USA Courtney Downs June 2007

8/14/2019 USA Courtney Downs June 2007

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USA Courtney Downs LeaseCo, LLCBalance Sheet

Books = AccrualJun 2007

SETS

48,745.870.00

ts 46,036.00$94,781.87

vable 16,977.96es 38,961.44

83,561.22eserves 55,493.58

Escrow 200,000.00sets 394,994.20

489,776.07

S & CAPITAL

le - Trade 50,974.93 Payable 817,580.40

170,002.268,226.01

ts 45,242.63(328.39)

1,091,697.84

100.00gs (602,021.77)

(601,921.77)

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

342 313,778 342 313,778

352,560 345,950 343,190 338,114 331,407 327,521 350,465 349,860 349,255 348,650 348,045 347,440 4,132,457 12,083.21 13.17 364,160 5,204,198 15,216.95 16.59(34,193) (31,453) (33,657) (26,399) (19,217) (11,745) (15,000) (15,000) (15,000) (15,000) (15,000) (15,000) (246,664) (721.24) (0.79) (43,000) (320,386) (936.80) (1.02)(77,240) (77,177) (74,811) (68,736) (56,781) (52,476) (58,387) (54,989) (49,108) (46,826) (42,919) (39,555) (699,006) (2,043.88) (2.23) (80,000) (863,527) (2,524.93) (2.75)(5,251) (7,154) (5,738) (5,449) (6,551) (6,386) (5,235) (5,242) (5,252) (5,250) (5,253) (5,257) (68,019) (198.88) (0.22) (6,085) (84,812) (247.99) (0.27)

235,876 230,165 228,984 237,529 248,858 256,914 271,843 274,629 279,895 281,573 284,873 287,628 3,118,768 9,119.20 9.94 235,075 3,935,473 11,507.23 12.54

27,580 21,616 22,944 22,832 23,203 22,482 24,915 21,695 20,545 20,545 20,545 20,195 269,098 786.83 0.86 19,000 329,625 963.82 1.05

263,457 251,781 251,928 260,361 272,061 279,396 296,758 296,324 300,440 302,118 305,418 307,823 3,387,865 9,906.04 10.80 254,075 4,265,098 12,471.05 13.59

33,611 20,391 30,933 32,195 31,382 31,663 28,026 27,426 30,872 26,976 27,014 30,347 350,837 1,025.84 1.12 37,759 446,983 1,306.97 1.422,710 2,821 2,230 3,652 3,228 3,040 3,965 3,845 3,725 3,725 3,725 3,665 40,331 117.93 0.13 3,030 50,870 148.74 0.166,159 5,921 9,117 4,298 6,292 4,400 9,390 8,192 7,393 6,993 6,993 6,394 81,543 238.43 0.26 6,885 102,055 298.41 0.333,805 2,722 3,636 6,647 4,645 6,951 4,875 4,095 3,803 3,705 3,803 2,828 51,513 150.62 0.16 7,500 65,794 192.38 0.212,027 1,541 2,485 2,639 1,612 1,405 2,425 2,425 2,425 15,095 2,425 2,425 38,929 113.83 0.12 2,295 46,188 135.05 0.156,403 10,329 1,917 3,299 5,923 4,883 3,085 3,085 5,585 5,585 6,385 1,835 58,315 170.51 0.19 2,395 69,101 202.05 0.22

15,368 15,798 15,451 15,440 14,701 16,179 19,640 17,122 17,235 17,209 17,247 17,301 198,692 580.97 0.63 14,969 248,791 727.46 0.799,370 15,941 12,794 6,685 9,354 12,548 13,713 13,713 12,776 8,388 8,001 8,051 131,336 384.02 0.42 10,900 158,673 463.96 0.51

37,910 33,542 33,143 33,465 34,552 34,243 32,739 32,739 32,739 32,739 32,739 32,739 403,291 1,179.21 1.29 0 404,471 1,182.66 1.2937,237 37,237 108.88 0.12

117,362 109,007 111,705 108,319 111,690 115,314 117,860 112,644 116,553 120,416 108,332 105,585 1,354,787 3,961.37 4.32146,094 142,774 140,223 152,043 160,371 164,082 178,898 183,680 183,887 181,702 197,086 202,237 2,033,078 5,944.67 6.48 122,970 1,630,162 4,766.55 5.20

131,106 2,634,936 7,704.49 8.40193,253 193,253 193,253 193,253 193,253 193,253 193,253 193,253 193,253 193,253 193,253 193,253 2,855 8.35 0.01

0 0 0 0 365 0 415 415 415 415 415 415 70,278 205.49 0.22 193,254 264,568 773.59 0.841,601 4,113 10,791 8,376 13,906 2,091 4,900 4,900 4,900 4,900 4,900 4,900 0 0.00 0.00 0 9,800 28.65 0.03

3,300 3,300 9.65 0.01(48,760) (54,592) (63,822) (49,586) (47,153) (31,262) (19,670) (14,888) (14,681) (16,867) (1,483) 3,669 1,959,944 5,730.83 6.25

(65,449) 2,357,268 6,892.60 7.517,543 (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 0 0 0 0 0 0 (7,189)(4,571) (717) 131,540 (134,406) 2,387 (1,420) 0 0 0 0 0 0 (1,433) 0 (1,433)(7,749) 3,588 6,328 (4,460) 523 337 0 0 0 0 0 0 109,486 0 109,486

(30,394) (34,568) (34,568) (34,822) 322,388 (35,800) (7,125) (7,125) (7,125) (7,125) (7,125) (7,125) 0 0 (14,250)(2,951) (2,951)

sets (42,714) (31,697) 107,861 (169,314) 328,037 (36,884) (7,125) (7,125) (7,125) (7,125) (7,125) (7,125) 100,865 (2,951) 90,85236,334 64,458 (135,734) 185,452 117,385 41,375 0 0 0 0 0 0 (167,434)41,830 25,859 110,449 36,480 (411,342) 29,291 0 0 0 0 0 0 (12,468) 0 (12,468)(1,829) (1,300) (1,433) (4,374) (2,739) (793) 0 0 0 0 0 0 0 0 0

0 (11,458) (5,571) 15,448 1,581 0 0 0 0 0 0 0 0 0 00 0

iab. 76,334 77,559 (32,289) 233,006 (295,115) 69,872 0 0 0 0 0 0 (179,902)0 (12,468)

(7,597) (12,219) 11,751 14,106 (14,231) 1,726 (26,795) (22,013) (21,806) (23,992) (8,608) (3,456) 1,880,907

47,614 35,395 47,146 61,251 47,020 48,746 21,951 (63) (21,869) (45,861) (54,468) (57,924) 181,601 2,685,652181,601

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

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 = Accrual

For the period ending June 30, 2007

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

294,410.00 351,070.00 (56,660.00) 1,788,190.00 2,115,495.00 (327,305.00) 4,209,210.00

33,111.00 0.00 33,111.00 250,552.00 0.00 250,552.00 0.00

327,521.00 351,070.00 (23,549.00) 2,038,742.00 2,115,495.00 (76,753.00) 4,209,210.00s Dues 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00(11,744.84) (24,544.68) 12,799.84 (156,664.41) (166,510.25) 9,845.84 (325,479.64)

ssions (3,004.46) (6,525.00) 3,520.54 (19,755.61) (35,235.00) 15,479.39 (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

(1,465.51) (655.52) (809.99) (7,005.00) (3,803.04) (3,201.96) (7,841.82)

(1,980.00) (1,625.00) (355.00) Two model units. (11,880.00) (9,750.00) (2,130.00) (19,500.00)

0.00 0.00 0.00 0.00 0.00 0.00 0.00t (1,780.80) (2,050.00) 269.20 Two associates live on site. (10,684.80) (12,300.00) 1,615.20 (24,600.00)

ntenance Fe 0.00 0.00 0.00 0.00 0.00 0.00 0.00(1,160.00) (900.00) (260.00) Maintain one guest suite. (6,960.00) (5,400.00) (1,560.00) (10,800.00)

sions (49,471.67) (53,218.12) 3,746.45 (387,465.37) (365,082.65) (22,382.72) (632,942.99)

Dues Income 0.00 0.00 0.00 0.00 0.00 0.00 0.00aid 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 0.00rence 0.00 0.00 0.00 0.00 0.00 0.00 0.00

$256,913.72 $261,551.68 $(4,637.96) $1,438,326.81 $1,517,414.06 $(79,087.25) $3,128,885.55

0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 68.00 (68.00) 0.00 408.00 (408.00) 816.00

ome 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Fees 2,168.00 1,650.00 518.00 8,916.84 9,900.00 (983.16) 19,800.00

mium 535.00 200.00 335.00 There are three month to month leases. 3,594.99 1,200.00 2,394.99 2,400.00

931.67 960.00 (28.33) 5,054.98 5,760.00 (705.02) 11,520.00ce Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00

1,630.00 1,050.00 580.00 8,490.00 5,250.00 3,240.00 10,250.00

Damages 0.00 1,000.00 (1,000.00) 3,684.76 6,000.00 (2,315.24) 12,000.00

me 577.55 1,160.00 (582.45) 3,913.73 6,960.00 (3,046.27) 13,920.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 3,488.53 0.00 3,488.53 0.002,486.33 2,456.00 30.33 19,584.04 14,736.00 4,848.04 29,472.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00Fee 0.00 0.00 0.00 0.00 0.00 0.00 0.00me 0.00 0.00 0.00 0.00 0.00 0.00 0.00

sments 0.00 0.00 0.00 0.00 0.00 0.00 0.006,727.57 6,650.00 77.57 40,205.32 39,900.00 305.32 79,800.00

e 0.00 0.00 0.00 0.00 0.00 0.00 0.00ome 1,903.80 1,006.00 897.80 Cable and telephone commission. 7,590.80 6,036.00 1,554.80 12,072.00

Developer 0.00 0.00 0.00 0.00 0.00 0.00 0.00s 0.00 0.00 0.00 0.00 0.00 0.00 0.00

34.57 90.00 (55.43) 2,197.07 540.00 1,657.07 1,080.00ons 0.00 0.00 0.00 0.00 0.00 0.00 0.00

er 0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00

3,750.00 3,600.00 150.00 18,300.00 17,400.00 900.00 33,800.001,212.61 5,550.00 (4,337.39) 14,339.05 26,640.00 (12,300.95) 48,840.00

ees 525.00 300.00 225.00 1,297.44 2,250.00 (952.56) 3,600.00me 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 425.00 (425.00) 0.00 2,550.00 (2,550.00) 5,100.00

pense 0.00 (1,750.00) 1,750.00 0.00 (10,500.00) 10,500.00 (21,000.00)0.00 0.00 0.00 0.00 0.00 0.00 0.00

tributions 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 0.000.00 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 0.000.00 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 0.0022,482.10 24,415.00 (1,932.90) 140,657.55 135,030.00 5,627.55 263,470.00

$279,395.82 $285,966.68 $(6,570.86) $1,578,984.36 $1,652,444.06 $(73,459.70) $3,392,355.55

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

Variance due to the changing thebudget to reflect lower market rents.This will continue to reduce over timeas last years concessions deplete.

Variance due to closing out at 96.78%

occupied versus budgeted at 93.10%.

Current specials are only offered onour two bedrooms and only with a lookand lease do they receive $350 off firstmonths rent.

Variance due to skips and damagesfrom #10208.

We have been able to reduce theamount of concessions given off eachmonth to meet market needs. We havealso been renewing leases with fewerconcessions.

Variance due to more residents payingon time resulting in fewer feescharged.

Variance due to 21 app fees budgetedfor and actual collected were 32.

Residents not paying at the time ofmove-out, however all residents arebeing turned over to our collectionagency every month.

Includes collection of utility transferfees and credit card fees.

Variance due to apartments being leftin better condition resulting in fewerfees charged.

We do not have any corporate units atthis time.


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0.00 0.00 0.00 0.00 0.00 0.00 0.00260.24 160.00 (100.24) 817.10 960.00 142.90 1,920.00

epairs 0.00 450.00 450.00 1,077.12 3,150.00 2,072.88 5,850.000.00 75.00 75.00 149.87 450.00 300.13 900.00

0.00 25.00 25.00 355.34 150.00 (205.34) 300.00(1,000.00) 0.00 1,000.00 45.40 1,000.00 954.60 2,000.00

epairs 0.00 0.00 0.00 0.00 0.00 0.00 0.00

ems 98.66 175.00 76.34 1,980.18 1,050.00 (930.18) 10,395.000.00 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

xpense 1,405.34 2,425.00 1,019.66 11,709.48 16,000.00 4,290.52 43,220.00

ds 3,931.69 2,500.00 (1,431.69) 11,390.07 10,000.00 (1,390.07) 30,000.00

886.50 510.00 (376.50) Includes past due invoice for March. 4,527.54 3,060.00 (1,467.54) 6,120.00

65.26 75.24 9.98 465.26 451.44 (13.82) 902.880.00 0.00 0.00 0.00 0.00 0.00 0.00

c. 0.00 0.00 0.00 0.00 0.00 0.00 0.00c. 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 16,370.42 3,800.00 (12,570.42) 5,850.00

e 4,883.45 3,085.24 (1,798.21) 32,753.29 17,311.44 (15,441.85) 42,872.88

ectric 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 0.00

as 0.00 0.00 0.00 0.00 0.00 0.00 0.00rounds 0.00 0.00 0.00 0.00 0.00 0.00 0.00

rash Remov 0.00 0.00 0.00 0.00 0.00 0.00 0.00leaning Svcs 0.00 0.00 0.00 0.00 0.00 0.00 0.00aintenance 0.00 0.00 0.00 0.00 0.00 0.00 0.00surance 0.00 0.00 0.00 0.00 0.00 0.00 0.00/E Taxes 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

11,810.42 11,438.67 (371.75) Based on % of total revenue. 65,431.20 66,097.76 666.56 135,694.22

Fees 1,000.00 1,000.00 0.00 6,000.00 6,000.00 0 .00 12,000.00

on Fee 3,250.00 3,300.00 50.00 19,500.00 19,800.00 300.00 39,600.00118.90 1,300.00 1,181.10 1,713.40 7,800.00 6,086.60 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 0.00

0.00 9.58 9.58 0.00 57.48 57.48 114.96e 0.00 0.00 0.00 0.00 0.00 0.00 0.00Expenses 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 169.30 0.00 (169.30) 0.000.00 0.00 0.00 123.71 0.00 (123.71) 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00g 0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 2,624.00 2,624.00 5,124.00

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

e 16,179.32 17,048.25 868.93 92,937.61 102,379.24 9,441.63 208,133.18

2,809.80 3,340.00 530.20 Less usuage than anticipated. 16,195.39 20,040.00 3,844.61 40,080.00

sident 0.00 0.00 0.00 0.00 0.00 0.00 0.001,163.09 2,565.00 1,401.91 Less usuage than anticipated. 13,987.64 15,390.00 1,402.36 30,780.00

15,598.57 8,965.00 (6,633.57) 86,325.95 53,790.00 (32,535.95) 107,580.00

sident Reimb (11,859.85) (6,275.50) 5,584.35 Collected 76%. (52,897.47) (37,653.00) 15,244.47 (75,306.00)

5,765.85 5,000.00 (765.85) 6,057.79 6,000.00 (57.79) 23,500.00

mbursement 0.00 0.00 0.00 0.00 0.00 0.00 0.00nt (2,252.30) (2,011.00) 241.30 (14,531.37) (12,066.00) 2,465.37 (24,132.00)bursement 0.00 0.00 0.00 0.00 0.00 0.00 0.00

c 904.54 707.94 (196.60) 7,161.05 4,802.64 (2,358.41) 9,387.78418.76 471.96 53.20 4,394.55 3,201.76 (1,192.79) 6,258.52

ent - Gas 0.00 0.00 0.00 0.00 0.00 0.00 0.0012,548.46 12,763.40 214.94 66,693.53 53,505.40 (13,188.13) 118,148.30

Reflects reversal of prior monthaccruals.

Includes cost to install seasonal colorand repairs to the irrigation.

Expensed seven evictions this month.Includes resident riembursements forfees.

Variance due to increase of watercharges when only budgeted for a 3%increse.

Variance due to increase of watercharges when only budgeted for a 3%increse.


7/56

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 0.00

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 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00

ees 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

ees 0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00

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

xpense 0.00 0.00 0.00 0.00 0.00 0.00 0.00

28,333.71 27,616.50 (717.21) Based on anticipated taxes. 170,002.26 165,699.00 (4,303.26) 331,398.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

5,909.18 5,073.00 (836.18) Includes monthly pollution policy. 36,252.31 30,438.00 (5,814.31) 60,876.000.00 49.88 49.88 600.00 299.28 (300.72) 598.560.00 0.00 0.00 0.00 0.00 0.00 0.00

nce 34,242.89 32,739.38 (1,503.51) 206,854.57 196,436.28 (10,418.29) 392,872.56

nses 115,313.52 114,941.16 (372.36) 673,396.63 646,318.32 (27,078.31) 1,327,709.14OME 164,082.30 171,025.52 (6,943.22) 905,587.73 1,006,125.74 (100,538.01) 2,064,646.41

Payment 106,586.67 106,586.67 0.00 639,520.02 639,520.02 0.00 1,279,040.04l Payment 0.00 0.00 0.00 0.00 0.00 0.00 0.00

86,666.71 86,666.67 (0.04) 520,000.26 520,000.02 (0.24) 1,040,000.040.00 0.00 0.00 0.00 0.00 0.00 0.00

193,253.38 193,253.34 (0.04) 1,159,520.28 1,159,520.04 (0.24) 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 0.00

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

ees 0.00 170.00 170.00 0.00 1,020.00 1,020.00 2,040.00ng Fees 0.00 170.00 170.00 365.00 1,020.00 655.00 2,040.00

0.00 75.00 75.00 0.00 450.00 450.00 900.000.00 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 0.00e 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

aseup Costs 0.00 0.00 0.00 0.00 0.00 0.00 0.00

pense 0.00 415.00 415.00 365.00 2,490.00 2,125.00 4,980.00

0.00 16,400.00 16,400.00 0.00 18,946.00 18,946.00 18,946.00

0.00 0.00 0.00 0.00 3,250.00 3,250.00 3,250.000.00 0.00 0.00 0.00 0.00 0.00 0.00

acement 1,438.81 4,900.00 3,461.19 Replaced two carpets this month. 34,431.03 29,400.00 (5,031.03) 58,800.00

0.00 0.00 0.00 585.06 600.00 14.94 600.00

ges 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

ment 0.00 0.00 0.00 0.00 0.00 0.00 0.00ements 652.55 0.00 (652.55) 5,862.26 3,713.00 (2,149.26) 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

es 2,091.36 21,300.00 19,208.64 40,878.35 55,909.00 15,030.65 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 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00S) (31,262.44) (43,942.82) 12,680.38 (295,175.90) (211,793.30) (83,382.60) (344,682.67)

0.00 0.00 0.00 4,054.35 0.00 4,054.35 0.00(31,262.44) (43,942.82) 12,680.38 (291,121.55) (211,793.30) (79,328.25) (344,682.67)

Savings due to parking lot not needingrestripping at this time. We haveopted to just do the filler of the parkinglot at this time.

Reflects new enclosure for the golfcart.


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Comment


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ourtney Downs ApartmentsJun-07

19 INCOME THIS MONTH: $279,395.8213 INCOME LAST MONTH: $272,061.086 DIFFERENCE: 7334.74

TOTAL # GARAGES 120# GARAGES OCCUPIED 117

96.8%, 86.8% GARAGES OCCUPIED % 98%

REASONS WHY PROSPECTS DID NOT LEASE:

affic Leased

8 0 * Job Transfer 78 2 * Too expensive. 150 0 * Future/No Availability/Waiting list 06 0 * Just started looking. 19

32 10 * Waiting for Home to Sell 70 0 * Current Lease to Expire 6

22 5 * Needs Ground Floor 55 2 * Moved Elsewhere 76 1 * Will return with roommate or spou 90 0 * Realtor Looking for Client 0

12 0 * Undecided 1115 4 * Employment pending 00 0 * House sale pending 4

* Rented at Competitor 014 24 TOTALS 90

3%

FOR THE MONTH

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

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

chures to Nextel.res to Marriott extended stay hotels.ers to Ryland Homes team.Ford dealership.mond homes.

ERTIES:heavy concessions or discounted rents on selected units.e rents of $695, two bedrooms at $805 and three bedrooms starting at $1110.$500.00 gift cards to local malls or a $500.00 flight voucher as well as prorating concessions on a 12 to 13 month lease

of June. Six are moving due to purchasing a home and/or condo.is loosing their roommate, two are moving back home, three are moving closer to work.increase of $63.92 per renewal.


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ROUTINE REPLACEMENTS:

Number of: Apt. #

17 REFRIGERATORS 07 DISHWASHERS 010 WINDOWS 0124 A/C COMPRESSORS 0

Completed 0 CONDENSING UNITS 012 12 WATER HEATERS 033 33 ICE MAKERS 017 17 GARBAGE DISPOSALS 011 11 MICROWAVES 046 46 CARPETS 2 16105, 10208.0 0 CEILING FANS 05 5 TOILETS 00 0 A/C FAN MOTORS 0

124 124 COUNTER TOPS 00 CABINETS RESURFACED KITCHEN 0

0 BLINDS 19

TUBS RESURFACED 0TUB TILES 0

RESS:

TION:month as it is fading and peeling and is in need of a touch up.

ht concrete landing in building two.

cy Howlanddy Gillane McMillan

nnon Murphyriel Tellezsell Brileye Chavez and Jorge Bernal

NTH:

d on the property.

NumberReplaced

16105-2, 19309-3, 13302-1, 10208-1, 10207-2, 19112-3, 10106-1,2204-2, 9108-2, 16105-1, 16203-1.


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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 $348,000 725 0.00 0.00 $- 0 1 6 1 4

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

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

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

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

42 977 41,034 875 1.16 $36,750 $441,000 875 0.00 1.16 $- 5 2 5 1 13

44 1,030 45,320 900 1.12 $39,600 $475,200 900 0.00 1.12 $- 7 3 6 0 12

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

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

16 1,030 16,480 925 0.90 $14,800 $177,600 925 0.00 0.00 $- 2 0 2 0 5

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

24 1,140 27,360 1150 1.01 $27,600 $331,200 1150 0.00 0.00 $- 1 1 2 0 3

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

342 917 313,778 $867 $0.94 $296,470 $3,557,640 $0 0.09 $27,520 16 9 25 6 40

* Net of Concessions

EFFECTIVECONCESSION

EFFECTIVEPER S/F

EFFECTIVEMONTHLY

VacantsLeased

NoticeLeased

NetAvailable


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MARKET SURVEYCourtney Downs

June-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

5 7 4 5 5 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


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MARKET SURVEY Courtney Downs

June\

(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 1.03 715 779 0.92 680 627 1.08 659 685 0.96 720 768 0.94 675 707 0.95 741 763 0.97B1B (B) 850 808 1.05 910 853 1.07 740 701 1.06 684 705 0.97 730 842 0.87 708 796

B1B w/study 750 910 0.82 840 811 0.91 709 760 0.96 895 992 729 916B B

B w/loft B1B w/study 820 956 0.86 809 1051 0.77B2B (E) 875 977 0.90 975 1105 0.88 920 1044 0.88 845 1120 0.75 885 1115 0.79 925 1033 0.90 965 1037 0.93

B2B (F) 900 1030 0.87 1120 1192 0.94 1060 1196 0.89 935 888 970 1220 0.80 975 1093 0.89B2B (G) 925 1030 0.90 1090 1180 0.92

B2B (H)B2B

B w/study B2B TH B2B TH

B2B 1,160 1140 1.02 1275 1398 0.91 1320 1330 0.99 1084 1230 0.88 1100 1356 0.81 1040 1235 0.84 1195 1257 0.95B2B

occ /leased 93 88.30% 91% 96.1 99.6 98% 0 0% 94 96.00% 94% 93.0 91 93% 94.7 97 94% 97.0 96 98%

Avg PSF 1 0.94 0.94 0.95 0.88 0.84 0.90 0.95Avg Rents 884 1114 994 808 883 1131 995

/ Avail) 342 40 507 18 653 216 20 312 13 360 43 0 168 4

ates Sepcial:Noneflect these rates1 Bd $725 1 BD $715 to $910 $680 1/1 $820 2/2 $1320 3/2 1 Bd $659 to $719 1 Bd $720 to $895 1 Bd $675 to $729

pecials: 2 Bd $875 2BD $975 to $1120 special was pulled off the inter 2 Bd $809 to $1046 2 Bd $885 to $970 2 Bd $925 to $9753 Bd $1160 3BD $1275 due to property will not give inf3BD $1084 to $1179 3 Bd $1100 3 Bd $1040

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

nits(Tot

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

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: Up to 3 monthsfree on a 12 month lease.

Special: Discounts on allavailable rents.

Ren.: Keep all residents4% under all newresidents.

Ren: Info not avail percorporate

Ren: $30 increas for 12month lease

Ren: Average $10 to $25increase.

Ren: Free carpet cleaningwith 12mo.


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USA Courtney Downs June 2007

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