Courtney Downs Jan 06

8/14/2019 Courtney Downs Jan 06

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USA Courtney Downs LeaseCo, LLCBudget Comparison

Books = AccrualFor the period ending January 31, 2006

MTD MTD YTD YTD Annualt Actual Budget $ Variance MTD Variance Comment Actual Budget $ Variance Budget YTD Variance Comment

355,720.00 355,390.00 330.00 355,720.00 355,390.00 330.00 4,302,534.00e 600.00 0.00 600.00 600.00 0.00 600.00 0.00

nt 356,320.00 355,390.00 930.00 356,320.00 355,390.00 930.00 4,302,534.00ers Dues 0.00 0.00 0.00 0.00 0.00 0.00 0.00

621.00 0.00 621.00 621.00 0.00 621.00 0.00(50,457.33) (35,345.00) (15,112.33) (50,457.33) (35,345.00) (15,112.33) (390,390.00)

essions (80,743.93) (2,000.00) (78,743.93) (80,743.93) (2,000.00) (78,743.93) (24,000.00)

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 0.00O (1,056.95) (500.00) (556.95) (1,056.95) (500.00) (556.95) (6,000.00)

(1,980.00) (1,980.00) 0.00 (1,980.00) (1,980.00) 0.00 (23,760.00)pt. (575.00) (575.00) 0.00 (575.00) (575.00) 0.00 (6,900.00)nt (1,780.80) (1,900.00) 119.20 (1,780.80) (1,900.00) 119.20 (22,800.00)aintenance Fe 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 (1,130.00) 1,130.00 0.00 (1,130.00) 1,130.00 (13,560.00)ssions (21.39) (83,464.00) 83,442.61 (21.39) (83,464.00) 83,442.61 (1,019,064.00) Dues Income 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Paid 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

erence 0.00 0.00 0.00 0.00 0.00 0.00 0.00$220,325.60 $228,496.00 $(8,170.40) $220,325.60 $228,496.00 $(8,170.40) $2,796,060.00

0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 68.00 (68.00) 0.00 68.00 (68.00) 816.00

come 0.00 0.00 0.00 0.00 0.00 0.00 0.00F Fees 1,607.00 2,300.00 (693.00) 1,607.00 2,300.00 (693.00) 27,600.00

emium 200.00 300.00 (100.00) 200.00 300.00 (100.00) 3,600.001,070.00 1,300.00 (230.00) 1,070.00 1,300.00 (230.00) 15,600.00

nce Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00

650.00 1,000.00 (350.00) 650.00 1,000.00 (350.00) 12,000.00& Damages 0.00 1,033.00 (1,033.00) 0.00 1,033.00 (1,033.00) 12,396.00

me 6,185.59 500.00 5,685.59 6,185.59 500.00 5,685.59 6,000.00

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

486.00 900.00 (414.00) 486.00 900.00 (414.00) 10,800.000.00 0.00 0.00 0.00 0.00 0.00 0.00

Fee 0.00 0.00 0.00 0.00 0.00 0.00 0.00ome 0.00 0.00 0.00 0.00 0.00 0.00 0.00ssments 0.00 0.00 0.00 0.00 0.00 0.00 0.00

6,891.22 8,700.00 (1,808.78) 6,891.22 8,700.00 (1,808.78) 104,400.00me 0.00 0.00 0.00 0.00 0.00 0.00 0.00

ncome 1,006.00 1,000.00 6.00 1,006.00 1,000.00 6.00 12,000.00Developer 0.00 0.00 0.00 0.00 0.00 0.00 0.00

es 0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 190.00 (190.00) 0.00 190.00 (190.00) 2,280.00

tions 0.00 0.00 0.00 0.00 0.00 0.00 0.00her 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

1,887.00 2,000.00 (113.00) 1,887.00 2,000.00 (113.00) 24,000.006,411.27 929.00 5,482.27 6,411.27 929.00 5,482.27 11,148.00

Fees 225.00 225.00 0.00 225.00 225.00 0.00 2,700.00me 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

xpense 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

ntributions 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 0.00

les 0.00 0.00 0.00 0.00 0.00 0.00 0.0026,619.08 20,445.00 6,174.08 26,619.08 20,445.00 6,174.08 245,340.00

$246,944.68 $248,941.00 $(1,996.32) $246,944.68 $248,941.00 $(1,996.32) $3,041,400.00

9,172.44 9,545.00 372.56 9,172.44 9,545.00 372.56 124,082.000.00 0.00 0.00 0.00 0.00 0.00 0.00

y 9,929.73 6,660.00 (3,269.73) 9,929.73 6,660.00 (3,269.73) 86,582.00

tive 0.00 0.00 0.00 0.00 0.00 0.00 0.00nus 5,290.50 0.00 (5,290.50) 5,290.50 0.00 (5,290.50) 42,000.00

2,140.11 1,296.00 (844.11) 2,140.11 1,296.00 (844.11) 20,210.00

1,672.00 1,442.00 (230.00) 1,672.00 1,442.00 (230.00) 17,304.000.00 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

3,108.95 1,296.00 (1,812.95) 3,108.95 1,296.00 (1,812.95) 20,210.00

e 31,313.73 20,239.00 (11,074.73) 31,313.73 20,239.00 (11,074.73) 310,388.00

& Supplies 1,526.79 600.00 (926.79) 1,526.79 600.00 (926.79) 7,200.00

1,657.91 1,080.00 (577.91) 1,657.91 1,080.00 (577.91) 12,960.00

Pagers 167.97 100.00 (67.97) 167.97 100.00 (67.97) 1,200.00471.10 200.00 (271.10) 471.10 200.00 (271.10) 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

scriptions 0.00 0.00 0.00 0.00 0.00 0.00 0.00ars 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 100.00 100.00 0.00 100.00 100.00 2,200.00

0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 200.00 200.00 0.00 200.00 200.00 2,400.00

occupancy averaged only 86% whilewe budgetd for 90%. Severalunanticipated move outs at year endhave hurt occupancy

Concessions being offered are up tothree months free (prorated) to helpimprove occupancy. We are in linewith budget, as this number is offsetpositively in Lease Term concessionsbelow

additional income this month from fees

from pet fines for unauthorized petsand trash clean up fines

aggressive charges on cleaning anddamages and fees

Negative variance in vacancy loss isnearly all offset in other incomecollections

Maintenance was incorrectly budgeted.We have an additional employee that

was not budgeted in payroll, but isoffset in Make Ready costs. This willbe a wash to the bottom line

bonuses were not budgeted inJanuary, as an oversight. In addition,there are accrued bonuses fromOctober that had not been booked.

negative variance due to not budgetingthe additional employee in

Maintenance

new copier was needed and we are ona monthly payment plan. This is $400per month we hadn't expected

include costs for a past due bill fromSeptember


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0.00 0.00 0.00 0.00 0.00 0.00 0.00301.51 750.00 448.49 301.51 750.00 448.49 9,000.00

se 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 0.00ense 4,125.28 3,030.00 (1,095.28) 4,125.28 3,030.00 (1,095.28) 37,360.00

otions 5,246.41 3,452.00 (1,794.41) 5,246.41 3,452.00 (1,794.41) 42,409.00

ns 2,051.07 475.00 (1,576.07) 2,051.07 475.00 (1,576.07) 10,300.00

375.00 1,033.00 658.00 375.00 1,033.00 658.00 12,396.002,500.00 900.00 (1,600.00) had 5 resident referrals at $500 each 2,500.00 900.00 (1,600.00) 10,800.00

pense 10,172.48 5,860.00 (4,312.48) 10,172.48 5,860.00 (4,312.48) 75,905.00

75.35 2,500.00 2,424.65 75.35 2,500.00 2,424.65 33,200.00

Svcs. 2,050.00 2,500.00 450.00 2,050.00 2,500.00 450.00 32,500.00Repairs 633.50 1,200.00 566.50 633.50 1,200.00 566.50 15,900.00

(191.00) 200.00 391.00 (191.00) 200.00 391.00 2,400.00s 0.00 500.00 500.00 0.00 500.00 500.00 6,000.00

0.00 100.00 100.00 0.00 100.00 100.00 1,200.00urfacing 185.00 100.00 (85.00) 185.00 100.00 (85.00) 1,200.00

g 0.00 100.00 100.00 0.00 100.00 100.00 1,200.00

71.44 300.00 228.56 71.44 300.00 228.56 3,600.00xpense 2,824.29 7,500.00 4,675.71 2,824.29 7,500.00 4,675.71 97,200.00

ce & Supplies 134.85 750.00 615.15 134.85 750.00 615.15 9,200.00airs 304.21 150.00 (154.21) 304.21 150.00 (154.21) 1,800.00

Repairs 279.50 75.00 (204.50) 279.50 75.00 (204.50) 4,200.00pairs 0.00 150.00 150.00 0.00 150.00 150.00 1,800.00airs 0.00 100.00 100.00 0.00 100.00 100.00 1,200.00

69.18 400.00 330.82 69.18 400.00 330.82 5,800.000.00 0.00 0.00 0.00 0.00 0.00 0.00

29.05 50.00 20.95 29.05 50.00 20.95 600.00Repairs 175.32 75.00 (100.32) 175.32 75.00 (100.32) 900.00

0.00 150.00 150.00 0.00 150.00 150.00 1,800.000.00 100.00 100.00 0.00 100.00 100.00 1,200.00

180.56 0.00 (180.56) 180.56 0.00 (180.56) 0.00Repairs 0.00 0.00 0.00 0.00 0.00 0.00 0.00tems (688.60) 295.00 983.60 (688.60) 295.00 983.60 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 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00xpense 484.07 2,295.00 1,810.93 484.07 2,295.00 1,810.93 40,040.00

nds 0.00 0.00 0.00 0.00 0.00 0.00 0.00

520.46 1,525.00 1,004.54 520.46 1,525.00 1,004.54 10,050.0075.00 75.00 0.00 75.00 75.00 0.00 900.000.00 0.00 0.00 0.00 0.00 0.00 0.00

Svc. 0.00 0.00 0.00 0.00 0.00 0.00 0.00vc. 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 45.00 45.00 0.00 45.00 45.00 540.001,500.00 1,500.00 0.00 1,500.00 1,500.00 0.00 8,000.00

se 2,095.46 3,145.00 1,049.54 2,095.46 3,145.00 1,049.54 19,490.00

Electric 0.00 0.00 0.00 0.00 0.00 0.00 0.00Water/Sewer 0.00 0.00 0.00 0.00 0.00 0.00 0.00Gas 0.00 0.00 0.00 0.00 0.00 0.00 0.00Grounds 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Trash Remov 0.00 0.00 0.00 0.00 0.00 0.00 0.00Cleaning Svcs 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Maintenance 0.00 0.00 0.00 0.00 0.00 0.00 0.00nsurance 0.00 0.00 0.00 0.00 0.00 0.00 0.00

R/E Taxes 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

9,878.94 9,958.00 79.06 9,878.94 9,958.00 79.06 121,658.00

Fees 1,000.00 1,000.00 0.00 1,000.00 1,000.00 0.00 12,000.00tion Fee 3,250.00 3,250.00 0.00 3,250.00 3,250.00 0.00 39,000.00

0.00 550.00 550.00 0.00 550.00 550.00 6,600.000.00 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 0.00

nce 0.00 0.00 0.00 0.00 0.00 0.00 0.00

e Expenses 0.00 0.00 0.00 0.00 0.00 0.00 0.00825.49 0.00 (825.49) 825.49 0.00 (825.49) 0.00

0.00 50.00 50.00 0.00 50.00 50.00 2,600.000.00 0.00 0.00 0.00 0.00 0.00 0.00

ng 0.00 0.00 0.00 0.00 0.00 0.00 0.0063.95 0.00 (63.95) 63.95 0.00 (63.95) 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

se 15,018.38 14,808.00 (210.38) 15,018.38 14,808.00 (210.38) 181,858.00

4,724.70 2,800.00 (1,924.70) 4,724.70 2,800.00 (1,924.70) 33,600.00

esident 0.00 0.00 0.00 0.00 0.00 0.00 0.006,188.48 4,000.00 (2,188.48) 6,188.48 4,000.00 (2,188.48) 35,120.00

11,934.67 7,500.00 (4,434.67) 11,934.67 7,500.00 (4,434.67) 106,000.00

esident Reimb (33.72) 0.00 33.72 (33.72) 0.00 33.72 0.00(2,915.16) 0.00 2,915.16 (2,915.16) 0.00 2,915.16 0.00

eimbursement 0.00 0.00 0.00 0.00 0.00 0.00 0.00ent (1,887.75) (2,200.00) (312.25) (1,887.75) (2,200.00) (312.25) (26,400.00)mbursement (2,819.98) (4,000.00) (1,180.02) (2,819.98) (4,000.00) (1,180.02) (50,500.00)

tric 1,507.80 1,700.00 192.20 1,507.80 1,700.00 192.20 20,400.001,112.02 1,100.00 (12.02) 1,112.02 1,100.00 (12.02) 9,820.00

ment - Gas 0.00 0.00 0.00 0.00 0.00 0.00 0.00

e 17,811.06 10,900.00 (6,911.06) 17,811.06 10,900.00 (6,911.06) 128,040.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00MRLL 0.00 0.00 0.00 0.00 0.00 0.00 0.00s 1,706.00 0.00 (1,706.00) evictions filed in December. 1,706.00 0.00 (1,706.00) 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

26.00 0.00 (26.00) 26.00 0.00 (26.00) 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00

Fees 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

Fees 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 0.00

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

xpense 1,732.00 0.00 (1,732.00) 1,732.00 0.00 (1,732.00) 0.00

27,200.00 27,200.00 0.00 27,200.00 27,200.00 0.00 326,400.00

Did not budget for all costs includingfull page in For Rent. We will drop thisat the end of the contract in June. Thisis too expensive and not cost effective.We are also advertising in Apt. Guidewhich is a better, more effectivesource

Contravest costs charged back fromDecember employee events

costs not utilized, as we have anemployee inhouse. This offsets thenegative variance in salaries.

reversal of prior accruals for firemonitoring fees

savings throughout the categories aswe are fully staffed and doing mostwork in house

higher vacancy results in our costsincreasing to pay for those units

gas costs have increased and higherthan budgeted

negative variance is a function ofoccupancy being below budget


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0.00 0.00 0.00 0.00 0.00 0.00 0.006,977.86 6,691.00 (286.86) 6,977.86 6,691.00 (286.86) 80,292.00

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 0.00ance 34,177.86 33,891.00 (286.86) 34,177.86 33,891.00 (286.86) 406,692.00

enses 119,754.61 101,668.00 (18,086.61) 119,754.61 101,668.00 (18,086.61) 1,296,973.00COME 127,190.07 147,273.00 (20,082.93) 127,190.07 147,273.00 (20,082.93) 1,744,427.00

106,586.67 106,587.00 0.33 106,586.67 106,587.00 0.33 1,279,044.0086,666.67 86,667.00 0.33 86,666.67 86,667.00 0.33 1,040,004.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00193,253.34 193,254.00 0.66 193,253.34 193,254.00 0.66 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

Fees 1,510.50 0.00 (1,510.50) 1,510.50 0.00 (1,510.50) 0.00

nting Fees 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

Other 0.00 0.00 0.00 0.00 0.00 0.00 0.00se 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 0.00easeup Costs 0.00 0.00 0.00 0.00 0.00 0.00 0.00xpense 1,510.50 0.00 (1,510.50) 1,510.50 0.00 (1,510.50) 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.003,000.00 3,000.00 0.00 3,000.00 3,000.00 0.00 0.00

t 0.00 0.00 0.00 0.00 0.00 0.00 0.00

lacement 871.33 3,300.00 2,428.67 One carpet replacement 871.33 3,300.00 2,428.67 63,800.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00nges 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 0.00ment 0.00 0.00 0.00 0.00 0.00 0.00 0.00

ovements 0.00 0.00 0.00 0.00 0.00 0.00 0.00t 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 0.00ses 3,871.33 6,300.00 2,428.67 3,871.33 6,300.00 2,428.67 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 0.00 0.00 0.00 0.00

SS) (71,445.10) (52,281.00) (19,164.10) (71,445.10) (52,281.00) (19,164.10) (638,421.00)

66,279.82 0.00 66,279.82 66,279.82 0.00 66,279.82 0.00

(5,165.28) (52,281.00) 47,115.72 (5,165.28) (52,281.00) 47,115.72 (638,421.00)


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

356,941 355,390 355,390 355,390 356,985 356,985 356,985 356,985 360,554 364,160 364,160 364,160 4,304,085 12,585.04 13.72(50,457) (35,345) (31,811) (31,811) (28,559) (28,559) (21,419) (28,559) (32,450) (36,416) (40,058) (40,058) (405,502) (1,185.68) (1.29)(80,765) (86,298) (87,068) (87,068) (87,817) (87,817) (89,436) (87,817) (87,029) (86,256) (85,497) (85,497) (1,038,365) (3,036.16) (3.31)(5,393) (6,085) (6,085) (6,085) (6,085) (6,085) (6,085) (6,085) (6,085) (6,085) (6,085) (6,085) (72,328) (211.48) (0.23)

220,326 227,662 230,426 230,426 234,524 234,524 240,045 234,524 234,990 235,403 232,520 232,520 2,787,890 8,151.72 8.88

26,619 20,445 20,445 20,445 20,445 20,445 20,445 20,445 20,445 20,445 20,445 20,445 251,514 735.42 0.80246,945 248,107 250,871 250,871 254,969 254,969 260,490 254,969 255,435 255,848 252,965 252,965 3,039,404 8,887.15 9.69

31,314 24,299 24,299 24,299 24,299 37,759 24,299 20,239 24,299 24,299 24,299 37,759 321,463 939.95 1.024,125 3,030 3,030 3,030 4,030 3,030 3,375 4,330 3,030 3,030 3,030 3,030 40,100 117.25 0.13

10,172 5,860 5,860 6,885 6,845 5,860 7,885 5,860 5,860 6,385 5,860 6,885 80,217 234.55 0.262,824 7,500 7,500 8,500 8,800 8,800 8,800 8,700 8,200 7,900 7,500 7,500 92,524 270.54 0.29

484 2,295 2,295 3,095 2,345 2,345 4,645 2,345 2,295 13,595 2,295 2,295 40,329 117.92 0.132,095 2,395 4,640 4,140 8,140 3,640 3,640 3,640 6,640 4,640 4,640 2,395 50,645 148.09 0.16

15,018 14,774 14,885 14,885 15,549 15,049 16,670 17,049 15,067 15,084 15,469 14,969 184,468 539.38 0.5917,811 10,900 11,900 14,200 17,050 16,295 16,295 16,295 16,655 16,590 10,900 10,900 175,791 514.01 0.561,732 0 0 0 0 0 0 0 0 0 0 0 1,732 5.06 0.01

34,178 33,891 33,891 33,891 33,891 33,891 33,891 33,891 33,891 33,891 33,891 33,891 406,979 1,190.00 1.30

119,755 104,944 108,300 112,925 120,949 126,669 119,500 112,349 115,937 125,414 107,884 119,624 1,394,250 4,076.75 4.44127,190 143,163 142,571 137,946 134,020 128,300 140,990 142,620 139,498 130,434 145,081 133,341 1,645,154 4,810.39 5.24

193,253 193,254 193,254 193,254 193,254 193,254 193,254 193,254 193,254 193,254 193,254 193,254 2,319,047 6,780.84 7.39

1,511 0 0 0 0 0 0 0 0 0 0 0 1,511 4.42 0.003,871 3,300 4,400 6,600 6,600 6,600 6,600 6,600 6,600 6,600 3,300 3,300 64,371 188.22 0.21

(71,445) (53,391) (55,083) (61,908) (65,834) (71,554) (58,864) (57,234) (60,356) (69,420) (51,473) (63,213) (739,775) (2,163.09) (2.36)

66,280 58,055 56,893 43,716 0 0 0 54,510 60,031 59,565 59,152 16,742 474,944

792 0 0 0 0 0 0 0 0 0 0 0 7929,672 0 0 0 0 0 0 0 0 0 0 0 9,672

372 0 0 0 0 0 0 0 0 0 0 0 372(34,325) (7,125) (7,125) (7,125) 7,175 (7,125) (7,125) (7,125) 19,275 (7,125) (7,125) (7,125) (72,000)

(23,489) (7,125) (7,125) (7,125) 7,175 (7,125) (7,125) (7,125) 19,275 (7,125) (7,125) (7,125) (61,164)

(5,209) 0 0 0 0 0 0 0 0 0 0 0 (5,209)34,702 0 0 0 0 0 0 0 0 0 0 0 34,7021,398 0 0 0 0 0 0 0 0 0 0 0 1,398

0 0 0 0 0 0 0 0 0 0 0 0 0

30,890 0 0 0 0 0 0 0 0 0 0 0 30,890

2,236 (2,461) (5,315) (25,317) (58,659) (78,679) (65,989) (9,849) 18,950 (16,980) 554 (53,596) (295,105)

29,014 26,553 21,238 (4,079) (62,738) (141,417) (207,406) (217,255) (198,305) (215,285) (214,731) (268,327)

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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Courtney Downs ApartmentsJanuary-06

Y

6 INCOME THIS MONTH: $246,945.00S: 9 INCOME LAST MONTH: $251,060.18TH: -3 DIFFERENCE: -$4,115.18

TOTAL # GARAGES 120

# GARAGES OCCUPIED 11686.8% /90.3% GARAGES OCCUPIED %; 97%

REASONS WHY PROSPECTS DID NOT LEASE:

Traffic Leased

0 0 * Job Transfer 05 0 * Restricted Pet Breed 10 0 * Future/No Availability/Waiting list 25 3 * Just started looking. 00 0 * Waiting for Home to Sell 05 1 * Current Lease to Expire 0

13 4 * Needs Ground Floor 2AL 7 5 * Moved Elsewhere 0

1 1 * Will return with roommate or spous 121 0 * Realtor Looking for Client 00 0 * Undecided 06 1 * Employment pending 5

1 1 * House sale pending 6* Rented at Competitor 0

44 16 TOTALS 28

33%

& SOURCES FOR THE MONTH

shopping and business office with flyers and price sheets.with new move in specials and price sheets.ures and price sheets to surrounding realtors.or ad with feature listing on the Internet and Rentals.com, Rentnet.com & Rent.com

Apartment Guide to get a direct mailer for Coyote Ranch apartments.

ABLE PROPERTIES:g we were forced to drop prices on select units from 1-4 months off.


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raging $50.00. We are negoitating with all residents for the next couple months to maintain occupancy.

OPERTY:

ROUTINE REPLACEMENTS:

Number of:

NITS 11 REFRIGERATORS 05 DISHWASHERS 06 STOVES 0

118 A/C COMPRESSORS 0Pending Completed 0 CONDENSING UNITS 00 27 27 WATER HEATERS 00 4 4 ICE MAKERS 00 11 11 GARBAGE DISPOSALS 00 5 5 MICROWAVES 00 45 45 CARPETS 30 0 0 CEILING FANS 00 12 12 TOILETS 00 14 14 A/C FAN MOTORS 0

0 118 118 COUNTER TOPS 0

0 CABINETS RESURFACED KITCHEN 00 BLINDS 10

TUBS RESURFACED 0TUB TILES 0

TS IN PROGRESS:

DING ATTENTION OR MONEY TO REPAIR:

Nancy HowlandBeth McCallWendy Gillan

Marcia Tucker sor Gabriel Tellez

ce Russell Brileyds Jorge Chavez and Jorge Bernal

OR THE MONTH:in all units.ncheon.f at sheriff's dept.dscaping.

NumberReplaced


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Apt. #

12311, 6303, 10303.

7111-2, 16108-2, 19207-2, 13307-1, 10311-1, 1


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S SIZE TOTAL MKT RENT MKT RENT MONTHLY ANNUAL

S/F PER UNIT PER S/F GROSS GROSS

40 704 28,160 830 1.18 $33,200 $398,400

32 704 22,528 860 1.22 $27,520 $330,240

18 910 16,380 935 1.03 $16,830 $201,960

24 808 19,392 895 1.11 $21,480 $257,760

32 808 25,856 925 1.14 $29,600 $355,200

42 977 41,034 1130 1.16 $47,460 $569,520

44 1,030 45,320 1150 1.12 $50,600 $607,200

22 1,030 22,660 1180 1.15 $25,960 $311,520

24 977 23,448 1150 1.18 $27,600 $331,200

16 1,030 16,480 1150 1.12 $18,400 $220,800

20 1,030 20,600 1180 1.15 $23,600 $283,200

24 1,140 27,360 1245 1.09 $29,880 $358,560

4 1,140 4,560 1255 1.10 $5,020 $60,240

42 917 313,778 $1,044 1.14 $357,150 $4,285,800


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ON Vacants Notice

T GROSS

5.00 1.10 $31,000 7 3 0 0

5.00 1.10 $31,000 0 0 0 0

0.00 0.91 $14,850 4 1 0 0

0.00 0.98 $19,080 5 0 0 3

0.00 0.98 $25,440 0 0 0 0

1.00 0.82 $33,558 6 1 1 1

0.00 0.83 $37,400 5 2 0 2

0.00 0.83 $18,700 0 0 0 0

1.00 0.82 $19,176 0 0 0 0

0.00 0.83 $13,600 6 0 0 1

0.00 0.83 $17,000 0 0 0 0

0.00 0.91 $24,840 0 4 0 1

0.00 0.91 $4,140 0 0 0 0

0.92 $289,784 33 11 1 8

EFFECTIVEPER S/F

EFFECTIVEMONTHLY

VacantsLeased

NoticeLeased


12/177


13/177

MARKET SURVEYCourtney Downs

January-06

Brookside Village Carriage Place Coyote Ranch Windsor @ Meridian Pinnacle @ the Creek eenbriar @ Saddle Ro Dove Valley Cherrywood Village Reserve @ South Creek

5400 S Park Terrace 4900 S Ulster 16363 E Freemont Ave 9875 Jefferson Pkwy 6107 S Parker Rd 22159 E Ontario Dr 7550 S Blackhawk 16950 E Carlson Dr 15611 E Jamison Dr

303-220-7086 303-740-7011 303-693-8787 303-256-7700 303-766-2500 303-617-6600 303-362-2000 303-805-7220 303-680-6696

Greenwood Village, Co Denver, Co 80237 Aurora, Co Englewood, Co 80112 Centennial, Co Aurora, Co Englewood, Co 80112 Parker, Co 80134 Englewood, Co 80112

304 331 507 653 216 250 312 380 168

7 7 3 6 3 3 4 3 4

$30.00 $40.00 $35.00 $40.00 $35.00 $35.00 $35.00 $35.00 $40.00

yes yes yes yes yes yes yes yes yes

yes. yes yes yes yes yes yes yes yes

225-375 350-500 400-500 150-300 200-300 400 300-500 400 300-600

300-400 275 275-325 300 100 250-400 199 99 225-375

yes yes yes Only In Select Units Only Select Units no no no no

no no yes yes yes yes yes yes yes



no yes no no no no yes yes yes

1 2 1 1 1 1 1 2 1


yes 2 1 1 1 1 1 2 1





no yes yes yes yes yes yes yes yes

yes yes no yes yes yes yes yes yes

no yes yes yes no no yes yes yes

no yes no yes yes no yes no yes

yes no no no no no no no no

no no no no no no no no no

yes yes yes yes yes no yes yes yes


no no no no no no no no no

yes yes no yes yes yes yes yes yes


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MARKET SURVEY Courtney Downs

January-06

(Concessions reduced rates)

PROPERTY: Courtney Downs Apt Brookside Village Carriage Place Coyte Ranch Windsor at Meridian Pinnacle @ the Creek riar@Saddle Rock 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 PRICE SIZE PSF PRICE SIZE PSF PRICE SIZE PSF

fficiency fficiencyB1B (A) 830 704 1.18 850 812 1.05 1030 776 1.33 855 779 1.10 640 627 1.02 620 685 0.91 785 707 1.11 795 768 1.04 850 707 1.20 795 763 1.04B1B (B) 895 808 1.11 975 815 1.20 1065 785 1.36 955 853 1.12 645 701 0.92 660 705 0.94 880 853 1.03 825 842 0.98

B1B w/study 935 910 1.03 740 811 0.91 730 760 0.96B B

B w/loft B1B w/study 835 956 0.87 910 1051 0.87B2B (E) 1,130 977 1.16 1140 1130 1.01 1265 1141 1.11 1160 1105 1.05 1110 1044 1.06 930 1120 0.83 1075 1033 1.04 1040 1115 0.93 1110 1033 1.07 995 1037 0.96

B2B (F) 1,150 1030 1.12 1155 1144 1.01 1460 1237 1.18 1250 1192 1.05 1440 1196 1.20 1195 1093 1.09 1090 12220 0.09 1190 1093 1.09B2B (G) 1,150 1030 1.12 1030 1180 0.87

B2B (H) B2B

B w/study B2B TH B2B TH

B2B 1,235 1140 1.08 1600 1485 1.08 1265 1141 1.11 1350 1398 0.97 1510 1330 1.13 995 1230 0.87 1425 1235 1.15 1270 1356 0.94 1375 1235 1.11 1195 1257 0.95B2B 1645 1414 1.16

% occ /leased 87% 91% 94% 94% 96% 94% 92% 94% 0 0% 88% 89% 92% 95% 975 95% 91 93% 93 97%

Avg PSF 1 1.11 1.07 1.21 1.06 1.00 0.89 1.09 0.80 1.12 0.98Avg Rents 1046 1144 1288 1114 994 808 1072 1004 1131 995

/ Avail) 342 39 304 9 331 9 507 26 653 216 18 292 30 312 27 360 48 0 168 5ates Special: 1-4 months off selecte Special: 1-3 months off sele Special: 1 to 2 months off mSpecial: 1-4 months off mar Sepcial:None Special: No specials Special: $300 off 1st mo renSpecial:1-3 Months free off Special: 3 Months off of markSpecial: Look and lease is $125 off select units.eflect these rates:$625 1/1 $725 2/2 $985 3/2 $900-1/1 $990-2/2 $1650-3/$797-1/1 $1011-2/2 $680-1/1 $815-2/2 $685 1/1 $805 2/2 $1310 3/2$670-1/1 $585-1/1 $850-2/2 $650-1/1 $860-2/2 $626 1/1 $800 2/2 $1275 3/2$750 2/2 $925 3/2pecials: $1225-3/2 special were pulled off the i $765-2/2 $1022-3/2 $1275-3/2 $1050-3/2

$77 off 1/1 $353 off 2/2 due to property will not give info. $150-$200 off 1/1$200-$225 off 2/2 $300 off 3/2 Look and lease $250 off 1st full month

Ren: $25 to $50 increase Ren: Free carpet cleans withRen.: Corporate sets all reneRen.: Increase +25 to +50 Ren: Info not avail per corpoRen:Per corporate Ren: $20 to $40 icrease penRen: $80 increas for 13 monRen: Average $15 to $20 inc Ren: Increase is $10-$25

nits(Tot


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Courtney Downs Jan 06

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