March Courtney Downs

8/14/2019 March Courtney Downs

1/53

USA Courtney Downs LeaseCo, LLCBalance Sheet

Books = AccrualMar 2008

SETS

3,441.150.00

$3,441.15

vable 9,270.45

es 43,326.67341,640.18

eserves 69,802.04 Escrow 200,000.00

sets 664,039.34

667,480.49

S & CAPITAL

le - Trade 162,376.09

Payable 859,605.23443,091.73

7,823.42ts 42,157.01

39,094.501,554,147.98

100.00gs (886,767.49)

(886,667.49)

ES & CAPITAL 667,480.49


2/53

USA Courtney Downs LeaseCo, LLCBudget Comparison

Books = AccrualFor the period ending March 31, 2008

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

0.01

294,800.00 297,830.00 (3,030.00) 883,620.00 886,650.00 (3,030.00) 3,587,640.00 2,362,900.00

29.00 7,880.00 (7,851.00) 3,658.00 29,067.00 (25,409.00) 74,283.00 40,634.00

294,829.00 305,710.00 (10,881.00) Explained above. 887,278.00 915,717.00 (28,439.00) 3,661,923.00 2,403,534.00

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

(12,200.56) (24,776.00) 12,575.44 (40,695.06) (80,645.00) 39,949.94 (253,425.00) (158,316.62)

6,116.84 (3,000.00) 9,116.84 5,692.36 (15,000.00) 20,692.36 (42,000.00) (6,190.80)

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

(331.61) (1,586.00) 1,254.39 (16,545.79) (4,627.00) (11,918.79) (18,910.00) (23,090.40)

(1,980.00) (1,980.00) 0.00 (5,940.00) (5,940.00) 0.00 (23,760.00) (15,840.00)0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

(2,104.80) (1,935.00) (169.80) (5,974.40) (5,805.00) (169.40) (23,220.00) (15,819.20)

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00(1,160.00) (1,160.00) 0.00 (1,525.00) (3,480.00) 1,955.00 (13,920.00) (7,325.00)(6,383.35) (12,879.00) 6,495.65 (24,173.58) (46,379.00) 22,205.42 (205,887.00) (89,814.93)

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 0.000.00 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$276,785.52 $258,394.00 $18,391.52 $798,116.53 $753,841.00 $44,275.53 $3,080,801.00 2,087,137.05

1.00

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 0.00 0.00 0.001,558.51 1,771.00 (212.49) 6,432.50 4,697.00 1,735.50 21,791.00 14,459.01

761.61 750.00 11.61 1,882.61 1,800.00 82.61 9,450.00 5,194.22

1,278.56 880.00 398.56 3,766.30 2,280.00 1,486.30 11,120.00 8,204.860.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

1,050.00 1,519.00 (469.00) 4,350.00 4,018.00 332.00 19,796.00 10,937.00

5,566.26 2,700.00 2,866.26 13,156.26 2,700.00 10,456.26 13,500.00 24,122.52

484.35 1,100.00 (615.65) 2,539.60 1,900.00 639.60 8,000.00 6,023.95

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 3,489.00 (3,489.00) 3,489.00 3,489.00

2,998.22 3,360.00 (361.78) 11,175.90 10,080.00 1,095.90 41,160.00 27,614.12

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 0.000.00 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 0.00

7,066.89 6,790.00 276.89 21,177.89 20,370.00 807.89 81,480.00 55,404.78

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 475.00 (475.00) 3,113.37 1,425.00 1,688.37 5,700.00 5,013.37

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 0.00300.00 300.00 0.00 300.00 900.00 (600.00) 4,100.00 1,800.00

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 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

2,250.00 2,660.00 (410.00) 9,450.00 6,580.00 2,870.00 33,880.00 20,940.00

1,871.78 2,400.00 (528.22) 9,080.82 7,200.00 1,880.82 30,000.00 20,552.60

544.74 500.00 44.74 1,344.74 1,375.00 (30.26) 6,625.00 3,764.480.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

325.00 0.00 325.00 325.00 0.00 325.00 0.00 650.00

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 0.000.00 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 0.000.00 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 0.000.00 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 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 0.00 0.00 0.0026,055.92 25,205.00 850.92 Explained above. 88,094.99 68,814.00 19,280.99 290,091.00 208,169.91

1.00$302,841.44 $283,599.00 $19,242.44 Explained above. $886,211.52 $822,655.00 $63,556.52 $3,370,892.00 2,295,306.96

1.00

1.0011,346.86 12,689.00 1,342.14 34,760.70 38,067.00 3,306.30 154,548.00 96,863.56

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0010,949.05 11,403.00 453.95 34,923.47 34,209.00 (714.47) 138,888.00 91,484.52

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.003,349.77 3,665.00 315.23 11,874.12 10,095.00 (1,779.12) 46,633.00 28,983.89

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00195.24 1,720.00 1,524.76 3,176.16 5,160.00 1,983.84 20,640.00 10,251.40

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 0.000.00 1,000.00 1,000.00 No extra help needed for this month. 21.23 3,000.00 2,978.77 5,000.00 4,021.23

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0025,840.92 30,477.00 4,636.08 Explained above. 84,755.68 90,531.00 5,775.32 365,709.00 231,604.60

1.0051.40 850.00 798.60 1,091.83 2,550.00 1,458.17 10,200.00 4,543.23

796.96 743.00 (53.96) 3,208.97 2,229.00 (979.97) 8,916.00 6,977.93

Reflects lease rent verses marketrents.

Variance reflects Market rent verseslease rents.

We achieved higher occupancy thismonth, our vacancy was 4% and wewere budgeted to be 8%.

Moved concessions due to bookingerror from up front to lease termconcessions.

Apartments left in better condition atthe time of move out, resulting in lessmove out charges.

We have been able to reduce theamount of concessions offered due tohigher occupancy.

We collected14 late fees and two nsffees versus 22 budgeted.

We collected 21 application fees

versus 30 budgeted.We had two units #4308 and #6306buyout of lease due to one moving outof state and one buying house.

This includes 19 utility transfer feesand seven credit card conveniencefees.

We collected one less pet fee thenanticipated in the budget.

We have been pushing the garagesand were able to rent two more thenbudget.

No cable income check received at thistime.

We collected 15 administration feesversus 18 budgeted.

Apartments left in better conditionresulting in fewer move out charges.

Guest suite rental for four days, shouldhave been booked to guest suite code.

We worked fewer hours this month,due to the way the payroll falls, this willbe spent in April.

We worked fewer hours this month,due to the way the payroll falls, this willbe spent in April.

Based on actual commissions paid

out.

We have less participants for ourinsurance program then what wasanticipated in the budget.

Less supplies bought for the office thismonth.


3/53

125.83 98.00 (27.83) 308.49 294.00 (14.49) 1,176.00 826.3273.88 211.00 137.12 559.36 633.00 73.64 2,532.00 1,477.24

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

0.00 114.00 114.00 121.00 342.00 221.00 1,368.00 577.000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

150.17 300.00 149.83 289.81 1,000.00 710.19 4,150.00 1,739.98

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 38.00 38.00 No expense for this month. 0.00 114.00 114.00 456.00 152.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00636.65 372.00 (264.65) 1,579.60 984.00 (595.60) 4,848.00 3,572.25

500.81 500.00 (0.81) 1,668.90 1,650.00 (18.90) 6,450.00 4,319.71

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.002,335.70 3,226.00 890.30 Explained above. 8,827.96 9,796.00 968.04 40,096.00 24,185.66

1.00

1,694.00 3,500.00 1,806.00 4,706.49 14,500.00 9,793.51 44,000.00 24,400.49

32.42 500.00 467.58 No party planned for this month. 373.17 1,400.00 1,026.83 5,400.00 2,305.592,382.08 2,025.00 (357.08) 8,943.39 4,194.00 (4,749.39) 16,070.00 17,544.47

0.00 500.00 500.00 No referrals paid this month. 500.00 1,500.00 1,000.00 5,500.00 2,500.00

4,108.50 6,525.00 2,416.50 14,523.05 21,594.00 7,070.95 70,970.00 46,750.55

1.00226.09 279.00 52.91 416.31 711.00 294.69 4,217.00 1,632.40

We did not send anyone for outsidetraining this month.

We budgeted 18 credit checks andprocessed 31.

Savings due to dropping of ApartmentGuide subscription.

Six locators fees paid versus fivebudgeted.


4/53

1,820.00 2,859.00 1,039.00 7,210.00 8,577.00 1,367.00 34,308.00 20,466.00

2,095.00 1,287.00 (808.00) 2,535.00 3,280.00 745.00 19,446.00 9,197.00

260.17 270.00 9.83 616.53 810.00 193.47 3,240.00 1,956.70

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 85.00 85.00 No expense for this month. 0.00 255.00 255.00 1,020.00 340.00

0.00 417.00 417.00 373.00 1,251.00 878.00 5,004.00 2,041.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

21.61 158.00 136.39 Less supplies ordered for this month. 302.90 474.00 171.10 1,896.00 956.51

4,422.87 5,355.00 932.13 Explained above. 11,453.74 15,358.00 3,904.26 69,131.00 36,589.61

1.00500.52 1,000.00 499.48 1,290.44 2,288.00 997.56 8,611.00 5,078.96

98.24 100.00 1.76 151.09 400.00 248.91 2,300.00 749.33119.76 120.00 0.24 453.32 360.00 (93.32) 1,440.00 1,053.08

245.42 50.00 (195.42) 498.04 140.00 (358.04) 540.00 933.460.00 0.00 0.00 0.00 0.00 0.00 3,000.00 0.00

(110.84) 100.00 210.84 Pool motor returned due to wrong size. 59.04 300.00 240.96 4,200.00 348.20

0.00 10.00 10.00 0.00 30.00 30.00 150.00 40.000.00 260.00 260.00 No expense for this month. 0.00 520.00 520.00 1,820.00 780.00

475.46 300.00 (175.46) 1,263.08 900.00 (363.08) 3,600.00 2,938.5418.61 120.00 101.39 47.26 360.00 312.74 1,400.00 545.87

0.00 0.00 0.00 0.00 0.00 0.00 355.00 0.000.00 0.00 0.00 0.00 0.00 0.00 600.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

1,769.28 450.00 (1,319.28) 5,018.23 1,350.00 (3,668.23) 14,555.00 8,587.51

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 0.00 0.00 0.003,116.45 2,510.00 (606.45) Explained above. 8,780.50 6,648.00 (2,132.50) 42,571.00 21,054.95

1.000.00 0.00 0.00 0.00 0.00 0.00 29,581.00 0.00

788.10 755.00 (33.10) 2,075.75 2,265.00 189.25 9,060.00 5,883.8586.00 205.00 119.00 325.00 615.00 290.00 2,760.00 1,231.00

0.00 0.00 0.00 0.00 0.00 0.00 2,775.00 0.000.00 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 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

701.86 3,500.00 2,798.14 7,098.72 10,500.00 3,401.28 19,500.00 21,800.58

1,575.96 4,460.00 2,884.04 Explained above. 9,499.47 13,380.00 3,880.53 63,676.00 28,915.43

1.000.00 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 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 0.000.00 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 0.000.00 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 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

0.0012,113.66 11,344.00 (769.66) Based on % of collections. 35,391.61 32,907.00 (2,484.61) 134,836.00 91,756.27

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

(1,250.00) 400.00 1,650.00 (986.44) 1,000.00 1,986.44 2,800.00 (836.44)

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 0.000.00 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 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 0.00 0.00 0.000.00 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 0.000.00 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 3,060.00 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 0.00 0.00 0.00

Apartments left in good shape thismonth. made for less cleaningexpense.

More carpet repairs were done than

anticipated with cleans.

We did not have any counter or tubresurfacing this month.

Repair of sprinkler heads inbreezeways in building three and six.

Savings due to no pigeon controlneeded for this month.

Savings due to less snow removalneeded for this month.

Five eviction fees this month, versusthree budgeted we have not beenbilled yet for the eviction paperwork.


5/53

10,863.66 11,744.00 880.34 Explained above. 34,405.17 33,907.00 (498.17) 140,696.00 90,919.83

1.002,915.98 3,250.00 334.02 10,413.13 9,750.00 (663.13) 40,500.00 26,329.11

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

2,745.36 1,967.00 (778.36) 10,041.66 5,901.00 (4,140.66) 23,604.00 20,655.02

20,957.09 20,000.00 (957.09) 51,264.77 60,000.00 8,735.23 240,000.00 152,221.86

(8,871.37) (13,600.00) (4,728.63) (34,931.13) (40,800.00) (5,868.87) (163,200.00) (98,202.50)

0.00 0.00 0.00 74.35 0.00 (74.35) 37,400.00 74.350.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

(1,803.54) (2,400.00) (596.46) (6,310.10) (7,200.00) (889.90) (25,696.00) (17,713.64)

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00927.65 325.00 (602.65) Based on actual usage. 3,253.65 3,245.00 (8.65) 12,108.00 7,751.30

443.45 768.00 324.55 Based on actual usage. 1,817.02 2,520.00 702.98 7,837.00 14,413.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

17,314.62 10,310.00 (7,004.62) Explained above. 35,623.35 33,416.00 (2,207.35) 172,553.00 96,663.971.00

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 0.000.00 0.00 0.00 1,896.50 0.00 (1,896.50) 0.00 1,896.500.00 0.00 0.00 940.55 0.00 (940.55) 0.00 940.55

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 0.00 0.00 0.000.00 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 0.000.00 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 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 0.00 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 2,837.05 0.00 (2,837.05) 0.00 2,837.05

1.0030,188.47 30,188.00 (0.47) 90,565.41 90,564.00 (1.41) 362,256.00 241,505.88

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004,840.47 4,850.00 9.53 14,496.93 14,550.00 53.07 58,200.00 38,737.40

0.00 57.00 57.00 0.00 171.00 171.00 684.00 228.000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

35,028.94 35,095.00 66.06 105,062.34 105,285.00 222.66 421,140.00 280,471.28104,607.62 109,702.00 5,094.38 315,768.31 329,915.00 14,146.69 1,386,542.00 859,992.93

198,233.82 173,897.00 24,336.82 570,443.21 492,740.00 77,703.21 1,984,350.00 1,435,314.031.00

106,586.67 106,587.00 0.33 319,760.01 319,761.00 0.99 1,443,999.00 852,694.68

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0086,666.71 86,667.00 0.29 260,000.13 260,001.00 0.87 1,040,004.00 693,334.84

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00193,253.38 193,254.00 0.62 579,760.14 579,762.00 1.86 2,484,003.00 1,546,029.52

1.000.00 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 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 0.00 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 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 365.00 0.00

354.87 200.00 (154.87) 1,110.80 600.00 (510.80) 2,400.00 2,265.6770.74 0.00 (70.74) 172.27 0.00 (172.27) 0.00 243.01

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 0.000.00 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 0.001,000.00 1,000.00 0.00 3,000.00 3,000.00 0.00 12,000.00 8,000.003,200.00 3,250.00 50.00 9,600.00 9,750.00 150.00 39,000.00 25,800.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

4,625.61 4,450.00 (175.61) 13,883.07 13,350.00 (533.07) 53,765.00 36,308.681.00

859.02 0.00 (859.02) 2,852.02 0.00 (2,852.02) 16,846.00 3,711.04

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00540.47 0.00 (540.47) 540.47 0.00 (540.47) 1,800.00 1,080.94

9,488.59 5,000.00 (4,488.59) 14,887.38 15,000.00 112.62 66,000.00 44,375.97

0.00 0.00 0.00 0.00 0.00 0.00 1,450.00 0.00485.32 319.00 (166.32) 485.32 578.00 92.68 1,734.00 1,867.64

0.00 339.00 339.00 No washers/dryers needed this month. 296.29 678.00 381.71 1,017.00 1,313.29

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Due to the increase in gas prices ourexpense has gone up.

Based on Arapahoe Countyunderestimating of February's usage.

Many residents disputing errors fromArapahoe County water readings andnot paying the correct amount at thistime.

Golf cart batteries and covers werebooked under Exterior rehab bymistake, should have been booked toother capital .

Heating coil needed for apartment#15201.

Actual carpets replaced are 10 versussix budgeted.

Two dishwashers needed versus onebudgeted.


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192.60 2,610.00 2,417.40 5,141.39 4,749.00 (392.39) 11,899.00 12,692.99

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 0.0011,566.00 8,268.00 (3,298.00) 24,202.87 21,005.00 (3,197.87) 100,746.00 65,041.87

1.00

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 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

(11,211.17) (32,075.00) 20,863.83 (47,402.87) (121,377.00) 73,974.13 (654,164.00) (212,066.04)1.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00(11,211.17) (32,075.00) 20,863.83 (47,402.87) (121,377.00) 73,974.13 (654,164.00) 0.00

Golf cart batteries and covers werebooked under Exterior rehab bymistake.


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

Books = AccrualFor the 12 Months Ending Dec 2008

Jan 2008 Feb 2008 Mar 2008 Apr 2008 May 2008 Jun 2008 Jul 2008 Aug 2008 Sep 2008 Oct 2008 Nov 2008 Dec 2008 12 Month $ / $ / Dec 2006 12 Month $ / $ /Actual Actual Actual Budget Budget Budget Budget Budget Budget Budget Budget Budget Total Unit Sq. Ft. Reforecast Total Unit Sq. Ft.

342 313,778 342 313,778

297,252 295,197 294,829 306,464 306,275 305,987 305,250 305,131 304,686 304,342 304,117 303,954 3,633,484 10,624.22 11.58 364,160 4,616,351 13,498.10 14.71(14,979) (13,515) (12,201) (19,000) (19,986) (17,809) (15,591) (15,591) (16,802) (19,995) (22,418) (23,078) (210,965) (616.86) (0.67) (43,000) (300,079) (877.42) (0.96)(10,069) (8,145) (267) (17,298) (15,717) (17,444) (19,316) (21,188) (22,560) (23,621) (24,370) (24,994) (204,989) (599.38) (0.65) (80,000) (334,953) (979.40) (1.07)(14,603) (9,805) (5,576) (6,677) (6,695) (6,696) (6,693) (6,681) (6,663) (6,634) (6,614) (6,605) (89,943) (262.99) (0.29) (6,085) (109,510) (320.21) (0.35)257,600 263,731 276,786 263,489 263,877 264,038 263,650 261,671 258,661 254,092 250,715 249,277 3,127,587 9,144.99 9.97 235,075 3,871,808 11,321.08 12.34

27,835 34,204 26,056 25,000 26,852 27,912 25,305 27,910 23,739 22,628 24,013 20,220 311,674 911.33 0.99 19,000 375,819 1,098.89 1.20285,435 297,935 302,841 288,489 290,729 291,950 288,955 289,581 282,400 276,720 274,728 269,497 3,439,261 10,056.32 10.96 254,075 4,247,628 12,419.96 13.54

30,826 28,089 25,841 30,392 29,567 31,117 31,434 31,434 30,692 29,929 30,554 30,059 359,934 1,052.44 1.15 37,759 459,359 1,343.16 1.463,660 2,832 2,336 3,348 3,460 3,520 3,544 3,444 3,336 3,264 3,204 3,180 39,128 114.41 0.12 3,030 48,656 142.27 0.165,531 4,884 4,109 5,801 5,901 6,105 6,327 6,227 5,340 4,685 4,731 4,259 63,899 186.84 0.20 6,885 79,961 233.80 0.253,627 3,404 4,423 5,708 6,163 6,062 6,819 6,819 6,289 5,961 5,102 4,850 65,227 190.72 0.21 7,500 82,870 242.31 0.261,403 4,261 3,116 3,115 4,490 3,885 2,920 2,730 2,513 12,210 2,672 1,388 44,704 130.71 0.14 2,295 51,189 149.68 0.166,708 1,216 1,576 13,323 6,678 4,985 4,985 4,985 3,960 3,960 3,960 3,460 59,795 174.84 0.19 2,395 69,786 204.05 0.22

12,525 11,016 10,864 11,547 11,829 11,878 14,818 11,783 11,496 11,269 11,189 10,980 141,194 412.85 0.45 14,969 178,745 522.65 0.574,914 13,395 17,315 16,246 17,308 17,127 16,930 16,130 16,228 16,240 11,437 11,491 174,760 511.00 0.56 10,900 209,100 611.40 0.671,416 1,421 0 0 0 0 0 0 0 0 0 0 2,837 8.30 0.01

35,029 35,004 35,029 35,095 35,095 35,095 35,095 35,095 35,095 35,095 35,095 35,095 420,917 1,230.75 1.34 0 422,149 1,234.36 1.3537,237 37,237 108.88 0.12

105,638 105,522 104,608 124,575 120,491 119,774 122,872 118,647 114,949 122,613 107,944 104,762 1,372,395 4,012.85 4.37179,797 192,412 198,234 163,914 170,238 172,176 166,083 170,934 167,451 154,107 166,784 164,735 2,066,865 6,043.47 6.59 122,970 1,639,053 4,792.55 5.22

131,106 2,608,575 7,627.41 8.31

193,253 193,253 193,253 193,254 193,254 216,819 216,819 216,819 216,819 216,819 216,819 216,819 2,484,001 7,263.16 7.924,719 4,539 4,626 4,450 4,815 4,450 4,450 4,450 4,450 4,450 4,450 4,450 54,298 158.77 0.17 193,254 256,611 750.32 0.829,734 2,903 11,566 12,546 12,458 8,074 17,804 6,600 6,259 6,000 5,000 5,000 103,944 303.93 0.33 0 114,248 334.06 0.36

3,300 3,300 9.65 0.01(27,909) (8,283) (11,211) (46,336) (40,289) (57,167) (72,990) (56,935) (60,077) (73,162) (59,485) (61,534) (575,378) (1,682.39) (1.83)

(65,449) 2,234,416 6,533.38 7.120 0 0 0 0 0 0 0 0 0 0 0 0

250,000 250,000

0 0 0 0 0 0 0 0 0 0 0 0 0(1,895) 2,740 (9,772) 0 0 0 0 0 0 0 0 0 (8,928) 0 (8,928)

(50,394) 4,840 4,840 0 0 0 0 0 0 0 0 0 (40,713) 0 (40,713)(35,800) (35,800) (35,800) (7,125) (7,125) (7,125) (7,125) (7,125) (7,125) (7,125) (7,125) (7,125) (171,526) 0 (185,776)

(2,951) (2,951)

ts (88,090) (28,220) (40,732) (7,125) (7,125) (7,125) (7,125) (7,125) (7,125) (7,125) (7,125) (7,125) (221,167)

(2,951) (238,368)(22,965) 2,827 942 0 0 0 0 0 0 0 0 0 (19,196)20,453 31,811 51,607 0 0 0 0 0 0 0 0 0 103,872 0 103,872

920 2,385 345 0 0 0 0 0 0 0 0 0 3,650 0 3,65048,905 (6,027) (5,836) 0 0 0 0 0 0 0 0 0 37,042 0 37,042

0 0

. 47,313 30,997 47,058 0 0 0 0 0 0 0 0 0 125,3680 144,564

(68,685) (5,507) (4,886) (53,461) (47,414) (64,292) (80,115) (64,060) (67,202) (80,287) (66,610) (68,659) (671,177)

13,834 8,327 3,441 (50,020) (97,434) (161,726) (241,841) (305,901) (373,103) (453,390) (520,000) (588,659) 181,601 2,390,612181,601

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 284 254,103we 12 48,309

wi 346 433,196

usa 280 299,111

usa 284 254,103

eb 2008 Mar 2008 Apr 2008 May 2008 Jun 2008 Jul 2008 Aug 2008 Sep 2008 Oct 2008 Nov 2008 Dec 2008

Row 60 Row 61


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by 50%

reduction in tax escrow due to overage


9/53

Courtney Downs Apartments

March 08

LEASING & OCCUPANCY

NUMBER OF MOVE INS: 19 INCOME THIS MONTH: $302,841.44NUMBER OF MOVE OUTS: 16 INCOME LAST MONTH: $297,934.75

NET FOR THE MONTH: 3 DIFFERENCE: $4,906.69

TOTAL # GARAGES 120

# GARAGES OCCUPIED 107OCCUPIED/LEASED %: 96.20%/97.95% GARAGES OCCUPIED % 89%

SOURCE OF TRAFFIC: REASONS WHY PROSPECTS DID NOT LEASE:

Traffic Leased

APTGUIDE.COM 0 0 * Job Transfer 0

APARTMENT GUIDE 0 0 * Too expensive. 3YELLOW PAGES 0 0 * Future/No Availability/Waiting list 5

OTHER. NET 5 3 * Just started looking. 8BLUE BOOK 2 0 * Waiting for Home to Sell 0RENT.NET 1 0 * Current Lease to Expire 2

LIVES IN AREA 1 4 * Needs Ground Floor 4RESIDENT REFERRAL 2 0 * Moved Elsewhere 0LOCATORS 3 1 * Will return with roommate or spous 9

RENT.COM 6 1 * Realtor Looking for Client 0WALK-IN 0 0 * Undecided 5SIGNAGE 45 8 * Employment pending 3WORD OF MOUTH 0 0 * House sale pending 5

* Rented at Competitor 3TOTALS 65 17 TOTALS 48

CLOSING RATIO: 26%

MARKETING ACTIVITIES & SOURCES FOR THE MONTH

* Took brochures and price sheets to Holiday Inn Express.* Took cookie bags with brochures and price sheets to David Weekly homes.* Updated all internet ads with new pricing and specials for the month of March

* Took donunts with price sheets to Sky Ridge hospital Human Resourses.* Took brochures and prices to Mann Theaters for employee break room.* Brochures and donuts were taken to "Go" Motors staff.

* Met with Newman Home sales team with options of temporary housing for new home buyers.* Dropped off muffins and brochures to King Soopers for the breakroom.* Dropped off doughnuts and brochures to Centennial airport "tack air office".

* Took cookie and candy bag with flyer's to Marriott extended stay hotels.* Took brochures and prices to First Data Corporation.* Took lunch to locators with updates on specials and prices.

OVERVIEW OF COMPARABLE PROPERTIES:The surrounding comps are still offering discounted rents on selected units.This translates into one bedroom effective rents of $715, two bedrooms at $895 and three bedrooms starting at $1035.Look and leases specials are 1/2 month off with a 12 to 13 month lease.

Overall market is 91.8% average occ.and rental rate of $826 per month.RESIDENT RETENTION:We had 24 leases expiring in the month of March. 11 renewed leases with a $43 increase.

Notices received; (4) buying homes, (4) relocating out of the area, (3) closer to work(1) too expensive, (1) moving home.

INCIDENTS ON THE PROPERTY:N/A


10/53

MAINTENANCE: ROUTINE REPLACEMENTS:

Number of: Apt. #

MARKET READY UNITS 15 REFRIGERATORS 0COMPLETE PAINTS 9 DISHWASHERS 0TOUCH UPS 6 WINDOWS 0

WORK ORDERS 143 A/C COMPRESSORS 0Pending Completed 0 CONDENSING UNITS 0

Misc 0 17 17 WATER HEATERS 0

Electrical 0 25 25 ICE MAKERS 0Punch 0 15 15 GARBAGE DISPOSALS 0HVAC 0 9 9 MICROWAVES 0

Plumbing 0 43 43 CARPETS 9

Property Ext. 0 3 3 CEILING FANS 0Appliances 0 23 23 TOILETS 0

Safety 0 8 8 A/C FAN MOTORS 0Total 0 143 143 COUNTER TOPS 0ROOF LEAKS 0 CABINETS RESURFACED KITCHEN 0

PLUMBING LEAKS 0 BLINDS 17TUBS RESURFACED 0TUB TILES 0

CAPITAL IMPROVEMENTS IN PROGRESS:

N/A

PROBLEM AREAS NEEDING ATTENTION:Hot water heaters are clogging up due to hard water calcium.

Pet areas are starting to show up in spots on the grassy areas.

CURRENT STAFF:

Manager Nancy HowlandAssistant Manager Carrie McMillanLeasing Consultant Summer Wahrman

Leasing Consultant Kate HawkinsMaintenance Supervisor Gabriel TellezAssistant Maintenance Russell Briley

Maintenance/ Grounds Jorge Chavez and Jorge Bernal

ACCOMPLISHMENTS FOR THE MONTH:Main line sprinkler break repaired by building 3 and 19.

Removed dead landscaping in the front of the property, for new landscaping for the month of April.Maintained a 96.20% occupied.

NumberReplaced

4305, 6102, 4208, 7111, 19109,16208, 13207, 15201, 7112.

19207-2, 9103-2, 7111-3, 12205-1,12102-1, 13207-1, 4208-2, 7209-2,6108-2, 7112-2.


11/53

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 28,160 725 1.03 $29,000 $348,000 725.00 1.03 $29,000 1 1 7 3 4

32 704 22,528 725 1.03 $27,520 $330,240 725.00 1.03 $27,520 0 0 0 0 0

18 910 16,380 850 0.93 $15,300 $183,600 850.00 0.93 $15,300 0 0 2 0 2

24 808 19,392 750 0.93 $18,000 $216,000 750.00 0.93 $18,000 0 0 6 4 2

32 808 25,856 760 0.94 $24,320 $291,840 760.00 0.94 $24,320 0 0 0 0 0

42 977 41,034 875 0.90 $36,750 $441,000 875.00 0.90 $36,750 6 2 5 1 8

44 1,030 45,320 900 0.87 $39,600 $475,200 900.00 0.87 $39,600 4 1 8 0 11

22 1,030 22,660 925 0.90 $20,350 $244,200 925.00 0.90 $20,350 0 0 0 0 0

24 977 23,448 875 0.90 $21,000 $252,000 875.00 0.90 $21,000 0 0 0 0 0

16 1,030 16,480 925 0.90 $14,800 $177,600 925.00 0.90 $14,800 0 0 8 3 5

20 1,030 20,600 925 0.90 $18,500 $222,000 925.00 0.90 $18,500 0 0 0 0 0

24 1,140 27,360 1160 1.02 $27,840 $334,080 1,160.00 1.02 $27,840 0 0 5 1 4

4 1,140 4,560 1160 1.02 $4,640 $55,680 1,160.00 1.02 $4,640 0 0 0 0 0

342 917 313,778 $870 $0.95 $297,620 $3,571,440 $870 0.95 $297,620 11 4 41 11 36

* Net of Concessions

EFFECTIVECONCESSION

EFFECTIVEPER S/F

EFFECTIVEMONTHLY

VacantsLeased

NoticeLeased

NetAvailable


12/53


13/53

MARKET SURVEY Courtney Downs

March-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

fficiency fficiencyB1B (A) 725 704 1.03 755 779 0.97 710 627 1.13 725 685 1.06 715 768 0.93 710 707 1.00 710 763 0.93B1B (B) 850 808 1.05 795 853 0.93 725 701 1.03 805 705 1.02 750 842 0.89 730 796 0.92 727 763 1.05

B1B w/study 750 910 0.82 835 811 0.91 810 760 1.03 765 992 0.77 760 916 0.83B B

B w/loft B1B w/study 845 956 0.88 935 1051 0.89B2B (E) 875 977 0.90 940 1105 0.85 925 1044 0.89 960 1120 0.86 825 1115 0.74 815 1033 0.79 822 1037 0.79

B2B (F) 900 1030 0.87 985 1192 0.83 975 1196 0.82 910 1220 0.75 910 1093 0.83 900 1037 1.23

B2B (G) 925 1030 0.90 995 1180 0.84B2B (H)B2B

B w/study B2B TH B2B TH

B2B 1,160 1140 1.02 1055 1398 0.75 1185 1330 0.89 1110 1230 0.90 1120 1356 0.83 1195 1235 0.97 915 1257 0.73B2B 1190 1398 0.91 1305 1235 1.04 1045 1257 1.10

% occ /leased 96 97.95% 93% 95% 0 0% 90% 93.21% 92.0% 89% 92.1% 94% 91.8% 94%

Avg PSF 1 0.94 0.87 0.92 0.96 0.82 0.91 0.97

Avg Rents 884 1114 994 808 848 1131 995/ Avail) 342 35 507 31 653 216 34 312 46 360 28 0 168 19

Rateseflect these rates:

pecials:

Ren: $50 to $75 increase. Ren:Per corporate

Units(Tot

Special: Waived securitydeposit with approved credit.

Special: One month freeon 12 to 13 month lease.

Will not give out anyinformation.

Special:1/2 month freewith look and lease.

Special: $500 free gascard or giftcertificate tothe mall w/look and lesespecial.

Special: 1/2 month off 12 to13 month leases.

Special: One month free on a12 to 13 month special.

Ren.: 15% increase on allrenewals.

Ren: Info not avail percorporate

Ren: $35 to $80 increasfor 12 month lease

Ren: Average $25 to $75increase.

Ren: Free carpet cleaningwith 12mo.


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March Courtney Downs

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