USA Courtney Downs Jan 2007

8/14/2019 USA Courtney Downs Jan 2007

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USA Courtney Downs LeaseCo, LLCBalance Sheet

Books = AccrualJan 2007

SETS

47,614.010.00

ts 57,710.71$105,324.72

vable 14,360.82es 45,277.43

274,428.89rk Cap Reserve 47,255.43 Escrow 200,000.00

sets 581,322.57

686,647.29

S & CAPITAL

le - Trade 23,520.36 Payable 603,722.36

367,623.432,206.61

ts 55,881.71(328.39)

1,052,626.08

100.00gs (366,078.79)

(365,978.79)

ES & CAPITAL 686,647.29


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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 $ / $ /Actual Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Total Unit Sq. Ft. Reforecast Total Unit Sq. Ft.

342 313,778 342 313,778

352,560 352,885 352,885 352,280 351,675 351,070 350,465 349,860 349,255 348,650 348,045 347,440 4,207,070 12,301.37 13.41 364,160 5,279,030 15,435.76 16.82(34,193) (28,705) (28,705) (30,785) (28,705) (24,545) (23,505) (23,505) (24,805) (27,145) (29,485) (30,525) (334,608) (978.39) (1.07) (43,000) (438,598) (1,282.45) (1.40)

(77,240) (68,161) (68,161) (66,797) (63,849) (59,743) (58,387) (54,989) (49,108) (46,826) (42,919) (39,555) (695,737) (2,034.32) (2.22) (80,000) (860,248) (2,515.34) (2.74)(5,251) (5,204) (5,204) (5,200) (5,211) (5,231) (5,235) (5,242) (5,252) (5,250) (5,253) (5,257) (62,789) (183.59) (0.20) (6,085) (79,568) (232.65) (0.25)

235,876 250,815 250,815 249,497 253,909 261,552 263,338 266,124 270,090 269,428 270,388 272,102 3,113,936 9,105.08 9.92 235,075 3,900,617 11,405.31 12.43

27,580 13,926 21,345 24,565 25,565 24,415 24,915 21,695 20,545 20,545 20,545 20,195 265,836 777.30 0.85 19,000 326,354 954.25 1.04

263,457 264,741 272,160 274,062 279,474 285,967 288,253 287,819 290,635 289,973 290,933 292,297 3,379,772 9,882.37 10.77 254,075 4,226,971 12,359.56 13.47

33,611 15,819 29,789 26,715 26,715 30,089 28,026 27,426 30,872 26,976 27,014 30,347 333,398 974.85 1.06 37,759 429,494 1,255.83 1.372,710 1,344 3,785 3,905 4,025 3,905 3,965 3,845 3,725 3,725 3,725 3,665 42,324 123.76 0.13 3,030 52,868 154.59 0.179,943 507 7,993 8,791 9,990 8,791 9,390 8,192 7,393 6,993 6,993 6,394 91,372 267.17 0.29 6,885 111,912 327.23 0.363,805 1,125 4,095 4,875 4,095 4,095 4,875 4,095 3,803 3,705 3,803 2,828 45,197 132.16 0.14 7,500 59,460 173.86 0.192,027 320 2,425 3,425 2,425 2,425 2,425 2,425 2,425 15,095 2,425 2,425 40,267 117.74 0.13 2,295 47,530 138.98 0.156,403 10,329 1,385 3,585 5,585 3,085 3,085 3,085 5,585 5,585 6,385 1,835 55,934 163.55 0.18 2,395 66,713 195.07 0.21

15,368 5,349 16,496 16,572 16,789 17,048 19,640 17,122 17,235 17,209 17,247 17,301 193,375 565.42 0.62 14,969 243,459 711.87 0.78

9,370 (3,914) 7,963 8,563 8,463 12,763 13,713 13,713 12,776 8,388 8,001 8,051 107,852 315.36 0.34 10,900 135,120 395.09 0.430 0 0 0 0 0 0 0 0 0 0 0 0 0.00 0.00 0 0 0.00 0.00

37,910 0 32,739 32,739 32,739 32,739 32,739 32,739 32,739 32,739 32,739 32,739 365,304 1,068.14 1.16 37,237 469,088 1,371.60 1.49

121,146 30,878 106,670 109,171 110,826 114,941 117,860 112,644 116,553 120,416 108,332 105,585 1,275,024 3,728.14 4.06 122,970 1,615,643 4,724.10 5.15

142,310 233,863 165,490 164,891 168,649 171,026 170,394 175,175 174,082 169,557 182,601 186,712 2,104,748 6,154.24 6.71 131,106 2,611,328 7,635.46 8.32

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 7.39 193,254 2,905,589 8,495.87 9.260 0 415 415 415 415 415 415 415 415 415 415 4,150 12.13 0.01 0 4,992 14.60 0.02

1,601 2,031 4,900 4,900 7,446 21,300 4,900 4,900 4,900 4,900 4,900 4,900 71,578 209.29 0.23 3,300 84,888 248.21 0.27

(52,544) 38,578 (33,079) (33,677) (32,466) (43,943) (28,175) (23,393) (24,486) (29,012) (15,968) (11,856) (290,020) (848.01) (0.92) (65,449) (384,142) (1,123.22) (1.22)

7,543 0 0 0 0 0 0 0 0 0 0 0 7,543 250,000 257,543

s 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0(4,571) (8,833) 0 0 0 0 0 0 0 0 0 0 (13,404) 0 (13,404)(7,749) 5,073 5,073 5,073 5,073 5,073 5,073 5,073 5,073 5,073 5,073 5,073 48,054 0 58,200

(30,394) (34,568) (34,568) (34,568) (34,568) (34,568) (34,568) (34,568) (34,568) (34,568) (34,568) (34,568) (410,640) (2,951) (482,727)

sets (42,714) (38,328) (29,495) (29,495) (29,495) (29,495) (29,495) (29,495) (29,495) (29,495) (29,495) (29,495) (375,991) (2,951) (437,931)

40,118 0 0 0 0 0 0 0 0 0 0 0 40,118 0 40,11841,830 0 0 0 0 0 0 0 0 0 0 0 41,830 0 41,830(1,829) 0 0 0 0 0 0 0 0 0 0 0 (1,829) 0 (1,829)

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

iab. 80,118 0 0 0 0 0 0 0 0 0 0 0 80,118 0 80,118

(7,597) 250 (62,573) (63,172) (61,961) (73,438) (57,670) (52,888) (53,981) (58,506) (45,463) (41,351) (578,349) 181,601 (484,412)

47,114 47,364 (15,209) (78,381) (140,342) (213,780) (271,449) (324,337) (378,318) (436,825) (482,287) (523,639) 181,601

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 284 254,103

we 12 48,309

wi 346 433,196

usa 280 299,111

usa 284 254,103

Feb 2007 Mar 2007 Apr 2007 May 2007 Jun 2007 Jul 2007 Aug 2007 Sep 2007 Oct 2007 Nov 2007 Dec 2007

NET CASH FLOW CUMM. NET CASH FLOW


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es by 50%

+ reduction in tax escrow due to overage


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USA Courtney Downs LeaseCo, LLCBudget Comparison

Books = AccrualFor the period ending January 31, 2007

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

316,140.00 354,095.00 (37,955.00) 316,140.00 354,095.00 (37,955.00) 4,209,210.00

36,420.00 0.00 36,420.00 36,420.00 0.00 36,420.00 0.00

352,560.00 354,095.00 (1,535.00) 352,560.00 354,095.00 (1,535.00) 4,209,210.00ues 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(34,192.82) (26,104.86) (8,087.96) (34,192.82) (26,104.86) (8,087.96) (325,479.64)

ns (898.97) (2,610.00) 1,711.03 (898.97) (2,610.00) 1,711.03 (59,160.00)

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

(150.00) (629.35) 479.35 (150.00) (629.35) 479.35 (7,841.82)(1,980.00) (1,625.00) (355.00) Two model units. (1,980.00) (1,625.00) (355.00) (19,500.00)

0.00 0.00 0.00 0.00 0.00 0.00 0.00(1,780.80) (2,050.00) 269.20 (1,780.80) (2,050.00) 269.20 (24,600.00)

nance Fe 0.00 0.00 0.00 0.00 0.00 0.00 0.00(1,340.14) (900.00) (440.14) Reflects one quest suite. (1,340.14) (900.00) (440.14) (10,800.00)

s (76,341.03) (69,065.00) (7,276.03) (76,341.03) (69,065.00) (7,276.03) (632,942.99)

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$235,876.24 $251,110.79 $(15,234.55) $235,876.24 $251,110.79 $(15,234.55) $3,128,885.55

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

e 0.00 0.00 0.00 0.00 0.00 0.00 0.00es 1,815.00 1,650.00 165.00 1,815.00 1,650.00 165.00 19,800.00

m 505.00 200.00 305.00 505.00 200.00 305.00 2,400.00704.36 960.00 (255.64) 704.36 960.00 (255.64) 11,520.00

ees 0.00 0.00 0.00 0.00 0.00 0.00 0.001,010.00 400.00 610.00 1,010.00 400.00 610.00 10,250.00

mages 3,102.50 1,000.00 2,102.50 3,102.50 1,000.00 2,102.50 12,000.00

691.55 1,160.00 (468.45) 691.55 1,160.00 (468.45) 13,920.000.00 0.00 0.00 0.00 0.00 0.00 0.00

3,485.00 0.00 3,485.00 3,485.00 0.00 3,485.00 0.00

1,655.17 2,456.00 (800.83) 1,655.17 2,456.00 (800.83) 29,472.00

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 0.006,761.75 6,650.00 111.75 6,761.75 6,650.00 111.75 79,800.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00e 1,151.00 1,006.00 145.00 1,151.00 1,006.00 145.00 12,072.00loper 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 0.00300.00 90.00 210.00 300.00 90.00 210.00 1,080.00

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

1,950.00 1,000.00 950.00 1,950.00 1,000.00 950.00 33,800.00

4,298.98 3,330.00 968.98 4,298.98 3,330.00 968.98 48,840.00

150.00 300.00 (150.00) 150.00 300.00 (150.00) 3,600.000.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 425.00 (425.00) 0.00 425.00 (425.00) 5,100.00se 0.00 (1,750.00) 1,750.00 0.00 (1,750.00) 1,750.00 (21,000.00)

0.00 0.00 0.00 0.00 0.00 0.00 0.00utions 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 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00

Variance due to nolonger offering anyconcessions, marketrents were lowered.

Variance due toadjustment in the marketrents.

Variance due to closingout at 90% versus92.66% budgeted.

Decreased theconcessions amountsgiven away up front forthe month. Includesholiday contest winners.

Fewer associates livingon site.

Concessions are nolonger being offerred.This will reduce overtime.

Fewer rentals thananticipated. Offeringsome storage as leasingincentives.

More leases thananticipated.

Aggressive collectionson lease break fees, onefull break lease feecollected and partialpayment on balancedue.

Last rental guaranteedraw,guarantee escrowacct @ landamerica.

41 pet rents werecollected and 4 pet feescollected for the month,variance due to loweroccupancy thanbudgeted.

Variance due to 14admin fees collectedversus 7 budgeted.

Positive variance withlease charges anddamages on move outcharges.


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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 0.00

27,580.31 18,945.00 8,635.31 27,580.31 18,945.00 8,635.31 263,470.00

$263,456.55 $270,055.79 $(6,599.24) $263,456.55 $270,055.79 $(6,599.24) $3,392,355.55

12,845.11 12,013.16 (831.95) 12,845.11 12,013.16 (831.95) 147,761.88

0.00 0.00 0.00 0.00 0.00 0.00 0.00

16,587.48 11,223.48 (5,364.00) 16,587.48 11,223.48 (5,364.00) 138,048.78

0.00 0.00 0.00 0.00 0.00 0.00 0.002,648.60 825.00 (1,823.60) 2,648.60 825.00 (1,823.60) 39,026.28

0.00 0.00 0.00 0.00 0.00 0.00 0.001,529.50 778.00 (751.50) 1,529.50 778.00 (751.50) 9,336.00

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

0.00 0.00 0.00 0.00 0.00 0.00 0.0033,610.69 24,839.64 (8,771.05) 33,610.69 24,839.64 (8,771.05) 334,172.94

plies 427.33 1,000.00 572.67 427.33 1,000.00 572.67 12,000.00

764.60 1,100.00 335.40 764.60 1,100.00 335.40 13,200.00

s 153.00 100.00 (53.00) 153.00 100.00 (53.00) 1,200.00287.30 170.00 (117.30) Postage meter fee. 287.30 170.00 (117.30) 2,040.00

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 90.00 90.00 0.00 90.00 90.00 1,080.000.00 0.00 0.00 0.00 0.00 0.00 0.00

355.78 115.00 (240.78) 355.78 115.00 (240.78) 1,380.00

0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 25.00 25.00 0.00 25.00 25.00 300.00

0.00 25.00 25.00 0.00 25.00 25.00 300.00243.50 240.00 (3.50) 243.50 240.00 (3.50) 6,150.00478.65 650.00 171.35 478.65 650.00 171.35 7,800.00

0.00 0.00 0.00 0.00 0.00 0.00 0.002,710.16 3,515.00 804.84 2,710.16 3,515.00 804.84 45,450.00

s 7,500.00 7,500.00 0.00 7,500.00 7,500.00 0.00 36,900.00416.85 798.00 381.15 416.85 798.00 381.15 9,576.00

1,526.44 723.10 (803.34) 1,526.44 723.10 (803.34) 24,440.78

500.00 775.00 275.00 500.00 775.00 275.00 26,195.00se 9,943.29 9,796.10 (147.19) 9,943.29 9,796.10 (147.19) 97,111.78

39.25 360.00 320.75 39.25 360.00 320.75 7,852.502,690.00 250.00 (2,440.00) 2,690.00 250.00 (2,440.00) 3,000.00

irs 960.00 1,200.00 240.00 960.00 1,200.00 240.00 26,175.00115.65 100.00 (15.65) 115.65 100.00 (15.65) 1,200.00

0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 50.00 50.00 0.00 50.00 50.00 600.00

ing 0.00 416.67 416.67 0.00 416.67 416.67 5,000.040.00 25.00 25.00 0.00 25.00 25.00 300.000.00 133.33 133.33 0.00 133.33 133.33 1,599.96

se 3,804.90 2,535.00 (1,269.90) 3,804.90 2,535.00 (1,269.90) 45,727.50

Supplies 337.58 700.00 362.42 337.58 700.00 362.42 8,400.00

791.33 100.00 (691.33) 791.33 100.00 (691.33) 1,200.00

rs 28.24 140.00 111.76 28.24 140.00 111.76 5,055.00

0.00 150.00 150.00 0.00 150.00 150.00 1,800.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 450.00 450.00 0.00 450.00 450.00 5,400.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 160.00 160.00 0.00 160.00 160.00 1,920.00

rs 0.00 900.00 900.00 0.00 900.00 900.00 5,850.00

11.93 75.00 63.07 11.93 75.00 63.07 900.000.00 25.00 25.00 0.00 25.00 25.00 300.000.00 0.00 0.00 0.00 0.00 0.00 2,000.00

irs 0.00 0.00 0.00 0.00 0.00 0.00 0.00807.96 175.00 (632.96) 807.96 175.00 (632.96) 10,395.00

0.00 0.00 0.00 0.00 0.00 0.00 0.0050.00 0.00 (50.00) 50.00 0.00 (50.00) 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00

nse 2,027.04 2,875.00 847.96 2,027.04 2,875.00 847.96 43,220.00

0.00 0.00 0.00 0.00 0.00 0.00 30,000.00797.34 510.00 (287.34) Monthly service. 797.34 510.00 (287.34) 6,120.00

Variance due to two payperiods plus accrued foreight days in Jan.

Variance includesovertime for snowremoval.

Accrual for Dec was lessthan the actual bonus.Includes new move ins

and renewals.

Includes two pay periodsplus accrual for eightsdays.

Savings due to thepurchasing of feweroffice items this month.

Includes apt associationfunction.

We received four locatorleases this month, wewere budgeted for two.

Variance due to budgetis incorrect. Missed atfinal review. Cleanedready units and commonarea.

Fewer supplies neededthis month.

Heat exchanger neededto be replaced inapartment #2305.

No repairs or partsneeded this month.

Quarterly bill formonitoring of securitysystem and installationof pull station in Bldg #6.


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75.00 75.24 0.24 75.00 75.24 0.24 902.880.00 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

5,530.36 1,250.00 (4,280.36) 5,530.36 1,250.00 (4,280.36) 5,850.00

6,402.70 1,835.24 (4,567.46) 6,402.70 1,835.24 (4,567.46) 42,872.88

ric 0.00 0.00 0.00 0.00 0.00 0.00 0.00

r/Sewer 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

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 0.00enance 0.00 0.00 0.00 0.00 0.00 0.00 0.00

ance 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

10,545.04 10,802.23 257.19 10,545.04 10,802.23 257.19 135,694.22s 1,000.00 1,000.00 0.00 1,000.00 1,000.00 0.00 12,000.00Fee 3,250.00 3,300.00 50.00 3,250.00 3,300.00 50.00 39,600.00

448.90 1,300.00 851.10 448.90 1,300.00 851.10 15,600.00

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 9.58 9.58 0.00 9.58 9.58 114.960.00 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 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00123.71 0.00 (123.71) Management activity. 123.71 0.00 (123.71) 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 5,124.000.00 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

15,367.65 16,411.81 1,044.16 15,367.65 16,411.81 1,044.16 208,133.18

2,563.74 3,340.00 776.26 2,563.74 3,340.00 776.26 40,080.00

nt 0.00 0.00 0.00 0.00 0.00 0.00 0.004,165.07 2,565.00 (1,600.07) 4,165.07 2,565.00 (1,600.07) 30,780.00

10,841.47 8,965.00 (1,876.47) 10,841.47 8,965.00 (1,876.47) 107,580.00

nt Reimb (7,624.13) (6,275.50) 1,348.63 Collected 70% of billing. (7,624.13) (6,275.50) 1,348.63 (75,306.00)

0.00 0.00 0.00 0.00 0.00 0.00 23,500.00ursement 0.00 0.00 0.00 0.00 0.00 0.00 0.00

(2,398.57) (2,011.00) 387.57 (2,398.57) (2,011.00) 387.57 (24,132.00)

sement 0.00 0.00 0.00 0.00 0.00 0 .00 0.00895.89 752.94 (142.95) 895.89 752.94 (142.95) 9,387.78926.58 501.96 (424.62) 926.58 501.96 (424.62) 6,258.52

- Gas 0.00 0.00 0.00 0.00 0.00 0.00 0.009,370.05 7,838.40 (1,531.65) 9,370.05 7,838.40 (1,531.65) 118,148.30

0.00 0.00 0.00 0.00 0.00 0.00 0.00

L 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 0.000.00 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

nse 0.00 0.00 0.00 0.00 0.00 0.00 0.00

32,836.82 27,616.50 (5,220.32) 32,836.82 27,616.50 (5,220.32) 331,398.00

0.00 0.00 0.00 0.00 0.00 0.00 0.005,073.00 5,073.00 0.00 5,073.00 5,073.00 0.00 60,876.00

0.00 49.88 49.88 0.00 49.88 49.88 598.560.00 0.00 0.00 0.00 0.00 0.00 0.00

37,909.82 32,739.38 (5,170.44) 37,909.82 32,739.38 (5,170.44) 392,872.56

s 121,146.30 102,385.57 (18,760.73) 121,146.30 102,385.57 (18,760.73) 1,327,709.14E 142,310.25 167,670.22 (25,359.97) 142,310.25 167,670.22 (25,359.97) 2,064,646.41

106,586.67 106,586.67 0.00 106,586.67 106,586.67 0.00 1,279,040.0486,666.71 86,666.67 (0.04) 86,666.71 86,666.67 (0.04) 1,040,000.04

0.00 0.00 0.00 0.00 0.00 0.00 0.00193,253.38 193,253.34 (0.04) 193,253.38 193,253.34 (0.04) 2,319,040.08

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

Variance due to removalof 27 inches of snow, aswell as rental of backhoe for the property andextra man power forshoveling of snow.

7 evictions budgeted forand actual filed were 4.

Includes a $700 accrualadjustment.

Increase of gas usagedue to extended coldweather.

Increase in watercharges not anticipated.

Includes per door trashfee plus residentriembursment for anadditional trash fee.

Higher usuage due toextreme weather.

Includes personalproperty tax notbudgeted.


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0.00 170.00 170.00 0.00 170.00 170.00 2,040.00Fees 0.00 170.00 170.00 0.00 170.00 170.00 2,040.00

0.00 75.00 75.00 0.00 75.00 75.00 900.000.00 0.00 0.00 0.00 0.00 0.00 0.00

r 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

0.00 0.00 0.00 0.00 0.00 0.00 0.00up Costs 0.00 0.00 0.00 0.00 0.00 0.00 0.00se 0.00 415.00 415.00 0.00 415.00 415.00 4,980.00

0.00 0.00 0.00 0.00 0.00 0.00 18,946.000.00 3,250.00 3,250.00 0.00 3,250.00 3,250.00 3,250.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00ment 1,016.03 4,900.00 3,883.97 1,016.03 4,900.00 3,883.97 58,800.00

585.06 600.00 14.94 585.06 600.00 14.94 600.00

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 0.00 0.00 0.00 0.00

ents 0.00 1,800.00 1,800.00 0.00 1,800.00 1,800.00 3,713.00

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

1,601.09 10,550.00 8,948.91 1,601.09 10,550.00 8,948.91 85,309.00

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

(52,544.22) (36,548.12) (15,996.10) (52,544.22) (36,548.12) (15,996.10) (344,682.67)

7,542.88 0.00 7,542.88 7,542.88 0.00 7,542.88 0.00(45,001.34) (36,548.12) (8,453.22) (45,001.34) (36,548.12) (8,453.22) (344,682.67)

Deffered purchase ofthe dehumidifier and filecabinet due to overagesin budget.

Replaced one carpet,budgeted for five.

Replaced onerefrigerator

Heat exchanger for thehot tub was replacedand billed last month.


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ourtney Downs ApartmentsJan-07

7 INCOME THIS MONTH: $263,456.0011 INCOME LAST MONTH: $255,866.00-4 DIFFERENCE: 7590

TOTAL # GARAGES 120# GARAGES OCCUPIED 117

91.5%, 89.7% GARAGES OCCUPIED % 98%

REASONS WHY PROSPECTS DID NOT LEASE:

affic Leased

7 0 * Job Transfer 20 0 * Too expensive. 120 0 * Future/No Availability/Waiting list 06 0 * Just started looking. 012 3 * Waiting for Home to Sell 153 0 * Current Lease to Expire 724 7 * Needs Ground Floor 68 1 * Moved Elsewhere 010 0 * Will return with roommate or spous 180 0 * Realtor Looking for Client 30 0 * Undecided 026 3 * Employment pending 80 0 * House sale pending 9

* Rented at Competitor 296 14 TOTALS 82

4%

FOR THE MONTH

es.ado Athletic Club for breakroom.d specials all month.dropped off brochures and flyers.

ricing and specials for the month of December.esources at Albertsons Supermarket.ons of temporary housing for new home buyers.

chures and price sheets at Marriot Inn.res to John Elway Dodge.Corporation.Chevrolet with brochures.

Bank with brochures.ERTIES:discounted rents on selected units.e rents of $625, two bedrooms at $784 and three bedrooms starting at $1025.$500.00 off move in as well as prorating concessions on a 12 to 13 month lease with some of our competitors.

of January. Two are moving due to buying and/or renting houses,closer to work, 1 are going MTM and 1 skipped.ncrease of $56.25 per renewal.

ow fall throughout the property.


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driver backing into door.awing and freezing cycles.

ROUTINE REPLACEMENTS:

Number of: Apt. #

12 REFRIGERATORS 05 DISHWASHERS 07 HEAT EXCHANGE 1 2305

105 A/C COMPRESSORS 0Completed 0 CONDENSING UNITS 0

23 23 WATER HEATERS 010 10 ICE MAKERS 012 12 GARBAGE DISPOSALS 05 5 MICROWAVES 030 30 CARPETS 4 6312, 9302, 10202, 7211.0 0 CEILING FANS 025 25 TOILETS 00 0 A/C FAN MOTORS 0

105 105 COUNTER TOPS 00 CABINETS RESURFACED KITCHEN 1 15202

0 BLINDS 14TUBS RESURFACED 0

TUB TILES 0

RESS:

TION:

e to thawing and freezing cycles.

cy Howlanddy Gillane McMillanca Branchiel Tellezell Briley

e Chavez and Jorge Bernal

NTH:

e process of removing ice that has built up.

NumberReplaced

7109-3, 2304-2, 7112-2, 4202-2,2304-1, 6312-3, 7205-1.


10/52

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 0.00 725.00 0.00 $- 4 1 8 3 8

32 704 22,528 725 1.22 $27,520 $330,240 0.00 55.00 0.00 $- 0 0 1 0 1

18 910 16,380 850 1.03 $15,300 $183,600 0.00 850.00 0.00 $- 2 0 1 1 3

24 808 19,392 750 1.11 $18,000 $216,000 0.00 750.00 0.00 $- 0 0 4 1 3

32 808 25,856 750 1.14 $24,000 $288,000 0.00 750.00 0.00 $- 0 0 0 0 0

42 977 41,034 875 1.16 $36,750 $441,000 0.00 875.00 0.00 $- 12 1 5 0 17

44 1,030 45,320 900 1.12 $39,600 $475,200 0.00 900.00 0.00 $- 1 0 2 1 2

22 1,030 22,660 900 1.15 $19,800 $237,600 0.00 900.00 0.00 $- 0 0 0 0 0

24 977 23,448 875 1.18 $21,000 $252,000 0.00 875.00 0.00 $- 0 0 0 0 0

16 1,030 16,480 925 0.90 $14,800 $177,600 0.00 925.00 0.00 $- 3 0 0 0 3

20 1,030 20,600 925 0.90 $18,500 $222,000 0.00 925.00 0.00 $- 0 0 0 0 0

24 1,140 27,360 1150 1.01 $27,600 $331,200 0.00 1,150.00 0.00 $- 5 1 1 1 4

4 1,140 4,560 1150 1.01 $4,600 $55,200 0.00 1,150.00 0.00 $- 0 0 0 0 0

342 917 313,778 $867 $0.94 $296,470 $3,557,640 $- $833 0.00 $- 27 3 22 7 41

* Net of Concessions

EFFECTIVECONCESSION

EFFECTIVEPER S/F

EFFECTIVEMONTHLY

VacantsLeased

NoticeLeased

NetAvailable


11/52

MARKET SURVEYCourtney Downs

January-07

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

4 7 4 5 4 5

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

yes yes yes yes yes yes

300-600 150-300 $100 300-500 400-500 300

275-325 300 100 99 100-200 100

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


12/52

MARKET SURVEY Courtney Downs

January-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

fficiency fficiencyB1B (A) 725 704 1.03 675 779 0.87 680 627 1.08 624 685 0.91 720 768 0.94 675 707 0.95 715 763 0.94B1B (B) 850 808 1.05 780 853 0.91 725 701 1.03 700 705 0.99 750 842 0.89

B1B w/study 750 910 0.82 880 811 0.91 784 760 0.96B B

B w/loft B1B w/study 860 956 0.90 784 1051 0.75B2B (E) 875 977 0.90 855 1105 0.77 955 1044 0.91 1014 1120 0.91 885 1115 0.79 859 1033 0.83 865 1037 0.83

B2B (F) 900 1030 0.87 910 1192 0.76 1110 1196 0.93 965 1220 0.79 945 1093 0.86B2B (G) 925 1030 0.90 1265 1180 1.07

B2B (H)B2B

B w/study B2B TH B2B TH

B2B 1,150 1140 1.01 1075 1398 0.77 1385 1330 1.04 1064 1230 0.87 1050 1356 0.77 1235 1235 1.00 1108 1257 0.88B2B

% occ /leased 90 91.52 95% 98 99 98% 0 0% 91.3 93 94% 95.0 98 93% 92.5 94 94% 95.0 97 96%

Avg PSF 1 0.94 0.82 0.99 0.90 0.84 0.91 0.88Avg Rents 882 1114 994 808 874 1131 995

/ Avail) 342 41 507 22 653 216 21 312 17 360 22 0 168 22

ates Sepcial: $500 Look and Leaseflect these rates1 Bd $725 1 BD $675 to $735 $680 1/1 $860 2/2 $1385 3/2 1 Bd $624 to $784 1 Bd $650 to $880 1 Bd $675 to $784

pecials: 2 Bd $875 2BD $855 to $1000 special was pulled off the inter 2 Bd $784 to $1014 2 Bd $895 to $920 2 Bd $859 to $9453 Bd $1150 3BD $1075 due to property will not give info. 3 Bd $1110 to $1120 3 Bd $1235 none available.

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

nits(Tot

Special: $350 Look and Lease.As well as price matching upfront only.

Special: Reduced pricingfor all floor plans.

Special:waive securitydeposit and $150.00 giftcard to any location.

Special: $400.00 off 1stmonth rent look and leasespecial.

Special: $500 Look andLease.

Special: Discounts on allavailable rents.

Ren.: Keep all residents4% under all newresidents.

Ren: Info not avail percorporate

Ren: $40 increas for 12month lease

Ren: Average $10 to $25increase.

Ren: Free carpet cleaningwith 12mo.


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USA Courtney Downs Jan 2007

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