November 2011 Financial Analysis Summary Package December 31, 2011

Contents of Financial Analysis Package
A. Overview of Operations  Financial Overview  Marketing Report  Occupancy Overview  Entrance Fee Analysis  Debt Redemption Analysis  Cumulative Operating Cash Covenant Requirement  Cumulative Operating Cash Covenant Calculation  Operating Ratio  Operating Reserve Fund Analysis  Schedule of Occupancy Targets  Schedule of Marketing Targets  Summary Statement of Financial Position  Statement of Cash Flows  FTE Schedule B. Summary Income Statement and Analysis C. Detailed Balance Sheet

A

660) 1.184 (1.000) related to higher electricty usage than budgeted.The Amsterdam at Harborside Financial Overview of Operations For the Eleven Months Ending November 30.775 (12.077) (12.742 (774.577. Long-Term Debt Expenses: Long Term Debt Expense had an unfavorable variance of ($6. Enriched Housing of $30.096.896.858) (210.956.583 (1.441 (6. there were unfavorable variances in IL Monthly Service Fees.978. workers compensation and management company travel expenses.593) 1.603 61.804) (9.000) related to electrical R&M.052 (1.003 (684.000 related to lower staffing and raw food costs.027) 186. 4 4 . plumbing R&M and contract services. See further explanation in Section B. Operating Expenses had a favorable variance of $138.000 due to lower census and Insurance of $8.538.190) 3.270 (7.000) due to higher than budgeted LOC and remarketing fees.169) 396.000 due to lower staffing resulting from slower fill. Enriched Housing Monthly Service Fees.484. Investment Income: Investment Income had a favorable variance of $5. as well as Building Maintenance of ($11. Ancillary & Therapy Expenses of $70.041.636) Variance (5.362.221 10.000 related to lower employee benefits.000) unfavorable variance from budget in November.098 1.040 147.685) 100 (1.807 (674. Additionally. Housekeeping of $17.453) (995.190) 3.399 (5. Net Operating Loss has a ($775.245) (23.191.735 (12.090.000 related to lower premiums than budgeted.525.367.956) (763.245.237) 692.903.171) (1.580) 3.729) 100 (774.173.866 (4.000) due to alarm and fire safety and security contract services and Utilities of ($11.469 1.186 (5.081) (16.965) 727. HVAC R&M.629.800 (17.660) (1.628) 5.000) due to higher marketing costs to spur move-ins in all levels of care.000 due to lower staffing.000 due to lower wage rates and lower staffing. 2011 UNAUDITED November Budget 1.022) Year-To-Date Budget 10. Second Person Fees and Lifecare Credits. Dining Services of $38.137) Variance (912.231) General Overview: Overall.113) (2. These positive variances were partially offset by negative variances in Marketing of ($8.025) 66.070.266) (16.021. Grounds Maintenance Services of ($19. Emergency System Services of ($9.865 266.123 (508.115) Actual 5.515.979) (7.459.166.815 11.710.000) due to snow removal services and contract services.212.997 (16.651.454. Skilled Nursing of $22.370) 137.800 (4.682.081) (1.405) Total Operating Revenues Total Operating Expenses Net Operating Income (Loss) Investment Income Long-Term Debt Expenses Pre-Opening Expenses Gain/Loss on Disposed Fixed Assets Net Income (Loss) Before Non-Cash Items Non-Cash Items: Unrealized Gain/(Loss) on Swap Earned Resident Entrance Fees Unrealized Gain/(Loss) on Investments Depreciation/Amortization Net Income (Loss) After Non-Cash Items Actual 665.000) primarily due to lower Skilled Nursing Room & Board Per Diems resulting from lower average occupancy.403. SN Ancillary & Therapy Revenue.081. payroll taxes.310.000 in November primarily due to positive variances in Administrative Services of $9.036.000 due to higher than budgeted interest income on the Debt Service Reserve Fund C partially offset by lower than budgeted interest income on the Operating Reserve and Entrance Fee Fund.727) 35. Operating Revenues had an unfavorable variance of ($912.

1 (3.0 1.8 7 0.0 1.0 151.3 145.4 4.5 0.2 4.5 0.9 3.5 44.0 6.5 17.9) Second Person Transfers To: Enriched Housing Memory Support Skilled Nursing Total Total Residents Transferred 3.8 2.0 72.7 4.0 21.0 13.0 Occupancy Activity for the month: Beginning Occupied Units Occupancy Independent Living Assisted Living Memory Support Skilled Nursing Total Occupied Units 109 10 5 18 142 Current Month Move-ins 4 3 15 22 Current Month Move-Outs & Transfers (2) (1) (12) (15) Ending Occupied Units 111 12 5 21 149 Available Units 229 26 18 56 329 % Occupancy 48% 46% 28% 38% \ 45% Lifecare Transfers: Avg Permanent Lifecare Avg Temporary Transfers Lifecare Transfers First Person Transfers To: Enriched Housing Memory Support Skilled Nursing Total Budgeted (Over)/Under Lifecare Budget Transfers Variance 3.2) (11.7) (2.0 0.8) Secondary Resident Occupancy: Independent Living Enriched Housing Total Total Residents 37.0) (23.9) Average Skilled Nursing Census by Payor Type: Private Pay Private Pay-IL Permanent Transfer Private Pay-IL Temporary Transfer Medicare Part A Medicaid (pending) Total Actual 2.2 0.5 0.5 0.1) (15.1 186.2 (2.4 7.5 (5.1 3.2 (30.3 1.3 0.2 41.8 16.1) 2.0 2.9 1.7 0.8 (40.8) (7.9) (12.4) (1.The Amsterdam at Harborside Occupancy Overview November 2011 UNAUDITED Average Occupancy: Average Actual Occupancy Primary Resident Occupancy: Independent Living Enriched Housing Memory Support Skilled Nursing Total Average Budgeted Occupancy Unit Variance 110.7) (87.1 9.0 9.8 20.0 71.0 232.4) (7.0 1.3 Budget 20.1) 5 .6 5.3 0.5 0.0 (33.0 20.0 5.9 0.6 2.2) 0.4 6.0 44.

Reservations FYE 2010 and FYE 2011 Aug g 192 0 (2) (7) 183 Sep 183 0 (18) (7) 158 Oct 158 2 (14) (11) 135 Nov v 135 1 (14) (4) 118 Dec 118 3 (18) (3) 100 Jan 100 1 (16) (3) 82 Feb 82 2 (6) 0 78 Mar 78 6 (4) (5) 75 Apr 75 7 (5) (6) 71 May y 71 4 (1) (2) 72 Jun 72 4 (7) (1) 68 Jul 68 1 (3) (3) 63 Aug g 63 4 (8) (1) 58 Sep 58 1 (2) (1) 56 Oct 56 2 0 (5) 53 Nov v 53 4 (4) (6) 47 Dec 47 5 (8) (3) 41 Beginning Reservations New Reservations Move-Ins Cancellations Ending Reservations Independent Living . Required Variance from Budget Aug 75 0 Sep 86 18 Oct 96 35 Nov 106 51 Dec 115 66 Jan 124 76 Feb 133 83 Mar 141 90 Apr 149 98 May 157 106 Jun 164 115 Jul 171 124 Aug 178 132 Sep 184 140 Oct 190 147 Nov 196 154 Dec 202 160 0 2 0 0 0 2 1% 2 - 2 18 0 0 0 20 9% 2 20 20 14 0 0 0 34 15% (1) - 34 14 0 0 0 48 21% (3) - 48 18 0 0 0 66 29% 25 41 39 27 66 16 (1) (1) 0 80 35% 4 - 80 6 0 0 (1) 85 37% 2 - 85 4 (1) 0 0 88 38% (2) 57 31 69 19 (2) 88 5 (1) 0 0 92 40% (6) (6) 92 1 0 0 (1) 92 40% (14) (14) 92 7 (1) 0 0 98 43% (17) 115 (17) 95 3 (17) 98 3 0 0 0 101 44% (23) (23) 101 8 0 0 0 109 48% (23) (23) 109 2 0 0 0 111 48% (29) 149 (38) 120 (9) (29) 111 0 (1) 0 (1) 109 48% (38) (38) 109 4 0 (1) (1) 111 48% (43) (43) 111 8 0 0 0 119 52% (41) 172 (53) 140 (139) (41) Independent Living .Entrance Fees and 10% Deposit Reservations FYE 2010 and FYE 2011 End of Month Reservations Occupancy Total Occupied and Reserved 1st Person Healthcare Transfers Total Reservations & Entrance Fees Bond Covenant Required Reserved Units (QTR) Variance Actual vs. 2011 Aug 183 2 185 0 185 Sep 158 20 178 0 178 175 3 Oct 135 34 169 0 169 Nov 118 48 166 0 166 Dec 100 66 166 0 166 166 (0) Jan 82 80 162 2 164 Feb 78 85 163 2 165 Mar 75 88 163 3 166 164 (1) Apr 71 92 163 4 167 May 72 92 164 4 168 Jun 68 98 166 5 171 166 0 Jul 63 101 164 5 169 Aug 58 109 167 5 172 Sep 56 111 167 5 172 169 (2) Oct 53 109 162 6 168 Nov 47 111 158 6 164 Dec 41 119 160 6 166 186 (26) 5 6 . Required Bank Covenant Minimum Occupancy Rqmt (QTR) Variance Actual vs. Required Note: As of December 31.The Amsterdam at Harborside Sales and Occupancy Rollforward Independent Living .Occupancy FYE 2010 and FYE 2011 End of Month IL Occupancy Feasibility (3/10 assumed opening) Budget Actual IL Occupancy Rollforward Beg Occupancy Move-Ins AL Transfers SN Transfers Move Outs Ending Occupancy % Occupied Variance to Budget Bond Covenant Minimum Occupancy Rqmt (QTR) Variance Actual vs.

Medicaid Actual .Medicaid SNF Move-Ins SNF Move-Outs Net SNF Occupancy .EH Memory Support Actual .Non-Memory Support Budgeted .Private Pay Lifecare Actual . 2011 6 7 .Tuttle Center Amsterdam at Harborside Sales / Occupancy / Move-ins The Amsterdam at Harborside FYE 2011 Enriched Housing Occupancy (end of month) Budgeted .Medicare SNF Move-Ins SNF Move-Outs Net SNF Occupancy .Medicare Actual .Private Pay SNF Move-Ins SNF Move-Outs Net SNF Occupancy .Memory Support Budget .Private Pay Actual .Total Variance to Budget % Occupied 5 3 3 (2) 5% 11 6 6 (5) 11% 17 3 3 6 (11) 11% 23 4 3 7 (16) 13% 29 3 4 7 (22) 13% 35 4 6 10 (25) 18% 37 6 6 12 (25) 21% 39 7 5 12 (27) 21% 41 3 8 5 16 (25) 29% 43 2 9 7 18 (25) 32% 45 4 10 6 1 21 (24) 38% 47 3 9 4 5 21 (26) 38% Jan 3 1 4 4 1 5 1 11% Feb 5 2 7 3 1 4 (3) 9% Mar 7 3 10 5 1 6 (4) 14% Apr 9 4 13 7 1 8 (5) 18% May 11 6 17 6 1 7 (10) 16% Jun 13 8 21 9 2 11 (10) 25% Jul 15 10 25 9 2 11 (14) 25% Aug 17 12 29 8 2 10 (19) 23% Sep 19 14 33 9 3 12 (21) 27% Oct 21 16 37 10 5 15 (22) 34% Nov 23 17 39 12 5 17 (22) 39% Dec 25 17 42 13 5 18 (24) 41% The Amsterdam at Harborside FYE 2011 Jan 4 4 1 1 5 4 (1) 3 3 Feb 4 (1) 3 1 1 4 3 3 6 6 Mar 3 2 5 1 1 6 6 (3) 3 4 (1) 3 6 Apr p 5 2 7 1 1 8 3 1 4 3 2 (2) 3 7 May y 7 (1) 6 1 1 7 4 (1) 3 3 4 (3) 4 7 Jun 6 3 9 1 1 2 11 3 1 4 4 5 (3) 6 10 Jul 9 1 (1) 9 2 2 11 4 2 6 6 6 (6) 6 12 Aug g 9 (1) 8 2 2 10 6 1 7 6 4 (5) 5 12 Sep P 8 2 (1) 9 2 1 3 12 7 4 11 5 4 (4) 5 16 Oct t 9 4 (3) 10 3 2 5 15 11 3 (3) 11 5 9 (7) 7 18 Nov 10 3 (1) 12 5 5 17 11 5 (2) 14 7 9 (10) 6 2 (1) 1 21 Dec 12 2 (1) 13 5 5 18 14 4 (6) 12 6 5 (7) 4 1 4 5 21 Beginning Occupancy EH Move-Ins EH Move-Outs Net AL Occupancy P Y Beginning Occupancy EH MS Move-Ins EH MS Move-Outs Net AL MS Occupancy Total AL Occupancy P Y Beginning Occupancy .EH Non-Memory Support Actual .Total Actual .Total Variance to Budget % Occupied SNF Occupancy (end of month) Budgeted Actual .Private Pay Beginning Occupancy .Medicare Beginning Occupany .Medicaid Net SNF/Medicare Occupancy P Y Note: As of December 31.

995 (1.020 148.900.300 4 755.000 6.300.421.817 (1.632.295 Approx.305 17.526.336 0 2.000 39.325 From Inception 89.Series C Bond Paydown .474.480.305 599.474.000 24.550.750 172.421.335.Series D Funding of Operating Reserve Amount in Entrance Fee Fund Transfer of Debt Service Reserve Acccounts Reoccupancy Entrance Fees Paid to Operations Pending Transfer to Operations Less: Refunds paid by operations Transfer to Interest Fund of Interest Earnings Interest Income from Entrance Fee Account (net of Inv Mgt Fees) Pending Transfer of Entrance Fee Deposits from Move-ins 10% Deposits and Partial Payments from Move-ins to be Transferred Other Total Collected 937.089.995 (495.835.000 (1) 1.385 599.380 120 740.650.306 1 89.487) 1.950 (0) 1.385 8 8 .000) 2.The Amsterdam at Harborside Entrance Fee Analysis As of November 30.239. 2011 UNAUDITED Current Month Entrance Fees Collected from Move-ins Entrance Fees Due from Move-ins Entrance Fee Refunds Paid (does not include pending refunds) Total Net Entrance Fees Total Net Move-ins (includes transfers and pending refunds) Average Entrance Fee per Move-In 2.000) 88. Uses of Entrance Fees Collected: Bond Paydown .

885 4.700 (239.455 3.000 74.488 - 239.065 5.100.000 8.000 104.168.000 7.385. Rate Bonds Series 2007B .100.834.000 8.050.839.050.650 2.828.000) 92.500.694.565. The redemption date is the first Wednesday of the first week of January.000 101.772 (27.000) 77.500.630.533 1.765.370 24.450.620.000 8.378 (1.484 12.607.000 126.258 2.786 (463.000 128.258.012) (78.500.045 - 821.226 1.300) - 893.000 93.598.000 4.950.459.570 14.569.484 1.632.000 104.484 4.870) - 712.913.500.857 (1.929 1.500.000 8.089.500.300.929 2.865 (7.500.000) 85.Adjustable Rate Total Actual/Estimated Short Term Debt Outstanding Budgeted Short Term Debt Outstanding 11.500.000 126.885.838 (6.175.571.000) - 609.000 86.000 79.000) (504.620 90.000 28.120.075 2.886.000 91.966 1.120.000 128.302.910 (55.000 8.512) - 687.000 126.194 (1) Based on the funds available to retire debt 47 days prior to the redemption date.325.000) - 944.696 70.325 1.900.907.089.568.000 8.000 101.650.094 11.000 74.650.490.270.630.000.000) 77.385.000 95.500.000 8.302.226 (42.000 91.990.812 (765.325.772 92.976.000) (599.385.The Amsterdam at Harborside Short Term Debt Retirement Projection UNAUDITED Actual Jan-11 Beginning Census Move-Ins Move-Outs/Perm Transfers Ending Census 66 16 (2) 80 Actual Feb-11 80 6 (1) 85 Actual Mar-11 85 4 (1) 88 Actual Apr-11 88 5 (1) 92 Actual May-11 92 1 (1) 92 Actual Jun-11 92 7 (1) 98 Actual Jul-11 98 3 101 Actual Aug-11 101 8 109 Actual Sep-11 109 2 111 Actual Oct-11 111 (2) 109 Actual Nov-11 109 4 (2) 111 From Opening 122 (11) 111 Estimated Dec-11 111 8 119 Forecasted Jan-12 119 1 120 Forecasted Feb-12 120 2 122 Forecasted Mar-12 122 3 125 Avg per Move-In Entrance Fees from Move-ins Adjustment: (Increase) in Entrance Fee from Move-Ins Not Transferred Interest Earned on Entrance Fee Fund Transfer (to) from Operating Reserve (Increase) in Entrance Fees Receivable Reoccupancy Entrance Fees Pending Transfer/Paid to Ops Debt Service Reserve Fund .215 85.857.748 5.630.325.325 3.472 24.000) - 944.487 604.000 58.650 13.490.000.865 85.857 5.243.274.067 (7.648 (1.021.499 10.000 8.Taxable Var.000 93.195 (1.950.380.889.500. Rate Bonds Series 2007C .D Series 663.170.120.620.365.950 6.815 77.000.000.421.302.929 944.000) 70.500.500.488) - 584.Var.500.342.074. 9 9 .700 239. July and October.422 92.000 95.371.645 5.416.456 6.000 (379.000 8.000 91.355) (599.194 937.226 889.000 687.600 1.654.300 (1.102 27.723. April.055) (39.900.615.950.383.053.194 49.900.000 101.500.000 86.000 458.000 8.700) - 755.000 74.804.482 70.786 6.450.815 4.465.885.000) (1.012.490.258 3.984 1.000 128.620.598.071) 4.500.450 6.000 95.000 86.445.000 58.472 24.487 680.846.000 8.512 - 710.000 104.000) - Approx.000 58.500.000 8.368.512 78.545) (1.065 4.723.985 1.804.650 9.158.500.055 (2.000) 1.913.488 765.780.000 79.000 93.990.990.300 (559.829.553.000 8.913.995) - 750.995) (1.483.450.000 79.804.015.148 9.000 100.258 1.100. of month (1) Series 2007D .000 8.065 3.598.885.929 (1.199 489. Funds Available to Retire Debt Approx Cumulative Funds Available to Retire Debt at month-end Debt retired/estimated to be Retired at beg.945) - 944.300 6.408 4.000 8.500.

000) 245 11.300. 13 10 .000 (3.000 of entrance fee proceeds were transferred to the Operating Reserve Fund as of 12/31/10.000 was transferred from the Operating Reserve to the Entrance Fee Redemption account in January 2011.000) 0 (3.000) (28.051.303. $3. 2011 UNAUDITED Current Month Operating Reserve Funding (1) Activity in Operating Reserve Fund: Monthly Operating Draws Interest Income-Transferred to Operations Interest Income & Premium/Discount Amortization Realized Gain/Loss Unrealized Gain/Loss Operating Reserve Balance - From Inception 39.350.350.245 (1) $39.249.The Amsterdam at Harborside Operating Reserve Fund Activity As of November 30.

2012 July 31.337) May 31.864) October 31.531.592) September 30. 2012 September 30. 2014 June 30.000) (24.090 (1.000) (4.249) July 31.910) October 31.720.963.000) (30.290. 2012 February 29. 2013 September 30. a Consultant's report was distributed on June 28. approximately one month of interest was funded.920.648) (4. 2013 October 31.249) (6.231) November 30. ** As a result of the third miss of the Cumulative Cash Operating Loss Covenant. 2013 November 30.000) (23. 2013 January 31.486.775) (5. 2011 UNAUDITED Actual Cumulative Date Operating Loss September 30.000) (27. 2013 July 31.775) April 30. 2011 (25. 2011 ** (17. 2010 (952.530.300.561.330. 2014 February 28.582) August 31. 2011 (18. 2014 May 31. 2011 ^^ (12.000) (15. 2012 August 31.136. 2011 (15. 2013 February 28.830.269. Note: Covenant Maximum Loss assumed six months of funded interest for Operations. 2011 (14. 2012 May 31.793. 2011 (8.000) Variance 967.648) January 31.610.490) November 30. 2014 March 31. 2011 (9.LOC Bank Covenant November 30.283. 2012 June 30.000) (18.300. 2012 April 30. 2010 (2.852) December 31. However.255) March 31.676.000) (20. 2013 March 31. 2013 December 31. 2012 March 31.000) (28. 2011 (22.000) (11.300. 2013 May 31.000) (21. 2011. due to a later opening. 2011 January 31. 2010 (4. 2012 January 31. ^^ As a result of the second miss of the Cumulative Cash Operating Loss Covenant.000) (26.The Amsterdam at Harborside Cumulative Operating Cash Covenant . 2012 October 31. 2012 November 30. 2013 June 30. an Event of Default was triggered under the LOC Agreement. 2013 August 31.360) December 31.420.848. 2010 (6.668) February 28.930.540. 2014 and thereafter Covenant Maximum Loss (1) (1. Amsterdam and Greystone are currently working with Letter of Credit banks to reset the covenants.650.962.880. 2014 April 30. 2013 April 30.864) - (1) As required under the Letter of Credit and Reimbursement Agreement.071.568.601. 2012 December 31. 2011 (23. 2011 (20.000) (29. 10 11 .941.320.000) (25.000) (7.869) June 30.221.540.939.

360) (18.137) (186.708 (25.074) (5.000) (1.586.962.086 1.403.113 (2.139) (1. 2011 Covenant Limit Cumulative Cash Variance (25.270) (1.708 (6.275 938.331 1.690) - 1.245) (1.036.080.744) .245 (285) (19.323) (33.676.712) 2.000 7.804) (5.699.139) (550. f Year-to-Date FYE 2011 (23.089.352.003) (47.143.360) 1.560 938.143.LOC Bank Covenant November 30.936) (1.525.000) (7.239.610.648) Total Cumulative Operating Cash December 31.393.765.636) Total Net Income / (Loss) After Non-Cash Items Less: Earned Entrance Fee Revenue Interest Income Funding Development Capex and Deferred Development Fees Cap Mktg Costs paid by ops Entrance Fee Refunds Paid/Pending Refunds Due Add Back: Turnover Entrance Fees Unrealized (Gain)/Loss Depreciation/Amortization Funded Pre-Opening Expenses Funded Bond Interest Expense N Cash Used Net FYE 2010 (10.239. 2011 UNAUDITED Cumulative Operating Loss Covenant (LOC Bank Covenant): Testing begins the first fiscal quarter ending after the earliest date a resident has taken physical possession of one of the living units if such date is more than 30 days prior to the end of such fiscal quarter or the first full fiscal quarter ending after the Initial Occupancy Date if such Initial Occupancy Date is less than 30 days prior to the end of a fiscal quarter.The Amsterdam at Harborside Cumulative Operating Cash Covenant .362.962.717) (495.000) (191.224.036.568.959) (1.000) 684.089.360) Nov-11 Net Income / (Loss) After Non-Cash Items Less: Earned Entrance Fee Revenue Interest Income Funding Development Capex and Deferred Development Fees Cap Mktg Costs paid by ops Entrance Fee Refunds Paid/Pending Refunds Due Add Back: Turnover Entrance Fees Unrealized (Gain)/Loss Depreciation/Amortization Funded Pre-Opening Expenses Funded Bond Interest Expense Net Cash Used 11 12 (2.521) (844.484.045) (240.084.566) (1.000 10.

583 731. Note 2: Quarter ending June 30. 2011 represents the first miss of the Operating Ratio and as a result. an internal report of management will be distributed.393.93 (0.62 0. 12 13 .31) (1) As required under the Installment Sale Agreement Note: First testing period was December 31. Operating Ratio Calculation Operating Revenue Investment Income Total Revenue and Investment Income (a) Operating Expenses before Debt Service (b) Operating Ratio (a/b) Actual 665. Note 3: Quarter ending September 30.Bondholder Covenant November 30.123 0.098 66. 2011 UNAUDITED Operating Ratio (Bondholder Covenant): Testing begins with the first full fiscal quarter following the Completion Date and ending at Stabilization.358. The Amsterdam has engaged a consultant to prepare a third party consultant's report.681 2. 2011 represents the second miss of the Operating Ratio and as a result.491.514 133.The Amsterdam at Harborside Operating Ratio .446 4th Qtr 2011 Required (1) Variance - - 0.173.682 1.167 1. 2010.62 Nov-11 Required (1) Variance Actual 1.

2013 September 30. 2011 December 31. but requires minimum of 0%. 2011 February 28. 2011 September 30. 2011 April 30. 2011 June 30. 2013 June 30. the IL Occupancy Covenant is tested beginning September 30. 2012 March 31.Bond Covenant Beginning the the first full calendar quarter following the issuance of the Certificate of Occupancy for the Independent Living Units. 2013 June 30. 2013 and thereafter Variance 20 27 19 3 (9) (21) Variance 20 32 28 15 7 (4) Note: LOC Bank Covenants are currently being renegotiated and amended as of September 30. 2013 December 31. 2011 June 30. 2011 May 31. 2011 May 31. IL Occupancy Covenant Minimum 25 57 115 149 172 182 193 198 203 206 206 206 206 September 30.The Amsterdam at Harborside Independent Living Occupancy Covenant Minimum November 30. (3) Second miss requires a third party consultant's report. Actual IL Occupied Units 20 34 48 66 80 85 88 92 92 98 101 109 111 109 111 119 Required IL Level I Event 0 39 69 95 120 140 158 174 185 192 199 206 Required IL Level II Event 0 34 60 83 104 123 139 153 163 169 175 180 September 30. 2010 January 31. 2010 December 31. 2010 November 30. 2012 September 30. 2011 December 31. 2010 November 30. 2011 March 31. 2010 December 31. 2010 October 31. 2011 September 30. 2011 March 31. Independent Living Occupancy Covenant . 2010 (1) January 31. 2012 December 31. 2012 March 31. 2012 June 30. 2011 March 31. 2011 April 30. 2011 March 31. 2013 and thereafter Actual IL Occupied Units 20 34 48 66 80 85 88 92 92 98 101 109 111 109 111 119 Variance 41 31 (17) (38) (53) (1) First testing period is quarter ending December 31. 2011 (3) October 31. 2011 October 31. 2011 July 31. 2011. 2012 December 31. 2011. 2011 Independent Living Occupancy Covenant . 2011 February 28. 2011 November 30. 2012 September 30. 2010 October 31. 2011 (2) July 31.LOC Bank Covenant For the LOC Bank Covenant. 2012 June 30. 2011 August 31. 14 14 . 2011 November 30. 2011 August 31. 2010. 2010 (Installment Sale Agreement) (2) First miss requires an internal management report that was distributed on August 8.

2011 March 31. 2010 October 31. 2010 (Installment Sale Agreement). 2013 December 31. 2013 September 30. 2011 (3) July 31. (4) The fourth miss requires a third party consultant's report. 2011 February 28. The first miss required a management report that was distributed on 2/2/11. 2011 (2) April 30. 2011 May 31. 2011. 2011 (4) October 31. 2013 and thereafter Actual EH Occupied Units 0 0 0 0 5 5 6 8 7 11 11 10 12 15 17 18 Variance (4) (1) (2) (6) (6) Actual SN Occupied Units 0 0 0 0 3 6 6 7 7 10 12 12 16 18 21 21 Variance (4) (2) (5) (8) (11) (1) First testing period is quarter ending December 31. 2011 June 30. 2012 September 30.The Amsterdam at Harborside Enriched Housing and Skilled Nursing Covenant Minimum November 30. 15 15 . 2010 November 30. (2) The second miss requires a Consultant's report which was distributed on June 28. Note: Enriched Housing and Skilled Nursing were not licensed until January 2011. (3) The third miss requires an internal management report that was distributed on August 8. 2011 December 31. 2011 August 31. 2010 (1) January 31. 2011 November 30. 2011 September 30. 2011 Enriched Housing and Skilled Nursing Occupancy Covenant . 2013 June 30. 2010 December 31. 2011 March 31. 2012 December 31. 2012 June 30. 2012 March 31.Bond Covenant Beginning the the first full calendar quarter following the issuance of the Certificate of Occupancy for the Residential Units EH Occupancy Covenant Minimum 4 7 13 18 24 28 33 34 36 38 39 40 40 SN Occupancy Covenant Minimum 4 8 15 24 32 37 42 45 48 50 52 52 52 September 30. 2011.

(3) The Amsterdam is in negotiations with the LOC Banks to revise the LOC Bank Covenants beginning September 30. 2011 March 31. 2012 December 31. 2011 UNAUDITED Marketing Covenant Requirement: Commencing with the fiscal quarter ending March 31. (2) The third miss of the LOC Bank Covenant requires and internal management report that was distributed on August 8. 2011 September 30. 2013 Actual Units Reserved and Occupied 185 178 169 166 166 162 163 163 163 164 166 164 167 167 162 158 160 Marketing Target 175 11 - Marketing Target** 166 164 166 169 186 191 196 202 207 211 Variance 3 0 (1) 0 (2) (26) Level 1 Marketing Target 175 178 182 186 191 196 202 207 211 - Variance 3 (12) (19) (20) (24) (36) Level 2 Marketing Target 162 165 170 175 180 185 188 191 195 - Variance 16 1 (7) (9) (13) (25) ** Due to completion more than 90 days after scheduled completion date (March 1. 2012 November 30. 2012 October 31. 2011. the Marketing Targets shall be revised. 2011 (3) October 31. 2010 January 31.The Amsterdam at Harborside Marketing Covenant Minimum As of November 30. 2008 and ending with the quarter in which 92% the Residential Units are occupied. 2010). 2012 January 31. If substantial completion occurs more than 90 days after the scheduled completion date (March 1. 2013 February 28. 2011 (1) April 30. 2010). 16 16 . 2012 April 30. 2011 May 31. 2010 November 30. the marketing requirements are set forth below. 2010 October 31. 2012 May 31. 2011. 2011 June 30. 2010 December 31. commencing with the first full quarter following such substantial completion date. 2010. 2012 March 31. 2011. (1) The second miss of the LOC Bank Covenants requires a Consultant's report which was distributed on June 28. 2011 (2) July 31. 2011 August 31. the Marketing Targets are revised beginning with the quarter ending December 31. 2011 December 31. 2010 September 30. 2012 September 30. 2011 February 28. 2011 November 30. Bond Covenants LOC Bank Covenants August 31. 2012 July 31. 2013 March 31. 2012 February 29. 2012 August 31. 2012 June 30. 2011 January 31.

852) 27.306 3.000.429.189 4.803.817.765 3.449.646 517.036.731 805.010) 27.040.926.058 Variance 878.340.297 1.605.786.775.242.540 5.187) (519.001 4.240.024 (2.636) (34.230.458 8.861.366) 2.000.The Amsterdam at Harborside Statement of Financial Position As of November 30.883.450 (7.356) (679.412.023 3.560) 17 17 .214) (45.439 4.305 20.531 (1.403.576) 1.631) 45.466 295.577 EQUITY Fund Balance (Deficit) Net Income (Loss) TOTAL EQUITY y TOTAL LIABILITIES & EQUITY (11.752 3.052 2.412.750.666 639.309) (1.304.250 963.780.591.722.423.728 280.774.000 253.351 250.124 16.142.388) 324.942 325.058 (2.322) 46.040.473.761.158) (163.720 25.176 2.448.129.137) (2.022 784.186 3.450 (7.446 (3.809 4.009 3.498 (11.132 934.242. 2011 UNAUDITED Current Month ASSETS Cash and Cash Equivalents Conversion Deposits Net A/R Residents Other Receivables Inventory Deposits Prepaid Expenses Total Current Assets CIP Fixed Assets Accumulated Depreciation Intangible Assets Accumulated Amortization Restricted Assets TOTAL ASSETS 909.967 324.612 (1.467 399.519) (1.854.942.149 906.150.819.449 323.560) LIABILITIES Accounts Payable Resident Current Liabilities Payroll Related Current Liabilities Accrued Operating Expenses Accrued Bond Interest Expense Total Current Liabilities Entrance Fee Liability Subordinated Loan Long Term Debt TOTAL LIABILITIES 397.287.747 374.499) (32.816.655 14.539.942.192 3.159.286.957 358.518.000 253.137) (1.889) (23.367.518.824.127 121.113 16.889) (21.423.282 6.542 4.011.877.126 84.024 (2.311 357.498 Prior Month 30.036.760 87.525) 323.079.164 250.

187 643.015) 2.694.391 2.932 (42.685.The Amsterdam at Harborside Consolidated Statement of Cash Flows For the Eleven Months Ending November 30.727 29.204 (679.997.741.403.646 (186.396 18.731 30.512.068) (1.015.484.029) (3.555 909.872) (5.270) (150.631.578 (3.218.896) (3.047.522.214) (4.861.000) (2.356) 1.248) (233.000) 5. 2011 UNAUDITED Current Month Cash flows from Operating Activities Increase (decrease) in net assets Adjustments to reconcile change in net assets to cash provided by operating activities: Depreciation Amortization Amortization OID Amortization of Entrance Fees Turnover entrance Fees Received (net) Changes in operating assets & liabilities: (Increase) decrease in: Accounts receivable Other receivables Other current assets Increase (Decrease) in: Accounts payable Accrued liabilities Pending Entrance Fee Refunds Resident liabilities Net Cash Provided by Operating Activities Cash Flows from Investing Activities Purchase of property & equipment (Increase) decrease in assets limited to use Net Cash Used by Investing Activities Cash Flows from Financing Activities Deferred financing costs Initial Entrance Fee Received Principal payments on debt Net Cash Provided by Financing Activities Change in Cash Cash & Equivalents at Beginning of Period Cash & Equivalents at the end of the Period 2.305 2.421.710.504.305 878.152) (868.158 163.380.309 1.137) (23.666) (39.155.197) (28.921) 68.694 (81.743 1.540.809 909.732) 18 18 .142.000) (3.636) Year-To-Date (121.942) 32.796.696) (27.106 (1.540 1.036.785 519.421.540 38.003) (495.

1 (1.5 *Security is contracted out and included in Operating Expenses.0 6.5 17.8 4.1 6.3 21.0) 16.1) (0.9 39.7 6.0 6.4 Variance (0.8 120.0 28. 19 19 .6 13.5 12.8 (2.1 153.5 1.5 5.5 0.5 4.1 0.0 44.0 2.3) 8. 2011 Actual FTEs Administration Lifestyles Assisted Living Building Maintenance Dining Services Security* Grounds Housekeeping Marketing Skilled Nursing Transportation Total 5.0 44.3 33.9) 5.The Amsterdam at Harborside FTE Schedule As of November 30.0 Budgeted FTEs 5.7 5.

B 22 20 .

098 Variance (193.185 61.078) (274.269 1.796 38.134) (2.388.800.003 (684.386 (136.573) 941.866) 38.110) (2.310.344.210 48.195 26.070.865 266.231) 23 21 .492) (459.588 223.858) 186.369 7.965) 1.776 (3.956) (763.435) 22.139 63.348 250.728 344 138.438 (8.229) (V) (W) (X) (Y) 1.861 (J) (K) (L) (M) (N) (O) (P) (Q) (R) (S) (T) (U) 2.190) 3.775 1.742 (774.576.446) (1.800 (4.077) (12.651.259 78.299 5.369) (3.161 (1.007.929 10.316.027.The Amsterdam at Harborside Actual vs.524 697.036.515.899 55.052 (1.334 (110.459.763 (8.081.270 538.379 226.343.897.594.266) (3.115) 1.800 (17.450) 234.257) (995.553 109.764 336.208) 201.583 (441.908 417.707.849 191.219 21.190) 3.493 (202.405) 1 (1.113) (498.735 (388.501 14.040.484.506) (32.979) (2.580) (29.997 (16.362.506 (294.904 214.745 (1.206 1.666 665.122 23.494.169) (11.978.040 (4.128) (56.201) 132.090.860 8.264 10.340 31.656 12.162) (1.903.189 182.371 765.379) 8.021.720.438 322.687) 147.682.173 2.440 79.003 210.509.007) (108.848 1.081) (16.979 136.952) (103.328) (912.011 1.573) (159.952 712.769 628.468.476 69.440 141.442) (1.667 945.775 (4.119) 137.221 Variance (1.245) (6.783) 62.972 2.393 33.242 307.186 (5.148 453.027) 98.660) (5.787 (1.041.454 185.399.800) (294.088) (827.081) (Z) 727.716 336.774) (380.453) (DD) (220.160.624 159.212.367.403.089) 177.789 13.636) 1.000.253 80.657 1.565 119.272 (27.853) (1.691 354.418 244.567.330) 696.898) 16.150) (7.287 9.065) 98.093.313 1.979) (78.412 463.804) (CC) (9.469 Year-To-Date Budget 4.084.370) (A) (B) (C) (D) (E) (F) (G) (H) (I) Actual 3.429 (10.478 (1.815 Actual Operating Revenue IL Monthly Service Fees EH Monthly Service Fees SN Monthly Room & Board Per Diems Second Person Fees Life Care Credits Monthly Service Fee Credits Contractual Adjustments SN Ancillary & Therapy Revenue Other Revenue Total Operating Revenue Departmental Expenses Administrative Services Resident Services Enriched Housing Building Maintenance Services Dining Services Emergency System Services Grounds Maintenance Services Housekeeping Services Marketing Services Skilled Nursing Ancillary and Therapy Transportation Services Total Departmental Expenses Other Operating Expenses Utilities Insurance Taxes & HOA Fees Management Fees Total Other Operating Expenses Total Operating Expenses Net Operating Income (Loss) Investment Income NI (Loss) Before LT Debt & Noncash Items Long Term Debt Expenses Pre-Opening Expenses Gain/Loss on Disposal of Fixed Assets NI (Loss) Before Noncash Items Noncash Items Unrealized Gain/(loss) on Investments Unrealized Gain/(loss) on Swap Earned Non-refundable Entrance Fees Earned Refundable Fees Depreciation/Amortization Total Noncash Items Net Income (Loss) 391.532 141.016 42.871 42.538.525 334.964 44.184 327.542 45.454.989 1.727) 35.930 2.525.956.950 474.649 89.710.039 106.484.593) 241.185) 401.025) 66.994 1.209 9.000 687.549 153.641 2.339 4.629.153 337.073 487.682.075 40.380) (5.449) (9.022) (CC) (210.481) (178.237) 692.728) 90.887 97.270 (7.902 879.184) (37.524 9.172 (6.770) 30.666 811.819 29.921 2.825) (16.218 227.157 14.050.527 11.059 (1.123 (508.287.429 13.098.172) (1.729) (AA) 100 (BB) (774.058 87.214 10.145 (46) 2.983.577.549 5.804 (674.153 580.931 354.137) 186.791 (206.308 138.190) (12.930) 1.440) (411.753.075 (78.146 154.826) (18.245.399 (769.156.660) (277. Budget Consolidated Summary Income Statement For the Eleven Months Ending November 30.563 36.096. 2011 UNAUDITED Current Period Budget 585.360 1.627.896.866 (4.012 301.975) (23.685) 100 (1.603 61.191.856 424.398.173.628) 5.285 (14.720.149) 21.503) (12.063.117 1.

149) due to higher first and second person transfers from IL to Skilled Nursing. Promotional Credits and AL and MS Monthly Discounts. I.440) primarily due to average occupancy being 12. The variance in Copier/fax/printer Supplies was due to Copier Overage. C.9 units under budget and lower weighted average occupancy in the larger units.704 in Employee Unemployment Insurance and $2.777) in Legal & Professional Fees. and ($2.9 units below budget.184) due to average occupancy being 23. The variance in Employee Unemployment Insurance was due to timing. SN Ancillary & Therapy Revenues had an unfavorable variance of ($136. IL Monthly Service Fees had an unfavorable variance of ($193.573) due to average occupancy being 40. The variance in Employee Payroll Taxes was due to lower overall staffing than budgeted. $1.386 due to lower than budgeted Medicare census. These were partially offset by higher than budgeted free months.328) primarily due to lower than budgeted Additional Resident Meal Revenue.703 in Payroll Tax.899) in Management Company Travel Expense. Maintenance Services Revenue. $11. Second Person Fees had an unfavorable variance of ($37. EH Monthly Service Fees had an unfavorable variance of ($159. ($2. E. These positive variances were partially offset by negative variances of ($39. The variance in Workers Compensation is due to lower premiums. and Laundry Services Revenue. Administrative Services had a favorable variance of $9.447 in Workers Compensation. DEPARTMENTAL EXPENSES: J.045) in Copier/fax/printer Supplies.2 units below budget in Enriched Housing and 11. H. home carrying cost credits. Life Care Credits had an unfavorable variance of ($178.481) due to average second persons being 30.202 in Employee Benefits. Enriched Housing and Memory Support. $1. SN Credits.710 in Employee Recruitment.478 consisting of $38. B.6 units below budget.160 in Telephone Service.The Amsterdam at Harborside Income Statement Summary Explanations November 2011 OPERATING REVENUE: A.0 units below in Memory Support. The variance in Employee Benefits is due to employees waiving medical benefits as they are still covered under their parents and lower staffing than budgeted.849 due to lower than budgeted credits for 50% plans.470) in Contract Services. the 24 22 . Monthly Service Fee Credits had a favorable variance of $21. Referral Credits. bridge loan credits and redesign credits. SN Monthly Room & Board Per Diems had an unfavorable variance of ($411.449) due to lower than budgeted census. Contractual Adjustments had a positive variance of $191. $5. Housekeeping Services Revenue. G. the variance in Contract Services was due to AOD support services. D. Guest Meals Revenue. F. Other Revenue had an unfavorable variance of ($9. ($8.

M.030 in Pool Supplies & Maintenance. Plumbing R&M of ($2. O.392 resulting from a vacant position.197 from lower wage rates and staffing than budgeted as a result of the lower census. The variance in Electrical R&M was due to kitchen and Skilled Nursing electrical repairs.429 due to positive variances in Salaries & Wages of $28. Resident Services had an overall unfavorable variance of ($1.482 partially offset by negative variances in Employee Uniforms & Allowance of ($2.150). The variance in Floor/Carpet R&M was due to the cleaning of Dining Room carpeting.The Amsterdam at Harborside Income Statement Summary Explanations November 2011 variance in Legal & Professional Fees was due to legal work done for a resident’s case and Medicaid Rate Submission and the variance in Management Company Travel was due to higher than budgeted travel. $2. N. The variance in HVAC R&M was due to repairs being higher than budgeted. This variance in Contract Services was due to expenses being higher than budgeted related to Community Resident activities during the month.379). 25 23 .511) which resulted from maintaining grounds outside the scope of the agreement and fall plantings. Grounds Maintenance Services had a negative variance of ($18.417) due to a higher than budgeted snow removal contract as well as Contract Services of ($3.814) due to higher than budgeted security costs. There was also a negative variance in Contract Security Services of ($1.944 in Salary & Wages. These negative variances were partially offset by a positive variance in Salaries & Wages of $1. Appliance R&M of ($1. Linens/Laundry had a positive variance of $2.162) related to the purchase of flowers for the Dining Room. $2. The variance in Appliance R&M was due to dishwasher and oven warmer repairs.414 in Other R&M. Building Maintenance had an unfavorable variance of ($10. Floor/carpet R&M of ($1.826) due to Alarm/Fire Safety System R&M of ($7.673 resulting from lower staffing and Raw Food Costs of $14. These were all due to lower than budgeted expenses. Enriched Housing had a favorable variance of $30. L.717 in Elevator R&M.317) in Contract Services. Emergency System Services had an unfavorable variance of ($8. HVAC R&M of ($3. and $1.816).461).770) due to a negative variance of ($2.803).438 primarily due to lower than budgeted Salaries & Wages of $26. The variance in Contract Services was due to timing of invoices. These negative variances were partially offset by positive variances of $1.081) resulting from a higher than budgeted fire sprinkler inspection agreement and fire alarm system maintenance agreement as well as repairs to the card access system for the employee entrance.866) due to negative variances Electrical R&M of ($5. Dining Services had a favorable variance of $38. P.792) and Contract Services of ($1.898) due to a negative variance in Snow Removal Services of ($16. This was partially offset by a positive variance of $1. The variance in Plumbing R&M was due to sewer treatment and boiler repairs.790) which was budgeted in Linens/Laundry as well as higher than budgeted Decorations of ($1.108 in Entertainment related to less than budgeted expenses. K.778 due to lower census.

Transportation Services had a favorable variance of $344 resulting from Salaries and Wages of $7. This was partially offset by an unfavorable variance in Contract Labor of ($22.670 due to lower staffing resulting from a slower fill. Insurance had a favorable variance of $8. the Sponsor and Amsterdam’s auditors. DD.787 in Waste Management Contract.762) which was higher than budgeted.463 which was offset by Contract Services of ($7. Depreciation/Amortization had a negative variance of ($9. Marketing Services had an unfavorable variance of ($8.399 due to higher than budgeted interest income on the Debt Service Reserve Funds B and C partially offset by lower than budgeted interest income on the Operating Reserve and Entrance Fee Fund. CC.030 in Paper & Plastic Supplies and $1. Housekeeping Services had a favorable variance of $16.The Amsterdam at Harborside Income Statement Summary Explanations November 2011 Q.804).504) related to valet parking for the Community. AA.161 primarily due to lower than budgeted Management Fees. Utilities had a negative variance of ($11.378 due to lower staffing than budgeted resulting from lower occupancy. This variance will continue. Based on discussions 26 24 . W.379) primarily due to a negative variance in Electricity of ($14. BB. Investment Income had a favorable variance of $5.476 primarily due to Salaries & Wages of $45.453) due to recording Capitalized Marketing amortization for January and February. Management Fees had a positive variance of $2. U. and a favorable variance in Medicare Consulting of $1. Based on discussions between Management. Ancillary and Therapy had a favorable variance of $69. Earned Entrance Fees had a negative variance of ($210. Z.729) due to higher than budgeted LOC and Remarketing Fees. R.145 due to actual premiums being less than budget primarily with the Directors/Officers Liability Insurance as well as the General and Professional Liability Insurance.763 primarily due to Salaries & Wages of $15. Gain/Loss on Disposal of Fixed Assets were consistent with budget.728 primarily due to lower than budgeted Skilled Nursing census as well as timing of invoice payment. This was partially offset by a positive variance of $1.138) for additional staffing and Linens/Laundry of ($1.717 in Contract Services. Skilled Nursing had a favorable variance of $22. Y. Taxes & HOA Fees were consistent with budget. $1. OTHER OPERATING EXPENSES: V. X.259) due to higher than budgeted electricity expenses. Long Term Debt Expenses had an unfavorable variance of ($5. S. Amsterdam determined that it cannot record entrance fee amortization on the refundable portion of the entrance fees.435) primarily due to higher marketing costs to spur move-ins in all levels of care. T.030 due to timing.

The Amsterdam at Harborside Income Statement Summary Explanations November 2011 between Management. the Sponsor and Amsterdam’s auditors. This variance will continue. Amsterdam determined Capitalized Marketing amortization should be recorded from the date of opening. 27 25 . however. the budget planned for amortization to begin in September 2011.

C 28 26 .

450 4. .159 124. .Intercompany Accounts Receivable .DSR D Accrued Int.127 54.Med A Accounts Receivable . .HMO/Insurance Accounts Receivable .645 374.382) 599.877 399.405 4.729) 1.Operating Reserve Accrued Int.816.858 46.Working Capital Fund Accrd Int Inc .Other Total Other Receivables Total Receivables Inventory Inventory Total Inventory Deposits Deposit .Employee Appreciatio Cash Development Cash .382 1.682 114.439 (70.Development Prepaid Expense Prepaid .405 805.The Amsterdam at Harborside Comparative Balance Sheet As of November 30.840.751 46.Priority Deposits Cash .826 72.Project Fund Accrued Int.Med B Accounts Receivable .Spec Int Fund Accrued Int.810 5.831 93.720 3.747 3.DSR A Accrued Int.Roslyn Operating Account .COI Fund Accrd Int Inc .904 6.467 20.DSR C Accrued Int.734 934.287.704 34.466 599.CoInsurance Net A/R Residents Other Receivables Accounts Receivable .079.689 Prior __ h Month Variance 908.132 47.Optional Redemp Fund Accrued Int.149 54. Rec .683.100 (81.415 0 233.126 90.192 760. .Entrance Fees Accrd Int Inc .282 6.Wait List Deposits Cash .858 20.120 20.747 16.Entrance Fee Due F Accounts Receivable Coinsurance Clearing Accrued Int.Other Accounts Receivable .647 98.522 906.720 228.612 121.113 1.822 668.995 1.761) 61.458 8. Rec.467 16.176 2.Conversion Deposits Cash .796) 84. .022 43.147 639.035 15. .612 29 27 .789 617. .Control Acct Resident Upgrade Acct Total Cash and Cash Deposits A/R Residents Accounts Receivable Allowance for Doubtful Accounts Accounts Receivable .995 46.587 295.455 80.955 40.233 25.Utilities Total Deposits Prepaid Expenses Security Deposits Prepaid Expense .579 (27.911 784.415 0 186.437 27.666 750 (97.473.887 28. . Rec.629 8.279) 6.591.706 18. .Leasehold Accrued Int.532 90.761.052 298.986 9.500.100 (124.Security Deposits Cash .726 1.Insurance Prepaid Payroll Prepaid Taxes Total Prepaid Expenses Total Current Assets 750 811.033 50. .106 29.DSR B Accrued Int.Interest Fund Accrued Int.305 1.786. 2011 UNAUDITED Current __ h Month Cash Petty Cash Operating Account .

047) (11.471 52.SN Accum Depr .184 190.675 25.225 53.500) (519.651 1.EH Buildings .539) (6.630.221) (111.Furn & Fixtures Accum Depr .908 1.Bldg.Equipment Fixed .729) (2.EH Accum Depr .262 665.Equipment Movable Accum Depr .Hardware & Software Computers .643 645.253) (11.SN Accum Depr .104 13.407 31.EH Builiding Improvments .Land Improvements Accum Depr .920) (335.643 645.010) 242.Movable .450 (119.826 575.863) (111.158) (519.840.225 53.732 91.184 190.435) (96.675 25.EH Accum Depr .164 19.Buildings .671.044 278.801) (57.934 12.471. Improvements .262 665.351 19.230.920) (364.527.058.Equipment Movable .Movable Equipment .039 102.Movable .825 1. Improvements .143) (220) (280) (61.963 34.Bldg.EH Furniture & Fixtures .Bldg.793) (1.732 91.SN Total Fixed Assets Accumulated Depreciation Accum Depr .Equipment Fixed .959 355.003 9.SN Accum Depr .369) (1.402 11.178.305) (1. 2011 UNAUDITED Current __ h Month Fixed Assets Total CIP Land Land .SN Accum Depr .407 31.293) (1.Fixed .358) (5.402 11.EH Accum Depr .171) (9.661) (7.158) 4.671.EH Land Improvements .Buildings EH Accum Depr .Vehicles .253) (11.527.588 51.861.SN Land Improvements Land Improvements .Vehicles .Fixed Equipment .EH Equipment .006 285.040 250.588 51.104 13.290.Fixed .450 (119.651 1.Buildings Accum Depr .442) (9.SN Computers .825 1.040.826 575.003 9.440 Prior __ h Month Variance (1.471.Equipment Fixed Accum Depr .322) (2.SN Building Improvements Building Improvements .006 285.Hardware & Software #N/A Furniture & Fixtures Furniture & Fixtures .500) (28.178.EH Accum Depr .040 250.750.397 19.EH Accum Depr .397 19.168) (1. Improvements Accum Depr .SN Equipment .Furn & Fixtures .EH Equipment .Furn & Fixtures .445.042) (9.963 34.776) (31.Computers .Vehicles Accum Depr .822) (2.361.295) (2.SN Vehicles Vehicles .047) (11.EH Land .040.749) (2.809.Computers .044 278.SN Buildings Buildings .SN Accum Depr .143) (220) (280) (66.042) (9.369) (1.Equipment Movable .435) (96.776) (34.934 12.959 355.598 30 28 .071) (4.SN Accum Depr .162 7.295) (2.471 52.Computers Accum Depr .097) (1.039 102.058.Land Improvements SN Accum Depr .305) (1.EH Accum Depr .SN Equipment .767.162 7.EH Vehicles .150.767.749) (2.852) 242.The Amsterdam at Harborside Comparative Balance Sheet As of November 30.801) (62.Land Improvements EH Accum Depr .187) (478.661) (7.630.908 1.539) (6.445.011.SN Total Accumulated Depreciation Net Fixed Assets 2.

892) (114.519) (1.245 6.867 46.942.242.015 11.872.893 888.324 3.393 Prior __ h Month Variance (48.531 (3.019.083) (12.451.307) (1.Captzld Marketing Total Accumulated Amortization Net Intangible Assets Restricted Assets Cap Int Acquisition Loan Cap Int Building Loan Cap Int Project Loan Building Loan Fund Project Loan Fund Debt Service Reserve A Debt Service Reserve B Debt Service Reserve C Debt Service Reserve D Cost of Issuance Fund Acquisition Loan REIM 2007C REIM 2007D Project Fund Debt Serv 2007C Debt Serv 2007D Debt Serv 2007A Debt Serv 2007B Purchase 2007 Pledge Collateral/MMA Acct Entrance Fee Fund Operating Reserve Series C Redemption Fund Series D Redemption Fund Total Restricted Assets Total Assets 13.716.The Amsterdam at Harborside Comparative Balance Sheet As of November 30.838) (2.696.384 1.230.384 1.015 11.019.058 963.967 324.599.950 (1.986) (11.324 4.893 888.499 4.602 56 80 24 3.244 5.872.255) (2.024 (709.882.429.451.696.DFC .DFC .792.817.350.449.799 48 79 11.817 45.322) 24.499 4.955.882.423.896 0 13. 2011 UNAUDITED Current __ h Month Intangible Assets Deferred Financing Costs Deferred Financing Costs .307) (1.877.594 460.024 (660.286.518.SN Accum Amort .SN Capitalized Marketing Total Intangible Assets Accum Depreciation .602 56 80 24 3.249.594 460.449 323.DFC Accum Depreciation .560) 31 29 .EH Accum Depreciation .733 27.733 27.854.385 467.EH Deferred Financing Costs .448.191) (12.896 0 13.230.385 467.417) (163.601.631) 24.986) (11.268 48 79 14.632.702 1.694.000) 937.242.498 1.309) (163.309) 13.

022 1.355 378.Variable Accrued Subordinated Loan Int Accrued Operating Expenses Accrued Audit Fees Accrued Amsterdam Mgmt Fee Accrued Bonuses Accrued Remarketing Fees Accrued LOC Fees Total Accrued Expenses Total Current Liabilities Entrance Fee Liability Refundable Resident Deposit Liability Non-refundable Entrance Fees Accum Amort .214) 149.009 2.Refundable Residency Fee Acc.356) 92.145) (3.585 3.243 261.038 91.650.722.500 19.137) (2.577 (2.071) 84.508 365.023 124.495 260.273.286 963.036.525) 323.867 7.415.142.500 (11. 2011 UNAUDITED Current __ h Month Accounts Payable Accounts Payable .554 6.The Amsterdam at Harborside Comparative Balance Sheet As of November 30.845 (1.101.210 496 (350) (24.124 1.367.Development Accrued Bond Interest Expense Accrued Bond Interest Expense .945 (186.771 2.147.582 325.790 (1.092 288.235 16.876 16.780.306 70.733) 24.319.746 4.144 71.757.766) 5.250 4.015.748 84.775.389) (23.542 100 3.518.767 109.892) (51.240.046 27.816. Non-refundable Ent.515.499) (32.129.046) (27.159.189 137.750 29.162) 33.495 196.500 (11.304.295) (2.389) (21.Original Issue Discount Total Long Term Debt Total Liabilities Equity Equity .718) (63.657 14.824.498 2.605.757.036.Development Accounts Payable .000 254.373 24.996) (500) (679.636) (34.042.Other Due to/from Amsterdam Nursing Employee Appreciation Fund Pay Due to/from Operations Due to/from Development Retainage Payable State Sales Tax Swap Asset/Liability Total Accounts Payable Resident Current Liabilities Priority Deposits Refundable Pending Refunds Liability Resident Refunds Due Conversion Deposits Refundable Security Deposits AL & SN Wait List Deposit Liability Wait List Deposit Interest Accrual Conversion Deposit Interest Accrual Refundable EH Deposit Liability Total Resident Current Liabilities Payroll Related Current Liabilities Accrued Payroll Costs Accrued Employer Payroll Taxes Accrued Employee Deductions Employee Federal Withholding Tax Liab Employee State Withholding Tax Liab Employee Local Withholding Tax Liab FICA Tax Liability Accrued PTO Total Payroll Related Current Liabilities Accrued Expenses Accrued Expenses .000.172.364 9.250 9.655 1.854.810 182 (182) 1 397.Subordinated Note Bonds Payable Original Issue Discount Accum Amort .765 11.646 1.370.733) 23.895) (20.657.760 1.355 3.819.015.576) 2.560) - 2.074) 87.Trade Accounts Payable .145 1 3.186 Prior __ h Month Variance (29.405 (3.135 0 115.926.540 (45.490.531 (40.122 280.446 1.957 358.836 6.297 Long Term Debt Long Term Debt .953 10.058 32 30 .774.590 16.023 3.Cash Net Assets Net Income Total Equity Total Liabilities & Equity 3.817.351 210.942 72.003) 2.728 100 4.781 (1.136.637 9.126 1.539.646 517.000 254.700.405 182 (182) 3.423.403.265.871 4.364) (8.855 4.101.000 (263. Fees Total Entrance Fee Liability 62.670 332.000 (263.388) 324.676.000.366) 72.092 329.431 2.690 256.724) 40.137) (1.311 357.938 72.097.340.942.942 (614. Amort.044 256.163 10.415.

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