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8/14/2019 USA Courtney Downs October
http://slidepdf.com/reader/full/usa-courtney-downs-october 1/83
USA Courtney Downs LeaseCo, LLCKey Variable Analysis9/30/2008
Number of Units 342
Average Length of Stay (mos.)Renewal RateTurnover Rate - Current month YTD annualized 68.62% Market Rent (MR)Current Gross Potential (most recent fin. stmt.) LTL as % of MRGross Potential (beg. Budget year) Gross Potential% Increase in GPR (current to beg. budget yr.)
MTD YTD Write-offs as % of Gross Potential 0.35% 1.00%Other Income/Unit (excl. Utility Reimb.) 1,209.65Application Fee Per Move In Net Rental IncomeRedec/Admin. Fee Per Move In Other Income
Total Revenue
Controllable Expenses as % of Total Revenue: 24.76%Total Expenses as % of Total Revenue: 36.66% Month
Jan-08Average Advertising/Locator Cost per Move-In: $169 $197 Feb-08Total Resident Retention per Unit: Mar-08Average Cost per Turn (move-out): $172 $280 Apr-08
64.65% 72.83% May-08Actual + Bud Budget Jun-08
Total Controllable Expenses (/unit/yr.): 2,565.71 2,822.81 Jul-08
Total Non-controllable Expenses (/unit/yr.): 1,232.96 1,231.40 Aug-08Total Expenses (/unit/yr.): 3,798.67 4,054.22 Sep-08
Oct-08 Nov-08Lease Expiration Dec-08Sep-08 20.00
Category
Salary Expense
Operating ExpenseAdvertising ExpenseMake Ready ExpenseMaintenance ExpenseManagement ExpenseCredit Card FeesService Expense
Administrative ExpenseUtility ExpenseTaxes & InsuranceCapital Expense
Taxes & Insurance
NOI
IREM includes Payroll costs in the foSecurity, Gournds, Maintenance, P
Amenities
IREM does provide total Payroll Rec
Thus for all purposes comarison by c
therefore a comparison in total is u
% Water/Sewer Recovery - MTD & YTD - Actuals
Controllable Costs 2
Total 2
1 Median Expense for the city
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USA Courtney Downs LeaseCo, LLC
Summary Report
Actual Budget Variance
Move-ins 20 22 (2)
Move-outs 22 25 3
Physical Occupancy 92.24% 94.42% -2.18% at month end
Vacancy 7.76% 5.58% -2.18% (vacancy / market rent)
Economic Occupancy 87.13% 85.86% 1.27% (net rental / market rent)
Prior Current Subsquent Annualized
Month Month Month Per Unit
Net Rental Revenue
Actual / Projected 271,191 262,493 269,218
Budget - Original 261,671 258,661 254,092
Variance 9,520 3,832 15,126
Other Revenue
Actual 28,230 29,567 26,882Budget - Original 27,910 23,739 22,628
Variance 320 5,828 4,254
Expenses - Controllable
Actual 76,346 68,416 77,840 2,565.71 ( YTD Actual + Remain
Budget - Original 83,552 79,854 87,518 2,822.81
Variance 7,206 11,438 9,678 257.10
Expenses - Taxes & Insurance
Actual 35,029 35,222 35,257 1,232.96
Budget - Original 35,095 35,095 35,095 1,231.40
Variance 66 (127) (162) (1.55)
Expenses - Capital
Actual 7,400 7,228 6,885Budget - Original 6,600 6,259 6,000
Variance (800) (969) (885)
NOI Goal - Annual Actual Budget Variance
NOI Goal @ 7.00% cap 2,782,500 2,782,500 ( from disposition
Projected NOI 2,244,612 1,984,350 260,262.05 ( YTD Actual + Remain
Variance 537,888 798,150
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IREM Comparisons
USA Courtney Downs LeaseCo, LLC
% GPI $/ Sq Ft $ / Unit % GPI $/ Sq Ft $ / Unit % G
Payroll 8.60% 1.07 983 10.00% 1.27 1,061
Taxes 6.95% 1.15 1,059 5.20% 0.66 555 -
Insurance #N/A 0.19 171 1.30% 0.15 135
Total Controllable Expenses 33.23% 4.14 2,566 26.80% 3.13 1,964 -
NOI 57.41% 7.15 6,563 55.10% 6.97 6,053
IREM's 3 different views of Expenses are compared above
The Total IREM for a category may NOT equal the sum of the line items in the category, e.g., Taxes & Insurance
IREM - 2007 1
1 Median Expense for the city
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Jan 2008 Feb 2008 Mar 2008 Apr 2008 May2008
Jun 2008 Jul
0
25,000
50,000
75,000
100,000
125,000
150,000
175,000
200,000
225,000
250,000
275,000
300,000
325,000
Courtney DoRevenue / Operating E
Total Revenue Total Operating
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008 Aug 2008 Sep 2008 Oct 2008 Nov 2008 Dec 2008
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
200,000
220,000
nsxpenses / NOI
Exp. Net Operating Income
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Lease ExpirationUSA Courtney Downs LeaseCo, LLC (10600)
Month Year = 09/2008
Property Unit Type Units MTM Sep-08
10600 Arlington(cdc1) 66.00 0.00 2.00
10600 Calder(cda1) 72.00 0.00 9.00
10600 Churchill(cde) 28.00 0.00 1.00
10600 Derby(cda2) 18.00 0.00 1.00
10600 Drysdale (Study)(cdb1) 56.00 0.00 3.00
10600 Lexington(cdd) 36.00 0.00 2.00
10600 Steplechase(cdc) 66.00 0.00 2.00
10600 USA Courtney Downs LeaseCo, LLC (10600) 342.00 0.00 20.00
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Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09
5.00 3.00 5.00 4.00 7.00 2.00 4.00 5.00
8.00 2.00 5.00 4.00 6.00 3.00 7.00 3.00
3.00 0.00 5.00 1.00 1.00 4.00 1.00 2.00
0.00 2.00 1.00 1.00 3.00 1.00 1.00 1.00
7.00 8.00 2.00 4.00 0.00 6.00 5.00 4.00
2.00 0.00 1.00 2.00 2.00 3.00 4.00 6.00
5.00 7.00 3.00 5.00 7.00 3.00 4.00 5.00
30.00 22.00 22.00 21.00 26.00 22.00 26.00 26.00
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Jun-09 Jul-09 Aug-09 Total
8.00 4.00 3.00 52.00
4.00 6.00 7.00 64.00
1.00 3.00 1.00 23.00
2.00 2.00 1.00 16.00
2.00 2.00 5.00 48.00
7.00 1.00 2.00 32.00
7.00 5.00 5.00 58.00
31.00 23.00 24.00 293.00
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Courtney Downs
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Move Ins 17 16 19 16 28 16 31 25 20 17
cummulative move in 17 33 52 68 96 112 143 168 188 205 205 205
Move Outs 17 11 19 21 18 20 33 15 22 17
cummulative move out 17 28 47 68 86 106 139 154 176 193 193 193
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12 Month OccupancyShowing Occupancy Percentage By Property And Month
Year : 2008Grouped By : Region
Calculation by : Unit Count
Property Units Sq Ft Jan Feb Mar Apr May Jun July
2007 342 311,852 89.50 88.75 88.09 90.32 93.11 94.95 95.85
2008 91.40 94.04 95.32 93.18 93.81 94.09 93.94
USA Courtney Downs LeaseCo, LLC(10600)
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USA Courtney Downs LeaseCo, LLC (10600)
BudgetPeriod = Jan 2008-Dec 2008
Book = Accrual
Jan-08 Feb-08 Mar-08
294,410.00 294,410.00 297,830.0010,247.00 10,940.00 7,880.00
304,657.00 305,350.00 305,710.00
-28,795.00 -27,074.00 -24,776.00
-6,000.00 -6,000.00 -3,000.00
-1,507.00 -1,534.00 -1,586.00
-1,980.00 -1,980.00 -1,980.00
-1,935.00 -1,935.00 -1,935.00
-1,160.00 -1,160.00 -1,160.00
-17,793.00 -15,707.00 -12,879.00
245,487.00 249,960.00 258,394.00
1,463.00 1,463.00 1,771.00
300.00 750.00 750.00
680.00 720.00 880.00
1,176.00 1,323.00 1,519.00
0.00 0.00 2,700.00
600.00 200.00 1,100.00
3,489.00 0.00 0.00
3,360.00 3,360.00 3,360.00
6,790.00 6,790.00 6,790.00
475.00 475.00 475.00
300.00 300.00 300.00
1,820.00 2,100.00 2,660.00
2,400.00 2,400.00 2,400.00500.00 375.00 500.00
23,353.00 20,256.00 25,205.00
268,840.00 270,216.00 283,599.00
12,689.00 12,689.00 12,689.00
11,403.00 11,403.00 11,403.00
3,005.00 3,425.00 3,665.00
1,720.00 1,720.00 1,720.00
1,000.00 1,000.00 1,000.00
29,817.00 30,237.00 30,477.00
850.00 850.00 850.00
743.00 743.00 743.00
98.00 98.00 98.00
211.00 211.00 211.00
114.00 114.00 114.00
350.00 350.00 300.00
38.00 38.00 38.00
INCOME
Market RentLoss / Gain to Lease
Gross Potential Rent
Vacancy Loss
Upfront Rent Concessions
Adjustments & W/O
Model Units
Employee Apartment
Guest Suite
Lease Term Concessions
INCOME RENTAL
OTHER REVENUESLate Charges & NSF Fees
Month to Month Premium
Storage Fees
Application Fees
Termination Fees & Damages
Miscellaneous Income
Interest Income
Pet Rents & Fees
Garage Income
Cable/Telephone Income
Forfeited Deposits
Administration Fee
Move-Out ChargesShort Term Lease Fees
TOTAL OTHER REVENUES
TOTAL REVENUE
SALARY EXPENSES
Managers Salary
Maintenance Salary
Commissions & Bonus
Group Insurance
Contract Labor
TOTAL SALARY EXPENSES
OPERATING EXPENSES
Office Operations & Supplies
Telephones
Answering Svc. & Pagers
Postage & Delivery
Publications & Subscriptions
Employee Training
Car Expenses
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288.00 324.00 372.00
600.00 550.00 500.00
3,292.00 3,278.00 3,226.00
7,500.00 3,500.00 3,500.00
500.00 400.00 500.00723.00 1,446.00 2,025.00
500.00 500.00 500.00
9,223.00 5,846.00 6,525.00
207.00 225.00 279.00
2,859.00 2,859.00 2,859.00
955.00 1,038.00 1,287.00
270.00 270.00 270.00
85.00 85.00 85.00
417.00 417.00 417.00
158.00 158.00 158.00
4,951.00 5,052.00 5,355.00
599.00 689.00 1,000.00
200.00 100.00 100.00
120.00 120.00 120.00
40.00 50.00 50.00
0.00 0.00 0.00
100.00 100.00 100.00
10.00 10.00 10.00
260.00 0.00 260.00
300.00 300.00 300.00
120.00 120.00 120.000.00 0.00 0.00
0.00 0.00 0.00
450.00 450.00 450.00
2,199.00 1,939.00 2,510.00
0.00 0.00 0.00
755.00 755.00 755.00
205.00 205.00 205.00
0.00 0.00 0.00
3,500.00 3,500.00 3,500.00
4,460.00 4,460.00 4,460.00
10,754.00 10,809.00 11,344.00
400.00 200.00 400.00
0.00 0.00 0.00
11,154.00 11,009.00 11,744.00
Credit Checks
Guest Suite Expense
TOTAL OPERATING EXPENSE
ADVERTISING EXPENSES
Advertising & Promotions
Resident PromotionsLocators
Resident Referrals
TOTAL ADVERTISING EXPENSES
MAKE READY EXPENSES
Paint & Drywall
Contract Cleaning Svcs.
Carpet Cleaning & Repairs
Window Coverings
Lock & Keys
Counter & Tub Resurfacing
Cleaning Supplies
TOTAL MAKE READY EXPENSES
MAINTENANCE EXPENSES
General Maintenance & Supplies
HVAC Parts & Repairs
Plumbing Parts & Repairs
Electric Parts & Repairs
Roof & Gutter Repairs
Pools & Fountains
Gates & Entrances
Glass & Screens
Appliance Parts & Repairs
HardwareExterior Painting
Uniforms
Security & Fire Systems
TOTAL MAINTENANCE EXPENSE
SERVICE EXPENSES
Landscape & Grounds
Trash Removal
Pest Control
Security Patrols
Snow Removal
TOTAL SERVICE EXPENSES
ADMINISTRATIVE EXPENSES
Management Fees
Legal Fees
Computer Expense
TOTAL ADMINISTRATIVE EXPENSES
UTILITY EXPENSES
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3,250.00 3,250.00 3,250.00
1,967.00 1,967.00 1,967.00
20,000.00 20,000.00 20,000.00
-13,600.00 -13,600.00 -13,600.00
0.00 0.00 0.00
-2,400.00 -2,400.00 -2,400.00
1,505.00 1,415.00 325.00903.00 849.00 768.00
11,625.00 11,481.00 10,310.00
30,188.00 30,188.00 30,188.00
4,850.00 4,850.00 4,850.00
57.00 57.00 57.00
35,095.00 35,095.00 35,095.00
111,816.00 108,397.00 109,702.00
157,024.00 161,819.00 173,897.00
106,587.00 106,587.00 106,587.00
0.00 0.00 0.00
86,667.00 86,667.00 86,667.00
193,254.00 193,254.00 193,254.00
0.00 0.00 0.00
200.00 200.00 200.00
1,000.00 1,000.00 1,000.00
3,250.00 3,250.00 3,250.00
4,450.00 4,450.00 4,450.00
0.00 0.00 0.00
0.00 0.00 0.00
5,000.00 5,000.00 5,000.00
0.00 0.00 0.00
0.00 259.00 319.00
339.00 0.00 339.00
0.00 2,139.00 2,610.00
5,339.00 7,398.00 8,268.00
-46,019.00 -43,283.00 -32,075.00
NOI YTD - Budget 157,024.00 318,843.00 492,740.00
Projected Move-Ins 13 15 19Total Move Outs 12 13 16Resulting Occupancy at Month End 90.44% 91.17% 92.19%Average Monthly Occupancy 90.22% 90.80% 91.68%
Electricity
Natural Gas
Water & Sewer
Water & Sewer - Resident Reimb
Water - irrigation
Trash Reimbursement
Utility -Vacant ElectricUtility - Vacant Gas
TOTAL UTILITY EXPENSES
TAXES & INSURANCE
Property Taxes
Insurance
Tax Consultants
TOTAL TAXES & INSURANCE
TOTAL OPERATING EXPENSES
NET OPERATING INCOME
TIC RENT EXPENSE
Base Rent - Interest Payment
Base Rent - Principal Payment
Stated Rent
Total TIC Rent Expense
PARTNERSHIP EXPENSES
Partnership Accounting Fees
Partnership Travel
Asset Management Fees
Investor Administration Fee
TOTAL PARTNERSHIP EXPENSES
CAPITAL EXPENSESExterior Rehab
HVAC Replacement
Carpet & Floor Replacement
Refrigerators
Dishwashers & Ranges
Washers / Dryers
Other Capital Improvements
TOTAL CAPITAL EXPENSES
NET INCOME
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Average Scheduled Rent per Unit 861 861 871Average Monthly Occupied Rent 894 896 896
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Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08
297,830.00 297,830.00 297,830.00 301,250.00 301,250.00 301,250.008,634.00 8,445.00 8,157.00 4,000.00 3,881.00 3,436.00
306,464.00 306,275.00 305,987.00 305,250.00 305,131.00 304,686.00
-21,510.00 -19,986.00 -17,809.00 -15,591.00 -15,591.00 -16,802.00
-3,000.00 -3,000.00 -3,000.00 -3,000.00 -3,000.00 -3,000.00
-1,602.00 -1,620.00 -1,621.00 -1,618.00 -1,606.00 -1,588.00
-1,980.00 -1,980.00 -1,980.00 -1,980.00 -1,980.00 -1,980.00
-1,935.00 -1,935.00 -1,935.00 -1,935.00 -1,935.00 -1,935.00
-1,160.00 -1,160.00 -1,160.00 -1,160.00 -1,160.00 -1,160.00
-14,298.00 -12,717.00 -14,444.00 -16,316.00 -18,188.00 -19,560.00
260,979.00 263,877.00 264,038.00 263,650.00 261,671.00 258,661.00
1,925.00 1,925.00 1,925.00 1,925.00 1,925.00 1,925.00
600.00 600.00 750.00 900.00 750.00 900.00
840.00 920.00 920.00 1,000.00 1,080.00 1,120.00
1,813.00 1,862.00 2,107.00 2,205.00 2,205.00 1,764.00
0.00 2,700.00 2,700.00 0.00 2,700.00 0.00
500.00 500.00 600.00 800.00 800.00 800.00
0.00 0.00 0.00 0.00 0.00 0.00
3,360.00 3,360.00 4,200.00 3,360.00 3,360.00 3,360.00
6,790.00 6,790.00 6,790.00 6,790.00 6,790.00 6,790.00
475.00 475.00 475.00 475.00 475.00 475.00
400.00 400.00 500.00 500.00 600.00 500.00
3,220.00 3,220.00 3,920.00 4,200.00 4,200.00 3,080.00
2,400.00 3,600.00 2,400.00 2,400.00 2,400.00 2,400.00375.00 500.00 625.00 750.00 625.00 625.00
22,698.00 26,852.00 27,912.00 25,305.00 27,910.00 23,739.00
283,677.00 290,729.00 291,950.00 288,955.00 289,581.00 282,400.00
12,689.00 12,689.00 12,689.00 13,069.00 13,069.00 13,069.00
11,403.00 11,403.00 11,403.00 11,745.00 11,745.00 11,745.00
4,580.00 3,755.00 5,305.00 4,900.00 4,900.00 4,158.00
1,720.00 1,720.00 1,720.00 1,720.00 1,720.00 1,720.00
0.00 0.00 0.00 0.00 0.00 0.00
30,392.00 29,567.00 31,117.00 31,434.00 31,434.00 30,692.00
850.00 850.00 850.00 850.00 850.00 850.00
743.00 743.00 743.00 743.00 743.00 743.00
98.00 98.00 98.00 98.00 98.00 98.00
211.00 211.00 211.00 211.00 211.00 211.00
114.00 114.00 114.00 114.00 114.00 114.00
350.00 350.00 350.00 350.00 350.00 350.00
38.00 38.00 38.00 38.00 38.00 38.00
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444.00 456.00 516.00 540.00 540.00 432.00
500.00 600.00 600.00 600.00 500.00 500.00
3,348.00 3,460.00 3,520.00 3,544.00 3,444.00 3,336.00
3,500.00 3,500.00 3,500.00 3,500.00 3,500.00 3,000.00
400.00 500.00 400.00 500.00 400.00 500.001,401.00 1,401.00 1,705.00 1,827.00 1,827.00 1,340.00
500.00 500.00 500.00 500.00 500.00 500.00
5,801.00 5,901.00 6,105.00 6,327.00 6,227.00 5,340.00
342.00 423.00 405.00 540.00 540.00 446.00
2,859.00 2,859.00 2,859.00 2,859.00 2,859.00 2,859.00
1,577.00 1,951.00 1,868.00 2,490.00 2,490.00 2,054.00
270.00 270.00 270.00 270.00 270.00 270.00
85.00 85.00 85.00 85.00 85.00 85.00
417.00 417.00 417.00 417.00 417.00 417.00
158.00 158.00 158.00 158.00 158.00 158.00
5,708.00 6,163.00 6,062.00 6,819.00 6,819.00 6,289.00
900.00 720.00 720.00 900.00 720.00 653.00
100.00 350.00 350.00 350.00 350.00 100.00
120.00 120.00 120.00 120.00 120.00 120.00
50.00 50.00 50.00 50.00 40.00 40.00
0.00 1,500.00 1,500.00 0.00 0.00 0.00
600.00 600.00 600.00 600.00 600.00 600.00
20.00 20.00 20.00 20.00 20.00 20.00
0.00 260.00 0.00 260.00 260.00 260.00
300.00 300.00 300.00 300.00 300.00 300.00
120.00 120.00 120.00 120.00 120.00 120.00155.00 0.00 100.00 0.00 0.00 100.00
300.00 0.00 0.00 0.00 0.00 0.00
450.00 450.00 5.00 200.00 200.00 200.00
3,115.00 4,490.00 3,885.00 2,920.00 2,730.00 2,513.00
8,863.00 5,718.00 3,000.00 3,000.00 3,000.00 3,000.00
755.00 755.00 755.00 755.00 755.00 755.00
205.00 205.00 305.00 305.00 305.00 205.00
0.00 0.00 925.00 925.00 925.00 0.00
3,500.00 0.00 0.00 0.00 0.00 0.00
13,323.00 6,678.00 4,985.00 4,985.00 4,985.00 3,960.00
11,347.00 11,629.00 11,678.00 11,558.00 11,583.00 11,296.00
200.00 200.00 200.00 200.00 200.00 200.00
0.00 0.00 0.00 3,060.00 0.00 0.00
11,547.00 11,829.00 11,878.00 14,818.00 11,783.00 11,496.00
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3,500.00 3,500.00 3,500.00 3,500.00 3,500.00 3,500.00
1,967.00 1,967.00 1,967.00 1,967.00 1,967.00 1,967.00
20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00
-13,600.00 -13,600.00 -13,600.00 -13,600.00 -13,600.00 -13,600.00
5,000.00 5,800.00 5,800.00 5,800.00 5,000.00 5,000.00
-2,400.00 -2,012.00 -2,012.00 -2,012.00 -2,012.00 -2,012.00
1,112.00 1,033.00 920.00 797.00 797.00 858.00667.00 620.00 552.00 478.00 478.00 515.00
16,246.00 17,308.00 17,127.00 16,930.00 16,130.00 16,228.00
30,188.00 30,188.00 30,188.00 30,188.00 30,188.00 30,188.00
4,850.00 4,850.00 4,850.00 4,850.00 4,850.00 4,850.00
57.00 57.00 57.00 57.00 57.00 57.00
35,095.00 35,095.00 35,095.00 35,095.00 35,095.00 35,095.00
124,575.00 120,491.00 119,774.00 122,872.00 118,647.00 114,949.00
159,102.00 170,238.00 172,176.00 166,083.00 170,934.00 167,451.00
106,587.00 106,587.00 106,586.67 106,474.53 106,361.87 130,152.00
0.00 0.00 23,565.33 23,677.47 23,790.13 0.00
86,667.00 86,667.00 86,667.00 86,667.00 86,667.00 86,667.00
193,254.00 193,254.00 216,819.00 216,819.00 216,819.00 216,819.00
0.00 365.00 0.00 0.00 0.00 0.00
200.00 200.00 200.00 200.00 200.00 200.00
1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
3,250.00 3,250.00 3,250.00 3,250.00 3,250.00 3,250.00
4,450.00 4,815.00 4,450.00 4,450.00 4,450.00 4,450.00
2,546.00 2,960.00 1,215.00 10,125.00 0.00 0.00
0.00 0.00 600.00 600.00 600.00 0.00
5,000.00 6,000.00 6,000.00 6,000.00 6,000.00 6,000.00
0.00 690.00 0.00 760.00 0.00 0.00
0.00 319.00 259.00 319.00 0.00 259.00
0.00 339.00 0.00 0.00 0.00 0.00
5,000.00 2,150.00 0.00 0.00 0.00 0.00
12,546.00 12,458.00 8,074.00 17,804.00 6,600.00 6,259.00
-51,148.00 -40,289.00 -57,167.00 -72,990.00 -56,935.00 -60,077.00
651,842.00 822,080.00 994,256.00 1,160,339.00 1,331,273.00 1,498,724.00
23 23 28 30 30 2219 24 23 30 30 25
93.36% 93.22% 94.82% 94.82% 94.82% 94.02%92.78% 93.29% 94.02% 94.82% 94.82% 94.42%
8/14/2019 USA Courtney Downs October
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871 871 871 881 881 881898 897 896 893 893 891
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Oct-08 Nov-08 Dec-08 Total
301,250.00 301,250.00 301,250.00 3,587,640.003,092.00 2,867.00 2,704.00 74,283.00
304,342.00 304,117.00 303,954.00 3,661,923.00
-19,995.00 -22,418.00 -23,078.00 -253,425.00
-3,000.00 -3,000.00 -3,000.00 -42,000.00
-1,559.00 -1,539.00 -1,530.00 -18,910.00
-1,980.00 -1,980.00 -1,980.00 -23,760.00
-1,935.00 -1,935.00 -1,935.00 -23,220.00
-1,160.00 -1,160.00 -1,160.00 -13,920.00
-20,621.00 -21,370.00 -21,994.00 -205,887.00
254,092.00 250,715.00 249,277.00 3,080,801.00
1,848.00 1,848.00 1,848.00 21,791.00
1,500.00 1,050.00 600.00 9,450.00
1,080.00 960.00 920.00 11,120.00
1,470.00 1,225.00 1,127.00 19,796.00
0.00 2,700.00 0.00 13,500.00
600.00 800.00 700.00 8,000.00
0.00 0.00 0.00 3,489.00
3,360.00 3,360.00 3,360.00 41,160.00
6,790.00 6,790.00 6,790.00 81,480.00
475.00 475.00 475.00 5,700.00
100.00 100.00 100.00 4,100.00
2,380.00 1,680.00 1,400.00 33,880.00
2,400.00 2,400.00 2,400.00 30,000.00625.00 625.00 500.00 6,625.00
22,628.00 24,013.00 20,220.00 290,091.00
276,720.00 274,728.00 269,497.00 3,370,892.00
13,069.00 13,069.00 13,069.00 154,548.00
11,745.00 11,745.00 11,745.00 138,888.00
3,395.00 3,020.00 2,525.00 46,633.00
1,720.00 1,720.00 1,720.00 20,640.00
0.00 1,000.00 1,000.00 5,000.00
29,929.00 30,554.00 30,059.00 365,709.00
850.00 850.00 850.00 10,200.00
743.00 743.00 743.00 8,916.00
98.00 98.00 98.00 1,176.00
211.00 211.00 211.00 2,532.00
114.00 114.00 114.00 1,368.00
350.00 350.00 350.00 4,150.00
38.00 38.00 38.00 456.00
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360.00 300.00 276.00 4,848.00
500.00 500.00 500.00 6,450.00
3,264.00 3,204.00 3,180.00 40,096.00
3,000.00 3,000.00 3,000.00 44,000.00
400.00 500.00 400.00 5,400.001,035.00 731.00 609.00 16,070.00
250.00 500.00 250.00 5,500.00
4,685.00 4,731.00 4,259.00 70,970.00
387.00 234.00 189.00 4,217.00
2,859.00 2,859.00 2,859.00 34,308.00
1,785.00 1,079.00 872.00 19,446.00
270.00 270.00 270.00 3,240.00
85.00 85.00 85.00 1,020.00
417.00 417.00 417.00 5,004.00
158.00 158.00 158.00 1,896.00
5,961.00 5,102.00 4,850.00 69,131.00
630.00 652.00 428.00 8,611.00
100.00 100.00 100.00 2,300.00
120.00 120.00 120.00 1,440.00
40.00 40.00 40.00 540.00
0.00 0.00 0.00 3,000.00
100.00 100.00 100.00 4,200.00
0.00 0.00 0.00 150.00
0.00 260.00 0.00 1,820.00
300.00 300.00 300.00 3,600.00
120.00 100.00 100.00 1,400.000.00 0.00 0.00 355.00
300.00 0.00 0.00 600.00
10,500.00 1,000.00 200.00 14,555.00
12,210.00 2,672.00 1,388.00 42,571.00
3,000.00 0.00 0.00 29,581.00
755.00 755.00 755.00 9,060.00
205.00 205.00 205.00 2,760.00
0.00 0.00 0.00 2,775.00
0.00 3,000.00 2,500.00 19,500.00
3,960.00 3,960.00 3,460.00 63,676.00
11,069.00 10,989.00 10,780.00 134,836.00
200.00 200.00 200.00 2,800.00
0.00 0.00 0.00 3,060.00
11,269.00 11,189.00 10,980.00 140,696.00
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3,250.00 3,250.00 3,250.00 40,500.00
1,967.00 1,967.00 1,967.00 23,604.00
20,000.00 20,000.00 20,000.00 240,000.00
-13,600.00 -13,600.00 -13,600.00 -163,200.00
5,000.00 0.00 0.00 37,400.00
-2,012.00 -2,012.00 -2,012.00 -25,696.00
1,022.00 1,145.00 1,179.00 12,108.00613.00 687.00 707.00 7,837.00
16,240.00 11,437.00 11,491.00 172,553.00
30,188.00 30,188.00 30,188.00 362,256.00
4,850.00 4,850.00 4,850.00 58,200.00
57.00 57.00 57.00 684.00
35,095.00 35,095.00 35,095.00 421,140.00
122,613.00 107,944.00 104,762.00 1,386,542.00 965,402.00 2,822.81
154,107.00 166,784.00 164,735.00 1,984,350.00
130,152.00 130,152.00 130,152.00 1,372,966.07
0.00 0.00 0.00 71,032.93
86,667.00 86,667.00 86,667.00 1,040,004.00
216,819.00 216,819.00 216,819.00 2,484,003.00
0.00 0.00 0.00 365.00
200.00 200.00 200.00 2,400.00
1,000.00 1,000.00 1,000.00 12,000.00
3,250.00 3,250.00 3,250.00 39,000.00
4,450.00 4,450.00 4,450.00 53,765.00
0.00 0.00 0.00 16,846.00
0.00 0.00 0.00 1,800.00
6,000.00 5,000.00 5,000.00 66,000.00
0.00 0.00 0.00 1,450.00
0.00 0.00 0.00 1,734.00
0.00 0.00 0.00 1,017.00
0.00 0.00 0.00 11,899.00
6,000.00 5,000.00 5,000.00 100,746.00
-73,162.00 -59,485.00 -61,534.00 -654,164.00
1,652,831.00 1,819,615.00 1,984,350.00
1,984,350.00
0.00
17 12 1022 13 11
92.70% 92.41% 92.27%93.36% 92.56% 92.34%
8/14/2019 USA Courtney Downs October
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881 881 881891 890 889
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Jan-08 Feb-08 Mar-08
294,410.00 294,410.00 294,800.002,842.00 787.00 29.00
297,252.00 295,197.00 294,829.00
0.00 0.00 0.00
-14,979.36 -13,515.14 -12,200.56
10.00 -434.48 6,116.84
-11,483.60 -4,730.58 -331.61
-1,980.00 -1,980.00 -1,980.00
-1,934.80 -1,934.80 -2,104.80
795.00 -1,160.00 -1,160.00
-10,079.23 -7,711.00 -6,383.35
257,600.01 263,731.00 276,785.52
2,095.04 2,778.95 1,558.51
455.00 666.00 761.61
1,217.74 1,270.00 1,278.56
1,800.00 1,500.00 1,050.00
5,090.00 2,500.00 5,566.26
736.40 1,318.85 484.35
3,370.97 4,806.71 2,998.22
7,019.83 7,091.17 7,066.89
0.00 3,113.37 0.00
0.00 0.00 300.00
4,050.00 3,150.00 2,250.00
1,600.34 5,608.70 1,871.78400.00 400.00 544.74
0.00 0.00 325.00
27,835.32 34,203.75 26,055.92
285,435.33 297,934.75 302,841.44
11,795.28 11,618.56 11,346.86
12,801.68 11,172.74 10,949.05
4,717.00 3,807.35 3,349.77
1,490.46 1,490.46 195.24
21.23 0.00 0.00
30,825.65 28,089.11 25,840.92
1,040.43 0.00 51.40
1,211.63 1,200.38 796.96
125.83 56.83 125.83
288.66 196.82 73.88
37.00 84.00 0.00
74.64 65.00 150.17
INCOME
Market RentLoss / Gain to Lease
Gross Potential Rent
Residential Rent
Vacancy Loss
Upfront Rent Concessions
Adjustments & W/O
Model Units
Employee Apartment
Guest Suite
Lease Term Concessions
INCOME RENTAL
OTHER REVENUES
Late Charges & NSF Fees
Month to Month Premium
Storage Fees
Application Fees
Termination Fees & Damages
Miscellaneous Income
Pet Rents & Fees
Garage Income
Cable/Telephone Income
Forfeited Deposits
Administration Fee
Move-Out ChargesShort Term Lease Fees
Corporate Rent
TOTAL OTHER REVENUES
TOTAL REVENUE
SALARY EXPENSES
Managers Salary
Maintenance Salary
Commissions & Bonus
Group Insurance
Contract Labor
TOTAL SALARY EXPENSES
OPERATING EXPENSES
Office Operations & Supplies
Telephones
Answering Svc. & Pagers
Postage & Delivery
Publications & Subscriptions
Employee Training
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0.00 0.00 0.00
381.95 561.00 636.65
499.77 668.32 500.81
3,659.91 2,832.35 2,335.70
1,051.00 1,961.49 1,694.00259.91 80.84 32.42
3,969.81 2,591.50 2,382.08
250.00 250.00 0.00
5,530.72 4,883.83 4,108.50
25.12 165.10 226.09
2,825.00 2,565.00 1,820.00
320.00 120.00 2,095.00
356.36 0.00 260.17
0.00 0.00 0.00
50.00 323.00 0.00
50.88 230.41 21.61
3,627.36 3,403.51 4,422.87
548.03 241.89 500.52
0.00 52.85 98.24
286.20 47.36 119.76
252.62 0.00 245.42
0.00 169.88 -110.84
0.00 0.00 0.00
273.05 514.57 475.46
26.73 1.92 18.61
0.00 0.00 0.0016.20 3,232.75 1,769.28
1,402.83 4,261.22 3,116.45
0.00 0.00 0.00
555.73 731.92 788.10
86.00 153.00 86.00
6,066.20 330.66 701.86
6,707.93 1,215.58 1,575.96
11,360.56 11,917.39 12,113.66
1,164.90 -901.34 -1,250.00
0.00 0.00 0.00
0.00 0.00 0.00
12,525.46 11,016.05 10,863.66
4,040.14 3,457.01 2,915.98
3,808.88 3,487.42 2,745.36
Permits & Fees
Credit Checks
Guest Suite Expense
TOTAL OPERATING EXPENSE
ADVERTISING EXPENSES
Advertising & PromotionsResident Promotions
Locators
Resident Referrals
TOTAL ADVERTISING EXPENSES
MAKE READY EXPENSES
Paint & Drywall
Contract Cleaning Svcs.
Carpet Cleaning & Repairs
Window Coverings
Lock & Keys
Counter & Tub Resurfacing
Cleaning Supplies
TOTAL MAKE READY EXPENSES
MAINTENANCE EXPENSES
General Maintenance & Supplies
HVAC Parts & Repairs
Plumbing Parts & Repairs
Electric Parts & Repairs
Pools & Fountains
Glass & Screens
Appliance Parts & Repairs
Hardware
UniformsSecurity & Fire Systems
TOTAL MAINTENANCE EXPENSE
SERVICE EXPENSES
Landscape & Grounds
Trash Removal
Pest Control
Snow Removal
TOTAL SERVICE EXPENSES
ADMINISTRATIVE EXPENSES
Management Fees
Legal Fees
Bank Charges
Computer Expense
TOTAL ADMINISTRATIVE EXPENSES
UTILITY EXPENSES
Electricity
Natural Gas
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13,536.27 16,771.41 20,957.09
-16,247.17 -9,812.59 -8,871.37
74.35 0.00 0.00
-2,300.14 -2,206.42 -1,803.54
1,439.86 886.14 927.65
561.78 811.79 443.45
4,913.97 13,394.76 17,314.62
837.50 1,059.00 0.00
578.11 362.44 0.00
0.00 0.00 0.00
1,415.61 1,421.44 0.00
30,188.47 30,188.47 30,188.47
4,840.47 4,815.99 4,840.47
0.00 0.00 0.00
35,028.94 35,004.46 35,028.94
105,638.38 105,522.31 104,607.62
179,796.95 192,412.44 198,233.82
106,586.67 106,586.67 106,586.67
0.00 0.00 0.00
86,666.71 86,666.71 86,666.71
193,253.38 193,253.38 193,253.38
0.00 0.00 0.00
518.50 237.43 354.87
0.00 101.53 70.741,000.00 1,000.00 1,000.00
3,200.00 3,200.00 3,200.00
4,718.50 4,538.96 4,625.61
1,993.00 0.00 859.02
0.00 0.00 0.00
0.00 0.00 540.47
2,698.32 2,700.47 9,488.59
0.00 0.00 0.00
0.00 0.00 485.32
296.29 0.00 0.00
4,746.03 202.76 192.60
9,733.64 2,903.23 11,566.00
-27,908.57 -8,283.13 -11,211.17
-27,908.57 -8,283.13 -11,211.17
Water & Sewer
Water & Sewer - Resident Reimb
Water - irrigation
Trash Reimbursement
Utility -Vacant Electric
Utility - Vacant Gas
TOTAL UTILITY EXPENSES
MANAGEMENT EXPENSES
Property Legal Fees
Credit Card Fees
Bank Charges
TOTAL MANAGEMENT EXPENSES
TAXES & INSURANCE
Property Taxes
Insurance
Tax Consultants
TOTAL TAXES & INSURANCE
TOTAL OPERATING EXPENSES
NET OPERATING INCOME
TIC RENT EXPENSE
Base Rent - Interest Payment
Base Rent - Principal Payment
Stated Rent
Total TIC Rent Expense
PARTNERSHIP EXPENSES
Partnership Accounting Fees
Partnership Travel
Partnership - MealsAsset Management Fees
Investor Administration Fee
TOTAL PARTNERSHIP EXPENSES
CAPITAL EXPENSES
Exterior Rehab
Interior Rehab
HVAC Replacement
Carpet & Floor Replacement
Refrigerators
Dishwashers & Ranges
Washers / Dryers
Other Capital Improvements
TOTAL CAPITAL EXPENSES
NET INCOME
TOTAL OF ALL
8/14/2019 USA Courtney Downs October
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USA Courtney Downs LeaseCo, LLC (10600)
Income Statement (12 months)Period = Jan 2008-Dec 2008
Book = Accrual
Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08
295,729.00 295,510.00 295,420.00 301,250.00 301,250.00 301,250.00-735.00 1,148.00 1,233.00 -4,175.00 -3,635.00 -2,719.00
294,994.00 296,658.00 296,653.00 297,075.00 297,615.00 298,531.00
0.00 0.00 0.00 0.00 -40.00 -40.00
-15,565.50 -15,359.58 -16,776.46 -16,864.78 -14,200.16 -22,699.25
1,884.22 0.00 0.00 0.00 195.00 -95.00
-3,557.59 -1,908.23 -3,080.11 -1,188.89 551.53 -1,061.08
-1,980.00 -1,645.00 -1,645.00 -1,685.00 -1,645.00 -1,645.00
-2,104.80 -1,955.77 -1,950.80 -1,950.80 -1,950.80 -2,139.80
-670.00 -910.00 -655.00 -910.00 -910.00 -910.00
-8,906.07 -9,644.00 -9,354.20 -8,894.19 -8,425.00 -7,448.03
264,094.26 265,235.42 263,191.43 265,581.34 271,190.57 262,492.84
2,075.02 2,995.00 1,736.73 2,374.45 2,901.82 1,284.97
1,696.46 1,295.00 1,815.00 2,206.80 1,344.01 500.00
1,122.00 1,146.93 1,100.32 1,181.51 1,249.73 1,200.98
1,970.00 1,880.00 2,600.00 2,510.00 1,400.00 2,070.00
2,550.00 85.85 2,500.00 2,658.06 2,630.53 5,943.26
390.21 2,115.88 1,476.99 1,772.95 1,083.14 937.02
2,640.66 3,709.75 3,901.68 4,372.75 3,300.01 5,249.60
7,019.55 7,006.93 6,829.00 6,422.57 6,825.03 6,430.48
3,355.82 3,387.30 0.00 81.23 0.00 0.00
0.00 600.00 0.00 0.00 150.00 300.00
3,450.00 4,350.00 4,500.00 4,200.00 2,400.00 3,900.00
6,354.00 5,572.48 5,614.30 5,659.05 4,378.12 1,352.80400.00 800.00 800.00 998.00 567.74 397.43
-240.00 0.00 0.00 3,320.83 0.00 0.00
32,783.72 34,945.12 32,874.02 37,758.20 28,230.13 29,566.54
296,877.98 300,180.54 296,065.45 303,339.54 299,420.70 292,059.38
11,634.72 7,534.97 10,294.54 17,054.11 10,700.81 11,031.53
12,190.20 8,551.40 10,707.96 16,394.39 11,024.72 11,036.48
2,741.20 4,098.56 3,543.75 8,032.50 0.00 4,761.13
97.62 187.73 180.22 270.33 180.22 180.22
66.88 781.66 637.26 133.76 0.00 0.00
26,730.62 21,154.32 25,363.73 41,885.09 21,905.75 27,009.36
532.19 29.34 1,790.23 758.66 499.33 338.81
788.60 682.07 795.62 781.26 787.83 706.86
251.66 0.00 125.83 257.00 69.00 69.00
336.06 25.74 198.90 250.34 259.94 119.77
42.00 1,178.08 157.00 175.00 0.00 0.00
391.68 867.61 222.58 199.82 245.27 363.08
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16.00 0.00 0.00 0.00 0.00 0.00
381.30 628.45 601.20 835.40 855.65 521.35
612.82 484.36 517.26 537.40 480.82 517.28
3,352.31 3,895.65 4,408.62 3,794.88 3,197.84 2,636.15
1,694.00 1,382.43 2,571.62 3,053.00 1,336.00 2,311.96341.15 137.40 267.20 152.30 76.85 233.52
495.28 2,112.50 2,705.65 1,381.71 4,286.75 1,077.00
0.00 0.00 250.00 500.00 500.00 250.00
2,530.43 3,632.33 5,794.47 5,087.01 6,199.60 3,872.48
1,417.14 7.83 -3.75 425.39 1,400.66 267.63
3,715.00 2,095.00 3,050.00 3,845.00 3,785.00 1,860.00
1,069.00 763.00 2,419.00 1,103.00 1,672.00 1,325.00
472.22 436.63 278.96 832.42 317.47 -61.35
188.24 0.00 46.85 26.87 387.65 0.00
225.00 634.69 353.31 0.00 426.68 225.00
181.20 67.80 370.14 413.53 77.06 170.96
7,267.80 4,004.95 6,514.51 6,646.21 8,066.52 3,787.24
539.45 636.94 834.38 1,331.54 580.18 131.34
304.79 12.89 55.39 54.23 36.93 0.00
395.48 0.00 185.72 206.96 161.54 150.81
103.95 0.00 50.36 0.00 130.38 0.00
321.12 325.38 537.57 957.57 521.84 526.00
0.00 371.84 239.19 0.00 0.00 0.00
427.94 528.59 915.84 744.24 1,468.72 333.40
376.76 27.06 7.18 110.99 0.00 86.16
0.00 32.32 0.00 730.84 0.00 0.0055.41 0.00 0.00 487.50 810.00 0.00
2,524.90 1,935.02 2,825.63 4,623.87 3,709.59 1,227.71
2,853.04 11,793.40 2,446.05 3,235.32 2,463.64 2,909.56
395.60 798.40 1,020.75 829.87 609.90 806.51
94.75 86.00 137.00 1,006.00 86.00 86.00
180.00 0.00 0.00 0.00 0.00 0.00
3,523.39 12,677.80 3,603.80 5,071.19 3,159.54 3,802.07
11,875.12 12,007.22 11,830.72 12,133.58 11,950.85 11,682.38
457.60 -426.10 601.90 608.49 -326.00 -690.00
150.00 0.00 802.36 0.00 98.72 -48.54
0.00 53.60 0.00 2,202.01 0.00 0.00
12,482.72 11,634.72 13,234.98 14,944.08 11,723.57 10,943.84
3,328.18 2,968.51 2,551.94 3,031.00 3,113.96 2,991.16
683.42 708.63 2,668.28 1,681.68 1,286.63 1,396.90
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16,286.33 19,834.05 17,130.91 17,770.67 21,460.51 19,546.95
-16,738.47 -10,218.36 -16,985.04 -11,088.94 -13,385.44 -13,874.72
0.00 661.72 3,178.50 6,140.50 6,942.70 6,228.80
-2,442.50 -1,966.81 -2,375.40 -2,256.15 -2,348.75 -2,274.84
558.98 534.66 599.49 1,206.08 927.90 897.02
275.97 405.92 362.16 328.48 386.24 225.82
1,951.91 12,928.32 7,130.84 16,813.32 18,383.75 15,137.09
0.00 0.00 0.00 0.00 0.00 0.00
599.10 239.55 191.14 648.68 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
599.10 239.55 191.14 648.68 0.00 0.00
30,188.47 30,188.47 30,188.47 30,188.47 30,188.47 30,188.47
4,840.47 4,840.47 5,035.65 4,840.47 4,840.47 5,033.51
0.00 600.00 0.00 0.00 0.00 0.00
35,028.94 35,628.94 35,224.12 35,028.94 35,028.94 35,221.98
95,992.12 107,731.60 104,291.84 134,543.27 111,375.10 103,637.92
200,885.86 192,448.94 191,773.61 168,796.27 188,045.60 188,421.46
106,586.67 106,586.67 106,586.67 106,474.53 106,361.87 106,248.67
0.00 0.00 23,565.33 23,677.47 23,790.13 23,903.33
86,666.71 86,666.71 86,666.71 86,666.71 86,666.71 86,666.71
193,253.38 193,253.38 216,818.71 216,818.71 216,818.71 216,818.71
0.00 540.00 0.00 0.00 0.00 0.00
532.16 0.00 255.51 0.00 350.32 0.00
55.14 0.00 52.40 0.00 32.76 0.001,000.00 0.00 0.00 0.00 0.00 0.00
3,200.00 4,200.00 4,200.00 4,200.00 4,200.00 -8,400.00
4,787.30 4,740.00 4,507.91 4,200.00 4,583.08 -8,400.00
0.00 0.00 0.00 2,543.08 0.00 0.00
0.00 1,021.68 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
6,943.49 2,361.33 10,149.40 14,854.93 7,399.81 5,204.72
0.00 651.41 0.00 471.71 0.00 0.00
0.00 0.00 0.00 225.00 0.00 242.66
0.00 593.96 0.00 0.00 0.00 0.00
0.00 3,243.20 3,657.50 5,021.89 0.00 1,780.46
6,943.49 7,871.58 13,806.90 23,116.61 7,399.81 7,227.84
-4,098.31 -13,416.02 -43,359.91 -75,339.05 -40,756.00 -27,225.09
-4,098.31 -13,416.02 -43,359.91 -75,339.05 -40,756.00 -27,225.09
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Oct-08 Nov-08 Dec-08 Total
0.00 0.00 0.00 2,674,029.000.00 0.00 0.00 -5,225.00
0.00 0.00 0.00 2,668,804.00
282,882.99 0.00 0.00 282,802.99
0.00 0.00 0.00 -142,160.79
0.00 0.00 0.00 7,676.58
-16.82 0.00 0.00 -26,806.98
-1,645.00 0.00 0.00 -17,830.00
-2,139.80 0.00 0.00 -20,166.97
-740.00 0.00 0.00 -7,230.00
-7,862.00 0.00 0.00 -84,707.07
270,479.37 0.00 0.00 2,660,381.76
2,863.25 0.00 0.00 22,663.74
150.00 0.00 0.00 10,889.88
1,151.53 0.00 0.00 11,919.30
1,450.00 0.00 0.00 18,230.00
2,500.00 0.00 0.00 32,023.96
586.94 0.00 0.00 10,902.73
4,625.36 0.00 0.00 38,975.71
7,046.54 0.00 0.00 68,757.99
0.00 0.00 0.00 9,937.72
0.00 0.00 0.00 1,350.00
2,400.00 0.00 0.00 34,650.00
3,048.08 0.00 0.00 41,059.65200.00 0.00 0.00 5,507.91
0.00 0.00 0.00 3,405.83
26,021.70 0.00 0.00 310,274.42
296,501.07 0.00 0.00 2,970,656.18
11,428.79 0.00 0.00 114,440.17
11,029.61 0.00 0.00 115,858.23
4,240.00 0.00 0.00 39,291.26
180.22 0.00 0.00 4,452.72
0.00 0.00 0.00 1,640.79
26,878.62 0.00 0.00 275,683.17
1,208.62 0.00 0.00 6,249.01
791.81 0.00 0.00 8,543.02
69.00 0.00 0.00 1,149.98
153.74 0.00 0.00 1,903.85
0.00 0.00 0.00 1,673.08
28.82 0.00 0.00 2,608.67
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0.00 0.00 0.00 16.00
676.05 0.00 0.00 6,079.00
500.82 0.00 0.00 5,319.66
3,428.86 0.00 0.00 33,542.27
924.17 0.00 0.00 17,979.67309.02 0.00 0.00 1,890.61
1,436.00 0.00 0.00 22,438.28
0.00 0.00 0.00 2,000.00
2,669.19 0.00 0.00 44,308.56
143.62 0.00 0.00 4,074.83
3,840.00 0.00 0.00 29,400.00
802.00 0.00 0.00 11,688.00
699.14 0.00 0.00 3,592.02
0.00 0.00 0.00 649.61
641.25 0.00 0.00 2,878.93
87.15 0.00 0.00 1,670.74
6,213.16 0.00 0.00 53,954.13
620.18 0.00 0.00 5,964.45
57.33 0.00 0.00 672.65
122.03 0.00 0.00 1,675.86
0.00 0.00 0.00 782.73
219.38 0.00 0.00 3,467.90
239.19 0.00 0.00 850.22
23.76 0.00 0.00 5,705.57
81.14 0.00 0.00 736.55
0.00 0.00 0.00 763.168,682.39 0.00 0.00 15,053.53
10,045.40 0.00 0.00 35,672.62
2,282.80 0.00 0.00 27,983.81
791.20 0.00 0.00 7,327.98
86.00 0.00 0.00 1,906.75
0.00 0.00 0.00 7,278.72
3,160.00 0.00 0.00 44,497.26
0.00 0.00 0.00 106,871.48
-380.00 0.00 0.00 -1,140.55
0.00 0.00 0.00 1,002.54
543.93 0.00 0.00 2,799.54
163.93 0.00 0.00 109,533.01
2,713.05 0.00 0.00 31,110.93
1,175.03 0.00 0.00 19,642.23
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17,688.69 0.00 0.00 180,982.88
-14,594.93 0.00 0.00 -131,817.03
6,034.10 0.00 0.00 29,260.67
-2,244.39 0.00 0.00 -22,218.94
749.42 0.00 0.00 8,727.20
252.93 0.00 0.00 4,054.54
11,773.90 0.00 0.00 119,742.48
0.00 0.00 0.00 1,896.50
0.00 0.00 0.00 2,619.02
358.07 0.00 0.00 358.07
358.07 0.00 0.00 4,873.59
30,188.47 0.00 0.00 301,884.70 1,059.24
4,840.47 0.00 0.00 48,768.44 169.84
0.00 0.00 0.00 600.00
35,028.94 0.00 0.00 351,253.14
99,720.07 0.00 0.00 1,073,060.23
196,781.00 0.00 0.00 1,897,595.95
106,134.93 106,020.65 0.00 1,170,760.67
24,017.07 24,131.35 0.00 143,084.68
0.00 0.00 0.00 780,000.39
130,152.00 130,152.00 0.00 2,093,845.74
0.00 0.00 0.00 540.00
0.00 0.00 0.00 2,248.79
0.00 0.00 0.00 312.570.00 0.00 0.00 4,000.00
0.00 0.00 0.00 21,200.00
0.00 0.00 0.00 28,301.36
0.00 0.00 0.00 5,395.10
0.00 0.00 0.00 1,021.68
0.00 0.00 0.00 540.47
6,104.14 0.00 0.00 67,905.20
0.00 0.00 0.00 1,123.12
493.95 0.00 0.00 1,446.93
286.88 0.00 0.00 1,177.13
228.50 0.00 0.00 19,072.94
7,113.47 0.00 0.00 97,682.57
59,515.53 -130,152.00 0.00 -322,233.72
59,515.53 -130,152.00 0.00 -322,233.72
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USA Courtney Downs LeaseCo, LLCBalance Sheet
Books = AccrualOct 2008
ASSETS
CashOperating Cash 25,184.43Total Cash $25,184.43
OTHER ASSETSAccounts Receivable 1,692.09Prepaid Expenses 9,443.38
Tax Escrow 207,691.03Cash in Bank-Wrk Cap Reserve 36,088.43Capital / Repair Escrow 200,000.00Total Other Assets 454,914.93
Total ASSETS 480,099.36
LIABILITIES & CAPITAL
LIABILITIESAccounts Payable - Trade 78,169.28A/P - Creekstone Partners LLC 371,758.38
A/P - US Advisors 368,476.00Accrued Expenses 86,666.71Other Accounts Payable 345,285.05Accrued Taxes 301,884.70Prepaid Rent 21,841.43Security Deposits 42,780.50Total Liabilities 1,616,862.05
CAPITAL
Creekstone Partners LLC 50.00US Advisors LLC 50.00Retained Earnings (1,136,862.69)Total Capital (1,136,762.69)
Total LIABILITIES & CAPITAL 480,099.36
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USA Courtney Downs LeaseCo, LLCCash Flow (Actual + Budget)
Books = AccrualFor the 12 Months Ending Dec 2008
Jan 2008 Feb 2008 Mar 2008 Apr 2008 May 2008 Jun 2008 Jul 2008Account Actual Actual Actual Actual Actual Actual Actual
Revenue
Gross Potential Rent 297,252 295,197 294,829 294,994 296,658 296,653 297,0- Vacancy (14,979) (13,515) (12,201) (15,566) (15,360) (16,776) (16,8- Concessions & Disc. (10,069) (8,145) (267) (7,022) (9,644) (9,354) (8,8- Other Write-offs & Adj. (14,603) (9,805) (5,576) (8,312) (6,419) (7,331) (5,7Total Rental Income 257,600 263,731 276,786 264,094 265,235 263,191 265,5
Other Income 27,835 34,204 26,056 32,784 34,945 32,874 37,7Total Revenue 285,435 297,935 302,841 296,878 300,181 296,065 303,3
Operating ExpensesSalary Expense 30,826 28,089 25,841 26,731 21,154 25,364 41,8Operating Expense 3,660 2,832 2,336 3,352 3,896 4,409 3,7Advertising Expense 5,531 4,884 4,109 2,530 3,632 5,794 5,0Make Ready Expense 3,627 3,404 4,423 7,268 4,005 6,515 6,6Maintenance Expense 1,403 4,261 3,116 2,525 1,935 2,826 4,6Service Expense 6,708 1,216 1,576 3,523 12,678 3,604 5,0Administrative Expense 12,525 11,016 10,864 12,483 11,635 13,235 14,9Utility Expense 4,914 13,395 17,315 1,952 12,928 7,131 16,8Credit Card Fees 1,416 1,421 0 599 240 191 6Taxes & Insurance 35,029 35,004 35,029 35,029 35,629 35,224 35,0
Total Operating Exp. 105,638 105,522 104,608 95,992 107,732 104,292 134,5Net Operating Income 179,797 192,412 198,234 200,886 192,449 191,774 168,7
Base Rent 106,587 106,587 106,587 106,587 106,587 130,152 130,Stated Rent 86,667 86,667 86,667 86,667 86,667 86,667 86,6Partnership Expense 4,719 4,539 4,626 4,787 4,740 4,508 4,2Capital Expense 9,734 2,903 11,566 6,943 7,872 13,807 23,1
Cash Flow Frm Operations (27,909) (8,283) (11,211) (4,098) (13,416) (43,360) (75,3
Rental Guarantees 0 0 0 0 0 0
Balance Sheet Adjustments
Cash - Non Operating Accounts 0 0 0 0 0 0 Accounts Receivable (1,895) 2,740 (9,772) 8,270 (2,448) 177 2,7Prepaid Assets (50,394) 4,840 4,840 4,840 4,840 4,840 4,8Escrow Deposits (35,800) (35,800) (35,800) 341,933 (37,985) (38,933) (38,9
Cash Increase (Decreae) From Assets (88,090) (28,220) (40,732) 355,044 (35,592) (33,916) (31,3
Accounts Payable (22,965) 2,827 942 207 69,651 22,994 45,8Accrued Expenses 20,453 31,811 51,607 (345,380) 44,376 16,001 30,1Other Payables 920 2,385 345 1,665 (1,490) (150) 2,4Mortgages Payable 48,905 (6,027) (5,836) (6,064) (6,293) (6,064) (6,0
Cash Increase (Decrease) From Liab. 47,313 30,997 47,058 (349,572) 106,245 32,780 72,4
NET CASH FLOW (68,685) (5,507) (4,886) 1,374 57,237 (44,496) (34,2
CUMM. NET CASH FLOW 15,378 9,871 4,986 6,360 63,597 19,101 (15,184063.14
$400,000
$500,000
$600,000
$700,000
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administrator:assume insurance increases by 50%
W31:
rssmith:estimated Replacement Reserve draw
J48:
administrator:
replacement reserve + reduction in tax escrow due to overageW49:
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MTD MTDAccount Actual Budget $
Revenue
Market Rent 301,250.00 301,250.00
Loss / Gain to Lease (1,949.00) 3,092.00
Gross Potential Rent 299,301.00 304,342.00 Prepaid Homeowners Dues 0.00 0.00
Residential Rent (40.00) 0.00 Vacancy Loss (15,922.53) (19,995.00)
Upfront Rent Concessions 0.00 (3,000.00)
Corporate Discount 0.00 0.00 Delinquent Rent 0.00 0.00
Adjustments & W/O (1,733.65) (1,559.00)Model Units (1,645.00) (1,980.00)
Courtesy Officer Apt. 0.00 0.00 Employee Apartment (2,139.80) (1,935.00)
Housekeeping & Maintenance Fe 0.00 0.00
Guest Suite (740.00) (1,160.00)Lease Term Concessions (7,862.00) (20,621.00)
Homeowner's Assn Dues Income 0.00 0.00 Homeowner Dues Paid 0.00 0.00 Model Units 0.00 0.00
Lease Contract Difference 0.00 0.00 Total Rental Income $269,218.02 $254,092.00
Laundry Income 0.00 0.00 Vending Income 0.00 0.00 Covered Parking Income 0.00 0.00
Late Charges & NSF Fees 3,030.02 1,848.00
Month to Month Premium 150.00 1,500.00
Storage Fees 1,108.95 1,080.00 Repair & Maintenance Fees 0.00 0.00 Application Fees 1,550.00 1,470.00 Termination Fees & Damages 2,500.00 0.00
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Contract Cleaning Svcs. 3,840.00 2,859.00
Carpet Cleaning & Repairs 802.00 1,785.00
Window Coverings 699.14 270.00
Vinyl & Tile Repairs 0.00 0.00 Lock & Keys 0.00 85.00
Counter & Tub Resurfacing 641.25 417.00
Other Redecorating 0.00 0.00
Cleaning Supplies 87.15 158.00 Total Make Ready Expense 6,213.16 5,961.00
General Maintenance & Supplies 848.68 630.00
HVAC Parts & Repairs 57.33 100.00
Plumbing Parts & Repairs 122.03 120.00 Electric Parts & Repairs 0.00 40.00
Roof & Gutter Repairs 0.00 0.00 Pools & Fountains 219.38 100.00
Gates & Entrances 0.00 0.00
Glass & Screens 239.19 0.00
Appliance Parts & Repairs 23.76 300.00
Hardware 81.14 120.00 Exterior Painting 0.00 0.00 Uniforms 0.00 300.00
Elevator Service & Repairs 0.00 0.00 Security & Fire Systems 8,682.39 10,500.00
Uninsured Losses 0.00 0.00 Locks & Keys 0.00 0.00
Bulbs & Ballasts 0.00 0.00 Total Maintenance Expense 10,273.90 12,210.00
Landscape & Grounds 2,282.80 3,000.00
Trash Removal 791.20 755.00 Pest Control 86.00 205.00
Security Patrols 0.00 0.00
Window Cleaning Svc. 0.00 0.00 Interior Cleaning Svc. 0.00 0.00
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Total Admin. Expense 12,170.47 11,269.00
Electricity 2,713.05 3,250.00
Electricity Gas - Resident 0.00 0.00 Natural Gas 1,175.03 1,967.00
Water & Sewer 17,688.69 20,000.00
Water & Sewer - Resident Reimb (14,589.42) (13,600.00)
Water - irrigation 6,034.10 5,000.00 Electric - Tenant Reimbursement 0.00 0.00
Trash Reimbursement (2,236.39) (2,012.00)
Water - Tenant Reimbursement 0.00 0.00 Utility -Vacant Electric 749.42 1,022.00
Utility - Vacant Gas 252.93 613.00
Tenant Reimbursement - Gas 0.00 0.00 Total Utility Expense 11,787.41 16,240.00
Management Fees 0.00 0.00 Management Fees-MRLL 0.00 0.00 Property Legal Fees 0.00 0.00
Credit Card Fees 650.22 0.00
Bank Charges 358.07 0.00
Bank Adjustments 0.00 0.00 Other Professional Fees 0.00 0.00
Late Charges 0.00 0.00 HOA Assessment Fees 0.00 0.00 Contributions 0.00 0.00 Fiduciary Fees 0.00 0.00
Custodial Fees 0.00 0.00 Thunder Expense 0.00 0.00 Accounting Fees 0.00 0.00
Total Management Expense 1,008.29 0.00
Property Taxes 30,188.47 30,188.00
Franchise Tax 0.00 0.00 Insurance 5,068.57 4,850.00
Tax Consultants 0.00 57.00
MIP 0 00 0 00
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Other Capital Improvements 0.00 0.00
Boiler Replacement 0.00 0.00 Roof Replacement 0.00 0.00
Total Capital Expenses 6,884.97 6,000.00
Casualty Losses 0.00 0.00 Casualty Recovery 0.00 0.00
Total Casualty Loss 0.00 0.00
Amortization Expense 0.00 0.00 Depreciation Expense 0.00 0.00
Total Depr & Amort 0.00 0.00 NET INCOME (LOSS) (44,900.82) (73,162.00)
Rental Guarantee 0.00 0.00 (44,900.82) (73,162.00)
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Courtney Downs ApartmentsOctober 08
LEASING & OCCUPANCY
NUMBER OF MOVE INS: 15 INCOME THIS MONTH: $296,100.00NUMBER OF MOVE OUTS: 17 INCOME LAST MONTH: $292,059.00
NET FOR THE MONTH: -2 DIFFERENCE: $4,041.00
TOTAL # GARAGES 120# GARAGES OCCUPIED 111
OCCUPIED/LEASED %: 95%, 96% GARAGES OCCUPIED % 92%
SOURCE OF TRAFFIC: REASONS WHY PROSPECTS DID NOT LEASE:
Traffic Leased
APARTMENT GUIDE.COM 4 0 * Job Transfer 0APARTMENT GUIDE 0 0 * Too expensive. 4YELLOW PAGES 0 0 * Future/No Availability/Waiting list 3OTHER. NET 9 2 * Just started looking. 9BLUE BOOK 6 2 * Waiting for Home to Sell 4RENT.COM 7 0 * Current Lease to Expire 6LIVES IN AREA 12 7 * Needs Ground Floor 2RESIDENT REFERRAL 4 1 * Breed restrictions 0LOCATORS 5 2 * Will return with roommate or spou 0WORD of MOUTH 0 0 * Realtor Looking for Client 0WALK IN 0 0 * Undecided 5SIGNAGE 6 4 * Employment pending 5BROCHURE/FLYER 0 0 * Location 2
* Rented at Competitor 0TOTALS 53 18 TOTALS 35
CLOSING RATIO: 34%
MARKETING ACTIVITIES & SOURCES FOR THE MONTH
* We waived the security deposit for all preferred employers this month.* Courtney Downs made muffin baskets for Rylan, Richmond and Newland Homes for their short term referrals.* We changed out the flutter flags to the front of the property to keep a fresh look.* Our highest traffic source this month was from lives in area and most leased was from locators.* Updated the locators with brochures and price sheets for the month.* Brochures and donuts were taken to Go Toyota staff.* Continued to network with nextel on new employees coming to the area.
* Dropped off muffins and brochures to Wells Fargo bank for the break room.* Took brochures and flyers to the new shopping area Corner Star market featuring Best Buy, sunflower markets, DWS and Target stores.* Took brochures and flyers to King Soopers market for all employees.* We continue to work with Comcast and new employees to the area.* Took gift baskets to Costco Human Resources.
OVERVIEW OF COMPARABLE PROPERTIES:Coyote Ranch continues to be our biggest competition closing out at 98.3% leased and 97.2% occupied.They are offering 1 to 2 months off of selected units.Dove Valley and Windrock are offering $500.00 gift cards for gas with any term look and lease.Overall market is 94.2% average occupancy. and rental rate of $805 per month.RESIDENT RETENTION:We had 30 leases expiring in the month of October. 11 renewed leases with a $36.36 increase.Notices received; (3) buying homes, (2) renting houses , (3) out of state, (2) Closer to work, (2) Other property(1) Too expensive, (2) Moving home with parents, (2) Roommate split, (1) closer to work and (1) Skip.
INCIDENTS ON THE PROPERTY:
N/A
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MAINTENANCE: ROUTINE REPLACEMENTS:
Number of:
MARKET READY UNITS 19 REFRIGERATORS 0COMPLETE PAINTS 11 DISHWASHERS 0TOUCH UPS 8 WINDOWS 0WORK ORDERS 203 A/C COMPRESSORS 0
Pending Completed 0 CONDENSING UNITS 0Misc 0 7 7 WATER HEATERS 0
Electrical 0 32 32 ICE MAKERS 0Punch 0 19 19 GARBAGE DISPOSALS 0HVAC 0 37 37 MICROWAVES 0
Plumbing 0 74 74 CARPETS/vinyl 6Property Ext. 0 21 21 CEILING FANS 0
Appliances 0 13 13 TOILETS 0Safety 0 0 0 A/C FAN MOTORS 0
Total 0 203 203 COUNTER TOPS 0ROOF LEAKS 0 CABINETS RESURFACED KITCHEN 0
PLUMBING LEAKS 0 BLINDS 22
TUBS RESURFACED 0TUB TILES 0
CAPITAL IMPROVEMENTS IN PROGRESS:
N/A
PROBLEM AREAS NEEDING ATTENTION:
Garage doors are in need of repair.
Rock work needed on building edges.
Riser rooms needed some repair "up to code"
CURRENT STAFF:
Manager Nancy HowlandAssistant Manager Carrie McMillanLeasing Consultant Adreyanna BlackLeasing Consultant Kate HawkinsMaintenance Supervisor Gabriel TellezAssistant Maintenance Russell Bri leyMaintenance/ Grounds Jorge Chavez and Jorge Bernal
ACCOMPLISHMENTS FOR THE MONTH:
Repaired breezeways "gypecrete"Fire and sprinkler inspection completedBackflow inspection completedWinterized sprinkler system
Number Replaced
26
1242
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MARKET SU
Courtney DO
(Concessions red
PROPERTY: Courtney Downs Apt Coyote Ranch WindsoPRICE SIZE PSF PRICE SIZE PSF PRICE
Efficiency
Efficiency1B1B (A) 745 704 1.06 785 779 1.01 720
1B1B (B) 770 808 0.95 850 853 1.00 835
1B1B w/study 850 910 0.93 899
1B
1B
1B w/loft1B1B w/study 915
2B2B (E) 895 977 0.92 955 1105 0.86 925
2B2B (F) 905 1030 0.88 1030 1192 0.86 1080
2B2B (G) 935 1030 0.91 1099
2B2B (H)2B2B
2B w/study2B2B TH2B2B TH
3B2B 1,180 1140 1.04 1155 1398 0.83 1145
3B2B 1485 1398 1.06
% occ /leased 95 96.20% 95% 96%
Avg PSF 1 0.95 0.94
Avg Rents 897 1043 952/ Avail) 342 39 507 12 653Units(Tot
Special: Specials on select
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MARKET SURVEYCourtney Downs
October-08
Apartment Name Courtney Downs Coyote Ranch Windsor @ Meridian Pinnacle @ the Creek Dove Valley Cherrywood Vi
Address 5849 E. Jamison Dr16363 E Freemont Ave 9875 Jefferson Pkwy 6107 S Parker Rd 7550 S Blackhawk 16950 E Ca
hone 720-870-6114 303-693-8787 303-256-7700 303-766-2500 303-362-2000 303-805
Location Englewood, Co Aurora, Co Englewood, Co 80112 Centennial, Co Englewood, Co 80112 Parker, Co
of units 342 507 653 216 312 360
Age of Property 5 5 7 4 6 6
Application Fee $50.00 $35.00 $40.00 $35.00 $45.00 $35.Credit Card yes yes yes no yes no
ets Allowed yes yes yes yes yes yes
et Deposit 300 n/r 300-600 150-300 $100 300-500 $400-
ec. Deposit 150 275-325 300 $100 $199.00 $200-
W/D included Yes yes Only In Select Units Only Select Units no yes
Covered Parking no yes yes yes no no
Garage Detached yes yes yes yes yes
Cable Yes yes yes yes yes yes
Tennis Courts no no no no yes yes
of pools 1 1 1 1 1 2
Weight Room yes yes yes yes yes yes
acuzzi yes 1 1 1 1 2
Ceiling Fans yes yes yes yes yes yes
Microwaves yes yes yes yes yes yes
Mini Blinds yes yes yes yes yes yesF Freezer yes yes yes yes yes yes
cemakers yes yes yes yes yes yes
ireplaces yes no yes yes yes yes
Access Gates no yes yes no yes yes
Alarm in Unit Prewired no yes yes yes no
Door to Door no no no no no no
Aerobics/Kick Box no no no no no no
Movie Room no yes yes yes yes yes
Computer Library yes yes yes yes yes yes
ndoor Basketball no no no no no no
Water Charge yes no yes yes yes yes
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Courtney Downs
RENTAL SCHEDULE
October 08
UNIT TYPE #UNITS SIZE TOTAL MKT RENT MKT RENT MONTHLY ANNUAL C
S/F PER UNIT PER S/F GROSS GROSS RENTS*
A1 1BR 40 704 28,160 745 1.06 $29,800 $357,600 745.00
A1V 1BR 32 704 22,528 755 1.07 $27,520 $330,240 755.00
A2 1BR 18 910 16,380 850 0.93 $15,300 $183,600 850.00
B1 1BR 24 808 19,392 770 0.95 $18,480 $221,760 770.00
B1V 1BR 32 808 25,856 780 0.97 $24,960 $299,520 780.00
C 2BR 42 977 41,034 895 0.92 $37,590 $451,080 895.00
C1 2BR 44 1,030 45,320 920 0.89 $40,480 $485,760 920.00
C1V 2BR 22 1,030 22,660 930 0.90 $20,460 $245,520 930.00
CV 2BR 24 977 23,448 905 0.93 $21,720 $260,640 905.00
D 2BR 16 1,030 16,480 945 0.92 $15,120 $181,440 945.00
DV 2BR 20 1,030 20,600 955 0.93 $19,100 $229,200 955.00
E 3BR 24 1,140 27,360 1180 1.04 $28,320 $339,840 1,180.00
EV 3BR 4 1,140 4,560 1180 1.04 $4,720 $56,640 1,180.00
TOTAL 342 917 313,778 $888 $0.97 $303,570 $3,642,840 $888
* Net of Concession
EFFECTIVECONCESSION