Courtney Downs October 2006

8/14/2019 Courtney Downs October 2006

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USA Courtney Downs LeaseCo, LLCBalance Sheet

Books = AccrualOct 2006

SETS

44,293.350.00

ts 65,375.06$109,668.41

vable 9,176.24es 37,590.22

204,623.33rk Cap Reserve 81,938.44 Escrow 200,000.00

sets 533,328.23

642,996.64

S & CAPITAL

le - Trade 26,414.18 Payable 575,264.08

275,206.025,386.24

ts 65,150.56(328.39)

947,092.69

100.00gs (304,196.05)

(304,096.05)

ES & CAPITAL 642,996.64


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USA Courtney Downs LeaseCo, LLCCash Flow (Actual + Budget)

Books = AccrualFor the 12 Months Ending Dec 2006

Jan 2006 Feb 2006 Mar 2006 Apr 2006 May 2006 Jun 2006 Jul 2006 Aug 2006 Sep 2006 Oct 2006 Nov 2006 Dec 2006 12 Month $ / $ /

Actual Actual Actual Actual Actual Actual Actual Actual Actual Reforecast Reforecast Reforecast Total Unit Sq. Ft.342 313,778

356,941 356,261 353,425 356,370 356,790 352,042 356,753 356,720 356,720 364,160 364,160 364,160 4,294,502 12,557.02 13.69(50,457) (41,504) (32,721) (25,521) (27,566) (20,448) (24,375) (29,656) (19,795) (36,416) (40,058) (40,058) (388,576) (1,136.19) (1.24)(80,765) (83,296) (83,632) (87,552) (89,252) (91,481) (83,568) (82,402) (79,734) (80,000) (75,000) (75,000) (991,681) (2,899.65) (3.16)(5,393) (4,621) (13,129) (3,761) (3,761) (3,761) (8,525) (4,902) (6,891) (6,085) (6,085) (6,085) (72,997) (213.44) (0.23)

220,326 226,840 223,943 239,537 236,211 236,353 240,285 239,760 250,300 241,659 243,017 243,017 2,841,248 8,307.74 9.05

26,619 19,852 32,398 25,588 26,964 20,730 20,479 29,442 23,112 20,445 20,445 20,445 286,518 837.77 0.91246,945 246,692 256,342 265,125 263,175 257,083 260,764 269,202 273,411 262,104 263,462 263,462 3,127,766 9,145.51 9.97

31,314 27,779 25,751 34,224 28,896 30,735 32,813 30,497 25,074 24,299 24,299 37,759 353,440 1,033.45 1.134,125 1,829 4,155 2,418 3,488 1,785 4,044 1,759 2,987 3,030 3,030 3,030 35,680 104.33 0.11

10,172 7,867 8,790 12,875 9,217 4,566 9,311 9,128 5,468 6,385 5,860 6,885 96,524 282.23 0.312,824 1,468 6,877 3,034 6,347 6,868 4,319 6,576 2,661 7,900 7,500 7,500 63,875 186.77 0.20

484 2,348 2,996 938 1,390 2,786 4,753 1,299 933 13,595 2,295 2,295 36,112 105.59 0.122,095 (1,911) 750 1,089 7,856 6,550 3,601 3,942 6,370 4,640 4,640 2,395 42,018 122.86 0.13

15,018 14,773 20,876 15,092 17,309 15,941 18,145 18,942 16,905 15,084 15,469 14,969 198,525 580.48 0.6317,811 10,978 5,261 9,118 8,907 9,673 13,946 10,892 14,755 16,590 10,900 10,900 139,730 408.57 0.451,732 605 (2,311) 0 (26) 0 0 0 0 0 0 0 0 0.00 0.00

34,178 39,883 33,892 33,962 41,050 36,561 34,740 35,107 33,746 37,237 37,237 37,237 434,826 1,271.42 1.39

119,755 105,619 107,036 112,750 124,435 115,464 125,672 118,141 108,899 128,760 111,230 122,970 1,400,730 4,095.70 4.46127,190 141,073 149,305 152,375 138,740 141,618 135,092 151,061 164,512 133,345 152,233 140,493 1,727,036 5,049.81 5.50

193,253 193,253 193,253 193,253 193,253 193,253 193,253 193,253 193,253 193,254 193,254 193,254 2,319,042 6,780.82 7.39

1,511 40 324 595 169 0 0 0 1,128 0 0 0 3,767 11.01 0.013,871 (782) 8,204 6,055 3,698 14,150 7,730 3,637 2,383 6,600 3,300 3,300 62,145 181.71 0.20

(71,445) (51,438) (52,476) (47,528) (58,381) (65,785) (65,891) (45,830) (32,251) (66,510) (44,322) (56,062) (657,918) (1,923.74) (2.10)

66,280 58,055 58,308 42,302 0 0 0 55,178 45,798 41,589 52,896 54,539 474,945

792 (2,230) (4,698) 2,407 6,708 2,152 4,182 3,545 (771) 0 0 0 12,0899,672 (940) (590) 4,549 (4,100) (8,512) 14,748 (1,503) 626 0 0 0 13,950

372 (275) 86 156 1,384 280 7,106 15,908 6,446 (23,201) 0 0 8,262(34,325) (34,325) (34,325) (34,325) 324,584 (30,394) (30,394) (30,394) (30,394) (2,951) (2,951) (2,951) 56,856

(23,489) (37,770) (39,527) (27,213) 328,577 (36,473) (4,358) (12,444) (24,092) (26,152) (2,951) (2,951) 91,156

(5,209) 4,548 22,679 5,948 (1,420) 65,950 8,685 30,415 (53,751) (34,000) 0 0 43,84434,702 17,279 26,292 32,763 (282,521) 115,337 25,645 23,477 32,478 0 0 0 25,4511,398 6,448 1,789 (2,315) (5,212) (3,153) (2,593) (5,234) (2,080) 0 0 0 (10,951)

0 (763) (382) (382) (382) (701) (382) 0 (391) 0 0 0 (3,382)

30,890 27,511 50,377 36,014 (289,534) 177,433 31,355 48,658 (23,744) (34,000) 0 0 54,962

2,236 (3,642) 16,682 3,574 (19,338) 75,176 (38,893) 45,563 (34,289) (85,073) 5,624 (4,473) (36,855)

29,014 25,372 42,054 45,628 26,290 101,466 62,573 108,136 73,846 (11,227) (5,603) (10,077)

UnSq. Ft.

## 384807

ba 160 146,080

cas 356 384,807

ce 300 274,080

co 257 254,074

jac 247 221,730

lee 10 22,160

re 428 398,868

ric 5 24,952

par 300 305,832

pol 440 403,761

sat 440 548,750

sw 240 264,892

trai 280 286,056

vlg 120 108,276

wa 284 254,103

we 12 48,309

wi 346 433,196

usa 280 299,111usa 284 254,103

b 2006 Mar 2006 Apr 2006 May 2006 Jun 2006 Jul 2006 Aug 2006 Sep 2006 Oct 2006 Nov 2006 Dec 2006

NET CASH FLOW CUMM. NET CASH FLOW


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50%

50%

50%

eduction in tax escrow due to overage




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USA Courtney Downs LeaseCo, LLCBudget Comparison

Books = AccrualFor the period ending October 31, 2006

MTD MTD YTD YTD AnnualActual Budget $ Variance TD Variance Comment Actual Budget $ Variance Budget YTD Variance Comment

355,720.00 364,160.00 (8,440.00) 3,557,200.00 3,574,214.00 (17,014.00) 4,302,534.00840.00 0.00 840.00 1,400.00 0.00 1,400.00 0.00

356,560.00 364,160.00 (7,600.00) 3,558,600.00 3,574,214.00 (15,614.00) 4,302,534.00ues 0.00 0.00 0.00 0.00 0.00 0.00 0.00

1,140.00 0.00 1,140.00 1,122.00 0.00 1,122.00 0.00

(27,385.72) (36,416.00) 9,030.28 (299,429.44) (310,274.00) 10,844.56 (390,390.00)

ns (305.11) (2,000.00) 1,694.89 (106,321.69) (20,000.00) (86,321.69) (24,000.00)

0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00

(1,449.00) (500.00) (949.00) (19,909.10) (5,000.00) (14,909.10) (6,000.00)

(1,980.00) (1,980.00) 0.00 (19,800.00) (19,800.00) 0.00 (23,760.00)0.00 (575.00) 575.00 (1,725.00) (5,750.00) 4,025.00 (6,900.00)

(1,780.80) (1,900.00) 119.20 (17,808.00) (19,000.00) 1,192.00 (22,800.00)nance Fe 0.00 0.00 0.00 0.00 0.00 0.00 0.00

(1,160.00) (1,130.00) (30.00) (1,870.00) (11,300.00) 9,430.00 (13,560.00)s (79,793.51) (84,256.00) 4,462.49 (735,457.68) (852,070.00) 116,612.32 (1,019,064.00)

s Income 0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00

ce 0.00 0.00 0.00 0.00 0.00 0.00 0.00$243,845.86 $235,403.00 $8,442.86 $2,357,401.09 $2,331,020.00 $26,381.09 $2,796,060.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00182.03 68.00 114.03 403.23 680.00 (276.77) 816.00

e 0.00 0.00 0.00 0.00 0.00 0.00 0.00es 2,489.25 2,300.00 189.25 18,663.70 2 3,000.00 (4,336.30) 27,600.00

m 455.00 300.00 155.00 1,967.23 3,000.00 (1,032.77) 3,600.00748.87 1,300.00 (551.13) 8,643.45 13,000.00 (4,356.55) 15,600.00

ees 0.00 0.00 0.00 0.00 0.00 0.00 0.00

850.00 1,000.00 (150.00) 11,620.00 10,000.00 1,620.00 12,000.00mages 5,760.23 1,033.00 4,727.23 24,555.76 10,330.00 14,225.76 12,396.00

275.00 500.00 (225.00) 10,714.37 5,000.00 5,714.37 6,000.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00

2,110.00 900.00 1,210.00 24,202.07 9,000.00 15,202.07 10,800.00

0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00

nts 0.00 0.00 0.00 0.00 0.00 0.00 0.00

6,815.29 8,700.00 (1,884.71) 65,677.67 87,000.00 (21,322.33) 104,400.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00e 1,183.00 1,000.00 183.00 10,430.80 10,000.00 430.80 12,000.00loper 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 0.00435.50 190.00 245.50 1,240.98 1,900.00 (659.02) 2,280.00

0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00

2,550.00 2,000.00 550.00 31,665.00 20,000.00 11,665.00 24,000.00

3,191.21 929.00 2,262.21 39,842.41 9,290.00 30,552.41 11,148.00

122.58 225.00 (102.42) 2,724.12 2,250.00 474.12 2,700.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00

se 0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00

utions 0.00 0.00 0.00 0.00 0 .00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00

27,167.96 20,445.00 6,722.96 252,350.79 204,450.00 47,900.79 245,340.00

$271,013.82 $255,848.00 $15,165.82 $2,609,751.88 $2,535,470.00 $74,281.88 $3,041,400.00

Income due to guestsuite rental.

Positive variance due toactual occupancy of93% versus 91%budgeted.

Positive variance due to

cutting back on upfrontconcessions.

Additional write off dueto 1-skip.

Savings due totermination of position.

Savings due to reducingthe proratedconcessions on selectunit types.

Due to move-outs whogave up storage unitsnot yet re-rented.

Collected more leasebreak fees due to newhome purchases.

All new move in's withpets are required to paya non refundable pet feeas well as pet rent.

Fewer rentals due tohigher turnover thanexpected and lowerrates given as move inincentives.

Budget for 13 and actualmove in's 17.

Positive variance withlease break charges anddamages on sodacharges.


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9,531.61 9,545.00 13.39 87,447.28 100,221.00 12,773.72 124,082.000.00 0.00 0.00 0.00 0.00 0.00 0.00

9,403.06 6,660.00 (2,743.06) 101,777.03 69,931.00 (31,846.03) 86,582.00

0.00 0.00 0.00 0.00 0.00 0.00 0.005,356.60 3,500.00 (1,856.60) 35,256.10 31,500.00 (3,756.10) 42,000.00

1,923.96 1,576.00 (347.96) 17,958.89 16,129.00 (1,829.89) 20,210.001,463.00 1,442.00 (21.00) 14,858.00 14,420.00 (438.00) 17,304.00

0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00

3,082.00 0.00 (3,082.00) 21,303.72 0.00 (21,303.72) 0.00

2,178.43 1,576.00 (602.43) 21,420.44 16,129.00 (5,291.44) 20,210.00

32,938.66 24,299.00 (8,639.66) 300,021.46 248,330.00 (51,691.46) 310,388.00

plies 993.45 600.00 (393.45) 9,050.71 6,000.00 (3,050.71) 7,200.001,199.77 1,080.00 (119.77) 9,351.87 10,800.00 1,448.13 12,960.00

s 138.76 100.00 (38.76) 888.33 1,000.00 111.67 1,200.00200.84 200.00 (0.84) 1,668.77 2,000.00 331.23 2,400.00

0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00

ions 0.00 0.00 0.00 534.75 1,645.00 1,110.25 1,645.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 100.00 100.00 918.82 2,000.00 1,081.18 2,200.000.00 0.00 0.00 0.00 0.00 0.00 0.00

69.42 200.00 130.58 146.14 2,000.00 1,853.86 2,400.000.00 0.00 0.00 0.00 0.00 0.00 0.00

459.50 750.00 290.50 4,270.40 7,500.00 3,229.60 9,000.00

484.36 0.00 (484.36) 3,306.68 0.00 (3,306.68) 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00

3,546.10 3,030.00 (516.10) 30,136.47 32,945.00 2,808.53 39,005.00

s 5,974.37 3,452.00 (2,522.37) 46,993.11 35,505.00 (11,488.11) 42,409.00

493.77 1,000.00 506.23 6,398.48 8,325.00 1,926.52 10,300.00

1,220.94 1,033.00 (187.94) 15,691.35 10,330.00 (5,361.35) 12,396.001,000.00 900.00 (100.00) 17,000.00 9,000.00 (8,000.00) 10,800.00

se 8,689.08 6,385.00 (2,304.08) 86,082.94 63,160.00 (22,922.94) 75,905.00

(140.37) 2,900.00 3,040.37 3,711.14 28,200.00 24,488.86 33,200.00

2,975.00 2,500.00 (475.00) 22,135.00 27,500.00 5,365.00 32,500.00irs 2,635.00 1,200.00 (1,435.00) 16,922.13 13,500.00 (3,422.13) 15,900.00

229.85 200.00 (29.85) 1,615.23 2,000.00 384.77 2,400.000.00 500.00 500.00 0.00 5,000.00 5,000.00 6,000.00

55.47 100.00 44.53 433.46 1,000.00 566.54 1,200.00ing 0.00 100.00 100.00 941.46 1,000.00 58.54 1,200.00

0.00 100.00 100.00 218.86 1,000.00 781.14 1,200.000.00 300.00 300.00 752.88 3,000.00 2,247.12 3,600.00

se 5,754.95 7,900.00 2,145.05 46,730.16 82,200.00 35,469.84 97,200.00

Supplies 788.38 750.00 (38.38) 6,329.06 7,700.00 1,370.94 9,200.00321.44 150.00 (171.44) 883.94 1,500.00 616.06 1,800.00

rs 3,667.32 3,375.00 (292.32) 4,876.12 4,050.00 (826.12) 4,200.000.00 150.00 150.00 1,155.89 1,500.00 344.11 1,800.000.00 100.00 100.00 0.00 1,000.00 1,000.00 1,200.00

593.67 400.00 (193.67) 4,355.48 5,000.00 644.52 5,800.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 50.00 50.00 1,418.51 500.00 (918.51) 600.00

rs 0.00 75.00 75.00 1,539.20 750.00 (789.20) 900.00

0.00 150.00 150.00 548.35 1,500.00 951.65 1,800.000.00 100.00 100.00 90.11 1,000.00 909.89 1,200.00

296.78 0.00 (296.78) 844.63 2,100.00 1,255.37 2,100.00irs 0.00 0.00 0.00 0.00 0.00 0.00 0.00

8,936.03 8,295.00 (641.03) 10,489.21 10,950.00 460.79 11,540.00

0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00

nse 14,603.62 13,595.00 (1,008.62) 32,530.50 37,550.00 5,019.50 42,140.00

2,016.57 2,745.00 728.43 27,616.48 29,460.00 1,843.52 32,205.00

521.43 775.00 253.57 5,100.84 8,500.00 3,399.16 10,050.000.00 75.00 75.00 685.56 750.00 64.44 900.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 45.00 45.00 0.00 450.00 450.00 540.00

1,000.00 1,000.00 0.00 477.87 5,500.00 5,022.13 8,000.003,538.00 4,640.00 1,102.00 33,880.75 44,660.00 10,779.25 51,695.00

ric 0.00 0.00 0.00 0.00 0.00 0.00 0.00r/Sewer 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

nds 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Remov 0.00 0.00 0.00 0.00 0.00 0.00 0.00

ning Svcs 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Additional porter positionnot budgeted. This isoffset in make ready

expense.

Bonuses were paid on22 move in's for themonth of September.

Temporary office helpneeded to assist in theoffice due to openposition. This is offsetby vacant leasingposition.

Due to For Rent Ad notbeing budgeted for.

Spent less on vendornight and residentsparty.

Positive variance due tomaintenance staff doingall paints in houseinstead of contractingoutside vendors.

More carpets werecleaned to save on costof replacing of carpet.

No need to replace anyat this time.

Annual Fire alarm andbackflow testing done.

Savings due to in housewinter fertilization insmaller areas.


6/52

enance 0.00 0.00 0.00 0.00 0.00 0.00 0.00ance 0.00 0.00 0.00 0.00 0.00 0.00 0.00Taxes 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

11,322.38 10,234.00 (1,088.38) 107,791.05 101,420.00 (6,371.05) 121,658.00

s 1,000.00 1,000.00 0.00 10,000.00 10,000.00 0.00 12,000.00Fee 3,250.00 3,250.00 0.00 32,500.00 32,500.00 0.00 39,000.00

1,298.90 550.00 (748.90) 12,966.60 5,500.00 (7,466.60) 6,600.00

0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 (104.00) 0.00 104.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00

penses 0.00 0.00 0.00 0.00 0 .00 0.00 0.000.00 0.00 0.00 825.49 500.00 (325.49) 1,000.00

637.15 50.00 (587.15) 2,596.02 2,500.00 (96.02) 2,600.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 3,936.30 1,400.00 (2,536.30) 1,400.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00

17,508.43 15,084.00 (2,424.43) 170,511.46 153,820.00 (16,691.46) 184,258.00

2,768.98 2,800.00 31.02 32,811.52 28,000.00 (4,811.52) 33,600.00nt 0.00 0.00 0.00 0.00 0.00 0.00 0.00

4,678.89 2,700.00 (1,978.89) 27,120.00 27,120.00 0.00 35,120.00

10,140.79 8,500.00 (1,640.79) 90,825.82 91,000.00 174.18 106,000.00

nt Reimb (7,875.61) (4,000.00) 3,875.61 (50,305.29) (42,500.00) 7,805.29 (50,500.00)

4,778.55 6,290.00 1,511.45 20,047.79 40,840.00 20,792.21 40,840.00

ursement 0.00 0.00 0.00 0.00 0.00 0.00 0.00(2,433.96) (2,200.00) 233.96 (20,537.56) (22,000.00) (1,462.44) (26,400.00)

sement 0.00 0 .00 0.00 0.00 0.00 0.00 0.00644.63 1,700.00 1,055.37 8,960.62 17,000.00 8,039.38 20,400.00

396.55 800.00 403.45 5,516.15 7,620.00 2,103.85 9,820.00- Gas 0.00 0.00 0.00 0.00 0.00 0 .00 0.00

13,098.82 16,590.00 3,491.18 114,439.05 147,080.00 32,640.95 168,880.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00L 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 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00nse 0.00 0.00 0.00 0.00 0.00 0.00 0.00

27,619.00 27,200.00 (419.00) 287,359.26 272,000.00 (15,359.26) 326,400.000.00 0.00 0.00 0.00 0.00 0.00 0.00

8,614.20 6,691.00 (1,923.20) 71,609.71 66,910.00 (4,699.71) 80,292.00

0.00 0.00 0.00 700.00 0.00 (700.00) 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00

36,233.20 33,891.00 (2,342.20) 359,668.97 338,910.00 (20,758.97) 406,692.00s 135,910.86 125,414.00 (10,496.86) 1,174,001.76 1,148,655.00 (25,346.76) 1,376,163.00

E 135,102.96 130,434.00 4,668.96 1,435,750.12 1,386,815.00 48,935.12 1,665,237.00

106,586.67 106,587.00 0.33 1,065,866.70 1,065,870.00 3.30 1,279,044.0086,666.67 86,667.00 0.33 866,666.70 866,670.00 3.30 1,040,004.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

193,253.34 193,254.00 0.66 1,932,533.40 1,932,540.00 6.60 2,319,048.00

0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 1,510.50 0.00 (1,510.50) 0.00Fees 62.00 0.00 (62.00) 1,576.30 0.00 (1,576.30) 0.00

0.00 0.00 0.00 655.29 0.00 (655.29) 0.000.00 0.00 0.00 86.91 0.00 (86.91) 0.00

r 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 0.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00

up Costs 0.00 0.00 0.00 0.00 0.00 0.00 0.00se 62.00 0.00 (62.00) 3,829.00 0.00 (3,829.00) 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 3,000.00 3,000.00 3,000.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00ment 5,646.07 6,600.00 953.93 49,695.85 57,200.00 7,504.15 63,800.00

0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 236.72 0.00 (236.72) 0.000.00 0.00 0.00 4,658.23 0.00 (4,658.23) 0.00

Based on grosscollections.

9 evictions but budgetedfor 4.

Winter weather hasincurred more gas toheat the pool.

Based on billing fromArapahoe County.



All A/C's have beenturned off in vacant unitsdue to colder weather.

Based on actualexpense.

Budgeted for 6replacements and onlyreplaced 5.


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ents 0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00

5,646.07 6,600.00 953.93 54,590.80 60,200.00 5,609.20 66,800.00

0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00

(63,858.45) (69,420.00) 5,561.55 (555,203.08) (605,925.00) 50,721.92 (720,611.00)

42,771.61 0.00 42,771.61 368,692.52 124,335.14 244,357.38 124,335.14(21,086.84) (69,420.00) 48,333.16 (186,510.56) (481,589.86) 295,079.30 (596,275.86)


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ourtney Downs ApartmentsOct-06

18 INCOME THIS MONTH: $271,013.0025 INCOME LAST MONTH: $273,411.00-7 DIFFERENCE: ($2,398)

TOTAL # GARAGES 120# GARAGES OCCUPIED 117

93%/90% GARAGES OCCUPIED % 98%

REASONS WHY PROSPECTS DID NOT LEASE:

raffic Leased

0 0 * Job Transfer 46 2 * Too expensive. 15

0 0 * Future/No Availability/Waiting list 00 0 * Just started looking. 8

4 0 * Waiting for Home to Sell 00 0 * Current Lease to Expire 0

31 11 * Needs Ground Floor 415 0 * Moved Elsewhere 06 0 * Will return with roommate or spous 180 0 * Realtor Looking for Client 00 0 * Undecided 0

18 4 * Employment pending 80 0 * House sale pending 6

* Rented at Competitor 080 17 TOTALS 63

21%

S FOR THE MONTH

to First Data Corp.Fitness Athletic Club.res to Richmond Homes.s for the month.pricing.Resources at King Soopers.

ns of temporary housing for new home buyers.

ERTIES:rents averaging one to three months off on a 12 month lease on any unit type.

ng at $525, two bedrooms at $715 and three bedrooms starting at $1145.h no security deposit and one month free.

in October. These renewals averaged a $53.50 per lease increase.

r.


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ROUTINE REPLACEMENTS:

Number of: Apt. #

15 REFRIGERATORS 07 DISHWASHERS 08 STOVES 0

175 A/C COMPRESSORS 0

Completed 0 CONDENSING UNITS 035 35 WATER HEATERS 018 18 ICE MAKERS 015 15 GARBAGE DISPOSALS 022 22 MICROWAVES 0

65 65 CARPETS 60 8 CEILING FANS 0

20 20 TOILETS 00 0 A/C FAN MOTORS 0

175 183 COUNTER TOPS 00 CABINETS RESURFACED KITCHEN 0

0 BLINDS 13

TUBS RESURFACED 0TUB TILES 0

RESS:

TION:surfacing.

cy Howlanddy Gillane McMillanca Branch

riel Tellezell Bri ley

e Chavez and Jorge Bernal

NTH:

nted.

NumberReplaced

12104, 9206, 6210, 10210, 2203,6306.

10210- 1, 9101-1, 2203- 2, 19102-1, 12104- 1, 6210-2 ,2206-2, 7305-1, 13301-2.


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TS SIZE TOTAL MKT RENT MKT RENT MONTHLY ANNUAL CONCESSION Vacants Notice

S/F PER UNIT PER S/F GROSS GROSS RENTS* PER UNIT GROSS

40 704 28,160 690.00 0.98 $27,600 $331,200 690.00 0.00 0.98 $27,600 9 1 8 3 0

32 704 22,528 690.00 1.22 $27,520 $330,240 690.00 55.00 1.10 $31,000 2 0 1 0 2

18 910 16,380 690.00 1.03 $12,420 $149,040 690.00 0.00 0.76 $12,420 1 0 1 1 5

24 808 19,392 830.00 1.11 $19,920 $239,040 830.00 0.00 1.03 $19,920 9 0 4 1 12

32 808 25,856 830.00 1.14 $26,560 $318,720 830.00 0.00 1.03 $26,560 0 0 0 0 0

42 977 41,034 830.00 1.16 $34,860 $418,320 830.00 0.00 0.85 $34,860 11 1 5 0 13

44 1,030 45,320 830.00 1.12 $36,520 $438,240 830.00 0.00 0.81 $36,520 4 0 2 1 7

22 1,030 22,660 830.00 1.15 $18,260 $219,120 830.00 0.00 0.81 $18,260 0 0 0 0 0

24 977 23,448 830.00 1.18 $19,920 $239,040 830.00 0.00 0.85 $19,920 0 0 0 0 0

16 1,030 16,480 830.00 0.81 $13,280 $159,360 830.00 0.00 0.81 $13,280 0 0 0 0 5

20 1,030 20,600 830.00 0.81 $16,600 $199,200 830.00 0.00 0.81 $16,600 0 0 0 0 0

24 1,140 27,360 1,145.00 1.00 $27,480 $329,760 1,145.00 0.00 1.00 $27,480 3 1 1 1 3

4 1,140 4,560 1,145.00 1.00 $4,580 $54,960 1,145.00 0.00 1.00 $4,580 0 0 0 0 0

342 917 313,778 $835 $0.91 $285,520 $3,426,240 $845 $4 0.92 $289,000 39 3 22 7 47

* Net of Concessions

EFFECTIVECONCESSION

EFFECTIVEPER S/F

EFFECTIVEMONTHLY

VacantsLeased

NoticeLeased

NetAvailable


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MARKET SURVEYCourtney Downs

October-06

oyote Ranch Windsor @ Meridian Pinnacle @ the Creek Dove Valley Cherrywood Village Reserve @ South Creek

E Freemont Ave 9875 Jefferson Pkwy 6107 S Parker Rd 7550 S Blackhawk 16950 E Carlson Dr 15611 E Jamison Dr

03-693-8787 303-256-7700 303-766-2500 303-362-2000 303-805-7220 303-680-6696

Aurora, Co Englewood, Co 80112 Centennial, Co Englewood, Co 80112 Parker, Co 80134 Englewood, Co 80112

507 653 216 312 380 168

3 6 3 4 3 4

$35.00 $40.00 $35.00 $35.00 $35.00 $40.00yes yes yes yes yes yes

yes yes yes yes yes yes

400-500 150-300 200-300 300-500 400 300-600

275-325 300 100 199 99 225-375

yes Only In Select Units Only Select Units no no no




no no no yes yes yes

1 1 1 1 2 1


1 1 1 1 2 1



yes yes yes yes yes yesyes yes yes yes yes yes


no yes yes yes yes yes

yes yes no yes yes yes

no yes yes yes no yes

no no no no no no

no no no no no no



no no no no no no

no yes yes yes yes yes


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MARKET SURVEY Courtney Downs

October-06

(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

fficiency fficiencyB1B (A) 690 704 0.98 710 779 0.91 615 627 0.98 620 685 0.91 525 768 0.68 675 707 0.95 625 763 0.82B1B (B) 690 808 0.85 710 853 0.83 615 701 0.88 660 705 0.94 525 842 0.62

B1B w/study 690 910 0.76 615 811 0.91 730 760 0.96B B

B w/loft B1B w/study 875 956 0.92 799 1051 0.76B2B (E) 830 977 0.85 815 1105 0.74 1110 1044 1.06 799 1120 0.71 820 1115 0.74 815 1033 0.79 699 1037 0.67

B2B (F) 830 1030 0.81 815 1192 0.68 1440 1196 1.20 820 1220 0.67 825 1093 0.75B2B (G) 830 1030 0.81 1030 1180 0.87B2B (H)B2B

B w/study B2B TH B2B TH

B2B 1,145 1140 1.00 999 1398 0.71 1510 1330 1.14 995 1230 0.81 1095 1356 0.81 1210 1235 0.98 1195 1257 0.95B2B

% occ /leased 91 92.69 95% 96.3 97.5 96% 0 0% 95 93.3 94% 97.6 98 93% 94.2 96 94% 93.4 95 96%

Avg PSF 1 0.87 0.78 0.99 0.85 0.70 0.87 0.81

Avg Rents 815 1114 994 808 757 1131 995/ Avail) 342 116 507 12 653 216 13 312 18 360 324 11 168 5

ates Special: $350 off per monthSepcial:Noneeflect these rates: $685 1/1 $805 2/2 $1310 3 $626 1/1 $800 2/2 $1275 3/2

pecials: special was pulled off the internetdue to property will not give info.

and lease $250 off 1st full

Ren: $25 to $50 increase Ren.: Increase $0 to $50. Ren:Per corporate

nits(Tot

Special: 1x1 690.00, 2x2830.00

Special:$210.00 off permonth all units.

Special:Up to l3 monthsfree pro rated.

Special: 3 months pro ratedoff per month.

Special: waive application orwaive deposits.

Ren: Info not avail percorporate

Ren: $40 increas for 12month lease

Ren: Average $15 to $20increase.

Ren: Free carpet cleaningwith 12mo.


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Courtney Downs October 2006

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