may courtney downs

8/14/2019 May Courtney Downs

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USA Courtney Downs LeaseCo, LLCBalance Sheet

Books = AccrualMay 2008

SETS

62,052.05$62,052.05

vable 3,447.54es 33,645.73

48,648.93rk Cap Reserve 58,844.73 Escrow 200,000.00

sets 344,586.93

406,638.98

S & CAPITAL

le - Trade 134,737.73e Partners LLC 276,576.00

rs 276,576.00es 14,187.72 Payable 345,285.05

150,942.3540,246.40

ts 42,332.0126,737.54

1,307,620.80

ners LLC 50.00C 50.00gs (901,081.82)

(900,981.82)

ES & CAPITAL 406,638.98



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

342 313,778 342 313,778

297,252 295,197 294,829 294,994 296,658 305,987 305,250 305,131 304,686 304,342 304,117 303,954 3,612,397 10,562.56 11.51 364,160 4,595,202 13,436.26 14.64(14,979) (13,515) (12,201) (15,566) (15,360) (17,809) (15,591) (15,591) (16,802) (19,995) (22,418) (23,078) (202,904) (593.29) (0.65) (43,000) (291,994) (853.78) (0.93)(10,069) (8,145) (267) (7,022) (9,644) (17,444) (19,316) (21,188) (22,560) (23,621) (24,370) (24,994) (188,640) (551.58) (0.60) (80,000) (318,556) (931.45) (1.02)(14,603) (9,805) (5,576) (8,312) (6,419) (6,696) (6,693) (6,681) (6,663) (6,634) (6,614) (6,605) (91,303) (266.97) (0.29) (6,085) (110,874) (324.19) (0.35)257,600 263,731 276,786 264,094 265,235 264,038 263,650 261,671 258,661 254,092 250,715 249,277 3,129,550 9,150.73 9.97 235,075 3,873,778 11,326.84 12.35

27,835 34,204 26,056 32,784 34,945 27,912 25,305 27,910 23,739 22,628 24,013 20,220 327,551 957.75 1.04 19,000 391,743 1,145.45 1.25285,435 297,935 302,841 296,878 300,181 291,950 288,955 289,581 282,400 276,720 274,728 269,497 3,457,101 10,108.48 11.02 254,075 4,265,521 12,472.28 13.59

30,826 28,089 25,841 26,731 21,154 31,117 31,434 31,434 30,692 29,929 30,554 30,059 347,860 1,017.13 1.11 37,759 447,250 1,307.75 1.433,660 2,832 2,336 3,352 3,896 3,520 3,544 3,444 3,336 3,264 3,204 3,180 39,568 115.70 0.13 3,030 49,098 143.56 0.165,531 4,884 4,109 2,530 3,632 6,105 6,327 6,227 5,340 4,685 4,731 4,259 58,360 170.64 0.19 6,885 74,406 217.56 0.243,627 3,404 4,423 7,268 4,005 6,062 6,819 6,819 6,289 5,961 5,102 4,850 64,628 188.97 0.21 7,500 82,270 240.55 0.261,403 4,261 3,116 2,525 1,935 3,885 2,920 2,730 2,513 12,210 2,672 1,388 41,558 121.52 0.13 2,295 48,035 140.45 0.156,708 1,216 1,576 3,523 12,678 4,985 4,985 4,985 3,960 3,960 3,960 3,460 55,996 163.73 0.18 2,395 65,975 192.91 0.21

12,525 11,016 10,864 12,483 11,635 11,878 14,818 11,783 11,496 11,269 11,189 10,980 141,936 415.02 0.45 14,969 179,489 524.82 0.574,914 13,395 17,315 1,952 12,928 17,127 16,930 16,130 16,228 16,240 11,437 11,491 156,087 456.39 0.50 10,900 190,371 556.64 0.611,416 1,421 0 599 240 0 0 0 0 0 0 0 3,676 10.75 0.01

35,029 35,004 35,029 35,029 35,629 35,095 35,095 35,095 35,095 35,095 35,095 35,095 421,385 1,232.12 1.34 0 422,619 1,235.73 1.3537,237 37,237 108.88 0.12

105,638 105,522 104,608 95,992 107,732 119,774 122,872 118,647 114,949 122,613 107,944 104,762 1,331,053 3,891.97 4.24179,797 192,412 198,234 200,886 192,449 172,176 166,083 170,934 167,451 154,107 166,784 164,735 2,126,048 6,216.51 6.78 122,970 1,596,748 4,668.85 5.09

131,106 2,668,772 7,803.43 8.51

193,253 193,253 193,253 193,253 193,253 216,819 216,819 216,819 216,819 216,819 216,819 216,819 2,484,000 7,263.16 7.924,719 4,539 4,626 4,787 4,740 4,450 4,450 4,450 4,450 4,450 4,450 4,450 54,560 159.53 0.17 193,254 256,874 751.09 0.829,734 2,903 11,566 6,943 7,872 8,074 17,804 6,600 6,259 6,000 5,000 5,000 93,755 274.14 0.30 0 104,029 304.18 0.33

3,300 3,300 9.65 0.01(27,909) (8,283) (11,211) (4,098) (13,416) (57,167) (72,990) (56,935) (60,077) (73,162) (59,485) (61,534) (506,267) (1,480.31) (1.61)

(65,449) 2,304,569 6,738.51 7.340 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) 2,740 (9,772) 8,270 (2,448) 0 0 0 0 0 0 0 (3,105) 0 (3,105)

(50,394) 4,840 4,840 4,840 4,840 0 0 0 0 0 0 0 (31,033) 0 (31,033)(35,800) (35,800) (35,800) 341,933 (37,985) (7,125) (7,125) 14,250 (7,125) (7,125) (7,125) (7,125) 168,047 0 153,797

(2,951) (2,951)

ts (88,090) (28,220) (40,732) 355,044 (35,592) (7,125) (7,125) 14,250 (7,125) (7,125) (7,125) (7,125) 133,910

(2,951) 116,709(22,965) 2,827 942 207 69,651 0 0 0 0 0 0 0 50,66220,453 31,811 51,607 (345,380) 44,376 0 0 0 0 0 0 0 (197,132) 0 (197,132)

920 2,385 345 1,665 (1,490) 0 0 0 0 0 0 0 3,825 0 3,82548,905 (6,027) (5,836) (6,064) (6,293) 0 0 0 0 0 0 0 24,685 0 24,685

0 0

. 47,313 30,997 47,058 (349,572) 106,245 0 0 0 0 0 0 0 (117,959)0 (168,622)

(68,685) (5,507) (4,886) 1,374 57,237 (64,292) (80,115) (42,685) (67,202) (80,287) (66,610) (68,659) (490,317)

13,834 8,327 3,441 4,815 62,052 (2,240) (82,355) (125,040) (192,242) (272,529) (339,139) (407,798) 181,601 2,502,656181,601

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 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



s by 50%

+ reduction in tax escrow due to overage



USA Courtney Downs LeaseCo, LLCBudget Comparison

Books = AccrualFor the period ending May 31, 2008

MTD MTD YTD YTD

Actual Budget $ Variance MTD Variance Comment Actual Budget

295,510.00 297,830.00 (2,320.00) 1,474,859.00 1,482,310.00

1,148.00 8,445.00 (7,297.00) 4,071.00 46,146.00

296,658.00 306,275.00 (9,617.00) 1,478,930.00 1,528,456.00s 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00(15,359.58) (19,986.00) 4,626.42 (71,620.14) (122,141.00)

0.00 (3,000.00) 3,000.00 7,576.58 (21,000.00)

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00(1,908.23) (1,620.00) (288.23) (22,011.61) (7,849.00)

(1,645.00) (1,980.00) 335.00 (9,565.00) (9,900.00)0.00 0.00 0.00 0.00 0.00

(1,955.77) (1,935.00) (20.77) (10,034.97) (9,675.00)nce Fe 0.00 0.00 0.00 0.00 0.00

(910.00) (1,160.00) 250.00 (3,105.00) (5,800.00)

(9,644.00) (12,717.00) 3,073.00 (42,723.65) (73,394.00)

ncome 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

$265,235.42 $263,877.00 $1,358.42 $1,327,446.21 $1,278,697.00

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 0.002,995.00 1,925.00 1,070.00 11,502.52 8,547.00

1,295.00 600.00 695.00 4,874.07 3,000.00

1,146.93 920.00 226.93 6,035.23 4,040.00s 0.00 0.00 0.00 0.00 0.00

1,880.00 1,862.00 18.00 8,200.00 7,693.00es 85.85 2,700.00 (2,614.15) 15,792.11 5,400.00

2,115.88 500.00 1,615.88 5,045.69 2,900.00

0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 3,489.00

3,709.75 3,360.00 349.75 17,526.31 16,800.00

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

7,006.93 6,790.00 216.93 35,204.37 33,950.00

0.00 0.00 0.00 0.00 0.003,387.30 475.00 2,912.30 9,856.49 2,375.00

per 0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

600.00 400.00 200.00 Forfeited two deposits this month. 900.00 1,700.00

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 0.004,350.00 3,220.00 1,130.00 17,250.00 13,020.00

5,572.48 3,600.00 1,972.48 21,007.30 13,200.00

800.00 5 00.00 300.00 2,544.74 2,250.00

0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 85.00 0.000.00 0.00 0.00 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 0.000.00 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 0.000.00 0.00 0.00 0.00 0.00

Rental increase will be reflected inJune verses May.

Variance reflects market rent verseslease rents.

We achieved higher occupancy. Our vacancy was 5% and we werebudgeted to be 6.5%.

No upfront concessions offered at thistime, due to higher occupancy.

One move out left owing full month'srent.

At turnover rents are increased tomarket rent. Not having to offer concessions at this time.

Seven NSF fees collected versus four budgeted.

Four month to month fees budgetedand we collected eight.

Residents have not paid at the time of move out so we are having to placethem in collections.

Collected 26 utility transfer fees and

eight credit card convenience fees.

We collected one more pet fee thanbudgeted.

We collected four more garage feesthan budgeted.

Comcast revenue share checkreceived in the amount of $3,301.Usage higher than anticipated.

Collected 29 administration feesverses 21 budgeted for.

Apartments not left in the samecondition as received, resulting in morecharges at the time of move out.

Collected six short term fees versesfour budgeted.



0.00 0.00 0.00 0.00 0.00

34,945.12 26,852.00 8,093.12 155,823.83 118,364.00

$300,180.54 $290,729.00 $9,451.54 $1,483,270.04 $1,397,061.00

7,534.97 12,689.00 5,154.03 53,930.39 63,445.00

0.00 0.00 0.00 0.00 0.008,551.40 11,403.00 2,851.60 55,665.07 57,015.00

0.00 0.00 0.00 0.00 0.004,098.56 3,755.00 (343.56) 18,713.88 18,430.00

0.00 0.00 0.00 0.00 0.00187.73 1,720.00 1,532.27 3,461.51 8,600.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00781.66 0.00 (781.66) 869.77 3,000.00

0.00 0.00 0.00 0.00 0.0021,154.32 29,567.00 8,412.68 132,640.62 150,490.00

es 29.34 850.00 820.66 1,653.36 4,250.00

682.07 743.00 60.93 4,679.64 3,715.000.00 98.00 98.00 560.15 490.00

25.74 211.00 185.26 921.16 1,055.000.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

s 1,178.08 114.00 (1,064.08) 1,341.08 570.00

0.00 0.00 0.00 0.00 0.00867.61 350.00 (517.61) 1,549.10 1,700.00

0.00 0.00 0.00 0.00 0.000.00 38.00 38.00 0.00 190.000.00 0.00 0.00 16.00 0.00

628.45 456.00 (172.45) 2,589.35 1,884.00

484.36 600.00 115.64 2,766.08 2,750.000.00 0.00 0.00 0.00 0.00

3,895.65 3,460.00 (435.65) 16,075.92 16,604.00

1,382.43 3,500.00 2,117.57 7,782.92 21,500.00

137.40 500.00 362.60 851.72 2,300.002,112.50 1,401.00 (711.50) 11,551.17 6,996.00

0.00 500.00 500.00 No Referrals used for this month. 500.00 2,500.00

3,632.33 5,901.00 2,268.67 20,685.81 33,296.00

7.83 423.00 415.17 We do most of our painting in house. 1,841.28 1,476.00

We converted payroll from semi-monthly to biweekly which resulted inless hours paid out this month inaddition to having a leasing positionopen part of the month.

We converted payroll from semi-monthly to biweekly which resulted inless hours paid out this month.

We leased and moved in moreapartments than budgeted.

Fewer associates participating inhealth benefits.

We were down one leasing person andused temporary help for part of themonth.

Less supplies bought for the office thismonth.

Apartment Association dues for the

year in the amount of $1,108.

Attendance of the ApartmentAssociation Trade Show.

We processed 10 more applicationsthan budgeted.

Savings due to dropping of ApartmentGuide subscription.

Five locator fees paid verses threebudgeted.



11,634.72 11,829.00 194.28 58,522.61 57,283.00

2,968.51 3,500.00 531.49 16,709.82 16,750.00

0.00 0.00 0.00 0.00 0.00708.63 1,967.00 1,258.37 Based on actual expense. 11,433.71 9,835.00

19,834.05 20,000.00 165.95 87,385.15 100,000.00Reim (10,218.36) (13,600.00) (3,381.64) (61,887.96) (68,000.00)

661.72 5,800.00 5,138.28 736.07 10,800.00

ement 0.00 0.00 0.00 0.00 0.00(1,966.81) (2,012.00) (45.19) (10,719.41) (11,612.00)

ment 0.00 0.00 0.00 0.00 0.00534.66 1,033.00 498.34 Savings due to higher occupancy. 4,347.29 5,390.00

405.92 620.00 214.08 Savings due to higher occupancy. 2,498.91 3,807.00

as 0.00 0.00 0.00 0.00 0.0012,928.32 17,308.00 4,379.68 50,503.58 66,970.00

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 1,896.50 0.00239.55 0.00 (239.55) Credit card fees posted from 04/08. 1,779.20 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

0.00 0.00 0.00 0.00 0.000.00 0.00 0.00 0.00 0.00

239.55 0.00 (239.55) 3,675.70 0.00

30,188.47 30,188.00 (0.47) 150,942.35 150,940.000.00 0.00 0.00 0.00 0.00

4,840.47 4,850.00 9.53 24,177.87 24,250.00600.00 57.00 (543.00) Annual admin fee 2008 for $600. 600.00 285.00

0.00 0.00 0.00 0.00 0.00

35,628.94 35,095.00 (533.94) 175,720.22 175,475.00107,731.60 120,491.00 12,759.40 519,492.03 574,981.00192,448.94 170,238.00 22,210.94 963,778.01 822,080.00

ent 106,586.67 106,587.00 0.33 532,933.35 532,935.00ment 0.00 0.00 0.00 0.00 0.00

86,666.71 86,667.00 0.29 433,333.55 433,335.000.00 0.00 0.00 0.00 0.00

193,253.38 193,254.00 0.62 966,266.90 966,270.00

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

0.00 0.00 0.00 0.00 0.00

es 540.00 365.00 (175.00) 540.00 365.000.00 200.00 200.00 No travel used at this time. 1,642.96 1,000.00

0.00 0.00 0.00 227.41 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 1,000.00 1,000.00 4,000.00 5,000.00

4,200.00 3,250.00 (950.00) 17,000.00 16,250.00

Costs 0.00 0.00 0.00 0.00 0.004,740.00 4,815.00 75.00 23,410.37 22,615.00

0.00 2,960.00 2,960.00 2,852.02 5,506.001,021.68 0.00 (1,021.68) 1,021.68 0.00

0.00 0.00 0.00 540.47 0.00nt 2,361.33 6,000.00 3,638.67 24,192.20 26,000.00

651.41 690.00 38.59 651.41 690.000.00 319.00 319.00 No dishwasher replaced this month. 485.32 897.00

593.96 339.00 (254.96) 890.25 1,017.00

0.00 0.00 0.00 0.00 0.00

We had lower expense thananticipated in our budget.

Due to collections being handled bythird party, converting system in Juneto collecting the reimbursement inhouse.

Irrigation just being turned on for theseason.

Investor Reporting fee for U S Advisorsof $4,200.00.

Elevation motor needed for treadmill inthe fitness center and repair of #16302's closet door frame.

We budgeted to replace five carpetsand we only had to replace three.

Two washers replaced verses onebudgeted.



s 3,243.20 2,150.00 (1,093.20) 8,384.59 11,899.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.007,871.58 12,458.00 4,586.42 39,017.94 46,009.00

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

(13,416.02) (40,289.00) 26,872.98 (64,917.20) (212,814.00)

0.00 0.00 0.00 0.00 0.00(13,416.02) (40,289.00) 26,872.98 (64,917.20) (212,814.00)

Heat exchange needed for the pool aswell as a new pump motor.



nnual

udget YTD Variance Comment Filter 0.01

587,640.00 3,550,509.00

74,283.00 59,810.00

661,923.00 3,610,319.000.00 0.00

0.00 0.00253,425.00) (229,106.72)

(42,000.00) (16,423.42)

0.00 0.000.00 0.00

(18,910.00) (33,388.84)

(23,760.00) (23,090.00)0.00 0.00

(23,220.00) (23,600.74)0.00 0.00

(13,920.00) (10,975.00)

205,887.00) (138,478.65)

0.00 0.000.00 0.000.00 0.000.00 0.00

080,801.00 3,135,255.63

1.000.00 0.000.00 0.000.00 0.00

21,791.00 24,969.52

9,450.00 9,769.07

11,120.00 12,142.160.00 0.00

19,796.00 19,635.0013,500.00 23,977.96

8,000.00 10,561.57

0.00 0.00

3,489.00 3,489.0041,160.00 41,396.06

0.00 0.000.00 0.000.00 0.000.00 0.00

81,480.00 82,951.30

0.00 0.005,700.00 16,093.79

0.00 0.00

0.00 0.004,100.00 3,600.00

0.00 0.000.00 0.000.00 0.00

33,880.00 37,840.00

30,000.00 43,379.78

6,625.00 6,094.74

0.00 0.000.00 85.000.00 0.00

0.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.00



34,308.00 32,269.00

19,446.00 13,889.00

3,240.00 3,582.01

0.00 0.001,020.00 698.245,004.00 4,369.38

0.00 0.001,896.00 1,567.70

69,131.00 60,123.441.00

8,611.00 7,731.772,300.00 1,681.66

1,440.00 1,568.80540.00 891.99

3,000.00 3,000.00

4,200.00 3,130.92150.00 90.00

1,820.00 1,783.68

3,600.00 4,548.20

1,400.00 1,198.14355.00 155.00600.00 364.64

0.00 0.0014,555.00 7,773.64

0.00 0.00

0.00 0.000.00 0.00

42,571.00 33,918.441.00

29,581.00 46,738.84

9,060.00 8,598.152,760.00 1,821.75

2,775.00 0.000.00 0.000.00 0.000.00 0.00

19,500.00 21,278.7263,676.00 78,437.46

1.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.00

0.00 0.000.00 0.000.00 0.00

0.00 0.000.00 0.00

0.00134,836.00 138,793.17

0.00 0.000.00 0.00

2,800.00 218.96

0.00 0.000.00 0.000.00 150.00

0.00 0.00

0.00 0.000.00 0.000.00 0.000.00 0.000.00 0.00

3,060.00 107.20

0.00 0.000.00 0.00



140,696.00 139,269.33

1.0040,500.00 39,928.33

0.00 0.0023,604.00 23,944.34

240,000.00 227,219.20(163,200.00) (153,706.32)

37,400.00 17,997.79

0.00 0.00(25,696.00) (26,310.22)

0.00 0.0012,108.00 11,304.95

7,837.00 16,691.00

0.00 0.00172,553.00 147,709.90

1.000.00 0.000.00 0.00

0.00 1,896.500.00 2,018.75

0.00 0.000.00 0.00

0.00 0.000.00 0.000.00 0.000.00 0.000.00 0.000.00 0.00

0.00 0.000.00 0.000.00 3,915.25

1.00

362,256.00 362,258.820.00 0.00

58,200.00 58,118.34684.00 1,542.00

0.00 0.00

421,140.00 421,919.16,386,542.00 1,322,695.63,984,350.00 2,148,544.95

1.00,443,999.00 1,279,042.02

0.00 0.00

,040,004.00 1,040,002.260.00 0.00

,484,003.00 2,319,044.281.00

0.00 0.000.00 0.000.00 0.000.00 0.000.00 0.00

0.000.00 0.00

365.00 1,810.002,400.00 2,842.96

0.00 227.410.00 0.00

0.00 0.000.00 0.000.00 0.00

12,000.00 10,000.00

39,000.00 40,700.00

0.00 0.0053,765.00 55,580.37

1.0016,846.00 11,318.02

0.00 2,043.36

1,800.00 540.4766,000.00 58,553.53

1,450.00 2,682.821,734.00 1,701.32

1,017.00 2,840.21

0.00 0.00



11,899.00 25,676.79

0.00 0.00

0.00 0.00100,746.00 105,356.52

1.00

0.00 0.000.00 0.000.00 0.00

(654,164.00) (331,436.22)1.00

0.00 0.00(654,164.00) 0.00



ourtney Downs ApartmentsMay 08

28 INCOME THIS MONTH: $300,180.5417 INCOME LAST MONTH: $296,878.0011 DIFFERENCE: $4,129.23

TOTAL # GARAGES 120# GARAGES OCCUPIED 107

96.78%98.25% GARAGES OCCUPIED % 89%

REASONS WHY PROSPECTS DID NOT LEASE:

affic Leased

0 0 * Job Transfer 01 0 * Too expensive. 4

0 0 * Future/No Availability/Waiting list 315 4 * Just started looking. 61 1 * Waiting for Home to Sell 90 0 * Current Lease to Expire 01 3 * Needs Ground Floor 08 2 * Moved Elsewhere 36 6 * Will return with roommate or spou 414 2 * Realtor Looking for Client 01 4 * Undecided 016 9 * Employment pending 2

0 0 * House sale pending 0* Rented at Competitor 1

63 31 TOTALS 32

9%

FOR THE MONTH

Holiday Inn.nd price sheets to Candle Wood Suites.ricing and specials for the month of May.

Centennial hospital Human Resourses.our Fitness for employee break room.o Go Motors staff.team with options of temporary housing for new home buyers.

to US bank for the breakroom.res to Hertz car rental.er's to Sky Ridge Hospital.Data Corporation.on specials and prices.

ERTIES:discounted rents on selected units.

e rents of $710, two bedrooms at $825 and three bedrooms starting at $1185.off with a 12 to 13 month lease.d rental rate of $827 per month.

of May. 10 renewed leases with a $36.50 increase.out of state, (5) closer to work, (1) price increase, (1) roommate split



ROUTINE REPLACEMENTS:

Number of: Apt. #

18 REFRIGERATORS 011 DISHWASHERS 1 13207

7 WINDOWS 0157 A/C COMPRESSORS 1 13205

Completed 0 CONDENSING UNITS 012 12 WATER HEATERS 023 23 ICE MAKERS 1 19112

18 18 GARBAGE DISPOSALS 016 16 MICROWAVES 0

53 53 CARPETS/vinyl 100 0 CEILING FANS 0

25 25 TOILETS 010 10 A/C FAN MOTORS 0157 157 COUNTER TOPS 0

0 CABINETS RESURFACED KITCHEN 0

0 BLINDS 23TUBS RESURFACED 0TUB TILES 0

GRESS:

NTION:

erty

cy Howlande McMillan

wn Ferguson Hawkinsriel Tellezsell Brileye Chavez and Jorge Bernal

NTH:ed.

e.

Number Replaced

6305, 12311, 9109, 16107, 4201,12310, 16204, 9110, 13305, 19102.

9302-2, 19306-2, 16204-1, 9308-2,12209-1, 13305-1, 16107-2, 9307-2, 9109-1, 2310-2, 16108-2, 13301-

1, 4201-1, 10108-2, 4107-1.



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 0 9 3 6

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 0 0 0 0 0

24 808 19,392 750 0.93 $18,000 $216,000 750.00 0.93 $18,000 1 0 6 3 4

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 3 0 9 4 8

44 1,030 45,320 900 0.87 $39,600 $475,200 900.00 0.87 $39,600 1 0 10 5 6

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 3 1 2

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 1 1 2 0 2

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 7 2 39 16 28

* Net of Concessions

EFFECTIVECONCESSION

EFFECTIVEPER S/F

EFFECTIVEMONTHLY

VacantsLeased

NoticeLeased

NetAvailable



MARKET SURVEYCourtney Downs

May-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



MARKET SURVEY

Courtney Downs

May-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 1.03 755 779 0.97 710 627 1.13 725 685 1.06 715 768 0.93 710 707 1.00 710 763 0.93

B1B (B) 850 808 1.05 795 853 0.93 725 701 1.03 805 705 1.02 750 842 0.89 730 796 0.92 727 763 1.05

B1B w/study 750 910 0.82 835 811 0.91 810 760 1.03 765 992 0.77 760 916 0.83

B

B

B w/loft

B1B w/study 845 956 0.88 935 1051 0.89

B2B (E) 875 977 0.90 940 1105 0.85 925 1044 0.89 960 1120 0.86 825 1115 0.74 815 1033 0.79 822 1037 0.79

B2B (F) 900 1030 0.87 985 1192 0.83 975 1196 0.82 910 1220 0.75 910 1093 0.83 900 1037 1.23

B2B (G) 925 1030 0.90 995 1180 0.84B2B (H)B2B

B w/study

B2B TH

B2B TH

B2B 1,160 1140 1.02 1055 1398 0.75 1185 1330 0.89 1110 1230 0.90 1120 1356 0.83 1195 1235 0.97 915 1257 0.73

B2B 1190 1398 0.91 1305 1235 1.04 1045 1257 1.10

% occ /leased 97 98.25% 95% 97% 0 0% 92% 94.30% 92.0% 89% 94.2% 95% 92.1% 94%

Avg PSF 1 0.94 0.87 0.92 0.96 0.82 0.91 0.97

Avg Rents 884 1114 994 808 848 1131 995/ Avail) 342 28 507 27 653 216 29 312 39 360 19 0 168 14

Rateseflect these rates:

pecials:

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

Units(Tot

Special: Waived securitydeposit with approved credit.

Special: One month freeon 12 to 13 month lease.

Will not give out anyinformation.

Special:1/2 month freewith look and lease.

Special: One month free orgiftcertificate to the mallw/look and lese special.

Special: 1/2 month off 12 to13 month leases.

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.

may courtney downs

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