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USA Courtney Downs LeaseCo, LLC

Balance Sheet
Books = Accrual
Jul 2008

ASSETS

Cash
Operating Cash (14,753.39)
Total Cash $(14,753.39)

OTHER ASSETS
Accounts Receivable 496.63
Prepaid Expenses 23,964.79
Tax Escrow 112,265.77
Cash in Bank-Wrk Cap Reserve 73,094.73
Capital / Repair Escrow 200,000.00
Total Other Assets 409,821.92

Total ASSETS 395,068.53

LIABILITIES & CAPITAL

LIABILITIES
Accounts Payable - Trade 118,870.66
A/P - Creekstone Partners LLC 322,576.00
A/P - US Advisors 322,576.00
Other Accounts Payable 345,285.05
Accrued Taxes 211,319.29
Prepaid Rent 34,532.19
Security Deposits 44,618.00
Notes Payable 14,608.68
Total Liabilities 1,414,385.87

CAPITAL

Creekstone Partners LLC 50.00
US Advisors LLC 50.00
Retained Earnings (1,019,417.34)
Total Capital (1,019,317.34)

Total LIABILITIES & CAPITAL 395,068.53
USA Courtney Downs LeaseCo, LLC
Cash Flow (Actual + Budget)
Books = Accrual
For the 12 Months Ending Dec 2008

Jan 2008 Feb 2008 Mar 2008 Apr 2008 May 2008 Jun 2008 Jul 2008 Aug 2008 Sep 2008 Oct 2008 Nov 2008 Dec 2008 12 Month $/ $/ Dec 2006 12 Month $/ $/
Account Actual Actual Actual Actual Actual Actual Actual Budget Budget Budget Budget Budget Total Unit Sq. Ft. Reforecast Total Unit Sq. Ft.
342 313,778 342 313,778
Revenue
Gross Potential Rent 297,252 295,197 294,829 294,994 296,658 296,653 297,075 297,075 304,686 304,342 304,117 303,954 3,586,832 10,487.81 11.43 364,160 4,569,562 13,361.29 14.56
- Vacancy (14,979) (13,515) (12,201) (15,566) (15,360) (16,776) (16,865) (15,865) (16,802) (19,995) (22,418) (23,078) (203,419) (594.79) (0.65) (43,000) (292,511) (855.29) (0.93)
- Concessions & Disc. (10,069) (8,145) (267) (7,022) (9,644) (9,354) (8,894) (8,894) (22,560) (23,621) (24,370) (24,994) (157,835) (461.50) (0.50) (80,000) (287,661) (841.11) (0.92)
- Other Write-offs & Adj. (14,603) (9,805) (5,576) (8,312) (6,419) (7,331) (5,735) (5,735) (6,663) (6,634) (6,614) (6,605) (90,033) (263.25) (0.29) (6,085) (109,600) (320.47) (0.35)
Total Rental Income 257,600 263,731 276,786 264,094 265,235 263,191 265,581 266,581 258,661 254,092 250,715 249,277 3,135,545 9,168.26 9.99 235,075 3,879,791 11,344.42 12.36

Other Income 27,835 34,204 26,056 32,784 34,945 32,874 37,758 27,500 23,739 22,628 24,013 20,220 344,556 1,007.47 1.10 19,000 408,798 1,195.31 1.30
Total Revenue 285,435 297,935 302,841 296,878 300,181 296,065 303,340 294,081 282,400 276,720 274,728 269,497 3,480,101 10,175.74 11.09 254,075 4,288,588 12,539.73 13.67

Operating Expenses
Salary Expense 30,826 28,089 25,841 26,731 21,154 25,364 41,885 31,434 30,692 29,929 30,554 30,059 352,557 1,030.87 1.12 37,759 451,961 1,321.52 1.44
Operating Expense 3,660 2,832 2,336 3,352 3,896 4,409 3,795 3,444 3,336 3,264 3,204 3,180 40,707 119.03 0.13 3,030 50,241 146.90 0.16
Advertising Expense 5,531 4,884 4,109 2,530 3,632 5,794 5,087 6,227 5,340 4,685 4,731 4,259 56,809 166.11 0.18 6,885 72,851 213.01 0.23
Make Ready Expense 3,627 3,404 4,423 7,268 4,005 6,515 6,646 6,819 6,289 5,961 5,102 4,850 64,908 189.79 0.21 7,500 82,550 241.37 0.26
Maintenance Expense 1,403 4,261 3,116 2,525 1,935 2,826 4,624 2,730 2,513 12,210 2,672 1,388 42,203 123.40 0.13 2,295 48,681 142.34 0.16
Service Expense 6,708 1,216 1,576 3,523 12,678 3,604 5,071 4,985 3,960 3,960 3,960 3,460 54,701 159.94 0.17 2,395 64,676 189.11 0.21
Administrative Expense 12,525 11,016 10,864 12,483 11,635 13,235 14,944 11,783 11,496 11,269 11,189 10,980 143,419 419.35 0.46 14,969 180,976 529.17 0.58
Utility Expense 4,914 13,395 17,315 1,952 12,928 7,131 16,813 16,130 16,228 16,240 11,437 11,491 145,974 426.82 0.47 10,900 180,229 526.99 0.57
Credit Card Fees 1,416 1,421 0 599 240 191 285 0 0 0 0 0 4,152 12.14 0.01
Taxes & Insurance 35,029 35,004 35,029 35,029 35,629 35,224 35,029 35,095 35,095 35,095 35,095 35,095 421,448 1,232.30 1.34 0 422,682 1,235.91 1.35
37,237 37,237 108.88 0.12
Total Operating Exp. 105,638 105,522 104,608 95,992 107,732 104,292 134,180 118,647 114,949 122,613 107,944 104,762 1,326,879 3,879.76 4.23
Net Operating Income 179,797 192,412 198,234 200,886 192,449 191,774 169,160 175,434 167,451 154,107 166,784 164,735 2,153,223 6,295.97 6.86 122,970 1,592,084 4,655.22 5.07
131,106 2,696,504 7,884.52 8.59
Rent Expense 193,253 193,253 193,253 193,253 193,253 216,819 216,819 216,819 216,819 216,819 216,819 216,819 2,483,999 7,263.16 7.92
Partnership Expense 4,719 4,539 4,626 4,787 4,740 4,508 4,200 4,450 4,450 4,450 4,450 4,450 54,368 158.97 0.17 193,254 256,681 750.53 0.82
Capital Expense 9,734 2,903 11,566 6,943 7,872 13,807 23,117 6,600 6,259 6,000 5,000 5,000 104,800 306.43 0.33 0 115,107 336.57 0.37
3,300 3,300 9.65 0.01
Cash Flow Frm Operations (27,909) (8,283) (11,211) (4,098) (13,416) (43,360) (74,976) (52,435) (60,077) (73,162) (59,485) (61,534) (489,945) (1,432.59) (1.56)
(65,449) 2,321,416 6,787.76 7.40
Rental Guarantees 0 0 0 0 0 0 0 0 0 0 0 0 0
250,000 250,000
Balance Sheet Adjustments
Cash - Non Operating Accounts 0 0 0 0 0 0 0 0 0 0 0 0 0
Accounts Receivable (1,895) 2,740 (9,772) 8,270 (2,448) 177 2,774 0 0 0 0 0 (154) 0 (154)
Prepaid Assets (50,394) 4,840 4,840 4,840 4,840 4,840 4,840 0 0 0 0 0 (21,352) 0 (21,352)
Escrow Deposits (35,800) (35,800) (35,800) 341,933 (37,985) (38,933) (38,933) (7,125) (7,125) 14,250 (7,125) (7,125) 104,430 0 90,180
(2,951) (2,951)
Cash Increase (Decreae) From Assets (88,090) (28,220) (40,732) 355,044 (35,592) (33,916) (31,319) (7,125) (7,125) 14,250 (7,125) (7,125) 82,925
(2,951) 65,724
Accounts Payable (22,965) 2,827 942 207 69,651 22,994 45,880 0 0 0 0 0 119,536
Accrued Expenses 20,453 31,811 51,607 (345,380) 44,376 16,001 30,188 0 0 0 0 0 (150,942) 0 (150,942)
Other Payables 920 2,385 345 1,665 (1,490) (150) 2,436 0 0 0 0 0 6,111 0 6,111
Mortgages Payable 48,905 (6,027) (5,836) (6,064) (6,293) (6,064) (6,064) 0 0 0 0 0 12,556 0 12,556
0 0
Cash Increase (Decrease) From Liab. 47,313 30,997 47,058 (349,572) 106,245 32,780 72,440 0 0 0 0 0 (12,739)
0 (132,275)

NET CASH FLOW (68,685) (5,507) (4,886) 1,374 57,237 (44,496) (33,854) (59,560) (67,202) (58,912) (66,610) (68,659) (419,759)
CUMM. NET CASH FLOW 15,378 9,871 4,986 6,360 63,597 19,101 (14,753) (74,313) (141,515) (200,427) (267,037) (335,696) 181,601 2,504,864
181,601
84063.14

$700,000

$600,000

$500,000

$400,000

$300,000

$200,000

$100,000

$-

$(100,000)

$(200,000)

$(300,000)
Jan 2008 Feb 2008 Mar 2008 Apr 2008 May 2008 Jun 2008 Jul 2008 Aug 2008 Sep 2008 Oct 2008 Nov 2008 Dec 2008

Row 60 Row 61

Units
Sq. Ft.
### 384807

bayclub2 160 146,080
castlep 356 384,807
cedar 300 274,080
congress 257 254,074
jackson 247 221,730
lee 10 22,160
rem 428 398,868
ric 5 24,952
parkside 300 305,832
polo 440 403,761
sat 440 548,750
sweet 240 264,892
trailapt 280 286,056
vlgcrest 120 108,276
walnut 284 254,103
westo 12 48,309
wind 346 433,196
usacourt 280 299,111
usawalcr 284 254,103
W31: administrator:
assume insurance increases by 50%

C35: rssmith:
Stated Rent = $86,667

D35: rssmith:
Stated Rent = $86,667

W48: administrator:
replacement reserve + reduction in tax escrow due to overage
USA Courtney Downs LeaseCo, LLC
Budget Comparison
Books = Accrual
For the period ending July 31, 2008

MTD MTD YTD YTD Annual
Account Actual Budget $ Variance MTD Variance Comment Actual Budget $ Variance Budget YTD Variance Comment
Revenue
Market Rent 301,250.00 301,250.00 0.00 2,071,529.00 2,081,390.00 (9,861.00) 3,587,640.00
Loss / Gain to Lease (4,175.00) 4,000.00 (8,175.00) Variance reflects market rent verses 1,129.00 58,303.00 (57,174.00) 74,283.00
lease rents.
Gross Potential Rent 297,075.00 305,250.00 (8,175.00) 2,072,658.00 2,139,693.00 (67,035.00) 3,661,923.00
Prepaid Homeowners Dues 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Residential Rent 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Vacancy Loss (16,864.78) (15,591.00) (1,273.78) Actual vacancy is 5% and budgeted (105,261.38) (155,541.00) 50,279.62 (253,425.00)
was 4%.
Upfront Rent Concessions 0.00 (3,000.00) 3,000.00 No upfront concessions offered at this 7,576.58 (27,000.00) 34,576.58 (42,000.00)
time, due to stronger market this
month.
Corporate Discount 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Delinquent Rent 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Adjustments & W/O (1,188.89) (1,618.00) 429.11 (26,280.61) (11,088.00) (15,192.61) (18,910.00)
Model Units (1,685.00) (1,980.00) 295.00 Will adjust market rents on model for (12,895.00) (13,860.00) 965.00 (23,760.00)
August to reflect higher rents.
Courtesy Officer Apt. 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Employee Apartment (1,950.80) (1,935.00) (15.80) (13,936.57) (13,545.00) (391.57) (23,220.00)
Housekeeping & Maintenance Fee 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Guest Suite (910.00) (1,160.00) 250.00 (4,670.00) (8,120.00) 3,450.00 (13,920.00)
Lease Term Concessions (8,894.19) (16,316.00) 7,421.81 We have been able to reduce the (60,972.04) (104,154.00) 43,181.96 (205,887.00)
amount of concessions offered due to
higher occupancy.
Homeowner's Assn Dues Income 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Homeowner Dues Paid 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Model Units 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Lease Contract Difference 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Rental Income $265,581.34 $263,650.00 $1,931.34 $1,856,218.98 $1,806,385.00 $49,833.98 $3,080,801.00

Laundry Income 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Vending Income 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Covered Parking Income 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Late Charges & NSF Fees 2,374.45 1,925.00 449.45 We had more insufficient fund checks 15,613.70 12,397.00 3,216.70 21,791.00
than budgeted.
Month to Month Premium 2,206.80 900.00 1,306.80 Two month to month fees budgeted 8,895.87 4,650.00 4,245.87 9,450.00
and actual collected was six.
Storage Fees 1,181.51 1,000.00 181.51 8,317.06 5,960.00 2,357.06 11,120.00
Repair & Maintenance Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Application Fees 2,510.00 2,205.00 305.00 44 applications budgeted and actual 13,310.00 12,005.00 1,305.00 19,796.00
collected was 50.
Termination Fees & Damages 2,658.06 0.00 2,658.06 Due to one skip #7111 and one 20,950.17 8,100.00 12,850.17 13,500.00
eviction #19205.
Miscellaneous Income 1,772.95 800.00 972.95 This includes 31 utility transfer fees, 16 8,295.63 4,300.00 3,995.63 8,000.00
credit card convenience fees, two lock
changes and three propane tank fines.

Renters Insurance 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Interest Income 0.00 0.00 0.00 0.00 3,489.00 (3,489.00) 3,489.00
Pet Rents & Fees 4,372.75 3,360.00 1,012.75 Eight new pet fees collected and three 25,800.74 24,360.00 1,440.74 41,160.00
were budgeted for.
Tower Rent 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Asset Management Fee 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Parking Spaces Income 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Homeowners Assessments 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Garage Income 6,422.57 6,790.00 (367.43) Fewer rentals this month. Average 48,455.94 47,530.00 925.94 81,480.00
rental is $90.
Water/Sewer Income 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cable/Telephone Income 81.23 475.00 (393.77) Cable income check was mistakenly 9,937.72 3,325.00 6,612.72 5,700.00
booked to corporate rent. Actual was
$3320.83
HOA Contributions Developer 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Developer HOA Dues 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Forfeited Deposits 0.00 500.00 (500.00) No forfeits this month. 900.00 2,700.00 (1,800.00) 4,100.00
Developer Contributions 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Interest Income Other 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Thunder Income 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Administration Fee 4,200.00 4,200.00 0.00 25,950.00 21,140.00 4,810.00 33,880.00
Move-Out Charges 5,659.05 2,400.00 3,259.05 Apartments left in bad condition at the 32,280.65 18,000.00 14,280.65 30,000.00
time of move out resulting in more
charges and 19 payments made on
past due bills.
Short Term Lease Fees 998.00 750.00 248.00 We budgeted six short term leases 4,342.74 3,625.00 717.74 6,625.00
and actual collected was seven.
Extra-Ordinary Income 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Corporate Rent 3,320.83 0.00 3,320.83 Comcast revenue share check was 3,405.83 0.00 3,405.83 0.00
mistakenly booked here.
Corporate Units - expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Deferred Revenue 0.00 0.00 0.00 0.00 0.00 0.00 0.00
HOA Developer Contributions 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Acquisition Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Income - Rental 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Income - C.A.M. 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Income - Insurance 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Income - Taxes 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Income - Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Income - Other 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Income - Condo Sales 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Other Income 37,758.20 25,305.00 12,453.20 226,456.05 171,581.00 54,875.05 290,091.00

Total Revenue $303,339.54 $288,955.00 $14,384.54 $2,082,675.03 $1,977,966.00 $104,709.03 $3,370,892.00

Expense
Managers Salary 17,054.11 13,069.00 (3,985.11) We had three payroll in July. 81,279.04 89,203.00 7,923.96 154,548.00
Salaries 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Maintenance Salary 16,394.39 11,745.00 (4,649.39) We had three payroll in July. 82,767.42 80,163.00 (2,604.42) 138,888.00
Salary - Administrative 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Commissions & Bonus 8,032.50 4,900.00 (3,132.50) We had double commissions paid out 30,290.13 28,635.00 (1,655.13) 46,633.00
on some of our move-ins from our
promotions in June. Includes new
leases and renewals. We had 30
move ins this month.
Payroll Taxes 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Group Insurance 270.33 1,720.00 1,449.67 We have less participants for our 3,912.06 12,040.00 8,127.94 20,640.00
insurance program than what was
anticipated in the budget.
Disability Insurance 0.00 0.00 0.00 0.00 0.00 0.00 0.00
401k Match 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Contract Labor 133.76 0.00 (133.76) 1,640.79 3,000.00 1,359.21 5,000.00
Workers Comp 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Salary Expense 41,885.09 31,434.00 (10,451.09) 199,889.44 213,041.00 13,151.56 365,709.00

Office Operations & Supplies 758.66 850.00 91.34 4,202.25 5,950.00 1,747.75 10,200.00
Telephones 781.26 743.00 (38.26) 6,256.52 5,201.00 (1,055.52) 8,916.00
Answering Svc. & Pagers 257.00 98.00 (159.00) June & July ansering service paid out 942.98 686.00 (256.98) 1,176.00
this month.
Postage & Delivery 250.34 211.00 (39.34) 1,370.40 1,477.00 106.60 2,532.00
Patrol Services 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Membership Dues 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Publications & Subscriptions 175.00 114.00 (61.00) 1,673.08 798.00 (875.08) 1,368.00
Conventions/Seminars 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Employee Training 199.82 350.00 150.18 1,971.50 2,400.00 428.50 4,150.00
Furniture Rental 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Car Expenses 0.00 38.00 38.00 0.00 266.00 266.00 456.00
Permits & Fees 0.00 0.00 0.00 16.00 0.00 (16.00) 0.00
Credit Checks 835.40 540.00 (295.40) We processed 16 credit checks only 4,025.95 2,940.00 (1,085.95) 4,848.00
budgeted 10.
Guest Suite Expense 537.40 600.00 62.60 3,820.74 3,950.00 129.26 6,450.00
Parking Cost 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expense 3,794.88 3,544.00 (250.88) 24,279.42 23,668.00 (611.42) 40,096.00

Advertising & Promotions 3,053.00 3,500.00 447.00 Savings due to dropping of Apartment 13,407.54 28,500.00 15,092.46 44,000.00
Guide subscription.
Resident Promotions 152.30 500.00 347.70 1,271.22 3,200.00 1,928.78 5,400.00
Locators 1,381.71 1,827.00 445.29 Five locator fees budgeted and actual 15,638.53 10,528.00 (5,110.53) 16,070.00
spent was four.
Resident Referrals 500.00 500.00 0.00 1,250.00 3,500.00 2,250.00 5,500.00
Total Advertising Expense 5,087.01 6,327.00 1,239.99 31,567.29 45,728.00 14,160.71 70,970.00

Paint & Drywall 425.39 540.00 114.61 2,262.92 2,421.00 158.08 4,217.00
Contract Cleaning Svcs. 3,845.00 2,859.00 (986.00) Overage due to many turns this 19,915.00 20,013.00 98.00 34,308.00
month.We had 30 move ins.
Favoarble YTD
Carpet Cleaning & Repairs 1,103.00 2,490.00 1,387.00 Had more carpet replacements this 7,889.00 11,166.00 3,277.00 19,446.00
month than cleans.
Window Coverings 832.42 270.00 (562.42) WE made ready over 30 units this 2,636.76 1,890.00 (746.76) 3,240.00
month.
Vinyl & Tile Repairs 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Lock & Keys 26.87 85.00 58.13 261.96 595.00 333.04 1,020.00
Counter & Tub Resurfacing 0.00 417.00 417.00 No repairs needed at this time. 1,586.00 2,919.00 1,333.00 5,004.00
Other Redecorating 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cleaning Supplies 413.53 158.00 (255.53) Reflects supplies needed to clean 30 1,335.57 1,106.00 (229.57) 1,896.00
plus units this month plus common
areas. WE also use some supplies in
move in gifts for new residents.
Total Make Ready Expense 6,646.21 6,819.00 172.79 35,887.21 40,110.00 4,222.79 69,131.00

General Maintenance & Supplies 1,331.54 900.00 (431.54) More supplies needed due to many 4,632.75 5,528.00 895.25 8,611.00
turns this month. Includes purchase of
supplies for make ready and work
orders. Also replaced two flags.
HVAC Parts & Repairs 54.23 350.00 295.77 Fewer repairs needed this month. 578.39 1,550.00 971.61 2,300.00
Plumbing Parts & Repairs 206.96 120.00 (86.96) 1,241.48 840.00 (401.48) 1,440.00
Electric Parts & Repairs 0.00 50.00 50.00 652.35 340.00 (312.35) 540.00
Roof & Gutter Repairs 0.00 0.00 0.00 0.00 3,000.00 3,000.00 3,000.00
Pools & Fountains 957.57 600.00 (357.57) Extra chlorine needed for the pool this 2,200.68 2,700.00 499.32 4,200.00
month and three filters needed for the
pool.
Gates & Entrances 0.00 20.00 20.00 0.00 110.00 110.00 150.00
Glass & Screens 0.00 260.00 260.00 None needing repair at this time. 611.03 1,040.00 428.97 1,820.00
Appliance Parts & Repairs 744.24 300.00 (444.24) More supplies needed due to many 3,879.69 2,100.00 (1,779.69) 3,600.00
turns this month. Includes purchase of
drip pans, mocrowave parts and other
parts for make ready units and work
orders.
Hardware 110.99 120.00 9.01 569.25 840.00 270.75 1,400.00
Exterior Painting 0.00 0.00 0.00 0.00 255.00 255.00 355.00
Uniforms 730.84 0.00 (730.84) New shirts ordered for the 763.16 300.00 (463.16) 600.00
maintenance guys this month.
Elevator Service & Repairs 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Security & Fire Systems 487.50 200.00 (287.50) Service call on office connections 5,561.14 2,455.00 (3,106.14) 14,555.00
needing repair.
Uninsured Losses 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Locks & Keys 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Bulbs & Ballasts 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Maintenance Expense 4,623.87 2,920.00 (1,703.87) 20,689.92 21,058.00 368.08 42,571.00

Landscape & Grounds 3,235.32 3,000.00 (235.32) Overage due to replaced sod in the pet 20,327.81 20,581.00 253.19 29,581.00
kill areas.
Trash Removal 829.87 755.00 (74.87) 5,120.37 5,285.00 164.63 9,060.00
Pest Control 1,006.00 305.00 (701.00) Removal of bee hives from building 12 1,648.75 1,635.00 (13.75) 2,760.00
and 13.
Security Patrols 0.00 925.00 925.00 None needed at this time. 0.00 1,850.00 1,850.00 2,775.00
Window Cleaning Svc. 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Interior Cleaning Svc. 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cable Television 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Snow Removal 0.00 0.00 0.00 7,278.72 14,000.00 6,721.28 19,500.00
Total Service Expense 5,071.19 4,985.00 (86.19) 34,375.65 43,351.00 8,975.35 63,676.00

Expenses - CAM - Electric 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Expenses - CAM - Water/Sewer 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Expenses - CAM - Gas 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Expenses - CAM - Grounds 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Expenses - CAM - Trash Removal 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Expenses - CAM - Cleaning Svcs 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Expenses - CAM - Maintenance 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Expenses - CAM - Insurance 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Expenses - CAM - R/E Taxes 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total CAM Expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Management Fees 12,133.58 11,558.00 (575.58) Based on % of collections. 83,238.25 79,119.00 (4,119.25) 134,836.00
No Name 0.00 0.00 0.00 0.00 0.00 0.00 0.00
No Name 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Legal Fees 608.49 200.00 (408.49) Two evictions fees budgeted for and 255.45 1,800.00 1,544.55 2,800.00
actual filed was Four.
Accounting Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Postage & Delivery 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Bank Charges 0.00 0.00 0.00 952.36 0.00 (952.36) 0.00
Partnership Insurance 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other Administrative Expenses 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Travel Expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Employee Activities 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Printing 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Computer Consulting 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Computer Expense 2,202.01 3,060.00 857.99 Yardi 2008-2009 licensing fee. 2,255.61 3,060.00 804.39 3,060.00
Bank Charges 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Development Cost 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Admin. Expense 14,944.08 14,818.00 (126.08) 86,701.67 83,979.00 (2,722.67) 140,696.00

Electricity 3,031.00 3,500.00 469.00 Less usage on common areas and 22,292.76 23,750.00 1,457.24 40,500.00
bldg services.
Electricity Gas - Resident 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Natural Gas 1,681.68 1,967.00 285.32 Less usage. 15,783.67 13,769.00 (2,014.67) 23,604.00
Water & Sewer 17,770.67 20,000.00 2,229.33 Reflects current usage, budget 122,286.73 140,000.00 17,713.27 240,000.00
anticipated a higher rate increase and
additional fees implemented from
Arapahoe county.
Water & Sewer - Resident Reimb (11,088.94) (13,600.00) (2,511.06) Collected @ 62%. We converted (89,961.94) (95,200.00) (5,238.06) (163,200.00)
billing to collect water at the property.
Hoping this will increase. Also
includes credits from AUIM for prior
payments, also adjustments to some
accounts for over charging.
Water - irrigation 6,140.50 5,800.00 (340.50) Based on current usage. YTD is 10,055.07 22,400.00 12,344.93 37,400.00
favorable.
Electric - Tenant Reimbursement 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Trash Reimbursement (2,256.15) (2,012.00) 244.15 (15,350.96) (15,636.00) (285.04) (25,696.00)
Water - Tenant Reimbursement 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Utility -Vacant Electric 1,206.08 797.00 (409.08) Occupancy was one percent less than 6,152.86 7,107.00 954.14 12,108.00
budget and move-ins came late in the
month.
Utility - Vacant Gas 328.48 478.00 149.52 3,189.55 4,837.00 1,647.45 7,837.00
Tenant Reimbursement - Gas 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Utility Expense 16,813.32 16,930.00 116.68 74,447.74 101,027.00 26,579.26 172,553.00

Management Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Management Fees-MRLL 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Property Legal Fees 0.00 0.00 0.00 1,896.50 0.00 (1,896.50) 0.00
Credit Card Fees 285.24 0.00 (285.24) Credit card fee charged. 2,255.58 0.00 (2,255.58) 0.00
Bank Charges 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Bank Adjustments 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other Professional Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Late Charges 0.00 0.00 0.00 0.00 0.00 0.00 0.00
HOA Assessment Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Contributions 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fiduciary Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Custodial Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Thunder Expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounting Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Management Expense 285.24 0.00 (285.24) 4,152.08 0.00 (4,152.08) 0.00

Property Taxes 30,188.47 30,188.00 (0.47) 211,319.29 211,316.00 (3.29) 362,256.00
Franchise Tax 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Insurance 4,840.47 4,850.00 9.53 34,053.99 33,950.00 (103.99) 58,200.00
Tax Consultants 0.00 57.00 57.00 600.00 399.00 (201.00) 684.00
MIP 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Taxes & Insurance 35,028.94 35,095.00 66.06 245,973.28 245,665.00 (308.28) 421,140.00
Total Operating Expenses 134,179.83 122,872.00 (11,307.83) 757,963.70 817,627.00 59,663.30 1,386,542.00
NET OPERATING INCOME 169,159.71 166,083.00 3,076.71 1,324,711.33 1,160,339.00 164,372.33 1,984,350.00

Base Rent - Interest Payment 106,474.53 130,152.00 23,677.47 745,994.55 769,673.67 23,679.12 1,420,433.67
Base Rent - Principal Payment 23,677.47 0.00 (23,677.47) 47,242.80 23,565.33 (23,677.47) 23,565.33
Stated Rent 86,666.71 86,667.00 0.29 606,666.97 606,669.00 2.03 1,040,004.00
Office Rent 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Rent Expense 216,818.71 216,819.00 0.29 1,399,904.32 1,399,908.00 3.68 2,484,003.00

Mortgage Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Loan Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Interest Expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Interest Expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Debt Service 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Partnership Legal Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Partnership Accounting Fees 0.00 0.00 0.00 540.00 365.00 (175.00) 365.00
Partnership Travel 0.00 200.00 200.00 No expense at this time. 1,898.47 1,400.00 (498.47) 2,400.00
Partnership - Meals 0.00 0.00 0.00 279.81 0.00 (279.81) 0.00
Partnership Fees - Other 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Partnership Expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Due Diligence Cost 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dead Deal Cost 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Asset Management Fees 0.00 1,000.00 1,000.00 No expense at this time. 4,000.00 7,000.00 3,000.00 12,000.00
Investor Administration Fee 4,200.00 3,250.00 (950.00) Investor reporting fee for the month. 25,400.00 22,750.00 (2,650.00) 39,000.00
Partnership Exp- Leaseup Costs 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Partnership Expense 4,200.00 4,450.00 250.00 32,118.28 31,515.00 (603.28) 53,765.00

Exterior Rehab 2,543.08 10,125.00 7,581.92 Sweeping and restripping of the 5,395.10 16,846.00 11,450.90 16,846.00
parking lot.
Interior Rehab 0.00 0.00 0.00 1,021.68 0.00 (1,021.68) 0.00
HVAC Replacement 0.00 600.00 600.00 No expense at this time. 540.47 1,200.00 659.53 1,800.00
Carpet & Floor Replacement 14,854.93 6,000.00 (8,854.93) 14 actual carpets replaced (all were 49,196.53 38,000.00 (11,196.53) 66,000.00
original carpets), six were budgeted
for.
Refrigerators 471.71 760.00 288.29 One fridge needed replacement in 1,123.12 1,450.00 326.88 1,450.00
10205.
Dishwashers & Ranges 225.00 319.00 94.00 710.32 1,475.00 764.68 1,734.00
Washers / Dryers 0.00 0.00 0.00 890.25 1,017.00 126.75 1,017.00
Fire Alarm Replacement 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other Capital Improvements 5,021.89 0.00 (5,021.89) Pool chair slings and backs replaced. 17,063.98 11,899.00 (5,164.98) 11,899.00
Boiler Replacement 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Roof Replacement 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Capital Expenses 23,116.61 17,804.00 (5,312.61) 75,941.45 71,887.00 (4,054.45) 100,746.00

Casualty Losses 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Casualty Recovery 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Casualty Loss 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NET INCOME (LOSS) (74,975.61) (72,990.00) (1,985.61) (183,252.72) (342,971.00) 159,718.28 (654,164.00)

Rental Guarantee 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(74,975.61) (72,990.00) (1,985.61) (183,252.72) (342,971.00) 159,718.28 (654,164.00)
Filter
0.01
4,755,419.00
59,257.00

4,814,676.00
0.00
0.00
(293,258.16)

(22,423.42)

0.00
0.00
(40,175.50)
(30,420.00)

0.00
(31,367.37)
0.00
(14,860.00)
(190,336.23)

0.00
0.00
0.00
0.00
4,191,835.32
1.00
0.00
0.00
0.00
32,310.15

16,652.67

16,458.57
0.00
30,030.00

31,708.23

15,168.58

0.00
3,489.00
57,893.49

0.00
0.00
0.00
0.00
109,198.51

0.00
13,818.95

0.00
0.00
4,100.00
0.00
0.00
0.00
55,490.00
58,339.70

9,715.74

0.00
6,726.66

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
461,100.25
1.00
4,652,935.57
1.00
1.00
200,605.15
0.00
191,069.81
0.00
71,857.63

0.00
17,942.39

0.00
0.00
4,774.55
0.00
486,249.53
1.00
11,760.91
12,981.78
1,983.98

3,308.74
0.00
0.00
2,760.08
0.00
4,921.32
0.00
304.00
16.00
8,341.35

8,908.14
0.00
55,286.30
1.00
48,460.54

5,123.52
29,375.24

5,750.00
88,709.30
1.00
5,649.31
46,632.00

22,648.00

5,629.18

0.00
968.83
4,922.00
0.00
3,013.10

89,462.42
1.00
12,392.29

2,532.62
2,408.44
1,042.35
3,000.00
6,458.25

130.00
1,911.03
7,023.93

1,640.24
255.00
1,794.00

0.00
8,703.64

0.00
0.00
0.00
49,291.79
1.00
47,144.13

11,990.24
4,594.75

2,775.00
0.00
0.00
0.00
21,278.72
87,782.84
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
186,048.83
0.00
0.00
2,863.94

0.00
0.00
952.36
0.00
0.00
0.00
0.00
0.00
0.00
10,577.62
0.00
0.00
200,442.75
1.00
52,573.76

0.00
33,201.35
300,057.40

(209,850.88)

44,395.57

0.00
(35,255.11)
0.00
15,262.94

18,467.00
0.00
209,218.06
1.00
0.00
0.00
1,896.50
2,540.82
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
4,437.32
1.00
483,011.76
0.00
77,694.46
1,056.00
0.00
561,762.22
1,832,642.53
2,820,293.04
1.00
1,752,294.75
94,485.60
1,386,669.68
0.00
3,233,450.03
1.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
905.00
3,498.47
279.81
0.00
0.00
0.00
0.00
12,000.00
55,600.00
0.00
72,283.28
1.00
34,909.18

1,021.68
2,340.47
108,051.46

3,804.83

2,729.32
1,907.25
0.00
33,984.87
0.00
0.00
188,749.06
1.00
0.00
0.00
0.00
(674,189.33)
1.00
0.00
0.00
Courtney Downs Apartments
July 08
LEASING & OCCUPANCY

NUMBER OF MOVE INS: 30 INCOME THIS MONTH: $303,340.00
NUMBER OF MOVE OUTS: 32 INCOME LAST MONTH: $300,181.00
NET FOR THE MONTH: -2 DIFFERENCE: $3,159.00

TOTAL # GARAGES 120
# GARAGES OCCUPIED 110
OCCUPIED/LEASED %: 95.%98.% GARAGES OCCUPIED % 92%

SOURCE OF TRAFFIC: REASONS WHY PROSPECTS DID NOT LEASE:
Traffic Leased
APARTMENT GUIDE.COM 1 1 * Job Transfer 0
APARTMENT GUIDE 0 0 * Too expensive. 5
YELLOW PAGES 0 0 * Future/No Availability/Waiting list 8
OTHER. NET 7 2 * Just started looking. 9
BLUE BOOK 3 2 * Waiting for Home to Sell 6
RENT.COM 16 7 * Current Lease to Expire 0
LIVES IN AREA 8 3 * Needs Ground Floor 0
RESIDENT REFERRAL 3 3 * Breed restrictions 2
LOCATORS 5 4 * Will return with roommate or spouse 6
WORD of MOUTH 8 1 * Realtor Looking for Client 0
WALK IN 0 0 * Undecided 8
SIGNAGE 30 10 * Employment pending 0
BROCHURE/FLYER 0 0 * Location 4
* Rented at Competitor 0
TOTALS 81 33 TOTALS 48

CLOSING RATIO: 35%

MARKETING ACTIVITIES & SOURCES FOR THE MONTH

* Took brochures and price sheets to Mann Theatres.
* Took cookie bags with brochures and price sheets to Marriott extend stay.
* Updated all internet ads with new pricing and specials for the month of July.
* Took donuts with price sheets to Parker Adventist hospital Human Resources.
* Took brochures and prices to 24 hour Fitness for employee break room.
* Brochures and donuts were taken to Go Motors staff.
* Met with Ryland Home sales team with options of temporary housing for new home buyers.
* Dropped off muffins and brochures to US bank for the break room.
* Dropped off doughnuts and brochures to Wells Fargo for break room.
* Took cookie and candy bag with flyer's to United Artist Theaters staff.
* Took brochures and prices to Nextel Corporation.
* Took lunch to locators with updates on specials and prices.
OVERVIEW OF COMPARABLE PROPERTIES:
The surrounding comps are still offering discounted rents on selected units.
This translates into one bedroom effective rents of $705, two bedrooms at $835 and three bedrooms starting at $1170.
Look and leases specials are 1/2 month to 1 month free off with a 12 to 13 month lease.
Overall market is 93.6% average occ.and rental rate of $827 per month.
RESIDENT RETENTION:
We had 29 leases expiring in the month of July. 13 renewed leases with a $30.46 increase.
Notices received; (5) buying homes, (2) out of state, (1) closer to work, (1) closer to school, (2) roommate split
(1) out of country, (1) did not like rules, (2) skips, (1) mtm.

INCIDENTS ON THE PROPERTY:
N/A
MAINTENANCE: ROUTINE REPLACEMENTS:
Number
Number of: Replaced Apt. #
MARKET READY UNITS 23 REFRIGERATORS 0
COMPLETE PAINTS 14 DISHWASHERS 1 4308
TOUCH UPS 9 WINDOWS 0
WORK ORDERS 185 A/C COMPRESSORS 0
Pending Completed 0 CONDENSING UNITS 0
Misc 0 18 18 WATER HEATERS 0
Electrical 0 32 32 ICE MAKERS 0
Punch 0 23 23 GARBAGE DISPOSALS 1 10211,
HVAC 0 31 31 MICROWAVES 0
2307, 6101, 6310, 6105, 7205,
7306, 12106, 19104, 19312, 4108,
Plumbing 0 61 61 CARPETS/vinyl 14 12210, 19205, 2309, 7111,
Property Ext. 0 0 0 CEILING FANS 0
Appliances 0 8 8 TOILETS 0
Safety 0 12 12 A/C FAN MOTORS 0
Total 0 185 185 COUNTER TOPS 0
ROOF LEAKS 0 CABINETS RESURFACED KITCHEN 0
9207-2, 2211-1, 2307-2, 4206-2,
6101-3, 6105-1, 6310-1, 7301-1,
7306-1, 9303-2, 12106-2, 12110-2,
13308-2,19104-2, 4108-3, 2103-2,
PLUMBING LEAKS 0 BLINDS 31 19205-2.
TUBS RESURFACED 1 7205
TUB TILES 0

CAPITAL IMPROVEMENTS IN PROGRESS:
N/A

PROBLEM AREAS NEEDING ATTENTION:
Gypcrete areas needing repair. , which we are receiving bids on.
Trickel pans needing repair.
Paint peeling and dry rot on some trim, getting bids for next years budget.

CURRENT STAFF:

Manager Nancy Howland
Assistant Manager Carrie McMillan
Leasing Consultant Adreyanna Black
Leasing Consultant Kate Hawkins
Maintenance Supervisor Gabriel Tellez
Assistant Maintenance Russell Briley
Maintenance/ Grounds Jorge Chavez and Jorge Bernal

ACCOMPLISHMENTS FOR THE MONTH:
Soded pet damaged areas.
New Flutter flags for the front of property
New bearing kit installed for the spa.
Dumped and refilled the pool.
MARKET SURVEY
Courtney Downs
July-08

Apartment Name Courtney Downs Coyote Ranch Windsor @ Meridian Pinnacle @ the Creek Dove Valley Cherrywood Village Reserve @ South Creek
Address 15849 E. Jamison Dr16363 E Freemont Ave 9875 Jefferson Pkwy 6107 S Parker Rd 7550 S Blackhawk 16950 E Carlson Dr 15611 E Jamison Dr
Phone 720-870-6114 303-693-8787 303-256-7700 303-766-2500 303-362-2000 303-805-7200 303-680-6696
Location Englewood, Co Aurora, Co Englewood, Co 80112 Centennial, Co Englewood, Co 80112 Parker, Co 80134 Englewood, Co 80112
# of units 342 507 653 216 312 360 168
Age of Property 5 5 7 4 6 6 6
Application Fee $50.00 $35.00 $40.00 $35.00 $45.00 $35.00 $50.00
Credit Card yes yes yes no yes no yes
Pets Allowed yes yes yes yes yes yes yes
Pet Deposit 300 n/r 300-600 150-300 $100 300-500 $400-500 300
Sec. Deposit 150 275-325 300 $100 $199.00 $200-300 100
W/D included Yes yes Only In Select Units Only Select Units no yes no
Covered Parking no yes yes yes no no no
Garage Detached yes yes yes yes yes yes
Cable Yes yes yes yes yes yes yes
Tennis Courts no no no no yes yes yes
# of pools 1 1 1 1 1 2 1
Weight Room yes yes yes yes yes yes yes
Jacuzzi yes 1 1 1 1 2 1
Ceiling Fans yes yes yes yes yes yes yes
Microwaves yes yes yes yes yes yes yes
Mini Blinds yes yes yes yes yes yes yes
FF Freezer yes yes yes yes yes yes yes
Icemakers yes yes yes yes yes yes yes
Fireplaces yes no yes yes yes yes yes
Access Gates no yes yes no yes yes yes
Alarm in Unit Prewired no yes yes yes no yes
Door to Door no no no no no no no
Aerobics/Kick Box no no no no no no no
Movie Room no yes yes yes yes yes yes
Computer Library yes yes yes yes yes yes yes
Indoor Basketball no no no no no no no
Water Charge yes no yes yes yes yes yes
Courtney Downs
RENTAL SCHEDULE
July 08

EFFECTIVE EFFECTIVE EFFECTIVE Vacants Notice Net
UNIT TYPE #UNITS SIZE TOTAL MKT RENT MKT RENT MONTHLY ANNUAL CONCESSION CONCESSION PER S/F MONTHLY Vacants Leased Notice Leased Available
S/F PER UNIT PER S/F GROSS GROSS RENTS* PER UNIT GROSS
A1 1BR 40 704 28,160 725 1.03 $29,000 $348,000 725.00 1.03 $29,000 4 3 8 4 5
A1V 1BR 32 704 22,528 725 1.03 $27,520 $330,240 725.00 1.03 $27,520 0 0 0 0 0
A2 1BR 18 910 16,380 850 0.93 $15,300 $183,600 850.00 0.93 $15,300 1 1 2 1 1
B1 1BR 24 808 19,392 750 0.93 $18,000 $216,000 750.00 0.93 $18,000 3 3 6 1 5
B1V 1BR 32 808 25,856 760 0.94 $24,320 $291,840 760.00 0.94 $24,320 0 0 0 0 0
C 2BR 42 977 41,034 875 0.90 $36,750 $441,000 875.00 0.90 $36,750 1 0 10 1 10
C1 2BR 44 1,030 45,320 900 0.87 $39,600 $475,200 900.00 0.87 $39,600 3 1 13 1 14
C1V 2BR 22 1,030 22,660 925 0.90 $20,350 $244,200 925.00 0.90 $20,350 0 0 0 0 0
CV 2BR 24 977 23,448 875 0.90 $21,000 $252,000 875.00 0.90 $21,000 0 0 0 0 0
D 2BR 16 1,030 16,480 925 0.90 $14,800 $177,600 925.00 0.90 $14,800 1 1 2 0 2
DV 2BR 20 1,030 20,600 925 0.90 $18,500 $222,000 925.00 0.90 $18,500 0 0 0 0 0
E 3BR 24 1,140 27,360 1160 1.02 $27,840 $334,080 1,160.00 1.02 $27,840 3 3 3 0 3
EV 3BR 4 1,140 4,560 1160 1.02 $4,640 $55,680 1,160.00 1.02 $4,640 0 0 0 0 0

TOTAL 342 917 313,778 $870 $0.95 $297,620 $3,571,440 $870 0.95 $297,620 16 12 44 8 40
* Net of Concessions
MARKET SURVEY
Courtney Downs
July-08
(Concessions reduced rates)

PROPERTY: Courtney Downs Apt Coyote Ranch Windsor at Meridian Pinnacle @ the Creek Dove Valley Cherrywood Village Reserve@South Creek
PRICE SIZE PSF PRICE SIZE PSF PRICE SIZE PSF PRICE SIZE PSF PRICE SIZE PSF PRICE SIZE PSF PRICE SIZE PSF
Efficiency
Efficiency
1B1B (A) 755 704 1.07 785 779 1.01 759 627 1.21 745 685 1.09 705 768 0.92 720 707 1.02 705 763 0.92
1B1B (B) 870 808 1.08 805 853 0.94 829 701 1.18 750 705 1.02 728 842 0.86 750 796 0.94 725 763 1.05
1B1B w/study 770 910 0.85 899 811 0.91 810 760 1.03 815 992 0.82 805 916 0.88
1B
1B
1B w/loft
1B1B w/study 899 956 0.94 1005 1051 0.96
2B2B (E) 895 977 0.92 940 1105 0.85 909 1044 0.87 1015 1120 0.91 889 1115 0.80 900 1033 0.87 840 1037 0.81
2B2B (F) 905 1030 0.88 980 1192 0.82 1080 1196 0.90 999 1220 0.82 935 1093 0.86 885 1037 1.23
2B2B (G) 935 1030 0.91 1099 1180 0.93
2B2B (H)
2B2B
2B w/study
2B2B TH
2B2B TH
3B2B 1,195 1140 1.05 1190 1398 0.85 1119 1330 0.84 1185 1230 0.96 1190 1356 0.88 1095 1235 0.89 1100 1257 0.88
3B2B 1255 1398 0.91 1095 1235 1.04 1195 1257 1.10

% occ /leased 95% 98.86% 93% 97% 0 0% 94% 98.10% 95.0% 93% 93.0% 96% 93.2% 97%
Avg PSF 1 0.96 0.90 0.97 0.99 0.85 0.93 1.00
Avg Rents 904 1114 994 808 888 1131 995
/ Avail)
Units(Total 342 40 507 28 653 216 18 312 37 360 17 0 168 14

Special: One month free or
Special: Waived security Special: One month free Will not give out any Special:1/2 month free giftcertificate to the mall Special: 1/2 month off 12 to Special: One month free on a
Rates deposit with approved credit. on 12 to 13 month lease. information. with look and lease. w/look and lese special. 13 month leases. 12 to 13 month special.
reflect these rates:
specials:

Ren.: 15% increase on all Ren: Info not avail per Ren: $35 to $80 increas Ren: Average $25 to $75 Ren: Free carpet cleaning
Ren: $35 to $75 increase. renewals. corporate Ren:Per corporate for 12 month lease increase. with 12mo.