USA Courtney Downs July 2007

8/14/2019 USA Courtney Downs July 2007

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USA Courtney Downs LeaseCo, LLCBalance Sheet

Books = AccrualJul 2007

SETS

78,975.330.00

$78,975.33

vable 8,412.78

es 28,164.80112,236.66

eserves 62,618.58 Escrow 200,000.00

sets 411,432.82

490,408.15

S & CAPITAL

le - Trade 163,508.39

Payable 747,332.34198,802.26

4,136.03ts 43,742.63

11,933.201,169,454.85

100.00gs (679,146.70)

(679,046.70)

ES & CAPITAL 490,408.15

ES & CAPITAL 489,776.07


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

342 313,778 342 313,778

352,560 345,950 343,190 338,114 331,407 327,521 321,211 321,211 321,211 321,211 321,211 321,211 3,966,008 11,596.51 12.64 364,160 4,984,199 14,573.68 15.88(34,193) (31,453) (33,657) (26,399) (19,217) (11,745) (8,517) (9,000) (11,745) (11,745) (11,745) (11,745) (221,160) (646.67) (0.70) (43,000) (288,297) (842.97) (0.92)(77,240) (77,177) (74,811) (68,736) (56,781) (52,476) (45,332) (49,000) (46,476) (46,476) (46,476) (46,476) (687,457) (2,010.11) (2.19) (80,000) (862,422) (2,521.70) (2.75)(5,251) (7,154) (5,738) (5,449) (6,551) (6,386) (5,803) (6,386) (6,386) (6,386) (6,386) (6,386) (74,264) (217.15) (0.24) (6,085) (93,339) (272.92) (0.30)

235,876 230,165 228,984 237,529 248,858 256,914 261,560 256,825 256,604 256,604 256,604 256,604 2,983,126 8,722.59 9.51 235,075 3,740,141 10,936.08 11.92

27,580 21,616 22,944 22,832 23,203 22,482 19,521 22,500 20,545 20,545 20,545 20,195 264,508 773.42 0.84 19,000 325,022 950.36 1.04

263,457 251,781 251,928 260,361 272,061 279,396 281,081 279,325 277,149 277,149 277,149 276,799 3,247,635 9,496.01 10.35 254,075 4,065,163 11,886.44 12.96

33,611 20,391 30,933 32,195 31,382 31,663 40,842 27,426 30,872 26,976 27,014 30,347 363,652 1,063.31 1.16 37,759 459,836 1,344.55 1.472,710 2,821 2,230 3,652 3,228 3,040 5,519 3,845 3,725 3,725 3,725 3,665 41,885 122.47 0.13 3,030 52,428 153.30 0.176,159 5,921 9,117 4,298 6,292 4,400 4,564 8,192 7,393 6,993 6,993 6,394 76,717 224.32 0.24 6,885 97,214 284.25 0.313,805 2,722 3,636 6,647 4,645 6,951 5,843 4,095 3,803 3,705 3,803 2,828 52,481 153.45 0.17 7,500 66,764 195.22 0.212,027 1,541 2,485 2,639 1,612 1,405 3,289 2,425 2,425 15,095 2,425 2,425 39,794 116.36 0.13 2,295 47,055 137.59 0.156,403 10,329 1,917 3,299 5,923 4,883 3,010 3,085 5,585 5,585 6,385 1,835 58,239 170.29 0.19 2,395 69,025 201.83 0.22

15,368 15,798 15,451 15,440 14,701 16,179 18,825 17,122 17,235 17,209 17,247 17,301 197,877 578.59 0.63 14,969 247,974 725.07 0.799,370 15,941 12,794 6,685 9,354 12,548 12,990 13,713 12,776 8,388 8,001 8,051 130,613 381.91 0.42 10,900 157,947 461.83 0.50

37,910 33,542 33,143 33,465 34,552 34,243 64,955 32,739 32,739 32,739 32,739 32,739 435,507 1,273.41 1.39 0 436,782 1,277.14 1.3937,237 37,237 108.88 0.12

117,362 109,007 111,705 108,319 111,690 115,314 159,837 112,644 116,553 120,416 108,332 105,585 1,396,764 4,084.11 4.45146,094 142,774 140,223 152,043 160,371 164,082 121,244 166,681 160,595 156,732 168,816 171,213 1,850,870 5,411.90 5.90 122,970 1,672,262 4,889.65 5.33

131,106 2,392,902 6,996.79 7.63193,253 193,253 193,253 193,253 193,253 193,253 193,253 193,253 193,253 193,253 193,253 193,253 2,319,040 6,780.82 7.39

0 0 0 0 365 0 690 415 415 415 415 415 3,130 9.15 0.01 193,254 197,223 576.68 0.631,601 4,113 10,791 8,376 13,906 2,091 4,426 4,900 4,900 4,900 4,900 4,900 69,804 204.11 0.22 0 79,808 233.36 0.25

3,300 3,300 9.65 0.01(48,760) (54,592) (63,822) (49,586) (47,153) (31,262) (77,125) (31,887) (37,973) (41,836) (29,752) (27,355) (541,104) (1,582.18) (1.72)

(65,449) 2,112,570 6,177.11 6.737,543 (3,489) 0 0 0 0 0 0 0 0 0 0 0

250,000 250,000

s 0 0 4,562 4 ,374 2 ,739 0 46,036 0 0 0 0 0 57,711(4,571) (717) 131,540 (134,406) 2,387 (1,420) 8,565 0 0 0 0 0 1,377 0 1,377(7,749) 3,588 6,328 (4,460) 523 337 10,797 0 0 0 0 0 9,364 0 9,364

(30,394) (34,568) (34,568) (34,822) 322,388 (35,800) (35,800) (7,125) (7,125) (7,125) (7,125) (7,125) 80,811 0 66,561(2,951) (2,951)

sets (42,714) (31,697) 107,861 (169,314) 328,037 (36,884) 29,597 (7,125) (7,125) (7,125) (7,125) (7,125) 149,262 (2,951) 74,35036,334 64,458 (135,734) 185,452 117,385 41,375 118,141 0 0 0 0 0 427,41041,830 25,859 110,449 36,480 (411,342) 29,291 (51,145) 0 0 0 0 0 (218,579) 0 (218,579)(1,829) (1,300) (1,433) (4,374) (2,739) (793) (1,500) 0 0 0 0 0 (13,968) 0 (13,968)

0 (11,458) (5,571) 15,448 1,581 0 12,262 0 0 0 0 0 12,262 0 12,2620 0

iab. 76,334 77,559 (32,289) 233,006 (295,115) 69,872 77,757 0 0 0 0 0 207,1240 (220,285)

(7,597) (12,219) 11,751 14,106 (14,231) 1,726 30,229 (39,012) (45,098) (48,961) (36,877) (34,480) (184,718)

47,614 35,395 47,146 61,251 47,020 48,746 78,975 39,963 (5,135) (54,096) (90,973) (125,453) 181,601 2,216,635181,601

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

Row 59 Row 60


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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 July 31, 2007

MTD MTD YTD YTD

Actual Budget $ Variance MTD Variance Comment Actual Budget

294,410.00 350,465.00 (56,055.00) 2,082,600.00 2,465,960.00

26,801.00 0.00 26,801.00 277,353.00 0.00321,211.00 350,465.00 (29,254.00) Explained above. 2,359,953.00 2,465,960.00

s 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00(8,516.51) (23,504.56) 14,988.05 (165,180.92) (190,014.81)

(3,229.50) (7,830.00) 4,600.50 (22,985.11) (43,065.00)

0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

(882.10) (660.00) (222.10) (7,887.10) (4,463.04)(1,980.00) (1,625.00) (355.00) (13,860.00) (11,375.00)

0.00 0.00 0.00 0.00 0.00

(1,780.80) (2,050.00) 269.20 (12,465.60) (14,350.00)nce Fe 0.00 0.00 0.00 0.00 0.00

(1,160.00) (900.00) (260.00) (8,120.00) (6,300.00)(42,102.00) (50,557.22) 8,455.22 (429,567.37) (415,639.87)

ncome 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 0.000.00 0.00 0.00 0.00 0.00

$261,560.09 $263,338.22 $(1,778.13) $1,699,886.90 $1,780,752.28

0.00 0.00 0.00 0.00 0.000.00 68.00 (68.00) 0.00 476.000.00 0.00 0.00 0.00 0.00

1,484.89 1,650.00 (165.11) 10,401.73 11,550.00968.87 200.00 768.87 4,563.86 1,400.00

980.00 960.00 20.00 6,034.98 6,720.00s 0.00 0.00 0.00 0.00 0.00

1,770.00 1,150.00 620.00 10,260.00 6,400.00

es 1,350.00 1,000.00 350.00 5,034.76 7,000.00

793.19 1,160.00 (366.81) 4,706.92 8,120.000.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 3,488.53 0.002,409.68 2,456.00 (46.32) 21,993.72 17,192.00

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 0.000.00 0.00 0.00 0.00 0.00

6,992.03 6,650.00 342.03 47,197.35 46,550.00

0.00 0.00 0.00 0.00 0.00(3,026.34) 1,006.00 (4,032.34) 4,564.46 7,042.00

per 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

196.58 90.00 106.58 2,393.65 630.000.00 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 0.003,000.00 4,000.00 (1,000.00) 21,300.00 21,400.00

1,728.85 5,550.00 (3,821.15) 16,067.90 32,190.00

872.79 300.00 572.79 2,170.23 2,550.00

0.00 0.00 0.00 0.00 0.000.00 425.00 (425.00) 0.00 2,975.000.00 (1,750.00) 1,750.00 0.00 (12,250.00)

0.00 0.00 0.00 0.00 0.00

ns 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 0.000.00 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 0.000.00 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 0.0019,520.54 24,915.00 (5,394.46) Explained above. 160,178.09 159,945.00

Variance due to concessions no longerbeing offered, market rents changed toreflect lower rents.

Variance due to closing out at 97.95%versus 9.39% budgeted.

Current specials offered are on our twobedrooms only, with a look and leasespecial of $350.00 off move in cost.

Concessions have been reduced tomeet the market needs and we havebeen renewing leases with fewerconcessions.

Had seven people go on month tomonth versus budgeted for two.

Budgeted for 23 application fees andactual was 35.

Reversal of $4,560.80 on priorcomcast acc'l.

27 Administrations fees budgeted forand actual collected were 20.

Variance due to apartments being leftin better condition and resulting infewer charges.

Variance due to three short term feesbudgeted for and actual collected waseight.

All charges being booked under guestsuite expense.


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$281,080.63 $288,253.22 $(7,172.59) Explained above. $1,860,064.99 $1,940,697.28

16,617.94 12,613.82 (4,004.12) 82,691.31 84,692.78

0.00 0.00 0.00 0.00 0.00

15,589.27 11,784.65 (3,804.62) 92,817.25 79,125.53

0.00 0.00 0.00 0.00 0.00

6,488.06 2,850.00 (3,638.06) 31,233.51 22,273.18

0.00 0.00 0.00 0.00 0.001,140.00 778.00 (362.00) 10,877.50 5,446.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.001,006.25 0.00 (1,006.25) 3,396.75 0.00

0.00 0.00 0.00 0.00 0.00

40,841.52 28,026.47 (12,815.05) Explained above. 221,016.32 191,537.49

es 1,646.52 1,000.00 (646.52) 4,796.60 7,000.00

593.39 1,100.00 506.61 4,990.35 7,700.00

138.00 100.00 (38.00) 597.66 700.00469.12 170.00 (299.12) 1,610.69 1,190.00

0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

s 897.82 90.00 (807.82) 897.82 630.00

0.00 0.00 0.00 0.00 0.00479.04 115.00 (364.04) 3,017.93 805.00

0.00 0.00 0.00 0.00 0.00

0.00 25.00 25.00 385.44 175.000.00 25.00 25.00 0.00 175.00

645.50 690.00 44.50 2,993.00 3,840.00649.39 650.00 0.61 3,910.77 4,550.00

0.00 0.00 0.00 0.00 0.005,518.78 3,965.00 (1,553.78) Explained above. 23,200.26 26,765.00

3,402.07 2,600.00 (802.07) 24,566.96 23,500.00

337.05 798.00 460.95 2,729.20 5,586.00825.00 2,892.40 2,067.40 8,854.52 15,474.34

0.00 3,100.00 3,100.00 4,600.00 16,585.00

4,564.12 9,390.40 4,826.28 Explained above. 40,750.68 61,145.34

195.05 900.00 704.95 1,482.45 4,770.00

Variance includes final payroll andvacation payout through end of July.

Variance includes final payroll andvacation payout through end of July.

Variance includes final commissionspaid out for June and July.

Variance due to temporary office helpto replace Shannon.

Variance due to 6/07 wire charges andbank fees as well as July's globalcharges.

Variance includes reversal of prioracc'ls/LB.

Variance includes 7/1 to 6/08apartment association membershipdues.

Variance is due to reimbursment ofLynn expenses and airfare formanagers retreat.

Variance due to buying of marketingmaterials and purschasing of directmailers.

Variance due to seven locatorsbudgeted for and two actual used.

Six referrals budgeted for and zerowere used.


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3,565.00 250.00 (3,315.00) Variance due to budget error. 19,150.00 1,750.00

1,618.00 3,000.00 1,382.00 10,923.00 15,900.00

158.39 100.00 (58.39) 1,548.23 700.000.00 0.00 0.00 0.00 0.000.00 50.00 50.00 364.31 350.00

0.00 416.67 416.67 75.00 2,916.690.00 25.00 25.00 0.00 175.00

306.35 133.33 (173.02) 705.11 933.315,842.79 4,875.00 (967.79) Explained above. 34,248.10 27,495.00

pplies 710.67 700.00 (10.67) 4,551.81 4,900.00105.99 100.00 (5.99) 1,202.19 700.00216.72 140.00 (76.72) 576.34 980.00281.43 150.00 (131.43) 281.43 1,050.00

0.00 0.00 0.00 270.00 0.001,042.32 450.00 (592.32) 2,759.83 3,150.00

0.00 0.00 0.00 0.00 0.00366.81 160.00 (206.81) 1,183.91 1,120.0029.50 450.00 420.50 1,106.62 3,600.00

317.64 75.00 (242.64) 467.51 525.000.00 25.00 25.00 355.34 175.000.00 0.00 0.00 45.40 1,000.00

0.00 0.00 0.00 0.00 0.00218.22 175.00 (43.22) 2,198.40 1,225.00

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

3,289.30 2,425.00 (864.30) Explained above. 14,998.78 18,425.00

2,654.83 2,500.00 (154.83) 14,044.90 12,500.00354.92 510.00 155.08 4,882.46 3,570.00

0.00 75.24 75.24 465.26 526.680.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 16,370.42 3,800.00

3,009.75 3,085.24 75.49 35,763.04 20,396.68

0.00 0.00 0.00 0.00 0.00ewer 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00s 0.00 0.00 0.00 0.00 0.00emov 0.00 0.00 0.00 0.00 0.00g Svc 0.00 0.00 0.00 0.00 0.00ance 0.00 0.00 0.00 0.00 0.00

ce 0.00 0.00 0.00 0.00 0.00es 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 N/A 0.00 0.00

11,825.59 11,530.13 (295.46) 77,256.79 77,627.891,000.00 1,000.00 0.00 7,000.00 7,000.00

3,250.00 3,300.00 50.00 22,750.00 23,100.00(204.00) 1,300.00 1,504.00 1,509.40 9,100.00

0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

0.00 9.58 9.58 0.00 67.060.00 0.00 0.00 0.00 0.00

ses 0.00 0.00 0.00 0.00 0.00403.37 0.00 (403.37) Reimb of Deb Parker visit. 572.67 0.00

0.00 0.00 0.00 123.71 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

2,550.30 2,500.00 (50.30) 2,550.30 5,124.00

0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

18,825.26 19,639.71 814.45 Explained above. 111,762.87 122,018.95

3,270.68 3,340.00 69.32 19,466.07 23,380.00

Variance due to 14 actual cleans andbudgeted for was 25.

Variance due to more pool filter's beingchanged.

Six evictions filed and all costrecouped from residents.


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0.00 0.00 0.00 0.00 0.00

754.92 2,565.00 1,810.08 14,742.56 17,955.00

9,726.13 8,965.00 (761.13) 96,052.08 62,755.00

Reim (5,631.70) (6,275.50) (643.80) (58,529.17) (43,928.50)

5,765.63 6,000.00 234.37 11,823.42 12,000.00ement 0.00 0.00 0.00 0.00 0.00

(1,972.60) (2,011.00) (38.40) (16,503.97) (14,077.00)

ment 0.00 0.00 0.00 0.00 0.00910.84 677.94 (232.90) 8,071.89 5,480.58

165.80 451.96 286.16 4,560.35 3,653.72as 0.00 0.00 0.00 0.00 0.00

12,989.70 13,713.40 723.70 Explained above. 79,683.23 67,218.80

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

28,800.00 27,616.50 (1,183.50) 198,802.26 193,315.50

0.00 0.00 0.00 0.00 0.00

36,155.35 5,073.00 (31,082.35) 72,407.66 35,511.00

0.00 49.88 49.88 600.00 349.160.00 0.00 0.00 0.00 0.00

64,955.35 32,739.38 (32,215.97) 271,809.92 229,175.66159,836.57 117,859.60 (41,976.97) 833,233.20 764,177.92121,244.06 170,393.62 (49,149.56) Explained above. 1,026,831.79 1,176,519.36

ent 106,586.67 106,586.67 0.00 746,106.69 746,106.69ment 0.00 0.00 0.00 0.00 0.00

86,666.71 86,666.67 (0.04) 606,666.97 606,666.690.00 0.00 0.00 0.00 0.00

193,253.38 193,253.34 (0.04) 1,352,773.66 1,352,773.38

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 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

0.00 170.00 170.00 0.00 1,190.00es 0.00 170.00 170.00 365.00 1,190.00

282.40 75.00 (207.40) 282.40 525.00

407.41 0.00 (407.41) 407.41 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

Costs 0.00 0.00 0.00 0.00 0.00

689.81 415.00 (274.81) 1,054.81 2,905.00

0.00 0.00 0.00 0.00 18,946.000.00 0.00 0.00 0.00 3,250.000.00 0.00 0.00 0.00 0.00

nt 4,425.80 4,900.00 474.20 38,856.83 34,300.000.00 0.00 0.00 585.06 600.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

s 0.00 0.00 0.00 5,862.26 3,713.00

0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

4,425.80 4,900.00 474.20 45,304.15 60,809.00

Includes a $1,814.22 reversal of prioracc'ls/LB.

Includes a $1,274.75 reversal of prioracc'ls/LB.

Includes a $16,553.43 reversal of prior

acc'ls/LB.

Variance due to $28,800 accrueproperty taxes.

Variance includes $30,522.40 w/o inspenalty from 2006 as well as

$5,632.95 Insurance amort incld pullout.


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

(77,124.93) (28,174.72) (48,950.21) (372,300.83) (239,968.02)

0.00 0.00 0.00 4,054.35 0.00(77,124.93) (28,174.72) (48,950.21) (368,246.48) (239,968.02)


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nnual

udget YTD Variance Comment

209,210.00

0.00209,210.00

0.000.00

325,479.64)

(59,160.00)

0.000.00

(7,841.82)(19,500.00)

0.00(24,600.00)

0.00(10,800.00)632,942.99)

0.000.00

0.000.00

128,885.55

0.00816.00

0.0019,800.00

2,400.00

11,520.000.00

10,250.00

12,000.0013,920.00

0.00

0.0029,472.000.000.000.000.00

79,800.000.00

12,072.00

0.000.00

1,080.000.000.000.00

33,800.00

48,840.00

3,600.00

0.005,100.00

(21,000.00)

0.00

0.000.00

0.000.000.000.000.000.00

0.00263,470.00


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,392,355.55

147,761.88

0.00

138,048.78

0.00

39,026.28

0.009,336.00

0.00

0.000.00

0.00

334,172.94

12,000.00

13,200.00

1,200.002,040.00

0.000.00

1,080.00

0.001,380.00

0.00

300.00300.00

6,150.007,800.00

0.0045,450.00

36,900.00

9,576.0024,440.78

26,195.00

97,111.78

7,852.50


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0.00

30,780.00

107,580.00

(75,306.00)

23,500.000.00

(24,132.00)

0.009,387.78

6,258.520.00

118,148.30

0.000.000.000.000.000.00

0.000.000.00

0.000.000.000.000.000.00

331,398.00

0.00

60,876.00

598.560.00

392,872.56,327,709.14,064,646.41

,279,040.040.00

,040,000.040.00

,319,040.08

0.00

0.000.000.000.00

2,040.002,040.00

900.00

0.000.000.000.000.000.00

4,980.00

18,946.003,250.00

0.00

58,800.00600.00

0.000.000.00

3,713.00

0.000.00

85,309.00


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0.000.000.00

(344,682.67)

0.00(344,682.67)


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ourtney Downs ApartmentsJul-07

24 INCOME THIS MONTH: $281,080.6319 INCOME LAST MONTH: $279,395.825 DIFFERENCE: $1,684.81

TOTAL # GARAGES 120# GARAGES OCCUPIED 115

97.9%, 98.5% GARAGES OCCUPIED % 96%

REASONS WHY PROSPECTS DID NOT LEASE:

affic Leased

0 0 * Job Transfer 44 1 * Too expensive. 0

0 0 * Future/No Availability/Waiting list 114 0 * Just started looking. 015 8 * Waiting for Home to Sell 67 0 * Current Lease to Expire 932 6 * Needs Ground Floor 148 1 * Moved Elsewhere 510 1 * Will return with roommate or spou 180 0 * Realtor Looking for Client 08 1 * Undecided 45 0 * Employment pending 2

0 0 * House sale pending 2* Rented at Competitor 0

93 18 TOTALS 75

3%

FOR THE MONTH

ment for preferred employer program.dge Human Resources for new employees to the area.pital.for the month.

ricing and specials for the month of April .Direct TV Human Resources.with options of temporary housing for new home buyers.

hures to Nextel.res to Marriott extended stay hotels.er's to Ryland Homes team.Ford dealership.mond homes.ERTIES:discounted rents on selected units.

e rents of $710, two bedrooms at $825and three bedrooms starting at $900.$250 to $500 off 1st rent on a 12 to 13 month lease.

of July. Nine are moving due to purchasing a home and/or condo,loosing their roommate, three due to price increase, one is moving closer to work.age increase of $30.09 per renewal.


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ROUTINE REPLACEMENTS:

Number of: Apt. #

16 REFRIGERATORS 09 DISHWASHERS 07 WINDOWS 0

160 A/C COMPRESSORS 0

Completed 0 CONDENSING UNITS 032 32 WATER HEATERS 021 21 ICE MAKERS 016 16 GARBAGE DISPOSALS 028 28 MICROWAVES 052 52 CARPETS 4 9308, 7105, 9204, 10309.0 0 CEILING FANS 011 11 TOILETS 00 0 A/C FAN MOTORS 0

160 160 COUNTER TOPS 00 CABINETS RESURFACED KITCHEN 0

0 BLINDS 17

TUBS RESURFACED 0TUB TILES 0

RESS:

TION:

fix watering timing.

cy Howlanddy Gillane McMillanmer Wahrmanriel Tellezsell Brileye Chavez and Jorge Bernal

NTH:

six.

NumberReplaced

16105-2, 19309-1, 12302-1, 10208-1, 10207-2, 4307-1, 4305-1, 19209-2, 7110-1, 12212-1, 4203-2, 7105-2.


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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 28,160 725 1.03 $29,000 $348,000 0.00 725.00 0.00 $- 1 1 5 0 3

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

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

24 808 19,392 750 1.11 $18,000 $216,000 0.00 750.00 0.00 $- 0 0 6 0 4

32 808 25,856 760 1.14 $24,320 $291,840 0.00 760.00 0.00 $- 0 0 0 0 0

42 977 41,034 875 1.16 $36,750 $441,000 0.00 875.00 0.00 $- 1 0 5 2 3

44 1,030 45,320 900 1.12 $39,600 $475,200 0.00 900.00 0.00 $- 3 2 7 4 3

22 1,030 22,660 925 1.15 $20,350 $244,200 0.00 925.00 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 $- 0 0 4 1 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 1160 1.02 $27,840 $334,080 0.00 1,160.00 0.00 $- 0 0 7 2 5

4 1,140 4,560 1160 1.02 $4,640 $55,680 0.00 1,160.00 0.00 $- 0 0 0 0 0

342 917 313,778 $870 $0.95 $297,620 $3,571,440 $- $837 0.00 $- 5 3 36 9 23

* Net of Concessions

EFFECTIVECONCESSION

EFFECTIVEPER S/F

EFFECTIVEMONTHLY

VacantsLeased

NoticeLeased

NetAvailable


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MARKET SURVEYCourtney Downs

July-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 303-805-7200 303-680-6696

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

507 653 216 312 360 168

5 7 4 6 6 6

$35.00 $40.00 $35.00 $40.00 $35.00 $40.00yes yes no yes no yes

yes yes yes yes yes yes

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

275-325 300 $300 $100.00 $200-300 100

yes Only In Select Units Only Select Units no yes no

yes yes yes 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


18/58

MARKET SURVEY Courtney Downs

July-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 1.03 710 779 0.91 680 627 1.08 713 685 1.04 720 768 0.94 690 707 0.98 689 763 0.90B1B (B) 850 808 1.05 900 853 1.06 740 701 1.06 688 705 1.02 730 842 0.87 708 796 729 763 1.05

B1B w/study 750 910 0.82 840 811 0.91 739 760 1.03 895 992 1040 916B B

B w/loft B1B w/study 820 956 0.86 900 1051 0.86B2B (E) 875 977 0.90 950 1105 0.86 920 1044 0.88 975 1120 0.87 885 1115 0.79 900 1033 0.87 813 1037 0.78

B2B (F) 900 1030 0.87 1015 1192 0.85 1060 1196 0.89 970 1220 0.80 965 1093 0.88 840 1037 1.23

B2B (G) 925 1030 0.90 1090 1180 0.92B2B (H)B2B

B w/study B2B TH B2B TH

B2B 1,160 1140 1.02 1270 1398 0.91 1320 1330 0.99 1100 1230 0.89 1100 1356 0.81 1290 1235 1.04 897 1257 0.71B2B 1340 1398 0.91 1305 1235 1.04 1134 1257 1.10

% occ /leased 98 98.50% 91% 96.1 99.6 98% 0 0% 93.4 94.00% 94% 95.0 90 93% 93.9 94 94% 95.0 97 98%

Avg PSF 1 0.94 0.92 0.95 0.95 0.84 0.96 0.96

Avg Rents 884 1114 994 808 883 1131 995/ Avail) 342 5 507 18 653 216 14 312 7 360 25 0 168 4

ateseflect these rates:

pecials:

Ren: $35 to $50 increase. Ren:Per corporate

nits(Tot

Special: look and leasespecial $150 security depositwaived and $350 off firstmonths rent only onsteepelchases and arlingtons.

Special: Reduced pricingfor all floor plans.

Will not give out anyinformation.

Special:waive securitydeposit.

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

Special: All of August free,Look and Lease.

Special: $150 off the 1stmonths rent.

Ren.: 11% increase on allrenewals.

Ren: Info not avail percorporate

Ren: $15 to $30 increasfor 12 month lease

Ren: Average $10 to $25increase.

Ren: Free carpet cleaningwith 12mo.


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USA Courtney Downs July 2007

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