.00 (29,784.13)
4,054.35 (525,264.40)
0.00 (344,682.67)
$ Variance
Annual Budget
YTD Variance Comment
(654,560.00)
4,209,210.00
340,691.00
0.00
(313,869.00) 0.00 0.00 82,314.26
4,209,210.00 0.00 0.00 (325,479.64)
13,400.47
(59,160.00)
0.00 0.00 (18,919.74)
0.00 0.00 (7,841.82)
(4,260.00) 0.00 2,755.40 0.00 (3,297.85) 93,955.10
(19,500.00) 0.00 (24,600.00) 0.00 (10,800.00) (632,942.99)
0.00 0.00 0.00 0.00 $(147,921.36)
0.00 0.00 0.00 0.00 $3,128,885.55
0.00 (816.00) 0.00 1,564.47
0.00 816.00 0.00 19,800.00
7,759.25
2,400.00
(186.76) 0.00 7,679.90
11,520.00 0.00 10,250.00
2,108.82
12,000.00
(5,665.36)
13,920.00
0.00 3,488.53 10,498.57
0.00 0.00 29,472.00
0.00 0.00 0.00 0.00 2,529.81
0.00 0.00 0.00 0.00 79,800.00
0.00 (4,008.53)
0.00 12,072.00
0.00 0.00 4,932.05 0.00 0.00 0.00 1,950.00
0.00 0.00 1,080.00 0.00 0.00 0.00 33,800.00
(19,554.39)
48,840.00
3,077.32
3,600.00
0.00 (4,624.59) 21,000.00 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 0.00 31,733.09
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 263,470.00
$(116,188.27)
$3,392,355.55
9,653.06 0.00 (13,254.73) 0.00 (9,252.07)
147,761.88 0.00 138,048.78 0.00 39,026.28
0.00 (10,985.45)
0.00 9,336.00
0.00 0.00 (5,720.12)
0.00 0.00 0.00
0.00 (29,559.31)
0.00 334,172.94
4,714.33
12,000.00
4,140.82 24.60 (741.78) 0.00 0.00 (118.82) 0.00 (3,583.64)
13,200.00 1,200.00 2,040.00 0.00 0.00 1,080.00 0.00 1,380.00
0.00 (85.44) 300.00 956.49 1,380.49 0.00 6,987.05
0.00 300.00 300.00 6,150.00 7,800.00 0.00 45,450.00
(5,130.54) 4,462.39
36,900.00 9,576.00
8,937.60 21,095.00 29,364.45
24,440.78 26,195.00 97,111.78
5,395.62
7,852.50
(31,565.00)
3,000.00
8,099.00
26,175.00
(1,875.19)
1,200.00
0.00 (70.00) 2,927.47
0.00 600.00 5,000.04
300.00 (235.91) (17,024.01)
300.00 1,599.96 45,727.50
950.83 (500.38) 3,712.93 1,292.43 (270.00) 804.66
8,400.00 1,200.00 5,055.00 1,800.00 0.00 5,400.00
(125.00) 419.47 2,447.65 (386.32) (55.34) 1,497.27 0.00 (2,250.50) 0.00 0.00 0.00 7,537.70
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
5,626.62
30,000.00
(1,700.66) (656.38) 0.00 0.00 0.00 0.00 (10,963.49)
6,120.00 902.88 0.00 0.00 0.00 0.00 5,850.00
(7,693.91)
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
1,805.45 0.00 850.00 12,193.50
135,694.22 12,000.00 39,600.00 15,600.00
0.00 0.00 114.95 0.00 0.00 (572.67) (123.71) 0.00 0.00 2,573.70 0.00 0.00 16,841.22
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
9,193.39 0.00 10,791.60 (48,162.88)
40,080.00 0.00 30,780.00 107,580.00
32,633.51
(75,306.00)
(2,538.84) 0.00 3,499.57 0.00 (3,687.78)
23,500.00 0.00 (24,132.00) 0.00 9,387.78
548.95 0.00 2,277.52
6,258.52 0.00 118,148.30
0.00 0.00 0.00 (1,146.87) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (1,146.87)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(30,863.61)
331,398.00
0.00 (40,304.39) (1.44) 0.00 (71,169.44) (63,585.60) (179,773.87)
0.00 60,876.00 598.56 0.00 392,872.56 1,327,709.14 2,064,646.41
0.00 0.00 (0.48) 0.00 (0.48)
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
2,040.00 1,675.00 (1,093.92) (889.96) 0.00 0.00 0.00 0.00 0.00 1,731.12
2,040.00 2,040.00 900.00 0.00 0.00 0.00 0.00 0.00 0.00 4,980.00
14,413.00 3,250.00 0.00 (12,346.85)
18,946.00 3,250.00 0.00 58,800.00
(627.02) 0.00 (263.01) 0.00 (11,018.97) 0.00 0.00 (6,592.85)
600.00 0.00 0.00 0.00 3,713.00 0.00 0.00 85,309.00
0.00 0.00 0.00 (184,636.08)
0.00 0.00 0.00 (344,682.67)
4,054.35 (180,581.73)
0.00 (344,682.67)
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 Actual
Oct 2007 Actual
Nov 2007 Actual
Dec 2007 Actual
12 Month Total
342
$/ Sq. Ft. 313,778
3,895,341 (243,165) (584,747) (86,464) 2,980,964
11,389.89 (711.01) (1,709.79) (252.82) 8,716.27
12.41 (0.77) (1.86) (0.28) 9.50
364,160 (43,000) (80,000) (6,085) 235,075
27,123 281,806
295,203 3,276,167
863.17 9,579.44
0.94 10.44
27,884 3,126 4,169 4,735 424 1,667 16,128 7,299 0 54,377
363,732 38,463 67,747 62,752 35,682 50,567 191,292 115,871 1,147 464,042
1,063.54 112.46 198.09 183.48 104.33 147.86 559.33 338.80 3.35 1,356.85
1.16 0.12 0.22 0.20 0.11 0.16 0.61 0.37 0.00 1.48
112,980 164,695
119,810 161,996
1,391,295 1,884,873
4,068.11 5,511.32
4.43 6.01
193,253 0 6,129
193,253 129 11,240
193,253 1,058 9,326
2,319,041 3,249 91,902
6,780.82 9.50 268.72
7.39 0.01 0.29
(40,585)
(39,927)
(41,640)
(1,547.72)
(1.69)
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
309,900 (17,176) (26,860) (5,798) 260,065
307,861 (16,540) (27,853) (7,418) 256,050
304,657 (18,457) (24,522) (8,902) 252,776
298,849 (11,315) (19,525) (13,325) 254,683
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
31,751 289,253
27,802 287,867
23,451 279,501
24,899 277,675
33,611 2,710 6,159 3,805 2,027 6,403 15,368 9,370 0 37,910
20,391 2,821 5,921 2,722 1,541 10,329 15,798 15,941 0 33,542
30,933 2,230 9,117 3,636 2,485 1,917 15,451 12,794 0 33,143
32,195 3,652 4,298 6,647 2,639 3,299 15,440 6,685 0 33,465
31,382 3,228 6,292 4,645 1,612 5,923 14,701 9,382 0 34,552
31,663 3,040 4,400 6,951 1,405 4,883 16,179 12,548 0 34,243
40,842 5,519 4,564 5,843 3,289 3,010 18,825 12,990 0 64,955
22,827 2,088 7,230 4,190 2,097 3,137 16,316 1,571 0 34,433
31,229 3,595 3,448 7,769 2,185 3,150 16,541 8,672 0 34,062
29,995 1,911 6,521 6,636 11,250 3,267 14,854 10,645 945 34,680
30,781 4,543 5,629 5,174 4,727 3,583 15,690 7,972 202 34,680
Total Operating Exp. Net Operating Income
117,362 146,094
109,007 142,774
111,705 140,223
108,319 152,043
111,718 160,343
115,314 164,082
159,837 121,244
93,888 195,364
110,652 177,215
120,703 158,798
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
193,253 735 8,759
Cash Flow Frm Operations
(48,760)
(54,592)
(63,822)
(49,586)
(47,181)
(31,262)
(77,125)
(25,533)
Operating Expenses Salary Expense Operating Expense Advertising Expense Make Ready Expense Maintenance Expense Service Expense Administrative Expense Utility Expense Credit Card Fees Taxes & Insurance
(9,305)
$/ Unit
(529,319)
Dec 2006 Reforecast
342
$/ Sq. Ft. 313,778
4,874,409 (316,649) (710,506) (115,029) 3,732,225
14,252.66 (925.88) (2,077.50) (336.34) 10,912.94
15.53 (1.01) (2.26) (0.37) 11.89
19,000 254,075
367,089 4,099,313
1,073.36 11,986.30
1.17 13.06
37,759 3,030 6,885 7,500 2,295 2,395 14,969 10,900
461,221 49,275 84,628 80,344 43,233 58,360 238,639 142,381
1,348.60 144.08 247.45 234.92 126.41 170.64 697.78 416.32
1.47 0.16 0.27 0.26 0.14 0.19 0.76 0.45
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
0 37,237
465,400 37,237
1,360.82 108.88
1.48 0.12
1,660,718 2,438,595
4,855.90 7,130.40
5.29 7.77
193,254 0 3,300
197,699 112,736 3,300
578.07 329.64 9.65
0.63 0.36 0.01
0
0
0
0
0
0
0
0
2,124,861
6,213.04
6.77
0 250,000
4,562 131,540 6,328 (34,568)
4,374 (134,406) (4,460) (34,822)
2,739 2,415 523 322,388
0 (1,420) 337 (35,800)
46,036 8,565 10,797 (35,800)
0 8,538 5,633 (35,800)
0 (43) 5,633 (35,800)
0 321 5,139 (35,800)
0 1,244 5,880 14,016
0 (2,018) 3,267 (35,800)
57,711 9,447 34,915 (12,750)
(42,714)
(31,697)
107,861
(169,314)
328,065
(36,884)
29,597
(21,630)
(30,210)
(30,340)
21,140
(34,552)
89,322
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
18,691 25,600 (2,538) (11,933)
37,197 32,375 1,250 0
6,339 21,925 (1,824) 0
67,513 48,259 638 2,053
581,863 (101,791) (19,204) 2,381
Cash Increase (Decrease) From Liab.
76,334
77,559
(32,289)
233,006
(295,115)
69,872
77,757
10,580
29,821
70,821
26,440
118,463
463,250
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
(25,922) 32,698
(103) 32,595
7,653 40,248
42,271 82,519
23,253
0 0 0 (2,951) (2,951) 0 0 0 0 0
181,601 181,601
55210.94
$700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $$(100,000) $(200,000) $(300,000) Jan 2007
Feb 2007
Mar 2007
Apr 2007
May 2007
Jun 2007
Row 60
Jul 2007
Aug 2007
Sep 2007
Oct 2007
Nov 2007
Dec 2007
Row 61
Units Sq. Ft. ### 384807 bayclub2 castlep cedar congress jackson lee rem ric parkside polo sat sweet trailapt vlgcrest walnut westo wind usacourt usawalcr
160 356 300 257 247 10 428 5 300 440 440 240 280 120 284 12 346 280 284
146,080 384,807 274,080 254,074 221,730 22,160 398,868 24,952 305,832 403,761 548,750 264,892 286,056 108,276 254,103 48,309 433,196 299,111 254,103
$/ Unit
122,970 131,106
(65,449) Rental Guarantees
12 Month Total
250,000
8,672 44,062 (34,534) (2,951) 15,249 (31,606) (20,390) 4,434 0 (47,562)
2,342,548
W31:
administrator: assume insurance increases by 50%
W48:
administrator:
replacement reserve + reduction in tax escrow due to overage
Courtney Downs Apartments December 07 LEASING & OCCUPANCY NUMBER OF MOVE INS: NUMBER OF MOVE OUTS: NET FOR THE MONTH:
25 23 2
OCCUPIED/LEASED %:
93.57%/95.32%
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:
$281,806.00 $277,675.00 $4,131.00
TOTAL # GARAGES # GARAGES OCCUPIED GARAGES OCCUPIED %
120 116 97%
REASONS WHY PROSPECTS DID NOT LEASE: Traffic 0 0 0 0 18 0 22 3 9 0 0 8 0
Leased 0 0 0 0 4 0 8 1 2 0 0 4 0
60
19
* * * * * * * * * * * * * *
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
32%
MARKETING ACTIVITIES & SOURCES FOR THE MONTH * Took lunch with updated special to Nextel Human Resources. * Took lunch to locators with updates on specials and prices.. * Took flyers to Sky Ridge Hospital Human Resources. * Took brochures and specials to Direct T.V. * Updated all internet ads with new pricing and specials for the month of December. * Brochures and lunch were taken to First Data Human Resources. * Met with KB sales team with options of temporary housing for new home buyers. * Dropped off cookie basket and brochures to Wells Fargo Team. * Dropped off doughnuts and brochures to Marriott extended stay hotels. * Took cookie and candy bag with flyer's to Newman Homes. * Took lunch to sales team with brochures to Richmond Homes Team. * Took cookie and candy bag to D R Horton Homes sales center. OVERVIEW OF COMPARABLE PROPERTIES: The surrounding comps are still offering discounted rents on selected units. This translates into one bedroom effective rents of $680, two bedrooms at $755 and three bedrooms starting at $1099. Look and leases specials are one month with a 12 to 13 month lease. Overall market is 94% average occ. and rental rate of $810. per month. RESIDENT RETENTION: We had 21 leases expiring in the month of December. Nine renewed leases with a $52 increase. Notices received; (4) buying homes, (4) relocating out of the area (4) job change
INCIDENTS ON THE PROPERTY: Pipe broke in bld #17 on 12/31/2007 due to freezing temperatures.
0 5 0 11 0 0 3 6 9 0 7 0 0 0 41
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 32 19 18 7
Number of: 18 8 10 124 0 32 19 18 7
25 0 15 8 124
PLUMBING LEAKS
25 0 15 8 124 0 0
REFRIGERATORS DISHWASHERS WINDOWS A/C COMPRESSORS CONDENSING UNITS WATER HEATERS ICE MAKERS GARBAGE DISPOSALS MICROWAVES CARPETS CEILING FANS TOILETS A/C FAN MOTORS COUNTER TOPS CABINETS RESURFACED KITCHEN BLINDS TUBS RESURFACED TUB TILES
CAPITAL IMPROVEMENTS IN PROGRESS: N/A
PROBLEM AREAS NEEDING ATTENTION: Snow blower needs repairs or repalcement. Air compressor is broken may be repaired or replaced.
CURRENT STAFF: Manager Assistant Manager Leasing Consultant Leasing Consultant Maintenance Supervisor Assistant Maintenance Maintenance/ Grounds
Nancy Howland Carrie McMillan Summer Wahrman Kate Hawkins Gabriel Tellez Russell Briley Jorge Chavez and Jorge Bernal
ACCOMPLISHMENTS FOR THE MONTH: Performed extra snow removal on property due to ice patches forming on the shady side of the bldgs. Maintained 93% occupancy. Collected $10,000 more in income this month than last month.
Number Replaced 0 0 0 0 0 0 0 0 0 8 0 0 0 0 0 21 0 0
Apt. #
7209, 6209, 16304, 7106, 12207, 10109, 12105, 10306.
9210-2, 12207-2, 19111-3, 2111-1, 9207-1, 9212-1, 12208-2, 10109-2, 7106-2, 7209-1, 6209-2, 16304-2
Courtney Downs RENTAL SCHEDULE
December 07
UNIT TYPE A1 A1V A2 B1 B1V C C1 C1V CV D DV E EV TOTAL
1BR 1BR 1BR 1BR 1BR 2BR 2BR 2BR 2BR 2BR 2BR 3BR 3BR
#UNITS
SIZE
40 32 18 24 32 42 44 22 24 16 20 24 4
704 704 910 808 808 977 1,030 1,030 977 1,030 1,030 1,140 1,140
TOTAL S/F 28,160 22,528 16,380 19,392 25,856 41,034 45,320 22,660 23,448 16,480 20,600 27,360 4,560
342
917
313,778
MKT RENT PER UNIT 725 725 850 750 760 875 900 925 875 925 925 1160 1160 $870
MKT RENT MONTHLY PER S/F GROSS 1.03 $29,000 1.03 $27,520 0.93 $15,300 0.93 $18,000 0.94 $24,320 0.90 $36,750 0.87 $39,600 0.90 $20,350 0.90 $21,000 0.90 $14,800 0.90 $18,500 1.02 $27,840 1.02 $4,640 $0.95
$297,620
ANNUAL GROSS $348,000 $330,240 $183,600 $216,000 $291,840 $441,000 $475,200 $244,200 $252,000 $177,600 $222,000 $334,080 $55,680 $3,571,440
EFFECTIVE CONCESSION RENTS* 725.00 725.00 850.00 750.00 760.00 875.00 900.00 925.00 875.00 925.00 925.00 1,160.00 1,160.00
CONCESSION PER UNIT
$870 * Net of Concessions
EFFECTIVE PER S/F
1.03 1.03 0.93 0.93 0.94 0.90 0.87 0.90 0.90 0.90 0.90 1.02 1.02 0.95
EFFECTIVE MONTHLY GROSS $29,000 $27,520 $15,300 $18,000 $24,320 $36,750 $39,600 $20,350 $21,000 $14,800 $18,500 $27,840 $4,640 $297,620
Vacants
Vacants Leased
Notice
Notice Leased
Net Available
2 0 1 2 0 3 3 0 0 4 0 2 0
0 0 0 0 0 3 0 0 0 0 0 0 0
6 0 1 3 0 4 5 0 0 1 0 3 0
1 0 1 1 0 0 0 0 0 0 0 0 0
7 0 1 4 0 4 8 0 0 5 0 5 0
17
3
23
3
34
MARKET SURVEY Courtney Downs December-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 $50.00 yes yes 300 100 no no yes yes yes 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
MARKET SURVEY Courtney Downs December-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
760 775
779 853
PRICE
0.98 0.91
SIZE
Pinnacle @ the Creek
PSF
PRICE
SIZE
Dove Valley
PSF
SIZE
PSF
PRICE
Cherrywood Village SIZE PSF
1.03 1.05
680 740
627 701
1.08 1.06
685 705
1.16 1.02
755 765
768 842
0.98 0.91
725 745
707 796
1.03 0.94
0.82
840
811
0.91
845
760
1.03
780
992
0.79
780
916
0.85
820 920
956 1044
0.86 0.88
1109
1051
1110
1120
1.06 0.99
875
977
0.90
885
1105
0.80
1030 1030
0.87 0.90
915
1192
0.77
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
94 1 884 342
95.32%
0
0% 0.95
96%
97%
0.94 40
0.88 1114 507
21
Special: look and lease special $150 security deposit waived and reduced rents on Special: Reduced pricing Rates select units. for all floor plans. reflect these rates: specials:
Ren: $50 to $75 increase.
Ren.: 15% increase on all renewals.
994 653
Will not give out any information.
Ren: Info not avail per corporate
1169
1230
93%
95.10%
0.95
763 763
0.94 1.05
1115
0.86
905
1033
0.88
819
1037
0.79
1220
0.81
905
1093
0.83
905
1037
1.23
1099
1356
0.81
1290 1305
1235 1235
1.04 1.04
909 1039
1257 1257
94.6%
27
719 738
955 985
96%
1.03 808 216
Reserve@South Creek SIZE PSF
PRICE
704 808 910
900 925
795 830
PRICE
725 850 750
92.5%
95%
0.86 890 312
19
94.5%
19
0
Special:One month free with look and lease.
Special: One month off 12 Special: First full months to 13 month lease. rent.
Ren:Per corporate
Ren: $60 to $85 increas for 12 month lease
0.72 1.10
96%
0.94 1131 360
0.97 995 168
18
Special: One month free on a 12 to 13 month special.
Ren: Average $50 to $125 Ren: Free carpet cleaning increase. with 12mo.
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