USA Courtney Downs November 2007

8/14/2019 USA Courtney Downs November 2007

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USA Courtney Downs LeaseCo, LLCBalance Sheet

Books = AccrualNov 2007

SETS

40,247.600.00

$40,247.60

vable (1,675.08)

es 5,879.99226,938.42

eserves 41,302.04 Escrow 200,000.00

sets 472,445.37

512,692.97

S & CAPITAL

le - Trade 138,372.64

Payable 776,437.05314,002.2640,436.55

ts 37,868.631,307,117.13

100.00gs (794,524.16)

(794,424.16)

ES & CAPITAL 512,692.97



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

342 313,778 342 313,778

352,560 345,950 343,190 338,114 331,407 327,521 321,211 314,121 309,900 307,861 304,657 321,211 3,917,703 11,455.27 12.49 364,160 4,919,199 14,383.62 15.68(34,193) (31,453) (33,657) (26,399) (19,217) (11,745) (8,517) (14,496) (17,176) (16,540) (18,457) (11,745) (243,595) (712.27) (0.78) (43,000) (317,510) (928.39) (1.01)

(77,240) (77,177) (74,811) (68,736) (56,781) (52,476) (45,332) (33,435) (26,860) (27,853) (24,522) (49,500) (614,722) (1,797.43) (1.96) (80,000) (770,544) (2,253.05) (2.46)(5,251) (7,154) (5,738) (5,449) (6,551) (6,386) (5,803) (8,688) (5,798) (7,418) (8,902) (6,386) (79,525) (232.53) (0.25) (6,085) (101,131) (295.70) (0.32)

235,876 230,165 228,984 237,529 248,858 256,914 261,560 257,502 260,065 256,050 252,776 253,580 2,979,861 8,713.04 9.50 235,075 3,730,014 10,906.47 11.89

27,580 21,616 22,944 22,832 23,203 22,482 19,521 31,751 27,802 23,451 24,899 20,195 288,275 842.91 0.92 19,000 353,213 1,032.79 1.13

263,457 251,781 251,928 260,361 272,061 279,396 281,081 289,253 287,867 279,501 277,675 273,775 3,268,136 9,555.95 10.42 254,075 4,083,227 11,939.26 13.01

33,611 20,391 30,933 32,195 31,382 31,663 40,842 22,827 31,229 29,995 30,781 30,347 366,195 1,070.74 1.17 37,759 466,153 1,363.02 1.492,710 2,821 2,230 3,652 3,228 3,040 5,519 2,088 3,595 1,911 4,543 3,665 39,002 114.04 0.12 3,030 50,354 147.23 0.166,159 5,921 9,117 4,298 6,292 4,400 4,564 7,230 3,448 6,521 5,629 6,394 69,973 204.60 0.22 6,885 89,086 260.48 0.283,805 2,722 3,636 6,647 4,645 6,951 5,843 4,190 7,769 6,636 5,174 2,828 60,844 177.91 0.19 7,500 76,523 223.75 0.242,027 1,541 2,485 2,639 1,612 1,405 3,289 2,097 2,185 11,250 4,727 2,425 37,683 110.19 0.12 2,295 47,241 138.13 0.156,403 10,329 1,917 3,299 5,923 4,883 3,010 3,137 3,150 3,267 3,583 1,835 50,735 148.35 0.16 2,395 58,697 171.63 0.19

15,368 15,798 15,451 15,440 14,701 16,179 18,825 16,316 16,541 14,854 15,690 17,301 192,465 562.76 0.61 14,969 240,989 704.65 0.77

9,370 15,941 12,794 6,685 9,382 12,548 12,990 1,571 8,672 10,645 7,972 8,051 116,622 341.00 0.37 10,900 143,887 420.72 0.460 0 0 0 0 0 0 0 0 945 202 600 1,747 5.11 0.01

37,910 33,542 33,143 33,465 34,552 34,243 64,955 34,433 34,062 34,680 34,680 32,739 442,404 1,293.58 1.41 0 443,699 1,297.37 1.4137,237 37,237 108.88 0.12

117,362 109,007 111,705 108,319 111,718 115,314 159,837 93,888 110,652 120,703 112,980 106,185 1,377,670 4,028.28 4.39

146,094 142,774 140,223 152,043 160,343 164,082 121,244 195,364 177,215 158,798 164,695 167,589 1,890,466 5,527.68 6.02 122,970 1,653,865 4,835.86 5.27131,106 2,429,362 7,103.40 7.74

193,253 193,253 193,253 193,253 193,253 193,253 193,253 193,253 193,253 193,253 193,253 193,253 2,319,041 6,780.82 7.390 0 0 0 365 0 690 273 735 0 129 415 2,606 7.62 0.01 193,254 196,411 574.30 0.63

1,601 4,113 10,791 8,376 13,906 2,091 4,426 11,143 8,759 6,129 11,240 4,900 87,476 255.78 0.28 0 103,872 303.72 0.333,300 3,300 9.65 0.01

(48,760) (54,592) (63,822) (49,586) (47,181) (31,262) (77,125) (9,305) (25,533) (40,585) (39,927) (30,979) (518,657) (1,516.54) (1.65)(65,449) 2,125,779 6,215.73 6.77

7,543 (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) 2,415 (1,420) 8,565 8,538 (43) 321 1,244 0 11,465 0 12,708(7,749) 3,588 6,328 (4,460) 523 337 10,797 5,633 5,633 5,139 5,880 0 31,648 0 37,528

(30,394) (34,568) (34,568) (34,822) 322,388 (35,800) (35,800) (35,800) (35,800) (35,800) 14,016 (7,125) 15,925 0 22,816(2,951) (2,951)

sets (42,714) (31,697) 107,861 (169,314) 328,065 (36,884) 29,597 (21,630) (30,210) (30,340) 21,140 (7,125) 116,749(2,951) 70,102

36,334 64,458 (135,734) 185,452 117,385 41,375 118,141 24,714 18,691 37,197 6,339 0 514,35041,830 25,859 110,449 36,480 (411,342) 29,291 (51,145) (11,371) 25,600 32,375 21,925 0 (150,050) 0 (128,125)(1,829) (1,300) (1,433) (4,374) (2,739) (793) (1,500) (2,763) (2,538) 1,250 (1,824) 0 (19,842) 0 (21,666)

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

ab. 76,334 77,559 (32,289) 233,006 (295,115) 69,872 77,757 10,580 29,821 70,821 26,440 0 344,787

0 (149,462)

(7,597) (12,219) 11,751 14,106 (14,231) 1,726 30,229 (20,355) (25,922) (103) 7,653 (38,104) (57,122)

47,614 35,395 47,146 61,251 47,020 48,746 78,975 58,620 32,698 32,595 40,248 2,144 181,601 2,296,419181,601

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 120 108,276wa 284 254,103

we 12 48,309

wi 346 433,196

usa 280 299,111

usa 284 254,103

Feb 2007 Mar 2007 Apr 2007 May 2007 Jun 2007 Jul 2007 Aug 2007 Sep 2007 Oct 2007 Nov 2007 Dec 2007

Row 60 Row 61



es by 50%

+ reduction in tax escrow due to overage



USA Courtney Downs LeaseCo, LLCBudget Comparison

Books = AccrualFor the period ending November 30, 2007

MTD MTD YTD YTD

Actual Budget $ Variance MTD Variance Comment Actual Budget

294,410.00 348,045.00 (53,635.00) 3,260,240.00 3,861,770.00

10,247.00 0.00 10,247.00 336,252.00 0.00

304,657.00 348,045.00 (43,388.00) Explained above. 3,596,492.00 3,861,770.00

s 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

(18,456.83) (29,485.24) 11,028.41 (231,850.03) (294,954.29)

(6,795.41) (1,740.00) (5,055.41) (39,232.82) (58,725.00)

0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

(3,649.21) (677.66) (2,971.55) (18,511.08) (7,159.86)

(1,980.00) (1,625.00) (355.00) (21,780.00) (17,875.00)0.00 0.00 0.00 0.00 0.00

(1,934.80) (2,050.00) 115.20 (19,909.80) (22,550.00)nce Fe 0.00 0.00 0.00 0.00 0.00

(1,337.85) (900.00) (437.85) (12,937.85) (9,900.00)(17,726.67) (41,179.17) 23,452.50 (525,989.60) (593,822.78)

ncome 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00$252,776.23 $270,387.93 $(17,611.70) Explained above. $2,726,280.82 $2,856,783.07

0.00 0.00 0.00 0.00 0.000.00 68.00 (68.00) 0.00 748.000.00 0.00 0.00 0.00 0.00

2,148.00 1,650.00 498.00 20,019.60 18,150.00

1,326.67 200.00 1,126.67 9,204.25 2,200.00

1,005.85 960.00 45.85 10,271.15 10,560.00

s 0.00 0.00 0.00 0.00 0.00

1,310.00 750.00 560.00 16,519.90 9,600.00

es 2,695.00 1,000.00 1,695.00 13,872.82 11,000.00

555.00 1,160.00 (605.00) 7,293.78 12,760.00

0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 3,488.53 0.00

2,467.68 2,456.00 11.68 36,697.99 27,016.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

7,243.25 6,650.00 593.25 75,127.91 73,150.000.00 0.00 0.00 0.00 0.000.00 1,006.00 (1,006.00) No cable income check received. 4,741.92 11,066.00

per 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

1,967.40 90.00 1,877.40 5,411.05 990.00

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

2,700.00 2,400.00 300.00 32,600.00 31,800.00

930.09 3,330.00 (2,399.91) 26,307.70 45,510.00

550.00 1 50.00 400.00 6,048.29 3,300.00

0.00 0.00 0.00 0.00 0.00

0.00 425.00 (425.00) 475.41 4,675.000.00 (1,750.00) 1,750.00 0.00 (19,250.00)

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

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

We have changed the budget to reflectlower market rents, this will continue toreduce over time as last yearsconcessions deplete.

Actual vacancy is at 6% and budget isat 8%.

Current specials are reduced prices onselected units and waived securitydeposit with look and lease.

Due to one skip and excessivedamages from other move outs.

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

We had 22 late fees charged and 7NSF fees.

Seven month to month fees collectedversus two budgeted.

We had 26 applications fees collectedversus 15 budgeted.

Had one buyout fee due to residentbuying a house.

Collected 13 utility transfer fees, 10credit card convenience fees and onefirearm discharge fee.

Collected four deposits versus onebudgeted.

Collected 18 admin fees versus 16budgeted.

Apartments left in better conditionresulting in fewer fees charged.

Received four short term fees versusone budgeted.

Bills being paid under guest suiteexpense.



0.00 0.00 0.00 0.00 0.00

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

24,898.94 20,545.00 4,353.94 Explained above. 268,080.30 243,275.00

$277,675.17 $290,932.93 $(13,257.76) Explained above. $2,994,361.12 $3,100,058.07

11,514.88 12,613.82 1,098.94 126,604.77 135,148.060.00 0.00 0.00 0.00 0.00

12,587.83 11,784.65 (803.18) 140,161.04 126,264.130.00 0.00 0.00 0.00 0.00

4,179.84 1,837.50 (2,342.34) 44,819.42 33,855.98

0.00 0.00 0.00 0.00 0.001,666.41 778.00 (888.41) 18,830.99 8,558.00

0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

831.82 0.00 (831.82) 5,431.70 0.00

0.00 0.00 0.00 0.00 0.0030,780.78 27,013.97 (3,766.81) Explained above. 335,847.92 303,826.17

es 1,340.45 1,000.00 (340.45) 7,514.83 11,000.00

800.55 1,100.00 299.45 8,211.63 12,100.00131.25 100.00 (31.25) 1,106.40 1,100.00517.06 170.00 (347.06) 2,613.85 1,870.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00s 63.00 90.00 27.00 1,198.82 990.00

0.00 0.00 0.00 0.00 0.00176.59 115.00 (61.59) 3,642.71 1,265.00

0.00 0.00 0.00 0.00 0.000.00 25.00 25.00 385.44 275.00

0.00 25.00 25.00 0.00 275.001,009.20 450.00 (559.20) 4,743.16 5,760.00

504.71 650.00 145.29 5,919.74 7,150.000.00 0.00 0.00 0.00 0.00

4,542.81 3,725.00 (817.81) Explained above. 35,336.58 41,785.00

2,927.69 2,600.00 (327.69) 39,789.54 34,300.00

266.48 798.00 531.52 Savings due to no monthly party. 4,746.28 8,778.00

1,934.55 1,735.44 (199.11) 13,942.75 22,994.58

500.00 1,860.00 1,360.00 5,100.00 24,645.00

5,628.72 6,993.44 1,364.72 Explained above. 63,578.57 90,717.58

292.66 652.50 359.84 2,404.52 7,425.00

We had underestimated the bonus's tobe paid on a monthly basis.

We have more participants for our insurance program then what wasanticipated in the budget.

Ordering of Laser printer cartridgesand toner for the fax machines.

Ran 20 credit checks versus ninebudgeted.

Human directional ordered and newflutter flags needed for the property.

One resident referral was paid out thismonth.



3,000.00 250.00 (2,750.00) 31,585.00 2,750.00

1,121.00 2,175.00 1,054.00 17,387.00 24,750.00

418.73 100.00 (318.73) 3,075.19 1,100.00

0.00 0.00 0.00 0.00 0.00(176.19) 50.00 226.19 670.00 550.00

225.00 416.67 191.67 1,136.64 4,583.370.00 25.00 25.00 0.00 275.00

292.66 133.33 (159.33) 1,758.01 1,466.63

5,173.86 3,802.50 (1,371.36) Explained above. 58,016.36 42,900.00

pplies 1,151.19 700.00 (451.19) 7,337.35 7,700.00

296.52 100.00 (196.52) 1,700.38 1,100.00241.36 140.00 (101.36) 1,299.66 4,915.0057.74 150.00 92.26 501.50 1,650.00

0.00 0.00 0.00 270.00 0.00716.24 450.00 (266.24) 4,595.34 4,950.00

0.00 0.00 0.00 125.00 0.00

0.00 160.00 160.00 1,444.15 1,760.00438.62 450.00 11.38 3,298.35 5,400.0015.54 75.00 59.46 1,183.03 825.000.00 25.00 25.00 355.34 275.000.00 0.00 0.00 502.73 2,000.000.00 0.00 0.00 0.00 0.00

1,810.02 175.00 (1,635.02) Installation of new backflow device. 12,645.50 10,220.00

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

4,727.23 2,425.00 (2,302.23) Explained above. 35,258.33 40,795.00

2,773.23 5,000.00 2,226.77 23,698.38 30,000.00

724.07 510.00 (214.07) 7,443.86 5,610.00

86.00 75.24 (10.76) 1,387.26 827.640.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.000.00 800.00 800.00 16,370.42 4,600.00

3,583.30 6,385.24 2,801.94 Explained above. 48,899.92 41,037.64

0.00 0.00 0.00 0.00 0.00ewer 0.00 0.00 0.00 0.00 0.00

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

es 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

11,107.01 11,637.32 530.31 Based on % of collection. 122,625.15 124,002.32

1,000.00 1,000.00 0.00 11,000.00 11,000.003,200.00 3,300.00 100.00 35,550.00 36,300.00

382.80 1,300.00 917.20 2,741.70 14,300.00

0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

0.00 9.58 9.58 0.01 105.380.00 0.00 0.00 0.00 0.00

ses 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 572.67 0.000.00 0.00 0.00 123.71 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 2,550.30 5,124.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

15,689.81 17,246.90 1,557.09 In line with the budget. 175,163.54 190,831.70

We had an error in budgeting, we havebeen over budget all year.

Fewer carpets cleaned than budgetedfor, most of the carpets neededreplacing.

We had 17 blinds needing replacing

this month.

Initial order came in wrong, this is thecredit from that order.

Overage due to balance carried over from Contravest.

We keep the pool heated in the winter months.

No need to install winter flowers due toinstallation of river rock in its place.

We did not experience any snowfall inNovember.

Four evictions filed versus sevenbudgeted.



475.55 3,340.00 2,864.45 27,845.00 36,740.00

0.00 0.00 0.00 0.00 0.00

1,179.47 2,565.00 1,385.53 17,583.22 28,215.0015,722.37 8,965.00 (6,757.37) 142,564.70 98,615.00

Reim (10,508.07) (6,275.50) 4,232.57 (96,692.99) (69,030.50)2,035.92 0.00 (2,035.92) Includes services from 9/27/07. 26,038.84 23,500.00

ement 0.00 0.00 0.00 0.00 0.00

(1,999.22) (2,011.00) (11.78) (25,445.42) (22,121.00)ment 0.00 0.00 0.00 0.00 0.00

643.26 850.44 207.18 11,711.51 8,507.34422.62 566.96 144.34 4,966.70 5,671.56

as 0.00 0.00 0.00 0.00 0.007,971.90 8,000.90 29.00 Explained above. 108,571.56 110,097.40

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

202.02 0.00 (202.02) 1,146.87 0.000.00 0.00 0.00 0.00 0.00

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

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

202.02 0.00 (202.02) 1,146.87 0.00

28,800.00 27,616.50 (1,183.50) 314,002.26 303,781.500.00 0.00 0.00 0.00 0.00

5,879.93 5,073.00 (806.93) Based on actual expense. 95,062.84 55,803.00

0.00 49.88 49.88 600.00 548.68

0.00 0.00 0.00 0.00 0.0034,679.93 32,739.38 (1,940.55) 409,665.10 360,133.18

112,980.36 108,332.33 (4,648.03) 1,271,484.75 1,222,123.67

164,694.81 182,600.60 (17,905.79) Explained above. 1,722,876.37 1,877,934.40

ent 106,586.67 106,586.67 0.00 1,172,453.37 1,172,453.37ment 0.00 0.00 0.00 0.00 0.00

86,666.71 86,666.67 (0.04) 953,333.81 953,333.370.00 0.00 0.00 0.00 0.00

193,253.38 193,253.34 (0.04) 2,125,787.18 2,125,786.74

0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 170.00 170.00 0.00 1,870.00es 0.00 170.00 170.00 365.00 1,870.00

107.11 75.00 (32.11) 1,080.46 825.0021.42 0.00 (21.42) 745.80 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00Costs 0.00 0.00 0.00 0.00 0.00

128.53 415.00 286.47 2,191.26 4,565.00

0.00 0.00 0.00 4,533.00 18,946.000.00 0.00 0.00 0.00 3,250.00

0.00 0.00 0.00 0.00 0.00nt 9,579.10 4,900.00 (4,679.10) 62,624.71 53,900.00

0.00 0.00 0.00 1,227.02 600.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

s 1,660.60 0.00 (1,660.60) 14,191.49 3,713.00

0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

11,239.70 4,900.00 (6,339.70) Explained above. 82,576.22 80,409.00

Accrued 20 days for the month of 10/2007.

Due to increase of water charges whenonly budgeted for a 3% increase.

Budgeted for four replacements andactual replaced was nine.

Two windows replaced in units 2103and 6102 and replacement of a water heater valve.



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

(39,926.80) (15,967.74) (23,959.06) (487,678.29) (332,826.34)

0.00 0.00 0.00 4,054.35 0.00(39,926.80) (15,967.74) (23,959.06) (483,623.94) (332,826.34)



nnual

udget YTD Variance Comment

209,210.00

0.00

209,210.00

0.000.00

325,479.64)

(59,160.00)

0.000.00

(7,841.82)

(19,500.00)0.00

(24,600.00)0.00

(10,800.00)632,942.99)

0.000.000.000.00

128,885.55

0.00816.00

0.0019,800.00

2,400.00

11,520.000.00

10,250.00

12,000.00

13,920.00

0.000.00

29,472.000.000.000.000.00

79,800.000.00

12,072.000.000.00

1,080.00

0.000.000.00

33,800.00

48,840.00

3,600.00

0.00

5,100.00(21,000.00)

0.00

0.000.000.000.000.00



0.00

0.000.000.00

263,470.00

,392,355.55

147,761.880.00

138,048.780.00

39,026.28

0.009,336.00

0.000.000.00

0.00334,172.94

12,000.00

13,200.001,200.002,040.00

0.00

0.001,080.00

0.001,380.00

0.00300.00

300.006,150.00

7,800.000.00

45,450.00

36,900.00

9,576.00

24,440.78

26,195.00

97,111.78

7,852.50



3,000.00

26,175.00

1,200.00

0.00600.00

5,000.04300.00

1,599.96

45,727.50

8,400.00

1,200.005,055.001,800.00

0.005,400.00

0.00

1,920.005,850.00

900.00300.00

2,000.000.00

10,395.00

0.000.000.00

43,220.00

30,000.00

6,120.00

902.880.000.000.000.00

5,850.00

42,872.88

0.000.000.000.000.000.000.000.00

0.000.00

135,694.22

12,000.0039,600.0015,600.00

0.000.00

114.960.000.000.000.000.000.00

5,124.000.000.00

208,133.18



40,080.00

0.00

30,780.00107,580.00

(75,306.00)23,500.00

0.00

(24,132.00)0.00

9,387.786,258.52

0.00118,148.30

0.000.000.000.000.00

0.000.000.00

0.000.000.000.000.000.000.00

331,398.000.00

60,876.00

598.56

0.00392,872.56

,327,709.14

,064,646.41

,279,040.040.00

,040,000.040.00

,319,040.08

0.000.00

0.000.00

0.00

2,040.002,040.00

900.000.000.000.000.00

0.000.00

4,980.00

18,946.003,250.00

0.0058,800.00

600.000.000.000.00

3,713.00

0.000.00

85,309.00



0.000.000.00

(344,682.67)

0.00(344,682.67)



ourtney Downs ApartmentsNovember 07

13 INCOME THIS MONTH: $277,675.0017 INCOME LAST MONTH: $279,501.00-4 DIFFERENCE: -$1,826.00

TOTAL # GARAGES 120# GARAGES OCCUPIED 116

93.57%/96.78% GARAGES OCCUPIED % 97%

REASONS WHY PROSPECTS DID NOT LEASE:

affic Leased

0 0 * Job Transfer 50 0 * Too expensive. 60 0 * Future/No Availability/Waiting list 813 5 * Just started looking. 021 6 * Waiting for Home to Sell 90 0 * Current Lease to Expire 7

18 5 * Needs Ground Floor 34 0 * Moved Elsewhere 57 0 * Will return with roommate or spou 8

0 0 * Realtor Looking for Client 00 0 * Undecided 29 0 * Employment pending 0

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

72 19 TOTALS 53

7%

S FOR THE MONTH

d off brochures.ast Human Resourses.pital Human Resourses.for the month.ricing and specials for the month of October.First Data Human Resources.with options of temporary housing for new home buyers.

chures to Wells Fargo Team.res to Marriott extended stay hotels.er's to Newman Homes.

David Weekly Homes.Horton Homes sales center.

ERTIES:discounted rents on selected units.e rents of $695, two bedrooms at $799and three bedrooms starting at $1050.$500 off to one month off with a 12 to 13 month lease.

ental rate of $825.00 per month.

of November. 3- due to buying a house, 2- to relocating

transfer on site.

age increase of $55.00 per renewal.



ROUTINE REPLACEMENTS:

Number of: Apt. #

18 REFRIGERATORS 010 DISHWASHERS 0 0

8 WINDOWS 0124 A/C COMPRESSORS 0

Completed 0 CONDENSING UNITS 09 9 WATER HEATERS 023 23 ICE MAKERS 018 18 GARBAGE DISPOSALS 07 7 MICROWAVES 0

56 56 CARPETS 90 0 CEILING FANS 09 9 TOILETS 02 2 A/C FAN MOTORS 0

124 124 COUNTER TOPS 00 CABINETS RESURFACED KITCHEN 0

0 BLINDS 17

TUBS RESURFACED 0TUB TILES 0

GRESS:

NTION:

cy Howlandie McMillanmer Wahrman Hawkinsriel Tellezsell Brileye Chavez and Jorge Bernal

NTH:

Number Replaced

9210, 12312, 2312, 7306, 19111,4306, 19108, 4104 and 12110.

19107-1, 12312-1, 2312-1, 7308-1,19112-3, 7208-1, 4306-2, 9311-1,19108-2, 4104-2, 4202-2.



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 3 1 11 3 10

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

18 910 16,380 850 0.93 $15,300 $183,600 850.00 0.93 $15,300 1 1 2 0 2

24 808 19,392 750 0.93 $18,000 $216,000 750.00 0.93 $18,000 3 2 5 0 6

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 5 2 7 0 10

44 1,030 45,320 900 0.87 $39,600 $475,200 900.00 0.87 $39,600 4 0 6 0 10

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 1 1 6 0 6

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 2 2 0 3

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 20 9 39 3 47

* Net of Concessions

EFFECTIVECONCESSION

EFFECTIVEPER S/F

EFFECTIVEMONTHLY

VacantsLeased

NoticeLeased

NetAvailable



MARKET SURVEYCourtney Downs

November-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 $50.00yes 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



MARKET SURVEY

Courtney Downs

November-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 1.03 695 779 0.89 680 627 1.08 795 685 1.16 770 768 1.00 690 707 0.98 689 763 0.90

B1B (B) 850 808 1.05 770 853 0.90 740 701 1.06 830 705 1.02 785 842 0.93 708 796 729 763 1.05

B1B w/study 750 910 0.82 840 811 0.91 845 760 1.03 790 992 1040 916

B

B

B w/loft

B1B w/study 820 956 0.86 1109 1051 1.06

B2B (E) 875 977 0.90 950 1105 0.86 920 1044 0.88 1110 1120 0.99 1001 1115 0.90 900 1033 0.87 813 1037 0.78

B2B (F) 900 1030 0.87 1015 1192 0.85 1060 1196 0.89 1036 1220 0.85 965 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 1169 1230 0.95 1271 1356 0.94 1290 1235 1.04 897 1257 0.71

B2B 1340 1398 0.91 1305 1235 1.04 1134 1257 1.10

% occ /leased 94 96.78% 96% 97% 0 0% 94% 95.30% 96.0% 95% 93.1% 95% 96.0% 92%

Avg PSF 1 0.94 0.89 0.95 1.03 0.92 0.96 0.96

Avg Rents 884 1114 994 808 942 1131 995/ Avail) 342 44 507 12 653 216 22 312 25 360 15 0 168 9

Rateseflect these rates:

pecials:

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

Units(Tot

Special: look and leasespecial $150 security depositwaived and Reduced rents onselect units.

Special: Reduced pricingfor all floor plans.

Will not give out anyinformation.

Special:Rest of the monthfor free on select units.

Special: $200 to onemonth off 12 to 13 monthlease.

Special: $500 off first fullmonths rent.

Special: One month free on a12 to 13 month special.

Ren.: 15% increase on allrenewals.

Ren: Info not avail percorporate

Ren: $60 to $85 increasfor 12 month lease

Ren: Average $50 to $125increase.

Ren: Free carpet cleaningwith 12mo.

USA Courtney Downs November 2007

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