monthly operating report - bg capital · pdf filemonthly operating report 7 central table of...

MONTHLY OPERATING REPORT

7 Central

Table of Contents

1. Monthly Summary

2. Property Snapshot

3. Market Survey

4. Variance Report

5. Balance Sheet (With Period Change)

6. Budget Comparison with Cash Flow

7. 12-Month Actual to Budget with Cash Flow

Riverstone Proprietary and Confidential Information – Not for distribution or use without prior written authorization

EXECUTIVE SUMMARY | August 2014 7 Central Apartments

Market Overview

The average net effective market rent including 8 competitors consists of the following renovated and non-renovated pricing:

Renovated Avg. Eff. Rent

$/Sq. Ft. Non-Renovated

Avg. Eff. Rent

$/Sq. Ft.

Studio $830 $1.51 Studio $723 $1.33

1 Bed/1 Bath $866 $1.23 1 Bed/1 Bath $865 $1.40

2 Bedroom $1,013 $1.04 2 Bedroom $934 $0.95

3 Bedroom $1,140 $1.00 3 Bedroom $1,092 $0.86

7 Central is offering Full Sail and UCF Students and Faculty discounts including waived

security deposits with approved credit and ½ off the administrative fee. The property converted to Yieldstar revenue management system on May 7, 2013. Area competitors are offering the following specials:

• Tealwood Park is currently offering no specials • Sun Key is currently offering $0 security deposit with fully approved application and $50

admin fee.

• Cranes Landing is utilizing Yieldstar to produce net effective rents. Full Sail students offered $25 app fee and $74 admin fee...

• The Park at Sutton Place is currently offering no specials. • The Park at Canterbury is currently offering no specials.

• Azure is offering no specials. • Indigo is offering no specials. • Hunter’s Ridge is offering no specials

Leasing Summary

During August there were 106 telephone calls, 91 email leads, 62 walk-ins and 82 tours of the site. The 7 Central team secured 30 leases however, 10 applicants cancelled/denied resulting in a net of 20 leases. Gross conversion ratio is 36.59% and net 24.39%. We moved in 24 new residents, renewed 13 leases and experienced 27 move-outs. The

reasons for moving out included: 7 finish school, 2 TOS, 2 skips, 1 rent increase, 2 financial, and 1 lost roommate. Total Occupied: 286 units or 94.06%. Total Leased: 296 units or 97.36%.

Advertising

Marketing efforts for 7 Central include print advertising in the Full Sail Housing Guide. Internet advertising is a primary focus, based on the demographics of our residents and prospects. This advertising includes a property specific website,

www.7centralapartments.com, along with the Riverstone Residential Group corporate website. The 7 Central team frequently posts community information on Craig’s List and other free internet sites. The paid internet sites include ApartmentFinder.com, ApartmentGuide.com, ForRent.com and Rentals.com. The online locator and referral site

Rent.com is paid based on leases. Social Media Made Easy updates 5 times per week and uploads into Facebook and Twitter.

Riverstone Proprietary and Confidential Information – Not for distribution or use without prior written authorization

Facebook is checked daily and posts are made by the onsite team at least 1 time per week. Social media made easy has been enlisted to assist with posting to Facebook and twitter.

Staffing

The Current Staffing Includes: Property Manager Teena Shearin Assistant Manager Erica Ortiz Leasing Consultant Nora Esparza Leasing Consultant Juana Santana

Maintenance Supervisor Joe Taylor Maintenance Technician Clint Wadell Maintenance Technician Jill Decker Punch Technician Luis Serrano Groundskeeper Edwin Santiago

Property Snapshot8/25/2014Print Date:

Page 1 of 2

Print Time: 2:59:07PM30826- 7 Central

304 Units 251,033 Sq Ft

As Of Date: 8/25/2014

Per SF Per Unit Per SF Per SF Per UnitSFUnitsDescriptionType

Potential

Rent

Gross Market

Rent

Base

RentAverage Rents

Per Unit Per SF Per Unit

Leases In Place

(Current + Notice)

Per SF Per Unit

Net Effective Rent *

(Current + Notice)

1 Bed - 1Bath Small 550ajta1.1 690 1.25 1.25 1.28 45 690 702 1.28 703 703 1.28

1 Bed - 1Bath Small Upgrade 550ajta1.1u 690 1.25 1.25 1.41 3 690 776 1.41 776 776 1.41

1 Bed - 1Bath Large 712ajta2.1 715 1.00 1.00 1.05 88 715 750 1.06 755 751 1.06

1 Bed - 1Bath Large Upgrade 712ajta2.1u 715 1.00 1.02 1.10 8 724 781 1.08 769 790 1.11

2 Bed - 1 Bath Small 906ajtb1.1 810 0.89 0.89 0.90 85 810 815 0.91 820 815 0.90

2 Bed - 1 Bath Small Upgrade 911ajtb1.1u 810 0.89 0.93 0.96 11 844 873 0.96 872 872 0.96

2 Bed - 2 Bath Large 987ajtb2.2 910 0.92 0.92 0.91 30 910 902 0.92 904 902 0.91

2 Bed - 2 Bath Large Upgrade 987ajtb2.2u 910 0.92 0.96 0.81 2 948 801 0.81 801 801 0.81

3 Bed - 2 Bath 1,178ajtc1.3 1,010 0.86 0.86 0.94 28 1,010 1,104 0.94 1,113 1,111 0.94

3 Bed - 2 Bath Upgrade 1,178ajtc1.3u 1,010 0.86 0.86 0.86 4 1,010 1,011 0.86 1,011 1,011 0.86

Total:

Avg.:

---- ---- ----

Loss to Lease % :

Loss to Lease $ :

---- 826 793 0.96 794 0.96 818 0.99

-2.97%

-$7,168

251,033 304 240,960 241,485 248,653 237,368 ----

0.99

----

0.99 821

236,783

819

All Units Delivered UnitsUnit Snapshot

On Notice

Unrented

Vacant

Unrented

TotalTotal Sqft Occupied

# %

leased

# %

ATR

%

Occupied

# %

leased

# %

Type Description

ajta1.1 1 Bed - 1Bath Small 45 550 41 91.1% 42 93.3% 2 3 11.1% 45 41 91.1% 42 93.3%

ajta1.1u 1 Bed - 1Bath Small Upgrade 3 550 3 100.0% 3 100.0% 0 0 0.0% 3 3 100.0% 3 100.0%

ajta2.1 1 Bed - 1Bath Large 88 712 84 95.5% 86 97.7% 4 2 6.8% 88 84 95.5% 86 97.7%

ajta2.1u 1 Bed - 1Bath Large Upgrade 8 712 7 87.5% 7 87.5% 1 1 25.0% 8 7 87.5% 7 87.5%

ajtb1.1 2 Bed - 1 Bath Small 85 906 84 98.8% 85 100.0% 5 0 5.9% 85 84 98.8% 85 100.0%

ajtb1.1u 2 Bed - 1 Bath Small Upgrade 11 911 10 90.9% 11 100.0% 1 0 9.1% 11 10 90.9% 11 100.0%

ajtb2.2 2 Bed - 2 Bath Large 30 987 30 100.0% 30 100.0% 1 0 3.3% 30 30 100.0% 30 100.0%

ajtb2.2u 2 Bed - 2 Bath Large Upgrade 2 987 2 100.0% 2 100.0% 0 0 0.0% 2 2 100.0% 2 100.0%

ajtc1.3 3 Bed - 2 Bath 28 1,178 26 92.9% 27 96.4% 0 1 3.6% 28 26 92.9% 27 96.4%

ajtc1.3u 3 Bed - 2 Bath Upgrade 4 1,178 3 75.0% 3 75.0% 0 1 25.0% 4 3 75.0% 3 75.0%

Total 304 826 290 95.4% 296 97.4% 14 8 7.2% 304 290 95.4% 296 97.4%

\\ecprstfsrpt001\reports\rs_is_CR_Property_Snapshot_eff.rpt

Property Snapshot8/25/2014Print Date:

Page 2 of 2

Print Time: 2:59:07PM30826- 7 Central

304 Units 251,033 Sq Ft

As Of Date: 8/25/2014

Amenity Snapshot

TotalDescription Leased Leased% ATR%

All Units Delivered Units

Total Leased% Occ%

Market Amenity

Per Unit($) Total($) Leases in Place($)

4 4 100.0% 0.0% 4 100.0% 100.0% 6 25 25

1/1st Floor 137 136 99.3% 5.8% 137 99.3% 97.8% 4 580 576

sp/Screened Patio 133 131 98.5% 6.8% 133 98.5% 96.2% 4 495 488

u1/upgrade 1 20 18 90.0% 20.0% 20 90.0% 85.0% 42 845 761

u2/upgrade 2 8 8 100.0% 0.0% 8 100.0% 100.0% 58 465 465

ua/Upgraded Applianc 7 6 85.7% 28.6% 7 85.7% 85.7% 27 190 163

uf/Upgraded Flooring 97 94 96.9% 5.2% 97 96.9% 94.8% 9 895 867

v1/View 4 4 100.0% 25.0% 4 100.0% 100.0% 0 0 0

v2/View 2 4 4 100.0% 0.0% 4 100.0% 75.0% 0 0 0

v3/View 3 6 6 100.0% 0.0% 6 100.0% 100.0% 0 0 0

v4/View 4 7 7 100.0% 0.0% 7 100.0% 100.0% 0 0 0

v5/View 5 4 4 100.0% 0.0% 4 100.0% 100.0% 0 0 0

v6/View 6 6 6 100.0% 0.0% 6 100.0% 100.0% 0 0 0

wd/Washer-Dryer 23 23 100.0% 8.7% 23 100.0% 100.0% 41 950 950

4,445 4,265

Average Rent Detail

Amenity Snapshot Detail

*Net Effective Rent = rent - lconc

Subject Property 7 Central Apartments

Comparable Property 1 Tealwood Park

Comparable Property 2 Sun Key

Comparable Property 3 Cranes Landing

Comparable Property 4 The Park at Sutton Place

Comparable Property 5 The Park at Canterbury

Comparable Property 6 Azure

Comparable Property 7 Indigo

Comparable Property 8 Hunters Ridge

Properties Surveyed

Market Survey

7 Central Apartments

Survey Date: 9/5/2014

Presented to:Jane Greenblatt

Market Survey


Year

Built / Renovated

Subject 7 Central Apartments Winter Park / Winter Park 1974 / n/a C

Comp 1 Tealwood Park Winter Park / Winter Park 1986 / n/a B

Comp 2 Sun Key Winter Park / Winter Park 1986 / 2010 B+

Comp 3 Cranes Landing Winter Park / Winter Park 1990 / n/a C

Comp 4 The Park at Sutton Place Winter Park / Winter Park 1982 / 2011 B

Comp 5 The Park at Canterbury Winter Park / Winter Park 1986 / 2011 B

Comp 6 Azure Winter Park / Winter Park 1973 / 2007 C

Comp 7 Indigo Winter Park / Winter Park 1986 / n/a C

Comp 8 Hunters Ridge Winter Park / Winter Park 1986 / n/a B

ClassPropertyLocation

City / Neighborhood

Subject Property: 7 Central Apartments

Comp 1: Tealwood Park

Comp 2: Sun Key

Comp 3: Cranes Landing

Comp 4: The Park at Sutton Place

Comp 5: The Park at Canterbury

Comp 6: Azure

Comp 7: IndigoComp 8: Hunters Ridge

Market Comparison

Property 7 Central Apartments Tealwood Park Sun Key Cranes Landing The Park at Sutton Place The Park at Canterbury

Subject Property Comp 1 Comp 2 Comp 3 Comp 4 Comp 5

PROPERTY INFORMATION

Owner BG Capitol Management Drunna Properties LTD. VII Sunkey Apartments LLC Alliance Blue Rock Partners, LLC Blue Rock Partners LLC

Manager Riverstone Residential Waypoint Resdential Services Bainbridge Management Pinnacle Blue Rock Partners, LLC Blue Rock Partners LLC

Total Number of Non-Renovated Units 276 108 0 247 0 0

Total Number of Renovated Units 28 0 596 5 252 0

Total Number of Units 304 108 596 252 252 0

Location (City / Neighborhood) Winter Park / Winter Park Winter Park / Winter Park Winter Park / Winter Park Winter Park / Winter Park Winter Park / Winter Park Winter Park / Winter Park

Class C B B+ C B B

Product Type Garden Garden Garden Garden Garden Garden

Year Built 1974 1986 1986 1990 1982 1986

Year Renovated n/a n/a 2010 n/a 2011 2011

PERFORMANCE SNAPSHOT

% Occupied 94.0% 100.0% 95.0% 97.0% 97.0% 98.0%

% Leased 97.7% 100.0% 96.0% 91.0% 100.0% 100.0%

Rent Optimizer Yieldstar n/a n/a Yieldstar n/a n/a

Market Rent /$PSF (Non-Renovated) $1.19 $0.92 $0.00 $1.03 $0.00 $0.00

Effective Rent /$PSF (Non-Renovated) $1.16 $0.92 $0.00 $1.03 $0.00 $0.00

Concessions (Non-Renovated) -2.7% 0.0% 0.0% 0.0% 0.0% 0.0%

Market Rent /$PSF (Renovated) $1.15 $0.00 $1.15 $1.15 $1.09 $0.00

Effective Rent /$PSF (Renovated) $1.12 $0.00 $1.15 $1.15 $1.09 $0.00

Concessions (Renovated) -2.7% 0.0% 0.0% 0.0% 0.0% 0.0%

DEPOSITS AND FEES

Application Fee $50 $50 $50 $25 $150 $150

Deposit (Ref / Non-Ref) 0-600 / $0 $300 / $0 200-300 / $0 $250 / $0 $200 / $0 $200 / $0

Admin/Redec Fee 125-250 $199 $125 $74 $200 $175

Pet Deposit / Pet Fee 200-400 / 100-250 $0 / $300 $100 / $300 $0 / 300-500 $0 / 325-525 $0 / 325-525

Pet Rent $10 $0 $15 $0 $15 $10

UTILITIES

Water/Sewer Flat Fee Included Flat Fee Metered Included Metered

Electricity Metered Metered Metered Metered Metered Metered

Gas n/a n/a n/a n/a n/a n/a

Trash Flat Fee Included Flat Fee $8 Included Flat rate

WiFi n/a n/a n/a n/a n/a n/a

PARKING AND STORAGE

Open Parking n/a n/a n/a n/a n/a n/a

Covered Parking n/a n/a n/a n/a n/a n/a

Garages (Detached) n/a n/a n/a n/a n/a n/a

Other Parking n/a n/a n/a n/a n/a n/a

Parking Ratio 1.3 Spaces per Unit 0 0 0 0 0

Rentable Storage n/a n/a n/a n/a $0 $0

COMMUNITY AMENITIES

Clubhouse X X X X X

Business Center X X X X

Coffee Bar/Internet Café X X

Media Room (Theatre) X

Game/Sports Room X

Fitness Center X X X X

Outdoor Pool(s) X X X X X X

Jacuzzi/Spa X X X

BBQ Grill X X X

Outdoor Fireplace X

Sports Courts X X

Volleyball X X X

Tennis Courts X X X X

Playground/Tot Lot X X

Exterior Breezeways X X

Access Control/Gates X X

Private Entry X X X

Courtesy Patrol X X

Concierge X X

Laundry X X

Valet Trash X

Fireplace

Mini-Blinds X X

9' or greater ceilings X

Vaulted Ceilings X X X X

Ceiling Fan(s) X X X X X

Ceramic Tile X X X

Faux Wood Flooring X X X X X

Wall-Wall Carpet X X X

Washer Dryer Connection X X

Washer/Dryer in Unit X X X X

Black Appliances X X X

White Appliances X X X

Dishwasher X X X X

Disposal X X X X

Laminate Countertops X X X

Pantry X X X

Kitchen Island X

Walk-in Closets X X X

Patio / Balcony X X X X X

Screen-in Patio / Balcony X

Extra Storage X X

Market Comparison

Property 7 Central Apartments

Subject Property


Owner BG Capitol Management

Manager Riverstone Residential

Total Number of Non-Renovated Units 276

Total Number of Renovated Units 28

Total Number of Units 304

Location (City / Neighborhood) Winter Park / Winter Park

Class C

Product Type Garden

Year Built 1974

Year Renovated n/a


% Occupied 94.0%

% Leased 97.7%

Rent Optimizer Yieldstar

Market Rent /$PSF (Non-Renovated) $1.19

Effective Rent /$PSF (Non-Renovated) $1.16

Concessions (Non-Renovated) -2.7%

Market Rent /$PSF (Renovated) $1.15

Effective Rent /$PSF (Renovated) $1.12

Concessions (Renovated) -2.7%

DEPOSITS AND FEES

Application Fee $50

Deposit (Ref / Non-Ref) 0-600 / $0

Admin/Redec Fee 125-250

Pet Deposit / Pet Fee 200-400 / 100-250

Pet Rent $10

UTILITIES

Water/Sewer Flat Fee

Electricity Metered

Gas n/a

Trash Flat Fee

WiFi n/a

PARKING AND STORAGE

Open Parking n/a

Covered Parking n/a

Garages (Detached) n/a

Other Parking n/a

Parking Ratio 1.3 Spaces per Unit

Rentable Storage n/a

COMMUNITY AMENITIES

Clubhouse X

Business Center X

Coffee Bar/Internet Café X

Media Room (Theatre)

Game/Sports Room

Fitness Center X

Outdoor Pool(s) X

Jacuzzi/Spa

BBQ Grill X

Outdoor Fireplace

Sports Courts

Volleyball

Tennis Courts

Playground/Tot Lot X

Exterior Breezeways X

Access Control/Gates

Private Entry

Courtesy Patrol X

Concierge

Laundry X

Valet Trash

Fireplace

Mini-Blinds X

9' or greater ceilings

Vaulted Ceilings

Ceiling Fan(s)

Ceramic Tile X

Faux Wood Flooring

Wall-Wall Carpet X

Washer Dryer Connection X

Washer/Dryer in Unit

Black Appliances X

White Appliances X

Dishwasher X

Disposal X

Laminate Countertops X

Pantry X

Kitchen Island X

Walk-in Closets X

Patio / Balcony X


Extra Storage X

Azure Indigo Hunters Ridge

Comp 6 Comp 7 Comp 8

McKinley/Acquisitions LLC McKinley/Acquisitions LLC Ebnezer Holdings Corp.

McKinley McKinley Contemporary Management Concepts

304 319 0

0 0 238

304 319 238

Winter Park / Winter Park Winter Park / Winter Park Winter Park / Winter Park

C C B

Garden Garden Garden

1973 1986 1986

2007 n/a n/a

99.0% 100.0% 97.5%

97.0% 98.0% 99.0%

n/a n/a n/a

$0.90 $1.80 $0.00

$0.90 $1.80 $0.00

0.0% 0.0% 0.0%

$0.00 $0.00 $1.18

$0.00 $0.00 $1.18

0.0% 0.0% 0.0%

$50 $50 $20

300-500 / $0 300-500 / $0 $200 / $0

$100 $125 $0

$0 / 300-500 $0 / $300 $200 / $0

$0 $0 $10

Metered Included Metered

Metered Included Metered

n/a Included n/a

Included Included Included

n/a n/a n/a

n/a n/a n/a

n/a n/a n/a

n/a n/a n/a

n/a n/a n/a

0 0 0

n/a $0 $0

X X X

X

X

X

X X

X X X

X

X X

X

X

X X X

X X

X

X

X X

X

X

X

X

X

X

X X

X

X X

X

X

X X

X X X

X X

Market Comparison

Property 7 Central Apartments

Subject Property


Owner BG Capitol Management

Manager Riverstone Residential

Total Number of Non-Renovated Units 276

Total Number of Renovated Units 28

Total Number of Units 304

Location (City / Neighborhood) Winter Park / Winter Park

Class C

Product Type Garden

Year Built 1974

Year Renovated n/a


% Occupied 94.0%

% Leased 97.7%

Rent Optimizer Yieldstar

Market Rent /$PSF (Non-Renovated) $1.19

Effective Rent /$PSF (Non-Renovated) $1.16

Concessions (Non-Renovated) -2.7%

Market Rent /$PSF (Renovated) $1.15

Effective Rent /$PSF (Renovated) $1.12

Concessions (Renovated) -2.7%

DEPOSITS AND FEES

Application Fee $50

Deposit (Ref / Non-Ref) 0-600 / $0

Admin/Redec Fee 125-250

Pet Deposit / Pet Fee 200-400 / 100-250

Pet Rent $10

UTILITIES

Water/Sewer Flat Fee

Electricity Metered

Gas n/a

Trash Flat Fee

WiFi n/a

PARKING AND STORAGE

Open Parking n/a

Covered Parking n/a

Garages (Detached) n/a

Other Parking n/a

Parking Ratio 1.3 Spaces per Unit

Rentable Storage n/a

COMMUNITY AMENITIES

Clubhouse X

Business Center X

Coffee Bar/Internet Café X

Media Room (Theatre)

Game/Sports Room

Fitness Center X

Outdoor Pool(s) X

Jacuzzi/Spa

BBQ Grill X

Outdoor Fireplace

Sports Courts

Volleyball

Tennis Courts

Playground/Tot Lot X

Exterior Breezeways X

Access Control/Gates

Private Entry

Courtesy Patrol X

Concierge

Laundry X

Valet Trash

Fireplace

Mini-Blinds X

9' or greater ceilings

Vaulted Ceilings

Ceiling Fan(s)

Ceramic Tile X

Faux Wood Flooring

Wall-Wall Carpet X

Washer Dryer Connection X

Washer/Dryer in Unit

Black Appliances X

White Appliances X

Dishwasher X

Disposal X

Laminate Countertops X

Pantry X

Kitchen Island X

Walk-in Closets X

Patio / Balcony X


Extra Storage X

NON-RENOVATED Survey Date: 9/5/2014

Year Year Number Square Market Market Effective Effective

Property Built Renovated Class Occupancy of Units Feet Avg Rent Avg $/SF Avg Rent Avg $/SF

Subject 7 Central Apartments 1974 n/a C 94% 276 824 $952 $1.19 $927 $1.16

Comp 1 Tealwood Park 1986 n/a B 100% 108 935 $859 $0.92 $859 $0.92

Comp 2 Sun Key 1986 2010 B+ 95% 0 0 $0 $0.00 $0 $0.00

Comp 3 Cranes Landing 1990 n/a C 97% 247 961 $982 $1.03 $982 $1.03

Comp 4 The Park at Sutton Place 1982 2011 B 97% 0 0 $0 $0.00 $0 $0.00

Comp 5 The Park at Canterbury 1986 2011 B 98% 0 0 $0 $0.00 $0 $0.00

Comp 6 Azure 1973 2007 C 99% 304 961 $833 $0.90 $833 $0.90

Comp 7 Indigo 1986 n/a C 100% 319 501 $902 $1.80 $902 $1.80

Comp 8 Hunters Ridge 1986 n/a B 98% 0 0 $0 $0.00 $0 $0.00

Total/Weighted Avg (Market) 98% 1,254 811 $908 $1.12 $903 $1.11

Total/Weighted Avg (Market Less Subject) 98% 978 808 $896 $1.11 $896 $1.11

General Market Comments:

Market Concessions 0.00%

Subject Rent % over Comps (Premium or Deficit) 4.6%

Average Net Rent/SF

Property Net Rent/SF

7 Central Apartments $1.16

Tealwood Park $0.92

Sun Key $0.00

Cranes Landing $1.03

The Park at Sutton Place $0.00

The Park at Canterbury $0.00

Azure $0.90

Indigo $1.80

Hunters Ridge $0.00

Average Net Rent

Property Net Rent

7 Central Apartments $926.85

Tealwood Park $858.52

Sun Key $0.00

Cranes Landing $982.32

The Park at Sutton Place $0.00

The Park at Canterbury $0.00

Azure $832.55

Indigo $901.66

Hunters Ridge $0.00

$1.16

$0.92

$0.00

$1.03

$0.00 $0.00

$0.90

$1.80

$0.00$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

$1.60

$1.80

$2.00

7 Central ApartmentsTealwood Park Sun Key Cranes LandingThe Park at Sutton PlaceThe Park at Canterbury Azure Indigo Hunters Ridge

RANKING: Effective Rent per Square Foot

$926.85$858.52

$0.00

$982.32

$0.00 $0.00

$832.55$901.66

$0.00$0.00

$200.00

$400.00

$600.00

$800.00

$1,000.00

$1,200.00

7 CentralApartments

Tealwood Park Sun Key Cranes Landing The Park atSutton Place

The Park atCanterbury


RANKING: Effective Rent

$952

$859

$0

$982

$0 $0

$833

$902

$0

$927

$859

$0

$982

$0 $0

$833

$902

$0

$1.16

$0.92

$0.00

$1.03

$0.00 $0.00

$0.90

$1.80

$0.00

($0.50)

$0.00

$0.50

$1.00

$1.50

$2.00

$0

$200

$400

$600

$800

$1,000

$1,200

7 Central Apartments Tealwood Park Sun Key Cranes Landing The Park at SuttonPlace

The Park atCanterbury


Subject Comp 1 Comp 2 Comp 3 Comp 4 Comp 5 Comp 6 Comp 7 Comp 8

Market Rent Effective Rent Average Effective Rent Effective Rent per SF

Studio Analysis - NON-RENOVATED


Property Built Renovated Class Occupancy BR Type of Units Feet Avg Rent Avg $/SF Avg Rent Avg $/SF

7 Central Apartments 1974 n/a C 94% Studio 45 550 $828 $1.51 $803 $1.46

Azure 1973 2007 C 99% Studio 40 538 $634 $1.18 $634 $1.18

Total/Weighted Avg 85 544 $737 $1.35 $723 $1.33

Total/Weighted Avg less Subject 40 538 $634 $1.18 $634 $1.18

All Units

Unit Unit Number Square Market Market Effective Effective

Property Description Name of Units Feet Avg Rent Avg $/SF Avg Rent Avg $/SF

7 Central Apartments Studio+ Madison 45 550 $828 $1.51 $803 $1.46

Azure Studio 1 Bed 40 538 $634 $1.18 $634 $1.18

$828

$634

$803

$634

$1.46

$1.18

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

$1.60

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

7 Central Apartments Azure


Studio Analysis - RENOVATED



7 Central Apartments 1974 n/a C 94% Studio 3 550 $855 $1.55 $830 $1.51



All Units



7 Central Apartments Studio+ Madison 3 550 $855 $1.55 $830 $1.51

$855

$830

$1.51

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

$1.60

$815

$820

$825

$830

$835

$840

$845

$850

$855

$860


1 Bedroom Analysis - NON-RENOVATED



7 Central Apartments 1974 n/a C 94% 1 BR 88 712 $874 $1.23 $849 $1.19

Cranes Landing 1990 n/a C 97% 1 BR 87 768 $851 $1.11 $851 $1.11

Azure 1973 2007 C 99% 1 BR 84 792 $754 $0.95 $754 $0.95

Indigo 1986 n/a C 100% 1 BR 319 501 $902 $1.80 $902 $1.80



All Units



7 Central Apartments 1X1 5th Ave. 88 712 $874 $1.23 $849 $1.19

Cranes Landing 1X1 1 bed 31 710 $832 $1.17 $832 $1.17


Azure 1X1 1 Bed L 84 792 $754 $0.95 $754 $0.95

Indigo 1X1 1 Bed 160 501 $954 $1.90 $954 $1.90

Indigo 1X1 1 Bed 159 501 $849 $1.69 $849 $1.69

$874

$851

$754

$902

$849 $851

$754

$902

$1.19$1.11

$0.95

$1.80

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

$1.60

$1.80

$2.00

$650

$700

$750

$800

$850

$900

$950

7 Central Apartments Cranes Landing Azure Indigo


1 Bedroom Analysis - RENOVATED




Sun Key 1986 2010 B+ 95% 1 BR 296 720 $897 $1.25 $897 $1.25

Cranes Landing 1990 n/a C 97% 1 BR 1 710 $887 $1.25 $887 $1.25

The Park at Sutton Place 1982 2011 B 97% 1 BR 128 727 $841 $1.16 $841 $1.16

The Park at Canterbury 1986 2011 B 98% 1 BR 80 700 $795 $1.14 $795 $1.14

Hunters Ridge 1986 n/a B 98% 1 BR 88 636 $863 $1.36 $863 $1.36



All Units



7 Central Apartments 1X1 5th Ave. 8 712 $888 $1.25 $863 $1.21

Sun Key 1X1 A1 60 600 $865 $1.44 $865 $1.44

Sun Key 1X1 A2 236 750 $905 $1.21 $905 $1.21


The Park at Sutton Place 1X1 Amelia 87 675 $815 $1.21 $815 $1.21

The Park at Sutton Place 1X1 Beechnut 41 837 $895 $1.07 $895 $1.07

The Park at Canterbury 1X1 Aspen 40 650 $745 $1.15 $745 $1.15

The Park at Canterbury 1X1 Beechnut 40 750 $845 $1.13 $845 $1.13

Hunters Ridge 1X1 Berkshire 24 579 $790 $1.36 $790 $1.36

Hunters Ridge 1X1 Cambridge 64 657 $890 $1.35 $890 $1.35

$888

$897

$887

$841

$795

$863$863

$897

$887

$841

$795

$863$1.21

$1.25 $1.25

$1.16 $1.14

$1.36

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

$1.60

$740

$760

$780

$800

$820

$840

$860

$880

$900

$920

7 Central Apartments Sun Key Cranes Landing The Park at Sutton Place The Park at Canterbury Hunters Ridge




7 Central Apartments 1974 n/a C 94% 2 BR 115 931 $1,033 $1.11 $1,008 $1.08

Tealwood Park 1986 n/a B 100% 2 BR 108 935 $859 $0.92 $859 $0.92

Cranes Landing 1990 n/a C 97% 2 BR 115 1,013 $1,030 $1.02 $1,030 $1.02

Azure 1973 2007 C 99% 2 BR 136 1,049 $852 $0.81 $852 $0.81


Total/Weighted Avg less Subject 359 1,003 $911 $0.91 $911 $0.91

All Units



7 Central Apartments 2X1 Times Sq. 85 911 $1,031 $1.13 $1,006 $1.10

7 Central Apartments 2X2 Broadway 30 987 $1,038 $1.05 $1,013 $1.03

Tealwood Park 2X2 Garden 52 910 $830 $0.91 $830 $0.91

Tealwood Park 2X2.5 Townhome 56 958 $885 $0.92 $885 $0.92

Cranes Landing 2X2 2/2 bed 43 950 $1,008 $1.06 $1,008 $1.06


Azure 2X1 2 Bed 20 1052 $809 $0.77 $809 $0.77

Azure 2X2 2/2 Bed 116 1049 $859 $0.82 $859 $0.82

$1,033

$859

$1,030

$852

$1,008

$859

$1,030

$852

$1.08

$0.92

$1.02

$0.81

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$0

$200

$400

$600

$800

$1,000

$1,200

7 Central Apartments Tealwood Park Cranes Landing Azure






Sun Key 1986 2010 B+ 95% 2 BR 300 1,002 $1,048 $1.05 $1,048 $1.05

Cranes Landing 1990 n/a C 97% 2 BR 1 710 $1,083 $1.53 $1,083 $1.53


The Park at Canterbury 1986 2011 B 98% 2 BR 88 900 $930 $1.03 $930 $1.03

Hunters Ridge 1986 n/a B 98% 2 BR 56 1,016 $1,040 $1.02 $1,040 $1.02

Total/Weighted Avg 582 978 $1,014 $1.04 $1,013 $1.04

Total/Weighted Avg less Subject 569 980 $1,015 $1.04 $1,015 $1.04

All Units



7 Central Apartments 2X1 Times Sq. 11 911 $944 $1.04 $919 $1.01

7 Central Apartments 2X2 Broadway 2 987 $1,063 $1.08 $1,038 $1.05

Sun Key 2X1 B1 64 900 $985 $1.09 $985 $1.09

Sun Key 2X2 B2 236 1030 $1,065 $1.03 $1,065 $1.03


The Park at Sutton Place 2X2 Camelia 91 940 $970 $1.03 $970 $1.03

The Park at Sutton Place 2X2 Destiny 33 1042 $1,025 $0.98 $1,025 $0.98

The Park at Canterbury 2X1 Cyprus 44 850 $885 $1.04 $885 $1.04

The Park at Canterbury 2X2 Juniper 44 950 $975 $1.03 $975 $1.03

Hunters Ridge 2X2 Paddock 56 1016 $1,040 $1.02 $1,040 $1.02

$962

$1,048

$1,083

$985

$930

$1,040

$937

$1,048

$1,083

$985

$930

$1,040

$1.02 $1.05

$1.53

$1.02 $1.03 $1.02

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

$1.60

$1.80

$850

$900

$950

$1,000

$1,050

$1,100

7 Central Apartments Sun Key Cranes Landing The Park at Sutton Place The Park at Canterbury Hunters Ridge




7 Central Apartments 1974 n/a C 94% 3 BR 28 1,178 $1,063 $0.90 $1,038 $0.88


Azure 1973 2007 C 99% 3 BR 44 1,394 $1,104 $0.79 $1,104 $0.79

Total/Weighted Avg 117 1,268 $1,098 $0.87 $1,092 $0.86

Total/Weighted Avg less Subject 89 1,296 $1,109 $0.86 $1,109 $0.86

All Units



7 Central Apartments 3X2 Park Ave. 28 1178 $1,063 $0.90 $1,038 $0.88


Azure 3X2 3 Bed 44 1394 $1,104 $0.79 $1,104 $0.79

$1,063

$1,114

$1,104

$1,038

$1,114

$1,104

$0.88

$0.93

$0.79

$0.70

$0.75

$0.80

$0.85

$0.90

$0.95

$1,000

$1,020

$1,040

$1,060

$1,080

$1,100

$1,120

7 Central Apartments Cranes Landing Azure





7 Central Apartments 1974 n/a C 94% 3 BR 4 1,178 $1,183 $1.00 $1,158 $0.98



Hunters Ridge 1986 n/a B 98% 3 BR 22 1,130 $1,130 $1.00 $1,130 $1.00

Total/Weighted Avg 29 1,144 $1,143 $1.00 $1,140 $1.00

Total/Weighted Avg less Subject 25 1,138 $1,137 $1.00 $1,137 $1.00

All Units



7 Central Apartments 3X2 Park Ave. 4 1178 $1,183 $1.00 $1,158 $0.98


Hunters Ridge 3X2 Squire 22 1130 $1,130 $1.00 $1,130 $1.00

$1,183 $1,189

$0

$1,130$1,158

$1,189

$0

$1,130$0.98 $0.99

$0.00

$1.00

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

7 Central Apartments Cranes Landing The Park at Sutton Place Hunters Ridge

Property Number of Buildings 39 Water/Sewer Application Fee $50 Date Surveyed

Street Address Number of Units 304 Electricity Deposit (Ref) 0-600

City Total Square Feet 251,488 Gas Deposit (Non-Ref) $0 Leasing Status

State Trash Admin/Redec Fee 125-250

Zip Class C WiFi % Occupied

Neighborhood Product Type Garden # $ Pet Deposit 200-400 % Leased

Phone Year Built 1974 Open Parking 400 n/a Pet Fee 100-250

Website Year Renovated n/a Covered Parking 0 n/a Pet Rent $10 Length of Lease

Garages (Detached) 0 n/a

Owner Other Parking 0 n/a Rentable Storage n/a Rent Optimizer

Management Total Parking 400 1.3/Unit Date Implemented

Weighted Average Rent Summary by BR Type Property Narrative Specials

Number Square Market Market Effective Effective

Description Unit Code of Units Feet Avg Rent Avg $/SF Avg Rent Avg $/SF

NON-RENOVATED

Studio 1S 45 550 828 1.51 803 1.46

1 BR 1 88 712 874 1.23 849 1.19

2 BR 2 115 931 1,033 1.11 1,008 1.08

3 BR 3 28 1,178 1,063 0.90 1,038 0.88

Subtotal/Average Non-Renovated 276 824 $952 $1.19 $927 $1.16

RENOVATED

Studio 1S.RV 3 550 855 1.55 830 1.51

1 BR 1.RV 8 712 888 1.25 863 1.21

2 BR 2.RV 13 923 962 1.04 937 1.02

3 BR 3.RV 4 1,178 1,183 1.00 1,158 0.98

Subtotal/Average Renovated 28 859 $961 $1.15 $936 $1.12

Total/Average 304 827 $953 $1.19 $928 $1.16

Unit Mix and Rental Rates

Unit Unit Name Option Number % Square Feet Total Base ---------- Adjustments ---------- Adjusted Adjusted Ammortized Front Loaded Effective Effective

Description (Mgmt Notes) Renovated Unit Code of Units of Units per Unit Square Feet Market Rent Utilities Parking W/D, Other Market Rent Mkt Rent/SF Concessions Concessions Market Rent Mkt Rent/SF

Studio+ Madison 1S 45 15% 550 24,750 828 0 0 0 828 1.51 0 300 803 1.46

1X1 5th Ave. 1 88 29% 712 62,656 874 0 0 0 874 1.23 0 300 849 1.19

2X1 Times Sq. 2 85 28% 911 77,435 1,031 0 0 0 1,031 1.13 0 300 1,006 1.10

2X2 Broadway 2 30 10% 987 29,610 1,038 0 0 0 1,038 1.05 0 300 1,013 1.03

3X2 Park Ave. 3 28 9% 1,178 32,984 1,063 0 0 0 1,063 0.90 0 300 1,038 0.88

Studio+ Madison Renovated 1S.RV 3 1% 550 1,650 855 0 0 0 855 1.55 0 300 830 1.51

1X1 5th Ave. Renovated 1.RV 8 3% 712 5,696 888 0 0 0 888 1.25 0 300 863 1.21

2X1 Times Sq. Renovated 2.RV 11 4% 911 10,021 944 0 0 0 944 1.04 0 300 919 1.01

2X2 Broadway Renovated 2.RV 2 1% 987 1,974 1,063 0 0 0 1,063 1.08 0 300 1,038 1.05

3X2 Park Ave. Renovated 3.RV 4 1% 1,178 4,712 1,183 0 0 0 1,183 1.00 0 300 1,158 0.98

Total / Weighted Average 304 827 251,488 $953 $953 $1.15 $928 $1.12

Notes

Community Amenities Apartment Features

On-Site Retail or Restaurants FALSE Sports Courts FALSE Fireplace FALSE Disposal TRUE

Clubhouse TRUE Volleyball FALSE Mini-Blinds TRUE Gas Stove FALSE

Business Center TRUE Tennis Courts FALSE 9' or greater ceilings FALSE Self-Cleaning Ovens FALSE

Conference Room FALSE Playground/Tot Lot TRUE Vaulted Ceilings FALSE Granite/Marble CountertopsFALSE

Coffee Bar/Internet Café TRUE Jogging/Walking Trail FALSE Crown Moulding FALSE Laminate Countertops TRUE

Media Room (Theatre) FALSE Dog Park FALSE Ceiling Fan(s) FALSE Pantry TRUE

Game/Sports Room FALSE Roof Deck FALSE Recessed Lighting FALSE Kitchen Island TRUE

Fitness Center TRUE Exterior Breezeways TRUE Ceramic Tile TRUE Built in Computer Desk FALSE

Pilates/Yoga/Spinning Area FALSE Elevator(s) FALSE Faux Wood Flooring FALSE Technology Package FALSE

Tanning Bed FALSE Access Control/Gates FALSE Wall-Wall Carpet TRUE Walk-in Closets TRUE

Indoor Basketball FALSE Private Entry FALSE Wood Flooring FALSE Garden Tub FALSE

Indoor Pool(s) FALSE Courtesy Patrol TRUE Washer Dryer Connection TRUE Patio / Balcony TRUE

Outdoor Pool(s) TRUE Concierge FALSE Washer/Dryer in Unit FALSE Screen-in Patio / Balcony TRUE

Jacuzzi/Spa FALSE Laundry TRUE Stainless Appliances FALSE Extra Storage TRUE

Sauna FALSE Trash Chutes FALSE Black Appliances TRUE Monitored Alarms FALSE

BBQ Grill TRUE Valet Trash FALSE White Appliances TRUE Private Alarms FALSE

Outdoor Fireplace FALSE Smoke Free FALSE Dishwasher TRUE Attached Garage FALSE

FL

32771

Winter Park

BG Capitol Management

Riverstone Residential

Flat Fee

n/a

Stabilized

Yieldstar

5/7/2013

Water/sewer/trash is billed as follows: $45 1 bedroom, $50 2 bedroom, $55 3 bedroom. Full size W/D available in select units, an additional charge of $50 for W/D. Select apartments have screened patios. Renovated apartments

include: new black appliances, re-surfaced formica countertops, refaced cabinet fronts (light maple color or cherry wood), and upgraded light fixtures in kitchen and bathroom.

www.7centralapartments.com 7-14 month lease

No washer/dryer connections in one bedroom

and no walk in closet in one or two bedroom. No

ceiling fans, no icemaker, and no pantry in all

apartments. Upgraded cabinets, cabinet fronts

and appliances in 20 apartments in 2013.

Location is superior to most competitors due to

proximity to Full Sail and shopping center. Not

gated, older interiors in most units.

Subject Property

9/5/2014

94.0%

97.7%


7000 University Blvd

Flat Fee

Metered

n/a

407-678-2662

Winter Park

Half off Admin Fee & Waived Security Deposit

with fully Approved Credit $300.00 off move in

Special.

Property Number of Buildings Water/Sewer Application Fee $50 Date Surveyed

Street Address Number of Units 108 Electricity Deposit (Ref) $300


State Trash Admin/Redec Fee $199

Zip Class B WiFi % Occupied

Neighborhood Product Type Garden # $ Pet Deposit $0 % Leased

Phone Year Built 1986 Open Parking 0 n/a Pet Fee $300




Management Total Parking 0 0 Date Implemented

Weighted Average Rent Summary by BR Type Property Narrative (Comparison Against Subject) Specials



2 BR 2 108 935 859 0.92 859 0.92

Total/Average 108 935 $859 $0.92 $859 $0.92




2X2 Garden n/a 2 52 48% 910 47,320 870 0 0 (40) 830 0.91 830 0.91

2X2.5 Townhome n/a 2 56 52% 958 53,648 925 0 0 (40) 885 0.92 885 0.92


Notes

Comp 1

Tealwood Park

Stackable W/D in every unit. Newer

construction. Less amentites. Does not have

renovated apartments. Water, sewer, and trash

is a flat rate of $40- not included in base market

rent. Further distance to Full Sail and

thoughfare. They only allow pets up to 65lbs per

None.

9/5/2014

4704 Lucier Court

100.0%

Included

Metered

Stabilized

FL

32792

Winter Park n/a

Included

n/a

They do not allow applicants with previous evictions. Adjust $40 for washer/dryer to compare subject. They do charge a $50 for 7-11 month lease terms. They charge a premium charge of $20 for pond view, premium charge of $30 for

lake view, and a premium charge of $10 for vaulted ceiling. They are a small property with two story condos and apartments. They are currently starting to renovate all of the bathrooms but have not set any additional charges for the

renovations. All apartments have bisque or white appliances, wood-like vinyl, carpet, and cream cabinets. Everything in the bathroom will be new, shower, bathtub, and vanity. They did not have any apartments ready to see with the

renovated bathrooms done. Pros: lake view, pond view, icemaker, and 2 story condos.

100.0%

12 months

n/aDrunna Properties LTD.

Waypoint Resdential Services

407-679-2555

407-679-1289

Winter Park

Comp 1


On-Site Retail or Restaurants FALSE Sports Courts FALSE Fireplace FALSE Disposal FALSE

Clubhouse FALSE Volleyball FALSE Mini-Blinds TRUE Gas Stove FALSE

Business Center FALSE Tennis Courts FALSE 9' or greater ceilings FALSE Self-Cleaning Ovens FALSE

Conference Room FALSE Playground/Tot Lot FALSE Vaulted Ceilings TRUE Granite/Marble CountertopsFALSE

Coffee Bar/Internet Café FALSE Jogging/Walking Trail FALSE Crown Moulding FALSE Laminate Countertops TRUE

Media Room (Theatre) FALSE Dog Park FALSE Ceiling Fan(s) TRUE Pantry TRUE

Game/Sports Room FALSE Roof Deck FALSE Recessed Lighting FALSE Kitchen Island FALSE

Fitness Center FALSE Exterior Breezeways FALSE Ceramic Tile FALSE Built in Computer Desk FALSE

Pilates/Yoga/Spinning Area FALSE Elevator(s) FALSE Faux Wood Flooring TRUE Technology Package FALSE

Tanning Bed FALSE Access Control/Gates FALSE Wall-Wall Carpet TRUE Walk-in Closets FALSE


Indoor Pool(s) FALSE Courtesy Patrol FALSE Washer Dryer Connection FALSE Patio / Balcony TRUE

Outdoor Pool(s) TRUE Concierge TRUE Washer/Dryer in Unit TRUE Screen-in Patio / Balcony FALSE

Jacuzzi/Spa FALSE Laundry FALSE Stainless Appliances FALSE Extra Storage FALSE

Sauna FALSE Trash Chutes FALSE Black Appliances FALSE Monitored Alarms FALSE

BBQ Grill FALSE Valet Trash TRUE White Appliances FALSE Private Alarms FALSE

Outdoor Fireplace FALSE Smoke Free FALSE Dishwasher FALSE Attached Garage FALSE





Zip Class B+ WiFi % Occupied



Website Year Renovated 2010 Covered Parking 0 n/a Pet Rent $15 Length of Lease







1 BR 1.RV 296 720 897 1.25 897 1.25

2 BR 2.RV 300 1,002 1,048 1.05 1,048 1.05

Total/Average 596 862 $973 $1.15 $973 $1.15




1X1 A1 Renovated 1.RV 60 10% 600 36,000 905 0 0 (40) 865 1.44 865 1.44

1X1 A2 Renovated 1.RV 236 40% 750 177,000 945 0 0 (40) 905 1.21 905 1.21

2X1 B1 Renovated 2.RV 64 11% 900 57,600 1,025 0 0 (40) 985 1.09 985 1.09

2X2 B2 Renovated 2.RV 236 40% 1,030 243,080 1,105 0 0 (40) 1,065 1.03 1,065 1.03

Total / Weighted Average 596 862 513,680 $1,013 $973 $1.13 $973 $1.13

Notes

Comp 2

Sun Key

Renovated interiors, exteriors and amentities.

More and superior amenities than subject

property. Full size W/D included in every unit.

Higher rental rates. Water, sewer, and trash are

a flat rate of $35 for a one bedroom and $45 for

two bedroom- not included in market base rent.

All pricing is completed in house.

Security deposit is waved with fully approved

applications. Admin fee $50.

9/5/2014

7502 Sun Key Blvd.

95.0%

Flat Fee

Metered

Stabilized

FL

32792

Winter Park n/a

Flat Fee

n/a

They do not allow applicants with previous evictions. Adjust base rents $40 for washer and dryer to compare to subject property. They have vaulted ceilings and charge a $15 premium. They also charge $25 for water view. In 2010

they upgraded apartments that included black appliances with stainless steel fronts, the stove has a glass top, upgraded formica counters (granite style), honey maple cabinets, vinyl-wood flooring (rolled) throughout common areas,

tullip lighting fixtures in bathroom, and two-toned colored interior. This summer they started adding additional upgrades to the bottom floor apartments to include: glass backsplash, 2 in. white faux wood blinds, pull out faucet, and

vinyl wood planks through out common areas. The upcharge for the renovated one bedroom is $50 and the renovated two bedroom is $65. They have only 4 apartments done with this renovation (A1, B1, and two B2's) and they have

already been rented. The manager stated that she checks her availability daily and automatically schedules the bottom floor apartments for the new upgrade and she adds the upcharge. Pros: renovated apartments, community lake

96.0%

7-14 months

n/aVII Sunkey Apartments LLC

Bainbridge Management

407-677-8884

www.sunkeyapts.com

Winter Park

Comp 2


On-Site Retail or Restaurants FALSE Sports Courts TRUE Fireplace FALSE Disposal TRUE

Clubhouse TRUE Volleyball TRUE Mini-Blinds FALSE Gas Stove FALSE

Business Center TRUE Tennis Courts TRUE 9' or greater ceilings FALSE Self-Cleaning Ovens FALSE


Coffee Bar/Internet Café TRUE Jogging/Walking Trail FALSE Crown Moulding FALSE Laminate Countertops FALSE

Media Room (Theatre) TRUE Dog Park FALSE Ceiling Fan(s) TRUE Pantry FALSE

Game/Sports Room TRUE Roof Deck FALSE Recessed Lighting FALSE Kitchen Island FALSE

Fitness Center TRUE Exterior Breezeways FALSE Ceramic Tile FALSE Built in Computer Desk FALSE


Tanning Bed FALSE Access Control/Gates FALSE Wall-Wall Carpet FALSE Walk-in Closets TRUE

Indoor Basketball FALSE Private Entry TRUE Wood Flooring FALSE Garden Tub FALSE

Indoor Pool(s) FALSE Courtesy Patrol TRUE Washer Dryer Connection FALSE Patio / Balcony FALSE

Outdoor Pool(s) TRUE Concierge FALSE Washer/Dryer in Unit TRUE Screen-in Patio / Balcony FALSE

Jacuzzi/Spa TRUE Laundry FALSE Stainless Appliances FALSE Extra Storage FALSE



Outdoor Fireplace TRUE Smoke Free FALSE Dishwasher TRUE Attached Garage FALSE















NON-RENOVATED

1 BR 1 87 768 851 1.11 851 1.11

2 BR 2 115 1,013 1,030 1.02 1,030 1.02

3 BR 3 45 1,200 1,114 0.93 1,114 0.93

Subtotal/Average Non-Renovated 247 961 $982 $1.03 $982 $1.03

RENOVATED

1 BR 1.RV 1 710 887 1.25 887 1.25

2 BR 2.RV 1 710 1,083 1.53 1,083 1.53

3 BR 3.RV 3 1,200 1,189 0.99 1,189 0.99

Subtotal/Average Renovated 5 1,004 $1,107 $1.15 $1,107 $1.15

Total/Average 252 961 $985 $1.04 $985 $1.04




1X1 1 bed n/a 1 31 12% 710 22,010 872 0 0 (40) 832 1.17 832 1.17

1X1 1 bed n/a 1 56 22% 800 44,800 902 0 0 (40) 862 1.08 862 1.08

2X2 2/2 bed n/a 2 43 17% 950 40,850 1,048 0 0 (40) 1,008 1.06 1,008 1.06

2X2 2/2 bed n/a 2 72 29% 1,050 75,600 1,083 0 0 (40) 1,043 0.99 1,043 0.99

3X2 3/2 bed n/a 3 45 18% 1,200 54,000 1,154 0 0 (40) 1,114 0.93 1,114 0.93

1X1 1 bed Renovated 1.RV 1 0% 710 710 927 0 0 (40) 887 1.25 887 1.25

2X2 2/2 bed Renovated 2.RV 1 0% 710 710 1,123 0 0 (40) 1,083 1.53 1,083 1.53

3X2 3/2 bed Renovated 3.RV 3 1% 1,200 3,600 1,229 0 0 (40) 1,189 0.99 1,189 0.99


Notes

Comp 3

Cranes Landing

Community is newer construction with nice

amentities. Rental rates reflect full size

washer/dryer in every unit. This location is

further from Full Sail.

App Fee $25/person and Admin Fee is $74.

9/5/2014

3440 North Goldenrod Road

97.0%

Metered

Metered

Stabilized

Florida

32792

Winter Park n/a

$8

n/a

No renovated units available to rent as of 7/25/2014. They accept applicants who terminated their lease, but not evictions. No weight restrictions and the pet fee is $300 for one pet and $500 for two pets. They just started painting the

exterior of their buildings. They had 15 down units that they stripped and renovated. This occurred when Pinnacle took over Cranes Landing. Five of the 15 apartments were fully renovated in 2012. These renovated apartments include

the 1 bed 710 sq. ft. (1), the 2 bed 950 sq. ft. (1), and the 3 bed (3) apartments. The upcharge for the 2 bed and the 3 bed was $75. The upcharge for the 1 bed was $50. The renovated apartment includes: wood work throughout the

apartment with bigger baseboards, six pannel interior doors, and 2 in. faux wood blinds. New black appliances, brush nickle finish, new white cabinets, vinyl wood throughout the common areas, and black formica countertops. Pros:

pantry, walk in closet, car wash, indoor racquetball/volleyball court, and jacuzzi.

91.0%

7-13 months

Yieldstar

1/1/2012

Alliance

Pinnacle

407-671-5585

www.craneslandingapts.com

Winter Park

Comp 3


On-Site Retail or Restaurants FALSE Sports Courts FALSE Fireplace FALSE Disposal TRUE


Business Center FALSE Tennis Courts TRUE 9' or greater ceilings FALSE Self-Cleaning Ovens FALSE

Conference Room FALSE Playground/Tot Lot FALSE Vaulted Ceilings FALSE Granite/Marble CountertopsFALSE

Coffee Bar/Internet Café FALSE Jogging/Walking Trail FALSE Crown Moulding FALSE Laminate Countertops TRUE

Media Room (Theatre) FALSE Dog Park FALSE Ceiling Fan(s) TRUE Pantry FALSE


Fitness Center TRUE Exterior Breezeways TRUE Ceramic Tile FALSE Built in Computer Desk FALSE


Tanning Bed FALSE Access Control/Gates FALSE Wall-Wall Carpet TRUE Walk-in Closets FALSE




Jacuzzi/Spa TRUE Laundry FALSE Stainless Appliances FALSE Extra Storage FALSE


BBQ Grill FALSE Valet Trash FALSE White Appliances TRUE Private Alarms FALSE











Owner Other Parking 0 n/a Rentable Storage $0 Rent Optimizer





1 BR 1.RV 128 727 841 1.16 841 1.16

2 BR 2.RV 124 967 985 1.02 985 1.02

Total/Average 252 845 $911 $1.09 $911 $1.09




1X1 Amelia Renovated 1.RV 87 35% 675 58,725 860 (45) 0 0 815 1.21 815 1.21

1X1 Beechnut Renovated 1.RV 41 16% 837 34,317 940 (45) 0 0 895 1.07 895 1.07

2X2 Camelia Renovated 2.RV 91 36% 940 85,540 1,020 (50) 0 0 970 1.03 970 1.03

2X2 Destiny Renovated 2.RV 33 13% 1,042 34,386 1,075 (50) 0 0 1,025 0.98 1,025 0.98


Notes

Comp 4

The Park at Sutton Place

All interiors were renovated in 2011. Clubhouse

renovated in 2013. Beautiful tropical

landscaping. Water/sewer/trash is included in

base market rents. Micro-waves in every

apartment. Gated community.

None

9/5/2014

3935 Sutton Place Blvd.

97.0%

Included

Metered

Stabilized

Florida

32792

Winter Park n/a

Included

n/a

They have renovated all of their apartments and it includes vinyl wood (planks) flooring throughout, bisque appliances, cream cabinets, black formica countertops, tile back splash, gooseneck faucet, 2 in. faux wood blinds, and chair

rail. Twenty percent of their apartments did get a full renovation to include ceramic tile, stainless steel appliances, and maple cabinets. Manager mentioned that there is no difference in price for these fully upgraded apartments. The

Manager also said that all floorplans were fully renovated. W/D in select apartments. Pros: all apartments have upgrades, microwaves, walk in closets, pool furniture/decor plus outdoor wash room, and zen garden.

100.0%

7-12 months

n/aBlue Rock Partners, LLC

Blue Rock Partners, LLC

407-657-2299

www.theparkatsuttonplace.com

Winter Park

Comp 4





Conference Room FALSE Playground/Tot Lot TRUE Vaulted Ceilings TRUE Granite/Marble CountertopsFALSE

Coffee Bar/Internet Café FALSE Jogging/Walking Trail FALSE Crown Moulding FALSE Laminate Countertops FALSE

Media Room (Theatre) FALSE Dog Park FALSE Ceiling Fan(s) TRUE Pantry TRUE


Fitness Center TRUE Exterior Breezeways FALSE Ceramic Tile TRUE Built in Computer Desk FALSE


Tanning Bed FALSE Access Control/Gates TRUE Wall-Wall Carpet FALSE Walk-in Closets TRUE


Indoor Pool(s) FALSE Courtesy Patrol FALSE Washer Dryer Connection TRUE Patio / Balcony TRUE

Outdoor Pool(s) TRUE Concierge TRUE Washer/Dryer in Unit FALSE Screen-in Patio / Balcony FALSE

Jacuzzi/Spa TRUE Laundry TRUE Stainless Appliances FALSE Extra Storage TRUE


BBQ Grill TRUE Valet Trash FALSE White Appliances FALSE Private Alarms FALSE
















1 BR 1 0 - - - - -

2 BR 2 0 - - - - -

Total/Average 0 0 $0 $0.00 $0 $0.00




1X1 Aspen Renovated 1.RV 40 24% 650 26,000 785 0 0 (40) 745 1.15 745 1.15

1X1 Beechnut Renovated 1.RV 40 24% 750 30,000 885 0 0 (40) 845 1.13 845 1.13

2X1 Cyprus Renovated 2.RV 44 26% 850 37,400 925 0 0 (40) 885 1.04 885 1.04

2X2 Juniper Renovated 2.RV 44 26% 950 41,800 1,015 0 0 (40) 975 1.03 975 1.03


Notes

Comp 5

The Park at Canterbury

Extensive renovations: signage, landscaping,

unit interiors (new cabinet doors, resurfaced

countertops), all apartments have stackable

washer and dryer. Further distance to Full Sail.

Community is gated. Trash and pest control $40

for one bedroom and $50 two bedroom. Gated

community.

None

9/5/2014

7745 Brandywood Circle

98.0%

Metered

Metered

Stabilized

FL

32792

Winter Park n/a

Flat rate

n/a

They do allow applicant with previous evictions, as long as everything was paid off and if it occured over 3 years ago. Adjust $40 for washer/dryer to compare to subject. All apartments were fully renovated in 2011. With this

renovation their Juniper apartment is $100 over their market rent. The renovation includes garden tub, two-toned colored interior (morrocan sand), beveled mirrors, chair rail, track lights in the upper apartments with vaulted ceilings

and hanging ceiling fans. They have brown cabinets with re-faced cream cabinet fronts, upgraded formica countertops (black), goose neck faucet, brush knickel finish, tulip lights in bathrooms, vinyl wood (planks) flooring or ceramic

tile throughout common areas. Pros: all apartments are upgraded, all patios screened in, high ceilings, large windows throughout (lots of natural light), and walk in closets with built in shelves.

100.0%

7-12 months

n/aBlue Rock Partners LLC

Blue Rock Partners LLC

407-679-0222

www.bluerockpartnersllc.com

Winter Park

Comp 5


On-Site Retail or Restaurants FALSE Sports Courts FALSE Fireplace Disposal FALSE

Clubhouse TRUE Volleyball FALSE Mini-Blinds FALSE Gas Stove FALSE

Business Center TRUE Tennis Courts TRUE 9' or greater ceilings TRUE Self-Cleaning Ovens FALSE





Fitness Center FALSE Exterior Breezeways FALSE Ceramic Tile TRUE Built in Computer Desk FALSE


Tanning Bed FALSE Access Control/Gates TRUE Wall-Wall Carpet FALSE Walk-in Closets FALSE




Jacuzzi/Spa FALSE Laundry FALSE Stainless Appliances FALSE Extra Storage FALSE


BBQ Grill FALSE Valet Trash FALSE White Appliances FALSE Private Alarms FALSE

Outdoor Fireplace FALSE Smoke Free FALSE Dishwasher FALSE Attached Garage FALSE















Studio 1S 40 538 634 1.18 634 1.18

1 BR 1 84 792 754 0.95 754 0.95

2 BR 2 136 1,049 852 0.81 852 0.81

3 BR 3 44 1,394 1,104 0.79 1,104 0.79

Total/Average 304 961 $833 $0.90 $833 $0.90




Studio 1 Bed n/a 1S 40 13% 538 21,520 679 (45) 0 0 634 1.18 634 1.18

1X1 1 Bed L n/a 1 84 28% 792 66,528 799 (45) 0 0 754 0.95 754 0.95

2X1 2 Bed n/a 2 20 7% 1,052 21,040 899 (50) 0 (40) 809 0.77 809 0.77

2X2 2/2 Bed n/a 2 116 38% 1,049 121,684 949 (50) 0 (40) 859 0.82 859 0.82

3X2 3 Bed n/a 3 44 14% 1,394 61,336 1,199 (55) 0 (40) 1,104 0.79 1,104 0.79


Notes

Comp 6

Azure

Private lake. Located near Full Sail. All inclusive

rates (utilites). Amentites have been renovated.

Landscape in very green. Free WiFi. Interiors

are not renovated. They have corporate units

that they rent on a month to month basis. They

rent apartments furnished: large 1 bedroom for

$799 and 2 bedroom for $949.

No Specials.

9/5/2014

3650 Summerwind Drive

99.0%

Metered

Metered

Stabilized

Florida

32792

Winter Park n/a

Included

n/a

Do not accept applicants with previous evictions. They can only rent a certain amount of apartments with a 7 month lease due to Seasonality . Currently they can only rent the apartments for 12-15 months. To compare to subject property an

adjustment of $95 for one bedrooms, $100 for two bedrooms and $105 for three bedrooms for water/sewer/trash. They do not have any renovated apartments. They do replace black appliances as needed, cabinet fronts as needed, white

cabinets, resurface white or black countertops, vinyl wood flooring, carpet, brushed silver finish, and blinds are slats. Pros: closer to Full Sail, lower rental rates, all utilities included, corporate apartments available, game room with xbox and

wii, and wheel chair accessible.

97.0%

7-15 months

n/aMcKinley/Acquisitions LLC

McKinley

407-671-2400

winter-park/azure-winter-park

Winter Park

Comp 6





Conference Room FALSE Playground/Tot Lot TRUE Vaulted Ceilings FALSE Granite/Marble CountertopsFALSE


Media Room (Theatre) TRUE Dog Park FALSE Ceiling Fan(s) FALSE Pantry TRUE

Game/Sports Room TRUE Roof Deck FALSE Recessed Lighting FALSE Kitchen Island FALSE



Tanning Bed FALSE Access Control/Gates FALSE Wall-Wall Carpet TRUE Walk-in Closets TRUE




Jacuzzi/Spa FALSE Laundry TRUE Stainless Appliances FALSE Extra Storage TRUE


















1 BR 1 319 501 902 1.80 902 1.80

Total/Average 319 501 $902 $1.80 $902 $1.80




1X1 1 Bed n/a 1 160 50% 501 80,160 999 (45) 0 0 954 1.90 954 1.90

1X1 1 Bed n/a 1 159 50% 501 79,659 1,099 (45) 0 (205) 849 1.69 849 1.69


Notes

Comp 7

Indigo

Near Full Sail and offers furnished units with

washer/dryer and utilites included. Corporate

apartments available. Wheel chair accessible

apartments. They do not have renovated

apartments.

None

9/5/2014

220 S. Semoran Blvd.

100.0%

Included

Included

Stabilized

Florida

32792

Winter Park Included

Included

n/a

They do allow applicants with evictions, as long as they have paid everything off. The first one bedroom is unfurnished and the other is fully furnished. Adjustment of $250 for furniture, water, sewer, trash, electric, gas and

washer/dryer to make comparable to subject property. There is a $30 premium charge for 2nd floor apartments. They do not have any renovated apartments. They do replace white appliances as needed, cabinet fronts as needed,

brown cabinets, resurface grey formica countertops, vinyl wood flooring, carpet, brushed chrome finish, updated bathroom light fixture (brush chrome), and blinds are slats. Twenty five percent of their apartments do have new cabinet

fronts and these apartments are all rented furnished plus they charge an additional $100 more for that upgrade. Pros: closer to Full Sail, all utilities included, and wheel chair accessible.

98.0%

7-18 months

n/aMcKinley/Acquisitions LLC

McKinley

407-677-5715

www.mckinley.com

Winter Park

Comp 7


On-Site Retail or Restaurants FALSE Sports Courts FALSE Fireplace Disposal FALSE


Business Center FALSE Tennis Courts TRUE 9' or greater ceilings TRUE Self-Cleaning Ovens FALSE

Conference Room FALSE Playground/Tot Lot FALSE Vaulted Ceilings FALSE Granite/Marble CountertopsFALSE

Coffee Bar/Internet Café FALSE Jogging/Walking Trail FALSE Crown Moulding Laminate Countertops FALSE

Media Room (Theatre) FALSE Dog Park FALSE Ceiling Fan(s) FALSE Pantry FALSE

Game/Sports Room FALSE Roof Deck FALSE Recessed Lighting Kitchen Island FALSE

Fitness Center FALSE Exterior Breezeways FALSE Ceramic Tile FALSE Built in Computer Desk FALSE


Tanning Bed FALSE Access Control/Gates FALSE Wall-Wall Carpet Walk-in Closets FALSE




Jacuzzi/Spa FALSE Laundry TRUE Stainless Appliances FALSE Extra Storage FALSE


BBQ Grill FALSE Valet Trash FALSE White Appliances Private Alarms FALSE

Outdoor Fireplace FALSE Smoke Free FALSE Dishwasher Attached Garage FALSE















1 BR 1.RV 88 636 863 1.36 863 1.36

2 BR 2.RV 56 1,016 1,040 1.02 1,040 1.02

3 BR 3.RV 22 1,130 1,130 1.00 1,130 1.00

1 BR Den/Loft 1DL.RV 72 808 925 1.14 925 1.14

Total/Average 238 823 $948 $1.18 $948 $1.18




1X1 Berkshire Renovated 1.RV 24 10% 579 13,896 790 0 0 0 790 1.36 790 1.36

1X1 Cambridge Renovated 1.RV 64 27% 657 42,048 890 0 0 0 890 1.35 890 1.35

1X1 Loft Equestrian Renovated 1DL.RV 72 30% 808 58,176 925 0 0 0 925 1.14 925 1.14

2X2 Paddock Renovated 2.RV 56 24% 1,016 56,896 1,040 0 0 0 1,040 1.02 1,040 1.02

3X2 Squire Renovated 3.RV 22 9% 1,130 24,860 1,130 0 0 0 1,130 1.00 1,130 1.00


Notes

Comp 8

Hunters Ridge

Community is located further from Full Sail on

Goldenrod Road. Newer construction and

renovated interiors. Additional charge for

water/sewer they pay directly to city. They have

about 29 renovated apartments.

None

9/5/2014

3733 Goldenrod Road

97.5%

Metered

Metered

Stabilized

Florida

32792

Winter Park n/a

Included

n/a

Do not take applicants with evictions. Full size W/D available in select apartments. Recently upgraded apartments and this includes black appliances with silver metalic fronts, upgraded formica counters (granite style), light brown

cabinets, vinyl-wood flooring throughout common areas, and regular slat blinds. The leasing consultant stated that they charge an additional $45 for the renovated apartments but she would like for us to verify this with the manager

on Monday 07/14/2014. She stated that all floorplans were renovated and that we should speak with manager to get the number of renovated apartments available on property. Pros: car care center, walk in closets, free resident dvd

library, fireplaces in apartment, and all apartments have had upgrades.

99.0%

7-12 months

n/aEbnezer Holdings Corp.

Contemporary Management Concepts

407-677-7070

www.cmapt.com

Winter Park

Comp 8


On-Site Retail or Restaurants FALSE Sports Courts FALSE Fireplace TRUE Disposal FALSE


Business Center FALSE Tennis Courts TRUE 9' or greater ceilings FALSE Self-Cleaning Ovens FALSE

Conference Room FALSE Playground/Tot Lot TRUE Vaulted Ceilings TRUE Granite/Marble CountertopsFALSE

Coffee Bar/Internet Café FALSE Jogging/Walking Trail FALSE Crown Moulding Laminate Countertops FALSE


Game/Sports Room FALSE Roof Deck FALSE Recessed Lighting Kitchen Island FALSE



Tanning Bed FALSE Access Control/Gates TRUE Wall-Wall Carpet Walk-in Closets TRUE


Indoor Pool(s) FALSE Courtesy Patrol FALSE Washer Dryer Connection TRUE Patio / Balcony TRUE

Outdoor Pool(s) TRUE Concierge FALSE Washer/Dryer in Unit FALSE Screen-in Patio / Balcony FALSE

Jacuzzi/Spa TRUE Laundry FALSE Stainless Appliances FALSE Extra Storage TRUE


BBQ Grill TRUE Valet Trash FALSE White Appliances Private Alarms FALSE


VARIANCE REPORT

PROPERTY NAME:Aug-14 favourable, (unfavourable) favourable, (unfavourable) Detailed explanation given for variance of $5,000 or 5% for YTD.

MTD MTD MTD MTD YTD YTD YTD YTD

CATEGORY ACTUAL BUDGET VARIANCE VAR. % ACTUAL BUDGET VARIANCE VAR. %

Potential Rent 249,406 241,979 7,427 3.1% 1,940,323 1,923,563 16,760 0.9%

(Vacancy Loss) (16,257) (9,745) (6,512) -66.8% (131,968) (96,431) (35,537) -36.9% Budgeted for a 4.01% and incurred 5.9% vacancy loss.

(Models) (810) (810) 0 0.0% (6,480) (6,480) 0 0.0%

(Employee Units) (509) (515) 6 1.2% (4,129) (4,120) (9) -0.2%

(Concessions) (4,530) (2,899) (1,631) -56.3% (7,887) (12,355) 4,468 36.2% Implementation of Yieldstar net effective pricing in May 2013 has resulted in aggressive decrease in concessions.

MTD high concessions as we offered up front incentives to boost occupancy levels.

Total Apartment Rental Income 227,592 225,688 1,904 0.8% 1,787,601 1,785,907 1,694 0.1%

Total Other Rental Income 490 100 390 390.1% 4,788 800 3,988 498.5% Positive variance seen from month to month fees. There was nothing budgeted in this category due to the

implementation of Yieldstar. This will be eliminated as month to month leases that were in effect in 2013 expire.

Total Other Income 21,338 20,124 1,214 6.0% 110,058 112,051 (1,993) -1.8% Positive variance due to 3 additional termination fees and $4,000 in collection payments.

TOTAL REVENUE 262,454 259,065 3,388 1.3% 2,002,915 2,003,467 (553) 0.0%

Payroll 32,113 34,715 2,601 7.5% 294,326 307,075 12,748 4.2% Positive variance due to fewer associates participating in insurance program and savings in payroll taxes.

Utilities 21,207 19,308 (1,898) -9.8% 155,722 161,815 6,093 3.8% MTD Negative variance due to the timing of the gas bill for the common area. YTD positive variance due to savings

in water usage as a result of lower occupancy levels seen in Q2 and Q3.

Redecorating/Make-Ready 3,352 9,641 6,289 65.2% 45,851 49,027 3,177 6.5% Positive variance in painting and contract cleaning as a result of fewer full paints/drywall repairs.

Landscaping/Contract Services 7,696 6,799 (897) -13.2% 57,515 61,288 3,773 6.2% Positive variance due to the palm tree trimming not yet being completed. To be completed in September.

Repairs and Maintenance 14,131 11,635 (2,496) -21.5% 93,964 86,812 (7,152) -8.2% Plumbing and toilet leaks attributed to the negative variances seen in water extraction ($ 3,725) and ceiling/interior

($2,483.65). Exterior repairs at -$2,419.77 due to stucco repairs, handrail damages and painting of the wall near the

leasing office.

Leasing and Marketing 7,414 10,394 2,980 28.7% 50,769 64,521 13,752 21.3% Positive variance due to fewer locator fees, +$11,629, and model furnishings, +$1,323.

General and Administrative 6,371 7,683 1,312 17.1% 43,407 51,000 7,592 14.9% Savings seen in credit verifications fees, 64.34%. There was a credit that had rolled over from 2013 and fewer

processings have occurred in Q3.

Management Fees 8,107 7,772 (335) -4.3% 61,831 60,104 (1,727) -2.9%

Insurance 13,144 10,405 (2,739) -26.3% 85,126 113,113 27,987 24.7%

Real Estate Taxes 16,056 15,956 (100) -0.6% 128,448 127,648 (800) -0.6%

Bad Debt Expense 0 0 0 0.0% 0 0 0 0.0%

TOTAL OPERATING EXPENSES 129,590 134,307 4,718 3.5% 1,016,960 1,082,403 65,442 6.1%

NET OPERATING INCOME 132,864 124,758 8,106 6.5% 985,954 921,065 64,890 7.1%

Interest 54,143 54,149 6 0.0% 426,307 426,471 164 0.0%

Non-Routine Maint. 0 0 0 0.0% 0 0 0 0.0%

Professional/Ptnrshp 0 0 0 0.0% 14,372 0 (14,372) 0.0%

Amortization Expense 0 0 0 0.0% 0 0 0 0.0%

Operating Capital 0 0 0 0% 0 0 0 0%

Net Income 78,721 70,609 8,113 11.5% 545,275 494,593 50,682 10.3%

Balance Sheet Capital 26,246 22,044 (4,202) -19.1% 222,442 215,072 (7,370) -3.4%

NET INCOME AFTER CAPITAL 52,476 48,565 3,911 8.1% 322,833 279,521 43,311 15.5%

7 Central ApartmentsRun Spell Check

9/10/2014 4:26 PM

Balance Beginning Net

Current Period Balance Change

100000 Assets

100010 Operating Cash

100150 Depository 1,374.84 -6,564.31 7,939.15

100155 Depository-Prior Mgmt Co. 1,000.00 1,000.00 0.00

100250 Operating/Disb. 357,271.29 359,281.12 -2,009.83

100255 Op./Disb.-Prior Mgmt. Co. 20,247.00 20,247.00 0.00

100300 Petty Cash 800.00 800.00 0.00

100350 Suspense 2,698.58 -20,106.34 22,804.92

100700 Other Cash 10,000.00 10,000.00 0.00

100990 Total Operating Cash 393,391.71 364,657.47 28,734.24

101000 Restricted Cash

101150 Tax Escrow 173,912.94 158,054.10 15,858.84

101200 Insurance Escrow 105,260.65 95,691.50 9,569.15

101250 Replacement Reserves 84,249.25 76,642.02 7,607.23

101400 Security Deposits 58,204.27 55,391.77 2,812.50

101450 Security Deposits - Prior Mgmt Co. 135.94 135.94 0.00

101990 Total Restricted Cash 421,763.05 385,915.33 35,847.72

102000 Accounts Receivable

102200 A/R-Residents 40,888.50 24,997.91 15,890.59

102500 A/R- Reversed -40,888.50 -24,997.91 -15,890.59

102990 Total Accounts Receivable 0.00 0.00 0.00

111000 Prepaid Expenses & Other Assets

111150 Prepaid Insurance 9,113.24 18,226.70 -9,113.46

111300 Prepaid Other 811.68 811.68 0.00

111990 Total Prepaid Expenses & Other Assets 9,924.92 19,038.38 -9,113.46

112000 Deposits

112200 Deposits-Utility 26,932.00 26,932.00 0.00

112250 Deposits-Other 16,700.00 16,700.00 0.00

112990 Total Deposits 43,632.00 43,632.00 0.00

140000 Capital Assets

140050 Land 4,558,000.00 4,558,000.00 0.00

140100 Buildings 18,347,306.00 18,347,306.00 0.00

140200 Furniture & Fixtures 1,340.98 1,340.98 0.00

140250 Machinery & Equipment 16,499.73 16,499.73 0.00

140350 Computer Hardware 3,380.55 3,380.55 0.00

140990 Total Capital Assets 22,926,527.26 22,926,527.26 0.00

150000 Capital Improvements/Rplcmnt

150020 Balconies & Decks 9,166.19 9,166.19 0.00

7 Central (30826)

Balance Sheet (With Period Change)Period = Aug 2014

Book = Accrual ; Tree = ysi_bs

Page 1 of 4

9/10/2014 4:26 PM



7 Central (30826)



150030 Exterior Lighting 1,447.70 1,447.70 0.00

150040 Blinds & Drapes 49,478.28 48,619.07 859.21

150050 Exercise Equipment 31,634.73 31,634.73 0.00

150060 Cabinets 44,148.38 44,098.38 50.00

150062 Medicine Cabinets 982.81 982.81 0.00

150080 Clubhouse Renovation 31,001.01 31,001.01 0.00

150090 Asphalt/Walkways Repairs 5,895.50 5,895.50 0.00

150100 Countertops 1,011.04 1,011.04 0.00

150120 Doors & Hardware 62,237.31 61,368.98 868.33

150140 Electrical 370,178.24 368,020.81 2,157.43

150160 Exterior Replacement 23,959.05 22,649.05 1,310.00

150165 Signage 14,608.18 14,608.18 0.00

150180 Foundation & Slab 3,357.00 3,357.00 0.00

150190 Masonry 2,000.00 2,000.00 0.00

150200 Fire Protection 1,200.00 1,200.00 0.00

150220 Gutters & Downspouts 1,006.00 1,006.00 0.00

150240 Hvac 136,668.24 136,668.24 0.00

150245 Unit Hvac 123,186.82 120,650.50 2,536.32

150280 Interior Replacements 40,223.23 38,782.84 1,440.39

150300 Model Renovation 112,142.28 112,142.28 0.00

150320 Painting & Staining 88,600.31 88,600.31 0.00

150327 Painting - Exterior 40,256.60 40,256.60 0.00

150340 Plumbing 57,708.64 57,708.64 0.00

150345 Plumbing - Interior 30,346.32 30,346.32 0.00

150360 Roof 33,975.00 33,975.00 0.00

150420 Windows 3,055.29 3,055.29 0.00

150440 Dishwashers 15,010.45 15,010.45 0.00

150460 Disposals 5,458.29 5,458.29 0.00

150500 Ovens 15,999.16 15,999.16 0.00

150520 Ranges 2,003.26 2,003.26 0.00

150540 Hoods 6,901.06 6,901.06 0.00

150560 Refrigerators 39,639.61 39,639.61 0.00

150580 Washers/Dryers 6,055.01 6,055.01 0.00

150590 Water Heaters 9,145.64 8,705.16 440.48

150600 Other Appliances 135,299.73 135,299.73 0.00

150610 Maintenance Equipment 528.03 528.03 0.00

150620 Common Area Carpet Rplcmnt 2,693.60 2,693.60 0.00

150660 Unit Carpet Replacement 482,340.13 476,434.69 5,905.44

150680 Unit Vinyl Replacement 85,687.90 84,771.51 916.39

150700 Other Flooring Replacement 48,987.55 48,987.55 0.00

150720 Computers 6,602.25 6,602.25 0.00

150760 Furniture(Outdoor) 21,669.50 21,669.50 0.00

150780 Golf Carts 9,156.01 9,156.01 0.00

150800 Office Equipment 24,292.18 24,292.18 0.00

150833 Rehab - Unit Interiors 124,349.43 115,368.29 8,981.14

150834 Rehab - Offices 4,674.41 4,674.41 0.00

150880 Site Improvements 5,200.00 5,200.00 0.00

Page 2 of 4

9/10/2014 4:26 PM



7 Central (30826)



150907 Brochures And Photos 900.00 900.00 0.00

150920 Miscellaneous Buildings 5,232.17 5,232.17 0.00

150940 Other Capital Improvements 11,117.80 11,117.80 0.00

150950 Asbestos Abatement 50,773.08 50,773.08 0.00

150960 Landscaping 246,905.78 246,905.78 0.00

150965 Swimming Pool 52,031.44 52,031.44 0.00

150969 Recreation Facilities - Other 56,282.81 55,502.31 780.50

150973 Parking Lot 3,250.00 3,250.00 0.00

150980 Fence Repair/Replacement 1,075.00 1,075.00 0.00

150983 Parking Lot Seal Coat 18,890.00 18,890.00 0.00

150987 Ceiling Fans 74.53 74.53 0.00

150990 Total Capital Improvements/Rplcmnt 2,817,699.96 2,791,454.33 26,245.63

180000 Intangible Assets

180050 Loan Costs 195,405.00 195,405.00 0.00

180115 Acq Costs - Original 288,882.00 288,882.00 0.00

180990 Total Intangible Assets 484,287.00 484,287.00 0.00

199990 Total Assets 27,097,225.90 27,015,511.77 81,714.13

200000 Liabilities & Equity

200001 Liabilities

200010 Short Term Liabilities

200100 Accounts Payable-Trade 35,773.72 13,671.84 22,101.88

200150 Security Deposits-Current 52,120.00 50,120.00 2,000.00

200170 Pet Deposit 6,084.27 5,271.77 812.50

200270 Resident Forced Placed Ins Payable 341.00 570.65 -229.65

200990 Total Short Term Liabilities 94,318.99 69,634.26 24,684.73

210010 Accrued Expenses

210100 Accrued Operating Exp. 3,340.10 18,677.14 -15,337.04

210150 Accrued Property Taxes 128,448.00 112,392.00 16,056.00

210300 Accrued Insurance 1,440.86 0.00 1,440.86

210350 Accrued Interest 54,142.83 54,208.85 -66.02

210400 Accrued Management Fees 8,106.76 6,527.96 1,578.80

210455 Other Accrued Expenses 123,148.30 123,148.30 0.00

210990 Total Accrued Expenses 318,626.85 314,954.25 3,672.60

220010 Other Liabilities

220100 Unearned Revenue 17,065.58 15,134.64 1,930.94

220110 Unearned Revenue - Reversed -17,903.25 -15,972.31 -1,930.94

220600 Unclaimed Property 5,641.18 5,641.18 0.00

220990 Total Other Liabilities 4,803.51 4,803.51 0.00

250010 Long Term Liabilities

Page 3 of 4

9/10/2014 4:26 PM



7 Central (30826)



250100 Permanent Loan - 1st 12,600,309.28 12,615,673.76 -15,364.48

250990 Total Long Term Liabilities 12,600,309.28 12,615,673.76 -15,364.48

299990 Total Liabilities 13,018,058.63 13,005,065.78 12,992.85

300000 Equity

300010 Capital Accounts

300100 Prior Year Earnings 1,812,030.01 1,812,030.01 0.00

300103 Ret Earnings-General Partner 1,830,978.29 1,830,978.29 0.00

300110 Preference-General Partner 9,955,284.63 9,955,284.63 0.00

300150 Capital Contributions -22,006.26 -22,006.26 0.00

300160 Contribution-General Prtnr 678,686.87 678,686.87 0.00

300200 Capital Distributions -261,000.00 -261,000.00 0.00

300210 Distribution-General Prtnr -460,046.18 -450,046.18 -10,000.00

300250 Current Year Earnings 545,274.91 466,553.63 78,721.28

300260 Prior Management Balance Transfer -35.00 -35.00 0.00

300990 Total Capital Accounts 14,079,167.27 14,010,445.99 68,721.28

399950 Total Equity 14,079,167.27 14,010,445.99 68,721.28

399990 Total Liabilities & Equity 27,097,225.90 27,015,511.77 81,714.13

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PTD Actual PTD Budget Variance % Var YTD Actual YTD Budget Variance % Var Annual

Revenue

Potential Rent

510050 Gross Mkt Rent Potential 241,485.00 244,224.00 -2,739.00 -1.12 1,931,880.00 1,945,032.00 -13,152.00 -0.68 2,923,428.00

510100 Gain/Loss to Lease 7,921.00 -2,244.65 10,165.65 452.88 8,443.00 -21,469.22 29,912.22 139.33 -28,747.74

Net Potential Rent 249,406.00 241,979.35 7,426.65 3.07 1,940,323.00 1,923,562.78 16,760.22 0.87 2,894,680.26

510200 Vacancy -16,257.08 -9,744.94 -6,512.14 -66.83 -131,968.30 -96,431.13 -35,537.17 -36.85 -149,400.76

510300 Models -810.00 -810.00 0.00 0.00 -6,480.00 -6,480.00 0.00 0.00 -9,720.00

510350 Employee Units -508.75 -515.00 6.25 1.21 -4,129.13 -4,120.00 -9.13 -0.22 -6,180.00

510410 Recurring Concessions -368.00 0.00 -368.00 N/A -1,395.58 0.00 -1,395.58 N/A 0.00

510420 Non-recurring Concessions -4,162.00 -2,899.02 -1,262.98 -43.57 -6,491.38 -12,354.54 5,863.16 47.46 -16,152.58

510500 Future Rent Collected 1,930.94 0.00 1,930.94 N/A -7,040.37 0.00 -7,040.37 N/A 0.00

510550 Net Delinquency -723.61 0.00 -723.61 N/A 2,268.97 0.00 2,268.97 N/A 0.00

510950 Less: Writeoffs -915.56 -3,832.00 2,916.44 76.11 -8,523.74 -30,148.00 21,624.26 71.73 -45,299.00

510951 Write Off Rent Recovery 0.00 1,510.00 -1,510.00 -100.00 11,037.46 11,878.00 -840.54 -7.08 17,846.00

Total Apt Rental Income 227,591.94 225,688.39 1,903.55 0.84 1,787,600.93 1,785,907.11 1,693.82 0.09 2,685,773.92

Other Rental Income

513250 MTM Premium 200.00 0.00 200.00 N/A 2,856.23 0.00 2,856.23 N/A 0.00

513300 Pet Premium 290.06 100.00 190.06 190.06 1,932.13 800.00 1,132.13 141.52 1,200.00

Total Other Rental Income 490.06 100.00 390.06 390.06 4,788.36 800.00 3,988.36 498.54 1,200.00

Total Rental Income 228,082.00 225,788.39 2,293.61 1.02 1,792,389.29 1,786,707.11 5,682.18 0.32 2,686,973.92

Other Income

520050 Application Fees 3,798.40 3,900.00 -101.60 -2.61 17,873.40 18,300.00 -426.60 -2.33 24,450.00

520100 NSF Fees 200.00 100.00 100.00 100.00 1,140.00 820.00 320.00 39.02 1,280.00

520150 Late Fees 3,300.00 2,500.00 800.00 32.00 22,103.74 20,000.00 2,103.74 10.52 30,000.00

520200 Short Term Lease Premium 50.00 0.00 50.00 N/A 1,696.97 425.00 1,271.97 299.29 425.00

520250 Initial Pet Fees 600.00 175.00 425.00 242.86 2,283.31 1,050.00 1,233.31 117.46 1,400.00

520360 Administrative Fees 3,497.41 3,770.00 -272.59 -7.23 15,092.26 17,690.00 -2,597.74 -14.68 23,635.00

520500 Transfer Fees 300.00 100.00 200.00 200.00 900.00 800.00 100.00 12.50 1,200.00

520550 Gate Card Income 600.00 140.00 460.00 328.57 1,750.00 1,120.00 630.00 56.25 1,680.00

520600 Lease Cancellation Fees 4,143.98 3,144.00 999.98 31.81 26,543.19 23,580.00 2,963.19 12.57 34,584.00

520700 Bad Debt Recovery - Other Income 1,248.62 0.00 1,248.62 N/A -534.58 0.00 -534.58 N/A 0.00

520850 Damages/Cleaning 3,327.19 4,050.00 -722.81 -17.85 16,444.11 20,556.00 -4,111.89 -20.00 28,656.00

520900 Interest Income 7.23 20.00 -12.77 -63.85 146.04 160.00 -13.96 -8.72 240.00

520950 Cable Service Income 0.00 2,050.00 -2,050.00 -100.00 2,249.79 6,150.00 -3,900.21 -63.42 8,200.00

521050 Miscellaneous 265.00 175.00 90.00 51.43 2,369.39 1,400.00 969.39 69.24 2,100.00

Total Other Income 21,337.83 20,124.00 1,213.83 6.03 110,057.62 112,051.00 -1,993.38 -1.78 157,850.00

Laundry Income

540050 Washer/Dryer Rental 1,713.60 1,440.00 273.60 19.00 10,994.40 11,520.00 -525.60 -4.56 17,400.00

540100 Coin-op Laundry 346.01 517.00 -170.99 -33.07 2,625.83 4,136.00 -1,510.17 -36.51 6,204.00

Total Laundry Income 2,059.61 1,957.00 102.61 5.24 13,620.23 15,656.00 -2,035.77 -13.00 23,604.00

7 Central (30826)

Budget ComparisonPeriod = Aug 2014

Book = Accrual,Budget ; Tree = rrg_cf

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Cost Recovery

550150 Reimbursed Water 10,974.35 11,196.00 -221.65 -1.98 86,847.44 89,053.00 -2,205.56 -2.48 133,508.00

Total Cost Recovery 10,974.35 11,196.00 -221.65 -1.98 86,847.44 89,053.00 -2,205.56 -2.48 133,508.00

Total Revenue 262,453.79 259,065.39 3,388.40 1.31 2,002,914.58 2,003,467.11 -552.53 -0.03 3,001,935.92

Expenses

Controllable Expenses

Admin Salaries

711200 Manager 3,414.34 4,120.00 705.66 17.13 36,659.91 35,020.00 -1,639.91 -4.68 53,560.00

711300 Assistant Manager 2,528.77 2,560.00 31.23 1.22 22,355.89 21,760.00 -595.89 -2.74 33,280.00

711900 OT - Admin Staff 0.00 0.00 0.00 N/A 99.47 0.00 -99.47 N/A 0.00

Total Admin Salaries 5,943.11 6,680.00 736.89 11.03 59,115.27 56,780.00 -2,335.27 -4.11 86,840.00

Leasing Salaries

712200 Leasing Consultant 4,097.07 4,170.00 72.93 1.75 36,601.08 35,234.40 -1,366.68 -3.88 53,999.40

712900 OT-Leasing 17.61 38.25 20.64 53.96 160.38 306.00 145.62 47.59 459.00

Total Leasing Salaries 4,114.68 4,208.25 93.57 2.22 36,761.46 35,540.40 -1,221.06 -3.44 54,458.40

Maint Salaries

713200 Maintenance Manager 3,826.52 3,619.41 -207.11 -5.72 31,772.08 30,763.98 -1,008.10 -3.28 47,050.32

713300 Asst Maintenance Mgr 2,772.16 2,622.37 -149.79 -5.71 24,027.05 22,289.14 -1,737.91 -7.80 34,088.80

713400 Maintenance Assistant 4,613.39 4,754.48 141.09 2.97 39,588.54 40,413.08 824.54 2.04 61,808.24

713500 Porter/Grounds Person 1,661.60 1,697.44 35.84 2.11 14,879.83 14,428.24 -451.59 -3.13 22,066.72

713855 OT-Maintenance 317.77 128.73 -189.04 -146.85 2,181.25 1,029.84 -1,151.41 -111.80 1,544.76

Total Maint Salaries 13,191.44 12,822.43 -369.01 -2.88 112,448.75 108,924.28 -3,524.47 -3.24 166,558.84

Total Salary & Wages 23,249.23 23,710.68 461.45 1.95 208,325.48 201,244.68 -7,080.80 -3.52 307,857.24

Bonus

714050 Bonus - Administrative 400.00 500.00 100.00 20.00 6,754.22 11,400.00 4,645.78 40.75 13,800.00

714100 Bonus - Leasing 450.00 600.00 150.00 25.00 1,645.00 4,800.00 3,155.00 65.73 7,500.00

714150 Bonus - Maintenance 0.00 0.00 0.00 N/A 0.00 0.00 0.00 N/A 625.00

714170 Bonus - Grounds 0.00 0.00 0.00 N/A 0.00 0.00 0.00 N/A 125.00

Total Bonus 850.00 1,100.00 250.00 22.73 8,399.22 16,200.00 7,800.78 48.15 22,050.00

Payroll Taxes

714200 Payroll Taxes - Administrative 469.26 739.00 269.74 36.50 5,830.04 7,021.00 1,190.96 16.96 10,364.00

714250 Payroll Taxes - Leasing 294.06 495.00 200.94 40.59 4,179.28 4,150.00 -29.28 -0.71 6,376.00

714300 Payroll Taxes - Maintenance 818.42 1,145.00 326.58 28.52 9,221.92 9,726.00 504.08 5.18 14,937.00

714320 Payroll Taxes - Grounds 206.93 176.00 -30.93 -17.57 1,954.72 1,496.00 -458.72 -30.66 2,301.00

Total Payroll Taxes 1,788.67 2,555.00 766.33 29.99 21,185.96 22,393.00 1,207.04 5.39 33,978.00

Insurance Benefits

714350 Ins. Benefits - Administrative 1,164.72 1,200.00 35.28 2.94 9,109.13 9,600.00 490.87 5.11 14,400.00

714400 Ins. Benefits - Leasing 639.36 1,200.00 560.64 46.72 5,803.09 9,600.00 3,796.91 39.55 14,400.00

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714450 Ins. Benefits - Maintenance 2,237.12 2,566.00 328.88 12.82 19,394.32 20,528.00 1,133.68 5.52 30,792.00

714470 Ins. Benefits - Grounds 536.92 600.00 63.08 10.51 3,491.05 4,800.00 1,308.95 27.27 7,200.00

Total Insurance Benefits 4,578.12 5,566.00 987.88 17.75 37,797.59 44,528.00 6,730.41 15.12 66,792.00

401k Contribution

714500 401K Contr - Administrative 52.53 71.80 19.27 26.84 453.71 681.80 228.09 33.45 1,006.40

714550 401K Contr - Leasing 32.96 48.08 15.12 31.45 221.24 403.41 182.17 45.16 619.58

714600 401K Contr - Maintenance 174.60 109.96 -64.64 -58.78 1,334.24 934.64 -399.60 -42.75 1,435.69

714620 401K Contr - Grounds 0.00 16.97 16.97 100.00 124.68 144.25 19.57 13.57 221.87

Total 401k Contribution 260.09 246.81 -13.28 -5.38 2,133.87 2,164.10 30.23 1.40 3,283.54

Workers Compensation

714650 Workers Comp - Administrative 206.51 299.71 93.20 31.10 2,077.01 2,547.54 470.53 18.47 3,896.24

714700 Workers Comp - Leasing 127.36 188.81 61.45 32.55 1,223.29 1,594.60 371.31 23.29 2,443.39

714750 Workers Comp - Maintenance 586.30 595.91 9.61 1.61 5,164.97 5,062.09 -102.88 -2.03 7,740.54

714770 Workers Comp - Grounds 85.82 91.88 6.06 6.60 771.72 780.56 8.84 1.13 1,193.60

Total Workers Compensation 1,005.99 1,176.31 170.32 14.48 9,236.99 9,984.79 747.80 7.49 15,273.77

Other Payroll

714800 Uniform 0.00 0.00 0.00 N/A 3,736.63 7,500.00 3,763.37 50.18 7,500.00

714900 Other 381.23 360.00 -21.23 -5.90 3,510.63 3,060.00 -450.63 -14.73 4,680.00

Total Other Payroll 381.23 360.00 -21.23 -5.90 7,247.26 10,560.00 3,312.74 31.37 12,180.00

Total Payroll 32,113.33 34,714.80 2,601.47 7.49 294,326.37 307,074.57 12,748.20 4.15 461,414.55

Utilities

720050 Electricity-Vacant 1,256.69 783.00 -473.69 -60.50 6,248.86 8,776.50 2,527.64 28.80 13,896.00

720100 Electricity-Common Area 3,886.67 3,075.00 -811.67 -26.40 26,248.79 24,600.00 -1,648.79 -6.70 36,900.00

720200 Gas-Common Area 2,686.11 0.00 -2,686.11 N/A 5,862.31 4,500.00 -1,362.31 -30.27 6,000.00

720250 Water 14,072.96 15,750.00 1,677.04 10.65 120,318.72 126,000.00 5,681.28 4.51 189,000.00

720255 Water Irrigation 1,080.38 1,000.00 -80.38 -8.04 7,699.39 8,000.00 300.61 3.76 12,000.00

720350 Trash Removal 1,085.70 1,636.00 550.30 33.64 11,867.51 13,088.00 1,220.49 9.33 19,632.00

720560 Reimbursed Trash -2,861.78 -2,935.60 -73.82 -2.51 -22,523.48 -23,149.80 -626.32 -2.71 -34,627.20

Total Utilities 21,206.73 19,308.40 -1,898.33 -9.83 155,722.10 161,814.70 6,092.60 3.77 242,800.80

Redecorate/Make-Ready

725050 Carpet Cleaning 1,051.11 1,125.00 73.89 6.57 7,491.06 5,710.00 -1,781.06 -31.19 7,960.00

725200 Painting 1,385.43 6,412.50 5,027.07 78.39 26,574.70 32,547.00 5,972.30 18.35 45,372.00

725350 Contract Cleaning 915.00 2,070.00 1,155.00 55.80 11,785.00 10,506.40 -1,278.60 -12.17 14,646.40

725400 Cleaning Supplies 0.00 33.00 33.00 100.00 0.00 264.00 264.00 100.00 396.00

Total Redecorate/Make-Ready 3,351.54 9,640.50 6,288.96 65.23 45,850.76 49,027.40 3,176.64 6.48 68,374.40

Landscaping/Contracted

730050 Landscape Contract 2,585.00 2,662.55 77.55 2.91 20,569.69 21,300.40 730.71 3.43 31,950.60

730100 Seasonal Color 0.00 0.00 0.00 N/A 0.00 500.00 500.00 100.00 1,000.00

730110 Mulch/Pine Straw 0.00 0.00 0.00 N/A 0.00 0.00 0.00 N/A 10,500.00

730300 Other Landscaping 265.00 0.00 -265.00 N/A 2,523.50 5,000.00 2,476.50 49.53 8,300.00

730350 Courtesy Patrol 2,934.10 2,320.00 -614.10 -26.47 20,360.45 18,560.00 -1,800.45 -9.70 27,840.00

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730400 Alarms & Monitoring 21.25 21.00 -0.25 -1.19 289.55 468.00 178.45 38.13 852.00

730450 Pest Control 349.90 315.00 -34.90 -11.08 2,477.90 3,620.00 1,142.10 31.55 5,230.00

730620 Contract Common Area Cleaning 880.00 800.00 -80.00 -10.00 6,010.00 6,400.00 390.00 6.09 9,600.00

730650 Other Contracted Services 660.50 680.00 19.50 2.87 5,284.00 5,440.00 156.00 2.87 8,160.00

Total Landscaping/Contracted 7,695.75 6,798.55 -897.20 -13.20 57,515.09 61,288.40 3,773.31 6.16 103,432.60

Repairs & Maintenance

735050 Electrical Supplies 802.46 1,700.00 897.54 52.80 11,260.01 13,400.00 2,139.99 15.97 20,100.00

735090 Plumbing Supplies 2,360.50 2,325.00 -35.50 -1.53 16,492.53 17,600.00 1,107.47 6.29 25,925.00

735120 HVAC 0.00 1,950.00 1,950.00 100.00 4,360.26 3,900.00 -460.26 -11.80 3,900.00

735130 HVAC Supplies 1,348.98 600.00 -748.98 -124.83 9,083.33 10,452.00 1,368.67 13.09 14,736.00

735160 Appliances/Equipment 1,067.26 350.00 -717.26 -204.93 3,240.82 2,600.00 -640.82 -24.65 3,850.00

735200 Interior 399.29 250.00 -149.29 -59.72 2,749.87 1,825.00 -924.87 -50.68 2,700.00

735240 Exterior 260.23 75.00 -185.23 -246.97 3,019.77 600.00 -2,419.77 -403.30 900.00

735370 Pool Supplies 1,035.78 900.00 -135.78 -15.09 8,903.40 6,700.00 -2,203.40 -32.89 10,050.00

735400 Recreational Facilities 567.49 125.00 -442.49 -353.99 141.56 1,025.00 883.44 86.19 1,525.00

735420 Amenities R&M 463.28 30.00 -433.28 -1,444.27 1,152.49 240.00 -912.49 -380.20 360.00

735520 Windows/Screens/Doors 447.00 275.00 -172.00 -62.55 3,012.14 2,200.00 -812.14 -36.92 3,300.00

735525 Glass Repair 322.24 250.00 -72.24 -28.90 398.63 2,000.00 1,601.37 80.07 3,000.00

735530 Door Repairs 206.23 150.00 -56.23 -37.49 775.79 1,200.00 424.21 35.35 1,800.00

735630 Ceiling/Interior Walls 668.65 350.00 -318.65 -91.04 5,183.65 2,700.00 -2,483.65 -91.99 4,025.00

735640 Cleaning & Supplies 520.08 275.00 -245.08 -89.12 2,631.11 2,200.00 -431.11 -19.60 3,300.00

735650 Water Extraction 2,155.00 1,000.00 -1,155.00 -115.50 11,725.00 8,000.00 -3,725.00 -46.56 12,000.00

735680 Fire/Life Safety 0.00 30.00 30.00 100.00 1,735.42 3,710.00 1,974.58 53.22 3,830.00

735700 Bathroom Repairs 0.00 50.00 50.00 100.00 47.90 400.00 352.10 88.02 600.00

735710 Mirror Repairs 533.57 0.00 -533.57 N/A 606.19 60.00 -546.19 -910.32 80.00

735720 Golf Carts/Vehicle 217.79 400.00 182.21 45.55 1,568.97 1,600.00 31.03 1.94 2,000.00

735810 Locks & Keys 754.79 550.00 -204.79 -37.23 5,875.62 4,400.00 -1,475.62 -33.54 6,600.00

Total Repairs & Maintenance 14,130.62 11,635.00 -2,495.62 -21.45 93,964.46 86,812.00 -7,152.46 -8.24 124,581.00

Leasing & Marketing

740100 Apartment Guide/Magazine 176.54 277.00 100.46 36.27 1,336.24 2,216.00 879.76 39.70 3,324.00

740250 Collateral Materials 43.95 110.00 66.05 60.05 1,250.18 1,970.00 719.82 36.54 1,970.00

740300 Banners/Flags 0.00 0.00 0.00 N/A 0.00 600.00 600.00 100.00 800.00

740350 Signage 0.00 0.00 0.00 N/A 463.31 0.00 -463.31 N/A 0.00

740400 Model Furniture -238.29 0.00 238.29 N/A 1,323.33 0.00 -1,323.33 N/A 0.00

740450 Model/Accessories 0.00 0.00 0.00 N/A 553.25 300.00 -253.25 -84.42 300.00

740550 Prospect Refreshments 532.09 150.00 -382.09 -254.73 2,130.28 1,200.00 -930.28 -77.52 1,800.00

740600 Resident Functions/Parties 172.33 100.00 -72.33 -72.33 1,027.81 800.00 -227.81 -28.48 1,500.00

740650 Resident Referral 0.00 0.00 0.00 N/A 0.00 200.00 200.00 100.00 300.00

740700 Locator/Broker Fees 3,702.50 6,602.54 2,900.04 43.92 19,333.50 30,963.34 11,629.84 37.56 41,497.64

740750 Mkt Studies/Shopper Rpts 195.00 75.00 -120.00 -160.00 440.00 940.00 500.00 53.19 1,580.00

740850 Resident Retention 0.00 0.00 0.00 N/A 0.00 0.00 0.00 N/A 608.00

740900 Other Adv/Internet/Website 2,314.92 2,310.00 -4.92 -0.21 18,671.08 19,180.00 508.92 2.65 28,420.00

740950 Other Marketing 514.46 769.00 254.54 33.10 4,239.88 6,152.00 1,912.12 31.08 9,228.00

Total Leasing & Marketing 7,413.50 10,393.54 2,980.04 28.67 50,768.86 64,521.34 13,752.48 21.31 91,327.64

General & Admin.

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745040 Telephone 146.55 275.00 128.45 46.71 1,774.87 2,200.00 425.13 19.32 3,300.00

745050 Cell Phone 213.17 200.00 -13.17 -6.58 1,621.84 1,600.00 -21.84 -1.36 2,400.00

745060 Internet Service 100.00 80.00 -20.00 -25.00 560.55 640.00 79.45 12.41 960.00

745080 Answering Service 152.80 160.00 7.20 4.50 1,222.40 1,280.00 57.60 4.50 1,920.00

745160 Employee Recruiting 0.00 0.00 0.00 N/A 995.00 0.00 -995.00 N/A 0.00

745200 Training & Education 504.82 242.20 -262.62 -108.43 2,245.22 1,937.60 -307.62 -15.88 3,406.40

745280 Employee Recognition 0.00 293.00 293.00 100.00 790.04 1,161.00 370.96 31.95 1,261.00

745320 Office Supplies 366.84 425.00 58.16 13.68 2,064.91 2,650.00 585.09 22.08 4,050.00

745360 Postal/Express Mail 231.17 275.00 43.83 15.94 2,016.70 1,775.00 -241.70 -13.62 2,500.00

745440 Office Equipment 292.41 250.00 -42.41 -16.96 2,171.67 2,000.00 -171.67 -8.58 3,000.00

745520 Credit Verification Fees 1,748.66 2,808.00 1,059.34 37.73 5,897.56 13,176.00 7,278.44 55.24 17,604.00

745560 Eviction Legal Fees 0.00 500.00 500.00 100.00 3,497.00 3,500.00 3.00 0.09 5,200.00

745600 Gov Licenses Fees/Permits 0.00 0.00 0.00 N/A 856.00 900.00 44.00 4.89 900.00

745640 Banking Fees/Charges 1,229.94 625.00 -604.94 -96.79 6,724.84 5,000.00 -1,724.84 -34.50 7,500.00

745680 Computer Services & Fees 1,384.77 1,550.00 165.23 10.66 10,130.33 12,400.00 2,269.67 18.30 18,600.00

745720 Apt Association Dues 0.00 0.00 0.00 N/A 808.24 780.00 -28.24 -3.62 780.00

745760 Print/Copy/Fax 0.00 0.00 0.00 N/A 30.25 0.00 -30.25 N/A 0.00

Total General & Admin. 6,371.13 7,683.20 1,312.07 17.08 43,407.42 50,999.60 7,592.18 14.89 73,381.40

Total Controllable Expenses 92,282.60 100,173.99 7,891.39 7.88 741,555.06 781,538.01 39,982.95 5.12 1,165,312.39

Non-Controllable Exp

Management Fees

750050 Management Fee 8,106.76 7,771.96 -334.80 -4.31 61,831.49 60,104.00 -1,727.49 -2.87 90,058.07

Total Management Fees 8,106.76 7,771.96 -334.80 -4.31 61,831.49 60,104.00 -1,727.49 -2.87 90,058.07

Insurance

755050 Property 9,113.46 7,349.23 -1,764.23 -24.01 71,008.91 58,793.84 -12,215.07 -20.78 88,190.76

755100 General Liability 1,440.86 2,512.22 1,071.36 42.65 11,526.88 20,097.76 8,570.88 42.65 30,146.64

755175 Boiler Insurance 0.00 161.00 161.00 100.00 0.00 1,288.00 1,288.00 100.00 1,932.00

755190 Termite Bond 2,590.00 0.00 -2,590.00 N/A 2,590.00 29,869.00 27,279.00 91.33 29,869.00

755200 Other 0.00 383.00 383.00 100.00 0.00 3,064.00 3,064.00 100.00 4,596.00

Total Insurance 13,144.32 10,405.45 -2,738.87 -26.32 85,125.79 113,112.60 27,986.81 24.74 154,734.40

Real Estate & Prop Tax

760050 Real Estate Property Taxes 15,956.00 15,956.00 0.00 0.00 127,648.00 127,648.00 0.00 0.00 191,472.00

760100 Personal Property Taxes 100.00 0.00 -100.00 N/A 800.00 0.00 -800.00 N/A 1,200.00

Total Real Estate & Prop Tax 16,056.00 15,956.00 -100.00 -0.63 128,448.00 127,648.00 -800.00 -0.63 192,672.00

Total Non-Controllable Exp 37,307.08 34,133.41 -3,173.67 -9.30 275,405.28 300,864.60 25,459.32 8.46 437,464.47

Total Operating Expenses 129,589.68 134,307.40 4,717.72 3.51 1,016,960.34 1,082,402.61 65,442.27 6.05 1,602,776.86

Net Operating Income 132,864.11 124,757.99 8,106.12 6.50 985,954.24 921,064.50 64,889.74 7.05 1,399,159.06

Other Non-Operating/Capital Exp.

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Interest-Mort Encumb

775050 1st Mortgage Note 54,142.83 54,149.27 6.44 0.01 426,307.18 426,471.19 164.01 0.04 638,882.92

Total Interest-Mort Encumb 54,142.83 54,149.27 6.44 0.01 426,307.18 426,471.19 164.01 0.04 638,882.92

Prof/Partnership Exp

781235 Incentive Management Fee 0.00 0.00 0.00 N/A 14,372.15 0.00 -14,372.15 N/A 0.00

Total Prof/Partnership Exp 0.00 0.00 0.00 N/A 14,372.15 0.00 -14,372.15 N/A 0.00

Total Other Non-Operating/Capital Exp. 54,142.83 54,149.27 6.44 0.01 440,679.33 426,471.19 -14,208.14 -3.33 638,882.92

Net Income 78,721.28 70,608.72 8,112.56 11.49 545,274.91 494,593.31 50,681.60 10.25 760,276.14

Adjustments

101150 Tax Escrow -15,858.84 -15,956.00 97.16 0.61 -126,967.70 -127,648.00 680.30 0.53 -191,472.00

101200 Insurance Escrow -9,569.15 -8,901.06 -668.09 -7.51 -81,104.83 -71,208.48 -9,896.35 -13.90 -106,812.72

101250 Replacement Reserves -7,607.23 -7,613.32 6.09 0.08 90,658.41 -60,906.56 151,564.97 248.85 -91,359.84

101251 Repl Rsrv - Current Year Withdrawals 0.00 0.00 0.00 N/A 0.00 68,519.88 -68,519.88 -100.00 91,359.84

101400 Security Deposits -2,812.50 0.00 -2,812.50 N/A -4,915.99 0.00 -4,915.99 N/A 0.00

102200 A/R-Residents -15,890.59 0.00 -15,890.59 N/A -11,248.55 0.00 -11,248.55 N/A 0.00

102400 A/R-Other 0.00 0.00 0.00 N/A 12,300.00 0.00 12,300.00 N/A 0.00

102500 A/R- Reversed 15,890.59 0.00 15,890.59 N/A 11,248.55 0.00 11,248.55 N/A 0.00

111150 Prepaid Insurance 9,113.46 0.00 9,113.46 N/A 82,993.70 0.00 82,993.70 N/A 0.00

111300 Prepaid Other 0.00 0.00 0.00 N/A -3.44 0.00 -3.44 N/A 0.00

150040 Blinds & Drapes -859.21 -1,125.00 265.79 23.63 -4,879.12 -5,625.00 745.88 13.26 -7,425.00

150050 Exercise Equipment 0.00 0.00 0.00 N/A -26,575.50 -30,000.00 3,424.50 11.42 -30,000.00

150060 Cabinets -50.00 -3,000.00 2,950.00 98.33 -11,750.00 -24,000.00 12,250.00 51.04 -36,000.00

150062 Medicine Cabinets 0.00 -625.00 625.00 100.00 0.00 -5,000.00 5,000.00 100.00 -7,500.00

150080 Clubhouse Renovation 0.00 0.00 0.00 N/A -7,476.72 -7,000.00 -476.72 -6.81 -7,000.00

150090 Asphalt/Walkways Repairs 0.00 -1,000.00 1,000.00 100.00 -3,223.50 -3,000.00 -223.50 -7.45 -3,000.00

150120 Doors & Hardware -868.33 -600.00 -268.33 -44.72 -5,528.93 -4,350.00 -1,178.93 -27.10 -6,450.00

150140 Electrical -2,157.43 -450.00 -1,707.43 -379.43 -10,723.03 -3,600.00 -7,123.03 -197.86 -5,400.00

150160 Exterior Replacement -1,310.00 0.00 -1,310.00 N/A -1,310.00 0.00 -1,310.00 N/A 0.00

150245 Unit HVAC -2,536.32 -3,600.00 1,063.68 29.55 -11,253.07 -15,300.00 4,046.93 26.45 -21,600.00

150280 Interior Replacements -1,440.39 -900.00 -540.39 -60.04 -15,042.62 -7,200.00 -7,842.62 -108.93 -10,800.00

150330 Waterproofing 0.00 0.00 0.00 N/A 0.00 -5,000.00 5,000.00 100.00 -7,500.00

150340 Plumbing 0.00 -1,000.00 1,000.00 100.00 -3,156.79 -8,000.00 4,843.21 60.54 -12,000.00

150440 Dishwashers 0.00 0.00 0.00 N/A -1.00 0.00 -1.00 N/A 0.00

150460 Disposals 0.00 -120.00 120.00 100.00 -931.62 -660.00 -271.62 -41.15 -960.00

150540 Hoods 0.00 -160.00 160.00 100.00 -622.67 -1,280.00 657.33 51.35 -1,920.00

150560 Refrigerators 0.00 0.00 0.00 N/A 495.05 0.00 495.05 N/A 0.00

150590 Water Heaters -440.48 0.00 -440.48 N/A -1,264.37 -705.00 -559.37 -79.34 -940.00

150660 Unit Carpet Replacement -5,905.44 -6,700.00 794.56 11.86 -30,849.29 -30,820.00 -29.29 -0.10 -42,210.00

150680 Unit Vinyl Replacement -916.39 -530.00 -386.39 -72.90 -3,058.43 -3,710.00 651.57 17.56 -5,300.00

150833 Rehab - Unit Interiors -8,981.14 -2,234.00 -6,747.14 -302.02 -49,202.81 -17,872.00 -31,330.81 -175.31 -26,808.00

150907 Brochures and Photos 0.00 0.00 0.00 N/A -900.00 0.00 -900.00 N/A 0.00

150950 Asbestos Abatement 0.00 0.00 0.00 N/A -5,735.00 -6,950.00 1,215.00 17.48 -8,950.00

150965 Swimming Pool 0.00 0.00 0.00 N/A -13,240.00 0.00 -13,240.00 N/A 0.00

150969 Recreation Facilities - Other -780.50 0.00 -780.50 N/A -16,212.92 -15,000.00 -1,212.92 -8.09 -15,000.00

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150983 Parking Lot Seal Coat 0.00 0.00 0.00 N/A 0.00 -20,000.00 20,000.00 100.00 -20,000.00

200100 Accounts Payable-Trade 22,101.88 0.00 22,101.88 N/A -4,800.26 0.00 -4,800.26 N/A 0.00

200150 Security Deposits-Current 2,000.00 0.00 2,000.00 N/A 2,828.49 0.00 2,828.49 N/A 0.00

200170 Pet Deposit 812.50 0.00 812.50 N/A 2,087.50 0.00 2,087.50 N/A 0.00

200200 Security Deposits-Move Out 0.00 0.00 0.00 N/A -942.00 0.00 -942.00 N/A 0.00

200250 A/P-Other 0.00 0.00 0.00 N/A 435.00 0.00 435.00 N/A 0.00

200270 Resident Forced Placed Ins Payable -229.65 0.00 -229.65 N/A -1,114.87 0.00 -1,114.87 N/A 0.00

210100 Accrued Operating Exp. -15,337.04 0.00 -15,337.04 N/A -8,199.21 0.00 -8,199.21 N/A 0.00

210150 Accrued Property Taxes 16,056.00 0.00 16,056.00 N/A 128,448.00 0.00 128,448.00 N/A 0.00

210300 Accrued Insurance 1,440.86 0.00 1,440.86 N/A 1,440.86 0.00 1,440.86 N/A 0.00

210350 Accrued Interest -66.02 0.00 -66.02 N/A -557.41 0.00 -557.41 N/A 0.00

210400 Accrued Management Fees 1,578.80 0.00 1,578.80 N/A 152.75 0.00 152.75 N/A 0.00

210430 Accrued Capital Asset 0.00 0.00 0.00 N/A -12,416.98 0.00 -12,416.98 N/A 0.00

220100 Unearned Revenue 1,930.94 0.00 1,930.94 N/A -7,878.04 0.00 -7,878.04 N/A 0.00

220110 Unearned Revenue - Reversed -1,930.94 0.00 -1,930.94 N/A 7,040.37 0.00 7,040.37 N/A 0.00

220600 Unclaimed Property 0.00 0.00 0.00 N/A 2,200.48 0.00 2,200.48 N/A 0.00

250100 Permanent Loan - 1st -15,364.48 15,999.51 -31,363.99 -196.03 -129,722.05 134,719.03 -264,441.08 -196.29 202,902.41

300210 Distribution-General Prtnr -10,000.00 -8,333.33 -1,666.67 -20.00 -70,000.00 -66,666.64 -3,333.36 -5.00 -99,999.96

Total Adjustments -49,987.04 -46,848.20 -3,138.84 -6.70 -340,479.56 -338,262.77 -2,216.79 -0.66 -472,145.27

Cash Flow 28,734.24 23,760.52 4,973.72 20.93 204,795.35 156,330.54 48,464.81 31.00 288,130.87

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Total

Actual Actual Actual Actual Actual Actual Actual Actual Budget Budget Budget Budget Actual+ Original

Jan 2014 Feb 2014 Mar 2014 Apr 2014 May 2014 Jun 2014 Jul 2014 Aug 2014 Sep 2014 Oct 2014 Nov 2014 Dec 2014 Budget Budget Variance %Variance

Revenue

Potential Rent

510050 Gross Mkt Rent Potential 241,485.00 241,485.00 241,485.00 241,485.00 241,485.00 241,485.00 241,485.00 241,485.00 244,374.00 244,524.00 244,674.00 244,824.00 2,910,276.00 2,923,428.00 -13,152.00 -0.45

510100 Gain/Loss to Lease -1,037.00 -1,323.00 -1,639.00 -626.00 -1,660.00 1,758.00 5,049.00 7,921.00 -2,016.16 -1,867.89 -1,750.36 -1,644.11 1,164.48 -28,747.74 29,912.22 -104.05

Net Potential Rent 240,448.00 240,162.00 239,846.00 240,859.00 239,825.00 243,243.00 246,534.00 249,406.00 242,357.84 242,656.11 242,923.64 243,179.89 2,911,440.48 2,894,680.26 16,760.22 0.58

510200 Vacancy -18,902.92 -15,161.85 -15,117.33 -13,130.25 -14,938.77 -20,556.74 -17,903.36 -16,257.08 -11,343.78 -14,741.32 -14,341.61 -12,542.92 -184,937.93 -149,400.76 -35,537.17 23.79

510300 Models -810.00 -810.00 -810.00 -810.00 -810.00 -810.00 -810.00 -810.00 -810.00 -810.00 -810.00 -810.00 -9,720.00 -9,720.00 0.00 0.00

510350 Employee Units -515.00 -515.00 -515.00 -363.00 -653.20 -510.83 -548.35 -508.75 -515.00 -515.00 -515.00 -515.00 -6,189.13 -6,180.00 -9.13 0.15

510410 Recurring Concessions 90.94 -37.00 -150.87 -123.00 -429.00 -250.00 -128.65 -368.00 0.00 0.00 0.00 0.00 -1,395.58 0.00 -1,395.58 N/A

510420 Non-recurring Concessions 0.00 -6.88 -859.81 -271.84 0.00 -575.69 -615.16 -4,162.00 -1,709.20 -809.52 -679.65 -599.67 -10,289.42 -16,152.58 5,863.16 -36.30

510500 Future Rent Collected 6,237.44 -17,159.32 3,452.89 -5,070.81 204.89 42,536.41 -39,172.81 1,930.94 0.00 0.00 0.00 0.00 -7,040.37 0.00 -7,040.37 N/A

510550 Net Delinquency -1,659.05 7,166.97 -9,136.74 51.57 5,068.93 597.75 903.15 -723.61 0.00 0.00 0.00 0.00 2,268.97 0.00 2,268.97 N/A

510950 Less: Writeoffs 0.00 0.00 0.00 0.00 -4,351.41 -441.96 -2,814.81 -915.56 -3,812.00 -3,761.00 -3,772.00 -3,806.00 -23,674.74 -45,299.00 21,624.26 -47.74

510951 Write Off Rent Recovery -630.42 1,560.84 0.00 3,806.69 2,553.08 -2,553.08 6,300.35 0.00 1,502.00 1,481.00 1,486.00 1,499.00 17,005.46 17,846.00 -840.54 -4.71

Total Apt Rental Income 224,258.99 215,199.76 216,709.14 224,948.36 226,469.52 260,678.86 191,744.36 227,591.94 225,669.86 223,500.27 224,291.38 226,405.30 2,687,467.74 2,685,773.92 1,693.82 0.06

Other Rental Income

513250 MTM Premium 212.90 600.00 700.00 540.00 300.00 3.33 300.00 200.00 0.00 0.00 0.00 0.00 2,856.23 0.00 2,856.23 N/A

513300 Pet Premium 190.65 170.00 202.58 290.00 260.00 274.33 254.51 290.06 100.00 100.00 100.00 100.00 2,332.13 1,200.00 1,132.13 94.34

Total Other Rental Income 403.55 770.00 902.58 830.00 560.00 277.66 554.51 490.06 100.00 100.00 100.00 100.00 5,188.36 1,200.00 3,988.36 332.36

Total Rental Income 224,662.54 215,969.76 217,611.72 225,778.36 227,029.52 260,956.52 192,298.87 228,082.00 225,769.86 223,600.27 224,391.38 226,505.30 2,692,656.10 2,686,973.92 5,682.18 0.21

Other Income

520050 Application Fees 1,375.00 2,249.50 2,050.50 1,850.00 1,400.00 2,800.00 2,350.00 3,798.40 1,650.00 1,500.00 1,500.00 1,500.00 24,023.40 24,450.00 -426.60 -1.74

520100 NSF Fees 80.00 200.00 160.00 80.00 40.00 80.00 300.00 200.00 100.00 120.00 120.00 120.00 1,600.00 1,280.00 320.00 25.00

520150 Late Fees 3,500.00 3,746.00 2,454.00 1,300.00 2,100.00 2,700.00 3,003.74 3,300.00 2,500.00 2,500.00 2,500.00 2,500.00 32,103.74 30,000.00 2,103.74 7.01

520200 Short Term Lease Premium 483.87 325.00 257.26 215.00 200.00 115.84 50.00 50.00 0.00 0.00 0.00 0.00 1,696.97 425.00 1,271.97 299.29

520250 Initial Pet Fees 350.00 -116.69 400.00 400.00 100.00 350.00 200.00 600.00 175.00 0.00 175.00 0.00 2,633.31 1,400.00 1,233.31 88.09

520360 Administrative Fees 936.55 2,004.93 2,274.50 1,383.13 1,191.87 2,658.29 1,145.58 3,497.41 1,595.00 1,450.00 1,450.00 1,450.00 21,037.26 23,635.00 -2,597.74 -10.99

520500 Transfer Fees 0.00 0.00 0.00 200.00 200.00 200.00 0.00 300.00 100.00 100.00 100.00 100.00 1,300.00 1,200.00 100.00 8.33

520550 Gate Card Income 0.00 0.00 0.00 420.00 220.00 410.00 100.00 600.00 140.00 140.00 140.00 140.00 2,310.00 1,680.00 630.00 37.50

520600 Lease Cancellation Fees 4,075.73 910.63 4,144.78 3,848.00 735.78 6,038.69 2,645.60 4,143.98 3,144.00 3,144.00 3,144.00 1,572.00 37,547.19 34,584.00 2,963.19 8.57

520700 Bad Debt Recovery - Other Income 0.00 -179.98 2,678.29 -2,498.31 0.00 3,909.52 -5,692.72 1,248.62 0.00 0.00 0.00 0.00 -534.58 0.00 -534.58 N/A

520850 Damages/Cleaning 1,869.77 907.31 1,075.23 3,511.29 1,389.38 2,917.48 1,446.46 3,327.19 3,330.00 1,980.00 1,440.00 1,350.00 24,544.11 28,656.00 -4,111.89 -14.35

520900 Interest Income 0.00 0.00 0.00 0.00 0.00 126.05 12.76 7.23 20.00 20.00 20.00 20.00 226.04 240.00 -13.96 -5.82

520950 Cable Service Income 0.00 0.00 0.00 0.00 2,249.79 0.00 0.00 0.00 0.00 0.00 2,050.00 0.00 4,299.79 8,200.00 -3,900.21 -47.56

521050 Miscellaneous 178.16 666.56 992.37 -65.68 37.98 0.00 295.00 265.00 175.00 175.00 175.00 175.00 3,069.39 2,100.00 969.39 46.16

Total Other Income 12,849.08 10,713.26 16,486.93 10,643.43 9,864.80 22,305.87 5,856.42 21,337.83 12,929.00 11,129.00 12,814.00 8,927.00 155,856.62 157,850.00 -1,993.38 -1.26

Corporate Apt Income

530150 Furnishings 185.43 119.00 -304.43 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 N/A

Total Corporate Apt Income 185.43 119.00 -304.43 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 N/A

Laundry Income

540050 Washer/Dryer Rental 1,217.85 1,337.14 1,263.23 1,378.01 1,197.71 1,445.57 1,441.29 1,713.60 1,440.00 1,480.00 1,480.00 1,480.00 16,874.40 17,400.00 -525.60 -3.02

540100 Coin-op Laundry -1,571.35 1,500.00 0.00 640.31 787.98 471.47 451.41 346.01 517.00 517.00 517.00 517.00 4,693.83 6,204.00 -1,510.17 -24.34

Total Laundry Income -353.50 2,837.14 1,263.23 2,018.32 1,985.69 1,917.04 1,892.70 2,059.61 1,957.00 1,997.00 1,997.00 1,997.00 21,568.23 23,604.00 -2,035.77 -8.62

Cost Recovery

550150 Reimbursed Water 10,523.23 10,958.50 10,784.51 10,983.87 10,929.78 10,821.36 10,871.84 10,974.35 11,331.00 11,041.00 11,003.00 11,080.00 131,302.44 133,508.00 -2,205.56 -1.65

Total Cost Recovery 10,523.23 10,958.50 10,784.51 10,983.87 10,929.78 10,821.36 10,871.84 10,974.35 11,331.00 11,041.00 11,003.00 11,080.00 131,302.44 133,508.00 -2,205.56 -1.65

Total Revenue 247,866.78 240,597.66 245,841.96 249,423.98 249,809.79 296,000.79 210,919.83 262,453.79 251,986.86 247,767.27 250,205.38 248,509.30 3,001,383.39 3,001,935.92 -552.53 -0.02

Expenses

Controllable Expenses

Admin Salaries

711200 Manager 4,154.00 4,154.00 3,546.25 3,538.50 6,417.93 6,417.93 5,016.96 3,414.34 4,120.00 6,180.00 4,120.00 4,120.00 55,199.91 53,560.00 -1,639.91 -3.06

711300 Assistant Manager 2,179.75 2,617.02 2,617.02 2,678.05 4,068.63 3,925.53 1,741.12 2,528.77 2,560.00 3,840.00 2,560.00 2,560.00 33,875.89 33,280.00 -595.89 -1.79

7 Central (30826)

12 Month Actual to BudgetPeriod = Jan 2014-Aug 2014


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Total



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711900 OT - Admin Staff 0.00 0.00 0.00 0.00 0.00 0.00 99.47 0.00 0.00 0.00 0.00 0.00 99.47 0.00 -99.47 N/A

Total Admin Salaries 6,333.75 6,771.02 6,163.27 6,216.55 10,486.56 10,343.46 6,857.55 5,943.11 6,680.00 10,020.00 6,680.00 6,680.00 89,175.27 86,840.00 -2,335.27 -2.69

Leasing Salaries

712200 Leasing Consultant 4,429.53 4,475.85 4,245.99 3,696.47 6,137.45 5,772.62 3,746.10 4,097.07 4,170.00 6,255.00 4,170.00 4,170.00 55,366.08 53,999.40 -1,366.68 -2.53

712900 OT-Leasing 0.00 0.00 0.00 0.00 21.61 38.15 83.01 17.61 38.25 38.25 38.25 38.25 313.38 459.00 145.62 31.73

Total Leasing Salaries 4,429.53 4,475.85 4,245.99 3,696.47 6,159.06 5,810.77 3,829.11 4,114.68 4,208.25 6,293.25 4,208.25 4,208.25 55,679.46 54,458.40 -1,221.06 -2.24

Maint Salaries

713200 Maintenance Manager 2,289.12 3,694.56 3,540.84 3,657.60 5,558.90 5,558.90 3,645.64 3,826.52 3,619.41 5,428.11 3,619.41 3,619.41 48,058.42 47,050.32 -1,008.10 -2.14

713300 Asst Maintenance Mgr 2,676.69 2,692.60 2,692.60 2,653.36 3,372.00 4,372.00 2,795.64 2,772.16 2,622.37 3,932.55 2,622.37 2,622.37 35,826.71 34,088.80 -1,737.91 -5.10

713400 Maintenance Assistant 3,833.78 4,952.58 4,912.90 4,507.80 5,009.84 7,019.53 4,738.72 4,613.39 4,754.48 7,131.72 4,754.48 4,754.48 60,983.70 61,808.24 824.54 1.33

713500 Porter/Grounds Person 1,578.38 1,712.28 1,671.08 1,706.75 2,437.34 2,450.80 1,661.60 1,661.60 1,697.44 2,546.16 1,697.44 1,697.44 22,518.31 22,066.72 -451.59 -2.05

713855 OT-Maintenance 105.00 262.15 352.66 225.22 281.84 406.20 230.41 317.77 128.73 128.73 128.73 128.73 2,696.17 1,544.76 -1,151.41 -74.54

Total Maint Salaries 10,482.97 13,314.17 13,170.08 12,750.73 16,659.92 19,807.43 13,072.01 13,191.44 12,822.43 19,167.27 12,822.43 12,822.43 170,083.31 166,558.84 -3,524.47 -2.12

Total Salary & Wages 21,246.25 24,561.04 23,579.34 22,663.75 33,305.54 35,961.66 23,758.67 23,249.23 23,710.68 35,480.52 23,710.68 23,710.68 314,938.04 307,857.24 -7,080.80 -2.30

Bonus

714050 Bonus - Administrative 3,400.00 -1,798.36 790.00 1,580.00 -785.41 286.66 2,881.33 400.00 500.00 500.00 500.00 900.00 9,154.22 13,800.00 4,645.78 33.67

714100 Bonus - Leasing -400.00 790.00 370.00 30.00 265.00 130.00 10.00 450.00 600.00 600.00 600.00 900.00 4,345.00 7,500.00 3,155.00 42.07

714150 Bonus - Maintenance 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 625.00 625.00 625.00 0.00 0.00

714170 Bonus - Grounds 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 125.00 125.00 125.00 0.00 0.00

Total Bonus 3,000.00 -1,008.36 1,160.00 1,610.00 -520.41 416.66 2,891.33 850.00 1,100.00 1,100.00 1,100.00 2,550.00 14,249.22 22,050.00 7,800.78 35.38

Payroll Taxes

714200 Payroll Taxes - Administrative 683.41 887.30 791.78 681.81 776.48 752.93 787.07 469.26 739.00 1,084.00 739.00 781.00 9,173.04 10,364.00 1,190.96 11.49

714250 Payroll Taxes - Leasing 432.06 684.68 654.18 468.52 648.82 614.94 382.02 294.06 495.00 710.00 495.00 526.00 6,405.28 6,376.00 -29.28 -0.46

714300 Payroll Taxes - Maintenance 1,111.80 1,455.30 1,475.48 1,132.88 1,054.98 1,359.53 813.53 818.42 1,145.00 1,711.00 1,145.00 1,210.00 14,432.92 14,937.00 504.08 3.37

714320 Payroll Taxes - Grounds 185.47 233.92 233.91 237.19 323.12 327.27 206.91 206.93 176.00 264.00 176.00 189.00 2,759.72 2,301.00 -458.72 -19.94

Total Payroll Taxes 2,412.74 3,261.20 3,155.35 2,520.40 2,803.40 3,054.67 2,189.53 1,788.67 2,555.00 3,769.00 2,555.00 2,706.00 32,770.96 33,978.00 1,207.04 3.55

Insurance Benefits

714350 Ins. Benefits - Administrative 757.94 570.08 838.64 1,107.20 1,689.25 1,660.80 1,320.50 1,164.72 1,200.00 1,200.00 1,200.00 1,200.00 13,909.13 14,400.00 490.87 3.41

714400 Ins. Benefits - Leasing 496.21 552.87 1,105.31 555.88 1,059.48 835.96 558.02 639.36 1,200.00 1,200.00 1,200.00 1,200.00 10,603.09 14,400.00 3,796.91 26.37

714450 Ins. Benefits - Maintenance 1,880.85 2,256.14 2,256.14 2,116.48 2,818.76 3,591.71 2,237.12 2,237.12 2,566.00 2,566.00 2,566.00 2,566.00 29,658.32 30,792.00 1,133.68 3.68

714470 Ins. Benefits - Grounds 269.53 536.92 536.92 536.92 536.92 0.00 536.92 536.92 600.00 600.00 600.00 600.00 5,891.05 7,200.00 1,308.95 18.18

Total Insurance Benefits 3,404.53 3,916.01 4,737.01 4,316.48 6,104.41 6,088.47 4,652.56 4,578.12 5,566.00 5,566.00 5,566.00 5,566.00 60,061.59 66,792.00 6,730.41 10.08

401k Contribution

714500 401K Contr - Administrative 0.00 0.00 27.00 81.15 94.68 92.70 105.65 52.53 71.80 105.20 71.80 75.80 778.31 1,006.40 228.09 22.66

714550 401K Contr - Leasing 0.00 2.60 16.23 32.41 54.13 47.86 35.05 32.96 48.08 68.93 48.08 51.08 437.41 619.58 182.17 29.40

714600 401K Contr - Maintenance 137.94 128.37 127.60 134.56 213.45 253.13 164.59 174.60 109.96 164.92 109.96 116.21 1,835.29 1,435.69 -399.60 -27.83

714620 401K Contr - Grounds 24.72 24.72 24.72 25.08 25.44 0.00 0.00 0.00 16.97 25.46 16.97 18.22 202.30 221.87 19.57 8.82

Total 401k Contribution 162.66 155.69 195.55 273.20 387.70 393.69 305.29 260.09 246.81 364.51 246.81 261.31 3,253.31 3,283.54 30.23 0.92

Workers Compensation

714650 Workers Comp - Administrative 115.81 326.63 196.83 240.87 319.52 330.98 339.86 206.51 299.71 449.57 299.71 299.71 3,425.71 3,896.24 470.53 12.08

714700 Workers Comp - Leasing 94.64 224.43 147.20 104.09 192.50 192.87 140.20 127.36 188.81 282.36 188.81 188.81 2,072.08 2,443.39 371.31 15.20

714750 Workers Comp - Maintenance 263.70 846.01 593.80 595.61 758.24 936.90 584.41 586.30 595.91 890.72 595.91 595.91 7,843.42 7,740.54 -102.88 -1.33

714770 Workers Comp - Grounds 40.18 128.58 88.40 89.69 125.31 127.92 85.82 85.82 91.88 137.40 91.88 91.88 1,184.76 1,193.60 8.84 0.74

Total Workers Compensation 514.33 1,525.65 1,026.23 1,030.26 1,395.57 1,588.67 1,150.29 1,005.99 1,176.31 1,760.05 1,176.31 1,176.31 14,525.97 15,273.77 747.80 4.90

Other Payroll

714800 Uniform 1,770.97 -1,750.00 93.30 2,041.85 0.00 399.32 1,181.19 0.00 0.00 0.00 0.00 0.00 3,736.63 7,500.00 3,763.37 50.18

714900 Other 337.12 353.27 359.29 362.00 507.79 553.96 655.97 381.23 360.00 540.00 360.00 360.00 5,130.63 4,680.00 -450.63 -9.63

Total Other Payroll 2,108.09 -1,396.73 452.59 2,403.85 507.79 953.28 1,837.16 381.23 360.00 540.00 360.00 360.00 8,867.26 12,180.00 3,312.74 27.20

Total Payroll 32,848.60 31,014.50 34,306.07 34,817.94 43,984.00 48,457.10 36,784.83 32,113.33 34,714.80 48,580.08 34,714.80 36,330.30 448,666.35 461,414.55 12,748.20 2.76

Utilities

720050 Electricity-Vacant 688.70 843.16 237.24 695.81 645.78 705.60 1,175.88 1,256.69 1,345.50 1,420.50 1,270.50 1,083.00 11,368.36 13,896.00 2,527.64 18.19

720100 Electricity-Common Area 3,501.02 2,996.09 3,193.25 3,009.02 3,477.82 3,226.06 2,958.86 3,886.67 3,075.00 3,075.00 3,075.00 3,075.00 38,548.79 36,900.00 -1,648.79 -4.47

720200 Gas-Common Area 0.00 0.00 0.00 3,176.20 0.00 0.00 0.00 2,686.11 0.00 1,500.00 0.00 0.00 7,362.31 6,000.00 -1,362.31 -22.71

720250 Water 14,684.46 15,388.56 14,370.61 15,520.85 15,845.43 15,318.15 15,117.70 14,072.96 15,750.00 15,750.00 15,750.00 15,750.00 183,318.72 189,000.00 5,681.28 3.01

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720255 Water Irrigation 837.13 586.94 842.54 1,336.75 1,085.01 860.30 1,070.34 1,080.38 1,000.00 1,000.00 1,000.00 1,000.00 11,699.39 12,000.00 300.61 2.51

720350 Trash Removal 1,436.79 2,237.83 1,436.06 1,650.13 1,229.45 1,488.62 1,302.93 1,085.70 1,636.00 1,636.00 1,636.00 1,636.00 18,411.51 19,632.00 1,220.49 6.22

720560 Reimbursed Trash -2,728.27 -2,807.63 -2,811.25 -2,896.38 -2,849.21 -2,804.10 -2,764.86 -2,861.78 -2,860.60 -2,850.60 -2,870.60 -2,895.60 -34,000.88 -34,627.20 -626.32 1.81

Total Utilities 18,419.83 19,244.95 17,268.45 22,492.38 19,434.28 18,794.63 18,860.85 21,206.73 19,945.90 21,530.90 19,860.90 19,648.40 236,708.20 242,800.80 6,092.60 2.51

Redecorate/Make-Ready

725050 Carpet Cleaning 390.00 1,175.00 1,345.00 1,070.00 960.00 615.00 884.95 1,051.11 925.00 550.00 400.00 375.00 9,741.06 7,960.00 -1,781.06 -22.38

725200 Painting 2,397.38 1,362.33 3,091.82 3,563.48 5,254.09 3,947.52 5,572.65 1,385.43 5,272.50 3,135.00 2,280.00 2,137.50 39,399.70 45,372.00 5,972.30 13.16

725350 Contract Cleaning 2,710.00 1,645.00 1,095.00 670.00 1,570.00 1,180.00 2,000.00 915.00 1,702.00 1,012.00 736.00 690.00 15,925.00 14,646.40 -1,278.60 -8.73

725400 Cleaning Supplies 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 33.00 33.00 33.00 33.00 132.00 396.00 264.00 66.67

Total Redecorate/Make-Ready 5,497.38 4,182.33 5,531.82 5,303.48 7,784.09 5,742.52 8,457.60 3,351.54 7,932.50 4,730.00 3,449.00 3,235.50 65,197.76 68,374.40 3,176.64 4.65

Landscaping/Contracted

730050 Landscape Contract 2,585.00 2,474.69 2,585.00 2,585.00 2,585.00 2,585.00 2,585.00 2,585.00 2,662.55 2,662.55 2,662.55 2,662.55 31,219.89 31,950.60 730.71 2.29

730100 Seasonal Color 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 250.00 0.00 0.00 250.00 500.00 1,000.00 500.00 50.00

730110 Mulch/Pine Straw 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 10,500.00 0.00 10,500.00 10,500.00 0.00 0.00

730300 Other Landscaping 240.00 249.00 1,294.50 475.00 0.00 0.00 0.00 265.00 0.00 3,300.00 0.00 0.00 5,823.50 8,300.00 2,476.50 29.84

730350 Courtesy Patrol 2,578.90 3,057.62 2,346.66 2,347.28 2,347.28 2,347.28 2,401.33 2,934.10 2,320.00 2,320.00 2,320.00 2,320.00 29,640.45 27,840.00 -1,800.45 -6.47

730400 Alarms & Monitoring 21.25 42.50 120.05 21.25 0.00 21.25 42.00 21.25 171.00 21.00 21.00 171.00 673.55 852.00 178.45 20.94

730450 Pest Control 304.00 315.00 293.00 304.00 304.00 304.00 304.00 349.90 315.00 315.00 665.00 315.00 4,087.90 5,230.00 1,142.10 21.84

730620 Contract Common Area Cleaning 450.00 1,065.00 720.00 540.00 815.00 760.00 780.00 880.00 800.00 800.00 800.00 800.00 9,210.00 9,600.00 390.00 4.06

730650 Other Contracted Services 660.50 660.50 660.50 660.50 660.50 660.50 660.50 660.50 680.00 680.00 680.00 680.00 8,004.00 8,160.00 156.00 1.91

Total Landscaping/Contracted 6,839.65 7,864.31 8,019.71 6,933.03 6,711.78 6,678.03 6,772.83 7,695.75 7,198.55 10,098.55 17,648.55 7,198.55 99,659.29 103,432.60 3,773.31 3.65

Repairs & Maintenance

735050 Electrical Supplies 1,627.86 1,353.08 1,426.59 1,430.27 1,530.61 1,715.84 1,373.30 802.46 1,700.00 1,700.00 1,650.00 1,650.00 17,960.01 20,100.00 2,139.99 10.65

735090 Plumbing Supplies 1,491.44 1,987.34 2,238.66 1,167.51 3,283.38 2,699.93 1,263.77 2,360.50 2,325.00 2,000.00 2,000.00 2,000.00 24,817.53 25,925.00 1,107.47 4.27

735120 HVAC 315.00 0.00 0.00 2,025.00 0.00 2,020.26 0.00 0.00 0.00 0.00 0.00 0.00 4,360.26 3,900.00 -460.26 -11.80

735130 HVAC Supplies 2,239.21 999.95 482.92 391.05 1,813.29 703.38 1,104.55 1,348.98 600.00 2,484.00 600.00 600.00 13,367.33 14,736.00 1,368.67 9.29

735160 Appliances/Equipment 809.13 190.12 0.00 307.28 556.82 143.37 166.84 1,067.26 350.00 300.00 300.00 300.00 4,490.82 3,850.00 -640.82 -16.64

735200 Interior 249.28 28.49 196.82 250.31 779.27 720.37 126.04 399.29 250.00 225.00 200.00 200.00 3,624.87 2,700.00 -924.87 -34.25

735240 Exterior 35.82 1,054.11 1,102.82 150.00 214.22 139.66 62.91 260.23 75.00 75.00 75.00 75.00 3,319.77 900.00 -2,419.77 -268.86

735370 Pool Supplies 616.98 605.00 150.03 701.78 1,551.91 3,138.75 1,103.17 1,035.78 900.00 900.00 775.00 775.00 12,253.40 10,050.00 -2,203.40 -21.92

735400 Recreational Facilities 0.00 3.14 0.00 0.00 0.00 0.00 -429.07 567.49 125.00 125.00 125.00 125.00 641.56 1,525.00 883.44 57.93

735420 Amenities R&M 423.25 20.00 0.00 128.81 117.15 0.00 0.00 463.28 30.00 30.00 30.00 30.00 1,272.49 360.00 -912.49 -253.47

735520 Windows/Screens/Doors 0.00 632.08 238.89 467.87 387.27 207.90 631.13 447.00 275.00 275.00 275.00 275.00 4,112.14 3,300.00 -812.14 -24.61

735525 Glass Repair 0.00 76.39 0.00 0.00 0.00 0.00 0.00 322.24 250.00 250.00 250.00 250.00 1,398.63 3,000.00 1,601.37 53.38

735530 Door Repairs 0.00 39.16 145.98 55.70 165.89 162.83 0.00 206.23 150.00 150.00 150.00 150.00 1,375.79 1,800.00 424.21 23.57

735630 Ceiling/Interior Walls 80.00 605.00 1,185.00 1,580.00 750.00 0.00 315.00 668.65 350.00 325.00 325.00 325.00 6,508.65 4,025.00 -2,483.65 -61.71

735640 Cleaning & Supplies 184.58 173.75 286.53 45.95 591.33 568.26 260.63 520.08 275.00 275.00 275.00 275.00 3,731.11 3,300.00 -431.11 -13.06

735650 Water Extraction 1,410.00 1,465.00 1,455.00 1,560.00 975.00 960.00 1,745.00 2,155.00 1,000.00 1,000.00 1,000.00 1,000.00 15,725.00 12,000.00 -3,725.00 -31.04

735680 Fire/Life Safety 0.00 0.00 0.00 0.00 3,500.00 -1,820.32 55.74 0.00 30.00 30.00 30.00 30.00 1,855.42 3,830.00 1,974.58 51.56

735700 Bathroom Repairs 0.00 47.90 0.00 0.00 0.00 0.00 0.00 0.00 50.00 50.00 50.00 50.00 247.90 600.00 352.10 58.68

735710 Mirror Repairs 0.00 27.89 0.00 0.00 0.00 44.73 0.00 533.57 0.00 20.00 0.00 0.00 626.19 80.00 -546.19 -682.74

735720 Golf Carts/Vehicle 135.26 288.30 119.28 161.88 498.42 135.26 12.78 217.79 0.00 400.00 0.00 0.00 1,968.97 2,000.00 31.03 1.55

735810 Locks & Keys 219.40 599.09 439.59 857.97 1,194.69 925.78 884.31 754.79 550.00 550.00 550.00 550.00 8,075.62 6,600.00 -1,475.62 -22.36

Total Repairs & Maintenance 9,837.21 10,195.79 9,468.11 11,281.38 17,909.25 12,466.00 8,676.10 14,130.62 9,285.00 11,164.00 8,660.00 8,660.00 131,733.46 124,581.00 -7,152.46 -5.74

Leasing & Marketing

740100 Apartment Guide/Magazine 176.54 176.54 176.54 0.00 176.54 176.54 277.00 176.54 277.00 277.00 277.00 277.00 2,444.24 3,324.00 879.76 26.47

740250 Collateral Materials 0.00 134.08 500.00 572.15 0.00 0.00 0.00 43.95 0.00 0.00 0.00 0.00 1,250.18 1,970.00 719.82 36.54

740300 Banners/Flags 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 200.00 0.00 0.00 200.00 800.00 600.00 75.00

740350 Signage 0.00 463.31 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 463.31 0.00 -463.31 N/A

740400 Model Furniture 0.00 -179.36 -364.79 -616.37 -39.82 2,829.67 -67.71 -238.29 0.00 0.00 0.00 0.00 1,323.33 0.00 -1,323.33 N/A

740450 Model/Accessories 0.00 0.00 217.72 0.00 318.51 17.02 0.00 0.00 0.00 0.00 0.00 0.00 553.25 300.00 -253.25 -84.42

740550 Prospect Refreshments 197.83 175.16 296.55 387.65 275.42 119.27 146.31 532.09 150.00 150.00 150.00 150.00 2,730.28 1,800.00 -930.28 -51.68

740600 Resident Functions/Parties 15.98 224.21 0.00 128.66 120.00 139.11 227.52 172.33 400.00 100.00 100.00 100.00 1,727.81 1,500.00 -227.81 -15.19

740650 Resident Referral 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 50.00 0.00 50.00 0.00 100.00 300.00 200.00 66.67

740700 Locator/Broker Fees 1,891.00 1,756.00 2,200.00 703.50 2,733.50 1,756.00 4,591.00 3,702.50 2,812.28 2,569.64 2,574.20 2,578.18 29,867.80 41,497.64 11,629.84 28.03

740750 Mkt Studies/Shopper Rpts 170.00 50.00 0.00 25.00 0.00 0.00 0.00 195.00 245.00 75.00 75.00 245.00 1,080.00 1,580.00 500.00 31.65

740850 Resident Retention 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 608.00 0.00 0.00 0.00 608.00 608.00 0.00 0.00

740900 Other Adv/Internet/Website 2,417.33 2,533.33 2,096.02 1,759.38 2,795.92 2,455.38 2,298.80 2,314.92 2,310.00 2,310.00 2,310.00 2,310.00 27,911.08 28,420.00 508.92 1.79

740950 Other Marketing 208.69 1,269.86 499.02 300.59 876.98 519.14 51.14 514.46 769.00 769.00 769.00 769.00 7,315.88 9,228.00 1,912.12 20.72

Total Leasing & Marketing 5,077.37 6,603.13 5,621.06 3,260.56 7,257.05 8,012.13 7,524.06 7,413.50 7,621.28 6,450.64 6,305.20 6,429.18 77,575.16 91,327.64 13,752.48 15.06

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General & Admin.

745040 Telephone 247.64 248.33 245.50 247.12 282.67 176.11 180.95 146.55 275.00 275.00 275.00 275.00 2,874.87 3,300.00 425.13 12.88

745050 Cell Phone 150.00 272.65 150.00 150.00 216.31 260.13 209.58 213.17 200.00 200.00 200.00 200.00 2,421.84 2,400.00 -21.84 -0.91

745060 Internet Service 80.55 80.55 0.00 80.55 63.90 80.00 75.00 100.00 80.00 80.00 80.00 80.00 880.55 960.00 79.45 8.28

745080 Answering Service 152.80 152.80 152.80 152.80 152.80 152.80 152.80 152.80 160.00 160.00 160.00 160.00 1,862.40 1,920.00 57.60 3.00

745160 Employee Recruiting 220.00 0.00 175.00 175.00 400.00 25.00 0.00 0.00 0.00 0.00 0.00 0.00 995.00 0.00 -995.00 N/A

745200 Training & Education 242.20 242.20 242.20 287.20 242.20 242.20 242.20 504.82 242.20 742.20 242.20 242.20 3,714.02 3,406.40 -307.62 -9.03

745280 Employee Recognition 15.96 24.99 192.76 455.00 0.00 101.33 0.00 0.00 25.00 25.00 25.00 25.00 890.04 1,261.00 370.96 29.42

745320 Office Supplies 339.66 236.26 93.70 412.54 138.86 407.41 69.64 366.84 350.00 350.00 350.00 350.00 3,464.91 4,050.00 585.09 14.45

745360 Postal/Express Mail 305.35 299.16 207.87 234.60 178.16 379.67 180.72 231.17 200.00 175.00 175.00 175.00 2,741.70 2,500.00 -241.70 -9.67

745440 Office Equipment 407.11 208.28 267.84 236.95 244.24 241.50 273.34 292.41 250.00 250.00 250.00 250.00 3,171.67 3,000.00 -171.67 -5.72

745520 Credit Verification Fees 0.00 1,080.00 -1,080.00 940.12 895.77 859.95 1,453.06 1,748.66 1,188.00 1,080.00 1,080.00 1,080.00 10,325.56 17,604.00 7,278.44 41.35

745560 Eviction Legal Fees 2,986.00 -209.57 315.57 135.00 270.00 0.00 0.00 0.00 500.00 400.00 400.00 400.00 5,197.00 5,200.00 3.00 0.06

745600 Gov Licenses Fees/Permits 0.00 240.00 0.00 616.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 856.00 900.00 44.00 4.89

745640 Banking Fees/Charges 808.64 813.60 878.38 819.16 810.34 806.76 558.02 1,229.94 625.00 625.00 625.00 625.00 9,224.84 7,500.00 -1,724.84 -23.00

745680 Computer Services & Fees 1,509.41 1,185.00 587.20 1,347.20 1,347.21 1,532.86 1,236.68 1,384.77 1,550.00 1,550.00 1,550.00 1,550.00 16,330.33 18,600.00 2,269.67 12.20

745720 Apt Association Dues 808.24 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 808.24 780.00 -28.24 -3.62

745760 Print/Copy/Fax 0.00 21.01 3.63 0.00 0.99 3.85 0.77 0.00 0.00 0.00 0.00 0.00 30.25 0.00 -30.25 N/A

Total General & Admin. 8,273.56 4,895.26 2,432.45 6,289.24 5,243.45 5,269.57 4,632.76 6,371.13 5,645.20 5,912.20 5,412.20 5,412.20 65,789.22 73,381.40 7,592.18 10.35

Total Controllable Expenses 86,793.60 84,000.27 82,647.67 90,378.01 108,323.90 105,419.98 91,709.03 92,282.60 92,343.23 108,466.37 96,050.65 86,914.13 1,125,329.44 1,165,312.39 39,982.95 3.43

Non-Controllable Exp

Management Fees

750050 Management Fee 7,758.13 7,376.08 7,594.82 7,654.53 7,694.48 9,118.73 6,527.96 8,106.76 7,559.61 7,433.02 7,506.16 7,455.28 91,785.56 90,058.07 -1,727.49 -1.92

Total Management Fees 7,758.13 7,376.08 7,594.82 7,654.53 7,694.48 9,118.73 6,527.96 8,106.76 7,559.61 7,433.02 7,506.16 7,455.28 91,785.56 90,058.07 -1,727.49 -1.92

Insurance

755050 Property 9,113.46 9,113.46 9,113.46 9,113.46 9,113.46 7,214.69 9,113.46 9,113.46 7,349.23 7,349.23 7,349.23 7,349.23 100,405.83 88,190.76 -12,215.07 -13.85

755100 General Liability 1,440.86 1,440.86 1,440.86 1,440.86 1,440.86 1,440.86 1,440.86 1,440.86 2,512.22 2,512.22 2,512.22 2,512.22 21,575.76 30,146.64 8,570.88 28.43

755175 Boiler Insurance 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 161.00 161.00 161.00 161.00 644.00 1,932.00 1,288.00 66.67

755190 Termite Bond 29,896.00 0.00 104.00 0.00 0.00 0.00 -30,000.00 2,590.00 0.00 0.00 0.00 0.00 2,590.00 29,869.00 27,279.00 91.33

755200 Other 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 383.00 383.00 383.00 383.00 1,532.00 4,596.00 3,064.00 66.67

Total Insurance 40,450.32 10,554.32 10,658.32 10,554.32 10,554.32 8,655.55 -19,445.68 13,144.32 10,405.45 10,405.45 10,405.45 10,405.45 126,747.59 154,734.40 27,986.81 18.09

Real Estate & Prop Tax

760050 Real Estate Property Taxes 15,956.00 15,956.00 15,956.00 15,956.00 15,956.00 15,956.00 15,956.00 15,956.00 15,956.00 15,956.00 15,956.00 15,956.00 191,472.00 191,472.00 0.00 0.00

760100 Personal Property Taxes 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 0.00 0.00 1,200.00 0.00 2,000.00 1,200.00 -800.00 -66.67

Total Real Estate & Prop Tax 16,056.00 16,056.00 16,056.00 16,056.00 16,056.00 16,056.00 16,056.00 16,056.00 15,956.00 15,956.00 17,156.00 15,956.00 193,472.00 192,672.00 -800.00 -0.42

Total Non-Controllable Exp 64,264.45 33,986.40 34,309.14 34,264.85 34,304.80 33,830.28 3,138.28 37,307.08 33,921.06 33,794.47 35,067.61 33,816.73 412,005.15 437,464.47 25,459.32 5.82

Total Operating Expenses 151,058.05 117,986.67 116,956.81 124,642.86 142,628.70 139,250.26 94,847.31 129,589.68 126,264.29 142,260.84 131,118.26 120,730.86 1,537,334.59 1,602,776.86 65,442.27 4.08

Net Operating Income 96,808.73 122,610.99 128,885.15 124,781.12 107,181.09 156,750.53 116,072.52 132,864.11 125,722.57 105,506.43 119,087.12 127,778.44 1,464,048.80 1,399,159.06 64,889.74 4.64

Other Non-Operating/Capital Exp.

Interest-Mort Encumb

775050 1st Mortgage Note 54,636.33 49,290.97 54,484.99 52,664.67 54,347.50 52,531.04 54,208.85 54,142.83 54,080.52 52,269.17 53,934.65 52,127.39 638,718.91 638,882.92 164.01 0.03

Total Interest-Mort Encumb 54,636.33 49,290.97 54,484.99 52,664.67 54,347.50 52,531.04 54,208.85 54,142.83 54,080.52 52,269.17 53,934.65 52,127.39 638,718.91 638,882.92 164.01 0.03

Prof/Partnership Exp

781235 Incentive Management Fee 10,700.62 0.00 0.00 0.00 3,671.53 0.00 0.00 0.00 0.00 0.00 0.00 0.00 14,372.15 0.00 -14,372.15 N/A

Total Prof/Partnership Exp 10,700.62 0.00 0.00 0.00 3,671.53 0.00 0.00 0.00 0.00 0.00 0.00 0.00 14,372.15 0.00 -14,372.15 N/A

Total Other Non-Operating/Capital Exp. 65,336.95 49,290.97 54,484.99 52,664.67 58,019.03 52,531.04 54,208.85 54,142.83 54,080.52 52,269.17 53,934.65 52,127.39 653,091.06 638,882.92 -14,208.14 -2.22

Net Income 31,471.78 73,320.02 74,400.16 72,116.45 49,162.06 104,219.49 61,863.67 78,721.28 71,642.05 53,237.26 65,152.47 75,651.05 810,957.74 760,276.14 50,681.60 6.67

Adjustments

101150 Tax Escrow -15,955.82 -15,858.84 -15,858.84 -15,858.84 -15,858.84 -15,858.84 -15,858.84 -15,858.84 -15,956.00 -15,956.00 -15,956.00 -15,956.00 -190,791.70 -191,472.00 680.30 -0.36

101200 Insurance Escrow -8,901.16 -10,676.10 -10,676.10 -10,676.10 -9,569.15 -11,467.92 -9,569.15 -9,569.15 -8,901.06 -8,901.06 -8,901.06 -8,901.06 -116,709.07 -106,812.72 -9,896.35 9.27

101250 Replacement Reserves -7,600.00 63,655.15 -7,600.00 -7,600.00 -7,600.00 -7,726.05 72,736.54 -7,607.23 -7,613.32 -7,613.32 -7,613.32 -7,613.32 60,205.13 -91,359.84 151,564.97 -165.90

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Total



7 Central (30826)



101251 Repl Rsrv - Current Year Withdrawals 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 22,839.96 0.00 0.00 22,839.96 91,359.84 -68,519.88 -75.00

101400 Security Deposits 1,175.01 -2,158.65 -16.36 -1,600.00 871.51 -784.01 409.01 -2,812.50 0.00 0.00 0.00 0.00 -4,915.99 0.00 -4,915.99 N/A

102200 A/R-Residents -9,711.05 2,907.94 -696.66 1,844.63 3,611.23 4,730.45 1,955.50 -15,890.59 0.00 0.00 0.00 0.00 -11,248.55 0.00 -11,248.55 N/A

102400 A/R-Other -5,006.63 17,306.63 0.00 -500.17 500.17 0.00 0.00 0.00 0.00 0.00 0.00 0.00 12,300.00 0.00 12,300.00 N/A

102500 A/R- Reversed 9,711.05 -2,907.94 696.66 -1,844.63 -3,611.23 -4,730.45 -1,955.50 15,890.59 0.00 0.00 0.00 0.00 11,248.55 0.00 11,248.55 N/A

111150 Prepaid Insurance 10,554.32 10,554.32 10,554.32 10,554.32 10,554.32 10,554.32 10,554.32 9,113.46 0.00 0.00 0.00 0.00 82,993.70 0.00 82,993.70 N/A

111300 Prepaid Other 808.24 -4,161.64 3,401.64 0.00 -51.68 -97.45 97.45 0.00 0.00 0.00 0.00 0.00 -3.44 0.00 -3.44 N/A

150040 Blinds & Drapes -394.54 0.00 -505.50 -1,341.43 -661.44 -633.63 -483.37 -859.21 -450.00 -450.00 -450.00 -450.00 -6,679.12 -7,425.00 745.88 -10.05

150050 Exercise Equipment 0.00 -8,847.60 -8,260.11 3,366.76 -10,521.14 -2,313.41 0.00 0.00 0.00 0.00 0.00 0.00 -26,575.50 -30,000.00 3,424.50 -11.42

150060 Cabinets -2,760.00 -2,760.00 0.00 -2,940.00 -3,240.00 0.00 0.00 -50.00 -3,000.00 -3,000.00 -3,000.00 -3,000.00 -23,750.00 -36,000.00 12,250.00 -34.03

150062 Medicine Cabinets 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -625.00 -625.00 -625.00 -625.00 -2,500.00 -7,500.00 5,000.00 -66.67

150080 Clubhouse Renovation -6,000.00 -433.41 0.00 -1,043.31 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -7,476.72 -7,000.00 -476.72 6.81

150090 Asphalt/Walkways Repairs 0.00 0.00 0.00 -2,873.50 -350.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -3,223.50 -3,000.00 -223.50 7.45

150120 Doors & Hardware -1,200.00 0.00 -1,088.40 -954.56 -610.00 0.00 -807.64 -868.33 -600.00 -450.00 -450.00 -600.00 -7,628.93 -6,450.00 -1,178.93 18.28

150140 Electrical -1,329.82 -2,048.75 0.00 -746.50 -3,198.74 -1,241.79 0.00 -2,157.43 -450.00 -450.00 -450.00 -450.00 -12,523.03 -5,400.00 -7,123.03 131.91

150160 Exterior Replacement 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -1,310.00 0.00 0.00 0.00 0.00 -1,310.00 0.00 -1,310.00 N/A

150245 Unit HVAC -2,081.54 -376.69 -361.03 -618.18 -1,918.35 0.00 -3,360.96 -2,536.32 -2,700.00 -1,800.00 -900.00 -900.00 -17,553.07 -21,600.00 4,046.93 -18.74

150280 Interior Replacements -5,309.31 -1,914.01 -1,444.57 -886.31 -2,201.27 -1,127.58 -719.18 -1,440.39 -900.00 -900.00 -900.00 -900.00 -18,642.62 -10,800.00 -7,842.62 72.62

150330 Waterproofing 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -2,500.00 0.00 0.00 0.00 -2,500.00 -7,500.00 5,000.00 -66.67

150340 Plumbing 0.00 -1,529.52 -1,070.05 0.00 -557.22 0.00 0.00 0.00 -1,000.00 -1,000.00 -1,000.00 -1,000.00 -7,156.79 -12,000.00 4,843.21 -40.36

150440 Dishwashers 268.00 -269.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -1.00 0.00 -1.00 N/A

150460 Disposals -297.85 -239.15 0.00 0.00 -118.45 -164.61 -111.56 0.00 -60.00 -60.00 -60.00 -120.00 -1,231.62 -960.00 -271.62 28.29

150540 Hoods -343.97 0.00 -112.56 -166.14 0.00 0.00 0.00 0.00 -160.00 -160.00 -160.00 -160.00 -1,262.67 -1,920.00 657.33 -34.24

150560 Refrigerators 495.05 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 495.05 0.00 495.05 N/A

150590 Water Heaters 0.00 -201.50 0.00 0.00 0.00 -201.50 -420.89 -440.48 0.00 -235.00 0.00 0.00 -1,499.37 -940.00 -559.37 59.51

150660 Unit Carpet Replacement -2,016.78 -5,348.31 -3,402.92 -1,930.47 -6,711.81 -2,463.04 -3,070.52 -5,905.44 -5,360.00 -2,010.00 -2,010.00 -2,010.00 -42,239.29 -42,210.00 -29.29 0.07

150680 Unit Vinyl Replacement -401.18 -531.27 -405.43 -251.46 -203.27 -334.43 -15.00 -916.39 -530.00 -265.00 -265.00 -530.00 -4,648.43 -5,300.00 651.57 -12.29

150833 Rehab - Unit Interiors -2,554.55 -5,082.33 -7,582.34 -3,071.30 -8,470.30 -11,020.27 -2,440.58 -8,981.14 -2,234.00 -2,234.00 -2,234.00 -2,234.00 -58,138.81 -26,808.00 -31,330.81 116.87

150907 Brochures and Photos 0.00 0.00 0.00 0.00 -900.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -900.00 0.00 -900.00 N/A

150950 Asbestos Abatement 0.00 0.00 0.00 -930.00 -4,805.00 0.00 0.00 0.00 0.00 -2,000.00 0.00 0.00 -7,735.00 -8,950.00 1,215.00 -13.58

150965 Swimming Pool 0.00 0.00 0.00 0.00 -13,240.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -13,240.00 0.00 -13,240.00 N/A

150969 Recreation Facilities - Other -382.45 0.00 0.00 -1,370.35 -11,693.59 -463.06 -1,522.97 -780.50 0.00 0.00 0.00 0.00 -16,212.92 -15,000.00 -1,212.92 8.09

150983 Parking Lot Seal Coat 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 -20,000.00 20,000.00 -100.00

200100 Accounts Payable-Trade 3,278.17 -9,225.94 -4,875.96 -4,843.03 39,358.31 -45,810.32 -4,783.37 22,101.88 0.00 0.00 0.00 0.00 -4,800.26 0.00 -4,800.26 N/A

200150 Security Deposits-Current -750.00 1,696.43 -646.43 1,200.00 -871.51 50.00 150.00 2,000.00 0.00 0.00 0.00 0.00 2,828.49 0.00 2,828.49 N/A

200170 Pet Deposit -100.00 0.00 800.00 400.00 100.00 262.50 -187.50 812.50 0.00 0.00 0.00 0.00 2,087.50 0.00 2,087.50 N/A

200200 Security Deposits-Move Out -942.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -942.00 0.00 -942.00 N/A

200210 Uncollected Security Deposits -325.01 362.22 -37.21 100.00 -200.00 -300.00 400.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 N/A

200250 A/P-Other 350.59 84.41 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 435.00 0.00 435.00 N/A

200270 Resident Forced Placed Ins Payable -191.94 45.95 -216.14 46.84 -190.46 -182.99 -196.48 -229.65 0.00 0.00 0.00 0.00 -1,114.87 0.00 -1,114.87 N/A

210100 Accrued Operating Exp. 41,762.97 -8,436.33 -4,617.64 -1,342.39 -4,787.11 -27,103.95 11,662.28 -15,337.04 0.00 0.00 0.00 0.00 -8,199.21 0.00 -8,199.21 N/A

210150 Accrued Property Taxes 16,056.00 16,056.00 16,056.00 16,056.00 16,056.00 16,056.00 16,056.00 16,056.00 0.00 0.00 0.00 0.00 128,448.00 0.00 128,448.00 N/A

210300 Accrued Insurance 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,440.86 0.00 0.00 0.00 0.00 1,440.86 0.00 1,440.86 N/A

210350 Accrued Interest -63.91 -5,345.36 5,194.02 -1,820.32 1,682.83 -1,816.46 1,677.81 -66.02 0.00 0.00 0.00 0.00 -557.41 0.00 -557.41 N/A

210400 Accrued Management Fees -195.88 -382.05 218.74 59.71 39.95 9,118.73 -10,285.25 1,578.80 0.00 0.00 0.00 0.00 152.75 0.00 152.75 N/A

210430 Accrued Capital Asset -7,252.70 -5,164.28 10,627.60 -8,157.33 -2,470.27 30,000.00 -30,000.00 0.00 0.00 0.00 0.00 0.00 -12,416.98 0.00 -12,416.98 N/A

220100 Unearned Revenue 6,237.44 -9,470.87 -4,235.56 -5,908.48 2,679.74 40,061.56 -39,172.81 1,930.94 0.00 0.00 0.00 0.00 -7,878.04 0.00 -7,878.04 N/A

220110 Unearned Revenue - Reversed -6,237.44 9,470.87 4,235.56 5,070.81 -204.89 -42,536.41 39,172.81 -1,930.94 0.00 0.00 0.00 0.00 7,040.37 0.00 7,040.37 N/A

220600 Unclaimed Property 235.00 138.08 0.00 171.72 1,183.44 0.00 472.24 0.00 0.00 0.00 0.00 0.00 2,200.48 0.00 2,200.48 N/A

250100 Permanent Loan - 1st -14,873.09 -14,937.00 -20,282.36 -15,088.34 -16,908.66 -15,225.83 -17,042.29 -15,364.48 16,068.26 17,879.61 16,214.13 18,021.38 -61,538.67 202,902.41 -264,441.08 -130.33

300210 Distribution-General Prtnr -10,000.00 -10,000.00 0.00 -10,000.00 -10,000.00 -10,000.00 -10,000.00 -10,000.00 -8,333.33 -8,333.33 -8,333.33 -8,333.33 -103,333.32 -99,999.96 -3,333.36 3.33

Total Adjustments -22,246.78 -6,028.54 -42,207.63 -65,492.35 -65,086.88 -92,770.44 3,340.10 -49,987.04 -45,304.45 -15,723.14 -37,093.58 -35,761.33 -474,362.06 -472,145.27 -2,216.79 0.47

Cash Flow 9,225.00 67,291.48 32,192.53 6,624.10 -15,924.82 11,449.05 65,203.77 28,734.24 26,337.60 37,514.12 28,058.89 39,889.72 336,595.68 288,130.87 48,464.81 16.82

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