Usa Courtney Downs October 2007
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USA Courtney Downs LeaseCo, LLC Balance Sheet Books = Accrual Oct 2007
ASSETS Cash Operating Cash Money Market Total Cash
32,594.51 0.00 $32,594.51
OTHER ASSETS Accounts Receivable Prepaid Expenses Tax Escrow Replacement Reserves Capital / Repair Escrow Total Other Assets
(431.39) 11,759.92 198,262.98 83,993.58 200,000.00 493,585.09
Total ASSETS
526,179.60
LIABILITIES & CAPITAL LIABILITIES Accounts Payable - Trade Other Accounts Payable Accrued Taxes Prepaid Rent Security Deposits Total Liabilities
161,625.24 783,311.84 285,202.26 10,844.99 39,692.63 1,280,676.96
CAPITAL Owners Equity Retained Earnings Total Capital Total LIABILITIES & CAPITAL
100.00 (754,597.36) (754,497.36) 526,179.60
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 Budget
Dec 2007 Budget
12 Month Total
342
$/ Sq. Ft. 313,778
3,934,257 (236,883) (637,700) (77,009) 2,982,664
11,503.68 (692.64) (1,864.62) (225.17) 8,721.24
12.54 (0.75) (2.03) (0.25) 9.51
364,160 (43,000) (80,000) (6,085) 235,075
20,195 273,775
283,834 3,266,498
829.92 9,551.17
0.90 10.41
30,347 3,665 6,394 2,828 2,425 1,835 17,301 8,051 600 32,739
362,428 38,184 71,337 59,477 35,381 53,537 194,022 116,623 2,145 440,464
1,059.73 111.65 208.59 173.91 103.45 156.54 567.32 341.00 6.27 1,287.91
1.16 0.12 0.23 0.19 0.11 0.17 0.62 0.37 0.01 1.40
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
321,211 (11,745) (47,500) (6,386) 255,580
321,211 (11,745) (49,500) (6,386) 253,580
Other Income Total Revenue
27,580 263,457
21,616 251,781
22,944 251,928
22,832 260,361
23,203 272,061
22,482 279,396
19,521 281,081
31,663 289,166
27,802 287,867
23,451 279,501
20,545 276,125
33,611 2,710 6,159 3,805 2,027 6,403 15,368 9,370
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 9,354 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 7,774 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
27,014 3,725 6,993 3,803 2,425 6,385 17,247 8,001 600 32,739
Operating Expenses Salary Expense Operating Expense Advertising Expense Make Ready Expense Maintenance Expense Service Expense Administrative Expense Utility Expense Credit Card Fees Taxes & Insurance
$/ Unit
37,910
20,391 2,821 5,921 2,722 1,541 10,329 15,798 15,941 0 33,542
Total Operating Exp. Net Operating Income
117,362 146,094
109,007 142,774
111,705 140,223
108,319 152,043
111,690 160,371
115,314 164,082
159,837 121,244
93,888 195,277
110,656 177,211
120,703 158,798
108,932 167,193
106,185 167,589
1,373,599 1,892,900
4,016.37 5,534.79
4.38 6.03
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
193,253 0 6,129
193,253 415 4,900
193,253 415 4,900
2,319,040 2,893 81,137
6,780.82 8.46 237.24
7.39 0.01 0.26
Cash Flow Frm Operations
(48,760)
(54,592)
(63,822)
(49,586)
(47,153)
(31,262)
(77,125)
(25,537)
(40,585)
(31,376)
(30,979)
(1,491.73)
(1.63)
(9,392)
(510,170)
Dec 2006 Reforecast
342
$/ Sq. Ft. 313,778
4,952,355 (304,066) (816,567) (96,093) 3,735,630
14,480.57 (889.08) (2,387.62) (280.97) 10,922.89
15.78 (0.97) (2.60) (0.31) 11.91
19,000 254,075
344,405 4,080,035
1,007.03 11,929.93
1.10 13.00
37,759 3,030 6,885 7,500 2,295 2,395 14,969 10,900
458,609 48,716 91,819 73,781 42,630 64,309 244,107 143,916
1,340.96 142.44 268.48 215.74 124.65 188.04 713.76 420.81
1.46 0.16 0.29 0.24 0.14 0.20 0.78 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
0 37,237
441,753 37,237
1,291.68 108.88
1.41 0.12
1,646,877 2,433,158
4,815.43 7,114.50
5.25 7.75
193,254 0 3,300
196,985 91,174 3,300
575.98 266.59 9.65
0.63 0.29 0.01
0
0
0
0
0
0
0
0
2,141,699
6,262.28
6.83
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 (1,420) 337 (35,800)
46,036 8,565 10,797 (35,800)
0 8,625 5,633 (35,800)
0 (43) 5,633 (35,800)
0 321 5,139 (35,800)
0 0 0 (7,125)
0 0 0 (7,125)
(7,125)
(7,125)
(42,714)
(31,697)
107,861
(169,314)
328,037
(36,884)
29,597
(21,543)
(30,210)
(30,340)
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
18,696 25,600 (2,538) (11,933)
37,197 32,375 1,250 0
Cash Increase (Decrease) From Liab.
76,334
77,559
(32,289)
233,006
(295,115)
69,872
77,757
10,580
29,825
70,821
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
57,711 10,280 25,769 (5,216)
0 0 0 (2,951)
0 0 0 0
0
0
508,016 (171,975) (18,018) 328
0 0 0 0
(38,104) (44,010)
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 60
Jul 2007
Aug 2007
Sep 2007
Oct 2007
Nov 2007
13,632 (171,975) (18,018) 328 0 (189,665)
(103,276)
55210.94
$(300,000) Jan 2007
10,280 25,769 (19,466) (2,951)
318,351 0
(38,501) (5,906)
250,000
88,543 (2,951)
0 0 0 0
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
2,215,665
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 October 31, 2007
Account Revenue Market Rent Loss / Gain to Lease
Gross Potential Rent Prepaid Homeowners Dues Residential Rent Vacancy Loss
MTD Actual
MTD Budget
$ Variance
294,410.00
348,650.00
13,451.00
0.00
307,861.00 0.00 0.00 (16,540.08)
348,650.00 0.00 0.00 (27,144.97)
Upfront Rent Concessions
(5,710.45)
(3,480.00)
Corporate Discount Delinquent Rent Adjustments & W/O Model Units
0.00 0.00 (2,330.33) (1,980.00)
0.00 0.00 (675.26) (1,625.00)
0.00 (1,947.80) 0.00 (1,160.00) (22,142.07)
0.00 (2,050.00) 0.00 (900.00) (43,346.49)
0.00 0.00 0.00 0.00 $256,050.27
0.00 0.00 0.00 0.00 $269,428.28
Laundry Income Vending Income Covered Parking Income Late Charges & NSF Fees Month to Month Premium
0.00 0.00 0.00 3,304.83 1,801.78
0.00 68.00 0.00 1,650.00 200.00
Storage Fees Repair & Maintenance Fees Application Fees
1,030.87 0.00 1,460.00
960.00 0.00 750.00
Termination Fees & Damages
248.00
1,000.00
Miscellaneous Income
601.24
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
0.00 0.00 2,087.92 0.00 0.00 0.00 0.00 6,955.02 0.00 90.29
0.00 0.00 2,456.00 0.00 0.00 0.00 0.00 6,650.00 0.00 1,006.00
HOA Contributions Developer Developer HOA Dues Forfeited Deposits Developer Contributions Interest Income Other Thunder Income Administration Fee
0.00 0.00 0.00 0.00 0.00 0.00 3,000.00
0.00 0.00 90.00 0.00 0.00 0.00 2,400.00
Move-Out Charges
2,013.02
3,330.00
858.06
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.
0.00 0.00 0.00 0.00 0.00
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
Short Term Lease Fees
0.00 0.00 0.00 0.00 0.00
MTD Variance Comment
(54,240.00) Concessions are no longer being offered, market rents changed to reflect lower rents. 13,451.00 We have changed the budget to reflect lower market rents, this will continue to reduce over time as last years concessions deplete. (40,789.00) Explained above. 0.00 0.00 10,604.89 We closed out our occupancy at 94.74% versus budgeted at 92.37%. (2,230.45) Current specials are $500.00 off all vacants two bedroom two baths and/or reduced prices for 10 month leases. 0.00 0.00 (1,655.07) Due to one skip. (355.00) Market rent increase was higher than anticipated. 0.00 102.20 0.00 (260.00) 21,204.42 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. Average concession is $69 per unit. 0.00 0.00 0.00 0.00 $(13,378.01) 0.00 (68.00) 0.00 1,654.83 28 late charges and two nsf fees. 1,601.78 Eight month to month fees collected versus two budgeted. 70.87 0.00 710.00 32 application fees collected versus 15 budgeted. (752.00) Residents not paying at the time of move out, however all residents are being turned over to collections. (558.76) Collected 24 utility transfer fees and 11 credit card conv fees. 0.00 0.00 (368.08) Fewer pets moved in this month. 0.00 0.00 0.00 0.00 305.02 0.00 (915.71) No Cable income check received this month. 0.00 0.00 (90.00) 0.00 0.00 0.00 600.00 Collected 20 administration fees versus 16 budgeted. (1,316.98) Apartments left in better condition resulting in fewer fees charged. 708.06 Collected 13 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
YTD Actual
YTD Budget
2,965,830.00
3,513,725.00
326,005.00
0.00
3,291,835.00 0.00 0.00 (213,393.20)
3,513,725.00 0.00 0.00 (265,469.05)
(32,437.41)
(56,985.00)
0.00 0.00 (14,861.87) (19,800.00)
0.00 0.00 (6,482.20) (16,250.00)
0.00 (17,975.00) 0.00 (11,600.00) (508,262.93)
0.00 (20,500.00) 0.00 (9,000.00) (552,643.61)
0.00 0.00 0.00 0.00 $2,473,504.59
0.00 0.00 0.00 0.00 $2,586,395.14
0.00 0.00 0.00 17,871.60 7,877.58
0.00 680.00 0.00 16,500.00 2,000.00
9,265.30 0.00 15,209.90
9,600.00 0.00 8,850.00
11,177.82
10,000.00
6,738.78
11,600.00
0.00 3,488.53 34,230.31 0.00 0.00 0.00 0.00 67,884.66 0.00 4,741.92
0.00 0.00 24,560.00 0.00 0.00 0.00 0.00 66,500.00 0.00 10,060.00
0.00 0.00 3,443.65 0.00 0.00 0.00 29,900.00
0.00 0.00 900.00 0.00 0.00 0.00 29,400.00
25,377.61
42,180.00
5,498.29
3,150.00
0.00 475.41 0.00 0.00 0.00 0.00 0.00 0.00
0.00 4,250.00 (17,500.00) 0.00 0.00 0.00 0.00 0.00
Income - Insurance Income - Taxes Income - Interest Income - Other Income - Condo Sales Total Other Income Total Revenue
0.00 0.00 0.00 0.00 0.00 23,451.03
0.00 0.00 0.00 0.00 0.00 20,545.00
0.00 0.00 0.00 0.00 0.00 2,906.03
0.00 0.00 0.00 0.00 0.00 243,181.36
0.00 0.00 0.00 0.00 0.00 222,730.00
$(10,471.98)
$2,716,685.95
$2,809,125.14
115,089.89 0.00 127,573.21 0.00 40,639.58
122,534.24 0.00 114,479.48 0.00 32,018.48
0.00 17,164.58 0.00 0.00 4,599.88 0.00 305,067.14
0.00 7,780.00 0.00 0.00 0.00 0.00 276,812.20
6,174.38 7,411.08 975.15 2,096.79 0.00 0.00 1,135.82 0.00 3,466.12 0.00 385.44 0.00 3,733.96 5,415.03 0.00 30,793.77
10,000.00 11,000.00 1,000.00 1,700.00 0.00 0.00 900.00 0.00 1,150.00 0.00 250.00 250.00 5,310.00 6,500.00 0.00 38,060.00
36,861.85
31,700.00
4,479.80 12,008.20
7,980.00 21,259.14
4,600.00 57,949.85
22,785.00 83,724.14
2,111.86
6,772.50
$279,501.30
$289,973.28
Expense Managers Salary Salaries Maintenance Salary Salary - Administrative Commissions & Bonus
12,247.05 0.00 11,868.79 0.00 4,036.87
12,613.82 0.00 11,784.65 0.00 1,800.00
Payroll Taxes Group Insurance Disability Insurance 401k Match Contract Labor Workers Comp Total Salary Expense
0.00 1,842.36 0.00 0.00 0.00 0.00 29,995.07
0.00 778.00 0.00 0.00 0.00 0.00 26,976.47
56.82 712.48 69.00 93.42 0.00 0.00 0.00 0.00 63.94 0.00 0.00 0.00 416.85 498.15 0.00 1,910.66
1,000.00 1,100.00 100.00 170.00 0.00 0.00 90.00 0.00 115.00 0.00 25.00 25.00 450.00 650.00 0.00 3,725.00
Advertising & Promotions
4,791.41
2,600.00
Resident Promotions Locators
575.66 1,153.96
798.00 1,735.44
0.00 6,521.03
1,860.00 6,993.44
0.00
630.00
Office Operations & Supplies Telephones Answering Svc. & Pagers Postage & Delivery Patrol Services Membership Dues Publications & Subscriptions Conventions/Seminars Employee Training Furniture Rental Car Expenses Permits & Fees Credit Checks Guest Suite Expense Parking Cost Total Operating Expense
Resident Referrals Total Advertising Expense Paint & Drywall
366.77 0.00 (84.14) 0.00 (2,236.87) Quarterly bonuses paid this month. Budgeted in a prior month. 0.00 (1,064.36) Based on actual charges. 0.00 0.00 0.00 0.00 (3,018.60) 943.18 Current supplies were sufficient. 387.52 Relflects monthly service. 31.00 76.58 0.00 0.00 90.00 0.00 51.06 0.00 25.00 25.00 33.15 151.85 0.00 1,814.34 (2,191.41) Banner for the roof needed replacing. Purchased bussiness cards and stationary. 222.34 581.48 Three locators used versus five budgeted. 1,860.00 None given this month. 472.41 630.00
Contract Cleaning Svcs. Carpet Cleaning & Repairs Window Coverings Vinyl & Tile Repairs Lock & Keys Counter & Tub Resurfacing Other Redecorating Cleaning Supplies Total Make Ready Expense
3,510.00 1,956.00 117.12 0.00 198.84 836.64 0.00 16.98 6,635.58
250.00 2,100.00 100.00 0.00 50.00 416.67 25.00 133.33 3,705.00
875.36 35.38 221.71
700.00 100.00 3,515.00
69.19 0.00 129.11 0.00 260.24 732.07 0.00 0.00 457.33 0.00 8,470.00 0.00 0.00 0.00 11,250.39
150.00 0.00 450.00 0.00 160.00 450.00 75.00 25.00 1,000.00 0.00 8,470.00 0.00 0.00 0.00 15,095.00
2,334.80
5,000.00
755.77
510.00
176.00 0.00 0.00 0.00 0.00 0.00 3,266.57
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
11,180.05 1,000.00 3,200.00 (526.20)
11,598.93 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 14,853.85
0.00 0.00 9.58 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 17,208.51
2,763.18
3,340.00
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 Landscape & Grounds Trash Removal Pest Control Security Patrols Window Cleaning Svc. Interior Cleaning Svc. Cable Television Snow Removal Total Service Expense Expenses - CAM - Electric Expenses - CAM - Water/Sewer Expenses - CAM - Gas Expenses - CAM - Grounds Expenses - CAM - Trash Removal Expenses - CAM - Cleaning Svcs Expenses - CAM - Maintenance Expenses - CAM - Insurance Expenses - CAM - R/E Taxes Total CAM Expense
Electricity
(3,260.00) Due to budget error. 144.00 (17.12) 0.00 (148.84) (419.97) Repaired two countertops. 25.00 116.35 (2,930.58) (175.36) 64.62 3,293.29 Budgeted the annual back flow inspection. Will reflect in Nov. 80.81 0.00 320.89 Fewer supplies needed this month. 0.00 (100.24) (282.07) 75.00 25.00 542.67 Did not bill for uniforms this month. 0.00 0.00 0.00 0.00 0.00 3,844.61 2,665.20 Landscapers have been scheduled to put in winter trees and flowers. (245.77) One more pick up needed than budgeted for. (100.76) 0.00 0.00 0.00 0.00 0.00 2,318.67 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 418.88 Based on % of collection. 0.00 100.00 1,826.20 Six evictions processed, we have increased the legal fees to $250.00 per scheduled eviction. 0.00 0.00 9.58 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,354.66 In line with the budget. 576.82 Reflects current bldg service usage.
28,585.00 16,266.00 2,656.46 0.00 846.19 911.64 0.00 1,465.35 52,842.50
2,500.00 22,575.00 1,000.00 0.00 500.00 4,166.70 250.00 1,333.30 39,097.50
6,186.16 1,403.86 1,058.30
7,000.00 1,000.00 4,775.00
443.76 270.00 3,879.10 125.00 1,444.15 2,859.73 1,167.49 355.34 502.73 0.00 10,835.48 0.00 0.00 0.00 30,531.10
1,500.00 0.00 4,500.00 0.00 1,600.00 4,950.00 750.00 250.00 2,000.00 0.00 10,045.00 0.00 0.00 0.00 38,370.00
20,925.15
25,000.00
6,719.79
5,100.00
1,301.26 0.00 0.00 0.00 0.00 16,370.42 45,316.62
752.40 0.00 0.00 0.00 0.00 3,800.00 34,652.40
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
111,518.14 10,000.00 32,350.00 2,358.90
112,365.00 10,000.00 33,000.00 13,000.00
0.00 0.00 0.01 0.00 0.00 572.67 123.71 0.00 0.00 2,550.30 0.00 0.00 159,473.73
0.00 0.00 95.80 0.00 0.00 0.00 0.00 0.00 0.00 5,124.00 0.00 0.00 173,584.80
27,369.45
33,400.00
Electricity Gas - Resident Natural Gas
0.00 359.75
0.00 2,565.00
Water & Sewer
12,997.37
8,965.00
Water & Sewer - Resident Reimb Water - irrigation
(6,805.93) 2,511.50
(6,275.50) 500.00
Electric - Tenant Reimbursement Trash Reimbursement Water - Tenant Reimbursement Utility -Vacant Electric Utility - Vacant Gas Tenant Reimbursement - Gas Total Utility Expense
0.00 (2,000.00) 0.00 819.20 0.00 0.00 10,645.07
0.00 (2,011.00) 0.00 782.94 521.96 0.00 8,388.40
Management Fees Management Fees-MRLL Property Legal Fees Credit Card Fees
0.00 0.00 0.00 944.85
0.00 0.00 0.00 0.00
Bank Charges Bank Adjustments Other Professional Fees Late Charges HOA Assessment Fees Contributions Fiduciary Fees Custodial Fees Thunder Expense Accounting Fees Total Management Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 944.85
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
28,800.00 0.00 5,879.93
27,616.50 0.00 5,073.00
Tax Consultants MIP Total Taxes & Insurance Total Operating Expenses NET OPERATING INCOME
0.00 0.00 34,679.93 120,703.00 158,798.30
49.88 0.00 32,739.38 120,416.44 169,556.84
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
Mortgage Interest Loan Fees Interest Expense Interest Expense Total Debt Service
0.00 0.00 0.00 0.00 0.00
Partnership Legal Fees Partnership Accounting Fees Partnership Travel Partnership - Meals Partnership Fees - Other Partnership Expense Due Diligence Cost Dead Deal Cost Partnership Exp- Leaseup Costs Total Partnership Expense
0.00 2,205.25 Reversed accrual from prior month $1800, actual was $1500. (4,032.37) Due to increase in water charges, budgeted for a 3% increase. 530.43 (2,011.50) Includes irrigation services from 8/31/07 to 9/30/07. 0.00 (11.00) 0.00 (36.26) 521.96 Coded under natural gas this month. 0.00 (2,256.67)
0.00 25,650.00
126,842.33
89,650.00
(86,184.92) 24,002.92
(62,755.00) 23,500.00
0.00 (23,446.20) 0.00 11,068.25 4,544.08 0.00 100,599.66
0.00 (20,110.00) 0.00 7,656.90 5,104.60 0.00 102,096.50
0.00 0.00 0.00 944.85
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 0.00 944.85
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
285,202.26 0.00 89,182.91
276,165.00 0.00 50,730.00
600.00 0.00 374,985.17 1,158,504.39 1,558,181.56
498.80 0.00 327,393.80 1,113,791.34 1,695,333.80
0.00 0.00 (0.04) 0.00 (0.04)
1,065,866.70 0.00 866,667.10 0.00 1,932,533.80
1,065,866.70 0.00 866,666.70 0.00 1,932,533.40
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
170.00 170.00 75.00 0.00 0.00 0.00 0.00 0.00 0.00 415.00
170.00 170.00 75.00 0.00 0.00 0.00 0.00 0.00 0.00 415.00
0.00 365.00 973.35 724.38 0.00 0.00 0.00 0.00 0.00 2,062.73
1,700.00 1,700.00 750.00 0.00 0.00 0.00 0.00 0.00 0.00 4,150.00
Exterior Rehab
4,533.00
0.00
4,533.00
18,946.00
Interior Rehab HVAC Replacement Carpet & Floor Replacement
0.00 0.00 1,596.47
0.00 0.00 4,900.00
0.00 0.00 53,045.61
3,250.00 0.00 49,000.00
Refrigerators Dishwashers & Ranges Washers / Dryers Fire Alarm Replacement Other Capital Improvements Boiler Replacement Roof Replacement Total Capital Expenses
0.00 0.00 0.00 0.00 0.00 0.00 0.00 6,129.47
0.00 0.00 0.00 0.00 0.00 0.00 0.00 4,900.00
1,227.02 0.00 0.00 0.00 12,530.89 0.00 0.00 71,336.52
600.00 0.00 0.00 0.00 3,713.00 0.00 0.00 75,509.00
Property Taxes Franchise Tax Insurance
0.00 0.00 0.00 (944.85) Includes credit card payment booked from 8/2/07 $346.65, 9/5/07 $332.15 and for 10/2/07 in the amount of $266.05. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (944.85)
0.00 16,403.75
(1,183.50) Accrued monthly property tax. 0.00 (806.93) Includes 10/07 Umbrella insurance payment. 49.88 0.00 (1,940.55) (286.56) (10,758.54)
(4,533.00) Curb and gutter repairs on the property. 0.00 0.00 3,303.53 Two carpets replaced versus five budgeted. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (1,229.47)
Casualty Losses Casualty Recovery Total Casualty Loss NET INCOME (LOSS)
0.00 0.00 0.00 (40,584.55)
0.00 0.00 0.00 (29,011.50)
0.00 0.00 0.00 (11,573.05)
0.00 0.00 0.00 (447,751.49)
0.00 0.00 0.00 (316,858.60)
Rental Guarantee
0.00 (40,584.55)
0.00 (29,011.50)
0.00 (11,573.05)
4,054.35 (443,697.14)
0.00 (316,858.60)
$ Variance
Annual Budget
YTD Variance Comment
(547,895.00)
4,209,210.00
326,005.00
0.00
(221,890.00) 0.00 0.00 52,075.85
4,209,210.00 0.00 0.00 (325,479.64)
24,547.59
(59,160.00)
0.00 0.00 (8,379.67) (3,550.00)
0.00 0.00 (7,841.82) (19,500.00)
0.00 2,525.00 0.00 (2,600.00) 44,380.68
0.00 (24,600.00) 0.00 (10,800.00) (632,942.99)
0.00 0.00 0.00 0.00 $(112,890.55)
0.00 0.00 0.00 0.00 $3,128,885.55
0.00 (680.00) 0.00 1,371.60 5,877.58
0.00 816.00 0.00 19,800.00 2,400.00
(334.70) 0.00 6,359.90
11,520.00 0.00 10,250.00
1,177.82
12,000.00
(4,861.22)
13,920.00
0.00 3,488.53 9,670.31 0.00 0.00 0.00 0.00 1,384.66 0.00 (5,318.08)
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 2,543.65 0.00 0.00 0.00 500.00
0.00 0.00 1,080.00 0.00 0.00 0.00 33,800.00
(16,802.39)
48,840.00
2,348.29
3,600.00
0.00 (3,774.59) 17,500.00 0.00 0.00 0.00 0.00 0.00
0.00 5,100.00 (21,000.00) 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 20,451.36
0.00 0.00 0.00 0.00 0.00 263,470.00
$(92,439.19)
$3,392,355.55
7,444.35 0.00 (13,093.73) 0.00 (8,621.10)
147,761.88 0.00 138,048.78 0.00 39,026.28
0.00 (9,384.58) 0.00 0.00 (4,599.88) 0.00 (28,254.94)
0.00 9,336.00 0.00 0.00 0.00 0.00 334,172.94
3,825.62 3,588.92 24.85 (396.79) 0.00 0.00 (235.82) 0.00 (2,316.12) 0.00 (135.44) 250.00 1,576.04 1,084.97 0.00 7,266.23
12,000.00 13,200.00 1,200.00 2,040.00 0.00 0.00 1,080.00 0.00 1,380.00 0.00 300.00 300.00 6,150.00 7,800.00 0.00 45,450.00
(5,161.85)
36,900.00
3,500.20 9,250.94
9,576.00 24,440.78
18,185.00 25,774.29
26,195.00 97,111.78
4,660.64
7,852.50
(26,085.00) 6,309.00 (1,656.46) 0.00 (346.19) 3,255.06 250.00 (132.05) (13,745.00)
3,000.00 26,175.00 1,200.00 0.00 600.00 5,000.04 300.00 1,599.96 45,727.50
813.84 (403.86) 3,716.70
8,400.00 1,200.00 5,055.00
1,056.24 (270.00) 620.90 (125.00) 155.85 2,090.27 (417.49) (105.34) 1,497.27 0.00 (790.48) 0.00 0.00 0.00 7,838.90
1,800.00 0.00 5,400.00 0.00 1,920.00 5,850.00 900.00 300.00 2,000.00 0.00 10,395.00 0.00 0.00 0.00 43,220.00
4,074.85
30,000.00
(1,619.79)
6,120.00
(548.86) 0.00 0.00 0.00 0.00 (12,570.42) (10,664.22)
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
846.86 0.00 650.00 10,641.10
135,694.22 12,000.00 39,600.00 15,600.00
0.00 0.00 95.79 0.00 0.00 (572.67) (123.71) 0.00 0.00 2,573.70 0.00 0.00 14,111.07
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
6,030.55
40,080.00
0.00 9,246.25
0.00 30,780.00
(37,192.33)
107,580.00
23,429.92 (502.92)
(75,306.00) 23,500.00
0.00 3,336.20 0.00 (3,411.35) 560.52 0.00 1,496.84
0.00 (24,132.00) 0.00 9,387.78 6,258.52 0.00 118,148.30
0.00 0.00 0.00 (944.85)
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 (944.85)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(9,037.26) 0.00 (38,452.91)
331,398.00 0.00 60,876.00
(101.20) 0.00 (47,591.37) (44,713.05) (137,152.24)
598.56 0.00 392,872.56 1,327,709.14 2,064,646.41
0.00 0.00 (0.40) 0.00 (0.40)
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
1,700.00 1,335.00 (223.35) (724.38) 0.00 0.00 0.00 0.00 0.00 2,087.27
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
18,946.00
3,250.00 0.00 (4,045.61)
3,250.00 0.00 58,800.00
(627.02) 0.00 0.00 0.00 (8,817.89) 0.00 0.00 4,172.48
600.00 0.00 0.00 0.00 3,713.00 0.00 0.00 85,309.00
0.00 0.00 0.00 (130,892.89)
0.00 0.00 0.00 (344,682.67)
4,054.35 (126,838.54)
0.00 (344,682.67)
Courtney Downs Apartments October 07 LEASING & OCCUPANCY NUMBER OF MOVE INS: NUMBER OF MOVE OUTS: NET FOR THE MONTH:
23 25 -2
OCCUPIED/LEASED %:
94.74%/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:
$279,501.30 $282,866.94 -$3,365.64
TOTAL # GARAGES # GARAGES OCCUPIED GARAGES OCCUPIED %
120 116 97%
REASONS WHY PROSPECTS DID NOT LEASE: Traffic 0 0 0 0 19 0 22 4 9 0 5 0 0
Leased 0 0 0 0 7 0 12 1 2 0 0 0 0
59
22
* * * * * * * * * * * * * *
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 * Took brochures to Parker Adventist Hospital. * Took flyers and brochures to Comcast Human Resourses. * Took flyers to Sky Ridge 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 Nextel team. * 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 $710, two bedrooms at $830and three bedrooms starting at $1100. Look and leases are being locked in with one month off on a 12 to 13 month lease. Overall market is low 90's and average rental rate of .86. RESIDENT RETENTION: We had 28 leases expiring in the month of October. Eight are moving due to purchasing a home and/or condo, three are moving due to corporate lease is up, three are moving out of state, one is moving due to no access for dish. and 13 residents decided to renew. Overall we had 13 renewals with an average increase of $50 per renewal. INCIDENTS ON THE PROPERTY: N/A
0 4 0 7 0 3 2 2 9 0 0 0 6 4 37
MAINTENANCE:
MARKET READY UNITS COMPLETE PAINTS TOUCH UPS WORK ORDERS Pending Misc 0 Electrical 0 Punch 0 HVAC 0 Plumbing 0 Property Ext. 0 Appliances 0 Safety 0 Total 0 ROOF LEAKS
ROUTINE REPLACEMENTS:
Completed 52 18 21 16 18 0 18 10 153
PLUMBING LEAKS
Number of: 21 8 13 153 0 52 18 21 16 18 0 18 10 153 0 0
CAPITAL IMPROVEMENTS IN PROGRESS: N/A
PROBLEM AREAS NEEDING ATTENTION: N/A
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: Pool fence sanded and painted. Rock installed in the main signage areas. Improves curb appeal.
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 3 0 0 0 0 0 19 0 0
Apt. # 0
10108, 19202, 19102.
19102-3, 6111-3, 13202-1, 103041, 7109-2, 10111-2, 13308-1, 23041, 9208-2, 9102-2, 16101-1.
Courtney Downs RENTAL SCHEDULE
October 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
1 0 0 3 0 1 2 0 0 1 0 3 0
0 0 0 1 0 0 1 0 0 1 0 2 0
11 0 3 3 0 8 5 0 0 5 0 4 0
0 0 0 0 0 3 0 0 0 0 0 0 0
12 0 3 6 0 9 7 0 0 6 0 7 0
11
5
39
3
50
MARKET SURVEY Courtney Downs October-07 Apartment Name
Address Phone Location # of units Age of Property Application Fee Credit Card Pets Allowed Pet Deposit Sec. Deposit W/D included Covered Parking Garage Cable Tennis Courts # of pools Weight Room Jacuzzi Ceiling Fans Microwaves Mini Blinds FF Freezer Icemakers Fireplaces Access Gates Alarm in Unit Door to Door Aerobics/Kick Box Movie Room Computer Library Indoor Basketball Water Charge
Courtney Downs
Coyote Ranch
15849 E. Jamison Dr16363 E Freemont Ave 720-870-6114 303-693-8787 Englewood, Co Aurora, Co 342 507 5 5 $50.00 $35.00 yes yes yes yes 300 n/r 300-600 150 275-325 Yes yes no yes Detached yes Yes yes no no 1 1 yes yes yes 1 yes yes yes yes yes yes yes yes yes yes yes no no yes Prewired no no no no no no yes yes yes no no yes no
Windsor @ Meridian
Pinnacle @ the Creek
Dove Valley
9875 Jefferson Pkwy 303-256-7700 Englewood, Co 80112 653 7 $40.00 yes yes 150-300 300 Only In Select Units yes yes yes no 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
6107 S Parker Rd 303-766-2500 Centennial, Co 216 4 $35.00 no yes $100 $300 Only Select Units yes yes yes no 1 yes 1 yes yes yes yes yes yes no yes no no yes yes no yes
7550 S Blackhawk 303-362-2000 Englewood, Co 80112 312 6 $40.00 yes yes 300-500 $100.00 no no yes yes yes 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
Cherrywood Village
16950 E Carlson Dr 303-805-7200 Parker, Co 80134 360 6 $35.00 no yes $400-500 $200-300 yes no yes yes yes 2 yes 2 yes yes yes yes yes yes yes no no no yes yes no yes
Reserve @ South Creek
15611 E Jamison Dr 303-680-6696 Englewood, Co 80112 168 6 $40.00 yes yes 300 100 no no yes yes yes 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
MARKET SURVEY Courtney Downs October-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
96.78%
0
0% 0.95
96%
98%
0.94 11
0.92 1114 507
9
Special: look and lease special $150 security deposit waived and $250 to $500 off first months rent only on Special: Reduced pricing Rates steepelchases and arlingtons. for all floor plans. reflect these rates: specials:
Ren: $75 to $100 increase.
Ren.: 15% increase on all renewals.
994 653
Will not give out any information.
Ren: Info not avail per corporate
1100
1230
92%
94.30%
0.89
690 708
707 796 916
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
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
95.0%
17
Cherrywood Village SIZE PSF
1040
970
97%
0.95 808 216
PRICE
0.94 0.87
92.0%
94%
0.84 883 312
19
90.3%
24
0
Special:waive security deposit, as well as first month rent free.
Special: $150.00 gift card and $99.00 deposit Special: $350.00 look and special. lease special.
Ren:Per corporate
Ren: $60 to $85 increas for 12 month lease
0.71 1.10
92%
0.96 1131 360
0.96 995 168
7
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
32,594.51 0.00 $32,594.51
OTHER ASSETS Accounts Receivable Prepaid Expenses Tax Escrow Replacement Reserves Capital / Repair Escrow Total Other Assets
(431.39) 11,759.92 198,262.98 83,993.58 200,000.00 493,585.09
Total ASSETS
526,179.60
LIABILITIES & CAPITAL LIABILITIES Accounts Payable - Trade Other Accounts Payable Accrued Taxes Prepaid Rent Security Deposits Total Liabilities
161,625.24 783,311.84 285,202.26 10,844.99 39,692.63 1,280,676.96
CAPITAL Owners Equity Retained Earnings Total Capital Total LIABILITIES & CAPITAL
100.00 (754,597.36) (754,497.36) 526,179.60
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 Budget
Dec 2007 Budget
12 Month Total
342
$/ Sq. Ft. 313,778
3,934,257 (236,883) (637,700) (77,009) 2,982,664
11,503.68 (692.64) (1,864.62) (225.17) 8,721.24
12.54 (0.75) (2.03) (0.25) 9.51
364,160 (43,000) (80,000) (6,085) 235,075
20,195 273,775
283,834 3,266,498
829.92 9,551.17
0.90 10.41
30,347 3,665 6,394 2,828 2,425 1,835 17,301 8,051 600 32,739
362,428 38,184 71,337 59,477 35,381 53,537 194,022 116,623 2,145 440,464
1,059.73 111.65 208.59 173.91 103.45 156.54 567.32 341.00 6.27 1,287.91
1.16 0.12 0.23 0.19 0.11 0.17 0.62 0.37 0.01 1.40
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
321,211 (11,745) (47,500) (6,386) 255,580
321,211 (11,745) (49,500) (6,386) 253,580
Other Income Total Revenue
27,580 263,457
21,616 251,781
22,944 251,928
22,832 260,361
23,203 272,061
22,482 279,396
19,521 281,081
31,663 289,166
27,802 287,867
23,451 279,501
20,545 276,125
33,611 2,710 6,159 3,805 2,027 6,403 15,368 9,370
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 9,354 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 7,774 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
27,014 3,725 6,993 3,803 2,425 6,385 17,247 8,001 600 32,739
Operating Expenses Salary Expense Operating Expense Advertising Expense Make Ready Expense Maintenance Expense Service Expense Administrative Expense Utility Expense Credit Card Fees Taxes & Insurance
$/ Unit
37,910
20,391 2,821 5,921 2,722 1,541 10,329 15,798 15,941 0 33,542
Total Operating Exp. Net Operating Income
117,362 146,094
109,007 142,774
111,705 140,223
108,319 152,043
111,690 160,371
115,314 164,082
159,837 121,244
93,888 195,277
110,656 177,211
120,703 158,798
108,932 167,193
106,185 167,589
1,373,599 1,892,900
4,016.37 5,534.79
4.38 6.03
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
193,253 0 6,129
193,253 415 4,900
193,253 415 4,900
2,319,040 2,893 81,137
6,780.82 8.46 237.24
7.39 0.01 0.26
Cash Flow Frm Operations
(48,760)
(54,592)
(63,822)
(49,586)
(47,153)
(31,262)
(77,125)
(25,537)
(40,585)
(31,376)
(30,979)
(1,491.73)
(1.63)
(9,392)
(510,170)
Dec 2006 Reforecast
342
$/ Sq. Ft. 313,778
4,952,355 (304,066) (816,567) (96,093) 3,735,630
14,480.57 (889.08) (2,387.62) (280.97) 10,922.89
15.78 (0.97) (2.60) (0.31) 11.91
19,000 254,075
344,405 4,080,035
1,007.03 11,929.93
1.10 13.00
37,759 3,030 6,885 7,500 2,295 2,395 14,969 10,900
458,609 48,716 91,819 73,781 42,630 64,309 244,107 143,916
1,340.96 142.44 268.48 215.74 124.65 188.04 713.76 420.81
1.46 0.16 0.29 0.24 0.14 0.20 0.78 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
0 37,237
441,753 37,237
1,291.68 108.88
1.41 0.12
1,646,877 2,433,158
4,815.43 7,114.50
5.25 7.75
193,254 0 3,300
196,985 91,174 3,300
575.98 266.59 9.65
0.63 0.29 0.01
0
0
0
0
0
0
0
0
2,141,699
6,262.28
6.83
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 (1,420) 337 (35,800)
46,036 8,565 10,797 (35,800)
0 8,625 5,633 (35,800)
0 (43) 5,633 (35,800)
0 321 5,139 (35,800)
0 0 0 (7,125)
0 0 0 (7,125)
(7,125)
(7,125)
(42,714)
(31,697)
107,861
(169,314)
328,037
(36,884)
29,597
(21,543)
(30,210)
(30,340)
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
18,696 25,600 (2,538) (11,933)
37,197 32,375 1,250 0
Cash Increase (Decrease) From Liab.
76,334
77,559
(32,289)
233,006
(295,115)
69,872
77,757
10,580
29,825
70,821
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
57,711 10,280 25,769 (5,216)
0 0 0 (2,951)
0 0 0 0
0
0
508,016 (171,975) (18,018) 328
0 0 0 0
(38,104) (44,010)
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 60
Jul 2007
Aug 2007
Sep 2007
Oct 2007
Nov 2007
13,632 (171,975) (18,018) 328 0 (189,665)
(103,276)
55210.94
$(300,000) Jan 2007
10,280 25,769 (19,466) (2,951)
318,351 0
(38,501) (5,906)
250,000
88,543 (2,951)
0 0 0 0
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
2,215,665
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 October 31, 2007
Account Revenue Market Rent Loss / Gain to Lease
Gross Potential Rent Prepaid Homeowners Dues Residential Rent Vacancy Loss
MTD Actual
MTD Budget
$ Variance
294,410.00
348,650.00
13,451.00
0.00
307,861.00 0.00 0.00 (16,540.08)
348,650.00 0.00 0.00 (27,144.97)
Upfront Rent Concessions
(5,710.45)
(3,480.00)
Corporate Discount Delinquent Rent Adjustments & W/O Model Units
0.00 0.00 (2,330.33) (1,980.00)
0.00 0.00 (675.26) (1,625.00)
0.00 (1,947.80) 0.00 (1,160.00) (22,142.07)
0.00 (2,050.00) 0.00 (900.00) (43,346.49)
0.00 0.00 0.00 0.00 $256,050.27
0.00 0.00 0.00 0.00 $269,428.28
Laundry Income Vending Income Covered Parking Income Late Charges & NSF Fees Month to Month Premium
0.00 0.00 0.00 3,304.83 1,801.78
0.00 68.00 0.00 1,650.00 200.00
Storage Fees Repair & Maintenance Fees Application Fees
1,030.87 0.00 1,460.00
960.00 0.00 750.00
Termination Fees & Damages
248.00
1,000.00
Miscellaneous Income
601.24
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
0.00 0.00 2,087.92 0.00 0.00 0.00 0.00 6,955.02 0.00 90.29
0.00 0.00 2,456.00 0.00 0.00 0.00 0.00 6,650.00 0.00 1,006.00
HOA Contributions Developer Developer HOA Dues Forfeited Deposits Developer Contributions Interest Income Other Thunder Income Administration Fee
0.00 0.00 0.00 0.00 0.00 0.00 3,000.00
0.00 0.00 90.00 0.00 0.00 0.00 2,400.00
Move-Out Charges
2,013.02
3,330.00
858.06
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.
0.00 0.00 0.00 0.00 0.00
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
Short Term Lease Fees
0.00 0.00 0.00 0.00 0.00
MTD Variance Comment
(54,240.00) Concessions are no longer being offered, market rents changed to reflect lower rents. 13,451.00 We have changed the budget to reflect lower market rents, this will continue to reduce over time as last years concessions deplete. (40,789.00) Explained above. 0.00 0.00 10,604.89 We closed out our occupancy at 94.74% versus budgeted at 92.37%. (2,230.45) Current specials are $500.00 off all vacants two bedroom two baths and/or reduced prices for 10 month leases. 0.00 0.00 (1,655.07) Due to one skip. (355.00) Market rent increase was higher than anticipated. 0.00 102.20 0.00 (260.00) 21,204.42 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. Average concession is $69 per unit. 0.00 0.00 0.00 0.00 $(13,378.01) 0.00 (68.00) 0.00 1,654.83 28 late charges and two nsf fees. 1,601.78 Eight month to month fees collected versus two budgeted. 70.87 0.00 710.00 32 application fees collected versus 15 budgeted. (752.00) Residents not paying at the time of move out, however all residents are being turned over to collections. (558.76) Collected 24 utility transfer fees and 11 credit card conv fees. 0.00 0.00 (368.08) Fewer pets moved in this month. 0.00 0.00 0.00 0.00 305.02 0.00 (915.71) No Cable income check received this month. 0.00 0.00 (90.00) 0.00 0.00 0.00 600.00 Collected 20 administration fees versus 16 budgeted. (1,316.98) Apartments left in better condition resulting in fewer fees charged. 708.06 Collected 13 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
YTD Actual
YTD Budget
2,965,830.00
3,513,725.00
326,005.00
0.00
3,291,835.00 0.00 0.00 (213,393.20)
3,513,725.00 0.00 0.00 (265,469.05)
(32,437.41)
(56,985.00)
0.00 0.00 (14,861.87) (19,800.00)
0.00 0.00 (6,482.20) (16,250.00)
0.00 (17,975.00) 0.00 (11,600.00) (508,262.93)
0.00 (20,500.00) 0.00 (9,000.00) (552,643.61)
0.00 0.00 0.00 0.00 $2,473,504.59
0.00 0.00 0.00 0.00 $2,586,395.14
0.00 0.00 0.00 17,871.60 7,877.58
0.00 680.00 0.00 16,500.00 2,000.00
9,265.30 0.00 15,209.90
9,600.00 0.00 8,850.00
11,177.82
10,000.00
6,738.78
11,600.00
0.00 3,488.53 34,230.31 0.00 0.00 0.00 0.00 67,884.66 0.00 4,741.92
0.00 0.00 24,560.00 0.00 0.00 0.00 0.00 66,500.00 0.00 10,060.00
0.00 0.00 3,443.65 0.00 0.00 0.00 29,900.00
0.00 0.00 900.00 0.00 0.00 0.00 29,400.00
25,377.61
42,180.00
5,498.29
3,150.00
0.00 475.41 0.00 0.00 0.00 0.00 0.00 0.00
0.00 4,250.00 (17,500.00) 0.00 0.00 0.00 0.00 0.00
Income - Insurance Income - Taxes Income - Interest Income - Other Income - Condo Sales Total Other Income Total Revenue
0.00 0.00 0.00 0.00 0.00 23,451.03
0.00 0.00 0.00 0.00 0.00 20,545.00
0.00 0.00 0.00 0.00 0.00 2,906.03
0.00 0.00 0.00 0.00 0.00 243,181.36
0.00 0.00 0.00 0.00 0.00 222,730.00
$(10,471.98)
$2,716,685.95
$2,809,125.14
115,089.89 0.00 127,573.21 0.00 40,639.58
122,534.24 0.00 114,479.48 0.00 32,018.48
0.00 17,164.58 0.00 0.00 4,599.88 0.00 305,067.14
0.00 7,780.00 0.00 0.00 0.00 0.00 276,812.20
6,174.38 7,411.08 975.15 2,096.79 0.00 0.00 1,135.82 0.00 3,466.12 0.00 385.44 0.00 3,733.96 5,415.03 0.00 30,793.77
10,000.00 11,000.00 1,000.00 1,700.00 0.00 0.00 900.00 0.00 1,150.00 0.00 250.00 250.00 5,310.00 6,500.00 0.00 38,060.00
36,861.85
31,700.00
4,479.80 12,008.20
7,980.00 21,259.14
4,600.00 57,949.85
22,785.00 83,724.14
2,111.86
6,772.50
$279,501.30
$289,973.28
Expense Managers Salary Salaries Maintenance Salary Salary - Administrative Commissions & Bonus
12,247.05 0.00 11,868.79 0.00 4,036.87
12,613.82 0.00 11,784.65 0.00 1,800.00
Payroll Taxes Group Insurance Disability Insurance 401k Match Contract Labor Workers Comp Total Salary Expense
0.00 1,842.36 0.00 0.00 0.00 0.00 29,995.07
0.00 778.00 0.00 0.00 0.00 0.00 26,976.47
56.82 712.48 69.00 93.42 0.00 0.00 0.00 0.00 63.94 0.00 0.00 0.00 416.85 498.15 0.00 1,910.66
1,000.00 1,100.00 100.00 170.00 0.00 0.00 90.00 0.00 115.00 0.00 25.00 25.00 450.00 650.00 0.00 3,725.00
Advertising & Promotions
4,791.41
2,600.00
Resident Promotions Locators
575.66 1,153.96
798.00 1,735.44
0.00 6,521.03
1,860.00 6,993.44
0.00
630.00
Office Operations & Supplies Telephones Answering Svc. & Pagers Postage & Delivery Patrol Services Membership Dues Publications & Subscriptions Conventions/Seminars Employee Training Furniture Rental Car Expenses Permits & Fees Credit Checks Guest Suite Expense Parking Cost Total Operating Expense
Resident Referrals Total Advertising Expense Paint & Drywall
366.77 0.00 (84.14) 0.00 (2,236.87) Quarterly bonuses paid this month. Budgeted in a prior month. 0.00 (1,064.36) Based on actual charges. 0.00 0.00 0.00 0.00 (3,018.60) 943.18 Current supplies were sufficient. 387.52 Relflects monthly service. 31.00 76.58 0.00 0.00 90.00 0.00 51.06 0.00 25.00 25.00 33.15 151.85 0.00 1,814.34 (2,191.41) Banner for the roof needed replacing. Purchased bussiness cards and stationary. 222.34 581.48 Three locators used versus five budgeted. 1,860.00 None given this month. 472.41 630.00
Contract Cleaning Svcs. Carpet Cleaning & Repairs Window Coverings Vinyl & Tile Repairs Lock & Keys Counter & Tub Resurfacing Other Redecorating Cleaning Supplies Total Make Ready Expense
3,510.00 1,956.00 117.12 0.00 198.84 836.64 0.00 16.98 6,635.58
250.00 2,100.00 100.00 0.00 50.00 416.67 25.00 133.33 3,705.00
875.36 35.38 221.71
700.00 100.00 3,515.00
69.19 0.00 129.11 0.00 260.24 732.07 0.00 0.00 457.33 0.00 8,470.00 0.00 0.00 0.00 11,250.39
150.00 0.00 450.00 0.00 160.00 450.00 75.00 25.00 1,000.00 0.00 8,470.00 0.00 0.00 0.00 15,095.00
2,334.80
5,000.00
755.77
510.00
176.00 0.00 0.00 0.00 0.00 0.00 3,266.57
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
11,180.05 1,000.00 3,200.00 (526.20)
11,598.93 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 14,853.85
0.00 0.00 9.58 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 17,208.51
2,763.18
3,340.00
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 Landscape & Grounds Trash Removal Pest Control Security Patrols Window Cleaning Svc. Interior Cleaning Svc. Cable Television Snow Removal Total Service Expense Expenses - CAM - Electric Expenses - CAM - Water/Sewer Expenses - CAM - Gas Expenses - CAM - Grounds Expenses - CAM - Trash Removal Expenses - CAM - Cleaning Svcs Expenses - CAM - Maintenance Expenses - CAM - Insurance Expenses - CAM - R/E Taxes Total CAM Expense
Electricity
(3,260.00) Due to budget error. 144.00 (17.12) 0.00 (148.84) (419.97) Repaired two countertops. 25.00 116.35 (2,930.58) (175.36) 64.62 3,293.29 Budgeted the annual back flow inspection. Will reflect in Nov. 80.81 0.00 320.89 Fewer supplies needed this month. 0.00 (100.24) (282.07) 75.00 25.00 542.67 Did not bill for uniforms this month. 0.00 0.00 0.00 0.00 0.00 3,844.61 2,665.20 Landscapers have been scheduled to put in winter trees and flowers. (245.77) One more pick up needed than budgeted for. (100.76) 0.00 0.00 0.00 0.00 0.00 2,318.67 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 418.88 Based on % of collection. 0.00 100.00 1,826.20 Six evictions processed, we have increased the legal fees to $250.00 per scheduled eviction. 0.00 0.00 9.58 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2,354.66 In line with the budget. 576.82 Reflects current bldg service usage.
28,585.00 16,266.00 2,656.46 0.00 846.19 911.64 0.00 1,465.35 52,842.50
2,500.00 22,575.00 1,000.00 0.00 500.00 4,166.70 250.00 1,333.30 39,097.50
6,186.16 1,403.86 1,058.30
7,000.00 1,000.00 4,775.00
443.76 270.00 3,879.10 125.00 1,444.15 2,859.73 1,167.49 355.34 502.73 0.00 10,835.48 0.00 0.00 0.00 30,531.10
1,500.00 0.00 4,500.00 0.00 1,600.00 4,950.00 750.00 250.00 2,000.00 0.00 10,045.00 0.00 0.00 0.00 38,370.00
20,925.15
25,000.00
6,719.79
5,100.00
1,301.26 0.00 0.00 0.00 0.00 16,370.42 45,316.62
752.40 0.00 0.00 0.00 0.00 3,800.00 34,652.40
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
111,518.14 10,000.00 32,350.00 2,358.90
112,365.00 10,000.00 33,000.00 13,000.00
0.00 0.00 0.01 0.00 0.00 572.67 123.71 0.00 0.00 2,550.30 0.00 0.00 159,473.73
0.00 0.00 95.80 0.00 0.00 0.00 0.00 0.00 0.00 5,124.00 0.00 0.00 173,584.80
27,369.45
33,400.00
Electricity Gas - Resident Natural Gas
0.00 359.75
0.00 2,565.00
Water & Sewer
12,997.37
8,965.00
Water & Sewer - Resident Reimb Water - irrigation
(6,805.93) 2,511.50
(6,275.50) 500.00
Electric - Tenant Reimbursement Trash Reimbursement Water - Tenant Reimbursement Utility -Vacant Electric Utility - Vacant Gas Tenant Reimbursement - Gas Total Utility Expense
0.00 (2,000.00) 0.00 819.20 0.00 0.00 10,645.07
0.00 (2,011.00) 0.00 782.94 521.96 0.00 8,388.40
Management Fees Management Fees-MRLL Property Legal Fees Credit Card Fees
0.00 0.00 0.00 944.85
0.00 0.00 0.00 0.00
Bank Charges Bank Adjustments Other Professional Fees Late Charges HOA Assessment Fees Contributions Fiduciary Fees Custodial Fees Thunder Expense Accounting Fees Total Management Expense
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 944.85
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
28,800.00 0.00 5,879.93
27,616.50 0.00 5,073.00
Tax Consultants MIP Total Taxes & Insurance Total Operating Expenses NET OPERATING INCOME
0.00 0.00 34,679.93 120,703.00 158,798.30
49.88 0.00 32,739.38 120,416.44 169,556.84
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
Mortgage Interest Loan Fees Interest Expense Interest Expense Total Debt Service
0.00 0.00 0.00 0.00 0.00
Partnership Legal Fees Partnership Accounting Fees Partnership Travel Partnership - Meals Partnership Fees - Other Partnership Expense Due Diligence Cost Dead Deal Cost Partnership Exp- Leaseup Costs Total Partnership Expense
0.00 2,205.25 Reversed accrual from prior month $1800, actual was $1500. (4,032.37) Due to increase in water charges, budgeted for a 3% increase. 530.43 (2,011.50) Includes irrigation services from 8/31/07 to 9/30/07. 0.00 (11.00) 0.00 (36.26) 521.96 Coded under natural gas this month. 0.00 (2,256.67)
0.00 25,650.00
126,842.33
89,650.00
(86,184.92) 24,002.92
(62,755.00) 23,500.00
0.00 (23,446.20) 0.00 11,068.25 4,544.08 0.00 100,599.66
0.00 (20,110.00) 0.00 7,656.90 5,104.60 0.00 102,096.50
0.00 0.00 0.00 944.85
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 0.00 944.85
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
285,202.26 0.00 89,182.91
276,165.00 0.00 50,730.00
600.00 0.00 374,985.17 1,158,504.39 1,558,181.56
498.80 0.00 327,393.80 1,113,791.34 1,695,333.80
0.00 0.00 (0.04) 0.00 (0.04)
1,065,866.70 0.00 866,667.10 0.00 1,932,533.80
1,065,866.70 0.00 866,666.70 0.00 1,932,533.40
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
170.00 170.00 75.00 0.00 0.00 0.00 0.00 0.00 0.00 415.00
170.00 170.00 75.00 0.00 0.00 0.00 0.00 0.00 0.00 415.00
0.00 365.00 973.35 724.38 0.00 0.00 0.00 0.00 0.00 2,062.73
1,700.00 1,700.00 750.00 0.00 0.00 0.00 0.00 0.00 0.00 4,150.00
Exterior Rehab
4,533.00
0.00
4,533.00
18,946.00
Interior Rehab HVAC Replacement Carpet & Floor Replacement
0.00 0.00 1,596.47
0.00 0.00 4,900.00
0.00 0.00 53,045.61
3,250.00 0.00 49,000.00
Refrigerators Dishwashers & Ranges Washers / Dryers Fire Alarm Replacement Other Capital Improvements Boiler Replacement Roof Replacement Total Capital Expenses
0.00 0.00 0.00 0.00 0.00 0.00 0.00 6,129.47
0.00 0.00 0.00 0.00 0.00 0.00 0.00 4,900.00
1,227.02 0.00 0.00 0.00 12,530.89 0.00 0.00 71,336.52
600.00 0.00 0.00 0.00 3,713.00 0.00 0.00 75,509.00
Property Taxes Franchise Tax Insurance
0.00 0.00 0.00 (944.85) Includes credit card payment booked from 8/2/07 $346.65, 9/5/07 $332.15 and for 10/2/07 in the amount of $266.05. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (944.85)
0.00 16,403.75
(1,183.50) Accrued monthly property tax. 0.00 (806.93) Includes 10/07 Umbrella insurance payment. 49.88 0.00 (1,940.55) (286.56) (10,758.54)
(4,533.00) Curb and gutter repairs on the property. 0.00 0.00 3,303.53 Two carpets replaced versus five budgeted. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (1,229.47)
Casualty Losses Casualty Recovery Total Casualty Loss NET INCOME (LOSS)
0.00 0.00 0.00 (40,584.55)
0.00 0.00 0.00 (29,011.50)
0.00 0.00 0.00 (11,573.05)
0.00 0.00 0.00 (447,751.49)
0.00 0.00 0.00 (316,858.60)
Rental Guarantee
0.00 (40,584.55)
0.00 (29,011.50)
0.00 (11,573.05)
4,054.35 (443,697.14)
0.00 (316,858.60)
$ Variance
Annual Budget
YTD Variance Comment
(547,895.00)
4,209,210.00
326,005.00
0.00
(221,890.00) 0.00 0.00 52,075.85
4,209,210.00 0.00 0.00 (325,479.64)
24,547.59
(59,160.00)
0.00 0.00 (8,379.67) (3,550.00)
0.00 0.00 (7,841.82) (19,500.00)
0.00 2,525.00 0.00 (2,600.00) 44,380.68
0.00 (24,600.00) 0.00 (10,800.00) (632,942.99)
0.00 0.00 0.00 0.00 $(112,890.55)
0.00 0.00 0.00 0.00 $3,128,885.55
0.00 (680.00) 0.00 1,371.60 5,877.58
0.00 816.00 0.00 19,800.00 2,400.00
(334.70) 0.00 6,359.90
11,520.00 0.00 10,250.00
1,177.82
12,000.00
(4,861.22)
13,920.00
0.00 3,488.53 9,670.31 0.00 0.00 0.00 0.00 1,384.66 0.00 (5,318.08)
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 2,543.65 0.00 0.00 0.00 500.00
0.00 0.00 1,080.00 0.00 0.00 0.00 33,800.00
(16,802.39)
48,840.00
2,348.29
3,600.00
0.00 (3,774.59) 17,500.00 0.00 0.00 0.00 0.00 0.00
0.00 5,100.00 (21,000.00) 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 20,451.36
0.00 0.00 0.00 0.00 0.00 263,470.00
$(92,439.19)
$3,392,355.55
7,444.35 0.00 (13,093.73) 0.00 (8,621.10)
147,761.88 0.00 138,048.78 0.00 39,026.28
0.00 (9,384.58) 0.00 0.00 (4,599.88) 0.00 (28,254.94)
0.00 9,336.00 0.00 0.00 0.00 0.00 334,172.94
3,825.62 3,588.92 24.85 (396.79) 0.00 0.00 (235.82) 0.00 (2,316.12) 0.00 (135.44) 250.00 1,576.04 1,084.97 0.00 7,266.23
12,000.00 13,200.00 1,200.00 2,040.00 0.00 0.00 1,080.00 0.00 1,380.00 0.00 300.00 300.00 6,150.00 7,800.00 0.00 45,450.00
(5,161.85)
36,900.00
3,500.20 9,250.94
9,576.00 24,440.78
18,185.00 25,774.29
26,195.00 97,111.78
4,660.64
7,852.50
(26,085.00) 6,309.00 (1,656.46) 0.00 (346.19) 3,255.06 250.00 (132.05) (13,745.00)
3,000.00 26,175.00 1,200.00 0.00 600.00 5,000.04 300.00 1,599.96 45,727.50
813.84 (403.86) 3,716.70
8,400.00 1,200.00 5,055.00
1,056.24 (270.00) 620.90 (125.00) 155.85 2,090.27 (417.49) (105.34) 1,497.27 0.00 (790.48) 0.00 0.00 0.00 7,838.90
1,800.00 0.00 5,400.00 0.00 1,920.00 5,850.00 900.00 300.00 2,000.00 0.00 10,395.00 0.00 0.00 0.00 43,220.00
4,074.85
30,000.00
(1,619.79)
6,120.00
(548.86) 0.00 0.00 0.00 0.00 (12,570.42) (10,664.22)
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
846.86 0.00 650.00 10,641.10
135,694.22 12,000.00 39,600.00 15,600.00
0.00 0.00 95.79 0.00 0.00 (572.67) (123.71) 0.00 0.00 2,573.70 0.00 0.00 14,111.07
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
6,030.55
40,080.00
0.00 9,246.25
0.00 30,780.00
(37,192.33)
107,580.00
23,429.92 (502.92)
(75,306.00) 23,500.00
0.00 3,336.20 0.00 (3,411.35) 560.52 0.00 1,496.84
0.00 (24,132.00) 0.00 9,387.78 6,258.52 0.00 118,148.30
0.00 0.00 0.00 (944.85)
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 (944.85)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(9,037.26) 0.00 (38,452.91)
331,398.00 0.00 60,876.00
(101.20) 0.00 (47,591.37) (44,713.05) (137,152.24)
598.56 0.00 392,872.56 1,327,709.14 2,064,646.41
0.00 0.00 (0.40) 0.00 (0.40)
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
1,700.00 1,335.00 (223.35) (724.38) 0.00 0.00 0.00 0.00 0.00 2,087.27
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
18,946.00
3,250.00 0.00 (4,045.61)
3,250.00 0.00 58,800.00
(627.02) 0.00 0.00 0.00 (8,817.89) 0.00 0.00 4,172.48
600.00 0.00 0.00 0.00 3,713.00 0.00 0.00 85,309.00
0.00 0.00 0.00 (130,892.89)
0.00 0.00 0.00 (344,682.67)
4,054.35 (126,838.54)
0.00 (344,682.67)
Courtney Downs Apartments October 07 LEASING & OCCUPANCY NUMBER OF MOVE INS: NUMBER OF MOVE OUTS: NET FOR THE MONTH:
23 25 -2
OCCUPIED/LEASED %:
94.74%/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:
$279,501.30 $282,866.94 -$3,365.64
TOTAL # GARAGES # GARAGES OCCUPIED GARAGES OCCUPIED %
120 116 97%
REASONS WHY PROSPECTS DID NOT LEASE: Traffic 0 0 0 0 19 0 22 4 9 0 5 0 0
Leased 0 0 0 0 7 0 12 1 2 0 0 0 0
59
22
* * * * * * * * * * * * * *
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 * Took brochures to Parker Adventist Hospital. * Took flyers and brochures to Comcast Human Resourses. * Took flyers to Sky Ridge 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 Nextel team. * 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 $710, two bedrooms at $830and three bedrooms starting at $1100. Look and leases are being locked in with one month off on a 12 to 13 month lease. Overall market is low 90's and average rental rate of .86. RESIDENT RETENTION: We had 28 leases expiring in the month of October. Eight are moving due to purchasing a home and/or condo, three are moving due to corporate lease is up, three are moving out of state, one is moving due to no access for dish. and 13 residents decided to renew. Overall we had 13 renewals with an average increase of $50 per renewal. INCIDENTS ON THE PROPERTY: N/A
0 4 0 7 0 3 2 2 9 0 0 0 6 4 37
MAINTENANCE:
MARKET READY UNITS COMPLETE PAINTS TOUCH UPS WORK ORDERS Pending Misc 0 Electrical 0 Punch 0 HVAC 0 Plumbing 0 Property Ext. 0 Appliances 0 Safety 0 Total 0 ROOF LEAKS
ROUTINE REPLACEMENTS:
Completed 52 18 21 16 18 0 18 10 153
PLUMBING LEAKS
Number of: 21 8 13 153 0 52 18 21 16 18 0 18 10 153 0 0
CAPITAL IMPROVEMENTS IN PROGRESS: N/A
PROBLEM AREAS NEEDING ATTENTION: N/A
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: Pool fence sanded and painted. Rock installed in the main signage areas. Improves curb appeal.
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 3 0 0 0 0 0 19 0 0
Apt. # 0
10108, 19202, 19102.
19102-3, 6111-3, 13202-1, 103041, 7109-2, 10111-2, 13308-1, 23041, 9208-2, 9102-2, 16101-1.
Courtney Downs RENTAL SCHEDULE
October 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
1 0 0 3 0 1 2 0 0 1 0 3 0
0 0 0 1 0 0 1 0 0 1 0 2 0
11 0 3 3 0 8 5 0 0 5 0 4 0
0 0 0 0 0 3 0 0 0 0 0 0 0
12 0 3 6 0 9 7 0 0 6 0 7 0
11
5
39
3
50
MARKET SURVEY Courtney Downs October-07 Apartment Name
Address Phone Location # of units Age of Property Application Fee Credit Card Pets Allowed Pet Deposit Sec. Deposit W/D included Covered Parking Garage Cable Tennis Courts # of pools Weight Room Jacuzzi Ceiling Fans Microwaves Mini Blinds FF Freezer Icemakers Fireplaces Access Gates Alarm in Unit Door to Door Aerobics/Kick Box Movie Room Computer Library Indoor Basketball Water Charge
Courtney Downs
Coyote Ranch
15849 E. Jamison Dr16363 E Freemont Ave 720-870-6114 303-693-8787 Englewood, Co Aurora, Co 342 507 5 5 $50.00 $35.00 yes yes yes yes 300 n/r 300-600 150 275-325 Yes yes no yes Detached yes Yes yes no no 1 1 yes yes yes 1 yes yes yes yes yes yes yes yes yes yes yes no no yes Prewired no no no no no no yes yes yes no no yes no
Windsor @ Meridian
Pinnacle @ the Creek
Dove Valley
9875 Jefferson Pkwy 303-256-7700 Englewood, Co 80112 653 7 $40.00 yes yes 150-300 300 Only In Select Units yes yes yes no 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
6107 S Parker Rd 303-766-2500 Centennial, Co 216 4 $35.00 no yes $100 $300 Only Select Units yes yes yes no 1 yes 1 yes yes yes yes yes yes no yes no no yes yes no yes
7550 S Blackhawk 303-362-2000 Englewood, Co 80112 312 6 $40.00 yes yes 300-500 $100.00 no no yes yes yes 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
Cherrywood Village
16950 E Carlson Dr 303-805-7200 Parker, Co 80134 360 6 $35.00 no yes $400-500 $200-300 yes no yes yes yes 2 yes 2 yes yes yes yes yes yes yes no no no yes yes no yes
Reserve @ South Creek
15611 E Jamison Dr 303-680-6696 Englewood, Co 80112 168 6 $40.00 yes yes 300 100 no no yes yes yes 1 yes 1 yes yes yes yes yes yes yes yes no no yes yes no yes
MARKET SURVEY Courtney Downs October-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
96.78%
0
0% 0.95
96%
98%
0.94 11
0.92 1114 507
9
Special: look and lease special $150 security deposit waived and $250 to $500 off first months rent only on Special: Reduced pricing Rates steepelchases and arlingtons. for all floor plans. reflect these rates: specials:
Ren: $75 to $100 increase.
Ren.: 15% increase on all renewals.
994 653
Will not give out any information.
Ren: Info not avail per corporate
1100
1230
92%
94.30%
0.89
690 708
707 796 916
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
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
95.0%
17
Cherrywood Village SIZE PSF
1040
970
97%
0.95 808 216
PRICE
0.94 0.87
92.0%
94%
0.84 883 312
19
90.3%
24
0
Special:waive security deposit, as well as first month rent free.
Special: $150.00 gift card and $99.00 deposit Special: $350.00 look and special. lease special.
Ren:Per corporate
Ren: $60 to $85 increas for 12 month lease
0.71 1.10
92%
0.96 1131 360
0.96 995 168
7
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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