USA Courtney Downs May 2007

8/14/2019 USA Courtney Downs May 2007

1/61

USA Courtney Downs LeaseCo, LLCBalance Sheet

Books = AccrualMay 2007

SETS

47,019.940.00

ts 46,036.00$93,055.94

vable 15,557.57es 39,298.42

54,885.78eserves 48,368.58

Escrow 200,000.00sets 358,110.35

451,166.29

S & CAPITAL

le - Trade 67,940.90 Payable 761,623.43

141,668.554,885.13

ts 46,036.00(328.39)

1,021,825.62

100.00gs (570,759.33)

(570,659.33)

ES & CAPITAL 451,166.29


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

342 313,778 342 313,778

352,560 345,950 343,190 338,114 331,407 351,070 350,465 349,860 349,255 348,650 348,045 347,440 4,156,006 12,152.06 13.25 364,160 5,227,816 15,286.01 16.66(34,193) (31,453) (33,657) (26,399) (19,217) (28,500) (25,000) (30,000) (42,000) (42,000) (42,000) (42,000) (396,420) (1,159.12) (1.26) (43,000) (524,580) (1,533.86) (1.67)(77,240) (77,177) (74,811) (68,736) (56,781) (59,743) (58,387) (54,989) (49,108) (46,826) (42,919) (39,555) (706,273) (2,065.13) (2.25) (80,000) (870,815) (2,546.24) (2.78)(5,251) (7,154) (5,738) (5,449) (6,551) (5,231) (5,235) (5,242) (5,252) (5,250) (5,253) (5,257) (66,863) (195.51) (0.21) (6,085) (83,653) (244.60) (0.27)

235,876 230,165 228,984 237,529 248,858 257,596 261,843 259,629 252,895 254,573 257,873 260,628 2,986,450 8,732.31 9.52 235,075 3,748,768 10,961.31 11.95

27,580 21,616 22,944 22,832 23,203 19,000 24,915 21,695 20,545 20,545 20,545 20,195 265,615 776.65 0.85 19,000 326,133 953.61 1.04

263,457 251,781 251,928 260,361 272,061 276,596 286,758 281,324 273,440 275,118 278,418 280,823 3,252,066 9,508.96 10.36 254,075 4,074,901 11,914.92 12.99

33,611 20,391 30,933 32,195 31,382 30,089 28,026 27,426 30,872 26,976 27,014 30,347 349,263 1,021.24 1.11 37,759 445,405 1,302.35 1.422,710 2,821 2,230 3,652 3,228 3,905 3,965 3,845 3,725 3,725 3,725 3,665 41,196 120.46 0.13 3,030 51,737 151.28 0.166,159 5,921 9,117 4,298 6,292 8,791 9,390 8,192 7,393 6,993 6,993 6,394 85,934 251.27 0.27 6,885 106,458 311.28 0.343,805 2,722 3,636 6,647 4,645 4,095 4,875 4,095 3,803 3,705 3,803 2,828 48,657 142.27 0.16 7,500 62,929 184.00 0.202,027 1,541 2,485 2,639 1,612 2,425 2,425 2,425 2,425 15,095 2,425 2,425 39,949 116.81 0.13 2,295 47,211 138.04 0.156,403 10,329 1,917 3,299 5,923 3,085 3,085 3,085 5,585 5,585 6,385 1,835 56,517 165.25 0.18 2,395 67,297 196.78 0.21

15,368 15,798 15,451 15,440 14,701 17,048 19,640 17,122 17,235 17,209 17,247 17,301 199,560 583.51 0.64 14,969 249,662 730.01 0.809,370 15,941 12,794 6,685 9,354 12,763 13,713 13,713 12,776 8,388 8,001 8,051 131,551 384.65 0.42 10,900 158,888 464.59 0.51

37,910 33,542 33,143 33,465 34,552 32,739 32,739 32,739 32,739 32,739 32,739 32,739 401,787 1,174.82 1.28 0 402,963 1,178.26 1.2837,237 37,237 108.88 0.12

117,362 109,007 111,705 108,319 111,690 114,941 117,860 112,644 116,553 120,416 108,332 105,585 1,354,415 3,960.28 4.32146,094 142,774 140,223 152,043 160,371 161,655 168,898 168,680 156,887 154,702 170,086 175,237 1,897,651 5,548.69 6.05 122,970 1,629,788 4,765.46 5.19

131,106 2,445,113 7,149.45 7.79193,253 193,253 193,253 193,253 193,253 193,253 193,253 193,253 193,253 193,253 193,253 193,253 3,270 9.56 0.01

0 0 0 0 365 415 415 415 415 415 415 415 89,487 261.66 0.29 193,254 283,833 829.92 0.901,601 4,113 10,791 8,376 13,906 21,300 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) (53,313) (29,670) (29,888) (41,681) (43,867) (28,483) (23,331) 1,804,894 5,277.47 5.75

(65,449) 2,148,180 6,281.23 6.857,543 (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 (5,768)(4,571) (717) 131,540 (134,406) 2,387 0 0 0 0 0 0 0 (1,770) 0 (1,770)(7,749) 3,588 6,328 (4,460) 523 0 0 0 0 0 0 0 138,161 0 138,161

(30,394) (34,568) (34,568) (34,822) 322,388 (7,125) (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 (7,125) (7,125) (7,125) (7,125) (7,125) (7,125) (7,125) 130,623 (2,951) 119,19136,334 64,458 (135,734) 185,452 117,385 0 0 0 0 0 0 0 (196,724)41,830 25,859 110,449 36,480 (411,342) 0 0 0 0 0 0 0 (11,675) 0 (11,675)(1,829) (1,300) (1,433) (4,374) (2,739) 0 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) 0 0 0 0 0 0 0 (208,399)0 (11,675)

(7,597) (12,219) 11,751 14,106 (14,231) (60,438) (36,795) (37,013) (48,806) (50,992) (35,608) (30,456) 1,727,118

47,614 35,395 47,146 61,251 47,020 (13,418) (50,213) (87,227) (136,033) (187,025) (222,632) (253,088) 181,601 2,505,696181,601

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


3/61

es by 50%

+ reduction in tax escrow due to overage


4/61

USA Courtney Downs LeaseCo, LLCBudget Comparison

Books = AccrualFor the period ending May 31, 2007

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

294,410.00 351,675.00 (57,265.00) 1,493,780.00 1,764,425.00 (270,645.00) 4,209,210.00

36,997.00 0.00 36,997.00 217,441.00 0.00 217,441.00 0.00

331,407.00 351,675.00 (20,268.00) 1,711,221.00 1,764,425.00 (53,204.00) 4,209,210.00

s 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

(19,217.27) (28,705.15) 9,487.88 (144,919.57) (141,965.57) (2,954.00) (325,479.64)

(2,505.81) (7,830.00) 5,324.19 (16,751.15) (28,710.00) 11,958.85 (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

(1,630.00) (636.36) (993.64) (5,539.49) (3,147.52) (2,391.97) (7,841.82)

(1,980.00) (1,625.00) (355.00) Increased market rents. (9,900.00) (8,125.00) (1,775.00) (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 (8,904.00) (10,250.00) 1,346.00 (24,600.00)nce Fe 0.00 0.00 0.00 0.00 0.00 0.00 0.00

(1,160.00) (900.00) (260.00) (5,800.00) (4,500.00) (1,300.00) (10,800.00)(54,275.10) (56,019.08) 1,743.98 (337,993.70) (311,864.53) (26,129.17) (632,942.99)

ncome 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

$248,858.02 $253,909.41 $(5,051.39) $1,181,413.09 $1,255,862.38 $(74,449.29) $3,128,885.55

0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 68.00 (68.00) 0.00 340.00 (340.00) 816.000.00 0.00 0.00 0.00 0.00 0.00 0.00

1,908.00 1,650.00 258.00 6,748.84 8,250.00 (1,501.16) 19,800.00

343.70 200.00 143.70 3,059.99 1,000.00 2,059.99 2,400.00917.58 960.00 (42.42) 4,123.31 4,800.00 (676.69) 11,520.00

s 0.00 0.00 0.00 0.00 0.00 0.00 0.001,710.00 1,250.00 460.00 6,860.00 4,200.00 2,660.00 10,250.00

es 860.33 1,000.00 (139.67) 3,684.76 5,000.00 (1,315.24) 12,000.00495.77 1,160.00 (664.23) 3,336.18 5,800.00 (2,463.82) 13,920.00

0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 3,488.53 0.00 3,488.53 0.00

4,625.75 2,456.00 2,169.75 17,097.71 12,280.00 4,817.71 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 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00

6,793.61 6,650.00 143.61 33,477.75 33,250.00 227.75 79,800.000.00 0.00 0.00 0.00 0.00 0.00 0.00

1,117.00 1,006.00 111.00 5,687.00 5,030.00 657.00 12,072.00per 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 90.00 (90.00) 2,162.50 450.00 1,712.50 1,080.000.00 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

3,300.00 4,400.00 (1,100.00) 14,550.00 13,800.00 750.00 33,800.00

Variance due to nolonger offering anyconcessions, marketrents changed to reflectlower rents.

Variance due to thechanging budget toreflect lower marketrents. This will continueto reduce over time aslast year concessionsburn off.

Positive variance due toclosing out at 95.3%versus budgeted at91.93%

Current specials are$350 off of our 2/2 onlyand offered on a lookand lease special only.

Additional write off dueto one skip.

We have been able toreduce the concessionoffered to meet themarket needs.Reducing concessionsat turn over andrenewal.

Aggressive rentalcollections.

Budgeted to collect 25app fees and actuallycollected 35.

Variance due tocollection of 22 utilitytransfer fees and 13credit card fees.

Variance due to eightpet fees budgeted forand actual collectedwere 15.

Variance due tobudgeted to collect 29admin fees and actualcollected was 22.


5/61

1,022.45 5,550.00 (4,527.55) 13,126.44 21,090.00 (7,963.56) 48,840.00

108.87 450.00 (341.13) 772.44 1,950.00 (1,177.56) 3,600.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 425.00 (425.00) 0.00 2,125.00 (2,125.00) 5,100.00

0.00 (1,750.00) 1,750.00 0.00 (8,750.00) 8,750.00 (21,000.00)

0.00 0.00 0.00 0.00 0.00 0.00 0.00ns 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

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

23,203.06 25,565.00 (2,361.94) 118,175.45 110,615.00 7,560.45 263,470.00

$272,061.08 $279,474.41 $(7,413.33) $1,299,588.54 $1,366,477.38 $(66,888.84) $3,392,355.55

11,463.50 12,013.16 549.66 56,255.14 60,065.80 3,810.66 147,761.88

0.00 0.00 0.00 0.00 0.00 0.00 0.0011,485.64 11,223.48 (262.16) 65,492.60 56,117.40 (9,375.20) 138,048.78

0.00 0.00 0.00 0.00 0.00 0.00 0.006,420.12 2,700.00 (3,720.12) 18,236.23 13,349.09 (4,887.14) 39,026.28

0.00 0.00 0.00 0.00 0.00 0.00 0.00

1,748.00 778.00 (970.00) 8,141.50 3,890.00 (4,251.50) 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 0.00

264.25 0.00 (264.25) 386.75 0.00 (386.75) 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.0031,381.51 26,714.64 (4,666.87) 148,512.22 133,422.29 (15,089.93) 334,172.94

es 302.98 1,000.00 697.02 2,274.82 5,000.00 2,725.18 12,000.00

769.42 1,100.00 330.58 3,656.29 5,500.00 1,843.71 13,200.00

115.10 100.00 (15.10) 494.16 500.00 5.84 1,200.00100.81 170.00 69.19 1,045.74 850.00 (195.74) 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

s 0.00 90.00 90.00 0.00 450.00 450.00 1,080.000.00 0.00 0.00 0.00 0.00 0.00 0.00

932.85 115.00 (817.85) 2,345.64 575.00 (1,770.64) 1,380.00

0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 25.00 25.00 385.44 125.00 (260.44) 300.000.00 25.00 25.00 0.00 125.00 125.00 300.00

520.50 750.00 229.50 1,662.00 2,520.00 858.00 6,150.00486.62 650.00 163.38 2,777.02 3,250.00 472.98 7,800.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

3,228.28 4,025.00 796.72 14,641.11 18,895.00 4,253.89 45,450.00

2,625.12 2,600.00 (25.12) 18,453.63 18,300.00 (153.63) 36,900.00387.80 798.00 410.20 Fewer suppliies needed. 2,070.53 3,990.00 1,919.47 9,576.00

1,278.75 3,181.64 1,902.89 6,662.14 9,978.78 3,316.64 24,440.78

2,000.00 3,410.00 1,410.00 4,600.00 10,695.00 6,095.00 26,195.00

6,291.67 9,989.64 3,697.97 31,786.30 42,963.78 11,177.48 97,111.78

Variance due toapartments being left inbetter condition resultingin fewer fees charged.

Fewer short term leasesthan anticipated.

No corporate units atthis time.

See guest suit expensecategory.

Variance due to 11 daysof accrual for March andApril and for reclass ofpayroll taxes.

Variance due to Marchand April accruals.

Accrual of 11days inMarch and April.

Services needed tocover for vacations.

Savings due topurchasing of lesssupplies this month.

Current local and longdistance service,includes fax lines.

Variance due to AnnualApt associationconference, employeeouting and team dinner.

Three locatorplacements this month,budgted for seven.

Four resident refferals,budgeted for seven.


6/61

410.29 720.00 309.71 Staff painted in house. 981.25 3,150.00 2,168.75 7,852.50

2,525.00 250.00 (2,275.00) 11,870.00 1,250.00 (10,620.00) 3,000.00

1,063.00 2,400.00 1,337.00 6,729.00 10,500.00 3,771.00 26,175.00

502.93 100.00 (402.93) 1,162.76 500.00 (662.76) 1,200.00

0.00 0.00 0.00 0.00 0.00 0.00 0.0023.00 50.00 27.00 364.31 250.00 (114.31) 600.000.00 416.67 416.67 Non needed this month. 75.00 2,083.35 2,008.35 5,000.04

0.00 25.00 25.00 0.00 125.00 125.00 300.00120.99 133.33 12.34 272.14 666.65 394.51 1,599.96

4,645.21 4,095.00 (550.21) 21,454.46 18,525.00 (2,929.46) 45,727.50

pplies 680.27 700.00 19.73 2,941.46 3,500.00 558.54 8,400.0054.02 100.00 45.98 1,093.74 500.00 (593.74) 1,200.000.00 140.00 140.00 336.25 700.00 363.75 5,055.00

0.00 150.00 150.00 0.00 750.00 750.00 1,800.000.00 0.00 0.00 270.00 0.00 (270.00) 0.000.00 450.00 450.00 596.58 2,250.00 1,653.42 5,400.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

56.38 160.00 103.62 556.86 800.00 243.14 1,920.00416.66 450.00 33.34 1,077.12 2,700.00 1,622.88 5,850.00

0.00 75.00 75.00 149.87 375.00 225.13 900.000.00 25.00 25.00 355.34 125.00 (230.34) 300.000.00 0.00 0.00 1,045.40 1,000.00 (45.40) 2,000.000.00 0.00 0.00 0.00 0.00 0.00 0.00

405.00 175.00 (230.00) 1,881.52 875.00 (1,006.52) 10,395.000.00 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

1,612.33 2,425.00 812.67 10,304.14 13,575.00 3,270.86 43,220.00

4,958.38 5,000.00 41.62 7,458.38 7,500.00 41.62 30,000.00889.53 510.00 (379.53) 3,641.04 2,550.00 (1,091.04) 6,120.00

75.00 75.24 0.24 400.00 376.20 (23.80) 902.88

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 16,370.42 3,800.00 (12,570.42) 5,850.00

5,922.91 5,585.24 (337.67) 27,869.84 14,226.20 (13,643.64) 42,872.88

0.00 0.00 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 0.00 0.00 0.00 0.00 0.00s 0.00 0.00 0.00 0.00 0.00 0.00 0.00

emov 0.00 0.00 0.00 0.00 0.00 0.00 0.00

g Svcs 0.00 0.00 0.00 0.00 0.00 0.00 0.00ance 0.00 0.00 0.00 0.00 0.00 0.00 0.00ce 0.00 0.00 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 0.00 0.00 0.00 0.00 0.00 0.00

11,202.18 11,178.98 (23.20) 53,620.78 54,659.09 1,038.31 135,694.221,000.00 1,000.00 0.00 5,000.00 5,000.00 0.00 12,000.003,250.00 3,300.00 50.00 16,250.00 16,500.00 250.00 39,600.00(920.00) 1,300.00 2,220.00 1,594.50 6,500.00 4,905.50 15,600.00

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 9.58 9.58 0.00 47.90 47.90 114.96

0.00 0.00 0.00 0.00 0.00 0.00 0.00ses 0.00 0.00 0.00 0.00 0.00 0.00 0.00169.30 0.00 (169.30) 169.30 0.00 (169.30) 0.00

0.00 0.00 0.00 123.71 0.00 (123.71) 0.00

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

0.00 0.00 0.00 0.00 2,624.00 2,624.00 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

14,701.48 16,788.56 2,087.08 76,758.29 85,330.99 8,572.70 208,133.18

Variance due tobudgeting error.

Fewer carpet cleansneeded this month.

Replaced mini blinds

damaged at move outand the sun.

Current supplies weresufficient.

Based on new service

rate. Increase notanticipated.

Seven evictions filed.Residents riembursed$180 each.


7/61

3,183.50 3,340.00 156.50 13,385.59 16,700.00 3,314.41 40,080.00

0.00 0.00 0.00 0.00 0.00 0.00 0.001,569.69 2,565.00 995.31 12,824.55 12,825.00 0.45 30,780.00

12,957.27 8,965.00 (3,992.27) 70,727.38 44,825.00 (25,902.38) 107,580.00

Reimb (9,043.62) (6,275.50) 2,768.12 (41,037.62) (31,377.50) 9,660.12 (75,306.00)

269.68 500.00 230.32 291.94 1,000.00 708.06 23,500.00ement 0.00 0.00 0.00 0.00 0.00 0.00 0.00

(1,811.59) (2,011.00) (199.41) (12,279.07) (10,055.00) 2,224.07 (24,132.00)ment 0.00 0.00 0.00 0.00 0.00 0 .00 0.00

1,554.81 827.94 (726.87) 6,256.51 4,094.70 (2,161.81) 9,387.78

674.51 551.96 (122.55) 3,975.79 2,729.80 (1,245.99) 6,258.52as 0.00 0.00 0.00 0.00 0.00 0.00 0.00

9,354.25 8,463.40 (890.85) 54,145.07 40,742.00 (13,403.07) 118,148.30

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 0.00

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

25,974.73 27,616.50 1,641.77 141,668.55 138,082.50 (3,586.05) 331,398.00

0.00 0.00 0.00 0.00 0.00 0.00 0.007,977.61 5,073.00 (2,904.61) 30,343.13 25,365.00 (4,978.13) 60,876.00

600.00 49.88 (550.12) 600.00 249.40 (350.60) 598.56

0.00 0.00 0.00 0.00 0.00 0.00 0.0034,552.34 32,739.38 (1,812.96) 172,611.68 163,696.90 (8,914.78) 392,872.56

111,689.98 110,825.86 (864.12) 558,083.11 531,377.16 (26,705.95) 1,327,709.14160,371.10 168,648.55 (8,277.45) 741,505.43 835,100.22 (93,594.79) 2,064,646.41

ent 106,586.67 106,586.67 0.00 532,933.35 532,933.35 0.00 1,279,040.04ment 0.00 0.00 0.00 0.00 0.00 0.00 0.00

86,666.71 86,666.67 (0.04) 433,333.55 433,333.35 (0.20) 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) 966,266.90 966,266.70 (0.20) 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

0.00 170.00 170.00 0.00 850.00 850.00 2,040.00

es 365.00 170.00 (195.00) 365.00 850.00 485.00 2,040.00

0.00 75.00 75.00 0.00 375.00 375.00 900.000.00 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

0.00 0.00 0.00 0.00 0.00 0.00 0.00Costs 0.00 0.00 0.00 0.00 0.00 0.00 0.00

365.00 415.00 50.00 365.00 2,075.00 1,710.00 4,980.00

0.00 2,546.00 2,546.00 No expense this month. 0.00 2,546.00 2,546.00 18,946.00

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

0.00 0.00 0.00 0.00 0.00 0.00 0.00nt 12,605.83 4,900.00 (7,705.83) 32,992.22 24,500.00 (8,492.22) 58,800.00

0.00 0.00 0.00 585.06 600.00 14.94 600.000.00 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

s 1,300.18 0.00 (1,300.18) 5,209.71 3,713.00 (1,496.71) 3,713.00

Actual usuage was lessthan anticipated.

Variance due toincrease of watercharges when onlybudgeted for a 3%increase.

Variance due toaggressive in housecollections on waterbills. Collected 70%.

Usuage higher thananticipated. Averaging$55 per vacant.

07 RE tax accrualadjustment.

Variance due to reclassfrom N/P to Exp acct aswell as reclass fromprepaid insurance.

Includes annual admin2007 fee prop.

Replaced 13 carpets.Damaged due to petand wear and tear.

Variance due to golf cartrepair and purchasing ofmicrowave for apartment#6311.


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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


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13,906.01 7,446.00 (6,460.01) 38,786.99 34,609.00 (4,177.99) 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

(47,153.29) (32,465.79) (14,687.50) (263,913.46) (167,850.48) (96,062.98) (344,682.67)

0.00 0.00 0.00 4,054.35 0.00 4,054.35 0.00(47,153.29) (32,465.79) (14,687.50) (259,859.11) (167,850.48) (92,008.63) (344,682.67)


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Filter0.01

###

###

###

0.000.00

###

###

0.000.00

###

###

0.00###0.00######

0.00

0.000.000.00###

1.000.00

408.000.00###

4,603.69

###0.00

###

######

0.003,488.53

###

0.000.000.000.00###

0.00###

0.00

0.002,702.50

0.00

0.000.00###


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###

3,281.31

0.00

2,550.00

###

0.000.000.000.000.00

0.000.000.000.000.00

###1.00###

1.00

1.00###

0.00###

0.00###

0.00

###

0.000.00

651.00

0.00###

1.00

8,577.80

###

1,209.262,166.55

0.000.00

540.000.00

3,968.49

0.00535.44150.00

5,452.507,163.64

0.00

###1.00###

7,246.33

###

###

###

1.00


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5,261.54

###

###

2,265.69

0.00687.31

2,575.02

150.001,193.11

###1.00

7,821.731,747.761,176.25

900.00270.00

3,296.58

0.00

1,573.244,643.78

599.87505.34

2,045.400.00

3,336.520.00

0.000.00###

1.00###

7,590.57

926.44

0.000.00

0.000.00###

###1.000.000.000.000.00

0.00

0.000.000.000.000.000.00#########

8,474.50

0.00

0.0057.48

0.000.00338.60123.71

0.000.00

2,624.000.000.00###

1.00


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###

0.00###

###

###

2,061.620.00###

0.00###

###0.00

###1.000.000.000.000.000.000.000.00

0.000.000.000.000.000.00

0.000.000.00

###

0.00###

1,499.28

0.00#########

1.00###

0.00

###0.00###

1.000.000.000.000.000.000.00

1,020.00

1,750.00

450.000.000.000.000.00

0.000.00

3,220.001.00

5,092.00

3,250.00

0.00###

1,185.060.000.000.00###


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0.00

0.00


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###

1.000.000.000.00###

1.004,054.351.00


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urrent Up Front Special?

invoice?

break twice in #3201, both invoices $250.25

s refund for?

otify the PUC of this HUGE increase. Oublic Utility Commission, it may be illegal for the big increase.

ing but how can we collect more than we billed out in trash, are they coding the resident paid fees for the billing service to this account as well?


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ourtney Downs ApartmentsMay-07

22 INCOME THIS MONTH: $272,061.0812 INCOME LAST MONTH: $260,361.2810 DIFFERENCE: $11,699.80

TOTAL # GARAGES 120# GARAGES OCCUPIED 117

95.3%, 87.1% GARAGES OCCUPIED % 98%

REASONS WHY PROSPECTS DID NOT LEASE:

affic Leased

7 1 * Job Transfer 50 0 * Too expensive. 40 0 * Future/No Availability/Waiting list 68 0 * Just started looking. 0

37 12 * Waiting for Home to Sell 90 0 * Current Lease to Expire 0

27 11 * Needs Ground Floor 77 3 * Moved Elsewhere 49 2 * Will return with roommate or spou 180 0 * Realtor Looking for Client 00 0 * Undecided 40 0 * Employment pending 110 0 * House sale pending 0

* Rented at Competitor 095 29 TOTALS 68

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 April .Direct TV Human Resources.with options of temporary housing for new home buyers.

chures 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 $688, two bedrooms at $840and three bedrooms starting at $900.$250 to $500 off 1st rent on a 12 to 13 month lease.

of May. Two are moving due to purchasing a home and/or condo,loosing their roommate, one due to price increase, one is moving closer to work.age increase of $43.50 per renewal.

south east entrance off of Bronco's parkway, the resident has received the bill for the


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submitting the bill to his insurance, which in turn will cut our landscaping company a check

ROUTINE REPLACEMENTS:

Number of: Apt. #

13 REFRIGERATORS 08 DISHWASHERS 05 WINDOWS 0

120 A/C COMPRESSORS 0Completed 0 CONDENSING UNITS 0

21 21 WATER HEATERS 018 18 ICE MAKERS 013 13 GARBAGE DISPOSALS 012 12 MICROWAVES 0

47 47 CARPETS 60 0 CEILING FANS 09 9 TOILETS 00 0 A/C FAN MOTORS 0

120 120 COUNTER TOPS 00 CABINETS RESURFACED KITCHEN 0

0 BLINDS 15TUBS RESURFACED 0

TUB TILES 0

RESS:

TION:

he 12th and 13th of this month.

cy Howland

dy Gillane McMillanca Branchiel Tellezell Briley

e Chavez and Jorge Bernal

NTH:

erty.

NumberReplaced

5202, 9201, 2301, 2211, 7207,9112.

5202-3, 16202-1, 7207-2, 16203-1,9112-3, 19112-2, 16103-2, 9203-1.


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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 0.00 725.00 0.00 $- 1 0 2 3 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 4 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 $- 4 0 6 2 9

44 1,030 45,320 900 1.12 $39,600 $475,200 0.00 900.00 0.00 $- 3 2 7 0 8

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 $- 2 0 2 0 4

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 2 0 2

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 $- 10 2 25 5 32

* Net of Concessions

EFFECTIVECONCESSION

EFFECTIVEPER S/F

EFFECTIVEMONTHLY

VacantsLeased

NoticeLeased

NetAvailable


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MARKET SURVEYCourtney Downs

May-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

May-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 1.23B2B (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 95 87.10% 91% 98 99.8 98% 0 0% 96 99.00% 94% 92.0 93 93% 89.4 92 94% 98.0 99 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 32 507 15 653 216 11 312 24 360 53 0 168 5

ates Sepcial:Noneeflect these rates: $680 1/1 $820 2/2 $1320 3/2

pecials: special was pulled off the internetdue to property will not give info.

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.

Special:waive securitydeposit.

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

Special: Look and leasespecial $250 to $500 off1st months rent.

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 May 2007

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