Usa Courtney Downs May 2007
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USA Courtney Downs LeaseCo, LLC Balance Sheet Books = Accrual May 2007
ASSETS Cash Operating Cash Money Market Security Deposits Total Cash
47,019.94 0.00 46,036.00 $93,055.94
OTHER ASSETS Accounts Receivable Prepaid Expenses Tax Escrow Replacement Reserves Capital / Repair Escrow Total Other Assets
15,557.57 39,298.42 54,885.78 48,368.58 200,000.00 358,110.35
Total ASSETS
451,166.29
LIABILITIES & CAPITAL LIABILITIES Accounts Payable - Trade Other Accounts Payable Accrued Taxes Prepaid Rent Security Deposits Notes Payable Total Liabilities
67,940.90 761,623.43 141,668.55 4,885.13 46,036.00 (328.39) 1,021,825.62
CAPITAL Owners Equity Retained Earnings Total Capital Total LIABILITIES & CAPITAL
100.00 (570,759.33) (570,659.33) 451,166.29
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 Budget
Jul 2007 Budget
Aug 2007 Budget
Sep 2007 Budget
Oct 2007 Budget
Nov 2007 Budget
Dec 2007 Budget
12 Month Total
342
$/ Sq. Ft. 313,778
4,156,006 (396,420) (706,273) (66,863) 2,986,450
12,152.06 (1,159.12) (2,065.13) (195.51) 8,732.31
13.25 (1.26) (2.25) (0.21) 9.52
364,160 (43,000) (80,000) (6,085) 235,075
20,195 280,823
265,615 3,252,066
776.65 9,508.96
0.85 10.36
30,347 3,665 6,394 2,828 2,425 1,835 17,301 8,051 32,739
349,263 41,196 85,934 48,657 39,949 56,517 199,560 131,551 401,787
1,021.24 120.46 251.27 142.27 116.81 165.25 583.51 384.65 1,174.82
1.11 0.13 0.27 0.16 0.13 0.18 0.64 0.42 1.28
108,332 170,086
105,585 175,237
1,354,415 1,897,651
3,960.28 5,548.69
4.32 6.05
193,253 415 4,900
193,253 415 4,900
3,270 89,487 0
9.56 261.66 0.00
0.01 0.29 0.00
(28,483)
(23,331)
1,804,894
5,277.47
5.75
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
351,070 (28,500) (59,743) (5,231) 257,596
350,465 (25,000) (58,387) (5,235) 261,843
349,860 (30,000) (54,989) (5,242) 259,629
349,255 (42,000) (49,108) (5,252) 252,895
348,650 (42,000) (46,826) (5,250) 254,573
348,045 (42,000) (42,919) (5,253) 257,873
347,440 (42,000) (39,555) (5,257) 260,628
Other Income Total Revenue
27,580 263,457
21,616 251,781
22,944 251,928
22,832 260,361
23,203 272,061
19,000 276,596
24,915 286,758
21,695 281,324
20,545 273,440
20,545 275,118
20,545 278,418
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
30,089 3,905 8,791 4,095 2,425 3,085 17,048 12,763 32,739
28,026 3,965 9,390 4,875 2,425 3,085 19,640 13,713 32,739
27,426 3,845 8,192 4,095 2,425 3,085 17,122 13,713 32,739
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
114,941 161,655
117,860 168,898
112,644 168,680
116,553 156,887
120,416 154,702
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
193,253 415 21,300
193,253 415 4,900
193,253 415 4,900
193,253 415 4,900
193,253 415 4,900
Cash Flow Frm Operations
(48,760)
(54,592)
(63,822)
(49,586)
(47,153)
(53,313)
(29,670)
(29,888)
(41,681)
(43,867)
Operating Expenses Salary Expense Operating Expense Advertising Expense Make Ready Expense Maintenance Expense Service Expense Administrative Expense Utility Expense Taxes & Insurance
$/ Unit
Dec 2006 Reforecast
342
$/ Sq. Ft. 313,778
5,227,816 (524,580) (870,815) (83,653) 3,748,768
15,286.01 (1,533.86) (2,546.24) (244.60) 10,961.31
16.66 (1.67) (2.78) (0.27) 11.95
19,000 254,075
326,133 4,074,901
953.61 11,914.92
1.04 12.99
37,759 3,030 6,885 7,500 2,295 2,395 14,969 10,900 0 37,237
445,405 51,737 106,458 62,929 47,211 67,297 249,662 158,888 402,963 37,237
1,302.35 151.28 311.28 184.00 138.04 196.78 730.01 464.59 1,178.26 108.88
1.42 0.16 0.34 0.20 0.15 0.21 0.80 0.51 1.28 0.12
122,970 131,106
1,629,788 2,445,113
4,765.46 7,149.45
5.19 7.79
193,254 0 3,300
283,833 9,800 3,300
829.92 28.65 9.65
0.90 0.03 0.01
2,148,180
6,281.23
6.85
(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
0
0
0
0
0
0
0
0
0 250,000
4,562 131,540 6,328 (34,568)
4,374 (134,406) (4,460) (34,822)
2,739 2,387 523 322,388
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
(7,125)
(7,125)
(7,125)
(7,125)
(7,125)
(7,125)
(7,125)
(42,714)
(31,697)
107,861
(169,314)
328,037
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
Cash Increase (Decrease) From Liab.
76,334
77,559
(32,289)
233,006
(295,115)
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
0 0 0 0
0 0 0 0
0
0 0 0 0
0
0
0 0 0 0 0
0 0 0 0 0
0 0 0 0
0 0 0 0
0
0
(5,768) (1,770) 138,161 0
(36,795) (50,213)
(37,013) (87,227)
(48,806) (136,033)
(50,992) (187,025)
(35,608) (222,632)
(30,456) (253,088)
(1,770) 138,161 (14,250) (2,951)
(2,951)
119,191
130,623 (196,724) (11,675) 0 0
0 0 0 0
(208,399)
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
(11,675) 0 0 0 (11,675)
1,727,118
55210.94
$(300,000) Jan 2007
250,000
0 0 0 (2,951)
0 (60,438) (13,418)
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
2,505,696
$/ 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 May 31, 2007
Account Revenue Market Rent
Loss / Gain to Lease
Gross Potential Rent Prepaid Homeowners Dues Residential Rent Vacancy Loss
MTD Actual
MTD Budget
294,410.00
351,675.00
36,997.00
0.00
331,407.00 0.00 0.00 (19,217.27)
351,675.00 0.00 0.00 (28,705.15)
Upfront Rent Concessions
(2,505.81)
(7,830.00)
Corporate Discount Delinquent Rent Adjustments & W/O
0.00 0.00 (1,630.00)
0.00 0.00 (636.36)
(1,980.00) 0.00 (1,780.80) 0.00 (1,160.00) (54,275.10)
(1,625.00) 0.00 (2,050.00) 0.00 (900.00) (56,019.08)
0.00 0.00 0.00 0.00 $248,858.02
0.00 0.00 0.00 0.00 $253,909.41
Laundry Income Vending Income Covered Parking Income Late Charges & NSF Fees
0.00 0.00 0.00 1,908.00
0.00 68.00 0.00 1,650.00
Month to Month Premium Storage Fees Repair & Maintenance Fees Application Fees
343.70 917.58 0.00 1,710.00
200.00 960.00 0.00 1,250.00
860.33 495.77
1,000.00 1,160.00
Renters Insurance Interest Income Pet Rents & Fees
0.00 0.00 4,625.75
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 HOA Contributions Developer Developer HOA Dues Forfeited Deposits Developer Contributions Interest Income Other Thunder Income Administration Fee
0.00 0.00 0.00 0.00 6,793.61 0.00 1,117.00 0.00 0.00 0.00 0.00 0.00 0.00 3,300.00
0.00 0.00 0.00 0.00 6,650.00 0.00 1,006.00 0.00 0.00 90.00 0.00 0.00 0.00 4,400.00
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
Termination Fees & Damages Miscellaneous Income
$ Variance MTD Variance Comment
YTD Actual
YTD Budget
$ Variance
Annual Budget
(57,265.00) Variance due to no longer offering any concessions, market rents changed to reflect lower rents. 36,997.00 Variance due to the changing budget to reflect lower market rents. This will continue to reduce over time as last year concessions burn off.
1,493,780.00
1,764,425.00
(270,645.00)
4,209,210.00
217,441.00
0.00
217,441.00
0.00
(20,268.00) 0.00 0.00 9,487.88 Positive variance due to closing out at 95.3% versus budgeted at 91.93% 5,324.19 Current specials are $350 off of our 2/2 only and offered on a look and lease special only. 0.00 0.00 (993.64) Additional write off due to one skip. (355.00) Increased market rents. 0.00 269.20 0.00 (260.00) 1,743.98 We have been able to reduce the concession offered to meet the market needs. Reducing concessions at turn over and renewal.
1,711,221.00 0.00 0.00 (144,919.57)
1,764,425.00 0.00 0.00 (141,965.57)
(53,204.00) 0.00 0.00 (2,954.00)
4,209,210.00 0.00 0.00 (325,479.64)
(16,751.15)
(28,710.00)
11,958.85
(59,160.00)
0.00 0.00 (5,539.49)
0.00 0.00 (3,147.52)
0.00 0.00 (2,391.97)
0.00 0.00 (7,841.82)
(9,900.00) 0.00 (8,904.00) 0.00 (5,800.00) (337,993.70)
(8,125.00) 0.00 (10,250.00) 0.00 (4,500.00) (311,864.53)
(1,775.00) 0.00 1,346.00 0.00 (1,300.00) (26,129.17)
(19,500.00) 0.00 (24,600.00) 0.00 (10,800.00) (632,942.99)
0.00 0.00 0.00 0.00 $1,181,413.09
0.00 0.00 0.00 0.00 $1,255,862.38
0.00 0.00 0.00 0.00 $(74,449.29)
0.00 0.00 0.00 0.00 $3,128,885.55
0.00 0.00 0.00 6,748.84
0.00 340.00 0.00 8,250.00
0.00 (340.00) 0.00 (1,501.16)
0.00 816.00 0.00 19,800.00
3,059.99 4,123.31 0.00 6,860.00
1,000.00 4,800.00 0.00 4,200.00
2,059.99 (676.69) 0.00 2,660.00
2,400.00 11,520.00 0.00 10,250.00
3,684.76 3,336.18
5,000.00 5,800.00
(1,315.24) (2,463.82)
12,000.00 13,920.00
0.00 3,488.53 17,097.71
0.00 0.00 12,280.00
0.00 3,488.53 4,817.71
0.00 0.00 29,472.00
0.00 0.00 0.00 0.00 33,477.75 0.00 5,687.00 0.00 0.00 2,162.50 0.00 0.00 0.00 14,550.00
0.00 0.00 0.00 0.00 33,250.00 0.00 5,030.00 0.00 0.00 450.00 0.00 0.00 0.00 13,800.00
0.00 0.00 0.00 0.00 227.75 0.00 657.00 0.00 0.00 1,712.50 0.00 0.00 0.00 750.00
0.00 0.00 0.00 0.00 79,800.00 0.00 12,072.00 0.00 0.00 1,080.00 0.00 0.00 0.00 33,800.00
0.00 0.00 0.00 0.00 $(5,051.39) 0.00 (68.00) 0.00 258.00 Aggressive rental collections. 143.70 (42.42) 0.00 460.00 Budgeted to collect 25 app fees and actually collected 35. (139.67) (664.23) Variance due to collection of 22 utility transfer fees and 13 credit card fees. 0.00 0.00 2,169.75 Variance due to eight pet fees budgeted for and actual collected were 15. 0.00 0.00 0.00 0.00 143.61 0.00 111.00 0.00 0.00 (90.00) 0.00 0.00 0.00 (1,100.00) Variance due to budgeted to collect 29 admin fees and actual collected was 22.
Move-Out Charges
Short Term Lease Fees
1,022.45
5,550.00
(4,527.55) Variance due to apartments being left in better condition resulting in fewer fees charged.
13,126.44
21,090.00
(7,963.56)
48,840.00
(341.13) Fewer short term leases than anticipated. 0.00 (425.00) No corporate units at this time. 1,750.00 See guest suit expense category. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (2,361.94)
772.44
1,950.00
(1,177.56)
3,600.00
0.00 0.00
0.00 2,125.00
0.00 (2,125.00)
0.00 5,100.00
0.00
(8,750.00)
8,750.00
(21,000.00)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 118,175.45
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 110,615.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 7,560.45
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 263,470.00
$1,299,588.54
$1,366,477.38
$(66,888.84)
$3,392,355.55
56,255.14
60,065.80
3,810.66
147,761.88
0.00 65,492.60 0.00 18,236.23
0.00 56,117.40 0.00 13,349.09
0.00 (9,375.20) 0.00 (4,887.14)
0.00 138,048.78 0.00 39,026.28
0.00 8,141.50
0.00 3,890.00
0.00 (4,251.50)
0.00 9,336.00
0.00 0.00 386.75
0.00 0.00 0.00
0.00 0.00 (386.75)
0.00 0.00 0.00
0.00 148,512.22
0.00 133,422.29
0.00 (15,089.93)
0.00 334,172.94
2,274.82
5,000.00
2,725.18
12,000.00
3,656.29
5,500.00
1,843.71
13,200.00
108.87
450.00
Extra-Ordinary Income Corporate Rent
0.00 0.00
0.00 425.00
Corporate Units - expense
0.00
(1,750.00)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 23,203.06
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 25,565.00
$272,061.08
$279,474.41
11,463.50
12,013.16
0.00 11,485.64 0.00 6,420.12
0.00 11,223.48 0.00 2,700.00
0.00 1,748.00
0.00 778.00
0.00 0.00 264.25
0.00 0.00 0.00
0.00 31,381.51
0.00 26,714.64
Office Operations & Supplies
302.98
1,000.00
Telephones
769.42
1,100.00
Answering Svc. & Pagers Postage & Delivery Patrol Services Membership Dues Publications & Subscriptions Conventions/Seminars Employee Training
115.10 100.81 0.00 0.00 0.00 0.00 932.85
100.00 170.00 0.00 0.00 90.00 0.00 115.00
0.00 0.00 0.00 520.50 486.62 0.00 3,228.28
Advertising & Promotions Resident Promotions
Deferred Revenue HOA Developer Contributions Acquisition Fees Income - Rental Income - C.A.M. Income - Insurance Income - Taxes Income - Interest Income - Other Income - Condo Sales Total Other Income Total Revenue Expense Managers Salary
Salaries Maintenance Salary Salary - Administrative Commissions & Bonus Payroll Taxes Group Insurance Disability Insurance 401k Match Contract Labor Workers Comp Total Salary Expense
$(7,413.33)
549.66 Variance due to 11 days of accrual for March and April and for reclass of payroll taxes. 0.00 (262.16) 0.00 (3,720.12) Variance due to March and April accruals. 0.00 (970.00) Accrual of 11days in March and April. 0.00 0.00 (264.25) Services needed to cover for vacations. 0.00 (4,666.87)
494.16 1,045.74 0.00 0.00 0.00 0.00 2,345.64
500.00 850.00 0.00 0.00 450.00 0.00 575.00
5.84 (195.74) 0.00 0.00 450.00 0.00 (1,770.64)
1,200.00 2,040.00 0.00 0.00 1,080.00 0.00 1,380.00
0.00 25.00 25.00 750.00 650.00 0.00 4,025.00
697.02 Savings due to purchasing of less supplies this month. 330.58 Current local and long distance service, includes fax lines. (15.10) 69.19 0.00 0.00 90.00 0.00 (817.85) Variance due to Annual Apt association conference, employee outing and team dinner. 0.00 25.00 25.00 229.50 163.38 0.00 796.72
0.00 385.44 0.00 1,662.00 2,777.02 0.00 14,641.11
0.00 125.00 125.00 2,520.00 3,250.00 0.00 18,895.00
0.00 (260.44) 125.00 858.00 472.98 0.00 4,253.89
0.00 300.00 300.00 6,150.00 7,800.00 0.00 45,450.00
2,625.12 387.80
2,600.00 798.00
(25.12) 410.20 Fewer suppliies needed.
18,453.63 2,070.53
18,300.00 3,990.00
(153.63) 1,919.47
36,900.00 9,576.00
Locators
1,278.75
3,181.64
6,662.14
9,978.78
3,316.64
24,440.78
Resident Referrals
2,000.00
3,410.00
4,600.00
10,695.00
6,095.00
26,195.00
6,291.67
9,989.64
31,786.30
42,963.78
11,177.48
97,111.78
Furniture Rental Car Expenses Permits & Fees Credit Checks Guest Suite Expense Parking Cost Total Operating Expense
Total Advertising Expense
1,902.89 Three locator placements this month, budgted for seven. 1,410.00 Four resident refferals, budgeted for seven. 3,697.97
Paint & Drywall Contract Cleaning Svcs.
410.29 2,525.00
720.00 250.00
Carpet Cleaning & Repairs
1,063.00
2,400.00
502.93
100.00
0.00 23.00 0.00 0.00 120.99 4,645.21
0.00 50.00 416.67 25.00 133.33 4,095.00
680.27 54.02 0.00 0.00 0.00 0.00
700.00 100.00 140.00 150.00 0.00 450.00
0.00 56.38 416.66 0.00 0.00 0.00 0.00 405.00 0.00 0.00 0.00 1,612.33
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
4,958.38 889.53
5,000.00 510.00
Pest Control Security Patrols Window Cleaning Svc. Interior Cleaning Svc. Cable Television Snow Removal Total Service Expense
75.00 0.00 0.00 0.00 0.00 0.00 5,922.91
75.24 0.00 0.00 0.00 0.00 0.00 5,585.24
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
11,202.18 1,000.00 3,250.00 (920.00)
11,178.98 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 0.00 169.30 0.00 0.00 0.00 0.00 0.00 0.00 14,701.48
0.00 0.00 9.58 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 16,788.56
Window Coverings Vinyl & Tile Repairs Lock & Keys Counter & Tub Resurfacing Other Redecorating Cleaning Supplies Total Make Ready Expense General Maintenance & Supplies HVAC Parts & Repairs Plumbing Parts & Repairs Electric Parts & Repairs Roof & Gutter Repairs Pools & Fountains Gates & Entrances Glass & Screens Appliance Parts & Repairs Hardware Exterior Painting Uniforms Elevator Service & Repairs Security & Fire Systems Uninsured Losses Locks & Keys Bulbs & Ballasts Total Maintenance Expense
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
309.71 Staff painted in house. (2,275.00) Variance due to budgeting error. 1,337.00 Fewer carpet cleans needed this month. (402.93) Replaced mini blinds damaged at move out and the sun. 0.00 27.00 416.67 Non needed this month. 25.00 12.34 (550.21)
981.25 11,870.00
3,150.00 1,250.00
2,168.75 (10,620.00)
7,852.50 3,000.00
6,729.00
10,500.00
3,771.00
26,175.00
1,162.76
500.00
(662.76)
1,200.00
0.00 364.31 75.00 0.00 272.14 21,454.46
0.00 250.00 2,083.35 125.00 666.65 18,525.00
0.00 (114.31) 2,008.35 125.00 394.51 (2,929.46)
0.00 600.00 5,000.04 300.00 1,599.96 45,727.50
19.73 45.98 140.00 150.00 0.00 450.00 Current supplies were sufficient. 0.00 103.62 33.34 75.00 25.00 0.00 0.00 (230.00) 0.00 0.00 0.00 812.67
2,941.46 1,093.74 336.25 0.00 270.00 596.58
3,500.00 500.00 700.00 750.00 0.00 2,250.00
558.54 (593.74) 363.75 750.00 (270.00) 1,653.42
8,400.00 1,200.00 5,055.00 1,800.00 0.00 5,400.00
0.00 556.86 1,077.12 149.87 355.34 1,045.40 0.00 1,881.52 0.00 0.00 0.00 10,304.14
0.00 800.00 2,700.00 375.00 125.00 1,000.00 0.00 875.00 0.00 0.00 0.00 13,575.00
0.00 243.14 1,622.88 225.13 (230.34) (45.40) 0.00 (1,006.52) 0.00 0.00 0.00 3,270.86
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
7,458.38 3,641.04
7,500.00 2,550.00
41.62 (1,091.04)
30,000.00 6,120.00
400.00 0.00 0.00 0.00 0.00 16,370.42 27,869.84
376.20 0.00 0.00 0.00 0.00 3,800.00 14,226.20
(23.80) 0.00 0.00 0.00 0.00 (12,570.42) (13,643.64)
902.88 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
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
53,620.78 5,000.00 16,250.00 1,594.50
54,659.09 5,000.00 16,500.00 6,500.00
1,038.31 0.00 250.00 4,905.50
135,694.22 12,000.00 39,600.00 15,600.00
0.00 0.00 0.00 0.00 0.00 169.30 123.71 0.00 0.00 0.00 0.00 0.00 76,758.29
0.00 0.00 47.90 0.00 0.00 0.00 0.00 0.00 0.00 2,624.00 0.00 0.00 85,330.99
0.00 0.00 47.90 0.00 0.00 (169.30) (123.71) 0.00 0.00 2,624.00 0.00 0.00 8,572.70
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
41.62 (379.53) Based on new service rate. Increase not anticipated. 0.24 0.00 0.00 0.00 0.00 0.00 (337.67) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (23.20) 0.00 50.00 2,220.00 Seven evictions filed. Residents riembursed $180 each. 0.00 0.00 9.58 0.00 0.00 (169.30) 0.00 0.00 0.00 0.00 0.00 0.00 2,087.08
Electricity Electricity Gas - Resident Natural Gas
3,183.50 0.00 1,569.69
3,340.00 0.00 2,565.00
Water & Sewer
12,957.27
8,965.00
Water & Sewer - Resident Reimb
(9,043.62)
(6,275.50)
Water - irrigation Electric - Tenant Reimbursement Trash Reimbursement Water - Tenant Reimbursement Utility -Vacant Electric
269.68 0.00 (1,811.59) 0.00 1,554.81
500.00 0.00 (2,011.00) 0.00 827.94
674.51 0.00 9,354.25
551.96 0.00 8,463.40
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
25,974.73
27,616.50
Franchise Tax Insurance
0.00 7,977.61
0.00 5,073.00
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
Tax Consultants
156.50 0.00 995.31 Actual usuage was less than anticipated. (3,992.27) Variance due to increase of water charges when only budgeted for a 3% increase. 2,768.12 Variance due to aggressive in house collections on water bills. Collected 70%. 230.32 0.00 (199.41) 0.00 (726.87) Usuage higher than anticipated. Averaging $55 per vacant. (122.55) 0.00 (890.85) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,641.77 07 RE tax accrual adjustment. 0.00 (2,904.61) Variance due to reclass from N/P to Exp acct as well as reclass from prepaid insurance. (550.12) Includes annual admin 2007 fee prop. 0.00 (1,812.96) (864.12) (8,277.45)
13,385.59 0.00 12,824.55
16,700.00 0.00 12,825.00
3,314.41 0.00 0.45
40,080.00 0.00 30,780.00
70,727.38
44,825.00
(25,902.38)
107,580.00
(41,037.62)
(31,377.50)
9,660.12
(75,306.00)
291.94 0.00 (12,279.07) 0.00 6,256.51
1,000.00 0.00 (10,055.00) 0.00 4,094.70
708.06 0.00 2,224.07 0.00 (2,161.81)
23,500.00 0.00 (24,132.00) 0.00 9,387.78
3,975.79 0.00 54,145.07
2,729.80 0.00 40,742.00
(1,245.99) 0.00 (13,403.07)
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
141,668.55
138,082.50
(3,586.05)
331,398.00
0.00 30,343.13
0.00 25,365.00
0.00 (4,978.13)
0.00 60,876.00
600.00
249.40
(350.60)
598.56
0.00 172,611.68 558,083.11 741,505.43
0.00 163,696.90 531,377.16 835,100.22
0.00 (8,914.78) (26,705.95) (93,594.79)
0.00 392,872.56 1,327,709.14 2,064,646.41
532,933.35 0.00 433,333.55 0.00 966,266.90
532,933.35 0.00 433,333.35 0.00 966,266.70
0.00 0.00 (0.20) 0.00 (0.20)
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 0.00 0.00 0.00
600.00
49.88
MIP Total Taxes & Insurance Total Operating Expenses NET OPERATING INCOME
0.00 34,552.34 111,689.98 160,371.10
0.00 32,739.38 110,825.86 168,648.55
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 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 365.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 365.00
170.00 170.00 75.00 0.00 0.00 0.00 0.00 0.00 0.00 415.00
170.00 (195.00) 75.00 0.00 0.00 0.00 0.00 0.00 0.00 50.00
0.00 365.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 365.00
850.00 850.00 375.00 0.00 0.00 0.00 0.00 0.00 0.00 2,075.00
850.00 485.00 375.00 0.00 0.00 0.00 0.00 0.00 0.00 1,710.00
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 12,605.83
2,546.00 0.00 0.00 4,900.00
0.00 0.00 0.00 32,992.22
2,546.00 3,250.00 0.00 24,500.00
2,546.00 3,250.00 0.00 (8,492.22)
18,946.00 3,250.00 0.00 58,800.00
Refrigerators Dishwashers & Ranges Washers / Dryers Fire Alarm Replacement Other Capital Improvements
0.00 0.00 0.00 0.00 1,300.18
0.00 0.00 0.00 0.00 0.00
585.06 0.00 0.00 0.00 5,209.71
600.00 0.00 0.00 0.00 3,713.00
14.94 0.00 0.00 0.00 (1,496.71)
600.00 0.00 0.00 0.00 3,713.00
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
0.00 0.00 (0.04) 0.00 (0.04)
2,546.00 No expense this month. 0.00 0.00 (7,705.83) Replaced 13 carpets. Damaged due to pet and wear and tear. 0.00 0.00 0.00 0.00 (1,300.18) Variance due to golf cart repair and purchasing of microwave for apartment #6311.
Boiler Replacement Roof Replacement
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
Total Capital Expenses
13,906.01
7,446.00
(6,460.01)
38,786.99
34,609.00
(4,177.99)
85,309.00
Casualty Losses Casualty Recovery Total Casualty Loss NET INCOME (LOSS)
0.00 0.00 0.00 (47,153.29)
0.00 0.00 0.00 (32,465.79)
0.00 0.00 0.00 (14,687.50)
0.00 0.00 0.00 (263,913.46)
0.00 0.00 0.00 (167,850.48)
0.00 0.00 0.00 (96,062.98)
0.00 0.00 0.00 (344,682.67)
Rental Guarantee
0.00 (47,153.29)
0.00 (32,465.79)
0.00 (14,687.50)
4,054.35 (259,859.11)
0.00 (167,850.48)
4,054.35 (92,008.63)
0.00 (344,682.67)
YTD Variance Comment
Filter 0.01 ###
###
### 0.00 0.00 ###
###
0.00 0.00 ### ### 0.00 ### 0.00 ### ###
0.00 0.00 0.00 0.00 ### 1.00 0.00 408.00 0.00 ### 4,603.69 ### 0.00 ### ### ###
0.00 3,488.53 ###
0.00 0.00 0.00 0.00 ### 0.00 ### 0.00 0.00 2,702.50 0.00 0.00 0.00 ###
###
3,281.31 0.00 2,550.00 ### 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ### 1.00 ### 1.00 1.00 ###
0.00 ### 0.00 ### 0.00 ### 0.00 0.00 651.00 0.00 ### 1.00 8,577.80 ### 1,209.26 2,166.55 0.00 0.00 540.00 0.00 3,968.49
0.00 535.44 150.00 5,452.50 7,163.64 0.00 ### 1.00 ### 7,246.33 ### ### ### 1.00
5,261.54 ### ### 2,265.69 0.00 687.31 2,575.02 150.00 1,193.11 ### 1.00 7,821.73 1,747.76 1,176.25 900.00 270.00 3,296.58 0.00 1,573.24 4,643.78 599.87 505.34 2,045.40 0.00 3,336.52 0.00 0.00 0.00 ### 1.00 ### 7,590.57 926.44 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 ### ### ### 8,474.50 0.00 0.00 57.48 0.00 0.00 338.60 123.71 0.00 0.00 2,624.00 0.00 0.00 ### 1.00
### 0.00 ### ###
###
2,061.62 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 ###
1,499.28 0.00 ### ### ### 1.00 ### 0.00 ### 0.00 ### 1.00 0.00 0.00 0.00 0.00 0.00 0.00 1,020.00 1,750.00 450.00 0.00 0.00 0.00 0.00 0.00 0.00 3,220.00 1.00 5,092.00 3,250.00 0.00 ### 1,185.06 0.00 0.00 0.00 ###
0.00 0.00
### 1.00 0.00 0.00 0.00 ### 1.00 4,054.35 1.00
A15:
deparker: What is our current Up Front Special?
A103:
deparker: Where is this invoice?
A132:
deparker: Did the glass break twice in #3201, both invoices $250.25
A183:
deparker: What was this refund for?
A186:
deparker: We need to notify the PUC of this HUGE increase. Oublic Utility Commission, it may be illegal for the big increase.
A190:
deparker: Not complaining but how can we collect more than we billed out in trash, are they coding the resident paid fees for the billing service to this account as well?
Courtney Downs Apartments May-07 LEASING & OCCUPANCY NUMBER OF MOVE INS: NUMBER OF MOVE OUTS: NET FOR THE MONTH:
22 12 10
OCCUPIED/LEASED %:
95.3%, 87.1%
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:
$272,061.08 $260,361.28 $11,699.80
TOTAL # GARAGES # GARAGES OCCUPIED GARAGES OCCUPIED %
120 117 98%
REASONS WHY PROSPECTS DID NOT LEASE: Traffic 7 0 0 8 37 0 27 7 9 0 0 0 0
Leased 1 0 0 0 12 0 11 3 2 0 0 0 0
95
29
* * * * * * * * * * * * * *
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 $688, two bedrooms at $840and 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 20 leases expiring in the month of May. Two are moving due to purchasing a home and/or condo, four are moving due to relocating, one is loosing their roommate, one due to price increase, one is moving closer to work. Overall we had 10 renewals with an average increase of $43.50 per renewal. INCIDENTS ON THE PROPERTY: Resident drove into our pine tree on the south east entrance off of Bronco's parkway, the resident has received the bill for the
5 4 6 0 9 0 7 4 18 0 4 11 0 0 68
replacement of the new tree and he is submitting the bill to his insurance, which in turn will cut our landscaping company a check and then the tree will be replaced. 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 21 18 13 12 47 0 9 0 120
PLUMBING LEAKS
Number of: 13 8 5 120 0 21 18 13 12 47 0 9 0 120 0 0
CAPITAL IMPROVEMENTS IN PROGRESS: N/A
PROBLEM AREAS NEEDING ATTENTION: We will be painting the pool fence on the 12th and 13th of this month.
CURRENT STAFF: Manager Assistant Manager Leasing Consultant Leasing Consultant Maintenance Supervisor Assistant Maintenance Maintenance/ Grounds
Nancy Howland Wendy Gillan Carrie McMillan Jessica Branch Gabriel Tellez Russell Briley Jorge Chavez and Jorge Bernal
ACCOMPLISHMENTS FOR THE MONTH: Removal of dead trees on the property. Flowers have been planted on the property. Reseeded pet kill areas.
REFRIGERATORS DISHWASHERS WINDOWS A/C COMPRESSORS CONDENSING UNITS WATER HEATERS ICE MAKERS GARBAGE DISPOSALS MICROWAVES
Number Replaced 0 0 0 0 0 0 0 0 0
CARPETS CEILING FANS TOILETS A/C FAN MOTORS COUNTER TOPS CABINETS RESURFACED KITCHEN
6 0 0 0 0 0
BLINDS TUBS RESURFACED TUB TILES
15 0 0
Apt. #
5202, 9201, 2301, 2211, 7207, 9112.
5202-3, 16202-1, 7207-2, 16203-1, 9112-3, 19112-2, 16103-2, 9203-1.
Courtney Downs RENTAL SCHEDULE
May 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 725.00 55.00 850.00 750.00 760.00 875.00 900.00 925.00 875.00 925.00 925.00 1,160.00 1,160.00
$* Net of Concessions
$837
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
$$$$$$$$$$$-
1 0 0 0 0 4 3 0 0 2 0 0 0
0 0 0 0 0 0 2 0 0 0 0 0 0
2 0 2 4 0 6 7 0 0 2 0 2 0
3 0 0 0 0 2 0 0 0 0 0 0 0
3 0 2 4 0 9 8 0 0 4 0 2 0
$-
10
2
25
5
32
EFFECTIVE MONTHLY GROSS $-
MARKET SURVEY Courtney Downs May-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 yes yes $100 100 Only Select Units yes yes yes no 1 yes 1 yes yes yes yes yes yes no yes no no yes yes no yes
7550 S Blackhawk 303-362-2000 Englewood, Co 80112 312 5 $30.00 yes yes 300-500 99 no yes yes yes yes 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
Cherrywood Village
16950 E Carlson Dr 303-805-7220 Parker, Co 80134 380 5 $35.00 yes yes 400-500 100-200 no yes yes yes yes 2 yes 2 yes yes yes yes yes yes yes no no no yes yes no yes
Reserve @ South Creek
15611 E Jamison Dr 303-680-6696 Englewood, Co 80112 168 5 $40.00 yes yes 300 100 no yes yes yes yes 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
MARKET SURVEY Courtney Downs May-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
95 1 884 342
87.10%
0
0% 0.95
91% 0.94
32
98 1114 507
99.8
98% 0.92
15
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: $35 to $50 increase.
Ren.: 11% increase on all renewals.
994 653
1100
1230
96
99.00%
808 216
11
Special:waive security Sepcial:None deposit. $680 1/1 $820 2/2 $1320 3/2 special was pulled off the internet due to property will not give info.
Ren: Info not avail per corporate
Ren:Per corporate
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
92.0 883 312
93
93% 0.84
24
89.4 1131 360
92
53
94% 0.96 0
98.0 995 168
99
0.71 1.10
98% 0.96
5
Special: $400.00 off 1st Special: Look and lease month rent look and lease special $250 to $500 off special. 1st months rent.
Special: $150 off the 1st months rent.
Ren: $15 to $30 increas for 12 month lease
Ren: Free carpet cleaning with 12mo.
Ren: Average $10 to $25 increase.
ASSETS Cash Operating Cash Money Market Security Deposits Total Cash
47,019.94 0.00 46,036.00 $93,055.94
OTHER ASSETS Accounts Receivable Prepaid Expenses Tax Escrow Replacement Reserves Capital / Repair Escrow Total Other Assets
15,557.57 39,298.42 54,885.78 48,368.58 200,000.00 358,110.35
Total ASSETS
451,166.29
LIABILITIES & CAPITAL LIABILITIES Accounts Payable - Trade Other Accounts Payable Accrued Taxes Prepaid Rent Security Deposits Notes Payable Total Liabilities
67,940.90 761,623.43 141,668.55 4,885.13 46,036.00 (328.39) 1,021,825.62
CAPITAL Owners Equity Retained Earnings Total Capital Total LIABILITIES & CAPITAL
100.00 (570,759.33) (570,659.33) 451,166.29
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 Budget
Jul 2007 Budget
Aug 2007 Budget
Sep 2007 Budget
Oct 2007 Budget
Nov 2007 Budget
Dec 2007 Budget
12 Month Total
342
$/ Sq. Ft. 313,778
4,156,006 (396,420) (706,273) (66,863) 2,986,450
12,152.06 (1,159.12) (2,065.13) (195.51) 8,732.31
13.25 (1.26) (2.25) (0.21) 9.52
364,160 (43,000) (80,000) (6,085) 235,075
20,195 280,823
265,615 3,252,066
776.65 9,508.96
0.85 10.36
30,347 3,665 6,394 2,828 2,425 1,835 17,301 8,051 32,739
349,263 41,196 85,934 48,657 39,949 56,517 199,560 131,551 401,787
1,021.24 120.46 251.27 142.27 116.81 165.25 583.51 384.65 1,174.82
1.11 0.13 0.27 0.16 0.13 0.18 0.64 0.42 1.28
108,332 170,086
105,585 175,237
1,354,415 1,897,651
3,960.28 5,548.69
4.32 6.05
193,253 415 4,900
193,253 415 4,900
3,270 89,487 0
9.56 261.66 0.00
0.01 0.29 0.00
(28,483)
(23,331)
1,804,894
5,277.47
5.75
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
351,070 (28,500) (59,743) (5,231) 257,596
350,465 (25,000) (58,387) (5,235) 261,843
349,860 (30,000) (54,989) (5,242) 259,629
349,255 (42,000) (49,108) (5,252) 252,895
348,650 (42,000) (46,826) (5,250) 254,573
348,045 (42,000) (42,919) (5,253) 257,873
347,440 (42,000) (39,555) (5,257) 260,628
Other Income Total Revenue
27,580 263,457
21,616 251,781
22,944 251,928
22,832 260,361
23,203 272,061
19,000 276,596
24,915 286,758
21,695 281,324
20,545 273,440
20,545 275,118
20,545 278,418
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
30,089 3,905 8,791 4,095 2,425 3,085 17,048 12,763 32,739
28,026 3,965 9,390 4,875 2,425 3,085 19,640 13,713 32,739
27,426 3,845 8,192 4,095 2,425 3,085 17,122 13,713 32,739
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
114,941 161,655
117,860 168,898
112,644 168,680
116,553 156,887
120,416 154,702
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
193,253 415 21,300
193,253 415 4,900
193,253 415 4,900
193,253 415 4,900
193,253 415 4,900
Cash Flow Frm Operations
(48,760)
(54,592)
(63,822)
(49,586)
(47,153)
(53,313)
(29,670)
(29,888)
(41,681)
(43,867)
Operating Expenses Salary Expense Operating Expense Advertising Expense Make Ready Expense Maintenance Expense Service Expense Administrative Expense Utility Expense Taxes & Insurance
$/ Unit
Dec 2006 Reforecast
342
$/ Sq. Ft. 313,778
5,227,816 (524,580) (870,815) (83,653) 3,748,768
15,286.01 (1,533.86) (2,546.24) (244.60) 10,961.31
16.66 (1.67) (2.78) (0.27) 11.95
19,000 254,075
326,133 4,074,901
953.61 11,914.92
1.04 12.99
37,759 3,030 6,885 7,500 2,295 2,395 14,969 10,900 0 37,237
445,405 51,737 106,458 62,929 47,211 67,297 249,662 158,888 402,963 37,237
1,302.35 151.28 311.28 184.00 138.04 196.78 730.01 464.59 1,178.26 108.88
1.42 0.16 0.34 0.20 0.15 0.21 0.80 0.51 1.28 0.12
122,970 131,106
1,629,788 2,445,113
4,765.46 7,149.45
5.19 7.79
193,254 0 3,300
283,833 9,800 3,300
829.92 28.65 9.65
0.90 0.03 0.01
2,148,180
6,281.23
6.85
(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
0
0
0
0
0
0
0
0
0 250,000
4,562 131,540 6,328 (34,568)
4,374 (134,406) (4,460) (34,822)
2,739 2,387 523 322,388
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
0 0 0 (7,125)
(7,125)
(7,125)
(7,125)
(7,125)
(7,125)
(7,125)
(7,125)
(42,714)
(31,697)
107,861
(169,314)
328,037
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
Cash Increase (Decrease) From Liab.
76,334
77,559
(32,289)
233,006
(295,115)
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
0 0 0 0
0 0 0 0
0
0 0 0 0
0
0
0 0 0 0 0
0 0 0 0 0
0 0 0 0
0 0 0 0
0
0
(5,768) (1,770) 138,161 0
(36,795) (50,213)
(37,013) (87,227)
(48,806) (136,033)
(50,992) (187,025)
(35,608) (222,632)
(30,456) (253,088)
(1,770) 138,161 (14,250) (2,951)
(2,951)
119,191
130,623 (196,724) (11,675) 0 0
0 0 0 0
(208,399)
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
(11,675) 0 0 0 (11,675)
1,727,118
55210.94
$(300,000) Jan 2007
250,000
0 0 0 (2,951)
0 (60,438) (13,418)
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
2,505,696
$/ 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 May 31, 2007
Account Revenue Market Rent
Loss / Gain to Lease
Gross Potential Rent Prepaid Homeowners Dues Residential Rent Vacancy Loss
MTD Actual
MTD Budget
294,410.00
351,675.00
36,997.00
0.00
331,407.00 0.00 0.00 (19,217.27)
351,675.00 0.00 0.00 (28,705.15)
Upfront Rent Concessions
(2,505.81)
(7,830.00)
Corporate Discount Delinquent Rent Adjustments & W/O
0.00 0.00 (1,630.00)
0.00 0.00 (636.36)
(1,980.00) 0.00 (1,780.80) 0.00 (1,160.00) (54,275.10)
(1,625.00) 0.00 (2,050.00) 0.00 (900.00) (56,019.08)
0.00 0.00 0.00 0.00 $248,858.02
0.00 0.00 0.00 0.00 $253,909.41
Laundry Income Vending Income Covered Parking Income Late Charges & NSF Fees
0.00 0.00 0.00 1,908.00
0.00 68.00 0.00 1,650.00
Month to Month Premium Storage Fees Repair & Maintenance Fees Application Fees
343.70 917.58 0.00 1,710.00
200.00 960.00 0.00 1,250.00
860.33 495.77
1,000.00 1,160.00
Renters Insurance Interest Income Pet Rents & Fees
0.00 0.00 4,625.75
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 HOA Contributions Developer Developer HOA Dues Forfeited Deposits Developer Contributions Interest Income Other Thunder Income Administration Fee
0.00 0.00 0.00 0.00 6,793.61 0.00 1,117.00 0.00 0.00 0.00 0.00 0.00 0.00 3,300.00
0.00 0.00 0.00 0.00 6,650.00 0.00 1,006.00 0.00 0.00 90.00 0.00 0.00 0.00 4,400.00
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
Termination Fees & Damages Miscellaneous Income
$ Variance MTD Variance Comment
YTD Actual
YTD Budget
$ Variance
Annual Budget
(57,265.00) Variance due to no longer offering any concessions, market rents changed to reflect lower rents. 36,997.00 Variance due to the changing budget to reflect lower market rents. This will continue to reduce over time as last year concessions burn off.
1,493,780.00
1,764,425.00
(270,645.00)
4,209,210.00
217,441.00
0.00
217,441.00
0.00
(20,268.00) 0.00 0.00 9,487.88 Positive variance due to closing out at 95.3% versus budgeted at 91.93% 5,324.19 Current specials are $350 off of our 2/2 only and offered on a look and lease special only. 0.00 0.00 (993.64) Additional write off due to one skip. (355.00) Increased market rents. 0.00 269.20 0.00 (260.00) 1,743.98 We have been able to reduce the concession offered to meet the market needs. Reducing concessions at turn over and renewal.
1,711,221.00 0.00 0.00 (144,919.57)
1,764,425.00 0.00 0.00 (141,965.57)
(53,204.00) 0.00 0.00 (2,954.00)
4,209,210.00 0.00 0.00 (325,479.64)
(16,751.15)
(28,710.00)
11,958.85
(59,160.00)
0.00 0.00 (5,539.49)
0.00 0.00 (3,147.52)
0.00 0.00 (2,391.97)
0.00 0.00 (7,841.82)
(9,900.00) 0.00 (8,904.00) 0.00 (5,800.00) (337,993.70)
(8,125.00) 0.00 (10,250.00) 0.00 (4,500.00) (311,864.53)
(1,775.00) 0.00 1,346.00 0.00 (1,300.00) (26,129.17)
(19,500.00) 0.00 (24,600.00) 0.00 (10,800.00) (632,942.99)
0.00 0.00 0.00 0.00 $1,181,413.09
0.00 0.00 0.00 0.00 $1,255,862.38
0.00 0.00 0.00 0.00 $(74,449.29)
0.00 0.00 0.00 0.00 $3,128,885.55
0.00 0.00 0.00 6,748.84
0.00 340.00 0.00 8,250.00
0.00 (340.00) 0.00 (1,501.16)
0.00 816.00 0.00 19,800.00
3,059.99 4,123.31 0.00 6,860.00
1,000.00 4,800.00 0.00 4,200.00
2,059.99 (676.69) 0.00 2,660.00
2,400.00 11,520.00 0.00 10,250.00
3,684.76 3,336.18
5,000.00 5,800.00
(1,315.24) (2,463.82)
12,000.00 13,920.00
0.00 3,488.53 17,097.71
0.00 0.00 12,280.00
0.00 3,488.53 4,817.71
0.00 0.00 29,472.00
0.00 0.00 0.00 0.00 33,477.75 0.00 5,687.00 0.00 0.00 2,162.50 0.00 0.00 0.00 14,550.00
0.00 0.00 0.00 0.00 33,250.00 0.00 5,030.00 0.00 0.00 450.00 0.00 0.00 0.00 13,800.00
0.00 0.00 0.00 0.00 227.75 0.00 657.00 0.00 0.00 1,712.50 0.00 0.00 0.00 750.00
0.00 0.00 0.00 0.00 79,800.00 0.00 12,072.00 0.00 0.00 1,080.00 0.00 0.00 0.00 33,800.00
0.00 0.00 0.00 0.00 $(5,051.39) 0.00 (68.00) 0.00 258.00 Aggressive rental collections. 143.70 (42.42) 0.00 460.00 Budgeted to collect 25 app fees and actually collected 35. (139.67) (664.23) Variance due to collection of 22 utility transfer fees and 13 credit card fees. 0.00 0.00 2,169.75 Variance due to eight pet fees budgeted for and actual collected were 15. 0.00 0.00 0.00 0.00 143.61 0.00 111.00 0.00 0.00 (90.00) 0.00 0.00 0.00 (1,100.00) Variance due to budgeted to collect 29 admin fees and actual collected was 22.
Move-Out Charges
Short Term Lease Fees
1,022.45
5,550.00
(4,527.55) Variance due to apartments being left in better condition resulting in fewer fees charged.
13,126.44
21,090.00
(7,963.56)
48,840.00
(341.13) Fewer short term leases than anticipated. 0.00 (425.00) No corporate units at this time. 1,750.00 See guest suit expense category. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (2,361.94)
772.44
1,950.00
(1,177.56)
3,600.00
0.00 0.00
0.00 2,125.00
0.00 (2,125.00)
0.00 5,100.00
0.00
(8,750.00)
8,750.00
(21,000.00)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 118,175.45
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 110,615.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 7,560.45
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 263,470.00
$1,299,588.54
$1,366,477.38
$(66,888.84)
$3,392,355.55
56,255.14
60,065.80
3,810.66
147,761.88
0.00 65,492.60 0.00 18,236.23
0.00 56,117.40 0.00 13,349.09
0.00 (9,375.20) 0.00 (4,887.14)
0.00 138,048.78 0.00 39,026.28
0.00 8,141.50
0.00 3,890.00
0.00 (4,251.50)
0.00 9,336.00
0.00 0.00 386.75
0.00 0.00 0.00
0.00 0.00 (386.75)
0.00 0.00 0.00
0.00 148,512.22
0.00 133,422.29
0.00 (15,089.93)
0.00 334,172.94
2,274.82
5,000.00
2,725.18
12,000.00
3,656.29
5,500.00
1,843.71
13,200.00
108.87
450.00
Extra-Ordinary Income Corporate Rent
0.00 0.00
0.00 425.00
Corporate Units - expense
0.00
(1,750.00)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 23,203.06
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 25,565.00
$272,061.08
$279,474.41
11,463.50
12,013.16
0.00 11,485.64 0.00 6,420.12
0.00 11,223.48 0.00 2,700.00
0.00 1,748.00
0.00 778.00
0.00 0.00 264.25
0.00 0.00 0.00
0.00 31,381.51
0.00 26,714.64
Office Operations & Supplies
302.98
1,000.00
Telephones
769.42
1,100.00
Answering Svc. & Pagers Postage & Delivery Patrol Services Membership Dues Publications & Subscriptions Conventions/Seminars Employee Training
115.10 100.81 0.00 0.00 0.00 0.00 932.85
100.00 170.00 0.00 0.00 90.00 0.00 115.00
0.00 0.00 0.00 520.50 486.62 0.00 3,228.28
Advertising & Promotions Resident Promotions
Deferred Revenue HOA Developer Contributions Acquisition Fees Income - Rental Income - C.A.M. Income - Insurance Income - Taxes Income - Interest Income - Other Income - Condo Sales Total Other Income Total Revenue Expense Managers Salary
Salaries Maintenance Salary Salary - Administrative Commissions & Bonus Payroll Taxes Group Insurance Disability Insurance 401k Match Contract Labor Workers Comp Total Salary Expense
$(7,413.33)
549.66 Variance due to 11 days of accrual for March and April and for reclass of payroll taxes. 0.00 (262.16) 0.00 (3,720.12) Variance due to March and April accruals. 0.00 (970.00) Accrual of 11days in March and April. 0.00 0.00 (264.25) Services needed to cover for vacations. 0.00 (4,666.87)
494.16 1,045.74 0.00 0.00 0.00 0.00 2,345.64
500.00 850.00 0.00 0.00 450.00 0.00 575.00
5.84 (195.74) 0.00 0.00 450.00 0.00 (1,770.64)
1,200.00 2,040.00 0.00 0.00 1,080.00 0.00 1,380.00
0.00 25.00 25.00 750.00 650.00 0.00 4,025.00
697.02 Savings due to purchasing of less supplies this month. 330.58 Current local and long distance service, includes fax lines. (15.10) 69.19 0.00 0.00 90.00 0.00 (817.85) Variance due to Annual Apt association conference, employee outing and team dinner. 0.00 25.00 25.00 229.50 163.38 0.00 796.72
0.00 385.44 0.00 1,662.00 2,777.02 0.00 14,641.11
0.00 125.00 125.00 2,520.00 3,250.00 0.00 18,895.00
0.00 (260.44) 125.00 858.00 472.98 0.00 4,253.89
0.00 300.00 300.00 6,150.00 7,800.00 0.00 45,450.00
2,625.12 387.80
2,600.00 798.00
(25.12) 410.20 Fewer suppliies needed.
18,453.63 2,070.53
18,300.00 3,990.00
(153.63) 1,919.47
36,900.00 9,576.00
Locators
1,278.75
3,181.64
6,662.14
9,978.78
3,316.64
24,440.78
Resident Referrals
2,000.00
3,410.00
4,600.00
10,695.00
6,095.00
26,195.00
6,291.67
9,989.64
31,786.30
42,963.78
11,177.48
97,111.78
Furniture Rental Car Expenses Permits & Fees Credit Checks Guest Suite Expense Parking Cost Total Operating Expense
Total Advertising Expense
1,902.89 Three locator placements this month, budgted for seven. 1,410.00 Four resident refferals, budgeted for seven. 3,697.97
Paint & Drywall Contract Cleaning Svcs.
410.29 2,525.00
720.00 250.00
Carpet Cleaning & Repairs
1,063.00
2,400.00
502.93
100.00
0.00 23.00 0.00 0.00 120.99 4,645.21
0.00 50.00 416.67 25.00 133.33 4,095.00
680.27 54.02 0.00 0.00 0.00 0.00
700.00 100.00 140.00 150.00 0.00 450.00
0.00 56.38 416.66 0.00 0.00 0.00 0.00 405.00 0.00 0.00 0.00 1,612.33
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
4,958.38 889.53
5,000.00 510.00
Pest Control Security Patrols Window Cleaning Svc. Interior Cleaning Svc. Cable Television Snow Removal Total Service Expense
75.00 0.00 0.00 0.00 0.00 0.00 5,922.91
75.24 0.00 0.00 0.00 0.00 0.00 5,585.24
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
11,202.18 1,000.00 3,250.00 (920.00)
11,178.98 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 0.00 169.30 0.00 0.00 0.00 0.00 0.00 0.00 14,701.48
0.00 0.00 9.58 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 16,788.56
Window Coverings Vinyl & Tile Repairs Lock & Keys Counter & Tub Resurfacing Other Redecorating Cleaning Supplies Total Make Ready Expense General Maintenance & Supplies HVAC Parts & Repairs Plumbing Parts & Repairs Electric Parts & Repairs Roof & Gutter Repairs Pools & Fountains Gates & Entrances Glass & Screens Appliance Parts & Repairs Hardware Exterior Painting Uniforms Elevator Service & Repairs Security & Fire Systems Uninsured Losses Locks & Keys Bulbs & Ballasts Total Maintenance Expense
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
309.71 Staff painted in house. (2,275.00) Variance due to budgeting error. 1,337.00 Fewer carpet cleans needed this month. (402.93) Replaced mini blinds damaged at move out and the sun. 0.00 27.00 416.67 Non needed this month. 25.00 12.34 (550.21)
981.25 11,870.00
3,150.00 1,250.00
2,168.75 (10,620.00)
7,852.50 3,000.00
6,729.00
10,500.00
3,771.00
26,175.00
1,162.76
500.00
(662.76)
1,200.00
0.00 364.31 75.00 0.00 272.14 21,454.46
0.00 250.00 2,083.35 125.00 666.65 18,525.00
0.00 (114.31) 2,008.35 125.00 394.51 (2,929.46)
0.00 600.00 5,000.04 300.00 1,599.96 45,727.50
19.73 45.98 140.00 150.00 0.00 450.00 Current supplies were sufficient. 0.00 103.62 33.34 75.00 25.00 0.00 0.00 (230.00) 0.00 0.00 0.00 812.67
2,941.46 1,093.74 336.25 0.00 270.00 596.58
3,500.00 500.00 700.00 750.00 0.00 2,250.00
558.54 (593.74) 363.75 750.00 (270.00) 1,653.42
8,400.00 1,200.00 5,055.00 1,800.00 0.00 5,400.00
0.00 556.86 1,077.12 149.87 355.34 1,045.40 0.00 1,881.52 0.00 0.00 0.00 10,304.14
0.00 800.00 2,700.00 375.00 125.00 1,000.00 0.00 875.00 0.00 0.00 0.00 13,575.00
0.00 243.14 1,622.88 225.13 (230.34) (45.40) 0.00 (1,006.52) 0.00 0.00 0.00 3,270.86
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
7,458.38 3,641.04
7,500.00 2,550.00
41.62 (1,091.04)
30,000.00 6,120.00
400.00 0.00 0.00 0.00 0.00 16,370.42 27,869.84
376.20 0.00 0.00 0.00 0.00 3,800.00 14,226.20
(23.80) 0.00 0.00 0.00 0.00 (12,570.42) (13,643.64)
902.88 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
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
53,620.78 5,000.00 16,250.00 1,594.50
54,659.09 5,000.00 16,500.00 6,500.00
1,038.31 0.00 250.00 4,905.50
135,694.22 12,000.00 39,600.00 15,600.00
0.00 0.00 0.00 0.00 0.00 169.30 123.71 0.00 0.00 0.00 0.00 0.00 76,758.29
0.00 0.00 47.90 0.00 0.00 0.00 0.00 0.00 0.00 2,624.00 0.00 0.00 85,330.99
0.00 0.00 47.90 0.00 0.00 (169.30) (123.71) 0.00 0.00 2,624.00 0.00 0.00 8,572.70
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
41.62 (379.53) Based on new service rate. Increase not anticipated. 0.24 0.00 0.00 0.00 0.00 0.00 (337.67) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (23.20) 0.00 50.00 2,220.00 Seven evictions filed. Residents riembursed $180 each. 0.00 0.00 9.58 0.00 0.00 (169.30) 0.00 0.00 0.00 0.00 0.00 0.00 2,087.08
Electricity Electricity Gas - Resident Natural Gas
3,183.50 0.00 1,569.69
3,340.00 0.00 2,565.00
Water & Sewer
12,957.27
8,965.00
Water & Sewer - Resident Reimb
(9,043.62)
(6,275.50)
Water - irrigation Electric - Tenant Reimbursement Trash Reimbursement Water - Tenant Reimbursement Utility -Vacant Electric
269.68 0.00 (1,811.59) 0.00 1,554.81
500.00 0.00 (2,011.00) 0.00 827.94
674.51 0.00 9,354.25
551.96 0.00 8,463.40
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
25,974.73
27,616.50
Franchise Tax Insurance
0.00 7,977.61
0.00 5,073.00
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
Tax Consultants
156.50 0.00 995.31 Actual usuage was less than anticipated. (3,992.27) Variance due to increase of water charges when only budgeted for a 3% increase. 2,768.12 Variance due to aggressive in house collections on water bills. Collected 70%. 230.32 0.00 (199.41) 0.00 (726.87) Usuage higher than anticipated. Averaging $55 per vacant. (122.55) 0.00 (890.85) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,641.77 07 RE tax accrual adjustment. 0.00 (2,904.61) Variance due to reclass from N/P to Exp acct as well as reclass from prepaid insurance. (550.12) Includes annual admin 2007 fee prop. 0.00 (1,812.96) (864.12) (8,277.45)
13,385.59 0.00 12,824.55
16,700.00 0.00 12,825.00
3,314.41 0.00 0.45
40,080.00 0.00 30,780.00
70,727.38
44,825.00
(25,902.38)
107,580.00
(41,037.62)
(31,377.50)
9,660.12
(75,306.00)
291.94 0.00 (12,279.07) 0.00 6,256.51
1,000.00 0.00 (10,055.00) 0.00 4,094.70
708.06 0.00 2,224.07 0.00 (2,161.81)
23,500.00 0.00 (24,132.00) 0.00 9,387.78
3,975.79 0.00 54,145.07
2,729.80 0.00 40,742.00
(1,245.99) 0.00 (13,403.07)
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
141,668.55
138,082.50
(3,586.05)
331,398.00
0.00 30,343.13
0.00 25,365.00
0.00 (4,978.13)
0.00 60,876.00
600.00
249.40
(350.60)
598.56
0.00 172,611.68 558,083.11 741,505.43
0.00 163,696.90 531,377.16 835,100.22
0.00 (8,914.78) (26,705.95) (93,594.79)
0.00 392,872.56 1,327,709.14 2,064,646.41
532,933.35 0.00 433,333.55 0.00 966,266.90
532,933.35 0.00 433,333.35 0.00 966,266.70
0.00 0.00 (0.20) 0.00 (0.20)
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 0.00 0.00 0.00
600.00
49.88
MIP Total Taxes & Insurance Total Operating Expenses NET OPERATING INCOME
0.00 34,552.34 111,689.98 160,371.10
0.00 32,739.38 110,825.86 168,648.55
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 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 365.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 365.00
170.00 170.00 75.00 0.00 0.00 0.00 0.00 0.00 0.00 415.00
170.00 (195.00) 75.00 0.00 0.00 0.00 0.00 0.00 0.00 50.00
0.00 365.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 365.00
850.00 850.00 375.00 0.00 0.00 0.00 0.00 0.00 0.00 2,075.00
850.00 485.00 375.00 0.00 0.00 0.00 0.00 0.00 0.00 1,710.00
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 12,605.83
2,546.00 0.00 0.00 4,900.00
0.00 0.00 0.00 32,992.22
2,546.00 3,250.00 0.00 24,500.00
2,546.00 3,250.00 0.00 (8,492.22)
18,946.00 3,250.00 0.00 58,800.00
Refrigerators Dishwashers & Ranges Washers / Dryers Fire Alarm Replacement Other Capital Improvements
0.00 0.00 0.00 0.00 1,300.18
0.00 0.00 0.00 0.00 0.00
585.06 0.00 0.00 0.00 5,209.71
600.00 0.00 0.00 0.00 3,713.00
14.94 0.00 0.00 0.00 (1,496.71)
600.00 0.00 0.00 0.00 3,713.00
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
0.00 0.00 (0.04) 0.00 (0.04)
2,546.00 No expense this month. 0.00 0.00 (7,705.83) Replaced 13 carpets. Damaged due to pet and wear and tear. 0.00 0.00 0.00 0.00 (1,300.18) Variance due to golf cart repair and purchasing of microwave for apartment #6311.
Boiler Replacement Roof Replacement
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
Total Capital Expenses
13,906.01
7,446.00
(6,460.01)
38,786.99
34,609.00
(4,177.99)
85,309.00
Casualty Losses Casualty Recovery Total Casualty Loss NET INCOME (LOSS)
0.00 0.00 0.00 (47,153.29)
0.00 0.00 0.00 (32,465.79)
0.00 0.00 0.00 (14,687.50)
0.00 0.00 0.00 (263,913.46)
0.00 0.00 0.00 (167,850.48)
0.00 0.00 0.00 (96,062.98)
0.00 0.00 0.00 (344,682.67)
Rental Guarantee
0.00 (47,153.29)
0.00 (32,465.79)
0.00 (14,687.50)
4,054.35 (259,859.11)
0.00 (167,850.48)
4,054.35 (92,008.63)
0.00 (344,682.67)
YTD Variance Comment
Filter 0.01 ###
###
### 0.00 0.00 ###
###
0.00 0.00 ### ### 0.00 ### 0.00 ### ###
0.00 0.00 0.00 0.00 ### 1.00 0.00 408.00 0.00 ### 4,603.69 ### 0.00 ### ### ###
0.00 3,488.53 ###
0.00 0.00 0.00 0.00 ### 0.00 ### 0.00 0.00 2,702.50 0.00 0.00 0.00 ###
###
3,281.31 0.00 2,550.00 ### 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 ### 1.00 ### 1.00 1.00 ###
0.00 ### 0.00 ### 0.00 ### 0.00 0.00 651.00 0.00 ### 1.00 8,577.80 ### 1,209.26 2,166.55 0.00 0.00 540.00 0.00 3,968.49
0.00 535.44 150.00 5,452.50 7,163.64 0.00 ### 1.00 ### 7,246.33 ### ### ### 1.00
5,261.54 ### ### 2,265.69 0.00 687.31 2,575.02 150.00 1,193.11 ### 1.00 7,821.73 1,747.76 1,176.25 900.00 270.00 3,296.58 0.00 1,573.24 4,643.78 599.87 505.34 2,045.40 0.00 3,336.52 0.00 0.00 0.00 ### 1.00 ### 7,590.57 926.44 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 ### ### ### 8,474.50 0.00 0.00 57.48 0.00 0.00 338.60 123.71 0.00 0.00 2,624.00 0.00 0.00 ### 1.00
### 0.00 ### ###
###
2,061.62 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 ###
1,499.28 0.00 ### ### ### 1.00 ### 0.00 ### 0.00 ### 1.00 0.00 0.00 0.00 0.00 0.00 0.00 1,020.00 1,750.00 450.00 0.00 0.00 0.00 0.00 0.00 0.00 3,220.00 1.00 5,092.00 3,250.00 0.00 ### 1,185.06 0.00 0.00 0.00 ###
0.00 0.00
### 1.00 0.00 0.00 0.00 ### 1.00 4,054.35 1.00
A15:
deparker: What is our current Up Front Special?
A103:
deparker: Where is this invoice?
A132:
deparker: Did the glass break twice in #3201, both invoices $250.25
A183:
deparker: What was this refund for?
A186:
deparker: We need to notify the PUC of this HUGE increase. Oublic Utility Commission, it may be illegal for the big increase.
A190:
deparker: Not complaining but how can we collect more than we billed out in trash, are they coding the resident paid fees for the billing service to this account as well?
Courtney Downs Apartments May-07 LEASING & OCCUPANCY NUMBER OF MOVE INS: NUMBER OF MOVE OUTS: NET FOR THE MONTH:
22 12 10
OCCUPIED/LEASED %:
95.3%, 87.1%
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:
$272,061.08 $260,361.28 $11,699.80
TOTAL # GARAGES # GARAGES OCCUPIED GARAGES OCCUPIED %
120 117 98%
REASONS WHY PROSPECTS DID NOT LEASE: Traffic 7 0 0 8 37 0 27 7 9 0 0 0 0
Leased 1 0 0 0 12 0 11 3 2 0 0 0 0
95
29
* * * * * * * * * * * * * *
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 $688, two bedrooms at $840and 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 20 leases expiring in the month of May. Two are moving due to purchasing a home and/or condo, four are moving due to relocating, one is loosing their roommate, one due to price increase, one is moving closer to work. Overall we had 10 renewals with an average increase of $43.50 per renewal. INCIDENTS ON THE PROPERTY: Resident drove into our pine tree on the south east entrance off of Bronco's parkway, the resident has received the bill for the
5 4 6 0 9 0 7 4 18 0 4 11 0 0 68
replacement of the new tree and he is submitting the bill to his insurance, which in turn will cut our landscaping company a check and then the tree will be replaced. 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 21 18 13 12 47 0 9 0 120
PLUMBING LEAKS
Number of: 13 8 5 120 0 21 18 13 12 47 0 9 0 120 0 0
CAPITAL IMPROVEMENTS IN PROGRESS: N/A
PROBLEM AREAS NEEDING ATTENTION: We will be painting the pool fence on the 12th and 13th of this month.
CURRENT STAFF: Manager Assistant Manager Leasing Consultant Leasing Consultant Maintenance Supervisor Assistant Maintenance Maintenance/ Grounds
Nancy Howland Wendy Gillan Carrie McMillan Jessica Branch Gabriel Tellez Russell Briley Jorge Chavez and Jorge Bernal
ACCOMPLISHMENTS FOR THE MONTH: Removal of dead trees on the property. Flowers have been planted on the property. Reseeded pet kill areas.
REFRIGERATORS DISHWASHERS WINDOWS A/C COMPRESSORS CONDENSING UNITS WATER HEATERS ICE MAKERS GARBAGE DISPOSALS MICROWAVES
Number Replaced 0 0 0 0 0 0 0 0 0
CARPETS CEILING FANS TOILETS A/C FAN MOTORS COUNTER TOPS CABINETS RESURFACED KITCHEN
6 0 0 0 0 0
BLINDS TUBS RESURFACED TUB TILES
15 0 0
Apt. #
5202, 9201, 2301, 2211, 7207, 9112.
5202-3, 16202-1, 7207-2, 16203-1, 9112-3, 19112-2, 16103-2, 9203-1.
Courtney Downs RENTAL SCHEDULE
May 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 725.00 55.00 850.00 750.00 760.00 875.00 900.00 925.00 875.00 925.00 925.00 1,160.00 1,160.00
$* Net of Concessions
$837
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
$$$$$$$$$$$-
1 0 0 0 0 4 3 0 0 2 0 0 0
0 0 0 0 0 0 2 0 0 0 0 0 0
2 0 2 4 0 6 7 0 0 2 0 2 0
3 0 0 0 0 2 0 0 0 0 0 0 0
3 0 2 4 0 9 8 0 0 4 0 2 0
$-
10
2
25
5
32
EFFECTIVE MONTHLY GROSS $-
MARKET SURVEY Courtney Downs May-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 yes yes $100 100 Only Select Units yes yes yes no 1 yes 1 yes yes yes yes yes yes no yes no no yes yes no yes
7550 S Blackhawk 303-362-2000 Englewood, Co 80112 312 5 $30.00 yes yes 300-500 99 no yes yes yes yes 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
Cherrywood Village
16950 E Carlson Dr 303-805-7220 Parker, Co 80134 380 5 $35.00 yes yes 400-500 100-200 no yes yes yes yes 2 yes 2 yes yes yes yes yes yes yes no no no yes yes no yes
Reserve @ South Creek
15611 E Jamison Dr 303-680-6696 Englewood, Co 80112 168 5 $40.00 yes yes 300 100 no yes yes yes yes 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
MARKET SURVEY Courtney Downs May-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
95 1 884 342
87.10%
0
0% 0.95
91% 0.94
32
98 1114 507
99.8
98% 0.92
15
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: $35 to $50 increase.
Ren.: 11% increase on all renewals.
994 653
1100
1230
96
99.00%
808 216
11
Special:waive security Sepcial:None deposit. $680 1/1 $820 2/2 $1320 3/2 special was pulled off the internet due to property will not give info.
Ren: Info not avail per corporate
Ren:Per corporate
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
92.0 883 312
93
93% 0.84
24
89.4 1131 360
92
53
94% 0.96 0
98.0 995 168
99
0.71 1.10
98% 0.96
5
Special: $400.00 off 1st Special: Look and lease month rent look and lease special $250 to $500 off special. 1st months rent.
Special: $150 off the 1st months rent.
Ren: $15 to $30 increas for 12 month lease
Ren: Free carpet cleaning with 12mo.
Ren: Average $10 to $25 increase.
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