You are on page 1of 58

USA Courtney Downs LeaseCo, LLC

Balance Sheet
Books = Accrual
Oct 2007

ASSETS

Cash
Operating Cash 32,594.51
Money Market 0.00
Total Cash $32,594.51

OTHER ASSETS
Accounts Receivable (431.39)
Prepaid Expenses 11,759.92
Tax Escrow 198,262.98
Replacement Reserves 83,993.58
Capital / Repair Escrow 200,000.00
Total Other Assets 493,585.09

Total ASSETS 526,179.60

LIABILITIES & CAPITAL

LIABILITIES
Accounts Payable - Trade 161,625.24
Other Accounts Payable 783,311.84
Accrued Taxes 285,202.26
Prepaid Rent 10,844.99
Security Deposits 39,692.63
Total Liabilities 1,280,676.96

CAPITAL

Owners Equity 100.00
Retained Earnings (754,597.36)
Total Capital (754,497.36)

Total LIABILITIES & CAPITAL 526,179.60
USA Courtney Downs LeaseCo, LLC
Cash Flow (Actual + Budget)
Books = Accrual
For the 12 Months Ending Dec 2007

Jan 2007 Feb 2007 Mar 2007 Apr 2007 May 2007 Jun 2007 Jul 2007 Aug 2007 Sep 2007 Oct 2007 Nov 2007 Dec 2007 12 Month $/ $/ Dec 2006 12 Month $/ $/
Account Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Budget Budget Total Unit Sq. Ft. Reforecast Total Unit Sq. Ft.
342 313,778 342 313,778
Revenue
Gross Potential Rent 352,560 345,950 343,190 338,114 331,407 327,521 321,211 314,121 309,900 307,861 321,211 321,211 3,934,257 11,503.68 12.54 364,160 4,952,355 14,480.57 15.78
- Vacancy (34,193) (31,453) (33,657) (26,399) (19,217) (11,745) (8,517) (14,496) (17,176) (16,540) (11,745) (11,745) (236,883) (692.64) (0.75) (43,000) (304,066) (889.08) (0.97)
- Concessions & Disc. (77,240) (77,177) (74,811) (68,736) (56,781) (52,476) (45,332) (33,435) (26,860) (27,853) (47,500) (49,500) (637,700) (1,864.62) (2.03) (80,000) (816,567) (2,387.62) (2.60)
- Other Write-offs & Adj. (5,251) (7,154) (5,738) (5,449) (6,551) (6,386) (5,803) (8,688) (5,798) (7,418) (6,386) (6,386) (77,009) (225.17) (0.25) (6,085) (96,093) (280.97) (0.31)
Total Rental Income 235,876 230,165 228,984 237,529 248,858 256,914 261,560 257,502 260,065 256,050 255,580 253,580 2,982,664 8,721.24 9.51 235,075 3,735,630 10,922.89 11.91

Other Income 27,580 21,616 22,944 22,832 23,203 22,482 19,521 31,663 27,802 23,451 20,545 20,195 283,834 829.92 0.90 19,000 344,405 1,007.03 1.10
Total Revenue 263,457 251,781 251,928 260,361 272,061 279,396 281,081 289,166 287,867 279,501 276,125 273,775 3,266,498 9,551.17 10.41 254,075 4,080,035 11,929.93 13.00

Operating Expenses
Salary Expense 33,611 20,391 30,933 32,195 31,382 31,663 40,842 22,827 31,229 29,995 27,014 30,347 362,428 1,059.73 1.16 37,759 458,609 1,340.96 1.46
Operating Expense 2,710 2,821 2,230 3,652 3,228 3,040 5,519 2,088 3,595 1,911 3,725 3,665 38,184 111.65 0.12 3,030 48,716 142.44 0.16
Advertising Expense 6,159 5,921 9,117 4,298 6,292 4,400 4,564 7,230 3,448 6,521 6,993 6,394 71,337 208.59 0.23 6,885 91,819 268.48 0.29
Make Ready Expense 3,805 2,722 3,636 6,647 4,645 6,951 5,843 4,190 7,774 6,636 3,803 2,828 59,477 173.91 0.19 7,500 73,781 215.74 0.24
Maintenance Expense 2,027 1,541 2,485 2,639 1,612 1,405 3,289 2,097 2,185 11,250 2,425 2,425 35,381 103.45 0.11 2,295 42,630 124.65 0.14
Service Expense 6,403 10,329 1,917 3,299 5,923 4,883 3,010 3,137 3,150 3,267 6,385 1,835 53,537 156.54 0.17 2,395 64,309 188.04 0.20
Administrative Expense 15,368 15,798 15,451 15,440 14,701 16,179 18,825 16,316 16,541 14,854 17,247 17,301 194,022 567.32 0.62 14,969 244,107 713.76 0.78
Utility Expense 9,370 15,941 12,794 6,685 9,354 12,548 12,990 1,571 8,672 10,645 8,001 8,051 116,623 341.00 0.37 10,900 143,916 420.81 0.46
Credit Card Fees 0 0 0 0 0 0 0 0 945 600 600 2,145 6.27 0.01
Taxes & Insurance 37,910 33,542 33,143 33,465 34,552 34,243 64,955 34,433 34,062 34,680 32,739 32,739 440,464 1,287.91 1.40 0 441,753 1,291.68 1.41
37,237 37,237 108.88 0.12
Total Operating Exp. 117,362 109,007 111,705 108,319 111,690 115,314 159,837 93,888 110,656 120,703 108,932 106,185 1,373,599 4,016.37 4.38
Net Operating Income 146,094 142,774 140,223 152,043 160,371 164,082 121,244 195,277 177,211 158,798 167,193 167,589 1,892,900 5,534.79 6.03 122,970 1,646,877 4,815.43 5.25
131,106 2,433,158 7,114.50 7.75
Rent Expense 193,253 193,253 193,253 193,253 193,253 193,253 193,253 193,253 193,253 193,253 193,253 193,253 2,319,040 6,780.82 7.39
Partnership Expense 0 0 0 0 365 0 690 273 735 0 415 415 2,893 8.46 0.01 193,254 196,985 575.98 0.63
Capital Expense 1,601 4,113 10,791 8,376 13,906 2,091 4,426 11,143 8,759 6,129 4,900 4,900 81,137 237.24 0.26 0 91,174 266.59 0.29
3,300 3,300 9.65 0.01
Cash Flow Frm Operations (48,760) (54,592) (63,822) (49,586) (47,153) (31,262) (77,125) (9,392) (25,537) (40,585) (31,376) (30,979) (510,170) (1,491.73) (1.63)
(65,449) 2,141,699 6,262.28 6.83
Rental Guarantees 7,543 (3,489) 0 0 0 0 0 0 0 0 0 0 0
250,000 250,000
Balance Sheet Adjustments
Cash - Non Operating Accounts 0 0 4,562 4,374 2,739 0 46,036 0 0 0 0 0 57,711
Accounts Receivable (4,571) (717) 131,540 (134,406) 2,387 (1,420) 8,565 8,625 (43) 321 0 0 10,280 0 10,280
Prepaid Assets (7,749) 3,588 6,328 (4,460) 523 337 10,797 5,633 5,633 5,139 0 0 25,769 0 25,769
Escrow Deposits (30,394) (34,568) (34,568) (34,822) 322,388 (35,800) (35,800) (35,800) (35,800) (35,800) (7,125) (7,125) (5,216) 0 (19,466)
(2,951) (2,951)
Cash Increase (Decreae) From Assets (42,714) (31,697) 107,861 (169,314) 328,037 (36,884) 29,597 (21,543) (30,210) (30,340) (7,125) (7,125) 88,543
(2,951) 13,632
Accounts Payable 36,334 64,458 (135,734) 185,452 117,385 41,375 118,141 24,714 18,696 37,197 0 0 508,016
Accrued Expenses 41,830 25,859 110,449 36,480 (411,342) 29,291 (51,145) (11,371) 25,600 32,375 0 0 (171,975) 0 (171,975)
Other Payables (1,829) (1,300) (1,433) (4,374) (2,739) (793) (1,500) (2,763) (2,538) 1,250 0 0 (18,018) 0 (18,018)
Mortgages Payable 0 (11,458) (5,571) 15,448 1,581 0 12,262 0 (11,933) 0 0 0 328 0 328
0 0
Cash Increase (Decrease) From Liab. 76,334 77,559 (32,289) 233,006 (295,115) 69,872 77,757 10,580 29,825 70,821 0 0 318,351
0 (189,665)

NET CASH FLOW (7,597) (12,219) 11,751 14,106 (14,231) 1,726 30,229 (20,355) (25,922) (103) (38,501) (38,104) (103,276)
CUMM. NET CASH FLOW 47,614 35,395 47,146 61,251 47,020 48,746 78,975 58,620 32,698 32,595 (5,906) (44,010) 181,601 2,215,665
55210.94 181,601

$700,000

$600,000

$500,000

$400,000

$300,000

$200,000

$100,000

$-

$(100,000)

$(200,000)

$(300,000)
Jan 2007 Feb 2007 Mar 2007 Apr 2007 May 2007 Jun 2007 Jul 2007 Aug 2007 Sep 2007 Oct 2007 Nov 2007 Dec 2007

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%

W48: administrator:
replacement reserve + reduction in tax escrow due to overage
USA Courtney Downs LeaseCo, LLC
Budget Comparison
Books = Accrual
For the period ending October 31, 2007

MTD MTD YTD YTD
Account Actual Budget $ Variance MTD Variance Comment Actual Budget
Revenue
Market Rent 294,410.00 348,650.00 (54,240.00) Concessions are no longer being 2,965,830.00 3,513,725.00
offered, market rents changed to
reflect lower rents.
Loss / Gain to Lease 13,451.00 0.00 13,451.00 We have changed the budget to reflect 326,005.00 0.00
lower market rents, this will continue to
reduce over time as last years
concessions deplete.
Gross Potential Rent 307,861.00 348,650.00 (40,789.00) Explained above. 3,291,835.00 3,513,725.00
Prepaid Homeowners Dues 0.00 0.00 0.00 0.00 0.00
Residential Rent 0.00 0.00 0.00 0.00 0.00
Vacancy Loss (16,540.08) (27,144.97) 10,604.89 We closed out our occupancy at (213,393.20) (265,469.05)
94.74% versus budgeted at 92.37%.
Upfront Rent Concessions (5,710.45) (3,480.00) (2,230.45) Current specials are $500.00 off all (32,437.41) (56,985.00)
vacants two bedroom two baths and/or
reduced prices for 10 month leases.

Corporate Discount 0.00 0.00 0.00 0.00 0.00
Delinquent Rent 0.00 0.00 0.00 0.00 0.00
Adjustments & W/O (2,330.33) (675.26) (1,655.07) Due to one skip. (14,861.87) (6,482.20)
Model Units (1,980.00) (1,625.00) (355.00) Market rent increase was higher than (19,800.00) (16,250.00)
anticipated.
Courtesy Officer Apt. 0.00 0.00 0.00 0.00 0.00
Employee Apartment (1,947.80) (2,050.00) 102.20 (17,975.00) (20,500.00)
Housekeeping & Maintenance Fee 0.00 0.00 0.00 0.00 0.00
Guest Suite (1,160.00) (900.00) (260.00) (11,600.00) (9,000.00)
Lease Term Concessions (22,142.07) (43,346.49) 21,204.42 We have been able to reduce the (508,262.93) (552,643.61)
amount of concessions given off each
month to meet market needs. We
have also been renewing leases with
fewer concessions. Average
concession is $69 per unit.
Homeowner's Assn Dues Income 0.00 0.00 0.00 0.00 0.00
Homeowner Dues Paid 0.00 0.00 0.00 0.00 0.00
Model Units 0.00 0.00 0.00 0.00 0.00
Lease Contract Difference 0.00 0.00 0.00 0.00 0.00
Total Rental Income $256,050.27 $269,428.28 $(13,378.01) $2,473,504.59 $2,586,395.14

Laundry Income 0.00 0.00 0.00 0.00 0.00
Vending Income 0.00 68.00 (68.00) 0.00 680.00
Covered Parking Income 0.00 0.00 0.00 0.00 0.00
Late Charges & NSF Fees 3,304.83 1,650.00 1,654.83 28 late charges and two nsf fees. 17,871.60 16,500.00
Month to Month Premium 1,801.78 200.00 1,601.78 Eight month to month fees collected 7,877.58 2,000.00
versus two budgeted.
Storage Fees 1,030.87 960.00 70.87 9,265.30 9,600.00
Repair & Maintenance Fees 0.00 0.00 0.00 0.00 0.00
Application Fees 1,460.00 750.00 710.00 32 application fees collected versus 15 15,209.90 8,850.00
budgeted.
Termination Fees & Damages 248.00 1,000.00 (752.00) Residents not paying at the time of 11,177.82 10,000.00
move out, however all residents are
being turned over to collections.
Miscellaneous Income 601.24 1,160.00 (558.76) Collected 24 utility transfer fees and 11 6,738.78 11,600.00
credit card conv fees.
Renters Insurance 0.00 0.00 0.00 0.00 0.00
Interest Income 0.00 0.00 0.00 3,488.53 0.00
Pet Rents & Fees 2,087.92 2,456.00 (368.08) Fewer pets moved in this month. 34,230.31 24,560.00
Tower Rent 0.00 0.00 0.00 0.00 0.00
Asset Management Fee 0.00 0.00 0.00 0.00 0.00
Parking Spaces Income 0.00 0.00 0.00 0.00 0.00
Homeowners Assessments 0.00 0.00 0.00 0.00 0.00
Garage Income 6,955.02 6,650.00 305.02 67,884.66 66,500.00
Water/Sewer Income 0.00 0.00 0.00 0.00 0.00
Cable/Telephone Income 90.29 1,006.00 (915.71) No Cable income check received this 4,741.92 10,060.00
month.
HOA Contributions Developer 0.00 0.00 0.00 0.00 0.00
Developer HOA Dues 0.00 0.00 0.00 0.00 0.00
Forfeited Deposits 0.00 90.00 (90.00) 3,443.65 900.00
Developer Contributions 0.00 0.00 0.00 0.00 0.00
Interest Income Other 0.00 0.00 0.00 0.00 0.00
Thunder Income 0.00 0.00 0.00 0.00 0.00
Administration Fee 3,000.00 2,400.00 600.00 Collected 20 administration fees 29,900.00 29,400.00
versus 16 budgeted.
Move-Out Charges 2,013.02 3,330.00 (1,316.98) Apartments left in better condition 25,377.61 42,180.00
resulting in fewer fees charged.
Short Term Lease Fees 858.06 150.00 708.06 Collected 13 short term fees versus 5,498.29 3,150.00
one budgeted.
Extra-Ordinary Income 0.00 0.00 0.00 0.00 0.00
Corporate Rent 0.00 425.00 (425.00) 475.41 4,250.00
Corporate Units - expense 0.00 (1,750.00) 1,750.00 Bills being paid under guest suite 0.00 (17,500.00)
expense.
Deferred Revenue 0.00 0.00 0.00 0.00 0.00
HOA Developer Contributions 0.00 0.00 0.00 0.00 0.00
Acquisition Fees 0.00 0.00 0.00 0.00 0.00
Income - Rental 0.00 0.00 0.00 0.00 0.00
Income - C.A.M. 0.00 0.00 0.00 0.00 0.00
Income - Insurance 0.00 0.00 0.00 0.00 0.00
Income - Taxes 0.00 0.00 0.00 0.00 0.00
Income - Interest 0.00 0.00 0.00 0.00 0.00
Income - Other 0.00 0.00 0.00 0.00 0.00
Income - Condo Sales 0.00 0.00 0.00 0.00 0.00
Total Other Income 23,451.03 20,545.00 2,906.03 243,181.36 222,730.00

Total Revenue $279,501.30 $289,973.28 $(10,471.98) $2,716,685.95 $2,809,125.14

Expense
Managers Salary 12,247.05 12,613.82 366.77 115,089.89 122,534.24
Salaries 0.00 0.00 0.00 0.00 0.00
Maintenance Salary 11,868.79 11,784.65 (84.14) 127,573.21 114,479.48
Salary - Administrative 0.00 0.00 0.00 0.00 0.00
Commissions & Bonus 4,036.87 1,800.00 (2,236.87) Quarterly bonuses paid this month. 40,639.58 32,018.48
Budgeted in a prior month.
Payroll Taxes 0.00 0.00 0.00 0.00 0.00
Group Insurance 1,842.36 778.00 (1,064.36) Based on actual charges. 17,164.58 7,780.00
Disability Insurance 0.00 0.00 0.00 0.00 0.00
401k Match 0.00 0.00 0.00 0.00 0.00
Contract Labor 0.00 0.00 0.00 4,599.88 0.00
Workers Comp 0.00 0.00 0.00 0.00 0.00
Total Salary Expense 29,995.07 26,976.47 (3,018.60) 305,067.14 276,812.20

Office Operations & Supplies 56.82 1,000.00 943.18 Current supplies were sufficient. 6,174.38 10,000.00
Telephones 712.48 1,100.00 387.52 Relflects monthly service. 7,411.08 11,000.00
Answering Svc. & Pagers 69.00 100.00 31.00 975.15 1,000.00
Postage & Delivery 93.42 170.00 76.58 2,096.79 1,700.00
Patrol Services 0.00 0.00 0.00 0.00 0.00
Membership Dues 0.00 0.00 0.00 0.00 0.00
Publications & Subscriptions 0.00 90.00 90.00 1,135.82 900.00
Conventions/Seminars 0.00 0.00 0.00 0.00 0.00
Employee Training 63.94 115.00 51.06 3,466.12 1,150.00
Furniture Rental 0.00 0.00 0.00 0.00 0.00
Car Expenses 0.00 25.00 25.00 385.44 250.00
Permits & Fees 0.00 25.00 25.00 0.00 250.00
Credit Checks 416.85 450.00 33.15 3,733.96 5,310.00
Guest Suite Expense 498.15 650.00 151.85 5,415.03 6,500.00
Parking Cost 0.00 0.00 0.00 0.00 0.00
Total Operating Expense 1,910.66 3,725.00 1,814.34 30,793.77 38,060.00

Advertising & Promotions 4,791.41 2,600.00 (2,191.41) Banner for the roof needed replacing. 36,861.85 31,700.00
Purchased bussiness cards and
stationary.
Resident Promotions 575.66 798.00 222.34 4,479.80 7,980.00
Locators 1,153.96 1,735.44 581.48 Three locators used versus five 12,008.20 21,259.14
budgeted.
Resident Referrals 0.00 1,860.00 1,860.00 None given this month. 4,600.00 22,785.00
Total Advertising Expense 6,521.03 6,993.44 472.41 57,949.85 83,724.14

Paint & Drywall 0.00 630.00 630.00 2,111.86 6,772.50
Contract Cleaning Svcs. 3,510.00 250.00 (3,260.00) Due to budget error. 28,585.00 2,500.00
Carpet Cleaning & Repairs 1,956.00 2,100.00 144.00 16,266.00 22,575.00
Window Coverings 117.12 100.00 (17.12) 2,656.46 1,000.00
Vinyl & Tile Repairs 0.00 0.00 0.00 0.00 0.00
Lock & Keys 198.84 50.00 (148.84) 846.19 500.00
Counter & Tub Resurfacing 836.64 416.67 (419.97) Repaired two countertops. 911.64 4,166.70
Other Redecorating 0.00 25.00 25.00 0.00 250.00
Cleaning Supplies 16.98 133.33 116.35 1,465.35 1,333.30
Total Make Ready Expense 6,635.58 3,705.00 (2,930.58) 52,842.50 39,097.50

General Maintenance & Supplies 875.36 700.00 (175.36) 6,186.16 7,000.00
HVAC Parts & Repairs 35.38 100.00 64.62 1,403.86 1,000.00
Plumbing Parts & Repairs 221.71 3,515.00 3,293.29 Budgeted the annual back flow 1,058.30 4,775.00
inspection. Will reflect in Nov.
Electric Parts & Repairs 69.19 150.00 80.81 443.76 1,500.00
Roof & Gutter Repairs 0.00 0.00 0.00 270.00 0.00
Pools & Fountains 129.11 450.00 320.89 Fewer supplies needed this month. 3,879.10 4,500.00
Gates & Entrances 0.00 0.00 0.00 125.00 0.00
Glass & Screens 260.24 160.00 (100.24) 1,444.15 1,600.00
Appliance Parts & Repairs 732.07 450.00 (282.07) 2,859.73 4,950.00
Hardware 0.00 75.00 75.00 1,167.49 750.00
Exterior Painting 0.00 25.00 25.00 355.34 250.00
Uniforms 457.33 1,000.00 542.67 Did not bill for uniforms this month. 502.73 2,000.00
Elevator Service & Repairs 0.00 0.00 0.00 0.00 0.00
Security & Fire Systems 8,470.00 8,470.00 0.00 10,835.48 10,045.00
Uninsured Losses 0.00 0.00 0.00 0.00 0.00
Locks & Keys 0.00 0.00 0.00 0.00 0.00
Bulbs & Ballasts 0.00 0.00 0.00 0.00 0.00
Total Maintenance Expense 11,250.39 15,095.00 3,844.61 30,531.10 38,370.00

Landscape & Grounds 2,334.80 5,000.00 2,665.20 Landscapers have been scheduled to 20,925.15 25,000.00
put in winter trees and flowers.
Trash Removal 755.77 510.00 (245.77) One more pick up needed than 6,719.79 5,100.00
budgeted for.
Pest Control 176.00 75.24 (100.76) 1,301.26 752.40
Security Patrols 0.00 0.00 0.00 0.00 0.00
Window Cleaning Svc. 0.00 0.00 0.00 0.00 0.00
Interior Cleaning Svc. 0.00 0.00 0.00 0.00 0.00
Cable Television 0.00 0.00 0.00 0.00 0.00
Snow Removal 0.00 0.00 0.00 16,370.42 3,800.00
Total Service Expense 3,266.57 5,585.24 2,318.67 45,316.62 34,652.40

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

Management Fees 11,180.05 11,598.93 418.88 Based on % of collection. 111,518.14 112,365.00
Asset Management Fees 1,000.00 1,000.00 0.00 10,000.00 10,000.00
Investor Administration Fee 3,200.00 3,300.00 100.00 32,350.00 33,000.00
Legal Fees (526.20) 1,300.00 1,826.20 Six evictions processed, we have 2,358.90 13,000.00
increased the legal fees to $250.00 per
scheduled eviction.
Accounting Fees 0.00 0.00 0.00 0.00 0.00
Postage & Delivery 0.00 0.00 0.00 0.00 0.00
Bank Charges 0.00 9.58 9.58 0.01 95.80
Partnership Insurance 0.00 0.00 0.00 0.00 0.00
Other Administrative Expenses 0.00 0.00 0.00 0.00 0.00
Travel Expense 0.00 0.00 0.00 572.67 0.00
Employee Activities 0.00 0.00 0.00 123.71 0.00
Printing 0.00 0.00 0.00 0.00 0.00
Computer Consulting 0.00 0.00 0.00 0.00 0.00
Computer Expense 0.00 0.00 0.00 2,550.30 5,124.00
Bank Charges 0.00 0.00 0.00 0.00 0.00
Development Cost 0.00 0.00 0.00 0.00 0.00
Total Admin. Expense 14,853.85 17,208.51 2,354.66 In line with the budget. 159,473.73 173,584.80

Electricity 2,763.18 3,340.00 576.82 Reflects current bldg service usage. 27,369.45 33,400.00
Electricity Gas - Resident 0.00 0.00 0.00 0.00 0.00
Natural Gas 359.75 2,565.00 2,205.25 Reversed accrual from prior month 16,403.75 25,650.00
$1800, actual was $1500.
Water & Sewer 12,997.37 8,965.00 (4,032.37) Due to increase in water charges, 126,842.33 89,650.00
budgeted for a 3% increase.
Water & Sewer - Resident Reimb (6,805.93) (6,275.50) 530.43 (86,184.92) (62,755.00)
Water - irrigation 2,511.50 500.00 (2,011.50) Includes irrigation services from 24,002.92 23,500.00
8/31/07 to 9/30/07.
Electric - Tenant Reimbursement 0.00 0.00 0.00 0.00 0.00
Trash Reimbursement (2,000.00) (2,011.00) (11.00) (23,446.20) (20,110.00)
Water - Tenant Reimbursement 0.00 0.00 0.00 0.00 0.00
Utility -Vacant Electric 819.20 782.94 (36.26) 11,068.25 7,656.90
Utility - Vacant Gas 0.00 521.96 521.96 Coded under natural gas this month. 4,544.08 5,104.60
Tenant Reimbursement - Gas 0.00 0.00 0.00 0.00 0.00
Total Utility Expense 10,645.07 8,388.40 (2,256.67) 100,599.66 102,096.50

Management Fees 0.00 0.00 0.00 0.00 0.00
Management Fees-MRLL 0.00 0.00 0.00 0.00 0.00
Property Legal Fees 0.00 0.00 0.00 0.00 0.00
Credit Card Fees 944.85 0.00 (944.85) Includes credit card payment booked 944.85 0.00
from 8/2/07 $346.65, 9/5/07 $332.15
and for 10/2/07 in the amount of
$266.05.
Bank Charges 0.00 0.00 0.00 0.00 0.00
Bank Adjustments 0.00 0.00 0.00 0.00 0.00
Other Professional Fees 0.00 0.00 0.00 0.00 0.00
Late Charges 0.00 0.00 0.00 0.00 0.00
HOA Assessment Fees 0.00 0.00 0.00 0.00 0.00
Contributions 0.00 0.00 0.00 0.00 0.00
Fiduciary Fees 0.00 0.00 0.00 0.00 0.00
Custodial Fees 0.00 0.00 0.00 0.00 0.00
Thunder Expense 0.00 0.00 0.00 0.00 0.00
Accounting Fees 0.00 0.00 0.00 0.00 0.00
Total Management Expense 944.85 0.00 (944.85) 944.85 0.00

Property Taxes 28,800.00 27,616.50 (1,183.50) Accrued monthly property tax. 285,202.26 276,165.00
Franchise Tax 0.00 0.00 0.00 0.00 0.00
Insurance 5,879.93 5,073.00 (806.93) Includes 10/07 Umbrella insurance 89,182.91 50,730.00
payment.
Tax Consultants 0.00 49.88 49.88 600.00 498.80
MIP 0.00 0.00 0.00 0.00 0.00
Total Taxes & Insurance 34,679.93 32,739.38 (1,940.55) 374,985.17 327,393.80
Total Operating Expenses 120,703.00 120,416.44 (286.56) 1,158,504.39 1,113,791.34
NET OPERATING INCOME 158,798.30 169,556.84 (10,758.54) 1,558,181.56 1,695,333.80

Base Rent - Interest Payment 106,586.67 106,586.67 0.00 1,065,866.70 1,065,866.70
Base Rent - Principal Payment 0.00 0.00 0.00 0.00 0.00
Stated Rent 86,666.71 86,666.67 (0.04) 866,667.10 866,666.70
Office Rent 0.00 0.00 0.00 0.00 0.00
Total Rent Expense 193,253.38 193,253.34 (0.04) 1,932,533.80 1,932,533.40

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

Partnership Legal Fees 0.00 170.00 170.00 0.00 1,700.00
Partnership Accounting Fees 0.00 170.00 170.00 365.00 1,700.00
Partnership Travel 0.00 75.00 75.00 973.35 750.00
Partnership - Meals 0.00 0.00 0.00 724.38 0.00
Partnership Fees - Other 0.00 0.00 0.00 0.00 0.00
Partnership Expense 0.00 0.00 0.00 0.00 0.00
Due Diligence Cost 0.00 0.00 0.00 0.00 0.00
Dead Deal Cost 0.00 0.00 0.00 0.00 0.00
Partnership Exp- Leaseup Costs 0.00 0.00 0.00 0.00 0.00
Total Partnership Expense 0.00 415.00 415.00 2,062.73 4,150.00

Exterior Rehab 4,533.00 0.00 (4,533.00) Curb and gutter repairs on the property. 4,533.00 18,946.00

Interior Rehab 0.00 0.00 0.00 0.00 3,250.00
HVAC Replacement 0.00 0.00 0.00 0.00 0.00
Carpet & Floor Replacement 1,596.47 4,900.00 3,303.53 Two carpets replaced versus five 53,045.61 49,000.00
budgeted.
Refrigerators 0.00 0.00 0.00 1,227.02 600.00
Dishwashers & Ranges 0.00 0.00 0.00 0.00 0.00
Washers / Dryers 0.00 0.00 0.00 0.00 0.00
Fire Alarm Replacement 0.00 0.00 0.00 0.00 0.00
Other Capital Improvements 0.00 0.00 0.00 12,530.89 3,713.00
Boiler Replacement 0.00 0.00 0.00 0.00 0.00
Roof Replacement 0.00 0.00 0.00 0.00 0.00
Total Capital Expenses 6,129.47 4,900.00 (1,229.47) 71,336.52 75,509.00
Casualty Losses 0.00 0.00 0.00 0.00 0.00
Casualty Recovery 0.00 0.00 0.00 0.00 0.00
Total Casualty Loss 0.00 0.00 0.00 0.00 0.00
NET INCOME (LOSS) (40,584.55) (29,011.50) (11,573.05) (447,751.49) (316,858.60)

Rental Guarantee 0.00 0.00 0.00 4,054.35 0.00
(40,584.55) (29,011.50) (11,573.05) (443,697.14) (316,858.60)
Annual
$ Variance Budget YTD Variance Comment

(547,895.00) 4,209,210.00

326,005.00 0.00

(221,890.00) 4,209,210.00
0.00 0.00
0.00 0.00
52,075.85 (325,479.64)

24,547.59 (59,160.00)

0.00 0.00
0.00 0.00
(8,379.67) (7,841.82)
(3,550.00) (19,500.00)

0.00 0.00
2,525.00 (24,600.00)
0.00 0.00
(2,600.00) (10,800.00)
44,380.68 (632,942.99)

0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
$(112,890.55) $3,128,885.55

0.00 0.00
(680.00) 816.00
0.00 0.00
1,371.60 19,800.00
5,877.58 2,400.00

(334.70) 11,520.00
0.00 0.00
6,359.90 10,250.00

1,177.82 12,000.00

(4,861.22) 13,920.00

0.00 0.00
3,488.53 0.00
9,670.31 29,472.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
1,384.66 79,800.00
0.00 0.00
(5,318.08) 12,072.00

0.00 0.00
0.00 0.00
2,543.65 1,080.00
0.00 0.00
0.00 0.00
0.00 0.00
500.00 33,800.00

(16,802.39) 48,840.00

2,348.29 3,600.00

0.00 0.00
(3,774.59) 5,100.00
17,500.00 (21,000.00)

0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
20,451.36 263,470.00

$(92,439.19) $3,392,355.55

7,444.35 147,761.88
0.00 0.00
(13,093.73) 138,048.78
0.00 0.00
(8,621.10) 39,026.28

0.00 0.00
(9,384.58) 9,336.00
0.00 0.00
0.00 0.00
(4,599.88) 0.00
0.00 0.00
(28,254.94) 334,172.94

3,825.62 12,000.00
3,588.92 13,200.00
24.85 1,200.00
(396.79) 2,040.00
0.00 0.00
0.00 0.00
(235.82) 1,080.00
0.00 0.00
(2,316.12) 1,380.00
0.00 0.00
(135.44) 300.00
250.00 300.00
1,576.04 6,150.00
1,084.97 7,800.00
0.00 0.00
7,266.23 45,450.00

(5,161.85) 36,900.00

3,500.20 9,576.00
9,250.94 24,440.78

18,185.00 26,195.00
25,774.29 97,111.78

4,660.64 7,852.50
(26,085.00) 3,000.00
6,309.00 26,175.00
(1,656.46) 1,200.00
0.00 0.00
(346.19) 600.00
3,255.06 5,000.04
250.00 300.00
(132.05) 1,599.96
(13,745.00) 45,727.50

813.84 8,400.00
(403.86) 1,200.00
3,716.70 5,055.00

1,056.24 1,800.00
(270.00) 0.00
620.90 5,400.00
(125.00) 0.00
155.85 1,920.00
2,090.27 5,850.00
(417.49) 900.00
(105.34) 300.00
1,497.27 2,000.00
0.00 0.00
(790.48) 10,395.00
0.00 0.00
0.00 0.00
0.00 0.00
7,838.90 43,220.00

4,074.85 30,000.00

(1,619.79) 6,120.00

(548.86) 902.88
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
(12,570.42) 5,850.00
(10,664.22) 42,872.88

0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00

846.86 135,694.22
0.00 12,000.00
650.00 39,600.00
10,641.10 15,600.00

0.00 0.00
0.00 0.00
95.79 114.96
0.00 0.00
0.00 0.00
(572.67) 0.00
(123.71) 0.00
0.00 0.00
0.00 0.00
2,573.70 5,124.00
0.00 0.00
0.00 0.00
14,111.07 208,133.18

6,030.55 40,080.00
0.00 0.00
9,246.25 30,780.00

(37,192.33) 107,580.00

23,429.92 (75,306.00)
(502.92) 23,500.00

0.00 0.00
3,336.20 (24,132.00)
0.00 0.00
(3,411.35) 9,387.78
560.52 6,258.52
0.00 0.00
1,496.84 118,148.30

0.00 0.00
0.00 0.00
0.00 0.00
(944.85) 0.00

0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
(944.85) 0.00

(9,037.26) 331,398.00
0.00 0.00
(38,452.91) 60,876.00

(101.20) 598.56
0.00 0.00
(47,591.37) 392,872.56
(44,713.05) 1,327,709.14
(137,152.24) 2,064,646.41

0.00 1,279,040.04
0.00 0.00
(0.40) 1,040,000.04
0.00 0.00
(0.40) 2,319,040.08

0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00

1,700.00 2,040.00
1,335.00 2,040.00
(223.35) 900.00
(724.38) 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
2,087.27 4,980.00

14,413.00 18,946.00

3,250.00 3,250.00
0.00 0.00
(4,045.61) 58,800.00

(627.02) 600.00
0.00 0.00
0.00 0.00
0.00 0.00
(8,817.89) 3,713.00
0.00 0.00
0.00 0.00
4,172.48 85,309.00
0.00 0.00
0.00 0.00
0.00 0.00
(130,892.89) (344,682.67)

4,054.35 0.00
(126,838.54) (344,682.67)
Courtney Downs Apartments
October 07
LEASING & OCCUPANCY

NUMBER OF MOVE INS: 23 INCOME THIS MONTH: $279,501.30
NUMBER OF MOVE OUTS: 25 INCOME LAST MONTH: $282,866.94
NET FOR THE MONTH: -2 DIFFERENCE: -$3,365.64

TOTAL # GARAGES 120
# GARAGES OCCUPIED 116
OCCUPIED/LEASED %: 94.74%/96.78% GARAGES OCCUPIED % 97%

SOURCE OF TRAFFIC: REASONS WHY PROSPECTS DID NOT LEASE:
Traffic Leased
APTGUIDE.COM 0 0 * Job Transfer 0
APARTMENT GUIDE 0 0 * Too expensive. 4
YELLOW PAGES 0 0 * Future/No Availability/Waiting list 0
OTHER. NET 0 0 * Just started looking. 7
BLUE BOOK 19 7 * Waiting for Home to Sell 0
RENT.NET 0 0 * Current Lease to Expire 3
LIVES IN AREA 22 12 * Needs Ground Floor 2
RESIDENT REFERRAL 4 1 * Moved Elsewhere 2
LOCATORS 9 2 * Will return with roommate or spouse 9
RENT.COM 0 0 * Realtor Looking for Client 0
WALK-IN 5 0 * Undecided 0
SIGNAGE 0 0 * Employment pending 0
WORD OF MOUTH 0 0 * House sale pending 6
* Rented at Competitor 4
TOTALS 59 22 TOTALS 37

CLOSING RATIO: 37%

MARKETING ACTIVITIES & SOURCES FOR THE MONTH

* Took brochures to Parker Adventist Hospital.
* Took flyers and brochures to Comcast Human Resourses.
* Took flyers to Sky Ridge Hospital Human Resourses.
* Took locators lunch and new prices for the month.
* Updated all internet ads with new pricing and specials for the month of October.
* Brochures and lunch were taken to First Data Human Resources.
* Met with Metro Brokers sales team with options of temporary housing for new home buyers.
* Dropped off cookie basket and brochures to Wells Fargo Team.
* Dropped off doughnuts and brochures to Marriott extended stay hotels.
* Took cookie and candy bag with flyer's to Nextel team.
* Took cookie bag and brochures to David Weekly Homes.
* Took cookie and candy bag to D R Horton Homes sales center.
OVERVIEW OF COMPARABLE PROPERTIES:
The surrounding comps are still offering discounted rents on selected units.
This translates into one bedroom effective rents of $710, two bedrooms at $830and three bedrooms starting at $1100.
Look and leases are being locked in with one month off on a 12 to 13 month lease.
Overall market is low 90's and average rental rate of .86.
RESIDENT RETENTION:
We had 28 leases expiring in the month of October. Eight are moving due to purchasing a home and/or condo,
three are moving due to corporate lease is up, three are moving out of state, one is moving due to no access for dish.
and 13 residents decided to renew.
Overall we had 13 renewals with an average increase of $50 per renewal.
INCIDENTS ON THE PROPERTY:
N/A
MAINTENANCE: ROUTINE REPLACEMENTS:
Number
Number of: Replaced Apt. #
MARKET READY UNITS 21 REFRIGERATORS 0
COMPLETE PAINTS 8 DISHWASHERS 0 0
TOUCH UPS 13 WINDOWS 0
WORK ORDERS 153 A/C COMPRESSORS 0
Pending Completed 0 CONDENSING UNITS 0
Misc 0 52 52 WATER HEATERS 0
Electrical 0 18 18 ICE MAKERS 0
Punch 0 21 21 GARBAGE DISPOSALS 0
HVAC 0 16 16 MICROWAVES 0
Plumbing 0 18 18 CARPETS 3 10108, 19202, 19102.
Property Ext. 0 0 0 CEILING FANS 0
Appliances 0 18 18 TOILETS 0
Safety 0 10 10 A/C FAN MOTORS 0
Total 0 153 153 COUNTER TOPS 0
ROOF LEAKS 0 CABINETS RESURFACED KITCHEN 0
19102-3, 6111-3, 13202-1, 10304-
1, 7109-2, 10111-2, 13308-1, 2304-
PLUMBING LEAKS 0 BLINDS 19 1, 9208-2, 9102-2, 16101-1.
TUBS RESURFACED 0
TUB TILES 0

CAPITAL IMPROVEMENTS IN PROGRESS:
N/A

PROBLEM AREAS NEEDING ATTENTION:
N/A

CURRENT STAFF:

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

ACCOMPLISHMENTS FOR THE MONTH:
Pool fence sanded and painted.
Rock installed in the main signage areas. Improves curb appeal.
Courtney Downs
RENTAL SCHEDULE
October 07

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 1 0 11 0 12
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 0 0 3 0 3
B1 1BR 24 808 19,392 750 0.93 $18,000 $216,000 750.00 0.93 $18,000 3 1 3 0 6
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 8 3 9
C1 2BR 44 1,030 45,320 900 0.87 $39,600 $475,200 900.00 0.87 $39,600 2 1 5 0 7
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 5 0 6
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 2 4 0 7
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 11 5 39 3 50
* Net of Concessions
MARKET SURVEY
Courtney Downs
October-07

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 $40.00 $35.00 $40.00
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 $300 $100.00 $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
MARKET SURVEY
Courtney Downs
October-07
(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) 725 704 1.03 710 779 0.91 680 627 1.08 713 685 1.04 720 768 0.94 690 707 0.98 689 763 0.90
1B1B (B) 850 808 1.05 900 853 1.06 740 701 1.06 688 705 1.02 730 842 0.87 708 796 729 763 1.05
1B1B w/study 750 910 0.82 840 811 0.91 739 760 1.03 895 992 1040 916
1B
1B
1B w/loft
1B1B w/study 820 956 0.86 900 1051 0.86
2B2B (E) 875 977 0.90 950 1105 0.86 920 1044 0.88 975 1120 0.87 885 1115 0.79 900 1033 0.87 813 1037 0.78
2B2B (F) 900 1030 0.87 1015 1192 0.85 1060 1196 0.89 970 1220 0.80 965 1093 0.88 840 1037 1.23
2B2B (G) 925 1030 0.90 1090 1180 0.92
2B2B (H)
2B2B
2B w/study
2B2B TH
2B2B TH
3B2B 1,160 1140 1.02 1270 1398 0.91 1320 1330 0.99 1100 1230 0.89 1100 1356 0.81 1290 1235 1.04 897 1257 0.71
3B2B 1340 1398 0.91 1305 1235 1.04 1134 1257 1.10

% occ /leased 95 96.78% 96% 98% 0 0% 92% 94.30% 95.0% 97% 92.0% 94% 90.3% 92%
Avg PSF 1 0.94 0.92 0.95 0.95 0.84 0.96 0.96
Avg Rents 884 1114 994 808 883 1131 995
/ Avail)
Units(Total 342 11 507 9 653 216 17 312 19 360 24 0 168 7

Special: look and lease
special $150 security deposit
waived and $250 to $500 off Special:waive security Special: $150.00 gift card
first months rent only on Special: Reduced pricing Will not give out any deposit, as well as first and $99.00 deposit Special: $350.00 look and Special: One month free on a
Rates steepelchases and arlingtons. for all floor plans. information. month rent free. special. lease special. 12 to 13 month special.
reflect these rates:
specials:

Ren.: 15% increase on all Ren: Info not avail per Ren: $60 to $85 increas Ren: Average $50 to $125 Ren: Free carpet cleaning
Ren: $75 to $100 increase. renewals. corporate Ren:Per corporate for 12 month lease increase. with 12mo.