Usa Courtney Downs November 2007
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USA Courtney Downs LeaseCo, LLC Balance Sheet Books = Accrual Nov 2007
ASSETS Cash Operating Cash Money Market Total Cash
40,247.60 0.00 $40,247.60
OTHER ASSETS Accounts Receivable Prepaid Expenses Tax Escrow Replacement Reserves Capital / Repair Escrow Total Other Assets
(1,675.08) 5,879.99 226,938.42 41,302.04 200,000.00 472,445.37
Total ASSETS
512,692.97
LIABILITIES & CAPITAL LIABILITIES Accounts Payable - Trade Other Accounts Payable Accrued Taxes Prepaid Rent Security Deposits Total Liabilities
138,372.64 776,437.05 314,002.26 40,436.55 37,868.63 1,307,117.13
CAPITAL Owners Equity Retained Earnings Total Capital Total LIABILITIES & CAPITAL
100.00 (794,524.16) (794,424.16) 512,692.97
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 Budget
12 Month Total
342
$/ Sq. Ft. 313,778
3,917,703 (243,595) (614,722) (79,525) 2,979,861
11,455.27 (712.27) (1,797.43) (232.53) 8,713.04
12.49 (0.78) (1.96) (0.25) 9.50
364,160 (43,000) (80,000) (6,085) 235,075
20,195 273,775
288,275 3,268,136
842.91 9,555.95
0.92 10.42
30,347 3,665 6,394 2,828 2,425 1,835 17,301 8,051 600 32,739
366,195 39,002 69,973 60,844 37,683 50,735 192,465 116,622 1,747 442,404
1,070.74 114.04 204.60 177.91 110.19 148.35 562.76 341.00 5.11 1,293.58
1.17 0.12 0.22 0.19 0.12 0.16 0.61 0.37 0.01 1.41
112,980 164,695
106,185 167,589
1,377,670 1,890,466
4,028.28 5,527.68
4.39 6.02
193,253 0 6,129
193,253 129 11,240
193,253 415 4,900
2,319,041 2,606 87,476
6,780.82 7.62 255.78
7.39 0.01 0.28
(40,585)
(39,927)
(30,979)
(1,516.54)
(1.65)
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
321,211 (11,745) (49,500) (6,386) 253,580
Other Income Total Revenue
27,580 263,457
21,616 251,781
22,944 251,928
22,832 260,361
23,203 272,061
22,482 279,396
19,521 281,081
31,751 289,253
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
(518,657)
Dec 2006 Reforecast
342
$/ Sq. Ft. 313,778
4,919,199 (317,510) (770,544) (101,131) 3,730,014
14,383.62 (928.39) (2,253.05) (295.70) 10,906.47
15.68 (1.01) (2.46) (0.32) 11.89
19,000 254,075
353,213 4,083,227
1,032.79 11,939.26
1.13 13.01
37,759 3,030 6,885 7,500 2,295 2,395 14,969 10,900
466,153 50,354 89,086 76,523 47,241 58,697 240,989 143,887
1,363.02 147.23 260.48 223.75 138.13 171.63 704.65 420.72
1.49 0.16 0.28 0.24 0.15 0.19 0.77 0.46
7,543
(3,489)
Balance Sheet Adjustments Cash - Non Operating Accounts Accounts Receivable Prepaid Assets Escrow Deposits
0 (4,571) (7,749) (30,394)
0 (717) 3,588 (34,568)
Cash Increase (Decreae) From Assets
0
0
4,562 131,540 6,328 (34,568)
4,374 (134,406) (4,460) (34,822)
0
0
2,739 2,415 523 322,388
0 (1,420) 337 (35,800)
0
0
0
0
0
0
46,036 8,565 10,797 (35,800)
0 8,538 5,633 (35,800)
0 (43) 5,633 (35,800)
0 321 5,139 (35,800)
0 1,244 5,880 14,016
0 0 0 (7,125)
0 37,237
443,699 37,237
1,297.37 108.88
1.41 0.12
1,653,865 2,429,362
4,835.86 7,103.40
5.27 7.74
193,254 0 3,300
196,411 103,872 3,300
574.30 303.72 9.65
0.63 0.33 0.01
2,125,779
6,215.73
6.77
(7,125)
(42,714)
(31,697)
107,861
(169,314)
328,065
(36,884)
29,597
(21,630)
(30,210)
(30,340)
21,140
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
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
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
0
57,711 11,465 31,648 15,925
250,000
250,000
0 0 0 (2,951)
12,708 37,528 22,816 (2,951)
116,749 (2,951)
0 0 0 0
514,350 (150,050) (19,842) 328
0
344,787
0 0 0 0 0
(38,104) 2,144
181,601 181,601
$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
70,102 (128,125) (21,666) 328 0 (149,462)
(57,122)
55210.94
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
2,296,419
W31:
administrator: assume insurance increases by 50%
W48:
administrator:
replacement reserve + reduction in tax escrow due to overage
USA Courtney Downs LeaseCo, LLC Budget Comparison Books = Accrual For the period ending November 30, 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
348,045.00
10,247.00
0.00
304,657.00 0.00 0.00 (18,456.83)
348,045.00 0.00 0.00 (29,485.24)
Upfront Rent Concessions
(6,795.41)
(1,740.00)
Corporate Discount Delinquent Rent Adjustments & W/O
0.00 0.00 (3,649.21)
0.00 0.00 (677.66)
(1,980.00) 0.00 (1,934.80) 0.00 (1,337.85) (17,726.67)
(1,625.00) 0.00 (2,050.00) 0.00 (900.00) (41,179.17)
0.00 0.00 0.00 0.00 $252,776.23
0.00 0.00 0.00 0.00 $270,387.93
Laundry Income Vending Income Covered Parking Income Late Charges & NSF Fees
0.00 0.00 0.00 2,148.00
0.00 68.00 0.00 1,650.00
Month to Month Premium
1,326.67
200.00
Storage Fees Repair & Maintenance Fees Application Fees
1,005.85 0.00 1,310.00
960.00 0.00 750.00
Termination Fees & Damages
2,695.00
1,000.00
555.00
1,160.00
Renters Insurance Interest Income Pet Rents & Fees 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
0.00 0.00 2,467.68 0.00 0.00 0.00 0.00 7,243.25 0.00 0.00 0.00 0.00 1,967.40
0.00 0.00 2,456.00 0.00 0.00 0.00 0.00 6,650.00 0.00 1,006.00 0.00 0.00 90.00
Developer Contributions Interest Income Other Thunder Income Administration Fee
0.00 0.00 0.00 2,700.00
0.00 0.00 0.00 2,400.00
Move-Out Charges
930.09
3,330.00
Short Term Lease Fees
550.00
150.00
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 Acquisition Fees Income - Rental Income - C.A.M. Income - Insurance
0.00 0.00 0.00 0.00 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
Miscellaneous Income
0.00 0.00 0.00 0.00 0.00 0.00
MTD Variance Comment
(53,635.00) Concessions are no longer being offered, market rents changed to reflect lower rents. 10,247.00 We have changed the budget to reflect lower market rents, this will continue to reduce over time as last years concessions deplete. (43,388.00) Explained above. 0.00 0.00 11,028.41 Actual vacancy is at 6% and budget is at 8%. (5,055.41) Current specials are reduced prices on selected units and waived security deposit with look and lease. 0.00 0.00 (2,971.55) Due to one skip and excessive damages from other move outs. (355.00) 0.00 115.20 0.00 (437.85) 23,452.50 We have been able to reduce the amount of concessions given off each month to meet market needs. We have also been renewing leases with fewer concessions. 0.00 0.00 0.00 0.00 $(17,611.70) Explained above. 0.00 (68.00) 0.00 498.00 We had 22 late fees charged and 7 NSF fees. 1,126.67 Seven month to month fees collected versus two budgeted. 45.85 0.00 560.00 We had 26 applications fees collected versus 15 budgeted. 1,695.00 Had one buyout fee due to resident buying a house. (605.00) Collected 13 utility transfer fees, 10 credit card convenience fees and one firearm discharge fee. 0.00 0.00 11.68 0.00 0.00 0.00 0.00 593.25 0.00 (1,006.00) No cable income check received. 0.00 0.00 1,877.40 Collected four deposits versus one budgeted. 0.00 0.00 0.00 300.00 Collected 18 admin fees versus 16 budgeted. (2,399.91) Apartments left in better condition resulting in fewer fees charged. 400.00 Received four short term fees versus one budgeted. 0.00 (425.00) 1,750.00 Bills being paid under guest suite expense. 0.00 0.00 0.00 0.00 0.00 0.00
YTD Actual
YTD Budget
3,260,240.00
3,861,770.00
336,252.00
0.00
3,596,492.00 0.00 0.00 (231,850.03)
3,861,770.00 0.00 0.00 (294,954.29)
(39,232.82)
(58,725.00)
0.00 0.00 (18,511.08)
0.00 0.00 (7,159.86)
(21,780.00) 0.00 (19,909.80) 0.00 (12,937.85) (525,989.60)
(17,875.00) 0.00 (22,550.00) 0.00 (9,900.00) (593,822.78)
0.00 0.00 0.00 0.00 $2,726,280.82
0.00 0.00 0.00 0.00 $2,856,783.07
0.00 0.00 0.00 20,019.60
0.00 748.00 0.00 18,150.00
9,204.25
2,200.00
10,271.15 0.00 16,519.90
10,560.00 0.00 9,600.00
13,872.82
11,000.00
7,293.78
12,760.00
0.00 3,488.53 36,697.99 0.00 0.00 0.00 0.00 75,127.91 0.00 4,741.92 0.00 0.00 5,411.05
0.00 0.00 27,016.00 0.00 0.00 0.00 0.00 73,150.00 0.00 11,066.00 0.00 0.00 990.00
0.00 0.00 0.00 32,600.00
0.00 0.00 0.00 31,800.00
26,307.70
45,510.00
6,048.29
3,300.00
0.00 475.41 0.00
0.00 4,675.00 (19,250.00)
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
Income - Taxes Income - Interest Income - Other Income - Condo Sales Total Other Income
0.00 0.00 0.00 0.00 24,898.94
0.00 0.00 0.00 0.00 20,545.00
0.00 0.00 0.00 0.00 4,353.94 Explained above.
0.00 0.00 0.00 0.00 268,080.30
0.00 0.00 0.00 0.00 243,275.00
$277,675.17
$290,932.93
$(13,257.76) Explained above.
$2,994,361.12
$3,100,058.07
11,514.88 0.00 12,587.83 0.00 4,179.84
12,613.82 0.00 11,784.65 0.00 1,837.50
126,604.77 0.00 140,161.04 0.00 44,819.42
135,148.06 0.00 126,264.13 0.00 33,855.98
0.00 1,666.41
0.00 778.00
0.00 18,830.99
0.00 8,558.00
0.00 0.00 831.82 0.00 30,780.78
0.00 0.00 0.00 0.00 27,013.97
0.00 0.00 5,431.70 0.00 335,847.92
0.00 0.00 0.00 0.00 303,826.17
Office Operations & Supplies
1,340.45
1,000.00
7,514.83
11,000.00
Telephones Answering Svc. & Pagers Postage & Delivery Patrol Services Membership Dues Publications & Subscriptions Conventions/Seminars Employee Training Furniture Rental Car Expenses Permits & Fees Credit Checks
800.55 131.25 517.06 0.00 0.00 63.00 0.00 176.59 0.00 0.00 0.00 1,009.20
1,100.00 100.00 170.00 0.00 0.00 90.00 0.00 115.00 0.00 25.00 25.00 450.00
8,211.63 1,106.40 2,613.85 0.00 0.00 1,198.82 0.00 3,642.71 0.00 385.44 0.00 4,743.16
12,100.00 1,100.00 1,870.00 0.00 0.00 990.00 0.00 1,265.00 0.00 275.00 275.00 5,760.00
504.71 0.00 4,542.81
650.00 0.00 3,725.00
5,919.74 0.00 35,336.58
7,150.00 0.00 41,785.00
Advertising & Promotions
2,927.69
2,600.00
39,789.54
34,300.00
Resident Promotions Locators Resident Referrals
266.48 1,934.55 500.00
798.00 1,735.44 1,860.00
4,746.28 13,942.75 5,100.00
8,778.00 22,994.58 24,645.00
5,628.72
6,993.44
63,578.57
90,717.58
292.66
652.50
2,404.52
7,425.00
Total Revenue Expense Managers Salary Salaries Maintenance Salary Salary - Administrative Commissions & Bonus Payroll Taxes Group Insurance
Disability Insurance 401k Match Contract Labor Workers Comp Total Salary Expense
Guest Suite Expense Parking Cost Total Operating Expense
Total Advertising Expense Paint & Drywall
1,098.94 0.00 (803.18) 0.00 (2,342.34) We had underestimated the bonus's to be paid on a monthly basis. 0.00 (888.41) We have more participants for our insurance program then what was anticipated in the budget. 0.00 0.00 (831.82) 0.00 (3,766.81) Explained above. (340.45) Ordering of Laser printer cartridges and toner for the fax machines. 299.45 (31.25) (347.06) 0.00 0.00 27.00 0.00 (61.59) 0.00 25.00 25.00 (559.20) Ran 20 credit checks versus nine budgeted. 145.29 0.00 (817.81) Explained above. (327.69) Human directional ordered and new flutter flags needed for the property. 531.52 Savings due to no monthly party. (199.11) 1,360.00 One resident referral was paid out this month. 1,364.72 Explained above. 359.84
Contract Cleaning Svcs.
3,000.00
250.00
Carpet Cleaning & Repairs
1,121.00
2,175.00
Window Coverings
418.73
100.00
Vinyl & Tile Repairs Lock & Keys
0.00 (176.19)
0.00 50.00
225.00 0.00 292.66 5,173.86
416.67 25.00 133.33 3,802.50
1,151.19
700.00
296.52 241.36 57.74 0.00 716.24
100.00 140.00 150.00 0.00 450.00
0.00 0.00 438.62 15.54 0.00 0.00 0.00 1,810.02 0.00 0.00 0.00 4,727.23
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
2,773.23
5,000.00
Trash Removal Pest Control Security Patrols Window Cleaning Svc. Interior Cleaning Svc. Cable Television Snow Removal
724.07 86.00 0.00 0.00 0.00 0.00 0.00
510.00 75.24 0.00 0.00 0.00 0.00 800.00
3,583.30
6,385.24
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
11,107.01 1,000.00 3,200.00 382.80
11,637.32 1,000.00 3,300.00 1,300.00
Accounting Fees Postage & Delivery Bank Charges Partnership Insurance Other Administrative Expenses Travel Expense Employee Activities Printing Computer Consulting Computer Expense Bank Charges Development Cost Total Admin. Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 15,689.81
0.00 0.00 9.58 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 17,246.90
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
Total Service Expense Expenses - CAM - Electric Expenses - CAM - Water/Sewer Expenses - CAM - Gas Expenses - CAM - Grounds Expenses - CAM - Trash Removal Expenses - CAM - Cleaning Svcs Expenses - CAM - Maintenance Expenses - CAM - Insurance Expenses - CAM - R/E Taxes Total CAM Expense
(2,750.00) We had an error in budgeting, we have been over budget all year. 1,054.00 Fewer carpets cleaned than budgeted for, most of the carpets needed replacing. (318.73) We had 17 blinds needing replacing this month. 0.00 226.19 Initial order came in wrong, this is the credit from that order. 191.67 25.00 (159.33) (1,371.36) Explained above. (451.19) Overage due to balance carried over from Contravest. (196.52) (101.36) 92.26 0.00 (266.24) We keep the pool heated in the winter months. 0.00 160.00 11.38 59.46 25.00 0.00 0.00 (1,635.02) Installation of new backflow device. 0.00 0.00 0.00 (2,302.23) Explained above. 2,226.77 No need to install winter flowers due to installation of river rock in its place. (214.07) (10.76) 0.00 0.00 0.00 0.00 800.00 We did not experience any snowfall in November. 2,801.94 Explained above. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 530.31 Based on % of collection. 0.00 100.00 917.20 Four evictions filed versus seven budgeted. 0.00 0.00 9.58 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,557.09 In line with the budget.
31,585.00
2,750.00
17,387.00
24,750.00
3,075.19
1,100.00
0.00 670.00
0.00 550.00
1,136.64 0.00 1,758.01 58,016.36
4,583.37 275.00 1,466.63 42,900.00
7,337.35
7,700.00
1,700.38 1,299.66 501.50 270.00 4,595.34
1,100.00 4,915.00 1,650.00 0.00 4,950.00
125.00 1,444.15 3,298.35 1,183.03 355.34 502.73 0.00 12,645.50 0.00 0.00 0.00 35,258.33
0.00 1,760.00 5,400.00 825.00 275.00 2,000.00 0.00 10,220.00 0.00 0.00 0.00 40,795.00
23,698.38
30,000.00
7,443.86 1,387.26 0.00 0.00 0.00 0.00 16,370.42
5,610.00 827.64 0.00 0.00 0.00 0.00 4,600.00
48,899.92
41,037.64
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
122,625.15 11,000.00 35,550.00 2,741.70
124,002.32 11,000.00 36,300.00 14,300.00
0.00 0.00 0.01 0.00 0.00 572.67 123.71 0.00 0.00 2,550.30 0.00 0.00 175,163.54
0.00 0.00 105.38 0.00 0.00 0.00 0.00 0.00 0.00 5,124.00 0.00 0.00 190,831.70
Electricity Electricity Gas - Resident Natural Gas Water & Sewer Water & Sewer - Resident Reimb Water - irrigation Electric - Tenant Reimbursement Trash Reimbursement Water - Tenant Reimbursement Utility -Vacant Electric Utility - Vacant Gas Tenant Reimbursement - Gas Total Utility Expense Management Fees Management Fees-MRLL Property Legal Fees Credit Card Fees Bank Charges Bank Adjustments Other Professional Fees Late Charges HOA Assessment Fees Contributions Fiduciary Fees Custodial Fees Thunder Expense Accounting Fees Total Management Expense
475.55
3,340.00
0.00 1,179.47 15,722.37
0.00 2,565.00 8,965.00
(10,508.07) 2,035.92 0.00 (1,999.22) 0.00 643.26 422.62 0.00 7,971.90
(6,275.50) 0.00 0.00 (2,011.00) 0.00 850.44 566.96 0.00 8,000.90
0.00 0.00 0.00 202.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 202.02
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Property Taxes Franchise Tax Insurance Tax Consultants MIP Total Taxes & Insurance Total Operating Expenses NET OPERATING INCOME
28,800.00 0.00 5,879.93 0.00 0.00 34,679.93 112,980.36 164,694.81
27,616.50 0.00 5,073.00 49.88 0.00 32,739.38 108,332.33 182,600.60
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
2,864.45 Accrued 20 days for the month of 10/2007. 0.00 1,385.53 (6,757.37) Due to increase of water charges when only budgeted for a 3% increase. 4,232.57 (2,035.92) Includes services from 9/27/07. 0.00 (11.78) 0.00 207.18 144.34 0.00 29.00 Explained above.
36,740.00
0.00 17,583.22 142,564.70
0.00 28,215.00 98,615.00
(96,692.99) 26,038.84 0.00 (25,445.42) 0.00 11,711.51 4,966.70 0.00 108,571.56
(69,030.50) 23,500.00 0.00 (22,121.00) 0.00 8,507.34 5,671.56 0.00 110,097.40
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
314,002.26 0.00 95,062.84 600.00 0.00 409,665.10 1,271,484.75 1,722,876.37
303,781.50 0.00 55,803.00 548.68 0.00 360,133.18 1,222,123.67 1,877,934.40
0.00 0.00 (0.04) 0.00 (0.04)
1,172,453.37 0.00 953,333.81 0.00 2,125,787.18
1,172,453.37 0.00 953,333.37 0.00 2,125,786.74
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 107.11 21.42 0.00 0.00 0.00 0.00 0.00 128.53
170.00 170.00 75.00 0.00 0.00 0.00 0.00 0.00 0.00 415.00
170.00 170.00 (32.11) (21.42) 0.00 0.00 0.00 0.00 0.00 286.47
0.00 365.00 1,080.46 745.80 0.00 0.00 0.00 0.00 0.00 2,191.26
1,870.00 1,870.00 825.00 0.00 0.00 0.00 0.00 0.00 0.00 4,565.00
Exterior Rehab Interior Rehab HVAC Replacement Carpet & Floor Replacement
0.00 0.00 0.00 9,579.10
0.00 0.00 0.00 4,900.00
4,533.00 0.00 0.00 62,624.71
18,946.00 3,250.00 0.00 53,900.00
Refrigerators Dishwashers & Ranges Washers / Dryers Fire Alarm Replacement Other Capital Improvements
0.00 0.00 0.00 0.00 1,660.60
0.00 0.00 0.00 0.00 0.00
1,227.02 0.00 0.00 0.00 14,191.49
600.00 0.00 0.00 0.00 3,713.00
0.00 0.00 11,239.70
0.00 0.00 4,900.00
0.00 0.00 82,576.22
0.00 0.00 80,409.00
Mortgage Interest Loan Fees Interest Expense Interest Expense Total Debt Service Partnership Legal Fees Partnership Accounting Fees Partnership Travel Partnership - Meals Partnership Fees - Other Partnership Expense Due Diligence Cost Dead Deal Cost Partnership Exp- Leaseup Costs Total Partnership Expense
Boiler Replacement Roof Replacement Total Capital Expenses
0.00 0.00 0.00 (202.02) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (202.02)
27,845.00
(1,183.50) 0.00 (806.93) Based on actual expense. 49.88 0.00 (1,940.55) (4,648.03) (17,905.79) Explained above.
0.00 0.00 0.00 (4,679.10) Budgeted for four replacements and actual replaced was nine. 0.00 0.00 0.00 0.00 (1,660.60) Two windows replaced in units 2103 and 6102 and replacement of a water heater valve. 0.00 0.00 (6,339.70) Explained above.
Casualty Losses Casualty Recovery Total Casualty Loss NET INCOME (LOSS)
0.00 0.00 0.00 (39,926.80)
0.00 0.00 0.00 (15,967.74)
0.00 0.00 0.00 (23,959.06)
0.00 0.00 0.00 (487,678.29)
0.00 0.00 0.00 (332,826.34)
Rental Guarantee
0.00 (39,926.80)
0.00 (15,967.74)
0.00 (23,959.06)
4,054.35 (483,623.94)
0.00 (332,826.34)
$ Variance
Annual Budget
YTD Variance Comment
(601,530.00)
4,209,210.00
336,252.00
0.00
(265,278.00) 0.00 0.00 63,104.26
4,209,210.00 0.00 0.00 (325,479.64)
19,492.18
(59,160.00)
0.00 0.00 (11,351.22)
0.00 0.00 (7,841.82)
(3,905.00) 0.00 2,640.20 0.00 (3,037.85) 67,833.18
(19,500.00) 0.00 (24,600.00) 0.00 (10,800.00) (632,942.99)
0.00 0.00 0.00 0.00 $(130,502.25)
0.00 0.00 0.00 0.00 $3,128,885.55
0.00 (748.00) 0.00 1,869.60
0.00 816.00 0.00 19,800.00
7,004.25
2,400.00
(288.85) 0.00 6,919.90
11,520.00 0.00 10,250.00
2,872.82
12,000.00
(5,466.22)
13,920.00
0.00 3,488.53 9,681.99 0.00 0.00 0.00 0.00 1,977.91 0.00 (6,324.08) 0.00 0.00 4,421.05
0.00 0.00 29,472.00 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 0.00 800.00
0.00 0.00 0.00 33,800.00
(19,202.30)
48,840.00
2,748.29
3,600.00
0.00 (4,199.59) 19,250.00
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 0.00 0.00
0.00 0.00 0.00 0.00 24,805.30
0.00 0.00 0.00 0.00 263,470.00
$(105,696.95)
$3,392,355.55
8,543.29 0.00 (13,896.91) 0.00 (10,963.44)
147,761.88 0.00 138,048.78 0.00 39,026.28
0.00 (10,272.99)
0.00 9,336.00
0.00 0.00 (5,431.70) 0.00 (32,021.75)
0.00 0.00 0.00 0.00 334,172.94
3,485.17
12,000.00
3,888.37 (6.40) (743.85) 0.00 0.00 (208.82) 0.00 (2,377.71) 0.00 (110.44) 275.00 1,016.84
13,200.00 1,200.00 2,040.00 0.00 0.00 1,080.00 0.00 1,380.00 0.00 300.00 300.00 6,150.00
1,230.26 0.00 6,448.42
7,800.00 0.00 45,450.00
(5,489.54)
36,900.00
4,031.72 9,051.83 19,545.00
9,576.00 24,440.78 26,195.00
27,139.01
97,111.78
5,020.48
7,852.50
(28,835.00)
3,000.00
7,363.00
26,175.00
(1,975.19)
1,200.00
0.00 (120.00)
0.00 600.00
3,446.73 275.00 (291.38) (15,116.36)
5,000.04 300.00 1,599.96 45,727.50
362.65
8,400.00
(600.38) 3,615.34 1,148.50 (270.00) 354.66
1,200.00 5,055.00 1,800.00 0.00 5,400.00
(125.00) 315.85 2,101.65 (358.03) (80.34) 1,497.27 0.00 (2,425.50) 0.00 0.00 0.00 5,536.67
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
6,301.62
30,000.00
(1,833.86) (559.62) 0.00 0.00 0.00 0.00 (11,770.42)
6,120.00 902.88 0.00 0.00 0.00 0.00 5,850.00
(7,862.28)
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
1,377.17 0.00 750.00 11,558.30
135,694.22 12,000.00 39,600.00 15,600.00
0.00 0.00 105.37 0.00 0.00 (572.67) (123.71) 0.00 0.00 2,573.70 0.00 0.00 15,668.16
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
8,895.00
40,080.00
0.00 10,631.78 (43,949.70)
0.00 30,780.00 107,580.00
27,662.49 (2,538.84) 0.00 3,324.42 0.00 (3,204.17) 704.86 0.00 1,525.84
(75,306.00) 23,500.00 0.00 (24,132.00) 0.00 9,387.78 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
(10,220.76) 0.00 (39,259.84) (51.32) 0.00 (49,531.92) (49,361.08) (155,058.03)
331,398.00 0.00 60,876.00 598.56 0.00 392,872.56 1,327,709.14 2,064,646.41
0.00 0.00 (0.44) 0.00 (0.44)
1,279,040.04 0.00 1,040,000.04 0.00 2,319,040.08
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
1,870.00 1,505.00 (255.46) (745.80) 0.00 0.00 0.00 0.00 0.00 2,373.74
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 (8,724.71)
18,946.00 3,250.00 0.00 58,800.00
(627.02) 0.00 0.00 0.00 (10,478.49)
600.00 0.00 0.00 0.00 3,713.00
0.00 0.00 (2,167.22)
0.00 0.00 85,309.00
0.00 0.00 0.00 (154,851.95)
0.00 0.00 0.00 (344,682.67)
4,054.35 (150,797.60)
0.00 (344,682.67)
Courtney Downs Apartments November 07 LEASING & OCCUPANCY NUMBER OF MOVE INS: NUMBER OF MOVE OUTS: NET FOR THE MONTH:
13 17 -4
OCCUPIED/LEASED %:
93.57%/96.78%
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:
$277,675.00 $279,501.00 -$1,826.00
TOTAL # GARAGES # GARAGES OCCUPIED GARAGES OCCUPIED %
120 116 97%
REASONS WHY PROSPECTS DID NOT LEASE: Traffic 0 0 0 13 21 0 18 4 7 0 0 9 0
Leased 0 0 0 5 6 0 5 0 0 0 0 0 0
72
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
37%
MARKETING ACTIVITIES & SOURCES FOR THE MONTH * Met with Metro Brokers and dropped off brochures. * Took flyers and brochures to Comcast Human Resourses. * Took flyers to Parker Adventist Hospital Human Resourses. * Took locators lunch and new prices for the month. * Updated all internet ads with new pricing and specials for the month of October. * Brochures and lunch were taken to First Data Human Resources. * Met with Metro Brokers 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 cookie bag and brochures to David Weekly Homes. * 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 $695, two bedrooms at $799and three bedrooms starting at $1050. Look and leases are being locked in with $500 off to one month off with a 12 to 13 month lease. Overall market is low 90's and average rental rate of $825.00 per month. RESIDENT RETENTION: We had 25 leases expiring in the month of November. 3- due to buying a house, 2- to relocating 3- too expensive, 1-moving home and 1 transfer on site. and 13 residents decided to renew. Overall we had 15 renewals with an average increase of $55.00 per renewal. INCIDENTS ON THE PROPERTY: N/A
5 6 8 0 9 7 3 5 8 0 2 0 0 0 53
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 9 23 18 7 56 0 9 2 124
PLUMBING LEAKS
Number of: 18 10 8 124 0 9 23 18 7 56 0 9 2 124 0 0
CAPITAL IMPROVEMENTS IN PROGRESS: N/A
PROBLEM AREAS NEEDING ATTENTION: Snow blower is down and out. Air compressor is broken.
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:
REFRIGERATORS DISHWASHERS WINDOWS A/C COMPRESSORS CONDENSING UNITS WATER HEATERS ICE MAKERS GARBAGE DISPOSALS MICROWAVES CARPETS CEILING FANS TOILETS A/C FAN MOTORS COUNTER TOPS CABINETS RESURFACED KITCHEN BLINDS TUBS RESURFACED TUB TILES
Number Replaced 0 0 0 0 0 0 0 0 0 9 0 0 0 0 0 17 0 0
Apt. # 0
9210, 12312, 2312, 7306, 19111, 4306, 19108, 4104 and 12110.
19107-1, 12312-1, 2312-1, 7308-1, 19112-3, 7208-1, 4306-2, 9311-1, 19108-2, 4104-2, 4202-2.
Courtney Downs RENTAL SCHEDULE
November 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
3 0 1 3 0 5 4 0 0 1 0 3 0
1 0 1 2 0 2 0 0 0 1 0 2 0
11 0 2 5 0 7 6 0 0 6 0 2 0
3 0 0 0 0 0 0 0 0 0 0 0 0
10 0 2 6 0 10 10 0 0 6 0 3 0
20
9
39
3
47
MARKET SURVEY Courtney Downs November-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 November-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
695 770
779 853
PRICE
0.89 0.90
SIZE
Pinnacle @ the Creek
PSF
PRICE
SIZE
Dove Valley
PSF
SIZE
PSF
704 808
1.03 1.05
680 740
627 701
1.08 1.06
685 705
1.16 1.02
770 785
768 842
910
0.82
840
811
0.91
845
760
1.03
790
992
820 920
956 1044
0.86 0.88
1109
1051
1110
1120
1.06 0.99
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
94 1 884 342
96.78%
0
0% 0.95
96%
97%
0.94 44
0.89 1114 507
12
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: $75 to $100 increase.
Ren.: 15% increase on all renewals.
994 653
Will not give out any information.
Ren: Info not avail per corporate
795 830
PRICE
725 850 750
1169
1230
94%
95.30%
0.95
22
Cherrywood Village SIZE PSF
690 708
707 796
1040
916
689 729
763 763
0.90 1.05
1001
1115
0.90
900
1033
0.87
813
1037
0.78
1220
0.85
965
1093
0.88
840
1037
1.23
1271
1356
0.94
1290 1305
1235 1235
1.04 1.04
897 1134
1257 1257
96.0%
95%
93.1%
95%
0.92 942 312
25
96.0%
15
0
Ren: $60 to $85 increas for 12 month lease
0.71 1.10
92%
0.96 1131 360
Special: $200 to one Special:Rest of the month month off 12 to 13 month Special: $500 off first full for free on select units. lease. months rent.
Ren:Per corporate
Reserve@South Creek SIZE PSF
PRICE
0.98
1036
1.03 808 216
PRICE
1.00 0.93
0.96 995 168
9
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
40,247.60 0.00 $40,247.60
OTHER ASSETS Accounts Receivable Prepaid Expenses Tax Escrow Replacement Reserves Capital / Repair Escrow Total Other Assets
(1,675.08) 5,879.99 226,938.42 41,302.04 200,000.00 472,445.37
Total ASSETS
512,692.97
LIABILITIES & CAPITAL LIABILITIES Accounts Payable - Trade Other Accounts Payable Accrued Taxes Prepaid Rent Security Deposits Total Liabilities
138,372.64 776,437.05 314,002.26 40,436.55 37,868.63 1,307,117.13
CAPITAL Owners Equity Retained Earnings Total Capital Total LIABILITIES & CAPITAL
100.00 (794,524.16) (794,424.16) 512,692.97
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 Budget
12 Month Total
342
$/ Sq. Ft. 313,778
3,917,703 (243,595) (614,722) (79,525) 2,979,861
11,455.27 (712.27) (1,797.43) (232.53) 8,713.04
12.49 (0.78) (1.96) (0.25) 9.50
364,160 (43,000) (80,000) (6,085) 235,075
20,195 273,775
288,275 3,268,136
842.91 9,555.95
0.92 10.42
30,347 3,665 6,394 2,828 2,425 1,835 17,301 8,051 600 32,739
366,195 39,002 69,973 60,844 37,683 50,735 192,465 116,622 1,747 442,404
1,070.74 114.04 204.60 177.91 110.19 148.35 562.76 341.00 5.11 1,293.58
1.17 0.12 0.22 0.19 0.12 0.16 0.61 0.37 0.01 1.41
112,980 164,695
106,185 167,589
1,377,670 1,890,466
4,028.28 5,527.68
4.39 6.02
193,253 0 6,129
193,253 129 11,240
193,253 415 4,900
2,319,041 2,606 87,476
6,780.82 7.62 255.78
7.39 0.01 0.28
(40,585)
(39,927)
(30,979)
(1,516.54)
(1.65)
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
321,211 (11,745) (49,500) (6,386) 253,580
Other Income Total Revenue
27,580 263,457
21,616 251,781
22,944 251,928
22,832 260,361
23,203 272,061
22,482 279,396
19,521 281,081
31,751 289,253
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
(518,657)
Dec 2006 Reforecast
342
$/ Sq. Ft. 313,778
4,919,199 (317,510) (770,544) (101,131) 3,730,014
14,383.62 (928.39) (2,253.05) (295.70) 10,906.47
15.68 (1.01) (2.46) (0.32) 11.89
19,000 254,075
353,213 4,083,227
1,032.79 11,939.26
1.13 13.01
37,759 3,030 6,885 7,500 2,295 2,395 14,969 10,900
466,153 50,354 89,086 76,523 47,241 58,697 240,989 143,887
1,363.02 147.23 260.48 223.75 138.13 171.63 704.65 420.72
1.49 0.16 0.28 0.24 0.15 0.19 0.77 0.46
7,543
(3,489)
Balance Sheet Adjustments Cash - Non Operating Accounts Accounts Receivable Prepaid Assets Escrow Deposits
0 (4,571) (7,749) (30,394)
0 (717) 3,588 (34,568)
Cash Increase (Decreae) From Assets
0
0
4,562 131,540 6,328 (34,568)
4,374 (134,406) (4,460) (34,822)
0
0
2,739 2,415 523 322,388
0 (1,420) 337 (35,800)
0
0
0
0
0
0
46,036 8,565 10,797 (35,800)
0 8,538 5,633 (35,800)
0 (43) 5,633 (35,800)
0 321 5,139 (35,800)
0 1,244 5,880 14,016
0 0 0 (7,125)
0 37,237
443,699 37,237
1,297.37 108.88
1.41 0.12
1,653,865 2,429,362
4,835.86 7,103.40
5.27 7.74
193,254 0 3,300
196,411 103,872 3,300
574.30 303.72 9.65
0.63 0.33 0.01
2,125,779
6,215.73
6.77
(7,125)
(42,714)
(31,697)
107,861
(169,314)
328,065
(36,884)
29,597
(21,630)
(30,210)
(30,340)
21,140
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
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
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
0
57,711 11,465 31,648 15,925
250,000
250,000
0 0 0 (2,951)
12,708 37,528 22,816 (2,951)
116,749 (2,951)
0 0 0 0
514,350 (150,050) (19,842) 328
0
344,787
0 0 0 0 0
(38,104) 2,144
181,601 181,601
$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
70,102 (128,125) (21,666) 328 0 (149,462)
(57,122)
55210.94
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
2,296,419
W31:
administrator: assume insurance increases by 50%
W48:
administrator:
replacement reserve + reduction in tax escrow due to overage
USA Courtney Downs LeaseCo, LLC Budget Comparison Books = Accrual For the period ending November 30, 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
348,045.00
10,247.00
0.00
304,657.00 0.00 0.00 (18,456.83)
348,045.00 0.00 0.00 (29,485.24)
Upfront Rent Concessions
(6,795.41)
(1,740.00)
Corporate Discount Delinquent Rent Adjustments & W/O
0.00 0.00 (3,649.21)
0.00 0.00 (677.66)
(1,980.00) 0.00 (1,934.80) 0.00 (1,337.85) (17,726.67)
(1,625.00) 0.00 (2,050.00) 0.00 (900.00) (41,179.17)
0.00 0.00 0.00 0.00 $252,776.23
0.00 0.00 0.00 0.00 $270,387.93
Laundry Income Vending Income Covered Parking Income Late Charges & NSF Fees
0.00 0.00 0.00 2,148.00
0.00 68.00 0.00 1,650.00
Month to Month Premium
1,326.67
200.00
Storage Fees Repair & Maintenance Fees Application Fees
1,005.85 0.00 1,310.00
960.00 0.00 750.00
Termination Fees & Damages
2,695.00
1,000.00
555.00
1,160.00
Renters Insurance Interest Income Pet Rents & Fees 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
0.00 0.00 2,467.68 0.00 0.00 0.00 0.00 7,243.25 0.00 0.00 0.00 0.00 1,967.40
0.00 0.00 2,456.00 0.00 0.00 0.00 0.00 6,650.00 0.00 1,006.00 0.00 0.00 90.00
Developer Contributions Interest Income Other Thunder Income Administration Fee
0.00 0.00 0.00 2,700.00
0.00 0.00 0.00 2,400.00
Move-Out Charges
930.09
3,330.00
Short Term Lease Fees
550.00
150.00
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 Acquisition Fees Income - Rental Income - C.A.M. Income - Insurance
0.00 0.00 0.00 0.00 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
Miscellaneous Income
0.00 0.00 0.00 0.00 0.00 0.00
MTD Variance Comment
(53,635.00) Concessions are no longer being offered, market rents changed to reflect lower rents. 10,247.00 We have changed the budget to reflect lower market rents, this will continue to reduce over time as last years concessions deplete. (43,388.00) Explained above. 0.00 0.00 11,028.41 Actual vacancy is at 6% and budget is at 8%. (5,055.41) Current specials are reduced prices on selected units and waived security deposit with look and lease. 0.00 0.00 (2,971.55) Due to one skip and excessive damages from other move outs. (355.00) 0.00 115.20 0.00 (437.85) 23,452.50 We have been able to reduce the amount of concessions given off each month to meet market needs. We have also been renewing leases with fewer concessions. 0.00 0.00 0.00 0.00 $(17,611.70) Explained above. 0.00 (68.00) 0.00 498.00 We had 22 late fees charged and 7 NSF fees. 1,126.67 Seven month to month fees collected versus two budgeted. 45.85 0.00 560.00 We had 26 applications fees collected versus 15 budgeted. 1,695.00 Had one buyout fee due to resident buying a house. (605.00) Collected 13 utility transfer fees, 10 credit card convenience fees and one firearm discharge fee. 0.00 0.00 11.68 0.00 0.00 0.00 0.00 593.25 0.00 (1,006.00) No cable income check received. 0.00 0.00 1,877.40 Collected four deposits versus one budgeted. 0.00 0.00 0.00 300.00 Collected 18 admin fees versus 16 budgeted. (2,399.91) Apartments left in better condition resulting in fewer fees charged. 400.00 Received four short term fees versus one budgeted. 0.00 (425.00) 1,750.00 Bills being paid under guest suite expense. 0.00 0.00 0.00 0.00 0.00 0.00
YTD Actual
YTD Budget
3,260,240.00
3,861,770.00
336,252.00
0.00
3,596,492.00 0.00 0.00 (231,850.03)
3,861,770.00 0.00 0.00 (294,954.29)
(39,232.82)
(58,725.00)
0.00 0.00 (18,511.08)
0.00 0.00 (7,159.86)
(21,780.00) 0.00 (19,909.80) 0.00 (12,937.85) (525,989.60)
(17,875.00) 0.00 (22,550.00) 0.00 (9,900.00) (593,822.78)
0.00 0.00 0.00 0.00 $2,726,280.82
0.00 0.00 0.00 0.00 $2,856,783.07
0.00 0.00 0.00 20,019.60
0.00 748.00 0.00 18,150.00
9,204.25
2,200.00
10,271.15 0.00 16,519.90
10,560.00 0.00 9,600.00
13,872.82
11,000.00
7,293.78
12,760.00
0.00 3,488.53 36,697.99 0.00 0.00 0.00 0.00 75,127.91 0.00 4,741.92 0.00 0.00 5,411.05
0.00 0.00 27,016.00 0.00 0.00 0.00 0.00 73,150.00 0.00 11,066.00 0.00 0.00 990.00
0.00 0.00 0.00 32,600.00
0.00 0.00 0.00 31,800.00
26,307.70
45,510.00
6,048.29
3,300.00
0.00 475.41 0.00
0.00 4,675.00 (19,250.00)
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
Income - Taxes Income - Interest Income - Other Income - Condo Sales Total Other Income
0.00 0.00 0.00 0.00 24,898.94
0.00 0.00 0.00 0.00 20,545.00
0.00 0.00 0.00 0.00 4,353.94 Explained above.
0.00 0.00 0.00 0.00 268,080.30
0.00 0.00 0.00 0.00 243,275.00
$277,675.17
$290,932.93
$(13,257.76) Explained above.
$2,994,361.12
$3,100,058.07
11,514.88 0.00 12,587.83 0.00 4,179.84
12,613.82 0.00 11,784.65 0.00 1,837.50
126,604.77 0.00 140,161.04 0.00 44,819.42
135,148.06 0.00 126,264.13 0.00 33,855.98
0.00 1,666.41
0.00 778.00
0.00 18,830.99
0.00 8,558.00
0.00 0.00 831.82 0.00 30,780.78
0.00 0.00 0.00 0.00 27,013.97
0.00 0.00 5,431.70 0.00 335,847.92
0.00 0.00 0.00 0.00 303,826.17
Office Operations & Supplies
1,340.45
1,000.00
7,514.83
11,000.00
Telephones Answering Svc. & Pagers Postage & Delivery Patrol Services Membership Dues Publications & Subscriptions Conventions/Seminars Employee Training Furniture Rental Car Expenses Permits & Fees Credit Checks
800.55 131.25 517.06 0.00 0.00 63.00 0.00 176.59 0.00 0.00 0.00 1,009.20
1,100.00 100.00 170.00 0.00 0.00 90.00 0.00 115.00 0.00 25.00 25.00 450.00
8,211.63 1,106.40 2,613.85 0.00 0.00 1,198.82 0.00 3,642.71 0.00 385.44 0.00 4,743.16
12,100.00 1,100.00 1,870.00 0.00 0.00 990.00 0.00 1,265.00 0.00 275.00 275.00 5,760.00
504.71 0.00 4,542.81
650.00 0.00 3,725.00
5,919.74 0.00 35,336.58
7,150.00 0.00 41,785.00
Advertising & Promotions
2,927.69
2,600.00
39,789.54
34,300.00
Resident Promotions Locators Resident Referrals
266.48 1,934.55 500.00
798.00 1,735.44 1,860.00
4,746.28 13,942.75 5,100.00
8,778.00 22,994.58 24,645.00
5,628.72
6,993.44
63,578.57
90,717.58
292.66
652.50
2,404.52
7,425.00
Total Revenue Expense Managers Salary Salaries Maintenance Salary Salary - Administrative Commissions & Bonus Payroll Taxes Group Insurance
Disability Insurance 401k Match Contract Labor Workers Comp Total Salary Expense
Guest Suite Expense Parking Cost Total Operating Expense
Total Advertising Expense Paint & Drywall
1,098.94 0.00 (803.18) 0.00 (2,342.34) We had underestimated the bonus's to be paid on a monthly basis. 0.00 (888.41) We have more participants for our insurance program then what was anticipated in the budget. 0.00 0.00 (831.82) 0.00 (3,766.81) Explained above. (340.45) Ordering of Laser printer cartridges and toner for the fax machines. 299.45 (31.25) (347.06) 0.00 0.00 27.00 0.00 (61.59) 0.00 25.00 25.00 (559.20) Ran 20 credit checks versus nine budgeted. 145.29 0.00 (817.81) Explained above. (327.69) Human directional ordered and new flutter flags needed for the property. 531.52 Savings due to no monthly party. (199.11) 1,360.00 One resident referral was paid out this month. 1,364.72 Explained above. 359.84
Contract Cleaning Svcs.
3,000.00
250.00
Carpet Cleaning & Repairs
1,121.00
2,175.00
Window Coverings
418.73
100.00
Vinyl & Tile Repairs Lock & Keys
0.00 (176.19)
0.00 50.00
225.00 0.00 292.66 5,173.86
416.67 25.00 133.33 3,802.50
1,151.19
700.00
296.52 241.36 57.74 0.00 716.24
100.00 140.00 150.00 0.00 450.00
0.00 0.00 438.62 15.54 0.00 0.00 0.00 1,810.02 0.00 0.00 0.00 4,727.23
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
2,773.23
5,000.00
Trash Removal Pest Control Security Patrols Window Cleaning Svc. Interior Cleaning Svc. Cable Television Snow Removal
724.07 86.00 0.00 0.00 0.00 0.00 0.00
510.00 75.24 0.00 0.00 0.00 0.00 800.00
3,583.30
6,385.24
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
11,107.01 1,000.00 3,200.00 382.80
11,637.32 1,000.00 3,300.00 1,300.00
Accounting Fees Postage & Delivery Bank Charges Partnership Insurance Other Administrative Expenses Travel Expense Employee Activities Printing Computer Consulting Computer Expense Bank Charges Development Cost Total Admin. Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 15,689.81
0.00 0.00 9.58 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 17,246.90
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
Total Service Expense Expenses - CAM - Electric Expenses - CAM - Water/Sewer Expenses - CAM - Gas Expenses - CAM - Grounds Expenses - CAM - Trash Removal Expenses - CAM - Cleaning Svcs Expenses - CAM - Maintenance Expenses - CAM - Insurance Expenses - CAM - R/E Taxes Total CAM Expense
(2,750.00) We had an error in budgeting, we have been over budget all year. 1,054.00 Fewer carpets cleaned than budgeted for, most of the carpets needed replacing. (318.73) We had 17 blinds needing replacing this month. 0.00 226.19 Initial order came in wrong, this is the credit from that order. 191.67 25.00 (159.33) (1,371.36) Explained above. (451.19) Overage due to balance carried over from Contravest. (196.52) (101.36) 92.26 0.00 (266.24) We keep the pool heated in the winter months. 0.00 160.00 11.38 59.46 25.00 0.00 0.00 (1,635.02) Installation of new backflow device. 0.00 0.00 0.00 (2,302.23) Explained above. 2,226.77 No need to install winter flowers due to installation of river rock in its place. (214.07) (10.76) 0.00 0.00 0.00 0.00 800.00 We did not experience any snowfall in November. 2,801.94 Explained above. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 530.31 Based on % of collection. 0.00 100.00 917.20 Four evictions filed versus seven budgeted. 0.00 0.00 9.58 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,557.09 In line with the budget.
31,585.00
2,750.00
17,387.00
24,750.00
3,075.19
1,100.00
0.00 670.00
0.00 550.00
1,136.64 0.00 1,758.01 58,016.36
4,583.37 275.00 1,466.63 42,900.00
7,337.35
7,700.00
1,700.38 1,299.66 501.50 270.00 4,595.34
1,100.00 4,915.00 1,650.00 0.00 4,950.00
125.00 1,444.15 3,298.35 1,183.03 355.34 502.73 0.00 12,645.50 0.00 0.00 0.00 35,258.33
0.00 1,760.00 5,400.00 825.00 275.00 2,000.00 0.00 10,220.00 0.00 0.00 0.00 40,795.00
23,698.38
30,000.00
7,443.86 1,387.26 0.00 0.00 0.00 0.00 16,370.42
5,610.00 827.64 0.00 0.00 0.00 0.00 4,600.00
48,899.92
41,037.64
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
122,625.15 11,000.00 35,550.00 2,741.70
124,002.32 11,000.00 36,300.00 14,300.00
0.00 0.00 0.01 0.00 0.00 572.67 123.71 0.00 0.00 2,550.30 0.00 0.00 175,163.54
0.00 0.00 105.38 0.00 0.00 0.00 0.00 0.00 0.00 5,124.00 0.00 0.00 190,831.70
Electricity Electricity Gas - Resident Natural Gas Water & Sewer Water & Sewer - Resident Reimb Water - irrigation Electric - Tenant Reimbursement Trash Reimbursement Water - Tenant Reimbursement Utility -Vacant Electric Utility - Vacant Gas Tenant Reimbursement - Gas Total Utility Expense Management Fees Management Fees-MRLL Property Legal Fees Credit Card Fees Bank Charges Bank Adjustments Other Professional Fees Late Charges HOA Assessment Fees Contributions Fiduciary Fees Custodial Fees Thunder Expense Accounting Fees Total Management Expense
475.55
3,340.00
0.00 1,179.47 15,722.37
0.00 2,565.00 8,965.00
(10,508.07) 2,035.92 0.00 (1,999.22) 0.00 643.26 422.62 0.00 7,971.90
(6,275.50) 0.00 0.00 (2,011.00) 0.00 850.44 566.96 0.00 8,000.90
0.00 0.00 0.00 202.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 202.02
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Property Taxes Franchise Tax Insurance Tax Consultants MIP Total Taxes & Insurance Total Operating Expenses NET OPERATING INCOME
28,800.00 0.00 5,879.93 0.00 0.00 34,679.93 112,980.36 164,694.81
27,616.50 0.00 5,073.00 49.88 0.00 32,739.38 108,332.33 182,600.60
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
2,864.45 Accrued 20 days for the month of 10/2007. 0.00 1,385.53 (6,757.37) Due to increase of water charges when only budgeted for a 3% increase. 4,232.57 (2,035.92) Includes services from 9/27/07. 0.00 (11.78) 0.00 207.18 144.34 0.00 29.00 Explained above.
36,740.00
0.00 17,583.22 142,564.70
0.00 28,215.00 98,615.00
(96,692.99) 26,038.84 0.00 (25,445.42) 0.00 11,711.51 4,966.70 0.00 108,571.56
(69,030.50) 23,500.00 0.00 (22,121.00) 0.00 8,507.34 5,671.56 0.00 110,097.40
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
314,002.26 0.00 95,062.84 600.00 0.00 409,665.10 1,271,484.75 1,722,876.37
303,781.50 0.00 55,803.00 548.68 0.00 360,133.18 1,222,123.67 1,877,934.40
0.00 0.00 (0.04) 0.00 (0.04)
1,172,453.37 0.00 953,333.81 0.00 2,125,787.18
1,172,453.37 0.00 953,333.37 0.00 2,125,786.74
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
0.00 0.00 107.11 21.42 0.00 0.00 0.00 0.00 0.00 128.53
170.00 170.00 75.00 0.00 0.00 0.00 0.00 0.00 0.00 415.00
170.00 170.00 (32.11) (21.42) 0.00 0.00 0.00 0.00 0.00 286.47
0.00 365.00 1,080.46 745.80 0.00 0.00 0.00 0.00 0.00 2,191.26
1,870.00 1,870.00 825.00 0.00 0.00 0.00 0.00 0.00 0.00 4,565.00
Exterior Rehab Interior Rehab HVAC Replacement Carpet & Floor Replacement
0.00 0.00 0.00 9,579.10
0.00 0.00 0.00 4,900.00
4,533.00 0.00 0.00 62,624.71
18,946.00 3,250.00 0.00 53,900.00
Refrigerators Dishwashers & Ranges Washers / Dryers Fire Alarm Replacement Other Capital Improvements
0.00 0.00 0.00 0.00 1,660.60
0.00 0.00 0.00 0.00 0.00
1,227.02 0.00 0.00 0.00 14,191.49
600.00 0.00 0.00 0.00 3,713.00
0.00 0.00 11,239.70
0.00 0.00 4,900.00
0.00 0.00 82,576.22
0.00 0.00 80,409.00
Mortgage Interest Loan Fees Interest Expense Interest Expense Total Debt Service Partnership Legal Fees Partnership Accounting Fees Partnership Travel Partnership - Meals Partnership Fees - Other Partnership Expense Due Diligence Cost Dead Deal Cost Partnership Exp- Leaseup Costs Total Partnership Expense
Boiler Replacement Roof Replacement Total Capital Expenses
0.00 0.00 0.00 (202.02) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (202.02)
27,845.00
(1,183.50) 0.00 (806.93) Based on actual expense. 49.88 0.00 (1,940.55) (4,648.03) (17,905.79) Explained above.
0.00 0.00 0.00 (4,679.10) Budgeted for four replacements and actual replaced was nine. 0.00 0.00 0.00 0.00 (1,660.60) Two windows replaced in units 2103 and 6102 and replacement of a water heater valve. 0.00 0.00 (6,339.70) Explained above.
Casualty Losses Casualty Recovery Total Casualty Loss NET INCOME (LOSS)
0.00 0.00 0.00 (39,926.80)
0.00 0.00 0.00 (15,967.74)
0.00 0.00 0.00 (23,959.06)
0.00 0.00 0.00 (487,678.29)
0.00 0.00 0.00 (332,826.34)
Rental Guarantee
0.00 (39,926.80)
0.00 (15,967.74)
0.00 (23,959.06)
4,054.35 (483,623.94)
0.00 (332,826.34)
$ Variance
Annual Budget
YTD Variance Comment
(601,530.00)
4,209,210.00
336,252.00
0.00
(265,278.00) 0.00 0.00 63,104.26
4,209,210.00 0.00 0.00 (325,479.64)
19,492.18
(59,160.00)
0.00 0.00 (11,351.22)
0.00 0.00 (7,841.82)
(3,905.00) 0.00 2,640.20 0.00 (3,037.85) 67,833.18
(19,500.00) 0.00 (24,600.00) 0.00 (10,800.00) (632,942.99)
0.00 0.00 0.00 0.00 $(130,502.25)
0.00 0.00 0.00 0.00 $3,128,885.55
0.00 (748.00) 0.00 1,869.60
0.00 816.00 0.00 19,800.00
7,004.25
2,400.00
(288.85) 0.00 6,919.90
11,520.00 0.00 10,250.00
2,872.82
12,000.00
(5,466.22)
13,920.00
0.00 3,488.53 9,681.99 0.00 0.00 0.00 0.00 1,977.91 0.00 (6,324.08) 0.00 0.00 4,421.05
0.00 0.00 29,472.00 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 0.00 800.00
0.00 0.00 0.00 33,800.00
(19,202.30)
48,840.00
2,748.29
3,600.00
0.00 (4,199.59) 19,250.00
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 0.00 0.00
0.00 0.00 0.00 0.00 24,805.30
0.00 0.00 0.00 0.00 263,470.00
$(105,696.95)
$3,392,355.55
8,543.29 0.00 (13,896.91) 0.00 (10,963.44)
147,761.88 0.00 138,048.78 0.00 39,026.28
0.00 (10,272.99)
0.00 9,336.00
0.00 0.00 (5,431.70) 0.00 (32,021.75)
0.00 0.00 0.00 0.00 334,172.94
3,485.17
12,000.00
3,888.37 (6.40) (743.85) 0.00 0.00 (208.82) 0.00 (2,377.71) 0.00 (110.44) 275.00 1,016.84
13,200.00 1,200.00 2,040.00 0.00 0.00 1,080.00 0.00 1,380.00 0.00 300.00 300.00 6,150.00
1,230.26 0.00 6,448.42
7,800.00 0.00 45,450.00
(5,489.54)
36,900.00
4,031.72 9,051.83 19,545.00
9,576.00 24,440.78 26,195.00
27,139.01
97,111.78
5,020.48
7,852.50
(28,835.00)
3,000.00
7,363.00
26,175.00
(1,975.19)
1,200.00
0.00 (120.00)
0.00 600.00
3,446.73 275.00 (291.38) (15,116.36)
5,000.04 300.00 1,599.96 45,727.50
362.65
8,400.00
(600.38) 3,615.34 1,148.50 (270.00) 354.66
1,200.00 5,055.00 1,800.00 0.00 5,400.00
(125.00) 315.85 2,101.65 (358.03) (80.34) 1,497.27 0.00 (2,425.50) 0.00 0.00 0.00 5,536.67
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
6,301.62
30,000.00
(1,833.86) (559.62) 0.00 0.00 0.00 0.00 (11,770.42)
6,120.00 902.88 0.00 0.00 0.00 0.00 5,850.00
(7,862.28)
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
1,377.17 0.00 750.00 11,558.30
135,694.22 12,000.00 39,600.00 15,600.00
0.00 0.00 105.37 0.00 0.00 (572.67) (123.71) 0.00 0.00 2,573.70 0.00 0.00 15,668.16
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
8,895.00
40,080.00
0.00 10,631.78 (43,949.70)
0.00 30,780.00 107,580.00
27,662.49 (2,538.84) 0.00 3,324.42 0.00 (3,204.17) 704.86 0.00 1,525.84
(75,306.00) 23,500.00 0.00 (24,132.00) 0.00 9,387.78 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
(10,220.76) 0.00 (39,259.84) (51.32) 0.00 (49,531.92) (49,361.08) (155,058.03)
331,398.00 0.00 60,876.00 598.56 0.00 392,872.56 1,327,709.14 2,064,646.41
0.00 0.00 (0.44) 0.00 (0.44)
1,279,040.04 0.00 1,040,000.04 0.00 2,319,040.08
0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00
1,870.00 1,505.00 (255.46) (745.80) 0.00 0.00 0.00 0.00 0.00 2,373.74
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 (8,724.71)
18,946.00 3,250.00 0.00 58,800.00
(627.02) 0.00 0.00 0.00 (10,478.49)
600.00 0.00 0.00 0.00 3,713.00
0.00 0.00 (2,167.22)
0.00 0.00 85,309.00
0.00 0.00 0.00 (154,851.95)
0.00 0.00 0.00 (344,682.67)
4,054.35 (150,797.60)
0.00 (344,682.67)
Courtney Downs Apartments November 07 LEASING & OCCUPANCY NUMBER OF MOVE INS: NUMBER OF MOVE OUTS: NET FOR THE MONTH:
13 17 -4
OCCUPIED/LEASED %:
93.57%/96.78%
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:
$277,675.00 $279,501.00 -$1,826.00
TOTAL # GARAGES # GARAGES OCCUPIED GARAGES OCCUPIED %
120 116 97%
REASONS WHY PROSPECTS DID NOT LEASE: Traffic 0 0 0 13 21 0 18 4 7 0 0 9 0
Leased 0 0 0 5 6 0 5 0 0 0 0 0 0
72
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
37%
MARKETING ACTIVITIES & SOURCES FOR THE MONTH * Met with Metro Brokers and dropped off brochures. * Took flyers and brochures to Comcast Human Resourses. * Took flyers to Parker Adventist Hospital Human Resourses. * Took locators lunch and new prices for the month. * Updated all internet ads with new pricing and specials for the month of October. * Brochures and lunch were taken to First Data Human Resources. * Met with Metro Brokers 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 cookie bag and brochures to David Weekly Homes. * 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 $695, two bedrooms at $799and three bedrooms starting at $1050. Look and leases are being locked in with $500 off to one month off with a 12 to 13 month lease. Overall market is low 90's and average rental rate of $825.00 per month. RESIDENT RETENTION: We had 25 leases expiring in the month of November. 3- due to buying a house, 2- to relocating 3- too expensive, 1-moving home and 1 transfer on site. and 13 residents decided to renew. Overall we had 15 renewals with an average increase of $55.00 per renewal. INCIDENTS ON THE PROPERTY: N/A
5 6 8 0 9 7 3 5 8 0 2 0 0 0 53
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 9 23 18 7 56 0 9 2 124
PLUMBING LEAKS
Number of: 18 10 8 124 0 9 23 18 7 56 0 9 2 124 0 0
CAPITAL IMPROVEMENTS IN PROGRESS: N/A
PROBLEM AREAS NEEDING ATTENTION: Snow blower is down and out. Air compressor is broken.
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:
REFRIGERATORS DISHWASHERS WINDOWS A/C COMPRESSORS CONDENSING UNITS WATER HEATERS ICE MAKERS GARBAGE DISPOSALS MICROWAVES CARPETS CEILING FANS TOILETS A/C FAN MOTORS COUNTER TOPS CABINETS RESURFACED KITCHEN BLINDS TUBS RESURFACED TUB TILES
Number Replaced 0 0 0 0 0 0 0 0 0 9 0 0 0 0 0 17 0 0
Apt. # 0
9210, 12312, 2312, 7306, 19111, 4306, 19108, 4104 and 12110.
19107-1, 12312-1, 2312-1, 7308-1, 19112-3, 7208-1, 4306-2, 9311-1, 19108-2, 4104-2, 4202-2.
Courtney Downs RENTAL SCHEDULE
November 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
3 0 1 3 0 5 4 0 0 1 0 3 0
1 0 1 2 0 2 0 0 0 1 0 2 0
11 0 2 5 0 7 6 0 0 6 0 2 0
3 0 0 0 0 0 0 0 0 0 0 0 0
10 0 2 6 0 10 10 0 0 6 0 3 0
20
9
39
3
47
MARKET SURVEY Courtney Downs November-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 November-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
695 770
779 853
PRICE
0.89 0.90
SIZE
Pinnacle @ the Creek
PSF
PRICE
SIZE
Dove Valley
PSF
SIZE
PSF
704 808
1.03 1.05
680 740
627 701
1.08 1.06
685 705
1.16 1.02
770 785
768 842
910
0.82
840
811
0.91
845
760
1.03
790
992
820 920
956 1044
0.86 0.88
1109
1051
1110
1120
1.06 0.99
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
94 1 884 342
96.78%
0
0% 0.95
96%
97%
0.94 44
0.89 1114 507
12
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: $75 to $100 increase.
Ren.: 15% increase on all renewals.
994 653
Will not give out any information.
Ren: Info not avail per corporate
795 830
PRICE
725 850 750
1169
1230
94%
95.30%
0.95
22
Cherrywood Village SIZE PSF
690 708
707 796
1040
916
689 729
763 763
0.90 1.05
1001
1115
0.90
900
1033
0.87
813
1037
0.78
1220
0.85
965
1093
0.88
840
1037
1.23
1271
1356
0.94
1290 1305
1235 1235
1.04 1.04
897 1134
1257 1257
96.0%
95%
93.1%
95%
0.92 942 312
25
96.0%
15
0
Ren: $60 to $85 increas for 12 month lease
0.71 1.10
92%
0.96 1131 360
Special: $200 to one Special:Rest of the month month off 12 to 13 month Special: $500 off first full for free on select units. lease. months rent.
Ren:Per corporate
Reserve@South Creek SIZE PSF
PRICE
0.98
1036
1.03 808 216
PRICE
1.00 0.93
0.96 995 168
9
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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