USA Courtney Downs October 2007

8/14/2019 USA Courtney Downs October 2007

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USA Courtney Downs LeaseCo, LLCBalance Sheet

Books = AccrualOct 2007

TS

32,594.510.00

$32,594.51

ble (431.39)11,759.92198,262.98

erves 83,993.58scrow 200,000.00

493,585.09

526,179.60

CAPITAL

- Trade 161,625.24

ayable 783,311.84285,202.2610,844.9939,692.63

1,280,676.96

100.00s (754,597.36)

(754,497.36)

CAPITAL 526,179.60


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USA Courtney Downs LeaseCo, LLC

Cash Flow (Actual + Budget)Books = Accrual

For the 12 Months Ending Dec 2007

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

342 313,778 342 313,778

352,560 345,950 343,190 338,114 331,407 327,521 321,211 314,121 309,900 307,861 321,211 321,211 3,934,257 11,503.68 12.54 364,160 4,952,355 14,480.57 15.78(34,193) (31,453) (33,657) (26,399) (19,217) (11,745) (8,517) (14,496) (17,176) (16,540) (11,745) (11,745) (236,883) (692.64) (0.75) (43,000) (304,066) (889.08) (0.97)(77,240) (77,177) (74,811) (68,736) (56,781) (52,476) (45,332) (33,435) (26,860) (27,853) (47,500) (49,500) (637,700) (1,864.62) (2.03) (80,000) (816,567) (2,387.62) (2.60)

(5,251) (7,154) (5,738) (5,449) (6,551) (6,386) (5,803) (8,688) (5,798) (7,418) (6,386) (6,386) (77,009) (225.17) (0.25) (6,085) (96,093) (280.97) (0.31)235,876 230,165 228,984 237,529 248,858 256,914 261,560 257,502 260,065 256,050 255,580 253,580 2,982,664 8,721.24 9.51 235,075 3,735,630 10,922.89 11.91

27,580 21,616 22,944 22,832 23,203 22,482 19,521 31,663 27,802 23,451 20,545 20,195 283,834 829.92 0.90 19,000 344,405 1,007.03 1.10

263,457 251,781 251,928 260,361 272,061 279,396 281,081 289,166 287,867 279,501 276,125 273,775 3,266,498 9,551.17 10.41 254,075 4,080,035 11,929.93 13.00

33,611 20,391 30,933 32,195 31,382 31,663 40,842 22,827 31,229 29,995 27,014 30,347 362,428 1,059.73 1.16 37,759 458,609 1,340.96 1.462,710 2,821 2,230 3,652 3,228 3,040 5,519 2,088 3,595 1,911 3,725 3,665 38,184 111.65 0.12 3,030 48,716 142.44 0.166,159 5,921 9,117 4,298 6,292 4,400 4,564 7,230 3,448 6,521 6,993 6,394 71,337 208.59 0.23 6,885 91,819 268.48 0.29

3,805 2,722 3,636 6,647 4,645 6,951 5,843 4,190 7,774 6,636 3,803 2,828 59,477 173.91 0.19 7,500 73,781 215.74 0.242,027 1,541 2,485 2,639 1,612 1,405 3,289 2,097 2,185 11,250 2,425 2,425 35,381 103.45 0.11 2,295 42,630 124.65 0.146,403 10,329 1,917 3,299 5,923 4,883 3,010 3,137 3,150 3,267 6,385 1,835 53,537 156.54 0.17 2,395 64,309 188.04 0.20

15,368 15,798 15,451 15,440 14,701 16,179 18,825 16,316 16,541 14,854 17,247 17,301 194,022 567.32 0.62 14,969 244,107 713.76 0.789,370 15,941 12,794 6,685 9,354 12,548 12,990 1,571 8,672 10,645 8,001 8,051 116,623 341.00 0.37 10,900 143,916 420.81 0.46

0 0 0 0 0 0 0 0 945 600 600 2,145 6.27 0.0137,910 33,542 33,143 33,465 34,552 34,243 64,955 34,433 34,062 34,680 32,739 32,739 440,464 1,287.91 1.40 0 441,753 1,291.68 1.41

37,237 37,237 108.88 0.12117,362 109,007 111,705 108,319 111,690 115,314 159,837 93,888 110,656 120,703 108,932 106,185 1,373,599 4,016.37 4.38

146,094 142,774 140,223 152,043 160,371 164,082 121,244 195,277 177,211 158,798 167,193 167,589 1,892,900 5,534.79 6.03 122,970 1,646,877 4,815.43 5.25131,106 2,433,158 7,114.50 7.75193,253 193,253 193,253 193,253 193,253 193,253 193,253 193,253 193,253 193,253 193,253 193,253 2,319,040 6,780.82 7.39

0 0 0 0 365 0 690 273 735 0 415 415 2,893 8.46 0.01 193,254 196,985 575.98 0.631,601 4,113 10,791 8,376 13,906 2,091 4,426 11,143 8,759 6,129 4,900 4,900 81,137 237.24 0.26 0 91,174 266.59 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) (40,585) (31,376) (30,979) (510,170) (1,491.73) (1.63)

(65,449) 2,141,699 6,262.28 6.837,543 (3,489) 0 0 0 0 0 0 0 0 0 0 0

250,000 250,000

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) 321 0 0 10,280 0 10,280(7,749) 3,588 6,328 (4,460) 523 337 10,797 5,633 5,633 5,139 0 0 25,769 0 25,769

(30,394) (34,568) (34,568) (34,822) 322,388 (35,800) (35,800) (35,800) (35,800) (35,800) (7,125) (7,125) (5,216) 0 (19,466)

(2,951) (2,951)(42,714) (31,697) 107,861 (169,314) 328,037 (36,884) 29,597 (21,543) (30,210) (30,340) (7,125) (7,125) 88,543(2,951) 13,632

36,334 64,458 (135,734) 185,452 117,385 41,375 118,141 24,714 18,696 37,197 0 0 508,01641,830 25,859 110,449 36,480 (411,342) 29,291 (51,145) (11,371) 25,600 32,375 0 0 (171,975) 0 (171,975)

(1,829) (1,300) (1,433) (4,374) (2,739) (793) (1,500) (2,763) (2,538) 1,250 0 0 (18,018) 0 (18,018)0 (11,458) (5,571) 15,448 1,581 0 12,262 0 (11,933) 0 0 0 328 0 328

0 076,334 77,559 (32,289) 233,006 (295,115) 69,872 77,757 10,580 29,825 70,821 0 0 318,351

0 (189,665)

(7,597) (12,219) 11,751 14,106 (14,231) 1,726 30,229 (20,355) (25,922) (103) (38,501) (38,104) (103,276)47,614 35,395 47,146 61,251 47,020 48,746 78,975 58,620 32,698 32,595 (5,906) (44,010) 181,601 2,215,665

181,601

UnSq. Ft.## 384807

ba 160 146,080cas 356 384,807ce 300 274,080co 257 254,074

jac 247 221,730lee 10 22,160re 428 398,868ric 5 24,952

par 300 305,832 pol 440 403,761sat 440 548,750sw 240 264,892tra 280 286,056vlg 120 108,276wa 284 254,103we 12 48,309wi 346 433,196us 280 299,111us 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


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by 50%

+ reduction in tax escrow due to overage


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USA Courtney Downs LeaseCo, LLCBudget Comparison

Books = AccrualFor the period ending October 31, 2007

MTD MTD YTD YTD

Actual Budget $ Variance MTD Variance Comment Actual Budget

294,410.00 348,650.00 (54,240.00) 2,965,830.00 3,513,725.00

13,451.00 0.00 13,451.00 326,005.00 0.00

307,861.00 348,650.00 (40,789.00) Explained above. 3,291,835.00 3,513,725.000.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00(16,540.08) (27,144.97) 10,604.89 (213,393.20) (265,469.05)

(5,710.45) (3,480.00) (2,230.45) (32,437.41) (56,985.00)

0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

(2,330.33) (675.26) (1,655.07) Due to one skip. (14,861.87) (6,482.20)(1,980.00) (1,625.00) (355.00) (19,800.00) (16,250.00)

0.00 0.00 0.00 0.00 0.00(1,947.80) (2,050.00) 102.20 (17,975.00) (20,500.00)

Fe 0.00 0.00 0.00 0.00 0.00(1,160.00) (900.00) (260.00) (11,600.00) (9,000.00)

(22,142.07) (43,346.49) 21,204.42 (508,262.93) (552,643.61)

me 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

$256,050.27 $269,428.28 $(13,378.01) $2,473,504.59 $2,586,395.14

0.00 0.00 0.00 0.00 0.000.00 68.00 (68.00) 0.00 680.00

0.00 0.00 0.00 0.00 0.003,304.83 1,650.00 1,654.83 28 late charges and two nsf fees. 17,871.60 16,500.00

1,801.78 200.00 1,601.78 7,877.58 2,000.00

1,030.87 960.00 70.87 9,265.30 9,600.00

0.00 0.00 0.00 0.00 0.001,460.00 750.00 710.00 15,209.90 8,850.00

248.00 1,000.00 (752.00) 11,177.82 10,000.00

601.24 1,160.00 (558.76) 6,738.78 11,600.00

0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 3,488.53 0.00

2,087.92 2,456.00 (368.08) Fewer pets moved in this month. 34,230.31 24,560.000.00 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 0.006,955.02 6,650.00 305.02 67,884.66 66,500.00

0.00 0.00 0.00 0.00 0.0090.29 1,006.00 (915.71) 4,741.92 10,060.00

0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.000.00 90.00 (90.00) 3,443.65 900.000.00 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

3,000.00 2,400.00 600.00 29,900.00 29,400.00

2,013.02 3,330.00 (1,316.98) 25,377.61 42,180.00

858.06 1 50.00 708.06 5,498.29 3,150.00

0.00 0.00 0.00 0.00 0.000.00 425.00 (425.00) 475.41 4,250.00

0.00 (1,750.00) 1,750.00 0.00 (17,500.00)

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 0.00

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.

We closed out our occupancy at94.74% versus budgeted at 92.37%.Current specials are $500.00 off allvacants two bedroom two baths and/or reduced prices for 10 month leases.

Market rent increase was higher thananticipated.

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

fewer concessions. Averageconcession is $69 per unit.

Eight month to month fees collectedversus two budgeted.

32 application fees collected versus 15budgeted.Residents not paying at the time of move out, however all residents arebeing turned over to collections.Collected 24 utility transfer fees and 11credit card conv fees.

No Cable income check received thismonth.

Collected 20 administration feesversus 16 budgeted.Apartments left in better conditionresulting in fewer fees charged.Collected 13 short term fees versusone budgeted.

Bills being paid under guest suiteexpense.


5/58

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

0.00 0.00 0.00 0.00 0.0023,451.03 20,545.00 2,906.03 243,181.36 222,730.00

$279,501.30 $289,973.28 $(10,471.98) $2,716,685.95 $2,809,125.14

12,247.05 12,613.82 366.77 115,089.89 122,534.240.00 0.00 0.00 0.00 0.00

11,868.79 11,784.65 (84.14) 127,573.21 114,479.480.00 0.00 0.00 0.00 0.00

4,036.87 1,800.00 (2,236.87) 40,639.58 32,018.48

0.00 0.00 0.00 0.00 0.001,842.36 778.00 (1,064.36) Based on actual charges. 17,164.58 7,780.00

0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 4,599.88 0.000.00 0.00 0.00 0.00 0.00

29,995.07 26,976.47 (3,018.60) 305,067.14 276,812.20

56.82 1,000.00 943.18 Current supplies were sufficient. 6,174.38 10,000.00712.48 1,100.00 387.52 Relflects monthly service. 7,411.08 11,000.0069.00 100.00 31.00 975.15 1,000.0093.42 170.00 76.58 2,096.79 1,700.00

0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.000.00 90.00 90.00 1,135.82 900.000.00 0.00 0.00 0.00 0.0063.94 115.00 51.06 3,466.12 1,150.00

0.00 0.00 0.00 0.00 0.000.00 25.00 25.00 385.44 250.000.00 25.00 25.00 0.00 250.00

416.85 450.00 33.15 3,733.96 5,310.00498.15 650.00 151.85 5,415.03 6,500.00

0.00 0.00 0.00 0.00 0.001,910.66 3,725.00 1,814.34 30,793.77 38,060.00

4,791.41 2,600.00 (2,191.41) 36,861.85 31,700.00

575.66 798.00 222.34 4,479.80 7,980.001,153.96 1,735.44 581.48 12,008.20 21,259.14

0.00 1,860.00 1,860.00 None given this month. 4,600.00 22,785.006,521.03 6,993.44 472.41 57,949.85 83,724.14

0.00 630.00 630.00 2,111.86 6,772.50

Quarterly bonuses paid this month.Budgeted in a prior month.

Banner for the roof needed replacing.Purchased bussiness cards andstationary.

Three locators used versus fivebudgeted.


6/58

3,510.00 250.00 (3,260.00) Due to budget error. 28,585.00 2,500.001,956.00 2,100.00 144.00 16,266.00 22,575.00

117.12 100.00 (17.12) 2,656.46 1,000.000.00 0.00 0.00 0.00 0.00

198.84 50.00 (148.84) 846.19 500.00836.64 416.67 (419.97) Repaired two countertops. 911.64 4,166.70

0.00 25.00 25.00 0.00 250.0016.98 133.33 116.35 1,465.35 1,333.306,635.58 3,705.00 (2,930.58) 52,842.50 39,097.50

ies 875.36 700.00 (175.36) 6,186.16 7,000.0035.38 100.00 64.62 1,403.86 1,000.00

221.71 3,515.00 3,293.29 1,058.30 4,775.00

69.19 150.00 80.81 443.76 1,500.000.00 0.00 0.00 270.00 0.00

129.11 450.00 320.89 Fewer supplies needed this month. 3,879.10 4,500.000.00 0.00 0.00 125.00 0.00

260.24 160.00 (100.24) 1,444.15 1,600.00732.07 450.00 (282.07) 2,859.73 4,950.00

0.00 75.00 75.00 1,167.49 750.00

0.00 25.00 25.00 355.34 250.00457.33 1,000.00 542.67 Did not bill for uniforms this month. 502.73 2,000.000.00 0.00 0.00 0.00 0.00

8,470.00 8,470.00 0.00 10,835.48 10,045.000.00 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

11,250.39 15,095.00 3,844.61 30,531.10 38,370.00

2,334.80 5,000.00 2,665.20 20,925.15 25,000.00

755.77 510.00 (245.77) 6,719.79 5,100.00

176.00 75.24 (100.76) 1,301.26 752.400.00 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 16,370.42 3,800.00

3,266.57 5,585.24 2,318.67 45,316.62 34,652.40

0.00 0.00 0.00 0.00 0.00er 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

ov 0.00 0.00 0.00 0.00 0.00vc 0.00 0.00 0.00 0.00 0.00ce 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

11,180.05 11,598.93 418.88 Based on % of collection. 111,518.14 112,365.001,000.00 1,000.00 0.00 10,000.00 10,000.003,200.00 3,300.00 100.00 32,350.00 33,000.00

(526.20) 1,300.00 1,826.20 2,358.90 13,000.00

0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.000.00 9.58 9.58 0.01 95.80

0.00 0.00 0.00 0.00 0.00s 0.00 0.00 0.00 0.00 0.00

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

0.00 0.00 0.00 0.00 0.000.00 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

14,853.85 17,208.51 2,354.66 In line with the budget. 159,473.73 173,584.80

2,763.18 3,340.00 576.82 Reflects current bldg service usage. 27,369.45 33,400.00

Budgeted the annual back flowinspection. Will reflect in Nov.

Landscapers have been scheduled toput in winter trees and flowers.One more pick up needed thanbudgeted for.

Six evictions processed, we haveincreased the legal fees to $250.00 per scheduled eviction.


7/58

0.00 0.00 0.00 0.00 0.00359.75 2,565.00 2,205.25 16,403.75 25,650.00

12,997.37 8,965.00 (4,032.37) 126,842.33 89,650.00

m (6,805.93) (6,275.50) 530.43 (86,184.92) (62,755.00)

2,511.50 500.00 (2,011.50) 24,002.92 23,500.00

ent 0.00 0.00 0.00 0.00 0.00(2,000.00) (2,011.00) (11.00) (23,446.20) (20,110.00)

nt 0.00 0.00 0.00 0.00 0.00819.20 782.94 (36.26) 11,068.25 7,656.90

0.00 521.96 521.96 Coded under natural gas this month. 4,544.08 5,104.600.00 0.00 0.00 0.00 0.00

10,645.07 8,388.40 (2,256.67) 100,599.66 102,096.50

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

944.85 0.00 (944.85) 944.85 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 0.000.00 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

944.85 0.00 (944.85) 944.85 0.00

28,800.00 27,616.50 (1,183.50) Accrued monthly property tax. 285,202.26 276,165.000.00 0.00 0.00 0.00 0.00

5,879.93 5,073.00 (806.93) 89,182.91 50,730.00

0.00 49.88 49.88 600.00 498.800.00 0.00 0.00 0.00 0.00

34,679.93 32,739.38 (1,940.55) 374,985.17 327,393.80120,703.00 120,416.44 (286.56) 1,158,504.39 1,113,791.34158,798.30 169,556.84 (10,758.54) 1,558,181.56 1,695,333.80

106,586.67 106,586.67 0.00 1,065,866.70 1,065,866.700.00 0.00 0.00 0.00 0.00

86,666.71 86,666.67 (0.04) 866,667.10 866,666.700.00 0.00 0.00 0.00 0.00

193,253.38 193,253.34 (0.04) 1,932,533.80 1,932,533.40

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

0.00 0.00 0.00 0.00 0.00

0.00 170.00 170.00 0.00 1,700.000.00 170.00 170.00 365.00 1,700.00

0.00 75.00 75.00 973.35 750.000.00 0.00 0.00 724.38 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

ts 0.00 0.00 0.00 0.00 0.000.00 415.00 415.00 2,062.73 4,150.00

4,533.00 0.00 (4,533.00) Curb and gutter repairs on the property. 4,533.00 18,946.00

0.00 0.00 0.00 0.00 3,250.000.00 0.00 0.00 0.00 0.00

1,596.47 4,900.00 3,303.53 53,045.61 49,000.00

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 0.000.00 0.00 0.00 12,530.89 3,713.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

6,129.47 4,900.00 (1,229.47) 71,336.52 75,509.00

Reversed accrual from prior month$1800, actual was $1500.Due to increase in water charges,budgeted for a 3% increase.

Includes irrigation services from8/31/07 to 9/30/07.

Includes credit card payment bookedfrom 8/2/07 $346.65, 9/5/07 $332.15and for 10/2/07 in the amount of $266.05.

Includes 10/07 Umbrella insurancepayment.

Two carpets replaced versus fivebudgeted.


8/58

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(40,584.55) (29,011.50) (11,573.05) (447,751.49) (316,858.60)

0.00 0.00 0.00 4,054.35 0.00(40,584.55) (29,011.50) (11,573.05) (443,697.14) (316,858.60)


9/58

nnual

get YTD Variance Comment

09,210.00

0.00

09,210.000.000.00

25,479.64)

59,160.00)

0.000.00

(7,841.82)(19,500.00)

0.00(24,600.00)

0.00(10,800.00)32,942.99)

0.000.000.000.00

28,885.55

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

12,072.00

0.000.00

1,080.000.000.000.00

33,800.00

48,840.00

3,600.00

0.005,100.0021,000.00)

0.000.000.000.000.00


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0.000.000.000.000.00

263,470.00

92,355.55

147,761.880.00

138,048.780.00

39,026.28

0.009,336.00

0.000.000.000.00

334,172.94

12,000.0013,200.00

1,200.002,040.00

0.000.00

1,080.000.00

1,380.000.00

300.00300.00

6,150.007,800.00

0.0045,450.00

36,900.00

9,576.0024,440.78

26,195.0097,111.78

7,852.50


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3,000.0026,175.00

1,200.000.00

600.005,000.04

300.001,599.9645,727.50

8,400.001,200.005,055.00

1,800.000.00

5,400.000.00

1,920.005,850.00

900.00

300.002,000.000.00

10,395.000.000.000.00

43,220.00

30,000.00

6,120.00

902.880.000.000.000.00

5,850.0042,872.88

0.000.000.000.000.000.000.000.000.000.00

135,694.2212,000.0039,600.0015,600.00

0.000.00

114.960.000.000.000.000.00

0.005,124.000.000.00

08,133.18

40,080.00


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0.0030,780.00

107,580.00

(75,306.00)

23,500.00

0.00(24,132.00)

0.009,387.786,258.52

0.00118,148.30

0.000.000.000.00

0.000.000.000.000.000.000.000.000.000.000.00

331,398.000.00

60,876.00

598.560.00

392,872.5627,709.1464,646.41

279,040.040.00

040,000.040.00

319,040.08

0.00

0.000.000.000.00

2,040.002,040.00

900.000.000.000.000.000.000.00

4,980.00

18,946.00

3,250.000.00

58,800.00

600.000.000.000.00

3,713.000.000.00

85,309.00


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urtney Downs ApartmentsOctober 07

23 INCOME THIS MONTH: $279,501.3025 INCOME LAST MONTH: $282,866.94-2 DIFFERENCE: -$3,365.64

TOTAL # GARAGES 120# GARAGES OCCUPIED 116

94.74%/96.78% GARAGES OCCUPIED % 97%

REASONS WHY PROSPECTS DID NOT LEASE:affic Leased 0 0 * Job Transfer 00 0 * Too expensive. 40 0 * Future/No Availability/Waiting list 00 0 * Just started looking. 719 7 * Waiting for Home to Sell 00 0 * Current Lease to Expire 322 12 * Needs Ground Floor 2

1 * Moved Elsewhere 29 2 * Will return with roommate or spou 90 0 * Realtor Looking for Client 05 0 * Undecided 0

0 0 * Employment pending 00 0 * House sale pending 6

* Rented at Competitor 49 22 TOTALS 37

%

OR THE MONTH

ospital.Human Resourses.

man Resourses. the month.ng and specials for the month of October.st Data Human Resources.th options of temporary housing for new home buyers.

res to Wells Fargo Team.to Marriott extended stay hotels.s to Nextel team.id Weekly Homes.rton Homes sales center.IES:ounted rents on selected units.

nts of $710, two bedrooms at $830and three bedrooms starting at $1100.month off on a 12 to 13 month lease.rate of .86.

ctober. Eight are moving due to purchasing a home and/or condo,, three are moving out of state, one is moving due to no access for dish.

increase of $50 per renewal.


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ROUTINE REPLACEMENTS:

Number of: Apt. # 21 REFRIGERATORS 08 DISHWASHERS 0 013 WINDOWS 0

153 A/C COMPRESSORS 0ompleted 0 CONDENSING UNITS 052 52 WATER HEATERS 018 18 ICE MAKERS 021 21 GARBAGE DISPOSALS 016 16 MICROWAVES 0

18 18 CARPETS 3 10108, 19202, 19102.0 0 CEILING FANS 0

18 18 TOILETS 010 10 A/C FAN MOTORS 0

153 153 COUNTER TOPS 00 CABINETS RESURFACED KITCHEN 0

0 BLINDS 19TUBS RESURFACED 0TUB TILES 0

ESS:

ON:

HowlandMcMillanr WahrmanawkinsTellezBrileyhavez and Jorge Bernal

H:

mproves curb appeal.

Number Replaced

19102-3, 6111-3, 13202-1, 10304-1, 7109-2, 10111-2, 13308-1, 2304-1, 9208-2, 9102-2, 16101-1.


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S SIZE TOTAL MKT RENT MKT RENT MONTHLY ANNUAL CONCESSION Vacants NoticeS/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 1 0 11 0 1232 704 22,528 725 1.03 $27,520 $330,240 725.00 1.03 $27,520 0 0 0 0 018 910 16,380 850 0.93 $15,300 $183,600 850.00 0.93 $15,300 0 0 3 0 324 808 19,392 750 0.93 $18,000 $216,000 750.00 0.93 $18,000 3 1 3 0 632 808 25,856 760 0.94 $24,320 $291,840 760.00 0.94 $24,320 0 0 0 0 042 977 41,034 875 0.90 $36,750 $441,000 875.00 0.90 $36,750 1 0 8 3 944 1,030 45,320 900 0.87 $39,600 $475,200 900.00 0.87 $39,600 2 1 5 0 722 1,030 22,660 925 0.90 $20,350 $244,200 925.00 0.90 $20,350 0 0 0 0 024 977 23,448 875 0.90 $21,000 $252,000 875.00 0.90 $21,000 0 0 0 0 016 1,030 16,480 925 0.90 $14,800 $177,600 925.00 0.90 $14,800 1 1 5 0 620 1,030 20,600 925 0.90 $18,500 $222,000 925.00 0.90 $18,500 0 0 0 0 024 1,140 27,360 1160 1.02 $27,840 $334,080 1,160.00 1.02 $27,840 3 2 4 0 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

42 917 313,778 $870 $0.95 $297,620 $3,571,440 $870 0.95 $297,620 11 5 39 3 50* Net of Concessions

EFFECTIVECONCESSION

EFFECTIVEPER S/F

EFFECTIVEMONTHLY

VacantsLeased

NoticeLeased

NetAvailable


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MARKET SURVEYCourtney Downs

October-07

Ranch Windsor @ Meridian Pinnacle @ the Creek Dove Valley Cherrywood Village Reserve @ South Creek Freemont Ave 9875 Jefferson Pkwy 6107 S Parker Rd 7550 S Blackhawk 16950 E Carlson Dr 15611 E Jamison Dr

3-693-8787 303-256-7700 303-766-2500 303-362-2000 303-805-7200 303-680-6696urora, Co Englewood, Co 80112 Centennial, Co Englewood, Co 80112 Parker, Co 80134 Englewood, Co 80112

507 653 216 312 360 1685 7 4 6 6 6

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

300-600 150-300 $100 300-500 $400-500 300275-325 300 $300 $100.00 $200-300 100

yes Only In Select Units Only Select Units no yes noyes yes yes no no noyes yes yes yes yes yesyes yes yes yes yes yesno no no yes yes yes1 1 1 1 2 1

yes yes yes yes yes yes1 1 1 1 2 1

yes yes yes yes yes yesyes yes yes yes yes yes

yes yes yes yes yes yesyes yes yes yes yes yesyes yes yes yes yes yesno yes yes yes yes yesyes yes no yes yes yesno yes yes yes no yesno no no no no nono no no no no noyes yes yes yes yes yesyes yes yes yes yes yesno no no no no nono yes yes yes yes yes


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MARKET SURVEY Courtney Downs

October-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 1.05B1B w/study 750 910 0.82 840 811 0.91 739 760 1.03 895 992 1040 916B BB 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 0.78B2B (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)B2BB w/study B2B TH B2B TH B2B 1,160 1140 1.02 1270 1398 0.91 1320 1330 0.99 1100 1230 0.89 1100 1356 0.81 1290 1235 1.04 897 1257 0.71B2B 1340 1398 0.91 1305 1235 1.04 1134 1257 1.10

% occ /leased 95 96.78% 96% 98% 0 0% 92% 94.30% 95.0% 97% 92.0% 94% 90.3% 92%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 11 507 9 653 216 17 312 19 360 24 0 168 7

ateseflect these rates:pecials:

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

nits (Tot

Special: look and leasespecial $150 security depositwaived and $250 to $500 off first months rent only onsteepelchases and arlingtons.

Special: Reduced pricingfor all floor plans.

Will not give out anyinformation.

Special:waive securitydeposit, as well as firstmonth rent free.

Special: $150.00 gift cardand $99.00 depositspecial.

Special: $350.00 look andlease special.

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.


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USA Courtney Downs October 2007

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