January Courtney Downs

8/14/2019 January Courtney Downs

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USA Courtney Downs LeaseCo, LLCBalance Sheet

Books = AccrualJan 2008

SETS

13,833.570.00

$13,833.57

vable 2,237.81

es 53,007.61284,289.30

eserves 55,552.04 Escrow 200,000.00

sets 595,086.76

608,920.33

S & CAPITAL

le - Trade 150,566.69

Payable 826,967.73382,714.79

22,259.20ts 39,427.09

50,958.021,472,893.52

100.00gs (864,073.19)

(863,973.19)

ES & CAPITAL 608,920.33


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USA Courtney Downs LeaseCo, LLCBudget Comparison

AccrualFor the period ending January 31, 2008

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

0.01

294,410.00 294,410.00 0.00 294,410.00 294,410.00 0.00 3,587,640.00 1,177,640.002,842.00 10,247.00 (7,405.00) 2,842.00 10,247.00 (7,405.00) 74,283.00 26,178.00

297,252.00 304,657.00 (7,405.00) 297,252.00 304,657.00 (7,405.00) 3,661,923.00 1,203,818.000.00 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

(14,979.36) (28,795.00) 13,815.64 (14,979.36) (28,795.00) 13,815.64 (253,425.00) (87,548.72)

10.00 (6,000.00) 6,010.00 10.00 (6,000.00) 6,010.00 (42,000.00) (11,980.00)

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

(11,483.60) (1,507.00) (9,976.60) Due to one skip and two evictions. (11,483.60) (1,507.00) (9,976.60) (18,910.00) (25,981.20)

(1,980.00) (1,980.00) 0.00 (1,980.00) (1,980.00) 0.00 (23,760.00) (7,920.00)0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

(1,934.80) (1,935.00) 0.20 (1,934.80) (1,935.00) 0.20 (23,220.00) (7,739.60)0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

795.00 (1,160.00) 1,955.00 795.00 (1,160.00) 1,955.00 (13,920.00) (730.00)

(10,079.23) (17,793.00) 7,713.77 (10,079.23) (17,793.00) 7,713.77 (205,887.00) (55,744.46)

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 0.000.00 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

$257,600.01 $245,487.00 $12,113.01 Explained above. $257,600.01 $245,487.00 $12,113.01 $3,080,801.00 1,006,174.02

1.000.00 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 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

2,095.04 1,463.00 632.04 23 late fees collected this month. 2,095.04 1,463.00 632.04 21,791.00 7,116.08

455.00 300.00 155.00 455.00 300.00 155.00 9,450.00 1,510.001,217.74 680.00 537.74 1,217.74 680.00 537.74 11,120.00 3,795.48

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.001,800.00 1,176.00 624.00 1,800.00 1,176.00 624.00 19,796.00 5,952.00

5,090.00 0.00 5,090.00 5,090.00 0.00 5,090.00 13,500.00 10,180.00

736.40 600.00 136.40 736.40 600.00 136.40 8,000.00 2,672.800.00 0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 3,489.00 (3,489.00) 0.00 3,489.00 (3,489.00) 3,489.00 6,978.00

3,370.97 3,360.00 10.97 3,370.97 3,360.00 10.97 41,160.00 13,461.940.00 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 0.000.00 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

7,019.83 6,790.00 229.83 7,019.83 6,790.00 229.83 81,480.00 27,619.660.00 0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 475.00 (475.00) No income check at this time. 0.00 475.00 (475.00) 5,700.00 950.00

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 0.000.00 300.00 (300.00) 0.00 300.00 (300.00) 4,100.00 600.00

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 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

4,050.00 1,820.00 2,230.00 4,050.00 1,820.00 2,230.00 33,880.00 11,740.00

1,600.34 2,400.00 (799.66) 1,600.34 2,400.00 (799.66) 30,000.00 8,000.68

400.00 500.00 (100.00) 400.00 500.00 (100.00) 6,625.00 1,800.000.00 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 0.000.00 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 0.000.00 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 0.000.00 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 0.000.00 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 0.000.00 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 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

27,835.32 23,353.00 4,482.32 Explained above. 27,835.32 23,353.00 4,482.32 290,091.00 102,376.64

1.00$285,435.33 $268,840.00 $16,595.33 Explained above. $285,435.33 $268,840.00 $16,595.33 $3,370,892.00 1,108,550.66

1.001.00

11,795.28 12,689.00 893.72 Based on actual payroll cost. 11,795.28 12,689.00 893.72 154,548.00 48,968.56

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0012,801.68 11,403.00 (1,398.68) 12,801.68 11,403.00 (1,398.68) 138,888.00 48,409.36

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004,717.00 3,005.00 (1,712.00) 4,717.00 3,005.00 (1,712.00) 46,633.00 15,444.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.001,490.46 1,720.00 229.54 1,490.46 1,720.00 229.54 20,640.00 6,420.92

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

21.23 1,000.00 978.77 No extra help needed this month. 21.23 1,000.00 978.77 5,000.00 2,042.46

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0030,825.65 29,817.00 (1,008.65) Explained above. 30,825.65 29,817.00 (1,008.65) 365,709.00 121,285.30

1.001,040.43 850.00 (190.43) Replacement of drum for the copier. 1,040.43 850.00 (190.43) 10,200.00 3,780.86

1,211.63 743.00 (468.63) Replacing of office phones needed. 1,211.63 743.00 (468.63) 8,916.00 3,909.26

125.83 98.00 (27.83) 125.83 98.00 (27.83) 1,176.00 447.66288.66 211.00 (77.66) 288.66 211.00 (77.66) 2,532.00 999.32

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

37.00 114.00 77.00 37.00 114.00 77.00 1,368.00 302.000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

74.64 350.00 275.36 74.64 350.00 275.36 4,150.00 849.280.00 0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 38.00 38.00 0.00 38.00 38.00 456.00 76.000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

381.95 288.00 (93.95) 381.95 288.00 (93.95) 4,848.00 1,339.90499.77 600.00 100.23 499.77 600.00 100.23 6,450.00 2,199.54

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.003,659.91 3,292.00 (367.91) 3,659.91 3,292.00 (367.91) 40,096.00 13,903.82

1.001,051.00 7,500.00 6,449.00 1,051.00 7,500.00 6,449.00 44,000.00 17,102.00

259.91 500.00 240.09 259.91 500.00 240.09 5,400.00 1,519.823,969.81 723.00 (3,246.81) 3,969.81 723.00 (3,246.81) 16,070.00 9,385.62

250.00 500.00 250.00 250.00 500.00 250.00 5,500.00 1,500.00

5,530.72 9,223.00 3,692.28 Explained above. 5,530.72 9,223.00 3,692.28 70,970.00 29,507.44

1.0025.12 207.00 181.88 25.12 207.00 181.88 4,217.00 464.24

Actual vacancy is at 5% and budget isat 9%.

Our specials were reduced pricing on

select units not up front concessionswere given.

Nine nights of rental on the guest suitefor the month.

We have been able to reduce theamount of concessions given eachmonth to meet market needs.

40 application fees collected versus 23budget.

Due to two early buyouts, one due totransfer out of state and one buying a

house.

27 administration fees collected versus12 budget.

Apartments left in better conditionresulting in fewer fees charged.

We worked more hours then budgeted.

We had more move ins and renewalsthen budgeted.

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

Did not order cards and brochures due

to the pending sale of the property.

10 actual locator fees paid versus 3budgeted.

Only one referral used versus twobudgeted for.


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2,825.00 2,859.00 34.00 2,825.00 2,859.00 34.00 34,308.00 11,368.00320.00 955.00 635.00 320.00 955.00 635.00 19,446.00 2,550.00

356.36 270.00 (86.36) 356.36 270.00 (86.36) 3,240.00 1,252.720.00 0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 85.00 85.00 0.00 85.00 85.00 1,020.00 170.00

50.00 417.00 367.00 50.00 417.00 367.00 5,004.00 934.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0050.88 158.00 107.12 50.88 158.00 107.12 1,896.00 417.76

3,627.36 4,951.00 1,323.64 Explained above. 3,627.36 4,951.00 1,323.64 69,131.00 17,156.72

1.00548.03 599.00 50.97 548.03 599.00 50.97 8,611.00 2,294.06

0.00 200.00 200.00 No HVAC repairs needed at this time. 0.00 200.00 200.00 2,300.00 400.00

286.20 120.00 (166.20) 286.20 120.00 (166.20) 1,440.00 812.40

252.62 40.00 (212.62) 252.62 40.00 (212.62) 540.00 585.24

0.00 0.00 0.00 0.00 0.00 0.00 3,000.00 0.000.00 100.00 100.00 0.00 100.00 100.00 4,200.00 200.000.00 10.00 10.00 0.00 10.00 10.00 150.00 20.000.00 260.00 260.00 No windows replaced this month. 0.00 260.00 260.00 1,820.00 520.00

273.05 300.00 26.95 273.05 300.00 26.95 3,600.00 1,146.1026.73 120.00 93.27 26.73 120.00 93.27 1,400.00 293.460.00 0.00 0.00 0.00 0.00 0.00 355.00 0.000.00 0.00 0.00 0.00 0.00 0.00 600.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

16.20 450.00 433.80 16.20 450.00 433.80 14,555.00 932.400.00 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 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

1,402.83 2,199.00 796.17 Explained above. 1,402.83 2,199.00 796.17 42,571.00 7,203.66

1.000.00 0.00 0.00 0.00 0.00 0.00 29,581.00 0.00

555.73 755.00 199.27 Two less pick-up's than budgeted for. 555.73 755.00 199.27 9,060.00 2,621.46

86.00 205.00 119.00 86.00 205.00 119.00 2,760.00 582.000.00 0.00 0.00 0.00 0.00 0.00 2,775.00 0.000.00 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 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

6,066.20 3,500.00 (2,566.20) 6,066.20 3,500.00 (2,566.20) 19,500.00 19,132.40

6,707.93 4,460.00 (2,247.93) Explained above. 6,707.93 4,460.00 (2,247.93) 63,676.00 22,335.86

1.000.00 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 0.000.00 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 0.00 0.00 0.000.00 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 0.000.00 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 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.0011,360.56 10,754.00 (606.56) Based on a % of collections. 11,360.56 10,754.00 (606.56) 134,836.00 44,229.12

1,164.90 400.00 (764.90) 1,164.90 400.00 (764.90) 2,800.00 3,129.800.00 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 0.000.00 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 0.000.00 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 0.00 0.00 0.000.00 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 0.000.00 0.00 0.00 0.00 0.00 0.00 3,060.00 0.000.00 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

12,525.46 11,154.00 (1,371.46) Explained above. 12,525.46 11,154.00 (1,371.46) 140,696.00 47,358.92

1.00

Less carpets cleaned due to more

needing replacing.

Only needed to resurface one tub thismonth.

Due to repair of 16102's clogged drain.

Replaced more breezeway lights than

usual.

Extra ice melt and ice slicer needed foricy areas of the property.


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4,040.14 3,250.00 (790.14) 4,040.14 3,250.00 (790.14) 40,500.00 14,580.280.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

3,808.88 1,967.00 (1,841.88) 3,808.88 1,967.00 (1,841.88) 23,604.00 11,551.76

13,536.27 20,000.00 6,463.73 Savings due to higher occupancy. 13,536.27 20,000.00 6,463.73 240,000.00 67,072.54

(16,247.17) (13,600.00) 2,647.17 (16,247.17) (13,600.00) 2,647.17 (163,200.00) (59,694.34)

74.35 0.00 (74.35) 74.35 0.00 (74.35) 37,400.00 148.700.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

(2,300.14) (2,400.00) (99.86) (2,300.14) (2,400.00) (99.86) (25,696.00) (9,400.28)0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

1,439.86 1,505.00 65.14 1,439.86 1,505.00 65.14 12,108.00 5,889.72561.78 903.00 341.22 561.78 903.00 341.22 7,837.00 11,449.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004,913.97 11,625.00 6,711.03 Explained above. 4,913.97 11,625.00 6,711.03 172,553.00 33,077.94

1.000.00 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 0.00837.50 0.00 (837.50) 2008 Entity compliance fees. 837.50 0.00 (837.50) 0.00 1,675.00

578.11 0.00 (578.11) 12/7 and 1/8 credit card fees. 578.11 0.00 (578.11) 0.00 1,156.22

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 0.000.00 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 0.000.00 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 0.000.00 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 0.000.00 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

1,415.61 0.00 (1,415.61) Explained above. 1,415.61 0.00 (1,415.61) 0.00 2,831.22

1.00

30,188.47 30,188.00 (0.47) 30,188.47 30,188.00 (0.47) 362,256.00 120,752.940.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004,840.47 4,850.00 9.53 4,840.47 4,850.00 9.53 58,200.00 19,380.94

0.00 57.00 57.00 0.00 57.00 57.00 684.00 114.000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

35,028.94 35,095.00 66.06 35,028.94 35,095.00 66.06 421,140.00 140,247.88105,638.38 111,816.00 6,177.62 105,638.38 111,816.00 6,177.62 1,386,542.00 434,908.76179,796.95 157,024.00 22,772.95 179,796.95 157,024.00 22,772.95 1,984,350.00 673,641.90

1.00106,586.67 106,587.00 0.33 106,586.67 106,587.00 0.33 1,443,999.00 426,347.34

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0086,666.71 86,667.00 0.29 86,666.71 86,667.00 0.29 1,040,004.00 346,667.42

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00193,253.38 193,254.00 0.62 193,253.38 193,254.00 0.62 2,484,003.00 773,014.76

1.000.00 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 0.000.00 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 0.000.00 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 0.000.00 0.00 0.00 0.00 0.00 0.00 365.00 0.00

518.50 200.00 (318.50) 518.50 200.00 (318.50) 2,400.00 1,437.000.00 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 0.000.00 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 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

1,000.00 1,000.00 0.00 1,000.00 1,000.00 0.00 12,000.00 4,000.003,200.00 3,250.00 50.00 Investor reporting fees. 3,200.00 3,250.00 50.00 39,000.00 12,900.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.004,718.50 4,450.00 (268.50) 4,718.50 4,450.00 (268.50) 53,765.00 18,337.00

1.001,993.00 0.00 (1,993.00) 1,993.00 0.00 (1,993.00) 16,846.00 3,986.00

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 1,800.00 0.00

2,698.32 5,000.00 2,301.68 2,698.32 5,000.00 2,301.68 66,000.00 15,396.64

0.00 0.00 0.00 0.00 0.00 0.00 1,450.00 0.000.00 0.00 0.00 0.00 0.00 0.00 1,734.00 0.00

296.29 339.00 42.71 296.29 339.00 42.71 1,017.00 1,270.580.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

4,746.03 0.00 (4,746.03) 4,746.03 0.00 (4,746.03) 11,899.00 9,492.06

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Gas is higher then anticipated in thebudget.

The collections this month is higherand based on last months water bill.

Installation of handicap ramp for bld10.

Four carpet replaced this month versusfive budgeted for.

Due repair of fire panels to building 17and building one, heat exchanger

order for the spa, garage doorsrepaired to the maintenance shop.


5/52

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.009,733.64 5,339.00 (4,394.64) Explained above. 9,733.64 5,339.00 (4,394.64) 100,746.00 30,145.28

1.000.00 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 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

(27,908.57) (46,019.00) 18,110.43 (27,908.57) (46,019.00) 18,110.43 (654,164.00) (147,855.14)1.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00(27,908.57) (46,019.00) 18,110.43 (27,908.57) (46,019.00) 18,110.43 (654,164.00) 0.00


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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 2008 Aug 2008 Sep 2008 Oct 2008 Nov 2008 Dec 2008 12 Month $ / $ / Dec 2006 12 Month $ / $ /Actual Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Total Unit Sq. Ft. Reforecast Total Unit Sq. Ft.

342 313,778 342 313,778

297,252 305,710 305,710 306,464 306,275 305,987 305,250 305,131 304,686 304,342 304,117 303,954 3,654,878 10,686.78 11.65 364,160 4,637,807 13,560.84 14.78(14,979) (24,776) (24,776) (21,510) (19,986) (17,809) (15,591) (15,591) (16,802) (19,995) (22,418) (23,078) (237,311) (693.89) (0.76) (43,000) (326,502) (954.68) (1.04)(10,069) (15,879) (15,879) (17,298) (15,717) (17,444) (19,316) (21,188) (22,560) (23,621) (24,370) (24,994) (228,335) (667.65) (0.73) (80,000) (358,368) (1,047.86) (1.14)(14,603) (6,661) (6,661) (6,677) (6,695) (6,696) (6,693) (6,681) (6,663) (6,634) (6,614) (6,605) (87,883) (256.97) (0.28) (6,085) (107,445) (314.17) (0.34)257,600 258,394 258,394 260,979 263,877 264,038 263,650 261,671 258,661 254,092 250,715 249,277 3,101,348 9,068.27 9.88 235,075 3,845,493 11,244.13 12.26

27,835 30,734 25,205 22,698 26,852 27,912 25,305 27,910 23,739 22,628 24,013 20,220 305,051 891.96 0.97 19,000 369,177 1,079.47 1.18285,435 289,128 283,599 283,677 290,729 291,950 288,955 289,581 282,400 276,720 274,728 269,497 3,406,399 9,960.23 10.86 254,075 4,214,670 12,323.60 13.43

30,826 30,477 30,477 30,392 29,567 31,117 31,434 31,434 30,692 29,929 30,554 30,059 366,958 1,072.98 1.17 37,759 466,404 1,363.75 1.493,660 3,226 3,226 3,348 3,460 3,520 3,544 3,444 3,336 3,264 3,204 3,180 40,412 118.16 0.13 3,030 49,944 146.04 0.165,531 6,525 6,525 5,801 5,901 6,105 6,327 6,227 5,340 4,685 4,731 4,259 67,957 198.70 0.22 6,885 84,031 245.70 0.273,627 5,355 5,355 5,708 6,163 6,062 6,819 6,819 6,289 5,961 5,102 4,850 68,110 199.15 0.22 7,500 85,762 250.77 0.271,403 2,510 2,510 3,115 4,490 3,885 2,920 2,730 2,513 12,210 2,672 1,388 42,346 123.82 0.13 2,295 48,825 142.76 0.166,708 4,460 4,460 13,323 6,678 4,985 4,985 4,985 3,960 3,960 3,960 3,460 65,924 192.76 0.21 2,395 75,932 222.02 0.24

12,525 11,744 11,744 11,547 11,829 11,878 14,818 11,783 11,496 11,269 11,189 10,980 142,802 417.55 0.46 14,969 180,358 527.36 0.574,914 10,310 10,310 16,246 17,308 17,127 16,930 16,130 16,228 16,240 11,437 11,491 164,671 481.49 0.52 10,900 198,981 581.82 0.631,416 0 0 0 0 0 0 0 0 0 0 0 1,416 4.14 0.00

35,029 35,095 35,095 35,095 35,095 35,095 35,095 35,095 35,095 35,095 35,095 35,095 421,074 1,231.21 1.34 0 422,306 1,234.81 1.3537,237 37,237 108.88 0.12

105,638 109,702 109,702 124,575 120,491 119,774 122,872 118,647 114,949 122,613 107,944 104,762 1,381,669 4,039.97 4.40179,797 179,426 173,897 159,102 170,238 172,176 166,083 170,934 167,451 154,107 166,784 164,735 2,024,730 5,920.26 6.45 122,970 1,649,779 4,823.92 5.26

131,106 2,564,891 7,499.68 8.17

193,253 193,254 193,254 193,254 193,254 216,819 216,819 216,819 216,819 216,819 216,819 216,819 2,484,002 7,263.16 7.924,719 4,450 4,450 4,450 4,815 4,450 4,450 4,450 4,450 4,450 4,450 4,450 54,034 157.99 0.17 193,254 256,346 749.55 0.829,734 8,268 8,268 12,546 12,458 8,074 17,804 6,600 6,259 6,000 5,000 5,000 106,011 309.97 0.34 0 116,321 340.12 0.37

3,300 3,300 9.65 0.01(27,909) (26,546) (32,075) (51,148) (40,289) (57,167) (72,990) (56,935) (60,077) (73,162) (59,485) (61,534) (619,317) (1,810.87) (1.97)

(65,449) 2,188,924 6,400.36 6.980 0 0 0 0 0 0 0 0 0 0 0 0

250,000 250,000

0 0 0 0 0 0 0 0 0 0 0 0 0(1,895) 0 0 0 0 0 0 0 0 0 0 0 (1,895) 0 (1,895)

(50,394) 0 0 0 0 0 0 0 0 0 0 0 (50,394) 0 (50,394)(35,800) (7,125) (7,125) (7,125) (7,125) (7,125) (7,125) (7,125) (7,125) (7,125) (7,125) (7,125) (114,175) 0 (128,425)

(2,951) (2,951)

ts (88,090) (7,125) (7,125) (7,125) (7,125) (7,125) (7,125) (7,125) (7,125) (7,125) (7,125) (7,125) (166,465)

(2,951) (183,666)(22,965) 0 0 0 0 0 0 0 0 0 0 0 (22,965)20,453 0 0 0 0 0 0 0 0 0 0 0 20,453 0 20,453

920 0 0 0 0 0 0 0 0 0 0 0 920 0 92048,905 0 0 0 0 0 0 0 0 0 0 0 48,905 0 48,905

0 0

. 47,313 0 0 0 0 0 0 0 0 0 0 0 47,3130 70,279

(68,685) (33,671) (39,200) (58,273) (47,414) (64,292) (80,115) (64,060) (67,202) (80,287) (66,610) (68,659) (738,468)

13,834 (19,838) (59,038) (117,311) (164,725) (229,017) (309,132) (373,192) (440,394) (520,681) (587,291) (655,950) 181,601 2,325,537181,601

UnSq. Ft.

## 384807

ba 160 146,080

cas 356 384,807

ce 300 274,080

co 257 254,074

jac 247 221,730

lee 10 22,160

re 428 398,868

ric 5 24,952

par 300 305,832

pol 440 403,761

sat 440 548,750

sw 240 264,892

trai 280 286,056

vlg 120 108,276

wa 284 254,103we 12 48,309

wi 346 433,196

usa 280 299,111

usa 284 254,103

eb 2008 Mar 2008 Apr 2008 May 2008 Jun 2008 Jul 2008 Aug 2008 Sep 2008 Oct 2008 Nov 2008 Dec 2008

Row 60 Row 61


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by 50%

reduction in tax escrow due to overage


8/52

Courtney Downs ApartmentsJanuary 08

LEASING & OCCUPANCY

NUMBER OF MOVE INS: 15 INCOME THIS MONTH: $285,435.00NUMBER OF MOVE OUTS: 21 INCOME LAST MONTH: $281,806.00

NET FOR THE MONTH: -6 DIFFERENCE: $3,629.00

TOTAL # GARAGES 120# GARAGES OCCUPIED 115

OCCUPIED/LEASED %: 93.57%/95.91% GARAGES OCCUPIED % 96%

SOURCE OF TRAFFIC: REASONS WHY PROSPECTS DID NOT LEASE:

Traffic Leased

APTGUIDE.COM 0 0 * Job Transfer 0APARTMENT GUIDE 0 0 * Too expensive. 0YELLOW PAGES 0 0 * Future/No Availability/Waiting list 8OTHER. NET 0 0 * Just started looking. 11

BLUE BOOK 16 8 * Waiting for Home to Sell 4RENT.NET 4 0 * Current Lease to Expire 3LIVES IN AREA 23 10 * Needs Ground Floor 3

RESIDENT REFERRAL 4 0 * Moved Elsewhere 6LOCATORS 9 4 * Will return with roommate or spous 0RENT.COM 0 0 * Realtor Looking for Client 0

WALK-IN 0 0 * Undecided 0SIGNAGE 6 5 * Employment pending 0WORD OF MOUTH 0 0 * House sale pending 0

* Rented at Competitor 0

TOTALS 62 27 TOTALS 35

CLOSING RATIO: 32%

MARKETING ACTIVITIES & SOURCES FOR THE MONTH

* Took lunch with updated special to Direct T.V.* Took lunch to locators with updates on specials and prices..* Took flyers to Parker Adventist Hospital Human Resources.* Took brochures and specials to Wells Fargo team.

* Updated all internet ads with new pricing and specials for the month of January.* Brochures and lunch were taken to First Data Human Resources.* Met with KB sales team with options of temporary housing for new home buyers.

* Dropped off cookie basket and brochures to Burt Cheverolet sales team.* Dropped off doughnuts and brochures to Centennial airport "tack air office".* Took cookie and candy bag with flyer's to David Weekly Homes.

* Took lunch to sales team with brochures to Richmond Homes Team.* Took cookie and candy bag to Marriott extended stay hotels.

OVERVIEW OF COMPARABLE PROPERTIES:

The surrounding comps are still offering discounted rents on selected units.This translates into one bedroom effective rents of $695, two bedrooms at $835 and three bedrooms starting at $1115.Look and leases specials are 1/2 month off with a 12 to 13 month lease.Overall market is 93% average occ. and rental rate of $827. per month.

RESIDENT RETENTION:We had 20 leases expiring in the month of January. Ten renewed leases with a $39 increase.Notices received; (5) buying homes, (1) relocating out of the area (4) job change

INCIDENTS ON THE PROPERTY:


9/52

MAINTENANCE: ROUTINE REPLACEMENTS:

Number of: Apt. #

MARKET READY UNITS 15 REFRIGERATORS 0COMPLETE PAINTS 8 DISHWASHERS 0TOUCH UPS 7 WINDOWS 0WORK ORDERS 105 A/C COMPRESSORS 0

Pending Completed 0 CONDENSING UNITS 0Misc 0 7 7 WATER HEATERS 0

Electrical 0 13 13 ICE MAKERS 0Punch 0 15 15 GARBAGE DISPOSALS 0HVAC 0 12 12 MICROWAVES 0

Plumbing 0 27 27 CARPETS 4 6108, 2207, 4102, 12112.

Property Ext. 0 0 0 CEILING FANS 0Appliances 0 16 16 TOILETS 0

Safety 0 15 15 A/C FAN MOTORS 0Total 0 105 105 COUNTER TOPS 0

ROOF LEAKS 0 CABINETS RESURFACED KITCHEN 0

PLUMBING LEAKS 0 BLINDS 19

TUBS RESURFACED 0TUB TILES 0

CAPITAL IMPROVEMENTS IN PROGRESS:

N/A

PROBLEM AREAS NEEDING ATTENTION:Called out for extra service on property due to heavy ice throughtout.

Spa heat exchange went out.

CURRENT STAFF:

Manager Nancy Howland

Assistant Manager Carrie McMillanLeasing Consultant Summer Wahrman

Leasing Consultant Kate HawkinsMaintenance Supervisor Gabriel TellezAssistant Maintenance Russell Bri leyMaintenance/ Grounds Jorge Chavez and Jorge Bernal

ACCOMPLISHMENTS FOR THE MONTH:Performed extra snow removal on property due to ice patches forming on the shady side of the bldgs.Maintained 93% occupancy.

Collected $10,000 more in income this month than last month.

NumberReplaced

4301-2, 4304-1, 6108-1, 12108-2,19208-2, 10306-1, 19210-2, 6301-1, 7311-1, 12112-3, 4102-2, 19204-1.


10/52

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 1 5 0 5

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 2 0 2 0 4

24 808 19,392 750 0.93 $18,000 $216,000 750.00 0.93 $18,000 0 1 0 3 0

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 6 2 3 0 9

44 1,030 45,320 900 0.87 $39,600 $475,200 900.00 0.87 $39,600 4 0 5 0 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 0 2 4 0 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 2 0 3 1 5

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 14 6 22 4 36

* Net of Concessions

EFFECTIVECONCESSION

EFFECTIVEPER S/F

EFFECTIVEMONTHLY

VacantsLeased

NoticeLeased

NetAvailable


11/52

MARKET SURVEYCourtney Downs

January-08

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


12/52

MARKET SURVEY Courtney Downs

January-08

(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 1.03 735 779 0.94 680 627 1.08 750 685 1.09 755 768 0.98 710 707 1.00 710 763 0.93B1B (B) 850 808 1.05 750 853 0.88 740 701 1.06 815 705 1.02 765 842 0.91 730 796 0.92 727 763 1.05

B1B w/study 750 910 0.82 840 811 0.91 820 760 1.03 780 992 0.79 760 916 0.83B B

B w/loft B1B w/study 820 956 0.86 940 1051 0.89B2B (E) 875 977 0.90 885 1105 0.80 920 1044 0.88 980 1120 0.88 835 1115 0.75 815 1033 0.79 822 1037 0.79

B2B (F) 900 1030 0.87 900 1192 0.76 985 1196 0.82 950 1220 0.78 910 1093 0.83 900 1037 1.23

B2B (G) 925 1030 0.90 990 1180 0.84B2B (H)B2B

B w/study B2B TH B2B TH

B2B 1,160 1140 1.02 1215 1398 0.87 1270 1330 0.95 1040 1230 0.85 1120 1356 0.83 1195 1235 0.97 915 1257 0.73B2B 1325 1398 0.91 1305 1235 1.04 1045 1257 1.10

% occ /leased 94 95.91% 96% 96% 0 0% 94% 95.80% 95.1% 96% 93.6% 94% 93.1% 95%

Avg PSF 1 0.94 0.86 0.93 0.96 0.84 0.91 0.97

Avg Rents 884 1114 994 808 868 1131 995/ Avail) 342 36 507 24 653 216 20 312 16 360 26 0 168 12

Rateseflect these rates:

pecials:

Ren: $50 to $75 increase. Ren:Per corporate

Units(Tot

Special: look and leasespecial reduced pricing onselect units.

Special: Reduced pricingfor all floor plans.

Will not give out anyinformation.

Special:1/2 month freewith look and lease.

Special: $500 free gascard w/look and lesespecial.

Special: Reduced rent onselect units.

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

Ren.: 15% increase on allrenewals.

Ren: Info not avail percorporate

Ren: $35 to $80 increasfor 12 month lease

Ren: Average $25 to $75increase.

Ren: Free carpet cleaningwith 12mo.


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Documents

January Courtney Downs