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USA Courtney Downs LeaseCo, LLC

Key Variable Analysis
8/31/2008
Number of Units #REF!
Actual Actual
Average Length of Stay (mos.) Jan Current Month % Change
Renewal Rate
Turnover Rate - Current month YTD annualized #REF! Market Rent (MR) $294,410 $301,250 2.32%
Current Gross Potential (most recent fin. stmt.) LTL as % of MR $2,842 ($3,635) -227.90%
Gross Potential (beg. Budget year) Gross Potential $297,252 $297,615 0.12%
% Increase in GPR (current to beg. budget yr.)
Current Current %
MTD YTD Actual Budget Variance
Write-offs as % of Gross Potential -0.18% 1.08%
Other Income/Unit (excl. Utility Reimb.) #REF!
Application Fee Per Move In Net Rental Income $271,191 $261,671 $9,520
Redec/Admin. Fee Per Move In Other Income $28,230 $27,910 $320
Total Revenue $299,421 $289,581 $9,840

Controllable Expenses as % of Total Revenue: #REF! Average Economic Physical
Total Expenses as % of Total Revenue: #REF! Month Occupied Rent Occupancy Occupancy

Jan-08 #REF! #REF! 91.40% (Net Rental income) / (total units * occupancy)
Average Advertising/Locator Cost per Move-In: $225 $206 Feb-08 #REF! #REF! 94.04%
Total Resident Retention per Unit: Mar-08 #REF! #REF! 95.32%
Average Cost per Turn (move-out): $538 $285 Apr-08 #REF! #REF! 93.18%
% Water/Sewer Recovery - MTD & YTD - Actuals 75.32% 71.90% May-08 #REF! #REF! 93.81%
Actual + Bud Budget Jun-08 #REF! #REF! 94.09%
Total Controllable Expenses (/unit/yr.): #REF! #REF! Jul-08 #REF! #REF! 93.94%
Total Non-controllable Expenses (/unit/yr.): #REF! #REF! Aug-08 #REF! #REF! 94.81%
Total Expenses (/unit/yr.): #REF! #REF! Sep-08 $0 0.00% 0.00%
Oct-08 $0 0.00% 0.00%
Nov-08 $0 0.00% 0.00%
Lease Expiration Dec-08 $0 0.00% 0.00%
Sep-08 20.00

Expenses Expenses
Category /unit/yr. Category /unit/yr.
Credit Card Fees $13
Salary Expense $1,003 Service Expense $155
Operating Expense $118 Administrative Expense $419
Advertising Expense $166 Utility Expense $433
Make Ready Expense $193 Taxes & Insurance $1,232
Maintenance Expense $126 Capital Expense $309
Management Expense #N/A
USA Courtney Downs LeaseCo, LLC
Summary Report

Actual Budget Variance
Move-ins 25 30 (5)
Move-outs 15 30 15

Physical Occupancy 94.81% 94.82% -0.01% at month end
Vacancy 5.19% 5.18% -0.01% (vacancy / market rent)
Economic Occupancy 90.02% 86.86% 3.16% (net rental / market rent)

Prior Current Subsquent Annualized
Month Month Month Per Unit

Net Rental Revenue
Actual / Projected 265,581 271,191 266,582
Budget - Original 263,650 261,671 258,661
Variance 1,931 9,520 7,921

Other Revenue
Actual 37,758 28,230 23,739
Budget - Original 25,305 27,910 23,739
Variance 12,453 320 -

Expenses - Controllable
Actual 99,514 76,346 79,854 #REF! ( YTD Actual + Remaining Projected Budget)
Budget - Original 122,872 118,647 114,949 #REF!
Variance 23,358 42,301 35,095 #REF!

Expenses - Taxes & Insurance
Actual 35,029 35,029 35,095 #REF!
Budget - Original 35,095 35,095 35,095 #REF!
Variance 66 66 - #REF!

Expenses - Capital
Actual 23,117 7,400 6,259
Budget - Original 17,804 6,600 6,259
Variance (5,313) (800) -

NOI Goal - Annual Actual Budget Variance
NOI Goal @ 7.00% cap 2,782,500 2,782,500 ( from disposition analysis )
Projected NOI 2,178,392 1,984,350 194,041.83 ( YTD Actual + Remaining Budget )
Variance 604,108 798,150
Lease Expiration
USA Courtney Downs LeaseCo, LLC (10600)
Month Year = 09/2008
Property Unit Type Units MTM Sep-08 Oct-08
10600 Arlington(cdc1) 66.00 0.00 2.00 5.00
10600 Calder(cda1) 72.00 0.00 9.00 8.00
10600 Churchill(cde) 28.00 0.00 1.00 3.00
10600 Derby(cda2) 18.00 0.00 1.00 0.00
10600 Drysdale (Study)(cdb1) 56.00 0.00 3.00 7.00
10600 Lexington(cdd) 36.00 0.00 2.00 2.00
10600 Steplechase(cdc) 66.00 0.00 2.00 5.00
10600 USA Courtney Downs LeaseCo, LLC (10600) 342.00 0.00 20.00 30.00
Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09
3.00 5.00 4.00 7.00 2.00 4.00 5.00 8.00
2.00 5.00 4.00 6.00 3.00 7.00 3.00 4.00
0.00 5.00 1.00 1.00 4.00 1.00 2.00 1.00
2.00 1.00 1.00 3.00 1.00 1.00 1.00 2.00
8.00 2.00 4.00 0.00 6.00 5.00 4.00 2.00
0.00 1.00 2.00 2.00 3.00 4.00 6.00 7.00
7.00 3.00 5.00 7.00 3.00 4.00 5.00 7.00
22.00 22.00 21.00 26.00 22.00 26.00 26.00 31.00
Jul-09 Aug-09 Total
4.00 3.00 52.00
6.00 7.00 64.00
3.00 1.00 23.00
2.00 1.00 16.00
2.00 5.00 48.00
1.00 2.00 32.00
5.00 5.00 58.00
23.00 24.00 293.00
Courtney Downs

Jan Feb Mar Apr May Jun Jul Aug

Move Ins 17 16 19 16 28 16 31 25
cummulative move in 17 33 52 68 96 112 143 168

Move Outs 17 11 19 21 18 20 33 15
cummulative move out 17 28 47 68 86 106 139 154
Sep Oct Nov Dec

168
168 168 168 168

154
154 154 154 154
USA Courtney Downs LeaseCo,
LLC (10600)
12 Month Occupancy
Showing Occupancy Percentage By Property And Month

Year : 2008
Grouped By : Region
Calculation by : Unit Count

Property Units Sq Ft Jan Feb Mar Apr

2007 342 311,852 89.50 88.75 88.09 90.32

2008 91.40 94.04 95.32 93.18
May Jun July Aug Sep Oct Nov Dec

93.11 94.95 95.85 94.18 93.98 94.00 92.69 92.10

93.81 94.09 93.94 94.81
USA Courtney Downs LeaseCo, LLC (10600)
Budget
Period = Jan 2008-Dec 2008
Book = Accrual
Jan-08 Feb-08 Mar-08
 INCOME
 Market Rent 294,410.00 294,410.00 297,830.00
 Loss / Gain to Lease 10,247.00 10,940.00 7,880.00
 Gross Potential Rent 304,657.00 305,350.00 305,710.00
 Vacancy Loss -28,795.00 -27,074.00 -24,776.00
 Upfront Rent Concessions -6,000.00 -6,000.00 -3,000.00
 Adjustments & W/O -1,507.00 -1,534.00 -1,586.00
 Model Units -1,980.00 -1,980.00 -1,980.00
 Employee Apartment -1,935.00 -1,935.00 -1,935.00
 Guest Suite -1,160.00 -1,160.00 -1,160.00
 Lease Term Concessions -17,793.00 -15,707.00 -12,879.00
 INCOME RENTAL 245,487.00 249,960.00 258,394.00

 OTHER REVENUES
 Late Charges & NSF Fees 1,463.00 1,463.00 1,771.00
 Month to Month Premium 300.00 750.00 750.00
 Storage Fees 680.00 720.00 880.00
 Application Fees 1,176.00 1,323.00 1,519.00
 Termination Fees & Damages 0.00 0.00 2,700.00
 Miscellaneous Income 600.00 200.00 1,100.00
 Interest Income 3,489.00 0.00 0.00
 Pet Rents & Fees 3,360.00 3,360.00 3,360.00
 Garage Income 6,790.00 6,790.00 6,790.00
 Cable/Telephone Income 475.00 475.00 475.00
 Forfeited Deposits 300.00 300.00 300.00
 Administration Fee 1,820.00 2,100.00 2,660.00
 Move-Out Charges 2,400.00 2,400.00 2,400.00
 Short Term Lease Fees 500.00 375.00 500.00
 TOTAL OTHER REVENUES 23,353.00 20,256.00 25,205.00
 TOTAL REVENUE 268,840.00 270,216.00 283,599.00

 SALARY EXPENSES
 Managers Salary 12,689.00 12,689.00 12,689.00
 Maintenance Salary 11,403.00 11,403.00 11,403.00
 Commissions & Bonus 3,005.00 3,425.00 3,665.00
 Group Insurance 1,720.00 1,720.00 1,720.00
 Contract Labor 1,000.00 1,000.00 1,000.00
 TOTAL SALARY EXPENSES 29,817.00 30,237.00 30,477.00

 OPERATING EXPENSES
 Office Operations & Supplies 850.00 850.00 850.00
 Telephones 743.00 743.00 743.00
 Answering Svc. & Pagers 98.00 98.00 98.00
 Postage & Delivery 211.00 211.00 211.00
 Publications & Subscriptions 114.00 114.00 114.00
 Employee Training 350.00 350.00 300.00
 Car Expenses 38.00 38.00 38.00
 Credit Checks 288.00 324.00 372.00
 Guest Suite Expense 600.00 550.00 500.00
 TOTAL OPERATING EXPENSE 3,292.00 3,278.00 3,226.00

 ADVERTISING EXPENSES
 Advertising & Promotions 7,500.00 3,500.00 3,500.00
 Resident Promotions 500.00 400.00 500.00
 Locators 723.00 1,446.00 2,025.00
 Resident Referrals 500.00 500.00 500.00
 TOTAL ADVERTISING EXPENSES 9,223.00 5,846.00 6,525.00

 MAKE READY EXPENSES
 Paint & Drywall 207.00 225.00 279.00
 Contract Cleaning Svcs. 2,859.00 2,859.00 2,859.00
 Carpet Cleaning & Repairs 955.00 1,038.00 1,287.00
 Window Coverings 270.00 270.00 270.00
 Lock & Keys 85.00 85.00 85.00
 Counter & Tub Resurfacing 417.00 417.00 417.00
 Cleaning Supplies 158.00 158.00 158.00
 TOTAL MAKE READY EXPENSES 4,951.00 5,052.00 5,355.00

 MAINTENANCE EXPENSES
 General Maintenance & Supplies 599.00 689.00 1,000.00
 HVAC Parts & Repairs 200.00 100.00 100.00
 Plumbing Parts & Repairs 120.00 120.00 120.00
 Electric Parts & Repairs 40.00 50.00 50.00
 Roof & Gutter Repairs 0.00 0.00 0.00
 Pools & Fountains 100.00 100.00 100.00
 Gates & Entrances 10.00 10.00 10.00
 Glass & Screens 260.00 0.00 260.00
 Appliance Parts & Repairs 300.00 300.00 300.00
 Hardware 120.00 120.00 120.00
 Exterior Painting 0.00 0.00 0.00
 Uniforms 0.00 0.00 0.00
 Security & Fire Systems 450.00 450.00 450.00
 TOTAL MAINTENANCE EXPENSE 2,199.00 1,939.00 2,510.00

 SERVICE EXPENSES
 Landscape & Grounds 0.00 0.00 0.00
 Trash Removal 755.00 755.00 755.00
 Pest Control 205.00 205.00 205.00
 Security Patrols 0.00 0.00 0.00
 Snow Removal 3,500.00 3,500.00 3,500.00
 TOTAL SERVICE EXPENSES 4,460.00 4,460.00 4,460.00

 ADMINISTRATIVE EXPENSES
 Management Fees 10,754.00 10,809.00 11,344.00
 Legal Fees 400.00 200.00 400.00
 Computer Expense 0.00 0.00 0.00
 TOTAL ADMINISTRATIVE EXPENSES 11,154.00 11,009.00 11,744.00

 UTILITY EXPENSES
 Electricity 3,250.00 3,250.00 3,250.00
 Natural Gas 1,967.00 1,967.00 1,967.00
 Water & Sewer 20,000.00 20,000.00 20,000.00
 Water & Sewer - Resident Reimb -13,600.00 -13,600.00 -13,600.00
 Water - irrigation 0.00 0.00 0.00
 Trash Reimbursement -2,400.00 -2,400.00 -2,400.00
 Utility -Vacant Electric 1,505.00 1,415.00 325.00
 Utility - Vacant Gas 903.00 849.00 768.00
 TOTAL UTILITY EXPENSES 11,625.00 11,481.00 10,310.00

 TAXES & INSURANCE
 Property Taxes 30,188.00 30,188.00 30,188.00
 Insurance 4,850.00 4,850.00 4,850.00
 Tax Consultants 57.00 57.00 57.00
 TOTAL TAXES & INSURANCE 35,095.00 35,095.00 35,095.00
 TOTAL OPERATING EXPENSES 111,816.00 108,397.00 109,702.00
 NET OPERATING INCOME 157,024.00 161,819.00 173,897.00

 TIC RENT EXPENSE
 Base Rent - Interest Payment 106,587.00 106,587.00 106,587.00
 Base Rent - Principal Payment 0.00 0.00 0.00
 Stated Rent 86,667.00 86,667.00 86,667.00
 Total TIC Rent Expense 193,254.00 193,254.00 193,254.00

 PARTNERSHIP EXPENSES
 Partnership Accounting Fees 0.00 0.00 0.00
 Partnership Travel 200.00 200.00 200.00
 Asset Management Fees 1,000.00 1,000.00 1,000.00
 Investor Administration Fee 3,250.00 3,250.00 3,250.00
 TOTAL PARTNERSHIP EXPENSES 4,450.00 4,450.00 4,450.00

 CAPITAL EXPENSES
 Exterior Rehab 0.00 0.00 0.00
 HVAC Replacement 0.00 0.00 0.00
 Carpet & Floor Replacement 5,000.00 5,000.00 5,000.00
 Refrigerators 0.00 0.00 0.00
 Dishwashers & Ranges 0.00 259.00 319.00
 Washers / Dryers 339.00 0.00 339.00
 Other Capital Improvements 0.00 2,139.00 2,610.00
 TOTAL CAPITAL EXPENSES 5,339.00 7,398.00 8,268.00
 NET INCOME -46,019.00 -43,283.00 -32,075.00

NOI YTD - Budget 157,024.00 318,843.00 492,740.00
Projected Move-Ins 13 15 19
Total Move Outs 12 13 16
Resulting Occupancy at Month End 90.44% 91.17% 92.19%
Average Monthly Occupancy 90.22% 90.80% 91.68%
Average Scheduled Rent per Unit 861 861 871
Average Monthly Occupied Rent 894 896 896
Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08

297,830.00 297,830.00 297,830.00 301,250.00 301,250.00 301,250.00
8,634.00 8,445.00 8,157.00 4,000.00 3,881.00 3,436.00
306,464.00 306,275.00 305,987.00 305,250.00 305,131.00 304,686.00
-21,510.00 -19,986.00 -17,809.00 -15,591.00 -15,591.00 -16,802.00
-3,000.00 -3,000.00 -3,000.00 -3,000.00 -3,000.00 -3,000.00
-1,602.00 -1,620.00 -1,621.00 -1,618.00 -1,606.00 -1,588.00
-1,980.00 -1,980.00 -1,980.00 -1,980.00 -1,980.00 -1,980.00
-1,935.00 -1,935.00 -1,935.00 -1,935.00 -1,935.00 -1,935.00
-1,160.00 -1,160.00 -1,160.00 -1,160.00 -1,160.00 -1,160.00
-14,298.00 -12,717.00 -14,444.00 -16,316.00 -18,188.00 -19,560.00
260,979.00 263,877.00 264,038.00 263,650.00 261,671.00 258,661.00

1,925.00 1,925.00 1,925.00 1,925.00 1,925.00 1,925.00
600.00 600.00 750.00 900.00 750.00 900.00
840.00 920.00 920.00 1,000.00 1,080.00 1,120.00
1,813.00 1,862.00 2,107.00 2,205.00 2,205.00 1,764.00
0.00 2,700.00 2,700.00 0.00 2,700.00 0.00
500.00 500.00 600.00 800.00 800.00 800.00
0.00 0.00 0.00 0.00 0.00 0.00
3,360.00 3,360.00 4,200.00 3,360.00 3,360.00 3,360.00
6,790.00 6,790.00 6,790.00 6,790.00 6,790.00 6,790.00
475.00 475.00 475.00 475.00 475.00 475.00
400.00 400.00 500.00 500.00 600.00 500.00
3,220.00 3,220.00 3,920.00 4,200.00 4,200.00 3,080.00
2,400.00 3,600.00 2,400.00 2,400.00 2,400.00 2,400.00
375.00 500.00 625.00 750.00 625.00 625.00
22,698.00 26,852.00 27,912.00 25,305.00 27,910.00 23,739.00
283,677.00 290,729.00 291,950.00 288,955.00 289,581.00 282,400.00

12,689.00 12,689.00 12,689.00 13,069.00 13,069.00 13,069.00
11,403.00 11,403.00 11,403.00 11,745.00 11,745.00 11,745.00
4,580.00 3,755.00 5,305.00 4,900.00 4,900.00 4,158.00
1,720.00 1,720.00 1,720.00 1,720.00 1,720.00 1,720.00
0.00 0.00 0.00 0.00 0.00 0.00
30,392.00 29,567.00 31,117.00 31,434.00 31,434.00 30,692.00

850.00 850.00 850.00 850.00 850.00 850.00
743.00 743.00 743.00 743.00 743.00 743.00
98.00 98.00 98.00 98.00 98.00 98.00
211.00 211.00 211.00 211.00 211.00 211.00
114.00 114.00 114.00 114.00 114.00 114.00
350.00 350.00 350.00 350.00 350.00 350.00
38.00 38.00 38.00 38.00 38.00 38.00
444.00 456.00 516.00 540.00 540.00 432.00
500.00 600.00 600.00 600.00 500.00 500.00
3,348.00 3,460.00 3,520.00 3,544.00 3,444.00 3,336.00

3,500.00 3,500.00 3,500.00 3,500.00 3,500.00 3,000.00
400.00 500.00 400.00 500.00 400.00 500.00
1,401.00 1,401.00 1,705.00 1,827.00 1,827.00 1,340.00
500.00 500.00 500.00 500.00 500.00 500.00
5,801.00 5,901.00 6,105.00 6,327.00 6,227.00 5,340.00

342.00 423.00 405.00 540.00 540.00 446.00
2,859.00 2,859.00 2,859.00 2,859.00 2,859.00 2,859.00
1,577.00 1,951.00 1,868.00 2,490.00 2,490.00 2,054.00
270.00 270.00 270.00 270.00 270.00 270.00
85.00 85.00 85.00 85.00 85.00 85.00
417.00 417.00 417.00 417.00 417.00 417.00
158.00 158.00 158.00 158.00 158.00 158.00
5,708.00 6,163.00 6,062.00 6,819.00 6,819.00 6,289.00

900.00 720.00 720.00 900.00 720.00 653.00
100.00 350.00 350.00 350.00 350.00 100.00
120.00 120.00 120.00 120.00 120.00 120.00
50.00 50.00 50.00 50.00 40.00 40.00
0.00 1,500.00 1,500.00 0.00 0.00 0.00
600.00 600.00 600.00 600.00 600.00 600.00
20.00 20.00 20.00 20.00 20.00 20.00
0.00 260.00 0.00 260.00 260.00 260.00
300.00 300.00 300.00 300.00 300.00 300.00
120.00 120.00 120.00 120.00 120.00 120.00
155.00 0.00 100.00 0.00 0.00 100.00
300.00 0.00 0.00 0.00 0.00 0.00
450.00 450.00 5.00 200.00 200.00 200.00
3,115.00 4,490.00 3,885.00 2,920.00 2,730.00 2,513.00

8,863.00 5,718.00 3,000.00 3,000.00 3,000.00 3,000.00
755.00 755.00 755.00 755.00 755.00 755.00
205.00 205.00 305.00 305.00 305.00 205.00
0.00 0.00 925.00 925.00 925.00 0.00
3,500.00 0.00 0.00 0.00 0.00 0.00
13,323.00 6,678.00 4,985.00 4,985.00 4,985.00 3,960.00

11,347.00 11,629.00 11,678.00 11,558.00 11,583.00 11,296.00
200.00 200.00 200.00 200.00 200.00 200.00
0.00 0.00 0.00 3,060.00 0.00 0.00
11,547.00 11,829.00 11,878.00 14,818.00 11,783.00 11,496.00

3,500.00 3,500.00 3,500.00 3,500.00 3,500.00 3,500.00
1,967.00 1,967.00 1,967.00 1,967.00 1,967.00 1,967.00
20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00
-13,600.00 -13,600.00 -13,600.00 -13,600.00 -13,600.00 -13,600.00
5,000.00 5,800.00 5,800.00 5,800.00 5,000.00 5,000.00
-2,400.00 -2,012.00 -2,012.00 -2,012.00 -2,012.00 -2,012.00
1,112.00 1,033.00 920.00 797.00 797.00 858.00
667.00 620.00 552.00 478.00 478.00 515.00
16,246.00 17,308.00 17,127.00 16,930.00 16,130.00 16,228.00

30,188.00 30,188.00 30,188.00 30,188.00 30,188.00 30,188.00
4,850.00 4,850.00 4,850.00 4,850.00 4,850.00 4,850.00
57.00 57.00 57.00 57.00 57.00 57.00
35,095.00 35,095.00 35,095.00 35,095.00 35,095.00 35,095.00
124,575.00 120,491.00 119,774.00 122,872.00 118,647.00 114,949.00
159,102.00 170,238.00 172,176.00 166,083.00 170,934.00 167,451.00

106,587.00 106,587.00 106,586.67 106,474.53 106,361.87 130,152.00
0.00 0.00 23,565.33 23,677.47 23,790.13 0.00
86,667.00 86,667.00 86,667.00 86,667.00 86,667.00 86,667.00
193,254.00 193,254.00 216,819.00 216,819.00 216,819.00 216,819.00

0.00 365.00 0.00 0.00 0.00 0.00
200.00 200.00 200.00 200.00 200.00 200.00
1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
3,250.00 3,250.00 3,250.00 3,250.00 3,250.00 3,250.00
4,450.00 4,815.00 4,450.00 4,450.00 4,450.00 4,450.00

2,546.00 2,960.00 1,215.00 10,125.00 0.00 0.00
0.00 0.00 600.00 600.00 600.00 0.00
5,000.00 6,000.00 6,000.00 6,000.00 6,000.00 6,000.00
0.00 690.00 0.00 760.00 0.00 0.00
0.00 319.00 259.00 319.00 0.00 259.00
0.00 339.00 0.00 0.00 0.00 0.00
5,000.00 2,150.00 0.00 0.00 0.00 0.00
12,546.00 12,458.00 8,074.00 17,804.00 6,600.00 6,259.00
-51,148.00 -40,289.00 -57,167.00 -72,990.00 -56,935.00 -60,077.00

651,842.00 822,080.00 994,256.00 1,160,339.00 1,331,273.00 1,498,724.00
23 23 28 30 30 22
19 24 23 30 30 25
93.36% 93.22% 94.82% 94.82% 94.82% 94.02%
92.78% 93.29% 94.02% 94.82% 94.82% 94.42%
871 871 871 881 881 881
898 897 896 893 893 891
Oct-08 Nov-08 Dec-08 Total

301,250.00 301,250.00 301,250.00 3,587,640.00
3,092.00 2,867.00 2,704.00 74,283.00
304,342.00 304,117.00 303,954.00 3,661,923.00
-19,995.00 -22,418.00 -23,078.00 -253,425.00
-3,000.00 -3,000.00 -3,000.00 -42,000.00
-1,559.00 -1,539.00 -1,530.00 -18,910.00
-1,980.00 -1,980.00 -1,980.00 -23,760.00
-1,935.00 -1,935.00 -1,935.00 -23,220.00
-1,160.00 -1,160.00 -1,160.00 -13,920.00
-20,621.00 -21,370.00 -21,994.00 -205,887.00
254,092.00 250,715.00 249,277.00 3,080,801.00

1,848.00 1,848.00 1,848.00 21,791.00
1,500.00 1,050.00 600.00 9,450.00
1,080.00 960.00 920.00 11,120.00
1,470.00 1,225.00 1,127.00 19,796.00
0.00 2,700.00 0.00 13,500.00
600.00 800.00 700.00 8,000.00
0.00 0.00 0.00 3,489.00
3,360.00 3,360.00 3,360.00 41,160.00
6,790.00 6,790.00 6,790.00 81,480.00
475.00 475.00 475.00 5,700.00
100.00 100.00 100.00 4,100.00
2,380.00 1,680.00 1,400.00 33,880.00
2,400.00 2,400.00 2,400.00 30,000.00
625.00 625.00 500.00 6,625.00
22,628.00 24,013.00 20,220.00 290,091.00
276,720.00 274,728.00 269,497.00 3,370,892.00

13,069.00 13,069.00 13,069.00 154,548.00
11,745.00 11,745.00 11,745.00 138,888.00
3,395.00 3,020.00 2,525.00 46,633.00
1,720.00 1,720.00 1,720.00 20,640.00
0.00 1,000.00 1,000.00 5,000.00
29,929.00 30,554.00 30,059.00 365,709.00

850.00 850.00 850.00 10,200.00
743.00 743.00 743.00 8,916.00
98.00 98.00 98.00 1,176.00
211.00 211.00 211.00 2,532.00
114.00 114.00 114.00 1,368.00
350.00 350.00 350.00 4,150.00
38.00 38.00 38.00 456.00
360.00 300.00 276.00 4,848.00
500.00 500.00 500.00 6,450.00
3,264.00 3,204.00 3,180.00 40,096.00

3,000.00 3,000.00 3,000.00 44,000.00
400.00 500.00 400.00 5,400.00
1,035.00 731.00 609.00 16,070.00
250.00 500.00 250.00 5,500.00
4,685.00 4,731.00 4,259.00 70,970.00

387.00 234.00 189.00 4,217.00
2,859.00 2,859.00 2,859.00 34,308.00
1,785.00 1,079.00 872.00 19,446.00
270.00 270.00 270.00 3,240.00
85.00 85.00 85.00 1,020.00
417.00 417.00 417.00 5,004.00
158.00 158.00 158.00 1,896.00
5,961.00 5,102.00 4,850.00 69,131.00

630.00 652.00 428.00 8,611.00
100.00 100.00 100.00 2,300.00
120.00 120.00 120.00 1,440.00
40.00 40.00 40.00 540.00
0.00 0.00 0.00 3,000.00
100.00 100.00 100.00 4,200.00
0.00 0.00 0.00 150.00
0.00 260.00 0.00 1,820.00
300.00 300.00 300.00 3,600.00
120.00 100.00 100.00 1,400.00
0.00 0.00 0.00 355.00
300.00 0.00 0.00 600.00
10,500.00 1,000.00 200.00 14,555.00
12,210.00 2,672.00 1,388.00 42,571.00

3,000.00 0.00 0.00 29,581.00
755.00 755.00 755.00 9,060.00
205.00 205.00 205.00 2,760.00
0.00 0.00 0.00 2,775.00
0.00 3,000.00 2,500.00 19,500.00
3,960.00 3,960.00 3,460.00 63,676.00

11,069.00 10,989.00 10,780.00 134,836.00
200.00 200.00 200.00 2,800.00
0.00 0.00 0.00 3,060.00
11,269.00 11,189.00 10,980.00 140,696.00

3,250.00 3,250.00 3,250.00 40,500.00
1,967.00 1,967.00 1,967.00 23,604.00
20,000.00 20,000.00 20,000.00 240,000.00
-13,600.00 -13,600.00 -13,600.00 -163,200.00
5,000.00 0.00 0.00 37,400.00
-2,012.00 -2,012.00 -2,012.00 -25,696.00
1,022.00 1,145.00 1,179.00 12,108.00
613.00 687.00 707.00 7,837.00
16,240.00 11,437.00 11,491.00 172,553.00

30,188.00 30,188.00 30,188.00 362,256.00
4,850.00 4,850.00 4,850.00 58,200.00
57.00 57.00 57.00 684.00
35,095.00 35,095.00 35,095.00 421,140.00
122,613.00 107,944.00 104,762.00 1,386,542.00 965,402.00 2,822.81
154,107.00 166,784.00 164,735.00 1,984,350.00

130,152.00 130,152.00 130,152.00 1,372,966.07
0.00 0.00 0.00 71,032.93
86,667.00 86,667.00 86,667.00 1,040,004.00
216,819.00 216,819.00 216,819.00 2,484,003.00

0.00 0.00 0.00 365.00
200.00 200.00 200.00 2,400.00
1,000.00 1,000.00 1,000.00 12,000.00
3,250.00 3,250.00 3,250.00 39,000.00
4,450.00 4,450.00 4,450.00 53,765.00

0.00 0.00 0.00 16,846.00
0.00 0.00 0.00 1,800.00
6,000.00 5,000.00 5,000.00 66,000.00
0.00 0.00 0.00 1,450.00
0.00 0.00 0.00 1,734.00
0.00 0.00 0.00 1,017.00
0.00 0.00 0.00 11,899.00
6,000.00 5,000.00 5,000.00 100,746.00
-73,162.00 -59,485.00 -61,534.00 -654,164.00

1,652,831.00 1,819,615.00 1,984,350.00
1,984,350.00
0.00
17 12 10
22 13 11
92.70% 92.41% 92.27%
93.36% 92.56% 92.34%
881 881 881
891 890 889
USA Courtney Downs LeaseCo, LLC (10600)
Income Statement (12 months)
Period = Jan 2008-Dec 2008
Book = Accrual
Jan-08 Feb-08 Mar-08
 INCOME
 Market Rent 294,410.00 294,410.00 294,800.00
 Loss / Gain to Lease 2,842.00 787.00 29.00
 Gross Potential Rent 297,252.00 295,197.00 294,829.00
 Residential Rent 0.00 0.00 0.00
 Vacancy Loss -14,979.36 -13,515.14 -12,200.56
 Upfront Rent Concessions 10.00 -434.48 6,116.84
 Adjustments & W/O -11,483.60 -4,730.58 -331.61
 Model Units -1,980.00 -1,980.00 -1,980.00
 Employee Apartment -1,934.80 -1,934.80 -2,104.80
 Guest Suite 795.00 -1,160.00 -1,160.00
 Lease Term Concessions -10,079.23 -7,711.00 -6,383.35
 INCOME RENTAL 257,600.01 263,731.00 276,785.52

 OTHER REVENUES
 Late Charges & NSF Fees 2,095.04 2,778.95 1,558.51
 Month to Month Premium 455.00 666.00 761.61
 Storage Fees 1,217.74 1,270.00 1,278.56
 Application Fees 1,800.00 1,500.00 1,050.00
 Termination Fees & Damages 5,090.00 2,500.00 5,566.26
 Miscellaneous Income 736.40 1,318.85 484.35
 Pet Rents & Fees 3,370.97 4,806.71 2,998.22
 Garage Income 7,019.83 7,091.17 7,066.89
 Cable/Telephone Income 0.00 3,113.37 0.00
 Forfeited Deposits 0.00 0.00 300.00
 Administration Fee 4,050.00 3,150.00 2,250.00
 Move-Out Charges 1,600.34 5,608.70 1,871.78
 Short Term Lease Fees 400.00 400.00 544.74
 Corporate Rent 0.00 0.00 325.00
 TOTAL OTHER REVENUES 27,835.32 34,203.75 26,055.92
 TOTAL REVENUE 285,435.33 297,934.75 302,841.44

 SALARY EXPENSES
 Managers Salary 11,795.28 11,618.56 11,346.86
 Maintenance Salary 12,801.68 11,172.74 10,949.05
 Commissions & Bonus 4,717.00 3,807.35 3,349.77
 Group Insurance 1,490.46 1,490.46 195.24
 Contract Labor 21.23 0.00 0.00
 TOTAL SALARY EXPENSES 30,825.65 28,089.11 25,840.92

 OPERATING EXPENSES
 Office Operations & Supplies 1,040.43 0.00 51.40
 Telephones 1,211.63 1,200.38 796.96
 Answering Svc. & Pagers 125.83 56.83 125.83
 Postage & Delivery 288.66 196.82 73.88
 Publications & Subscriptions 37.00 84.00 0.00
 Employee Training 74.64 65.00 150.17
 Permits & Fees 0.00 0.00 0.00
 Credit Checks 381.95 561.00 636.65
 Guest Suite Expense 499.77 668.32 500.81
 TOTAL OPERATING EXPENSES 3,659.91 2,832.35 2,335.70

 ADVERTISING EXPENSES
 Advertising & Promotions 1,051.00 1,961.49 1,694.00
 Resident Promotions 259.91 80.84 32.42
 Locators 3,969.81 2,591.50 2,382.08
 Resident Referrals 250.00 250.00 0.00
 TOTAL ADVERTISING EXPENSES 5,530.72 4,883.83 4,108.50

 MAKE READY EXPENSES
 Paint & Drywall 25.12 165.10 226.09
 Contract Cleaning Svcs. 2,825.00 2,565.00 1,820.00
 Carpet Cleaning & Repairs 320.00 120.00 2,095.00
 Window Coverings 356.36 0.00 260.17
 Lock & Keys 0.00 0.00 0.00
 Counter & Tub Resurfacing 50.00 323.00 0.00
 Cleaning Supplies 50.88 230.41 21.61
 TOTAL MAKE READY EXPENSES 3,627.36 3,403.51 4,422.87

 MAINTENANCE EXPENSES
 General Maintenance & Supplies 548.03 241.89 500.52
 HVAC Parts & Repairs 0.00 52.85 98.24
 Plumbing Parts & Repairs 286.20 47.36 119.76
 Electric Parts & Repairs 252.62 0.00 245.42
 Pools & Fountains 0.00 169.88 -110.84
 Glass & Screens 0.00 0.00 0.00
 Appliance Parts & Repairs 273.05 514.57 475.46
 Hardware 26.73 1.92 18.61
 Uniforms 0.00 0.00 0.00
 Security & Fire Systems 16.20 3,232.75 1,769.28
 TOTAL MAINTENANCE EXPENSE 1,402.83 4,261.22 3,116.45

 SERVICE EXPENSES
 Landscape & Grounds 0.00 0.00 0.00
 Trash Removal 555.73 731.92 788.10
 Pest Control 86.00 153.00 86.00
 Snow Removal 6,066.20 330.66 701.86
 TOTAL SERVICE EXPENSES 6,707.93 1,215.58 1,575.96

 ADMINISTRATIVE EXPENSES
 Management Fees 11,360.56 11,917.39 12,113.66
 Legal Fees 1,164.90 -901.34 -1,250.00
 Bank Charges 0.00 0.00 0.00
 Computer Expense 0.00 0.00 0.00
 TOTAL ADMINISTRATIVE EXPENSES 12,525.46 11,016.05 10,863.66
 UTILITY EXPENSES
 Electricity 4,040.14 3,457.01 2,915.98
 Natural Gas 3,808.88 3,487.42 2,745.36
 Water & Sewer 13,536.27 16,771.41 20,957.09
 Water & Sewer - Resident Reimb -16,247.17 -9,812.59 -8,871.37
 Water - irrigation 74.35 0.00 0.00
 Trash Reimbursement -2,300.14 -2,206.42 -1,803.54
 Utility -Vacant Electric 1,439.86 886.14 927.65
 Utility - Vacant Gas 561.78 811.79 443.45
 TOTAL UTILITY EXPENSES 4,913.97 13,394.76 17,314.62

 MANAGEMENT EXPENSES
 Property Legal Fees 837.50 1,059.00 0.00
 Credit Card Fees 578.11 362.44 0.00
 TOTAL MANAGEMENT EXPENSES 1,415.61 1,421.44 0.00

 TAXES & INSURANCE
 Property Taxes 30,188.47 30,188.47 30,188.47
 Insurance 4,840.47 4,815.99 4,840.47
 Tax Consultants 0.00 0.00 0.00
 TOTAL TAXES & INSURANCE 35,028.94 35,004.46 35,028.94
 TOTAL OPERATING EXPENSES 105,638.38 105,522.31 104,607.62
 NET OPERATING INCOME 179,796.95 192,412.44 198,233.82

 TIC RENT EXPENSE
 Base Rent - Interest Payment 106,586.67 106,586.67 106,586.67
 Base Rent - Principal Payment 0.00 0.00 0.00
 Stated Rent 86,666.71 86,666.71 86,666.71
 Total TIC Rent Expense 193,253.38 193,253.38 193,253.38

 PARTNERSHIP EXPENSES
 Partnership Accounting Fees 0.00 0.00 0.00
 Partnership Travel 518.50 237.43 354.87
 Partnership - Meals 0.00 101.53 70.74
 Asset Management Fees 1,000.00 1,000.00 1,000.00
 Investor Administration Fee 3,200.00 3,200.00 3,200.00
 TOTAL PARTNERSHIP EXPENSES 4,718.50 4,538.96 4,625.61

 CAPITAL EXPENSES
 Exterior Rehab 1,993.00 0.00 859.02
 Interior Rehab 0.00 0.00 0.00
 HVAC Replacement 0.00 0.00 540.47
 Carpet & Floor Replacement 2,698.32 2,700.47 9,488.59
 Refrigerators 0.00 0.00 0.00
 Dishwashers & Ranges 0.00 0.00 485.32
 Washers / Dryers 296.29 0.00 0.00
 Other Capital Improvements 4,746.03 202.76 192.60
 TOTAL CAPITAL EXPENSES 9,733.64 2,903.23 11,566.00
 NET INCOME -27,908.57 -8,283.13 -11,211.17
 TOTAL OF ALL -27,908.57 -8,283.13 -11,211.17
Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08

295,729.00 295,510.00 295,420.00 301,250.00 301,250.00 0.00
-735.00 1,148.00 1,233.00 -4,175.00 -3,635.00 0.00
294,994.00 296,658.00 296,653.00 297,075.00 297,615.00 0.00
0.00 0.00 0.00 0.00 -40.00 0.00
-15,565.50 -15,359.58 -16,776.46 -16,864.78 -14,200.16 0.00
1,884.22 0.00 0.00 0.00 195.00 0.00
-3,557.59 -1,908.23 -3,080.11 -1,188.89 551.53 0.00
-1,980.00 -1,645.00 -1,645.00 -1,685.00 -1,645.00 0.00
-2,104.80 -1,955.77 -1,950.80 -1,950.80 -1,950.80 0.00
-670.00 -910.00 -655.00 -910.00 -910.00 0.00
-8,906.07 -9,644.00 -9,354.20 -8,894.19 -8,425.00 0.00
264,094.26 265,235.42 263,191.43 265,581.34 271,190.57 0.00

2,075.02 2,995.00 1,736.73 2,374.45 2,901.82 0.00
1,696.46 1,295.00 1,815.00 2,206.80 1,344.01 0.00
1,122.00 1,146.93 1,100.32 1,181.51 1,249.73 0.00
1,970.00 1,880.00 2,600.00 2,510.00 1,400.00 0.00
2,550.00 85.85 2,500.00 2,658.06 2,630.53 0.00
390.21 2,115.88 1,476.99 1,772.95 1,083.14 0.00
2,640.66 3,709.75 3,901.68 4,372.75 3,300.01 0.00
7,019.55 7,006.93 6,829.00 6,422.57 6,825.03 0.00
3,355.82 3,387.30 0.00 81.23 0.00 0.00
0.00 600.00 0.00 0.00 150.00 0.00
3,450.00 4,350.00 4,500.00 4,200.00 2,400.00 0.00
6,354.00 5,572.48 5,614.30 5,659.05 4,378.12 0.00
400.00 800.00 800.00 998.00 567.74 0.00
-240.00 0.00 0.00 3,320.83 0.00 0.00
32,783.72 34,945.12 32,874.02 37,758.20 28,230.13 0.00
296,877.98 300,180.54 296,065.45 303,339.54 299,420.70 0.00

11,634.72 7,534.97 10,294.54 17,054.11 10,700.81 0.00
12,190.20 8,551.40 10,707.96 16,394.39 11,024.72 0.00
2,741.20 4,098.56 3,543.75 8,032.50 0.00 0.00
97.62 187.73 180.22 270.33 180.22 0.00
66.88 781.66 637.26 133.76 0.00 0.00
26,730.62 21,154.32 25,363.73 41,885.09 21,905.75 0.00

532.19 29.34 1,790.23 758.66 499.33 0.00
788.60 682.07 795.62 781.26 787.83 0.00
251.66 0.00 125.83 257.00 69.00 0.00
336.06 25.74 198.90 250.34 259.94 0.00
42.00 1,178.08 157.00 175.00 0.00 0.00
391.68 867.61 222.58 199.82 245.27 0.00
16.00 0.00 0.00 0.00 0.00 0.00
381.30 628.45 601.20 835.40 855.65 0.00
612.82 484.36 517.26 537.40 480.82 0.00
3,352.31 3,895.65 4,408.62 3,794.88 3,197.84 0.00

1,694.00 1,382.43 2,571.62 3,053.00 1,336.00 0.00
341.15 137.40 267.20 152.30 76.85 0.00
495.28 2,112.50 2,705.65 1,381.71 4,286.75 0.00
0.00 0.00 250.00 500.00 500.00 0.00
2,530.43 3,632.33 5,794.47 5,087.01 6,199.60 0.00

1,417.14 7.83 -3.75 425.39 1,400.66 0.00
3,715.00 2,095.00 3,050.00 3,845.00 3,785.00 0.00
1,069.00 763.00 2,419.00 1,103.00 1,672.00 0.00
472.22 436.63 278.96 832.42 317.47 0.00
188.24 0.00 46.85 26.87 387.65 0.00
225.00 634.69 353.31 0.00 426.68 0.00
181.20 67.80 370.14 413.53 77.06 0.00
7,267.80 4,004.95 6,514.51 6,646.21 8,066.52 0.00

539.45 636.94 834.38 1,331.54 580.18 0.00
304.79 12.89 55.39 54.23 36.93 0.00
395.48 0.00 185.72 206.96 161.54 0.00
103.95 0.00 50.36 0.00 130.38 0.00
321.12 325.38 537.57 957.57 521.84 0.00
0.00 371.84 239.19 0.00 0.00 0.00
427.94 528.59 915.84 744.24 1,468.72 0.00
376.76 27.06 7.18 110.99 0.00 0.00
0.00 32.32 0.00 730.84 0.00 0.00
55.41 0.00 0.00 487.50 810.00 0.00
2,524.90 1,935.02 2,825.63 4,623.87 3,709.59 0.00

2,853.04 11,793.40 2,446.05 3,235.32 2,463.64 0.00
395.60 798.40 1,020.75 829.87 609.90 0.00
94.75 86.00 137.00 1,006.00 86.00 0.00
180.00 0.00 0.00 0.00 0.00 0.00
3,523.39 12,677.80 3,603.80 5,071.19 3,159.54 0.00

11,875.12 12,007.22 11,830.72 12,133.58 11,950.85 0.00
457.60 -426.10 601.90 608.49 -326.00 0.00
150.00 0.00 802.36 0.00 98.72 0.00
0.00 53.60 0.00 2,202.01 0.00 0.00
12,482.72 11,634.72 13,234.98 14,944.08 11,723.57 0.00
3,328.18 2,968.51 2,551.94 3,031.00 3,113.96 0.00
683.42 708.63 2,668.28 1,681.68 1,286.63 0.00
16,286.33 19,834.05 17,130.91 17,770.67 21,460.51 0.00
-16,738.47 -10,218.36 -16,985.04 -11,088.94 -13,385.44 0.00
0.00 661.72 3,178.50 6,140.50 6,942.70 0.00
-2,442.50 -1,966.81 -2,375.40 -2,256.15 -2,348.75 0.00
558.98 534.66 599.49 1,206.08 927.90 0.00
275.97 405.92 362.16 328.48 386.24 0.00
1,951.91 12,928.32 7,130.84 16,813.32 18,383.75 0.00

0.00 0.00 0.00 0.00 0.00 0.00
599.10 239.55 191.14 648.68 0.00 0.00
599.10 239.55 191.14 648.68 0.00 0.00

30,188.47 30,188.47 30,188.47 30,188.47 30,188.47 0.00
4,840.47 4,840.47 5,035.65 4,840.47 4,840.47 0.00
0.00 600.00 0.00 0.00 0.00 0.00
35,028.94 35,628.94 35,224.12 35,028.94 35,028.94 0.00
95,992.12 107,731.60 104,291.84 134,543.27 111,375.10 0.00
200,885.86 192,448.94 191,773.61 168,796.27 188,045.60 0.00

106,586.67 106,586.67 106,586.67 106,474.53 106,361.87 0.00
0.00 0.00 23,565.33 23,677.47 23,790.13 0.00
86,666.71 86,666.71 86,666.71 86,666.71 86,666.71 0.00
193,253.38 193,253.38 216,818.71 216,818.71 216,818.71 0.00

0.00 540.00 0.00 0.00 0.00 0.00
532.16 0.00 255.51 0.00 350.32 0.00
55.14 0.00 52.40 0.00 32.76 0.00
1,000.00 0.00 0.00 0.00 0.00 0.00
3,200.00 4,200.00 4,200.00 4,200.00 4,200.00 0.00
4,787.30 4,740.00 4,507.91 4,200.00 4,583.08 0.00

0.00 0.00 0.00 2,543.08 0.00 0.00
0.00 1,021.68 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
6,943.49 2,361.33 10,149.40 14,854.93 7,399.81 0.00
0.00 651.41 0.00 471.71 0.00 0.00
0.00 0.00 0.00 225.00 0.00 0.00
0.00 593.96 0.00 0.00 0.00 0.00
0.00 3,243.20 3,657.50 5,021.89 0.00 0.00
6,943.49 7,871.58 13,806.90 23,116.61 7,399.81 0.00
-4,098.31 -13,416.02 -43,359.91 -75,339.05 -40,756.00 0.00
-4,098.31 -13,416.02 -43,359.91 -75,339.05 -40,756.00 0.00
Oct-08 Nov-08 Dec-08 Total

0.00 0.00 0.00 2,372,779.00
0.00 0.00 0.00 -2,506.00
0.00 0.00 0.00 2,370,273.00
0.00 0.00 0.00 -40.00
0.00 0.00 0.00 -119,461.54
0.00 0.00 0.00 7,771.58
0.00 0.00 0.00 -25,729.08
0.00 0.00 0.00 -14,540.00
0.00 0.00 0.00 -15,887.37
0.00 0.00 0.00 -5,580.00
0.00 0.00 0.00 -69,397.04
0.00 0.00 0.00 2,127,409.55
0
0
0.00 0.00 0.00 18,515.52
0.00 0.00 0.00 10,239.88
0.00 0.00 0.00 9,566.79
0.00 0.00 0.00 14,710.00
0.00 0.00 0.00 23,580.70
0.00 0.00 0.00 9,378.77
0.00 0.00 0.00 29,100.75
0.00 0.00 0.00 55,280.97
0.00 0.00 0.00 9,937.72
0.00 0.00 0.00 1,050.00
0.00 0.00 0.00 28,350.00
0.00 0.00 0.00 36,658.77
0.00 0.00 0.00 4,910.48
0.00 0.00 0.00 3,405.83
0.00 0.00 0.00 254,686.18
0.00 0.00 0.00 2,382,095.73
0
0
0.00 0.00 0.00 91,979.85
0.00 0.00 0.00 93,792.14
0.00 0.00 0.00 30,290.13
0.00 0.00 0.00 4,092.28
0.00 0.00 0.00 1,640.79
0.00 0.00 0.00 221,795.19
0
0
0.00 0.00 0.00 4,701.58
0.00 0.00 0.00 7,044.35
0.00 0.00 0.00 1,011.98
0.00 0.00 0.00 1,630.34
0.00 0.00 0.00 1,673.08
0.00 0.00 0.00 2,216.77
0.00 0.00 0.00 16.00
0.00 0.00 0.00 4,881.60
0.00 0.00 0.00 4,301.56
0.00 0.00 0.00 27,477.26
0
0
0.00 0.00 0.00 14,743.54
0.00 0.00 0.00 1,348.07
0.00 0.00 0.00 19,925.28
0.00 0.00 0.00 1,750.00
0.00 0.00 0.00 37,766.89
0
0
0.00 0.00 0.00 3,663.58
0.00 0.00 0.00 23,700.00
0.00 0.00 0.00 9,561.00
0.00 0.00 0.00 2,954.23
0.00 0.00 0.00 649.61
0.00 0.00 0.00 2,012.68
0.00 0.00 0.00 1,412.63
0.00 0.00 0.00 43,953.73
0
0
0.00 0.00 0.00 5,212.93
0.00 0.00 0.00 615.32
0.00 0.00 0.00 1,403.02
0.00 0.00 0.00 782.73
0.00 0.00 0.00 2,722.52
0.00 0.00 0.00 611.03
0.00 0.00 0.00 5,348.41
0.00 0.00 0.00 569.25
0.00 0.00 0.00 763.16
0.00 0.00 0.00 6,371.14
0.00 0.00 0.00 24,399.51
0
0
0.00 0.00 0.00 22,791.45
0.00 0.00 0.00 5,730.27
0.00 0.00 0.00 1,734.75
0.00 0.00 0.00 7,278.72
0.00 0.00 0.00 37,535.19
0
0
0.00 0.00 0.00 95,189.10
0.00 0.00 0.00 -70.55
0.00 0.00 0.00 1,051.08
0.00 0.00 0.00 2,255.61
0.00 0.00 0.00 98,425.24
0
0
0.00 0.00 0.00 25,406.72
0.00 0.00 0.00 17,070.30
0.00 0.00 0.00 143,747.24
0.00 0.00 0.00 -103,347.38
0.00 0.00 0.00 16,997.77
0.00 0.00 0.00 -17,699.71
0.00 0.00 0.00 7,080.76
0.00 0.00 0.00 3,575.79
0.00 0.00 0.00 92,831.49
0
0
0.00 0.00 0.00 1,896.50
0.00 0.00 0.00 2,619.02
0.00 0.00 0.00 4,515.52
0
0
0.00 0.00 0.00 241,507.76
0.00 0.00 0.00 38,894.46
0.00 0.00 0.00 600.00
0.00 0.00 0.00 281,002.22
0.00 0.00 0.00 869,702.24
0.00 0.00 0.00 1,512,393.49
0
0
0.00 0.00 0.00 852,356.42
0.00 0.00 0.00 71,032.93
0.00 0.00 0.00 693,333.68
0.00 0.00 0.00 1,616,723.03
0
0
0.00 0.00 0.00 540.00
0.00 0.00 0.00 2,248.79
0.00 0.00 0.00 312.57
0.00 0.00 0.00 4,000.00
0.00 0.00 0.00 29,600.00
0.00 0.00 0.00 36,701.36
0
0
0.00 0.00 0.00 5,395.10
0.00 0.00 0.00 1,021.68
0.00 0.00 0.00 540.47
0.00 0.00 0.00 56,596.34
0.00 0.00 0.00 1,123.12
0.00 0.00 0.00 710.32
0.00 0.00 0.00 890.25
0.00 0.00 0.00 17,063.98
0.00 0.00 0.00 83,341.26
0.00 0.00 0.00 -224,372.16
0
0.00 0.00 0.00 -224,372.16
USA Courtney Downs LeaseCo, LLC
Balance Sheet
Books = Accrual
Aug 2008

ASSETS

Cash
Operating Cash 15,738.29
Total Cash $15,738.29

OTHER ASSETS
Accounts Receivable 3,715.71
Prepaid Expenses 19,124.32
Tax Escrow 144,074.19
Cash in Bank-Wrk Cap Reserve 80,219.73
Capital / Repair Escrow 200,000.00
Total Other Assets 447,133.95

Total ASSETS 462,872.24

LIABILITIES & CAPITAL

LIABILITIES
Accounts Payable - Trade 172,864.06
A/P - Creekstone Partners LLC 342,576.00
A/P - US Advisors 342,576.00
Other Accounts Payable 345,285.05
Accrued Taxes 241,507.76
Prepaid Rent 24,292.90
Security Deposits 45,663.00
Notes Payable 8,544.25
Total Liabilities 1,523,309.02

CAPITAL

Creekstone Partners LLC 50.00
US Advisors LLC 50.00
Retained Earnings (1,060,536.78)
Total Capital (1,060,436.78)

Total LIABILITIES & CAPITAL 462,872.24
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 $/ $/
Account Actual Actual Actual Actual Actual Actual Actual Actual Budget Budget Budget Budget Total Unit Sq. Ft.
342 313,778
Revenue
Gross Potential Rent 297,252 295,197 294,829 294,994 296,658 296,653 297,075 297,575 297,076 304,342 304,117 303,954 3,579,722 10,467.02 11.41
- Vacancy (14,979) (13,515) (12,201) (15,566) (15,360) (16,776) (16,865) (14,200) (15,865) (14,995) (22,418) (23,078) (195,817) (572.57) (0.62)
- Concessions & Disc. (10,069) (8,145) (267) (7,022) (9,644) (9,354) (8,894) (8,230) (8,894) (23,621) (24,370) (24,994) (143,505) (419.60) (0.46)
- Other Write-offs & Adj. (14,603) (9,805) (5,576) (8,312) (6,419) (7,331) (5,735) (3,954) (5,735) (6,634) (6,614) (6,605) (87,324) (255.33) (0.28)
Total Rental Income 257,600 263,731 276,786 264,094 265,235 263,191 265,581 271,191 266,582 259,092 250,715 249,277 3,153,076 9,219.52 10.05

Other Income 27,835 34,204 26,056 32,784 34,945 32,874 37,758 28,230 23,739 22,628 24,013 20,220 345,286 1,009.61 1.10
Total Revenue 285,435 297,935 302,841 296,878 300,181 296,065 303,340 299,421 290,321 281,720 274,728 269,497 3,498,362 10,229.13 11.15

Operating Expenses
Salary Expense 30,826 28,089 25,841 26,731 21,154 25,364 41,885 21,906 30,692 29,929 30,554 30,059 343,029 1,003.01 1.09
Operating Expense 3,660 2,832 2,336 3,352 3,896 4,409 3,795 3,198 3,336 3,264 3,204 3,180 40,461 118.31 0.13
Advertising Expense 5,531 4,884 4,109 2,530 3,632 5,794 5,087 6,200 5,340 4,685 4,731 4,259 56,782 166.03 0.18
Make Ready Expense 3,627 3,404 4,423 7,268 4,005 6,515 6,646 8,067 6,289 5,961 5,102 4,850 66,156 193.44 0.21
Maintenance Expense 1,403 4,261 3,116 2,525 1,935 2,826 4,624 3,710 2,513 12,210 2,672 1,388 43,183 126.26 0.14
Service Expense 6,708 1,216 1,576 3,523 12,678 3,604 5,071 3,160 3,960 3,960 3,960 3,460 52,875 154.61 0.17
Administrative Expense 12,525 11,016 10,864 12,483 11,635 13,235 14,944 11,724 11,496 11,269 11,189 10,980 143,359 419.18 0.46
Utility Expense 4,914 13,395 17,315 1,952 12,928 7,131 16,813 18,384 16,228 16,240 11,437 11,491 148,227 433.41 0.47
Credit Card Fees 1,416 1,421 0 599 240 191 649 0 0 0 0 0 4,516 13.20 0.01
Taxes & Insurance 35,029 35,004 35,029 35,029 35,629 35,224 35,029 35,029 35,095 35,095 35,095 35,095 421,382 1,232.11 1.34

Total Operating Exp. 105,638 105,522 104,608 95,992 107,732 104,292 134,543 111,375 114,949 122,613 107,944 104,762 1,319,970 3,859.56 4.21
Net Operating Income 179,797 192,412 198,234 200,886 192,449 191,774 168,796 188,046 175,372 159,107 166,784 164,735 2,178,392 6,369.57 6.94

Base Rent 106,587 106,587 106,587 106,587 106,587 130,152 130,152 130,152 130,152 130,152 130,152 130,152 1,443,997 4,222.21 4.60
Stated Rent 86,667 86,667 86,667 86,667 86,667 86,667 86,667 86,667 86,667 86,667 86,667 86,667 1,040,001 3,040.94 3.31
Partnership Expense 4,719 4,539 4,626 4,787 4,740 4,508 4,200 4,583 4,450 4,450 4,450 4,450 54,501 159.36 0.17
Capital Expense 9,734 2,903 11,566 6,943 7,872 13,807 23,117 7,400 6,259 6,000 5,000 5,000 105,600 308.77 0.34

Cash Flow Frm Operations (27,909) (8,283) (11,211) (4,098) (13,416) (43,360) (75,339) (40,756) (52,155) (68,162) (59,485) (61,534) (465,708) (1,361.72) (1.48)

Rental Guarantees 0 0 0 0 0 0 0 0 0 0 0 0 0

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 (3,219) 0 0 0 0 (3,373)
Prepaid Assets (50,394) 4,840 4,840 4,840 4,840 4,840 4,840 4,840 0 0 0 0 (16,511)
Escrow Deposits (35,800) (35,800) (35,800) 341,933 (37,985) (38,933) (38,933) (38,933) 42,875 (7,125) (7,125) (7,125) 101,247

Cash Increase (Decreae) From Assets (88,090) (28,220) (40,732) 355,044 (35,592) (33,916) (31,319) (37,312) 42,875 (7,125) (7,125) (7,125) 81,363

Accounts Payable (22,965) 2,827 942 207 69,651 22,994 45,880 83,754 (16,000) 0 0 0 187,291
Accrued Expenses 20,453 31,811 51,607 (345,380) 44,376 16,001 30,188 30,188 0 0 0 0 (120,754)
Other Payables 920 2,385 345 1,665 (1,490) (150) 2,436 1,045 0 0 0 0 7,156
Mortgages Payable 48,905 (6,027) (5,836) (6,064) (6,293) (6,064) (6,064) (6,064) 0 0 0 0 6,491

Cash Increase (Decrease) From Liab. 47,313 30,997 47,058 (349,572) 106,245 32,780 72,440 108,923 (16,000) 0 0 0 80,184

NET CASH FLOW (68,685) (5,507) (4,886) 1,374 57,237 (44,496) (34,218) 30,855 (25,280) (75,287) (66,610) (68,659) (304,160)
CUMM. NET CASH FLOW 15,378 9,871 4,986 6,360 63,597 19,101 (15,117) 15,738 (9,542) (84,829) (151,439) (220,097)
84063.14
J48: rssmith:
estimated Replacement Reserve draw
USA Courtney Downs LeaseCo, LLC
Budget Comparison
Books = Accrual
For the period ending August 31, 2008

MTD MTD YTD YTD Annual
Account Actual Budget $ Variance MTD Variance Comment Actual Budget $ Variance Budget
Revenue
Market Rent 301,250.00 301,250.00 0.00 2,372,779.00 2,382,640.00 (9,861.00) 3,587,640.00
Loss / Gain to Lease (3,635.00) 3,881.00 (7,516.00) Variance reflects market rent verses (2,506.00) 62,184.00 (64,690.00) 74,283.00
lease rents.
Gross Potential Rent 297,615.00 305,131.00 (7,516.00) 2,370,273.00 2,444,824.00 (74,551.00) 3,661,923.00
Prepaid Homeowners Dues 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Residential Rent (40.00) 0.00 (40.00) (40.00) 0.00 (40.00) 0.00
Vacancy Loss (14,200.16) (15,591.00) 1,390.84 Actual vacancy is 4% and budgeted is (119,461.54) (171,132.00) 51,670.46 (253,425.00)
5%.
Upfront Rent Concessions 195.00 (3,000.00) 3,195.00 No upfront concessions offered at this 7,771.58 (30,000.00) 37,771.58 (42,000.00)
time.
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 551.53 (1,606.00) 2,157.53 We had an adjustment to write offs (25,729.08) (12,694.00) (13,035.08) (18,910.00)
from a previous month, no write off's
this month.
Model Units (1,645.00) (1,980.00) 335.00 (14,540.00) (15,840.00) 1,300.00 (23,760.00)
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) (15,887.37) (15,480.00) (407.37) (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 (5,580.00) (9,280.00) 3,700.00 (13,920.00)
Lease Term Concessions (8,425.00) (18,188.00) 9,763.00 We have been able to reduce the (69,397.04) (122,342.00) 52,944.96 (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 $271,190.57 $261,671.00 $9,519.57 $2,127,409.55 $2,068,056.00 $59,353.55 $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 2,901.82 1,925.00 976.82 We have 23 late fees and seven 18,515.52 14,322.00 4,193.52 21,791.00
insufficient funds collected.
Month to Month Premium 1,344.01 750.00 594.01 Ten month to month fees collected 10,239.88 5,400.00 4,839.88 9,450.00
and budgeted was five.
Storage Fees 1,249.73 1,080.00 169.73 9,566.79 7,040.00 2,526.79 11,120.00
Repair & Maintenance Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Application Fees 1,400.00 2,205.00 (805.00) We had 28 application fees collected 14,710.00 14,210.00 500.00 19,796.00
and budgeted was 44.
Termination Fees & Damages 2,630.53 2,700.00 (69.47) 23,580.70 10,800.00 12,780.70 13,500.00
Miscellaneous Income 1,083.14 800.00 283.14 9,378.77 5,100.00 4,278.77 8,000.00
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 3,300.01 3,360.00 (59.99) 29,100.75 27,720.00 1,380.75 41,160.00
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
Association Assessments 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Garage Income 6,825.03 6,790.00 35.03 55,280.97 54,320.00 960.97 81,480.00
Water/Sewer Income 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cable/Telephone Income 0.00 475.00 (475.00) None received at this time. 9,937.72 3,800.00 6,137.72 5,700.00
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 150.00 600.00 (450.00) We had fewer then budgeted. 1,050.00 3,300.00 (2,250.00) 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 2,400.00 4,200.00 (1,800.00) We had 16 administration fees 28,350.00 25,340.00 3,010.00 33,880.00
collected and 28 were budgeted.
Move-Out Charges 4,378.12 2,400.00 1,978.12 Apartments left in bad condition at the 36,658.77 20,400.00 16,258.77 30,000.00
time of move out resulting in more
charges needed.
Short Term Lease Fees 567.74 625.00 (57.26) 4,910.48 4,250.00 660.48 6,625.00
Extra-Ordinary Income 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Corporate Rent 0.00 0.00 0.00 3,405.83 0.00 3,405.83 0.00
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 28,230.13 27,910.00 320.13 254,686.18 199,491.00 55,195.18 290,091.00

Total Revenue $299,420.70 $289,581.00 $9,839.70 $2,382,095.73 $2,267,547.00 $114,548.73 $3,370,892.00

Expense
Managers Salary 10,700.81 13,069.00 2,368.19 Based on actual payroll expense. 91,979.85 102,272.00 10,292.15 154,548.00
Payroll went from semi-monthly to
biweekly.
Salaries 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Maintenance Salary 11,024.72 11,745.00 720.28 Based on actual payroll 93,792.14 91,908.00 (1,884.14) 138,888.00
expense.Payroll went from semi-
monthly to biweekly.
Salary - Administrative 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Commissions & Bonus 0.00 4,900.00 4,900.00 30,290.13 33,535.00 3,244.87 46,633.00
Payroll Taxes 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Group Insurance 180.22 1,720.00 1,539.78 We have less participants for our 4,092.28 13,760.00 9,667.72 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 0.00 0.00 0.00 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 21,905.75 31,434.00 9,528.25 221,795.19 244,475.00 22,679.81 365,709.00

Office Operations & Supplies 499.33 850.00 350.67 Less supplies bought for the office 4,701.58 6,800.00 2,098.42 10,200.00
this month.
Telephones 787.83 743.00 (44.83) 7,044.35 5,944.00 (1,100.35) 8,916.00
Answering Svc. & Pagers 69.00 98.00 29.00 1,011.98 784.00 (227.98) 1,176.00
Postage & Delivery 259.94 211.00 (48.94) 1,630.34 1,688.00 57.66 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 0.00 114.00 114.00 1,673.08 912.00 (761.08) 1,368.00
Conventions/Seminars 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Employee Training 245.27 350.00 104.73 2,216.77 2,750.00 533.23 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 0.00 304.00 304.00 456.00
Permits & Fees 0.00 0.00 0.00 16.00 0.00 (16.00) 0.00
Books = Accrual
For the period ending August 31, 2008

MTD MTD YTD YTD Annual
Account Actual Budget $ Variance MTD Variance Comment Actual Budget $ Variance Budget
Revenue
Market Rent 301,250.00 301,250.00 0.00 2,372,779.00 2,382,640.00 (9,861.00) 3,587,640.00
Credit Checks 855.65 540.00 (315.65) We had 42 credit checks ran this 4,881.60 3,480.00 (1,401.60) 4,848.00
month and actual budgeted was 27.

Guest Suite Expense 480.82 500.00 19.18 4,301.56 4,450.00 148.44 6,450.00
Parking Cost 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expense 3,197.84 3,444.00 246.16 27,477.26 27,112.00 (365.26) 40,096.00

Advertising & Promotions 1,336.00 3,500.00 2,164.00 Savings due to dropping of Apartment 14,743.54 32,000.00 17,256.46 44,000.00
Guide advertising.
Resident Promotions 76.85 400.00 323.15 1,348.07 3,600.00 2,251.93 5,400.00
Locators 4,286.75 1,827.00 (2,459.75) We had 12 locator fees paid out 19,925.28 12,355.00 (7,570.28) 16,070.00
verses five budgeted.
Resident Referrals 500.00 500.00 0.00 1,750.00 4,000.00 2,250.00 5,500.00
Total Advertising Expense 6,199.60 6,227.00 27.40 37,766.89 51,955.00 14,188.11 70,970.00

Paint & Drywall 1,400.66 540.00 (860.66) Contracted paints due to Jorge being 3,663.58 2,961.00 (702.58) 4,217.00
on vacation.
Books = Accrual
For the period ending August 31, 2008

MTD MTD YTD YTD Annual
Account Actual Budget $ Variance MTD Variance Comment Actual Budget $ Variance Budget
Revenue
Market Rent 301,250.00 301,250.00 0.00 2,372,779.00 2,382,640.00 (9,861.00) 3,587,640.00
Contract Cleaning Svcs. 3,785.00 2,859.00 (926.00) We turned more units then budgeted. 23,700.00 22,872.00 (828.00) 34,308.00

Carpet Cleaning & Repairs 1,672.00 2,490.00 818.00 Had more carpets replaced this month 9,561.00 13,656.00 4,095.00 19,446.00
than cleans.
Window Coverings 317.47 270.00 (47.47) 2,954.23 2,160.00 (794.23) 3,240.00
Vinyl & Tile Repairs 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Lock & Keys 387.65 85.00 (302.65) We needed to order locks for turns. 649.61 680.00 30.39 1,020.00

Counter & Tub Resurfacing 426.68 417.00 (9.68) 2,012.68 3,336.00 1,323.32 5,004.00
Other Redecorating 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cleaning Supplies 77.06 158.00 80.94 1,412.63 1,264.00 (148.63) 1,896.00
Total Make Ready Expense 8,066.52 6,819.00 (1,247.52) 43,953.73 46,929.00 2,975.27 69,131.00

General Maintenance & Supplies 580.18 720.00 139.82 5,212.93 6,248.00 1,035.07 8,611.00
HVAC Parts & Repairs 36.93 350.00 313.07 We did not have as many repairs then 615.32 1,900.00 1,284.68 2,300.00
anticipated in the budget.
Plumbing Parts & Repairs 161.54 120.00 (41.54) 1,403.02 960.00 (443.02) 1,440.00
Electric Parts & Repairs 130.38 40.00 (90.38) 782.73 380.00 (402.73) 540.00
Roof & Gutter Repairs 0.00 0.00 0.00 0.00 3,000.00 3,000.00 3,000.00
Pools & Fountains 521.84 600.00 78.16 2,722.52 3,300.00 577.48 4,200.00
Gates & Entrances 0.00 20.00 20.00 0.00 130.00 130.00 150.00
Glass & Screens 0.00 260.00 260.00 None needed at this time. 611.03 1,300.00 688.97 1,820.00
Appliance Parts & Repairs 1,468.72 300.00 (1,168.72) More appliance parts needed than 5,348.41 2,400.00 (2,948.41) 3,600.00
anticipated for turns, such as two
microwave doors and stove parts.

Hardware 0.00 120.00 120.00 None needed at this time. 569.25 960.00 390.75 1,400.00
Exterior Painting 0.00 0.00 0.00 0.00 255.00 255.00 355.00
Uniforms 0.00 0.00 0.00 763.16 300.00 (463.16) 600.00
Elevator Service & Repairs 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Security & Fire Systems 810.00 200.00 (610.00) Alarm monitoring for the quarter. 6,371.14 2,655.00 (3,716.14) 14,555.00
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 3,709.59 2,730.00 (979.59) 24,399.51 23,788.00 (611.51) 42,571.00

Landscape & Grounds 2,463.64 3,000.00 536.36 We did not have as many mows this 22,791.45 23,581.00 789.55 29,581.00
month then budgeted.
Trash Removal 609.90 755.00 145.10 5,730.27 6,040.00 309.73 9,060.00
Pest Control 86.00 305.00 219.00 No pigeon service at this time. 1,734.75 1,940.00 205.25 2,760.00
Security Patrols 0.00 925.00 925.00 None needed at this time. 0.00 2,775.00 2,775.00 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 3,159.54 4,985.00 1,825.46 37,535.19 48,336.00 10,800.81 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 11,950.85 11,583.00 (367.85) Based on % of collections. 95,189.10 90,702.00 (4,487.10) 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 (326.00) 200.00 526.00 Filed one sheriff fee and collected one (70.55) 2,000.00 2,070.55 2,800.00
payment from 12309 and one from
7311.
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 98.72 0.00 (98.72) 1,051.08 0.00 (1,051.08) 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 0.00 0.00 0.00 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
Books = Accrual
For the period ending August 31, 2008

MTD MTD YTD YTD Annual
Account Actual Budget $ Variance MTD Variance Comment Actual Budget $ Variance Budget
Revenue
Market Rent 301,250.00 301,250.00 0.00 2,372,779.00 2,382,640.00 (9,861.00) 3,587,640.00
Total Admin. Expense 11,723.57 11,783.00 59.43 98,425.24 95,762.00 (2,663.24) 140,696.00

Electricity 3,113.96 3,500.00 386.04 25,406.72 27,250.00 1,843.28 40,500.00
Electricity Gas - Resident 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Natural Gas 1,286.63 1,967.00 680.37 17,070.30 15,736.00 (1,334.30) 23,604.00
Water & Sewer 21,460.51 20,000.00 (1,460.51) Water usage higher than anticipated. 143,747.24 160,000.00 16,252.76 240,000.00

Water & Sewer - Resident Reimb (13,385.44) (13,600.00) (214.56) (103,347.38) (108,800.00) (5,452.62) (163,200.00)
Water - irrigation 6,942.70 5,000.00 (1,942.70) Very hot temperature caused us to 16,997.77 27,400.00 10,402.23 37,400.00
water a bit more to preserve lawn.

Electric - Tenant Reimbursement 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Trash Reimbursement (2,348.75) (2,012.00) 336.75 (17,699.71) (17,648.00) 51.71 (25,696.00)
Water - Tenant Reimbursement 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Utility -Vacant Electric 927.90 797.00 (130.90) 7,080.76 7,904.00 823.24 12,108.00
Utility - Vacant Gas 386.24 478.00 91.76 3,575.79 5,315.00 1,739.21 7,837.00
Tenant Reimbursement - Gas 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Utility Expense 18,383.75 16,130.00 (2,253.75) 92,831.49 117,157.00 24,325.51 172,553.00

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 0.00 0.00 0.00 2,619.02 0.00 (2,619.02) 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 0.00 0.00 0.00 4,515.52 0.00 (4,515.52) 0.00

Property Taxes 30,188.47 30,188.00 (0.47) 241,507.76 241,504.00 (3.76) 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 38,894.46 38,800.00 (94.46) 58,200.00
Tax Consultants 0.00 57.00 57.00 600.00 456.00 (144.00) 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 66.06 281,002.22 280,760.00 (242.22) 421,140.00
Total Operating Expenses 111,375.10 118,647.00 7,271.90 869,702.24 936,274.00 66,571.76 1,386,542.00
NET OPERATING INCOME 188,045.60 170,934.00 17,111.60 1,512,393.49 1,331,273.00 181,120.49 1,984,350.00

Base Rent - Interest Payment 106,361.87 106,361.87 0.00 852,356.42 852,358.07 1.65 1,372,966.07
Base Rent - Principal Payment 23,790.13 23,790.13 0.00 71,032.93 71,032.93 0.00 71,032.93
Stated Rent 86,666.71 86,667.00 0.29 693,333.68 693,336.00 2.32 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 1,616,723.03 1,616,727.00 3.97 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 350.32 200.00 (150.32) Corporate site visit. 2,248.79 1,600.00 (648.79) 2,400.00
Partnership - Meals 32.76 0.00 (32.76) Corporate site visit. 312.57 0.00 (312.57) 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 4,000.00 8,000.00 4,000.00 12,000.00
Investor Administration Fee 4,200.00 3,250.00 (950.00) 29,600.00 26,000.00 (3,600.00) 39,000.00
Partnership Exp- Leaseup Costs 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Partnership Expense 4,583.08 4,450.00 (133.08) 36,701.36 35,965.00 (736.36) 53,765.00

Exterior Rehab 0.00 0.00 0.00 5,395.10 16,846.00 11,450.90 16,846.00
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 None needed at this time. 540.47 1,800.00 1,259.53 1,800.00
Carpet & Floor Replacement 7,399.81 6,000.00 (1,399.81) Seven carpets replaced this month, 56,596.34 44,000.00 (12,596.34) 66,000.00
budgeted was five.
Refrigerators 0.00 0.00 0.00 1,123.12 1,450.00 326.88 1,450.00
Dishwashers & Ranges 0.00 0.00 0.00 710.32 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
Books = Accrual
For the period ending August 31, 2008

MTD MTD YTD YTD Annual
Account Actual Budget $ Variance MTD Variance Comment Actual Budget $ Variance Budget
Revenue
Market Rent 301,250.00 301,250.00 0.00 2,372,779.00 2,382,640.00 (9,861.00) 3,587,640.00
Other Capital Improvements 0.00 0.00 0.00 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 7,399.81 6,600.00 (799.81) 83,341.26 78,487.00 (4,854.26) 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) (40,756.00) (56,935.00) 16,179.00 (224,372.16) (399,906.00) 175,533.84 (654,164.00)
Courtney Downs Apartments
August 08
LEASING & OCCUPANCY

NUMBER OF MOVE INS: 25 INCOME THIS MONTH: $299,421.00
NUMBER OF MOVE OUTS: 14 INCOME LAST MONTH: $303,340.00
NET FOR THE MONTH: 11 DIFFERENCE: -$3,919.00

TOTAL # GARAGES 120
# GARAGES OCCUPIED 109
OCCUPIED/LEASED %: 97%/98% GARAGES OCCUPIED % 91%

SOURCE OF TRAFFIC: REASONS WHY PROSPECTS DID NOT LEASE:
Traffic Leased
APARTMENT GUIDE.COM 0 0 * Job Transfer 0
APARTMENT GUIDE 1 1 * Too expensive. 6
YELLOW PAGES 0 0 * Future/No Availability/Waiting list 17
OTHER. NET 8 1 * Just started looking. 8
BLUE BOOK 2 1 * Waiting for Home to Sell 11
RENT.COM 13 4 * Current Lease to Expire 0
LIVES IN AREA 10 2 * Needs Ground Floor 0
RESIDENT REFERRAL 3 2 * Breed restrictions 0
LOCATORS 4 0 * Will return with roommate or spouse 7
WORD of MOUTH 6 2 * Realtor Looking for Client 0
WALK IN 0 0 * Undecided 0
SIGNAGE 31 4 * Employment pending 7
BROCHURE/FLYER 0 0 * Location 0
* Rented at Competitor 5
TOTALS 78 17 TOTALS 61

CLOSING RATIO: 22%

MARKETING ACTIVITIES & SOURCES FOR THE MONTH

* Took donuts with brochures and price sheets to Costco.
* Took cookie bags with brochures and price sheets to Best buy.
* Updated all internet ads with new pricing and specials for the month of August.
* Took donuts with price sheets to the new Target staff.
* Took brochures and prices to the new 24 hour Fitness for employee break room.
* Brochures and donuts were taken to Firestone 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.
* Took brochures and flyers to Albertsons.
* Took brochures and flyers to King Soopers for the breakroom.
* Took brochures and pricesheets to Sprint.
* Updated the locators with brochures and price sheets
OVERVIEW OF COMPARABLE PROPERTIES:
The surrounding comps are still offering discounted rents on selected units.
This translates into one bedroom effective rents of $715, two bedrooms at $820 and three bedrooms starting at $1125.
Look and leases specials are 1/2 month to 1 month free off with a 12 to 13 month lease.
Overall market is 94.2% average occ.and rental rate of $827 per month.
RESIDENT RETENTION:
We had 46 leases expiring in the month of August. 20 renewed leases with a $41.35 increase.
Notices received; (5) buying homes, (3) out of state, (3) closer to work, (1) closer to school, (2) roommate split
(2) 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 11 DISHWASHERS 0
TOUCH UPS 12 WINDOWS 0
WORK ORDERS 178 A/C COMPRESSORS 0
Pending Completed 0 CONDENSING UNITS 0
Misc 0 23 23 WATER HEATERS 0
Electrical 0 34 34 ICE MAKERS 0
Punch 0 23 23 GARBAGE DISPOSALS 0
HVAC 0 18 18 MICROWAVES 0

Plumbing 0 67 67 CARPETS/vinyl 5 19107, 2107, 9203, 9102, 12307.
Property Ext. 0 0 0 CEILING FANS 0
Appliances 0 11 11 TOILETS 0
Safety 0 2 2 A/C FAN MOTORS 0
Total 0 178 178 COUNTER TOPS 0
ROOF LEAKS 0 CABINETS RESURFACED KITCHEN 0
Courtney Downs Apartments
August 08

6203-2, 4307-2, 6204-1, 9102-3,
2207-2, 10111-3, 19107-2, 6103-1,
4104-1, 16203-2, 10203-1, 2107-2,
12307-1 2110-2, 2307-2, 19310-1 ,
PLUMBING LEAKS 0 BLINDS 31 12106-2, 7302-1.
TUBS RESURFACED 0
TUB TILES 0

CAPITAL IMPROVEMENTS IN PROGRESS:
N/A

PROBLEM AREAS NEEDING ATTENTION:
Gypcrete areas needing repair.
Trickle pans needing repair.
Paint peeling and dry rot on some trim.

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
August-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 1.06 728 842 0.86 750 796 0.94 725 763 0.95
1B1B w/study 770 910 0.85 899 811 0.91 810 760 1.07 815 992 0.82 805 916 0.88
1B
1B
1B w/loft
1B1B w/study 899 956 0.94 1005 1051 0.96
2B2B (E) 905 977 0.93 940 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) 920 1030 0.89 980 1192 0.82 1080 1196 0.90 999 1220 0.82 935 1093 0.86 885 1037 0.85
2B2B (G) 945 1030 0.92 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 0.90 1095 1235 0.89 1195 1257 0.95

% occ /leased 97 98.00% 96% 97% 0 0% 96% 96.30% 97.2% 98% 93.0% 96% 93.2% 97%
Avg PSF 1 0.97 0.90 0.97 1.01 0.85 0.91 0.89
Avg Rents 909 993 949 918 888 900 908
/ Avail)
Units(Total 342 37 507 24 653 216 22 312 37 360 17 0 168 14

Special: One month free
or giftcertificate to the
Special: Waived security Special: One month free Will not give out any Special:1/2 month free mall w/look and lese Special: 1/2 month off 12 Special: One month free on a
Rates deposit with approved credit. on 12 to 13 month lease. information. with look and lease. special. to 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.
Apartment Name Courtney Downs Coyote Ranch Windsor @ Meridian Pinnacle @ the Creek
Address 15849 E. Jamison Dr16363 E Freemont Ave 9875 Jefferson Pkwy 6107 S Parker Rd
Phone 720-870-6114 303-693-8787 303-256-7700 303-766-2500
Location Englewood, Co Aurora, Co Englewood, Co 80112 Centennial, Co
# of units 342 507 653 216
Age of Property 5 5 7 4
Application Fee $50.00 $35.00 $40.00 $35.00
Credit Card yes yes yes no
Pets Allowed yes yes yes yes
Pet Deposit 300 n/r 300-600 150-300 $100
Sec. Deposit 150 275-325 300 $100
W/D included Yes yes Only In Select Units Only Select Units
Covered Parking no yes yes yes
Garage Detached yes yes yes
Cable Yes yes yes yes
Tennis Courts no no no no
# of pools 1 1 1 1
Weight Room yes yes yes yes
Jacuzzi yes 1 1 1
Ceiling Fans yes yes yes yes
Microwaves yes yes yes yes
Mini Blinds yes yes yes yes
FF Freezer yes yes yes yes
Icemakers yes yes yes yes
Fireplaces yes no yes yes
Access Gates no yes yes no
Alarm in Unit Prewired no yes yes
Door to Door no no no no
August 08

UNIT TYPE #UNITS SIZE TOTAL MKT RENT MKT RENT
S/F PER UNIT PER S/F
A1 1BR 40 704 28,160 755 1.07
A1V 1BR 32 704 22,528 755 1.07
A2 1BR 18 910 16,380 760 0.84
B1 1BR 24 808 19,392 760 0.94
B1V 1BR 32 808 25,856 770 0.95
C 2BR 42 977 41,034 895 0.92
C1 2BR 44 1,030 45,320 900 0.87
C1V 2BR 22 1,030 22,660 920 0.89
CV 2BR 24 977 23,448 925 0.95
D 2BR 16 1,030 16,480 935 0.91
DV 2BR 20 1,030 20,600 935 0.91
E 3BR 24 1,140 27,360 1195 1.05
EV 3BR 4 1,140 4,560 1195 1.05

TOTAL 342 917 313,778 $880 $0.96