usa courtney downs feb 2007

8/14/2019 USA Courtney Downs Feb 2007

1/58

USA Courtney Downs LeaseCo, LLCBalance Sheet

Books = AccrualFeb 2007

SETS

35,391.470.00

ts 57,710.71$93,102.18

vable 15,077.72es 41,689.75

301,871.78eserves 54,380.43

Escrow 200,000.00sets 613,019.68

706,121.86

S & CAPITAL

le - Trade 86,124.30 Payable 601,962.29

395,242.433,842.62

ts 54,581.71(11,786.70)

1,129,966.65

100.00gs (423,944.79)

(423,844.79)

ES & CAPITAL 706,121.86


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 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

352,560 345,950 352,885 352,280 351,675 351,070 350,465 349,860 349,255 348,650 348,045 347,440 4,200,135 12,281.10 13.39 364,160 5,272,074 15,415.42 16.80(34,193) (31,453) (28,705) (30,785) (28,705) (24,545) (23,505) (23,505) (24,805) (27,145) (29,485) (30,525) (337,356) (986.42) (1.08) (43,000) (441,354) (1,290.51) (1.41)(77,240) (77,177) (68,161) (66,797) (63,849) (59,743) (58,387) (54,989) (49,108) (46,826) (42,919) (39,555) (704,753) (2,060.68) (2.25) (80,000) (869,290) (2,541.78) (2.77)(5,251) (7,154) (5,204) (5,200) (5,211) (5,231) (5,235) (5,242) (5,252) (5,250) (5,253) (5,257) (64,740) (189.30) (0.21) (6,085) (81,524) (238.37) (0.26)

235,876 230,165 250,815 249,497 253,909 261,552 263,338 266,124 270,090 269,428 270,388 272,102 3,093,286 9,044.70 9.86 235,075 3,879,906 11,344.75 12.37

27,580 21,613 21,345 24,565 25,565 24,415 24,915 21,695 20,545 20,545 20,545 20,195 273,523 799.77 0.87 19,000 334,064 976.79 1.06

263,457 251,778 272,160 274,062 279,474 285,967 288,253 287,819 290,635 289,973 290,933 292,297 3,366,809 9,844.47 10.73 254,075 4,213,970 12,321.55 13.43

33,611 20,391 29,789 26,715 26,715 30,089 28,026 27,426 30,872 26,976 27,014 30,347 337,971 988.22 1.08 37,759 434,080 1,269.24 1.382,710 2,648 3,785 3,905 4,025 3,905 3,965 3,845 3,725 3,725 3,725 3,665 43,629 127.57 0.14 3,030 54,176 158.41 0.179,943 5,921 7,993 8,791 9,990 8,791 9,390 8,192 7,393 6,993 6,993 6,394 96,786 283.00 0.31 6,885 117,342 343.10 0.373,805 2,722 4,095 4,875 4,095 4,095 4,875 4,095 3,803 3,705 3,803 2,828 46,794 136.83 0.15 7,500 61,061 178.54 0.192,027 1,496 2,425 3,425 2,425 2,425 2,425 2,425 2,425 15,095 2,425 2,425 41,443 121.18 0.13 2,295 48,709 142.42 0.166,403 10,329 1,385 3,585 5,585 3,085 3,085 3,085 5,585 5,585 6,385 1,835 55,934 163.55 0.18 2,395 66,713 195.07 0.21

15,368 15,798 16,496 16,572 16,789 17,048 19,640 17,122 17,235 17,209 17,247 17,301 203,825 595.98 0.65 14,969 253,939 742.51 0.819,370 15,941 7,963 8,563 8,463 12,763 13,713 13,713 12,776 8,388 8,001 8,051 127,708 373.42 0.41 10,900 155,034 453.31 0.49

37,910 33,542 32,739 32,739 32,739 32,739 32,739 32,739 32,739 32,739 32,739 32,739 398,846 1,166.22 1.27 0 400,014 1,169.63 1.2737,237 37,237 108.88 0.12

121,146 108,789 106,670 109,171 110,826 114,941 117,860 112,644 116,553 120,416 108,332 105,585 1,352,934 3,955.95 4.31142,310 142,989 165,490 164,891 168,649 171,026 170,394 175,175 174,082 169,557 182,601 186,712 2,013,875 5,888.52 6.42 122,970 1,628,303 4,761.12 5.19

131,106 2,585,667 7,560.43 8.24193,253 193,253 193,253 193,253 193,253 193,253 193,253 193,253 193,253 193,253 193,253 193,253 4,150 12.13 0.01

0 0 415 415 415 415 415 415 415 415 415 415 73,660 215.38 0.23 193,254 267,960 783.51 0.851,601 4,113 4,900 4,900 7,446 21,300 4,900 4,900 4,900 4,900 4,900 4,900 0 0.00 0.00 0 9,800 28.65 0.03

3,300 3,300 9.65 0.01(52,544) (54,377) (33,079) (33,677) (32,466) (43,943) (28,175) (23,393) (24,486) (29,012) (15,968) (11,856) 1,936,065 5,661.01 6.17

(65,449) 2,304,607 6,738.62 7.347,543 (3,489) 0 0 0 0 0 0 0 0 0 0 0

250,000 250,000

s 0 0 0 0 0 0 0 0 0 0 0 0 (5,288)(4,571) (717) 0 0 0 0 0 0 0 0 0 0 46,569 0 46,569(7,749) 3,588 5,073 5,073 5,073 5,073 5,073 5,073 5,073 5,073 5,073 5,073 (410,640) 0 (400,494)

(30,394) (34,568) (34,568) (34,568) (34,568) (34,568) (34,568) (34,568) (34,568) (34,568) (34,568) (34,568) 0 0 (69,136)(2,951) (2,951)

sets (42,714) (31,697) (29,495) (29,495) (29,495) (29,495) (29,495) (29,495) (29,495) (29,495) (29,495) (29,495) (369,360) (2,951) (426,012)40,118 64,240 0 0 0 0 0 0 0 0 0 0 67,68841,830 25,859 0 0 0 0 0 0 0 0 0 0 (3,129) 0 (3,129)(1,829) (1,300) 0 0 0 0 0 0 0 0 0 0 (11,458) 0 (11,458)

0 (11,458) 0 0 0 0 0 0 0 0 0 0 0 0 00 0

iab. 80,118 77,341 0 0 0 0 0 0 0 0 0 0 53,1010 (14,587)

(7,597) (12,223) (62,573) (63,172) (61,961) (73,438) (57,670) (52,888) (53,981) (58,506) (45,463) (41,351) 1,619,806

47,614 35,391 (27,182) (90,354) (152,315) (225,753) (283,422) (336,310) (390,291) (448,797) (494,260) (535,611) 181,601 2,114,007181,601

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 284 254,103

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 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 February 28, 2007

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

294,410.00 353,490.00 (59,080.00) 610,550.00 707,585.00 (97,035.00) 4,209,210.00

51,540.00 0.00 51,540.00 87,960.00 0.00 87,960.00 0.00

345,950.00 353,490.00 (7,540.00) 698,510.00 707,585.00 (9,075.00) 4,209,210.00s 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(31,453.48) (27,665.03) (3,788.45) (65,646.30) (53,769.89) (11,876.41) (325,479.64)

(4,133.81) (4,350.00) 216.19 (5,032.78) (6,960.00) 1,927.22 (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

(2,233.57) (627.89) (1,605.68) (2,383.57) (1,257.24) (1,126.33) (7,841.82)

(1,980.00) (1,625.00) (355.00) (3,960.00) (3,250.00) (710.00) (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 (3,561.60) (4,100.00) 538.40 (24,600.00)

nce Fe 0.00 0.00 0.00 0.00 0.00 0.00 0.00(1,160.00) (900.00) (260.00) (2,500.14) (1,800.00) (700.14) (10,800.00)

(73,043.14) (65,742.00) (7,301.14) (149,384.17) (134,807.00) (14,577.17) (632,942.99)

ncome 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

$230,165.20 $250,530.08 $(20,364.88) $466,041.44 $501,640.87 $(35,599.43) $3,128,885.55

0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 68.00 (68.00) 0.00 136.00 (136.00) 816.000.00 0.00 0.00 0.00 0.00 0.00 0.00

525.00 1,650.00 (1,125.00) 2,340.00 3,300.00 (960.00) 19,800.00

980.00 200.00 780.00 1,485.00 400.00 1,085.00 2,400.00

750.48 960.00 (209.52) 1,454.84 1,920.00 (465.16) 11,520.00

s 0.00 0.00 0.00 0.00 0.00 0.00 0.00930.00 650.00 280.00 1,940.00 1,050.00 890.00 10,250.00

es 100.00 1,000.00 (900.00) 3,202.50 2,000.00 1,202.50 12,000.00

277.95 1,160.00 (882.05) 969.50 2,320.00 (1,350.50) 13,920.00

0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 3,485.00 0.00 3,485.00 0.00

4,242.92 2,456.00 1,786.92 5,898.09 4,912.00 986.09 29,472.00

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 0.00

6,585.84 6,650.00 (64.16) 13,347.59 13,300.00 47.59 79,800.000.00 0.00 0.00 0.00 0.00 0.00 0.00

1,151.00 1,006.00 145.00 2,302.00 2,012.00 290.00 12,072.00

per 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

We lowered the marketrents from 2006 GPR.We no longer offer leaseterm concessions.

Positive Loss to lEasedue to the lowering ofthe market rents. Weadjsut the market rentson move outs and leaserenewals.

Vacancy averaged 9%,budgeted 7%.

Offering a Look andLease concession,equivialnt to two weeksfree or less.

Variance due to twoevictions.

Two models at currentmarket rent. Models arelocated in the harder tolease floorplans.

Lease term concessionsare no longer offered.The current concessionsare reduced at turn overand renewals. Not ableto increase renewals asanticipated. Averageconcession is $235 perunit.

Variance due toaggressive rentalcollections.

Actually collected 4month-to-month fees,versus 2 budgeted.

Fewer rentals than

anticipated. Reflectiveof occupancy.

No term fees collectedthis month.

Collection less thananticipated. Reflectscollection of 14 utilitytransfer fees and 6credit card fees.

Increased fees due tounit inspections.


5/58

600.00 90.00 510.00 900.00 180.00 720.00 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

2,400.00 2,000.00 400.00 4,350.00 3,000.00 1,350.00 33,800.00

3,015.91 3,330.00 (314.09) 7,314.89 6,660.00 654.89 48,840.0053.57 300.00 (246.43) 203.57 600.00 (396.43) 3,600.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 425.00 (425.00) 0.00 850.00 (850.00) 5,100.000.00 (1,750.00) 1,750.00 0.00 (3,500.00) 3,500.00 (21,000.00)

0.00 0.00 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 0.00 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 0.00

21,612.67 20,195.00 1,417.67 49,192.98 39,140.00 10,052.98 263,470.00

$251,777.87 $270,725.08 $(18,947.21) $515,234.42 $540,780.87 $(25,546.45) $3,392,355.55

7,997.48 12,013.16 4,015.68 20,842.59 24,026.32 3,183.73 147,761.88

0.00 0.00 0.00 0.00 0.00 0.00 0.0010,313.68 11,223.48 909.80 see above. 26,901.16 22,446.96 (4,454.20) 138,048.78

0.00 0.00 0.00 0.00 0.00 0.00 0.00712.28 1,350.00 637.72 3,360.88 2,175.00 (1,185.88) 39,026.28

0.00 0.00 0.00 0.00 0.00 0.00 0.001,368.00 778.00 (590.00) 2,897.50 1,556.00 (1,341.50) 9,336.00

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 0.00

20,391.44 25,364.64 4,973.20 54,002.13 50,204.28 (3,797.85) 334,172.94

es 717.61 1,000.00 282.39 1,144.94 2,000.00 855.06 12,000.00707.61 1,100.00 392.39 1,472.21 2,200.00 727.79 13,200.0088.06 100.00 11.94 241.06 200.00 (41.06) 1,200.00

327.00 170.00 (157.00) 614.30 340.00 (274.30) 2,040.00

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

s 0.00 90.00 90.00 0.00 180.00 180.00 1,080.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 115.00 115.00 355.78 230.00 (125.78) 1,380.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 25.00 25.00 0.00 50.00 50.00 300.00

0.00 25.00 25.00 0.00 50.00 50.00 300.00309.50 390.00 80.50 553.00 630.00 77.00 6,150.00498.65 650.00 151.35 977.30 1,300.00 322.70 7,800.00

0.00 0.00 0.00 0.00 0.00 0.00 0.002,648.43 3,665.00 1,016.57 5,358.59 7,180.00 1,821.41 45,450.00

2,671.24 2,600.00 (71.24) 10,171.24 10,100.00 (71.24) 36,900.00203.49 798.00 594.51 620.34 1,596.00 975.66 9,576.00

1,446.20 1,446.20 0.00 2,972.64 2,169.30 (803.34) 24,440.781,600.00 1,550.00 (50.00) 2,100.00 2,325.00 225.00 26,195.005,920.93 6,394.20 473.27 15,864.22 16,190.30 326.08 97,111.78

Variance due tocollection of 4 depositsversus 1 budgeted.

Collected 16 fees @$150 each.

Property does not offercorporate housing.

Property employees arepaid every two weeks.Prior month accrual wasmore than the actual.

Fewer leases this month

resulting in lowerbonuses.

Health benefits offeredto associates.


6/58

0.00 450.00 450.00 39.25 810.00 770.75 7,852.50

1,395.00 250.00 (1,145.00) 4,085.00 500.00 (3,585.00) 3,000.00

1,055.00 1,500.00 445.00 2,015.00 2,700.00 685.00 26,175.00

0.00 100.00 100.00 115.65 200.00 84.35 1,200.000.00 0.00 0.00 0.00 0.00 0.00 0.00

196.77 50.00 (146.77) 196.77 100.00 (96.77) 600.0075.00 416.67 341.67 75.00 833.34 758.34 5,000.040.00 25.00 25.00 0.00 50.00 50.00 300.000.00 133.33 133.33 0.00 266.66 266.66 1,599.96

2,721.77 2,925.00 203.23 6,526.67 5,460.00 (1,066.67) 45,727.50

pplies 205.48 700.00 494.52 543.06 1,400.00 856.94 8,400.0058.39 100.00 41.61 849.72 200.00 (649.72) 1,200.00

262.50 140.00 (122.50) 290.74 280.00 (10.74) 5,055.000.00 150.00 150.00 0.00 300.00 300.00 1,800.00

270.00 0.00 (270.00) 270.00 0.00 (270.00) 0.00

0.00 450.00 450.00 0.00 900.00 900.00 5,400.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 160.00 160.00 0.00 320.00 320.00 1,920.00218.80 450.00 231.20 218.80 1,350.00 1,131.20 5,850.00

0.00 75.00 75.00 11.93 150.00 138.07 900.00355.34 25.00 (330.34) Cost to replace filters. 355.34 50.00 (305.34) 300.00

0.00 0.00 0.00 0.00 0.00 0.00 2,000.000.00 0.00 0.00 0.00 0.00 0.00 0.00

175.00 175.00 0.00 982.96 350.00 (632.96) 10,395.000.00 0.00 0.00 0.00 0.00 0.00 0.00

(50.00) 0.00 50.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00

1,495.51 2,425.00 929.49 3,522.55 5,300.00 1,777.45 43,220.00

0.00 0.00 0.00 0.00 0.00 0.00 30,000.00829.78 510.00 (319.78) 1,627.12 1,020.00 (607.12) 6,120.00

75.00 75.24 0.24 150.00 150.48 0.48 902.88

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 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00

9,424.12 1,250.00 (8,174.12) 14,954.48 2,500.00 (12,454.48) 5,850.00

10,328.90 1,835.24 (8,493.66) 16,731.60 3,670.48 (13,061.12) 42,872.88

0.00 0.00 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 0.00 0.00 0.00 0.00 0.00s 0.00 0.00 0.00 0.00 0.00 0.00 0.00

emov 0.00 0.00 0.00 0.00 0.00 0.00 0.00g Svcs 0.00 0.00 0.00 0.00 0.00 0.00 0.00ance 0.00 0.00 0.00 0.00 0.00 0.00 0.00ce 0.00 0.00 0.00 0.00 0.00 0.00 0.00

es 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

10,449.17 10,829.00 379.83 20,994.21 21,631.23 637.02 135,694.22

1,000.00 1,000.00 0.00 2,000.00 2,000.00 0.00 12,000.00e 3,250.00 3,300.00 50.00 6,500.00 6,600.00 100.00 39,600.00

1,098.90 1,300.00 201.10 1,547.80 2,600.00 1,052.20 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 0.000.00 9.58 9.58 0.00 19.16 19.16 114.960.00 0.00 0.00 0.00 0.00 0.00 0.00

ses 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 0.00 123.71 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 0.00

0.00 2,624.00 2,624.00 0.00 2,624.00 2,624.00 5,124.00

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

15,798.07 19,062.58 3,264.51 31,165.72 35,474.39 4,308.67 208,133.18

Budget error will cause avariance each month.Contract cleaned sevenunits.

Roof repaur to Bldg 6,due to heavy snow.

Current month actualwas $800 includes

recycle bin charges.

Due to unusual wintersnowfall amount. Weplow at two inches.

Based on a % ofcollections.

Fewer evictions thananticipated.

No repiars orreplacement equipmentneeded this month.


7/58

3,220.05 3,340.00 119.95 5,783.79 6,680.00 896.21 40,080.00

0.00 0.00 0.00 0.00 0.00 0.00 0.002,483.38 2,565.00 81.62 6,648.45 5,130.00 (1,518.45) 30,780.00

16,649.41 8,965.00 (7,684.41) 27,490.88 17,930.00 (9,560.88) 107,580.00

Reimb (6,305.96) (6,275.50) 30.46 Collected at 38%. (13,930.09) (12,551.00) 1,379.09 (75,306.00)0.00 0.00 0.00 0.00 0.00 0.00 23,500.00ement 0.00 0.00 0.00 0.00 0.00 0.00 0.00

(2,305.11) (2,011.00) 294.11 (4,703.68) (4,022.00) 681.68 (24,132.00)ment 0.00 0.00 0.00 0.00 0.00 0 .00 0.00

815.01 797.94 (17.07) 1,710.90 1,550.88 (160.02) 9,387.781,384.67 531.96 (852.71) 2,311.25 1,033.92 (1,277.33) 6,258.52

as 0.00 0.00 0.00 0.00 0.00 0.00 0.00

15,941.45 7,913.40 (8,028.05) 25,311.50 15,751.80 (9,559.70) 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 0.000.00 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 0.00

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 0.000.00 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

27,619.00 27,616.50 (2.50) 60,455.82 55,233.00 (5,222.82) 331,398.000.00 0.00 0.00 0.00 0.00 0.00 0.00

5,923.42 5,073.00 (850.42) Includes pollution policy. 10,996.42 10,146.00 (850.42) 60,876.00

0.00 49.88 49.88 0.00 99.76 99.76 598.560.00 0.00 0.00 0.00 0.00 0.00 0.00

33,542.42 32,739.38 (803.04) 71,452.24 65,478.76 (5,973.48) 392,872.56108,788.92 102,324.44 (6,464.48) 229,935.22 204,710.01 (25,225.21) 1,327,709.14142,988.95 168,400.64 (25,411.69) 285,299.20 336,070.86 (50,771.66) 2,064,646.41

106,586.67 106,586.67 0.00 213,173.34 213,173.34 0.00 1,279,040.0486,666.71 86,666.67 (0.04) 173,333.42 173,333.34 (0.08) 1,040,000.04

0.00 0.00 0.00 0.00 0.00 0.00 0.00193,253.38 193,253.34 (0.04) 386,506.76 386,506.68 (0.08) 2,319,040.08

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

0.00 170.00 170.00 0.00 340.00 340.00 2,040.00es 0.00 170.00 170.00 0.00 340.00 340.00 2,040.00

0.00 75.00 75.00 0.00 150.00 150.00 900.000.00 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

Costs 0.00 0.00 0.00 0.00 0.00 0.00 0.000.00 415.00 415.00 0.00 830.00 830.00 4,980.00

0.00 0.00 0.00 0.00 0.00 0.00 18,946.000.00 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

nt 2,031.25 4,900.00 2,868.75 3,047.28 9,800.00 6,752.72 58,800.00

0.00 0.00 0.00 585.06 600.00 14.94 600.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00 0.00 0.00

s 2,081.79 1,913.00 (168.79) 2,081.79 3,713.00 1,631.21 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

4,113.04 6,813.00 2,699.96 5,714.13 17,363.00 11,648.87 85,309.00

County increased ratesthat was not anticipatedin 2007.

Extreme temperaturesthis season. Rate isreflected of theincreased usuage.

Replaced three carpetsthis month.

New treadmill for theweight room.


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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

(54,377.47) (32,080.70) (22,296.77) (106,921.69) (68,628.82) (38,292.87) (344,682.67)

(3,488.53) 0.00 (3,488.53) 4,054.35 0.00 4,054.35 0.00(57,866.00) (32,080.70) (25,785.30) (102,867.34) (68,628.82) (34,238.52) (344,682.67)


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Filter0.01

###

###

###0.00

0.00###

###

0.000.00###

###

0.00###

0.00

######

0.000.00

0.000.00

###1.000.00

204.000.00

7,815.00

3,065.00

5,085.32

0.004,570.006,302.50

4,727.45

0.003,485.00

###

0.000.000.000.00###

0.006,471.00

0.000.00


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1,770.00

0.000.000.00

###

###1,157.14

0.001,275.00

###

0.000.00

0.000.000.00

0.000.000.000.000.00###

1.00###

1.001.00###

0.00###

0.007,598.16

0.006,599.50

0.000.000.000.00###

1.00

4,862.555,479.82

629.121,451.30

0.000.00

270.000.00

700.780.00

75.00

75.001,882.503,425.95

0.00###

1.00

###3,217.838,034.347,575.00

###1.00


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1,299.25

6,230.00

7,270.00

415.650.00

543.541,400.01

75.00399.99

###1.00

2,848.541,208.11

973.24450.00540.00

1,350.00

0.00

480.002,237.60

236.93785.68

0.000.00

1,682.960.00

(50.00)0.00###

1.000.00

3,986.90

450.72

0.000.000.000.00###

###1.000.000.00

0.000.00

0.000.000.000.00

0.000.000.00

###

6,000.00###

6,546.70

0.000.00

28.740.000.000.00

123.710.000.00

5,248.00

0.000.00

###1.00


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###

0.00######

###0.000.00###

0.004,874.739,390.28

0.00

###1.000.000.000.00

0.000.000.000.00

0.000.000.000.000.000.000.000.00

0.00###

0.00

###

149.640.00#########

1.00

######

0.00###

1.000.000.00

0.000.000.000.00

510.00510.00225.00

0.000.000.00

0.000.000.00

1,245.001.00

0.003,250.000.00###

1,185.060.000.000.00

9,789.58

0.000.00###


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1.00

0.000.000.00###

1.00

565.821.00


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ourtney Downs ApartmentsFeb-07

13 INCOME THIS MONTH:14 INCOME LAST MONTH: $263,456.55-1 DIFFERENCE: -263456.55

TOTAL # GARAGES 120# GARAGES OCCUPIED 118

89.77%, 90.64% GARAGES OCCUPIED % 98%

REASONS WHY PROSPECTS DID NOT LEASE:

affic Leased

0 0 * Job Transfer 015 2 * Too expensive. 80 0 * Future/No Availability/Waiting list 90 0 * Just started looking. 15

32 7 * Waiting for Home to Sell 00 0 * Current Lease to Expire 022 3 * Needs Ground Floor 47 1 * Moved Elsewhere 04 0 * Will return with roommate or spou 20

0 0 * Realtor Looking for Client 00 0 * Undecided 025 2 * Employment pending 15

0 0 * House sale pending 9* Rented at Competitor 10

05 15 TOTALS 90

3%

FOR THE MONTH

leasing.ell Banker Realtor.

ort term leasing..for the month.

ricing and specials for the month of February.

Purdential Real Estate.options of temporary housing for new home buyers.

hures to Morrisson Homes.res to Marriott extended stay hotels.er's to Ryland Homes team.

r Homes for short term leasing.d Weekly Homes.

ERTIES:discounted rents on selected units.e rents of $640, two bedrooms at $785and three bedrooms starting at $1070.$500.00 off move in as well as prorating concessions on a 12 to 13 month lease with some of our competitors.

of February. 4 are moving due to buying and/or renting houses,ate spilt, 1 is going MTM.ncrease of $47.50 per renewal.

operty.


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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 0.00 1.03 $29,000 7 4 3 2 4

32 704 22,528 725 1.03 $23,200 $278,400 725.00 0.00 1.03 $23,200 0 0 0 0 0

18 910 16,380 850 1.03 $15,300 $183,600 850.00 0.00 0.93 $15,300 4 0 2 0 6

24 808 19,392 750 1.11 $18,000 $216,000 750.00 0.00 0.93 $18,000 1 1 1 1 0

32 808 25,856 750 1.14 $24,000 $288,000 750.00 0.00 0.93 $24,000 0 0 3 0 3

42 977 41,034 875 1.16 $36,750 $441,000 875.00 0.00 0.90 $36,750 12 1 4 0 15

44 1,030 45,320 900 1.12 $39,600 $475,200 900.00 0.00 0.87 $39,600 1 0 10 0 11

22 1,030 22,660 900 1.15 $19,800 $237,600 900.00 0.00 0.87 $19,800 5 1 3 0 7

24 977 23,448 875 1.18 $21,000 $252,000 875.00 0.00 0.90 $21,000 0 0 0 0 0

16 1,030 16,480 925 0.90 $14,800 $177,600 925.00 0.00 0.90 $14,800 0 0 0 0 0

20 1,030 20,600 925 0.90 $18,500 $222,000 925.00 0.00 0.90 $18,500 0 0 0 0 0

24 1,140 27,360 1150 1.01 $27,600 $331,200 1,150.00 0.00 1.01 $27,600 5 0 1 0 6

4 1,140 4,560 1150 1.01 $4,600 $55,200 1,150.00 0.00 1.01 $4,600 0 0 0 0 0

342 917 313,778 $854 $0.93 $292,150 $3,505,800 $854 $- 0.93 $292,150 35 7 27 3 52

* Net of Concessions

EFFECTIVECONCESSION

EFFECTIVEPER S/F

EFFECTIVEMONTHLY

VacantsLeased

NoticeLeased

NetAvailable


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MARKET SURVEYCourtney Downs

February-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 303-805-7220 303-680-6696

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

507 653 216 312 380 168

4 7 4 5 4 5

$35.00 $40.00 $35.00 $30.00 $35.00 $40.00yes yes yes yes yes yes

yes yes yes yes yes yes

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

275-325 300 100 99 100-200 100

yes Only In Select Units Only Select Units 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


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MARKET SURVEY Courtney Downs

February-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 1.03 690 779 0.89 615 627 0.98 640 685 0.93 720 768 0.94 695 707 0.98 655 763 0.86B1B (B) 850 808 1.05 780 853 0.91 615 701 0.88 664 705 0.94 750 842 0.89

B1B w/study 750 910 0.82 615 811 0.91 699 760 0.96 870 992B B

B w/loft B1B w/study 875 956 0.92 855 1051 0.81B2B (E) 875 977 0.90 855 1105 0.77 1110 1044 1.06 930 1120 0.83 885 1115 0.79 890 1033 0.86 865 1037 0.83

B2B (F) 900 1030 0.87 910 1192 0.76 1440 1196 1.20 800 888 970 1220 0.80 1175 1093 1.08B2B (G) 925 1030 0.90 1030 1180 0.87

B2B (H)B2B

B w/study B2B TH B2B TH

B2B 1,150 1140 1.01 1215 1398 0.87 1510 1330 1.14 1070 1230 0.87 1100 1356 0.81 1200 1235 0.97 1099 1257 0.87B2B

occ /leased 91 89.77% 91% 96.8 98.8 98% 0 0% 91.2 93.09% 94% 94.2 95 93% 91.9 96 94% 96.0 97 96%

Avg PSF 1 0.94 0.84 0.99 0.89 0.85 0.97 0.86Avg Rents 882 1114 994 808 883 1131 995

/ Avail) 342 35 507 20 653 216 19 312 18 360 30 0 168 15

ates Sepcial:Noneflect these rates1 Bd $725 1 BD $695 to $735 $685 1/1 $805 2/2 $1310 3/2 1 Bd $624 to $784 1 Bd $650 to $880 1 Bd $655 to $784

pecials: 2 Bd $875 2BD $840 to $1000 special was pulled off the inter 2 Bd $784 to $1014 2 Bd $895 to $920 2 Bd $797 to $8823 Bd $1150 3BD $1095 due to property will not give info. 3 Bd $1110 to $1120 3 Bd $942 to $1255

Ren: $25 to $50 increase. Ren:Per corporate

nits(Tot

Special: look and leasespecial $150 security depositwaived and $350 off firstmonths rent.

Special: Reduced pricingfor all floor plans.

Special:waive securitydeposit and $150.00 giftcard to any location.

Special: $400.00 off 1stmonth rent look and leasespecial.

Special: Up to 3 monthsfree on a 12 month lease.

Special: Discounts on allavailable rents.

Ren.: Keep all residents4% under all newresidents.

Ren: Info not avail percorporate

Ren: $40 increas for 12month lease

Ren: Average $10 to $25increase.

Ren: Free carpet cleaningwith 12mo.


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usa courtney downs feb 2007

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