USA Courtney Downs September 2007

8/14/2019 USA Courtney Downs September 2007

1/58

USA Courtney Downs LeaseCo, LLCBalance Sheet

Books = AccrualSep 2007

SETS

32,697.730.00

$32,697.73

vable (197.17)

es 16,898.90169,587.54

eserves 76,868.58 Escrow 200,000.00

sets 463,157.85

495,855.58

S & CAPITAL

le - Trade 175,927.73

Payable 731,085.05256,402.26

8,002.67ts 38,442.63

1,209,860.34

100.00gs (714,104.76)

(714,004.76)

ES & CAPITAL 495,855.58


2/58

USA Courtney Downs LeaseCo, LLC

Cash Flow (Actual + Budget)Books = Accrual

For the 12 Months Ending Dec 2007

Jan 2007 Feb 2007 Mar 2007 Apr 2007 May 2007 Jun 2007 Jul 2007 Aug 2007 Sep 2007 Oct 2007 Nov 2007 Dec 2007 12 Month $ / $ / Dec 2006 12 Month $ / $ /Actual Actual Actual Actual Actual Actual Actual Actual Actual Budget Budget Budget Total Unit Sq. Ft. Reforecast Total Unit Sq. Ft.

342 313,778 342 313,778

352,560 345,950 343,190 338,114 331,407 327,521 321,211 314,121 309,900 321,211 321,211 321,211 3,947,607 11,542.71 12.58 364,160 4,965,744 14,519.72 15.83(34,193) (31,453) (33,657) (26,399) (19,217) (11,745) (8,517) (14,496) (17,176) (11,745) (11,745) (11,745) (232,088) (678.62) (0.74) (43,000) (299,257) (875.02) (0.95)(77,240) (77,177) (74,811) (68,736) (56,781) (52,476) (45,332) (33,435) (26,860) (46,476) (47,500) (49,500) (656,324) (1,919.08) (2.09) (80,000) (835,245) (2,442.24) (2.66)(5,251) (7,154) (5,738) (5,449) (6,551) (6,386) (5,803) (8,688) (5,798) (6,386) (6,386) (6,386) (75,978) (222.16) (0.24) (6,085) (95,058) (277.95) (0.30)

235,876 230,165 228,984 237,529 248,858 256,914 261,560 257,502 260,065 256,604 255,580 253,580 2,983,218 8,722.86 9.51 235,075 3,736,185 10,924.52 11.91

27,580 21,616 22,944 22,832 23,203 22,482 19,521 31,663 27,802 20,545 20,545 20,195 280,928 821.43 0.90 19,000 341,490 998.51 1.09

263,457 251,781 251,928 260,361 272,061 279,396 281,081 289,166 287,867 277,149 276,125 273,775 3,264,146 9,544.29 10.40 254,075 4,077,675 11,923.03 13.00

33,611 20,391 30,933 32,195 31,382 31,663 40,842 22,827 31,229 26,976 27,014 30,347 359,409 1,050.90 1.15 37,759 455,581 1,332.11 1.452,710 2,821 2,230 3,652 3,228 3,040 5,519 2,088 3,595 3,725 3,725 3,665 39,998 116.95 0.13 3,030 50,535 147.76 0.166,159 5,921 9,117 4,298 6,292 4,400 4,564 7,230 3,448 6,993 6,993 6,394 71,810 209.97 0.23 6,885 92,293 269.86 0.293,805 2,722 3,636 6,647 4,645 6,951 5,843 4,190 7,774 3,705 3,803 2,828 56,547 165.34 0.18 7,500 70,842 207.14 0.232,027 1,541 2,485 2,639 1,612 1,405 3,289 2,097 2,185 15,095 2,425 2,425 39,226 114.70 0.13 2,295 46,486 135.92 0.156,403 10,329 1,917 3,299 5,923 4,883 3,010 3,137 3,150 5,585 6,385 1,835 55,856 163.32 0.18 2,395 66,635 194.84 0.21

15,368 15,798 15,451 15,440 14,701 16,179 18,825 16,316 16,541 17,209 17,247 17,301 196,377 574.20 0.63 14,969 246,469 720.67 0.799,370 15,941 12,794 6,685 9,354 12,548 12,990 1,571 8,672 8,388 8,001 8,051 114,367 334.41 0.36 10,900 141,653 414.19 0.45

37,910 33,542 33,143 33,465 34,552 34,243 64,955 34,433 34,062 32,739 32,739 32,739 438,523 1,282.23 1.40 0 439,807 1,285.99 1.4037,237 37,237 108.88 0.12

117,362 109,007 111,705 108,319 111,690 115,314 159,837 93,888 110,656 120,416 108,332 105,585 1,372,112 4,012.02 4.37146,094 142,774 140,223 152,043 160,371 164,082 121,244 195,277 177,211 156,732 167,793 168,189 1,892,034 5,532.26 6.03 122,970 1,647,537 4,817.36 5.25

131,106 2,430,138 7,105.67 7.74193,253 193,253 193,253 193,253 193,253 193,253 193,253 193,253 193,253 193,253 193,253 193,253 2,319,040 6,780.82 7.39

0 0 0 0 365 0 690 273 735 415 415 415 3,308 9.67 0.01 193,254 197,401 577.20 0.631,601 4,113 10,791 8,376 13,906 2,091 4,426 11,143 8,759 4,900 4,900 4,900 79,907 233.65 0.25 0 89,941 262.99 0.29

3,300 3,300 9.65 0.01(48,760) (54,592) (63,822) (49,586) (47,153) (31,262) (77,125) (9,392) (25,537) (41,836) (30,776) (30,379) (510,222) (1,491.88) (1.63)

(65,449) 2,139,496 6,255.84 6.827,543 (3,489) 0 0 0 0 0 0 0 0 0 0 0

250,000 250,000

s 0 0 4,562 4 ,374 2 ,739 0 46,036 0 0 0 0 0 57,711(4,571) (717) 131,540 (134,406) 2,387 (1,420) 8,565 8,625 (43) 0 0 0 9,958 0 9,958(7,749) 3,588 6,328 (4,460) 523 337 10,797 5,633 5,633 0 0 0 20,630 0 20,630

(30,394) (34,568) (34,568) (34,822) 322,388 (35,800) (35,800) (35,800) (35,800) (7,125) (7,125) (7,125) 23,460 0 9,210(2,951) (2,951)

sets (42,714) (31,697) 107,861 (169,314) 328,037 (36,884) 29,597 (21,543) (30,210) (7,125) (7,125) (7,125) 111,758 (2,951) 36,84736,334 64,458 (135,734) 185,452 117,385 41,375 118,141 24,714 18,696 0 0 0 470,81941,830 25,859 110,449 36,480 (411,342) 29,291 (51,145) (11,371) 25,600 0 0 0 (204,350) 0 (204,350)(1,829) (1,300) (1,433) (4,374) (2,739) (793) (1,500) (2,763) (2,538) 0 0 0 (19,268) 0 (19,268)

0 (11,458) (5,571) 15,448 1,581 0 12,262 0 (11,933) 0 0 0 328 0 3280 0

iab. 76,334 77,559 (32,289) 233,006 (295,115) 69,872 77,757 10,580 29,825 0 0 0 247,5300 (223,290)

(7,597) (12,219) 11,751 14,106 (14,231) 1,726 30,229 (20,355) (25,922) (48,961) (37,901) (37,504) (150,933)

47,614 35,395 47,146 61,251 47,020 48,746 78,975 58,620 32,698 (16,263) (54,164) (91,668) 181,601 2,203,053181,601

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

tra 280 286,056

vlg 120 108,276

wa 284 254,103

we 12 48,309

wi 346 433,196

us 280 299,111

us 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


3/58

es by 50%

+ reduction in tax escrow due to overage


4/58

USA Courtney Downs LeaseCo, LLCBudget Comparison

Books = AccrualFor the period ending September 30, 2007

MTD MTD YTD YTD Annual

Actual Budget $ Variance MTD Variance Comment Actual Budget $ Variance Budget

294,410.00 349,255.00 (54,845.00) 2,671,420.00 3,165,075.00 (493,655.00) 4,209,210.00

15,490.00 0.00 15,490.00 312,554.00 0.00 312,554.00 0.00

309,900.00 349,255.00 (39,355.00) Explained above. 2,983,974.00 3,165,075.00 (181,101.00) 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

(17,176.43) (24,804.71) 7,628.28 (196,853.12) (238,324.08) 41,470.96 (325,479.64)

(2,000.01) (3,480.00) 1,479.99 (26,726.96) (53,505.00) 26,778.04 (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

(877.50) (676.92) (200.58) (12,531.54) (5,806.94) (6,724.60) (7,841.82)(1,980.00) (1,625.00) (355.00) (17,820.00) (14,625.00) (3,195.00) (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 Fewer associates living on site. (16,027.20) (18,450.00) 2,422.80 (24,600.00)

n 0.00 0.00 0.00 0.00 0.00 0.00 0.00

(1,160.00) (900.00) (260.00) (10,440.00) (8,100.00) (2,340.00) (10,800.00)(24,860.00) (45,627.89) 20,767.89 (486,120.86) (509,297.12) 23,176.26 (632,942.99)

n 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

$260,065.26 $270,090.48 $(10,025.22) $2,217,454.32 $2,316,966.86 $(99,512.54) $3,128,885.55

0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 68.00 (68.00) 0.00 612.00 (612.00) 816.000.00 0.00 0.00 0.00 0.00 0.00 0.00

2,239.04 1,650.00 589.04 14,566.77 14,850.00 (283.23) 19,800.00

800.00 200.00 600.00 6,075.80 1,800.00 4,275.80 2,400.00

1,154.00 960.00 194.00 8,234.43 8,640.00 (405.57) 11,520.00s 0.00 0.00 0.00 0.00 0.00 0.00 0.00

1,320.00 750.00 570.00 13,749.90 8,100.00 5,649.90 10,250.00

g 3,170.06 1,000.00 2,170.06 10,929.82 9,000.00 1,929.82 12,000.00

754.39 1,160.00 (405.61) 6,137.54 10,440.00 (4,302.46) 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

5,036.32 2,456.00 2,580.32 32,142.39 22,104.00 10,038.39 29,472.00

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

7,114.63 6,650.00 464.63 60,929.64 59,850.00 1,079.64 79,800.00

0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 1,006.00 (1,006.00) 4,564.46 9,054.00 (4,489.54) 12,072.00

p 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 0.00450.00 90.00 360.00 3,443.65 810.00 2,633.65 1,080.00

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

2,550.00 2,400.00 150.00 26,900.00 27,000.00 (100.00) 33,800.002,068.24 3,330.00 (1,261.76) 23,364.59 38,850.00 (15,485.41) 48,840.00

1,145.00 150.00 995.00 4,640.23 3,000.00 1,640.23 3,600.00

0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 425.00 (425.00) No corporate units as budgeted. 475.41 3,825.00 (3,349.59) 5,100.00

Concessions are no longer beingoffered, market rents changed toreflect lower rents.

We have changed the budget toreflect lower market rents, thiswill continue to reduce over timeas last years concessionsdeplete.

We closed out our occupany at95.32% versus budgeted at93.03%.

Current specials are $500 off ofall vacant units and/or reducedprices for 10 month leases.

Market Rent is higher thananticipated.

We have been able to reduce theamount of concessions given offeach month to meet market

needs. We have also beenrenewing leases at market rent.

Eight nsf fees collected and 20late fees assessed.

Five month to month leasesversus two budgeted.

31 application fees collectedversus 15 budgeted

Collected one buy out fee andtwo lease break fees.

Collected 18 utility transfer fees10 credit card fees and 1transfer on site fee collected.

12 non-refundable pet feescollected as well as new pet rent.

Garages are 97% occupied,budgeted 92%. Average fee is$90.

Qrtly revenue not received thismonth, will reflect next month.

Apartments left in bettercondition resulting in fewer feescharged.

Nine short term fees collectedversus one budgeted


5/58

0.00 (1,750.00) 1,750.00 0.00 (15,750.00) 15,750.00 (21,000.00)

0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 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

27,801.68 20,545.00 7,256.68 219,643.16 202,185.00 17,458.16 263,470.00

$287,866.94 $290,635.48 $(2,768.54) $2,437,097.48 $2,519,151.86 $(82,054.38) $3,392,355.55

12,327.07 12,613.82 286.75 Fewer hours reported this period. 102,842.84 109,920.42 7,077.58 147,761.88

0.00 0.00 0.00 0.00 0.00 0.00 0.0011,690.22 11,784.65 94.43 115,704.42 102,694.83 (13,009.59) 138,048.78

0.00 0.00 0.00 0.00 0.00 0.00 0.005,369.20 5,695.30 326.10 36,602.71 30,218.48 (6,384.23) 39,026.28

0.00 0.00 0.00 0.00 0.00 0.00 0.001,842.36 778.00 (1,064.36) 15,322.22 7,002.00 (8,320.22) 9,336.00

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 4,599.88 0.00 (4,599.88) 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.0031,228.85 30,871.77 (357.08) 275,072.07 249,835.73 (25,236.34) 334,172.94

e 879.70 1,000.00 120.30 6,117.56 9,000.00 2,882.44 12,000.001,035.89 1,100.00 64.11 6,698.60 9,900.00 3,201.40 13,200.00

182.66 100.00 (82.66) 906.15 900.00 (6.15) 1,200.00301.46 170.00 (131.46) 2,003.37 1,530.00 (473.37) 2,040.00

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 0.00238.00 90.00 (148.00) 1,135.82 810.00 (325.82) 1,080.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00130.27 115.00 (15.27) 3,402.18 1,035.00 (2,367.18) 1,380.00

0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 25.00 25.00 385.44 225.00 (160.44) 300.000.00 25.00 25.00 0.00 225.00 225.00 300.00

324.11 450.00 125.89 3,317.11 4,860.00 1,542.89 6,150.00502.73 650.00 147.27 4,916.88 5,850.00 933.12 7,800.00

0.00 0.00 0.00 0.00 0.00 0.00 0.003,594.82 3,725.00 130.18 In line with budget 28,883.11 34,335.00 5,451.89 45,450.00

2,513.00 3,000.00 487.00 32,070.44 29,100.00 (2,970.44) 36,900.00

536.71 798.00 261.29 3,904.14 7,182.00 3,277.86 9,576.00398.30 1,735.44 1,337.14 10,854.24 19,523.70 8,669.46 24,440.78

0.00 1,860.00 1,860.00 No referrals used at this time. 4,600.00 20,925.00 16,325.00 26,195.00

3,448.01 7,393.44 3,945.43 51,428.82 76,730.70 25,301.88 97,111.78

502.57 652.50 149.93 2,111.86 6,142.50 4,030.64 7,852.50

Bills being paid under guest suiteexpense.

Maintained associates benefitsfrom Contravest.

Internet, print adverstising andused a human directional thismonth.

Two locators used versus ninebudgeted for.


6/58

3,835.00 250.00 (3,585.00) 25,075.00 2,250.00 (22,825.00) 3,000.00

2,369.00 2,175.00 (194.00) 14,310.00 20,475.00 6,165.00 26,175.00

753.53 100.00 (653.53) 2,539.34 900.00 (1,639.34) 1,200.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

77.05 50.00 (27.05) 652.13 450.00 (202.13) 600.000.00 416.67 416.67 75.00 3,750.03 3,675.03 5,000.04

0.00 25.00 25.00 0.00 225.00 225.00 300.00

236.74 133.33 (103.41) 1,448.37 1,199.97 (248.40) 1,599.967,773.89 3,802.50 (3,971.39) 46,211.70 35,392.50 (10,819.20) 45,727.50

498.49 700.00 201.51 5,310.80 6,300.00 989.20 8,400.0062.24 100.00 37.76 1,368.48 900.00 (468.48) 1,200.0048.19 140.00 91.81 836.59 1,260.00 423.41 5,055.0047.82 150.00 102.18 374.57 1,350.00 975.43 1,800.000.00 0.00 0.00 270.00 0.00 (270.00) 0.00

512.43 450.00 (62.43) 3,749.99 4,050.00 300.01 5,400.00125.00 0.00 (125.00) 125.00 0.00 (125.00) 0.00

0.00 160.00 160.00 1,183.91 1,440.00 256.09 1,920.00

614.92 450.00 (164.92) 2,127.66 4,500.00 2,372.34 5,850.00275.89 75.00 (200.89) 1,167.49 675.00 (492.49) 900.00

0.00 25.00 25.00 355.34 225.00 (130.34) 300.000.00 0.00 0.00 45.40 1,000.00 954.60 2,000.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 175.00 175.00 2,365.48 1,575.00 (790.48) 10,395.00

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 0.002,184.98 2,425.00 240.02 In line with budget 19,280.71 23,275.00 3,994.29 43,220.00

2,327.45 5,000.00 2,672.55 18,590.35 20,000.00 1,409.65 30,000.00

720.24 510.00 (210.24) 5,964.02 4,590.00 (1,374.02) 6,120.00

102.00 75.24 (26.76) 1,125.26 677.16 (448.10) 902.880.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 16,370.42 3,800.00 (12,570.42) 5,850.00

3,149.69 5,585.24 2,435.55 42,050.05 29,067.16 (12,982.89) 42,872.88

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 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00

s 0.00 0.00 0.00 0.00 0.00 0.00 0.00

e 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 0.00a 0.00 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 0.000.00 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

11,514.68 11,625.42 110.74 Based on % of collection 100,338.09 100,766.07 427.98 135,694.22

1,000.00 1,000.00 0.00 9,000.00 9,000.00 0.00 12,000.00e 3,150.00 3,300.00 150.00 29,150.00 29,700.00 550.00 39,600.00

876.70 1,300.00 423.30 2,885.10 11,700.00 8,814.90 15,600.00

0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.000.01 9.58 9.57 0.01 86.22 86.21 114.960.00 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 0.00 572.67 0.00 (572.67) 0.00

0.00 0.00 0.00 123.71 0.00 (123.71) 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 2,550.30 5,124.00 2,573.70 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

16,541.39 17,235.00 693.61 144,619.88 156,376.29 11,756.41 208,133.18

2,621.63 3,340.00 718.37 24,606.27 30,060.00 5,453.73 40,080.00

Budget number should be$2500. Missed at review.

Extra blinds needed for turns dueto damage

No counter tops repaired at thistime.

Winter flowers not in as of yet,may replace with mulch and/orrock.

One more pick up called in, thanbudgeted

Three evictions scheduled vs.seven budgeted for.

Includes a reversal of $1,500.00from 8/07.


7/58

0.00 0.00 0.00 0.00 0.00 0.00 0.00

1,800.00 2,565.00 765.00 Accrue electric 9/07 of $1,800.00. 16,044.00 23,085.00 7,041.00 30,780.00

8,999.53 8,965.00 (34.53) 113,844.96 80,685.00 (33,159.96) 107,580.00(8,407.25) (6,275.50) 2,131.75 (79,378.99) (56,479.50) 22,899.49 (75,306.00)

5,134.68 5,000.00 (134.68) 21,491.42 23,000.00 1,508.58 23,500.00e 0.00 0.00 0.00 0.00 0.00 0.00 0.00

(2,444.63) (2,011.00) 433.63 (21,446.20) (18,099.00) 3,347.20 (24,132.00)

0.00 0.00 0.00 0.00 0 .00 0.00 0.00984.73 715.44 (269.29) 10,249.05 6,873.96 (3,375.09) 9,387.78(16.27) 476.96 493.23 4,544.08 4,582.64 38.56 6,258.52

0.00 0.00 0.00 0.00 0.00 0.00 0.008,672.42 12,775.90 4,103.48 89,954.59 93,708.10 3,753.51 118,148.30

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 0.00

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

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

28,800.00 27,616.50 (1,183.50) Accrued monthy property tax. 256,402.26 248,548.50 (7,853.76) 331,398.00

0.00 0.00 0.00 0.00 0.00 0.00 0.005,262.37 5,073.00 (189.37) Includes pollution policy 83,302.98 45,657.00 (37,645.98) 60,876.00

0.00 49.88 49.88 600.00 448.92 (151.08) 598.56

0.00 0.00 0.00 0.00 0.00 0.00 0.0034,062.37 32,739.38 (1,322.99) 340,305.24 294,654.42 (45,650.82) 392,872.56

110,656.42 116,553.23 5,896.81 1,037,806.17 993,374.90 (44,431.27) 1,327,709.14177,210.52 174,082.25 3,128.27 1,399,291.31 1,525,776.96 (126,485.65) 2,064,646.41

e 106,586.67 106,586.67 0.00 959,280.03 959,280.03 0.00 1,279,040.04m 0.00 0.00 0.00 0.00 0.00 0.00 0.00

86,666.71 86,666.67 (0.04) 780,000.39 780,000.03 (0.36) 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) 1,739,280.42 1,739,280.06 (0.36) 2,319,040.08

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 0.00

0.00 170.00 170.00 0.00 1,530.00 1,530.00 2,040.00

e 0.00 170.00 170.00 365.00 1,530.00 1,165.00 2,040.00465.49 75.00 (390.49) 973.35 675.00 (298.35) 900.00

269.56 0.00 (269.56) see above. 724.38 0.00 (724.38) 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 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

735.05 415.00 (320.05) 2,062.73 3,735.00 1,672.27 4,980.00

0.00 0.00 0.00 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

n 8,240.84 4,900.00 (3,340.84) 51,449.14 44,100.00 (7,349.14) 58,800.00

0.00 0.00 0.00 1,227.02 600.00 (627.02) 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 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00518.63 0.00 (518.63)Pump motor for hot tub replaced. 12,530.89 3,713.00 (8,817.89) 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

8,759.47 4,900.00 (3,859.47) 65,207.05 70,609.00 5,401.95 85,309.00

Aggressive collections in house.Occupancy higher thananticipated

Occupancy higher thananticipated

Two visits this month to meetwith brokers.

Eight carpets replaced and Fivebudgeted for.


8/58

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

(25,537.38) (24,486.09) (1,051.29) (407,258.89) (287,847.10) (119,411.79) (344,682.67)

0.00 0.00 0.00 4,054.35 0.00 4,054.35 0.00(25,537.38) (24,486.09) (1,051.29) (403,204.54) (287,847.10) (115,357.44) (344,682.67)


9/58

t


10/58


11/58


12/58


13/58


14/58

ourtney Downs ApartmentsSeptember 07

18 INCOME THIS MONTH: $287,667.0023 INCOME LAST MONTH: $289,166.00-5 DIFFERENCE: -$1,499.00

TOTAL # GARAGES 120# GARAGES OCCUPIED 116

95%/97% GARAGES OCCUPIED % 97%

REASONS WHY PROSPECTS DID NOT LEASE:

affic Leased

0 0 * Job Transfer 77 0 * Too expensive. 50 0 * Future/No Availability/Waiting list 40 0 * Just started looking. 9

21 8 * Waiting for Home to Sell 60 0 * Current Lease to Expire 0

15 6 * Needs Ground Floor 104 1 * Moved Elsewhere 08 1 * Will return with roommate or spous 73 0 * Realtor Looking for Client 05 0 * Undecided 03 2 * Employment pending 0

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

66 18 TOTALS 48

7%

FOR THE MONTH

omes.ond sales team.uman Resourses.

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

hures to King Soopers.es to Marriott extended stay hotels.er's to Nextel team.Parker Adventist Hospital.an Homes sales center.

ERTIES:discounted rents on selected units.e rents of $690, two bedrooms at $815and three bedrooms starting at $1045.$500 off 1st rent on a 12 to 13 month lease.

of Sept. Five are moving due to purchasing a home and/or condo,re moving out of state, three are moving back home, .ng month to month, and 11 renewed.age increase of $51.60 per renewal.


15/58

ROUTINE REPLACEMENTS:

Number of: Apt. #

21 REFRIGERATORS 09 DISHWASHERS 1 920712 WINDOWS 0

145 A/C COMPRESSORS 0Completed 0 CONDENSING UNITS 044 44 WATER HEATERS 018 18 ICE MAKERS 021 21 GARBAGE DISPOSALS 012 12 MICROWAVES 016 16 CARPETS 5 12306, 4103, 9107, 12209, 163010 0 CEILING FANS 027 27 TOILETS 07 7 A/C FAN MOTORS 0

145 145 COUNTER TOPS 00 CABINETS RESURFACED KITCHEN 0

0 BLINDS 23TUBS RESURFACED 0

TUB TILES 0

RESS:

TION:

ers with mulch & rock

cy Howland

dy Gillane McMillanmer Wahrmanriel Tellezsell Brileye Chavez and Jorge Bernal

NTH:

he propertyh put in

ed

NumberReplaced

7309-2, 9110-1, 12306-2, 16108-2,16301-2, 16304-2, 5202-2, 122606-2, 4103-2, 7101-3, 2310-3


16/58

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 $348,000 725.00 1.03 $29,000 0 3 10 0 10

32 704 22,528 725 1.03 $27,520 $330,240 725.00 1.03 $27,520 0 1 1 0 1

18 910 16,380 850 0.93 $15,300 $183,600 850.00 0.93 $15,300 1 0 3 0 4

24 808 19,392 750 0.93 $18,000 $216,000 750.00 0.93 $18,000 0 2 7 0 7

32 808 25,856 760 0.94 $24,320 $291,840 760.00 0.94 $24,320 0 0 0 0 0

42 977 41,034 875 0.90 $36,750 $441,000 875.00 0.90 $36,750 1 1 11 2 12

44 1,030 45,320 900 0.87 $39,600 $475,200 900.00 0.87 $39,600 4 1 5 4 9

22 1,030 22,660 925 0.90 $20,350 $244,200 925.00 0.90 $20,350 0 0 0 0 0

24 977 23,448 875 0.90 $21,000 $252,000 875.00 0.90 $21,000 0 0 0 0 0

16 1,030 16,480 925 0.90 $14,800 $177,600 925.00 0.90 $14,800 2 0 2 1 4

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

24 1,140 27,360 1160 1.02 $27,840 $334,080 1,160.00 1.02 $27,840 3 0 4 2 7

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

342 917 313,778 $870 $0.95 $297,620 $3,571,440 $870 0.95 $297,620 11 8 43 9 54

* Net of Concessions

EFFECTIVECONCESSION

EFFECTIVEPER S/F

EFFECTIVEMONTHLY

VacantsLeased

NoticeLeased

NetAvailable


17/58

MARKET SURVEYCourtney Downs

September-07

oyote Ranch Windsor @ Meridian Pinnacle @ the Creek Dove Valley Cherrywood Village Reserve @ South Creek

E Freemont Ave 9875 Jefferson Pkwy 6107 S Parker Rd 7550 S Blackhawk 16950 E Carlson Dr 15611 E Jamison Dr

03-693-8787 303-256-7700 303-766-2500 303-362-2000 303-805-7200 303-680-6696

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

507 653 216 312 360 168

5 7 4 6 6 6

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

yes yes yes yes yes yes

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

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

yes Only In Select Units Only Select Units no yes no

yes yes yes no no no



no no no yes yes yes

1 1 1 1 2 1


1 1 1 1 2 1



yes yes yes yes yes yesyes yes yes yes yes yes


no yes yes yes yes yes

yes yes no yes yes yes

no yes yes yes no yes

no no no no no no

no no no no no no



no no no no no no

no yes yes yes yes yes


18/58

MARKET SURVEY Courtney Downs

September-07

(Concessions reduced rates)

PROPERTY: Courtney Downs Apt Coyote Ranch Windsor at Meridian Pinnacle @ the Creek Dove Valley Cherrywood Village Reserve@South Creek PRICE SIZE PSF PRICE SIZE PSF PRICE SIZE PSF PRICE SIZE PSF PRICE SIZE PSF PRICE SIZE PSF PRICE SIZE PSF

fficiency fficiencyB1B (A) 725 704 1.03 710 779 0.91 680 627 1.08 713 685 1.04 720 768 0.94 690 707 0.98 689 763 0.90B1B (B) 850 808 1.05 900 853 1.06 740 701 1.06 688 705 1.02 730 842 0.87 708 796 729 763 1.05

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

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

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

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

B w/study B2B TH B2B TH

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

% occ /leased 1 97.00% 98% 99% 0 0% 95% 96.00% 94.0% 95% 92.0% 94% 93.0% 95%

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 6 507 0 653 216 9 312 13 360 22 0 168 4

Rateseflect these rates:

pecials:

Ren: $75 to $100 increase. Ren:Per corporate

nits(Tot

Special: look and leasespecial $150 security depositwaived and $500 off firstmonths rent only onsteepelchases and arlingtons.

Special: Reduced pricingfor all floor plans.

Will not give out anyinformation.

Special:waive securitydeposit.

Special: $500.00 off 1stmonth rent look and leasespecial.

Special: All of October free,Look and Lease.

Special: $500 off the 1stmonths rent.

Ren.: 11% increase on allrenewals.

Ren: Info not avail percorporate

Ren: $15 to $30 increasfor 12 month lease

Ren: Average $45 to $75increase.

Ren: Free carpet cleaningwith 12mo.


19/58


20/58


21/58


22/58


23/58


24/58


25/58


26/58


27/58


28/58


29/58


30/58


31/58


32/58


33/58


34/58


35/58


36/58


37/58


38/58


39/58


40/58


41/58


42/58


43/58


44/58


45/58


46/58


47/58


48/58


49/58


50/58


51/58


52/58


53/58


54/58


55/58


56/58


57/58


58/58

Documents

USA Courtney Downs September 2007