sept courtney downs

8/14/2019 Sept Courtney Downs

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USA Courtney Downs LeaseCo, LLCKey Variable Analysis8/31/2008

Number of Units #REF!Act

Average Length of Stay (mos.) Ja

Renewal RateTurnover Rate - Current month YTD annualized #REF! Market Rent (MR) $294Current Gross Potential (most recent fin. stmt.) LTL as % of MR $2,8Gross Potential (beg. Budget year) Gross Potential $297% Increase in GPR (current to beg. budget yr.)

CurMTD YTD Act

Write-offs as % of Gross Potential -0.18% 1.08%Other Income/Unit (excl. Utility Reimb.) #REF!Application Fee Per Move In Net Rental Income $271Redec/Admin. Fee Per Move In Other Income $28,

Total Revenue $299

Controllable Expenses as % of Total Revenue: #REF! AveTotal Expenses as % of Total Revenue: #REF! Month Occupie

Jan-08 #RE

Average Advertising/Locator Cost per Move-In: $225 $206 Feb-08 #RETotal Resident Retention per Unit: Mar-08 #REAverage Cost per Turn (move-out): $538 $285 Apr-08 #RE

75.32% 71.90% May-08 #REActual + Bud Budget Jun-08 #RE

Total Controllable Expenses (/unit/yr.): #REF! #REF! Jul-08 #RETotal Non-controllable Expenses (/unit/yr.): #REF! #REF! Aug-08 #RETotal Expenses (/unit/yr.): #REF! #REF! Sep-08 Err:

Oct-08 Err: Nov-08 Err:Lease Expiration Dec-08 Err:Sep-08 20.00

ExpeCategory /unit

Salary Expense $99

Operating Expense $1

Advertising Expense $16

Make Ready Expense $18

Maintenance Expense $12

Management Expense #N

% Water/Sewer Recovery - MTD &YTD - Actuals


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USA Courtney Downs LeaseCo, LLC

Summary Report

Actual Budget Variance

Move-ins 25 30 (5)

Move-outs 15 30 15

Physical Occupancy 94.81% 94.82% -0.01% at month end

Vacancy 5.19% 5.18% -0.01% (vacancy / market rent)

Economic Occupancy 90.02% 86.86% 3.16% (net rental / market rent)

Prior Current Subsquent Annualized

Month Month Month Per Unit

Net Rental Revenue

Actual / Projected 265,581 271,191 262,493

Budget - Original 263,650 261,671 258,661

Variance 1,931 9,520 3,832

Other Revenue

Actual 37,758 28,230 29,567Budget - Original 25,305 27,910 23,739

Variance 12,453 320 5,828

Expenses - Controllable

Actual 99,514 76,346 68,416 #REF! ( YTD Actual + Rem

Budget - Original 122,872 118,647 114,949 #REF!

Variance 23,358 42,301 46,533 #REF!

Expenses - Taxes & Insurance

Actual 35,029 35,029 35,222 #REF!

Budget - Original 35,095 35,095 35,095 #REF!

Variance 66 66 (127) #REF!

Expenses - Capital

Actual 23,117 7,400 7,228Budget - Original 17,804 6,600 6,259

Variance (5,313) (800) (969)

NOI Goal - Annual Actual Budget Variance

NOI Goal @ 7.00% cap 2,782,500 2,782,500 ( from dispositi

Projected NOI 2,232,955 1,984,350 248,604.99 ( YTD Actual + Rem

Variance 549,545 798,150


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Lease ExpirationUSA Courtney Downs LeaseCo, LLC (10600)

Month Year = 09/2008

Property Unit Type Units MTM Sep-08

10600 Arlington(cdc1) 66.00 0.00 2.00

10600 Calder(cda1) 72.00 0.00 9.00

10600 Churchill(cde) 28.00 0.00 1.00

10600 Derby(cda2) 18.00 0.00 1.00

10600 Drysdale (Study)(cdb1) 56.00 0.00 3.00

10600 Lexington(cdd) 36.00 0.00 2.00

10600 Steplechase(cdc) 66.00 0.00 2.00

10600 USA Courtney Downs LeaseCo, LLC (10600) 342.00 0.00 20.00


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Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09

5.00 3.00 5.00 4.00 7.00 2.00 4.00 5.00

8.00 2.00 5.00 4.00 6.00 3.00 7.00 3.00

3.00 0.00 5.00 1.00 1.00 4.00 1.00 2.00

0.00 2.00 1.00 1.00 3.00 1.00 1.00 1.00

7.00 8.00 2.00 4.00 0.00 6.00 5.00 4.00

2.00 0.00 1.00 2.00 2.00 3.00 4.00 6.00

5.00 7.00 3.00 5.00 7.00 3.00 4.00 5.00

30.00 22.00 22.00 21.00 26.00 22.00 26.00 26.00


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Jun-09 Jul-09 Aug-09 Total

8.00 4.00 3.00 52.00

4.00 6.00 7.00 64.00

1.00 3.00 1.00 23.00

2.00 2.00 1.00 16.00

2.00 2.00 5.00 48.00

7.00 1.00 2.00 32.00

7.00 5.00 5.00 58.00

31.00 23.00 24.00 293.00


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Courtney Downs

Jan Feb Mar Apr May Jun Jul Aug

Move Ins 17 16 19 16 28 16 31 25

cummulative move in 17 33 52 68 96 112 143 168

Move Outs 17 11 19 21 18 20 33 15

cummulative move out 17 28 47 68 86 106 139 154


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Sep Oct Nov Dec

168

168 168 168 168

154

154 154 154 154


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12 Month OccupancyShowing Occupancy Percentage By Property And Month

Year : 2008

Grouped By : Region

Calculation by : Unit Count

Property Units Sq Ft Jan Feb Mar Apr

2007 342 311,852 89.50 88.75 88.09 90.32

2008 91.40 94.04 95.32 93.18

USA Courtney Downs LeaseCo, LLC(10600)


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May Jun July Aug Sep Oct Nov Dec

93.11 94.95 95.85 94.18 93.98 94.00 92.69 92.10

93.81 94.09 93.94 94.81


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USA Courtney Downs LeaseCo, LLC (10600)

BudgetPeriod = Jan 2008-Dec 2008

Book = Accrual

Jan-08 Feb-08 Mar-08

294,410.00 294,410.00 297,830.0010,247.00 10,940.00 7,880.00

304,657.00 305,350.00 305,710.00

-28,795.00 -27,074.00 -24,776.00

-6,000.00 -6,000.00 -3,000.00

-1,507.00 -1,534.00 -1,586.00

-1,980.00 -1,980.00 -1,980.00

-1,935.00 -1,935.00 -1,935.00

-1,160.00 -1,160.00 -1,160.00

-17,793.00 -15,707.00 -12,879.00

245,487.00 249,960.00 258,394.00

1,463.00 1,463.00 1,771.00

300.00 750.00 750.00

680.00 720.00 880.00

1,176.00 1,323.00 1,519.00

0.00 0.00 2,700.00

600.00 200.00 1,100.00

3,489.00 0.00 0.00

3,360.00 3,360.00 3,360.00

6,790.00 6,790.00 6,790.00

475.00 475.00 475.00

300.00 300.00 300.00

1,820.00 2,100.00 2,660.00

2,400.00 2,400.00 2,400.00500.00 375.00 500.00

23,353.00 20,256.00 25,205.00

268,840.00 270,216.00 283,599.00

12,689.00 12,689.00 12,689.00

11,403.00 11,403.00 11,403.00

3,005.00 3,425.00 3,665.00

1,720.00 1,720.00 1,720.00

1,000.00 1,000.00 1,000.00

29,817.00 30,237.00 30,477.00

850.00 850.00 850.00

743.00 743.00 743.00

98.00 98.00 98.00

211.00 211.00 211.00

114.00 114.00 114.00

350.00 350.00 300.00

38.00 38.00 38.00

INCOME

Market RentLoss / Gain to Lease

Gross Potential Rent

Vacancy Loss

Upfront Rent Concessions

Adjustments & W/O

Model Units

Employee Apartment

Guest Suite

Lease Term Concessions

INCOME RENTAL

OTHER REVENUESLate Charges & NSF Fees

Month to Month Premium

Storage Fees

Application Fees

Termination Fees & Damages

Miscellaneous Income

Interest Income

Pet Rents & Fees

Garage Income

Cable/Telephone Income

Forfeited Deposits

Administration Fee

Move-Out ChargesShort Term Lease Fees

TOTAL OTHER REVENUES

TOTAL REVENUE

SALARY EXPENSES

Managers Salary

Maintenance Salary

Commissions & Bonus

Group Insurance

Contract Labor

TOTAL SALARY EXPENSES

OPERATING EXPENSES

Office Operations & Supplies

Telephones

Answering Svc. & Pagers

Postage & Delivery

Publications & Subscriptions

Employee Training

Car Expenses


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288.00 324.00 372.00

600.00 550.00 500.00

3,292.00 3,278.00 3,226.00

7,500.00 3,500.00 3,500.00

500.00 400.00 500.00723.00 1,446.00 2,025.00

500.00 500.00 500.00

9,223.00 5,846.00 6,525.00

207.00 225.00 279.00

2,859.00 2,859.00 2,859.00

955.00 1,038.00 1,287.00

270.00 270.00 270.00

85.00 85.00 85.00

417.00 417.00 417.00

158.00 158.00 158.00

4,951.00 5,052.00 5,355.00

599.00 689.00 1,000.00

200.00 100.00 100.00

120.00 120.00 120.00

40.00 50.00 50.00

0.00 0.00 0.00

100.00 100.00 100.00

10.00 10.00 10.00

260.00 0.00 260.00

300.00 300.00 300.00

120.00 120.00 120.000.00 0.00 0.00

0.00 0.00 0.00

450.00 450.00 450.00

2,199.00 1,939.00 2,510.00

0.00 0.00 0.00

755.00 755.00 755.00

205.00 205.00 205.00

0.00 0.00 0.00

3,500.00 3,500.00 3,500.00

4,460.00 4,460.00 4,460.00

10,754.00 10,809.00 11,344.00

400.00 200.00 400.00

0.00 0.00 0.00

11,154.00 11,009.00 11,744.00

Credit Checks

Guest Suite Expense

TOTAL OPERATING EXPENSE

ADVERTISING EXPENSES

Advertising & Promotions

Resident PromotionsLocators

Resident Referrals

TOTAL ADVERTISING EXPENSES

MAKE READY EXPENSES

Paint & Drywall

Contract Cleaning Svcs.

Carpet Cleaning & Repairs

Window Coverings

Lock & Keys

Counter & Tub Resurfacing

Cleaning Supplies

TOTAL MAKE READY EXPENSES

MAINTENANCE EXPENSES

General Maintenance & Supplies

HVAC Parts & Repairs

Plumbing Parts & Repairs

Electric Parts & Repairs

Roof & Gutter Repairs

Pools & Fountains

Gates & Entrances

Glass & Screens

Appliance Parts & Repairs

HardwareExterior Painting

Uniforms

Security & Fire Systems

TOTAL MAINTENANCE EXPENSE

SERVICE EXPENSES

Landscape & Grounds

Trash Removal

Pest Control

Security Patrols

Snow Removal

TOTAL SERVICE EXPENSES

ADMINISTRATIVE EXPENSES

Management Fees

Legal Fees

Computer Expense

TOTAL ADMINISTRATIVE EXPENSES

UTILITY EXPENSES


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3,250.00 3,250.00 3,250.00

1,967.00 1,967.00 1,967.00

20,000.00 20,000.00 20,000.00

-13,600.00 -13,600.00 -13,600.00

0.00 0.00 0.00

-2,400.00 -2,400.00 -2,400.00

1,505.00 1,415.00 325.00903.00 849.00 768.00

11,625.00 11,481.00 10,310.00

30,188.00 30,188.00 30,188.00

4,850.00 4,850.00 4,850.00

57.00 57.00 57.00

35,095.00 35,095.00 35,095.00

111,816.00 108,397.00 109,702.00

157,024.00 161,819.00 173,897.00

106,587.00 106,587.00 106,587.00

0.00 0.00 0.00

86,667.00 86,667.00 86,667.00

193,254.00 193,254.00 193,254.00

0.00 0.00 0.00

200.00 200.00 200.00

1,000.00 1,000.00 1,000.00

3,250.00 3,250.00 3,250.00

4,450.00 4,450.00 4,450.00

0.00 0.00 0.00

0.00 0.00 0.00

5,000.00 5,000.00 5,000.00

0.00 0.00 0.00

0.00 259.00 319.00

339.00 0.00 339.00

0.00 2,139.00 2,610.00

5,339.00 7,398.00 8,268.00

-46,019.00 -43,283.00 -32,075.00

NOI YTD - Budget 157,024.00 318,843.00 492,740.00

Projected Move-Ins 13 15 19Total Move Outs 12 13 16Resulting Occupancy at Month End 90.44% 91.17% 92.19%Average Monthly Occupancy 90.22% 90.80% 91.68%

Electricity

Natural Gas

Water & Sewer

Water & Sewer - Resident Reimb

Water - irrigation

Trash Reimbursement

Utility -Vacant ElectricUtility - Vacant Gas

TOTAL UTILITY EXPENSES

TAXES & INSURANCE

Property Taxes

Insurance

Tax Consultants

TOTAL TAXES & INSURANCE

TOTAL OPERATING EXPENSES

NET OPERATING INCOME

TIC RENT EXPENSE

Base Rent - Interest Payment

Base Rent - Principal Payment

Stated Rent

Total TIC Rent Expense

PARTNERSHIP EXPENSES

Partnership Accounting Fees

Partnership Travel

Asset Management Fees

Investor Administration Fee

TOTAL PARTNERSHIP EXPENSES

CAPITAL EXPENSESExterior Rehab

HVAC Replacement

Carpet & Floor Replacement

Refrigerators

Dishwashers & Ranges

Washers / Dryers

Other Capital Improvements

TOTAL CAPITAL EXPENSES

NET INCOME


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Average Scheduled Rent per Unit 861 861 871Average Monthly Occupied Rent 894 896 896


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Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08

297,830.00 297,830.00 297,830.00 301,250.00 301,250.00 301,250.008,634.00 8,445.00 8,157.00 4,000.00 3,881.00 3,436.00

306,464.00 306,275.00 305,987.00 305,250.00 305,131.00 304,686.00

-21,510.00 -19,986.00 -17,809.00 -15,591.00 -15,591.00 -16,802.00

-3,000.00 -3,000.00 -3,000.00 -3,000.00 -3,000.00 -3,000.00

-1,602.00 -1,620.00 -1,621.00 -1,618.00 -1,606.00 -1,588.00

-1,980.00 -1,980.00 -1,980.00 -1,980.00 -1,980.00 -1,980.00

-1,935.00 -1,935.00 -1,935.00 -1,935.00 -1,935.00 -1,935.00

-1,160.00 -1,160.00 -1,160.00 -1,160.00 -1,160.00 -1,160.00

-14,298.00 -12,717.00 -14,444.00 -16,316.00 -18,188.00 -19,560.00

260,979.00 263,877.00 264,038.00 263,650.00 261,671.00 258,661.00

1,925.00 1,925.00 1,925.00 1,925.00 1,925.00 1,925.00

600.00 600.00 750.00 900.00 750.00 900.00

840.00 920.00 920.00 1,000.00 1,080.00 1,120.00

1,813.00 1,862.00 2,107.00 2,205.00 2,205.00 1,764.00

0.00 2,700.00 2,700.00 0.00 2,700.00 0.00

500.00 500.00 600.00 800.00 800.00 800.00

0.00 0.00 0.00 0.00 0.00 0.00

3,360.00 3,360.00 4,200.00 3,360.00 3,360.00 3,360.00

6,790.00 6,790.00 6,790.00 6,790.00 6,790.00 6,790.00

475.00 475.00 475.00 475.00 475.00 475.00

400.00 400.00 500.00 500.00 600.00 500.00

3,220.00 3,220.00 3,920.00 4,200.00 4,200.00 3,080.00

2,400.00 3,600.00 2,400.00 2,400.00 2,400.00 2,400.00375.00 500.00 625.00 750.00 625.00 625.00

22,698.00 26,852.00 27,912.00 25,305.00 27,910.00 23,739.00

283,677.00 290,729.00 291,950.00 288,955.00 289,581.00 282,400.00

12,689.00 12,689.00 12,689.00 13,069.00 13,069.00 13,069.00

11,403.00 11,403.00 11,403.00 11,745.00 11,745.00 11,745.00

4,580.00 3,755.00 5,305.00 4,900.00 4,900.00 4,158.00

1,720.00 1,720.00 1,720.00 1,720.00 1,720.00 1,720.00

0.00 0.00 0.00 0.00 0.00 0.00

30,392.00 29,567.00 31,117.00 31,434.00 31,434.00 30,692.00

850.00 850.00 850.00 850.00 850.00 850.00

743.00 743.00 743.00 743.00 743.00 743.00

98.00 98.00 98.00 98.00 98.00 98.00

211.00 211.00 211.00 211.00 211.00 211.00

114.00 114.00 114.00 114.00 114.00 114.00

350.00 350.00 350.00 350.00 350.00 350.00

38.00 38.00 38.00 38.00 38.00 38.00


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444.00 456.00 516.00 540.00 540.00 432.00

500.00 600.00 600.00 600.00 500.00 500.00

3,348.00 3,460.00 3,520.00 3,544.00 3,444.00 3,336.00

3,500.00 3,500.00 3,500.00 3,500.00 3,500.00 3,000.00

400.00 500.00 400.00 500.00 400.00 500.001,401.00 1,401.00 1,705.00 1,827.00 1,827.00 1,340.00

500.00 500.00 500.00 500.00 500.00 500.00

5,801.00 5,901.00 6,105.00 6,327.00 6,227.00 5,340.00

342.00 423.00 405.00 540.00 540.00 446.00

2,859.00 2,859.00 2,859.00 2,859.00 2,859.00 2,859.00

1,577.00 1,951.00 1,868.00 2,490.00 2,490.00 2,054.00

270.00 270.00 270.00 270.00 270.00 270.00

85.00 85.00 85.00 85.00 85.00 85.00

417.00 417.00 417.00 417.00 417.00 417.00

158.00 158.00 158.00 158.00 158.00 158.00

5,708.00 6,163.00 6,062.00 6,819.00 6,819.00 6,289.00

900.00 720.00 720.00 900.00 720.00 653.00

100.00 350.00 350.00 350.00 350.00 100.00

120.00 120.00 120.00 120.00 120.00 120.00

50.00 50.00 50.00 50.00 40.00 40.00

0.00 1,500.00 1,500.00 0.00 0.00 0.00

600.00 600.00 600.00 600.00 600.00 600.00

20.00 20.00 20.00 20.00 20.00 20.00

0.00 260.00 0.00 260.00 260.00 260.00

300.00 300.00 300.00 300.00 300.00 300.00

120.00 120.00 120.00 120.00 120.00 120.00155.00 0.00 100.00 0.00 0.00 100.00

300.00 0.00 0.00 0.00 0.00 0.00

450.00 450.00 5.00 200.00 200.00 200.00

3,115.00 4,490.00 3,885.00 2,920.00 2,730.00 2,513.00

8,863.00 5,718.00 3,000.00 3,000.00 3,000.00 3,000.00

755.00 755.00 755.00 755.00 755.00 755.00

205.00 205.00 305.00 305.00 305.00 205.00

0.00 0.00 925.00 925.00 925.00 0.00

3,500.00 0.00 0.00 0.00 0.00 0.00

13,323.00 6,678.00 4,985.00 4,985.00 4,985.00 3,960.00

11,347.00 11,629.00 11,678.00 11,558.00 11,583.00 11,296.00

200.00 200.00 200.00 200.00 200.00 200.00

0.00 0.00 0.00 3,060.00 0.00 0.00

11,547.00 11,829.00 11,878.00 14,818.00 11,783.00 11,496.00


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871 871 871 881 881 881898 897 896 893 893 891


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Oct-08 Nov-08 Dec-08 Total

301,250.00 301,250.00 301,250.00 3,587,640.003,092.00 2,867.00 2,704.00 74,283.00

304,342.00 304,117.00 303,954.00 3,661,923.00

-19,995.00 -22,418.00 -23,078.00 -253,425.00

-3,000.00 -3,000.00 -3,000.00 -42,000.00

-1,559.00 -1,539.00 -1,530.00 -18,910.00

-1,980.00 -1,980.00 -1,980.00 -23,760.00

-1,935.00 -1,935.00 -1,935.00 -23,220.00

-1,160.00 -1,160.00 -1,160.00 -13,920.00

-20,621.00 -21,370.00 -21,994.00 -205,887.00

254,092.00 250,715.00 249,277.00 3,080,801.00

1,848.00 1,848.00 1,848.00 21,791.00

1,500.00 1,050.00 600.00 9,450.00

1,080.00 960.00 920.00 11,120.00

1,470.00 1,225.00 1,127.00 19,796.00

0.00 2,700.00 0.00 13,500.00

600.00 800.00 700.00 8,000.00

0.00 0.00 0.00 3,489.00

3,360.00 3,360.00 3,360.00 41,160.00

6,790.00 6,790.00 6,790.00 81,480.00

475.00 475.00 475.00 5,700.00

100.00 100.00 100.00 4,100.00

2,380.00 1,680.00 1,400.00 33,880.00

2,400.00 2,400.00 2,400.00 30,000.00625.00 625.00 500.00 6,625.00

22,628.00 24,013.00 20,220.00 290,091.00

276,720.00 274,728.00 269,497.00 3,370,892.00

13,069.00 13,069.00 13,069.00 154,548.00

11,745.00 11,745.00 11,745.00 138,888.00

3,395.00 3,020.00 2,525.00 46,633.00

1,720.00 1,720.00 1,720.00 20,640.00

0.00 1,000.00 1,000.00 5,000.00

29,929.00 30,554.00 30,059.00 365,709.00

850.00 850.00 850.00 10,200.00

743.00 743.00 743.00 8,916.00

98.00 98.00 98.00 1,176.00

211.00 211.00 211.00 2,532.00

114.00 114.00 114.00 1,368.00

350.00 350.00 350.00 4,150.00

38.00 38.00 38.00 456.00


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3,250.00 3,250.00 3,250.00 40,500.00

1,967.00 1,967.00 1,967.00 23,604.00

20,000.00 20,000.00 20,000.00 240,000.00

-13,600.00 -13,600.00 -13,600.00 -163,200.00

5,000.00 0.00 0.00 37,400.00

-2,012.00 -2,012.00 -2,012.00 -25,696.00

1,022.00 1,145.00 1,179.00 12,108.00613.00 687.00 707.00 7,837.00

16,240.00 11,437.00 11,491.00 172,553.00

30,188.00 30,188.00 30,188.00 362,256.00

4,850.00 4,850.00 4,850.00 58,200.00

57.00 57.00 57.00 684.00

35,095.00 35,095.00 35,095.00 421,140.00

122,613.00 107,944.00 104,762.00 1,386,542.00 965,402.00 2,822.81

154,107.00 166,784.00 164,735.00 1,984,350.00

130,152.00 130,152.00 130,152.00 1,372,966.07

0.00 0.00 0.00 71,032.93

86,667.00 86,667.00 86,667.00 1,040,004.00

216,819.00 216,819.00 216,819.00 2,484,003.00

0.00 0.00 0.00 365.00

200.00 200.00 200.00 2,400.00

1,000.00 1,000.00 1,000.00 12,000.00

3,250.00 3,250.00 3,250.00 39,000.00

4,450.00 4,450.00 4,450.00 53,765.00

0.00 0.00 0.00 16,846.00

0.00 0.00 0.00 1,800.00

6,000.00 5,000.00 5,000.00 66,000.00

0.00 0.00 0.00 1,450.00

0.00 0.00 0.00 1,734.00

0.00 0.00 0.00 1,017.00

0.00 0.00 0.00 11,899.00

6,000.00 5,000.00 5,000.00 100,746.00

-73,162.00 -59,485.00 -61,534.00 -654,164.00

1,652,831.00 1,819,615.00 1,984,350.00

1,984,350.00

0.00

17 12 1022 13 11

92.70% 92.41% 92.27%93.36% 92.56% 92.34%


21/82

881 881 881891 890 889


22/82

USA Courtney Downs LeaseCo, LLC (10600)

Income Statement (12 months)Period = Jan 2008-Dec 2008

Book = Accrual

Jan-08 Feb-08 Mar-08

294,410.00 294,410.00 294,800.002,842.00 787.00 29.00

297,252.00 295,197.00 294,829.00

0.00 0.00 0.00

-14,979.36 -13,515.14 -12,200.56

10.00 -434.48 6,116.84

-11,483.60 -4,730.58 -331.61

-1,980.00 -1,980.00 -1,980.00

-1,934.80 -1,934.80 -2,104.80

795.00 -1,160.00 -1,160.00

-10,079.23 -7,711.00 -6,383.35

257,600.01 263,731.00 276,785.52

2,095.04 2,778.95 1,558.51

455.00 666.00 761.61

1,217.74 1,270.00 1,278.56

1,800.00 1,500.00 1,050.00

5,090.00 2,500.00 5,566.26

736.40 1,318.85 484.35

3,370.97 4,806.71 2,998.22

7,019.83 7,091.17 7,066.89

0.00 3,113.37 0.00

0.00 0.00 300.00

4,050.00 3,150.00 2,250.00

1,600.34 5,608.70 1,871.78400.00 400.00 544.74

0.00 0.00 325.00

27,835.32 34,203.75 26,055.92

285,435.33 297,934.75 302,841.44

11,795.28 11,618.56 11,346.86

12,801.68 11,172.74 10,949.05

4,717.00 3,807.35 3,349.77

1,490.46 1,490.46 195.24

21.23 0.00 0.00

30,825.65 28,089.11 25,840.92

1,040.43 0.00 51.40

1,211.63 1,200.38 796.96

125.83 56.83 125.83

288.66 196.82 73.88

37.00 84.00 0.00

74.64 65.00 150.17

INCOME

Market RentLoss / Gain to Lease

Gross Potential Rent

Residential Rent

Vacancy Loss

Upfront Rent Concessions

Adjustments & W/O

Model Units

Employee Apartment

Guest Suite

Lease Term Concessions

INCOME RENTAL

OTHER REVENUES

Late Charges & NSF Fees

Month to Month Premium

Storage Fees

Application Fees

Termination Fees & Damages

Miscellaneous Income

Pet Rents & Fees

Garage Income

Cable/Telephone Income

Forfeited Deposits

Administration Fee

Move-Out ChargesShort Term Lease Fees

Corporate Rent

TOTAL OTHER REVENUES

TOTAL REVENUE

SALARY EXPENSES

Managers Salary

Maintenance Salary

Commissions & Bonus

Group Insurance

Contract Labor

TOTAL SALARY EXPENSES

OPERATING EXPENSES

Office Operations & Supplies

Telephones

Answering Svc. & Pagers

Postage & Delivery

Publications & Subscriptions

Employee Training


23/82

0.00 0.00 0.00

381.95 561.00 636.65

499.77 668.32 500.81

3,659.91 2,832.35 2,335.70

1,051.00 1,961.49 1,694.00259.91 80.84 32.42

3,969.81 2,591.50 2,382.08

250.00 250.00 0.00

5,530.72 4,883.83 4,108.50

25.12 165.10 226.09

2,825.00 2,565.00 1,820.00

320.00 120.00 2,095.00

356.36 0.00 260.17

0.00 0.00 0.00

50.00 323.00 0.00

50.88 230.41 21.61

3,627.36 3,403.51 4,422.87

548.03 241.89 500.52

0.00 52.85 98.24

286.20 47.36 119.76

252.62 0.00 245.42

0.00 169.88 -110.84

0.00 0.00 0.00

273.05 514.57 475.46

26.73 1.92 18.61

0.00 0.00 0.0016.20 3,232.75 1,769.28

1,402.83 4,261.22 3,116.45

0.00 0.00 0.00

555.73 731.92 788.10

86.00 153.00 86.00

6,066.20 330.66 701.86

6,707.93 1,215.58 1,575.96

11,360.56 11,917.39 12,113.66

1,164.90 -901.34 -1,250.00

0.00 0.00 0.00

0.00 0.00 0.00

12,525.46 11,016.05 10,863.66

4,040.14 3,457.01 2,915.98

3,808.88 3,487.42 2,745.36

Permits & Fees

Credit Checks

Guest Suite Expense


ADVERTISING EXPENSES

Advertising & PromotionsResident Promotions

Locators

Resident Referrals

TOTAL ADVERTISING EXPENSES

MAKE READY EXPENSES

Paint & Drywall

Contract Cleaning Svcs.

Carpet Cleaning & Repairs

Window Coverings

Lock & Keys

Counter & Tub Resurfacing

Cleaning Supplies

TOTAL MAKE READY EXPENSES

MAINTENANCE EXPENSES

General Maintenance & Supplies

HVAC Parts & Repairs

Plumbing Parts & Repairs

Electric Parts & Repairs

Pools & Fountains

Glass & Screens

Appliance Parts & Repairs

Hardware

UniformsSecurity & Fire Systems

TOTAL MAINTENANCE EXPENSE

SERVICE EXPENSES

Landscape & Grounds

Trash Removal

Pest Control

Snow Removal

TOTAL SERVICE EXPENSES

ADMINISTRATIVE EXPENSES

Management Fees

Legal Fees

Bank Charges

Computer Expense

TOTAL ADMINISTRATIVE EXPENSES

UTILITY EXPENSES

Electricity

Natural Gas


24/82

13,536.27 16,771.41 20,957.09

-16,247.17 -9,812.59 -8,871.37

74.35 0.00 0.00

-2,300.14 -2,206.42 -1,803.54

1,439.86 886.14 927.65

561.78 811.79 443.45

4,913.97 13,394.76 17,314.62

837.50 1,059.00 0.00

578.11 362.44 0.00

1,415.61 1,421.44 0.00

30,188.47 30,188.47 30,188.47

4,840.47 4,815.99 4,840.47

0.00 0.00 0.00

35,028.94 35,004.46 35,028.94

105,638.38 105,522.31 104,607.62

179,796.95 192,412.44 198,233.82

106,586.67 106,586.67 106,586.67

0.00 0.00 0.00

86,666.71 86,666.71 86,666.71

193,253.38 193,253.38 193,253.38

0.00 0.00 0.00

518.50 237.43 354.87

0.00 101.53 70.74

1,000.00 1,000.00 1,000.003,200.00 3,200.00 3,200.00

4,718.50 4,538.96 4,625.61

1,993.00 0.00 859.02

0.00 0.00 0.00

0.00 0.00 540.47

2,698.32 2,700.47 9,488.59

0.00 0.00 0.00

0.00 0.00 485.32

296.29 0.00 0.00

4,746.03 202.76 192.60

9,733.64 2,903.23 11,566.00

-27,908.57 -8,283.13 -11,211.17

-27,908.57 -8,283.13 -11,211.17

Water & Sewer

Water & Sewer - Resident Reimb

Water - irrigation

Trash Reimbursement

Utility -Vacant Electric

Utility - Vacant Gas

TOTAL UTILITY EXPENSES

MANAGEMENT EXPENSES

Property Legal Fees

Credit Card Fees

TOTAL MANAGEMENT EXPENSES

TAXES & INSURANCE

Property Taxes

Insurance

Tax Consultants

TOTAL TAXES & INSURANCE


NET OPERATING INCOME

TIC RENT EXPENSE

Base Rent - Interest Payment

Base Rent - Principal Payment

Stated Rent

Total TIC Rent Expense

PARTNERSHIP EXPENSES

Partnership Accounting Fees

Partnership Travel

Partnership - Meals

Asset Management FeesInvestor Administration Fee

TOTAL PARTNERSHIP EXPENSES

CAPITAL EXPENSES

Exterior Rehab

Interior Rehab

HVAC Replacement

Carpet & Floor Replacement

Refrigerators

Dishwashers & Ranges

Washers / Dryers

Other Capital Improvements

TOTAL CAPITAL EXPENSES

NET INCOME

TOTAL OF ALL


25/82

Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08

295,729.00 295,510.00 295,420.00 301,250.00 301,250.00 0.00-735.00 1,148.00 1,233.00 -4,175.00 -3,635.00 0.00

294,994.00 296,658.00 296,653.00 297,075.00 297,615.00 0.00

0.00 0.00 0.00 0.00 -40.00 0.00

-15,565.50 -15,359.58 -16,776.46 -16,864.78 -14,200.16 0.00

1,884.22 0.00 0.00 0.00 195.00 0.00

-3,557.59 -1,908.23 -3,080.11 -1,188.89 551.53 0.00

-1,980.00 -1,645.00 -1,645.00 -1,685.00 -1,645.00 0.00

-2,104.80 -1,955.77 -1,950.80 -1,950.80 -1,950.80 0.00

-670.00 -910.00 -655.00 -910.00 -910.00 0.00

-8,906.07 -9,644.00 -9,354.20 -8,894.19 -8,425.00 0.00

264,094.26 265,235.42 263,191.43 265,581.34 271,190.57 0.00

2,075.02 2,995.00 1,736.73 2,374.45 2,901.82 0.00

1,696.46 1,295.00 1,815.00 2,206.80 1,344.01 0.00

1,122.00 1,146.93 1,100.32 1,181.51 1,249.73 0.00

1,970.00 1,880.00 2,600.00 2,510.00 1,400.00 0.00

2,550.00 85.85 2,500.00 2,658.06 2,630.53 0.00

390.21 2,115.88 1,476.99 1,772.95 1,083.14 0.00

2,640.66 3,709.75 3,901.68 4,372.75 3,300.01 0.00

7,019.55 7,006.93 6,829.00 6,422.57 6,825.03 0.00

3,355.82 3,387.30 0.00 81.23 0.00 0.00

0.00 600.00 0.00 0.00 150.00 0.00

3,450.00 4,350.00 4,500.00 4,200.00 2,400.00 0.00

6,354.00 5,572.48 5,614.30 5,659.05 4,378.12 0.00400.00 800.00 800.00 998.00 567.74 0.00

-240.00 0.00 0.00 3,320.83 0.00 0.00

32,783.72 34,945.12 32,874.02 37,758.20 28,230.13 0.00

296,877.98 300,180.54 296,065.45 303,339.54 299,420.70 0.00

11,634.72 7,534.97 10,294.54 17,054.11 10,700.81 0.00

12,190.20 8,551.40 10,707.96 16,394.39 11,024.72 0.00

2,741.20 4,098.56 3,543.75 8,032.50 0.00 0.00

97.62 187.73 180.22 270.33 180.22 0.00

66.88 781.66 637.26 133.76 0.00 0.00

26,730.62 21,154.32 25,363.73 41,885.09 21,905.75 0.00

532.19 29.34 1,790.23 758.66 499.33 0.00

788.60 682.07 795.62 781.26 787.83 0.00

251.66 0.00 125.83 257.00 69.00 0.00

336.06 25.74 198.90 250.34 259.94 0.00

42.00 1,178.08 157.00 175.00 0.00 0.00

391.68 867.61 222.58 199.82 245.27 0.00


26/82

16.00 0.00 0.00 0.00 0.00 0.00

381.30 628.45 601.20 835.40 855.65 0.00

612.82 484.36 517.26 537.40 480.82 0.00

3,352.31 3,895.65 4,408.62 3,794.88 3,197.84 0.00

1,694.00 1,382.43 2,571.62 3,053.00 1,336.00 0.00341.15 137.40 267.20 152.30 76.85 0.00

495.28 2,112.50 2,705.65 1,381.71 4,286.75 0.00

0.00 0.00 250.00 500.00 500.00 0.00

2,530.43 3,632.33 5,794.47 5,087.01 6,199.60 0.00

1,417.14 7.83 -3.75 425.39 1,400.66 0.00

3,715.00 2,095.00 3,050.00 3,845.00 3,785.00 0.00

1,069.00 763.00 2,419.00 1,103.00 1,672.00 0.00

472.22 436.63 278.96 832.42 317.47 0.00

188.24 0.00 46.85 26.87 387.65 0.00

225.00 634.69 353.31 0.00 426.68 0.00

181.20 67.80 370.14 413.53 77.06 0.00

7,267.80 4,004.95 6,514.51 6,646.21 8,066.52 0.00

539.45 636.94 834.38 1,331.54 580.18 0.00

304.79 12.89 55.39 54.23 36.93 0.00

395.48 0.00 185.72 206.96 161.54 0.00

103.95 0.00 50.36 0.00 130.38 0.00

321.12 325.38 537.57 957.57 521.84 0.00

0.00 371.84 239.19 0.00 0.00 0.00

427.94 528.59 915.84 744.24 1,468.72 0.00

376.76 27.06 7.18 110.99 0.00 0.00

0.00 32.32 0.00 730.84 0.00 0.0055.41 0.00 0.00 487.50 810.00 0.00

2,524.90 1,935.02 2,825.63 4,623.87 3,709.59 0.00

2,853.04 11,793.40 2,446.05 3,235.32 2,463.64 0.00

395.60 798.40 1,020.75 829.87 609.90 0.00

94.75 86.00 137.00 1,006.00 86.00 0.00

180.00 0.00 0.00 0.00 0.00 0.00

3,523.39 12,677.80 3,603.80 5,071.19 3,159.54 0.00

11,875.12 12,007.22 11,830.72 12,133.58 11,950.85 0.00

457.60 -426.10 601.90 608.49 -326.00 0.00

150.00 0.00 802.36 0.00 98.72 0.00

0.00 53.60 0.00 2,202.01 0.00 0.00

12,482.72 11,634.72 13,234.98 14,944.08 11,723.57 0.00

3,328.18 2,968.51 2,551.94 3,031.00 3,113.96 0.00

683.42 708.63 2,668.28 1,681.68 1,286.63 0.00


27/82

16,286.33 19,834.05 17,130.91 17,770.67 21,460.51 0.00

-16,738.47 -10,218.36 -16,985.04 -11,088.94 -13,385.44 0.00

0.00 661.72 3,178.50 6,140.50 6,942.70 0.00

-2,442.50 -1,966.81 -2,375.40 -2,256.15 -2,348.75 0.00

558.98 534.66 599.49 1,206.08 927.90 0.00

275.97 405.92 362.16 328.48 386.24 0.00

1,951.91 12,928.32 7,130.84 16,813.32 18,383.75 0.00

0.00 0.00 0.00 0.00 0.00 0.00

599.10 239.55 191.14 648.68 0.00 0.00

599.10 239.55 191.14 648.68 0.00 0.00

30,188.47 30,188.47 30,188.47 30,188.47 30,188.47 0.00

4,840.47 4,840.47 5,035.65 4,840.47 4,840.47 0.00

0.00 600.00 0.00 0.00 0.00 0.00

35,028.94 35,628.94 35,224.12 35,028.94 35,028.94 0.00

95,992.12 107,731.60 104,291.84 134,543.27 111,375.10 0.00

200,885.86 192,448.94 191,773.61 168,796.27 188,045.60 0.00

106,586.67 106,586.67 106,586.67 106,474.53 106,361.87 0.00

0.00 0.00 23,565.33 23,677.47 23,790.13 0.00

86,666.71 86,666.71 86,666.71 86,666.71 86,666.71 0.00

193,253.38 193,253.38 216,818.71 216,818.71 216,818.71 0.00

0.00 540.00 0.00 0.00 0.00 0.00

532.16 0.00 255.51 0.00 350.32 0.00

55.14 0.00 52.40 0.00 32.76 0.00

1,000.00 0.00 0.00 0.00 0.00 0.003,200.00 4,200.00 4,200.00 4,200.00 4,200.00 0.00

4,787.30 4,740.00 4,507.91 4,200.00 4,583.08 0.00

0.00 0.00 0.00 2,543.08 0.00 0.00

0.00 1,021.68 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00

6,943.49 2,361.33 10,149.40 14,854.93 7,399.81 0.00

0.00 651.41 0.00 471.71 0.00 0.00

0.00 0.00 0.00 225.00 0.00 0.00

0.00 593.96 0.00 0.00 0.00 0.00

0.00 3,243.20 3,657.50 5,021.89 0.00 0.00

6,943.49 7,871.58 13,806.90 23,116.61 7,399.81 0.00

-4,098.31 -13,416.02 -43,359.91 -75,339.05 -40,756.00 0.00

-4,098.31 -13,416.02 -43,359.91 -75,339.05 -40,756.00 0.00


28/82

Oct-08 Nov-08 Dec-08 Total

0.00 0.00 0.00 2,372,779.000.00 0.00 0.00 -2,506.00

0.00 0.00 0.00 2,370,273.00

0.00 0.00 0.00 -40.00

0.00 0.00 0.00 -119,461.54

0.00 0.00 0.00 7,771.58

0.00 0.00 0.00 -25,729.08

0.00 0.00 0.00 -14,540.00

0.00 0.00 0.00 -15,887.37

0.00 0.00 0.00 -5,580.00

0.00 0.00 0.00 -69,397.04

0.00 0.00 0.00 2,127,409.55

00

0.00 0.00 0.00 18,515.52

0.00 0.00 0.00 10,239.88

0.00 0.00 0.00 9,566.79

0.00 0.00 0.00 14,710.00

0.00 0.00 0.00 23,580.70

0.00 0.00 0.00 9,378.77

0.00 0.00 0.00 29,100.75

0.00 0.00 0.00 55,280.97

0.00 0.00 0.00 9,937.72

0.00 0.00 0.00 1,050.00

0.00 0.00 0.00 28,350.00

0.00 0.00 0.00 36,658.770.00 0.00 0.00 4,910.48

0.00 0.00 0.00 3,405.83

0.00 0.00 0.00 254,686.18

0.00 0.00 0.00 2,382,095.73

0

0

0.00 0.00 0.00 91,979.85

0.00 0.00 0.00 93,792.14

0.00 0.00 0.00 30,290.13

0.00 0.00 0.00 4,092.28

0.00 0.00 0.00 1,640.79

0.00 0.00 0.00 221,795.190

0

0.00 0.00 0.00 4,701.58

0.00 0.00 0.00 7,044.35

0.00 0.00 0.00 1,011.98

0.00 0.00 0.00 1,630.34

0.00 0.00 0.00 1,673.08

0.00 0.00 0.00 2,216.77


29/82

0.00 0.00 0.00 16.00

0.00 0.00 0.00 4,881.60

0.00 0.00 0.00 4,301.56

0.00 0.00 0.00 27,477.26

0

0

0.00 0.00 0.00 14,743.540.00 0.00 0.00 1,348.07

0.00 0.00 0.00 19,925.28

0.00 0.00 0.00 1,750.00

0.00 0.00 0.00 37,766.89

0

0

0.00 0.00 0.00 3,663.58

0.00 0.00 0.00 23,700.00

0.00 0.00 0.00 9,561.00

0.00 0.00 0.00 2,954.23

0.00 0.00 0.00 649.61

0.00 0.00 0.00 2,012.68

0.00 0.00 0.00 1,412.63

0.00 0.00 0.00 43,953.73

0

0

0.00 0.00 0.00 5,212.93

0.00 0.00 0.00 615.32

0.00 0.00 0.00 1,403.02

0.00 0.00 0.00 782.73

0.00 0.00 0.00 2,722.52

0.00 0.00 0.00 611.03

0.00 0.00 0.00 5,348.41

0.00 0.00 0.00 569.25

0.00 0.00 0.00 763.160.00 0.00 0.00 6,371.14

0.00 0.00 0.00 24,399.51

0

0

0.00 0.00 0.00 22,791.45

0.00 0.00 0.00 5,730.27

0.00 0.00 0.00 1,734.75

0.00 0.00 0.00 7,278.72

0.00 0.00 0.00 37,535.19

0

0

0.00 0.00 0.00 95,189.10

0.00 0.00 0.00 -70.55

0.00 0.00 0.00 1,051.08

0.00 0.00 0.00 2,255.61

0.00 0.00 0.00 98,425.24

0

0

0.00 0.00 0.00 25,406.72

0.00 0.00 0.00 17,070.30


30/82

0.00 0.00 0.00 143,747.24

0.00 0.00 0.00 -103,347.38

0.00 0.00 0.00 16,997.77

0.00 0.00 0.00 -17,699.71

0.00 0.00 0.00 7,080.76

0.00 0.00 0.00 3,575.79

0.00 0.00 0.00 92,831.490

0

0.00 0.00 0.00 1,896.50

0.00 0.00 0.00 2,619.02

0.00 0.00 0.00 4,515.52

0

0

0.00 0.00 0.00 241,507.76

0.00 0.00 0.00 38,894.46

0.00 0.00 0.00 600.00

0.00 0.00 0.00 281,002.22

0.00 0.00 0.00 869,702.24

0.00 0.00 0.00 1,512,393.49

0

0

0.00 0.00 0.00 852,356.42

0.00 0.00 0.00 71,032.93

0.00 0.00 0.00 693,333.68

0.00 0.00 0.00 1,616,723.03

0

0

0.00 0.00 0.00 540.00

0.00 0.00 0.00 2,248.79

0.00 0.00 0.00 312.57

0.00 0.00 0.00 4,000.000.00 0.00 0.00 29,600.00

0.00 0.00 0.00 36,701.36

0

0

0.00 0.00 0.00 5,395.10

0.00 0.00 0.00 1,021.68

0.00 0.00 0.00 540.47

0.00 0.00 0.00 56,596.34

0.00 0.00 0.00 1,123.12

0.00 0.00 0.00 710.32

0.00 0.00 0.00 890.25

0.00 0.00 0.00 17,063.98

0.00 0.00 0.00 83,341.26

0.00 0.00 0.00 -224,372.16

0

0.00 0.00 0.00 -224,372.16


31/82

USA Courtney Downs LeaseCo, LLCBalance Sheet

Books = AccrualSep 2008

ASSETS

CashOperating Cash 33,972.17Total Cash $33,972.17

OTHER ASSETSAccounts Receivable 2,673.15Prepaid Expenses 14,283.85

Tax Escrow 175,882.61Cash in Bank-Wrk Cap Reserve 28,963.43Capital / Repair Escrow 200,000.00Total Other Assets 421,803.04

Total ASSETS 455,775.21

LIABILITIES & CAPITAL

LIABILITIESAccounts Payable - Trade 143,001.18A/P - Creekstone Partners LLC 360,076.00

A/P - US Advisors 360,076.00Other Accounts Payable 345,285.05Accrued Taxes 271,696.23Prepaid Rent 18,942.38Security Deposits 41,880.50Notes Payable 2,479.74Total Liabilities 1,543,437.08

CAPITAL

Creekstone Partners LLC 50.00US Advisors LLC 50.00Retained Earnings (1,087,761.87)Total Capital (1,087,661.87)

Total LIABILITIES & CAPITAL 455,775.21


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USA Courtney Downs LeaseCo, LLCCash Flow (Actual + Budget)

Books = AccrualFor the 12 Months Ending Dec 2008

Jan 2008 Feb 2008 Mar 2008 Apr 2008 May 2008 Jun 2008 Jul 20Account Actual Actual Actual Actual Actual Actual Actu

Revenue

Gross Potential Rent 297,252 295,197 294,829 294,994 296,658 296,653 29- Vacancy (14,979) (13,515) (12,201) (15,566) (15,360) (16,776) (1- Concessions & Disc. (10,069) (8,145) (267) (7,022) (9,644) (9,354) (- Other Write-offs & Adj. (14,603) (9,805) (5,576) (8,312) (6,419) (7,331) (Total Rental Income 257,600 263,731 276,786 264,094 265,235 263,191 26

Other Income 27,835 34,204 26,056 32,784 34,945 32,874 3Total Revenue 285,435 297,935 302,841 296,878 300,181 296,065 30

Operating ExpensesSalary Expense 30,826 28,089 25,841 26,731 21,154 25,364 4Operating Expense 3,660 2,832 2,336 3,352 3,896 4,409 Advertising Expense 5,531 4,884 4,109 2,530 3,632 5,794 Make Ready Expense 3,627 3,404 4,423 7,268 4,005 6,515 Maintenance Expense 1,403 4,261 3,116 2,525 1,935 2,826 Service Expense 6,708 1,216 1,576 3,523 12,678 3,604 Administrative Expense 12,525 11,016 10,864 12,483 11,635 13,235 1Utility Expense 4,914 13,395 17,315 1,952 12,928 7,131 1Credit Card Fees 1,416 1,421 0 599 240 191 Taxes & Insurance 35,029 35,004 35,029 35,029 35,629 35,224 3

Total Operating Exp. 105,638 105,522 104,608 95,992 107,732 104,292 13Net Operating Income 179,797 192,412 198,234 200,886 192,449 191,774 16

Base Rent 106,587 106,587 106,587 106,587 106,587 130,152 13Stated Rent 86,667 86,667 86,667 86,667 86,667 86,667 8Partnership Expense 4,719 4,539 4,626 4,787 4,740 4,508 Capital Expense 9,734 2,903 11,566 6,943 7,872 13,807 2

Cash Flow Frm Operations (27,909) (8,283) (11,211) (4,098) (13,416) (43,360) (7

Rental Guarantees 0 0 0 0 0 0

Balance Sheet Adjustments

Cash - Non Operating Accounts 0 0 0 0 0 0 Accounts Receivable (1,895) 2,740 (9,772) 8,270 (2,448) 177 Prepaid Assets (50,394) 4,840 4,840 4,840 4,840 4,840 Escrow Deposits (35,800) (35,800) (35,800) 341,933 (37,985) (38,933) (3

Cash Increase (Decreae) From Assets (88,090) (28,220) (40,732) 355,044 (35,592) (33,916) (3

Accounts Payable (22,965) 2,827 942 207 69,651 22,994 4Accrued Expenses 20,453 31,811 51,607 (345,380) 44,376 16,001 3Other Payables 920 2,385 345 1,665 (1,490) (150)Mortgages Payable 48,905 (6,027) (5,836) (6,064) (6,293) (6,064) (

Cash Increase (Decrease) From Liab. 47,313 30,997 47,058 (349,572) 106,245 32,780 7

NET CASH FLOW (68,685) (5,507) (4,886) 1,374 57,237 (44,496) (3

CUMM. NET CASH FLOW 15,378 9,871 4,986 6,360 63,597 19,101 (184063.14

$500,000

$600,000

$700,000


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administrator:assume insurance increases by 50%

W31:

rssmith:estimated Replacement Reserve draw

J48:

administrator:

replacement reserve + reduction in tax escrow due to overageW49:


34/82

USA Courtney Downs LeaseCo, LLCBudget Comparison

Books = Accrual

For the period ending September 30, 2008

MTD MTD YTD

Account Actual Budget $ Variance MTD Variance Comment Actua

Revenue

Market Rent 301,250.00 301,250.00 0.00 2,674

Loss / Gain to Lease (2,719.00) 3,436.00 (6,155.00) (5

Gross Potential Rent 298,531.00 304,686.00 (6,155.00) 2,668Prepaid Homeowners Dues 0.00 0.00 0.00 Residential Rent (40.00) 0.00 (40.00)Vacancy Loss (22,699.25) (16,802.00) (5,897.25) (142

Upfront Rent Concessions (95.00) (3,000.00) 2,905.00 7

Corporate Discount 0.00 0.00 0.00 Delinquent Rent 0.00 0.00 0.00 Adjustments & W/O (1,061.08) (1,588.00) 526.92 (26

Model Units (1,645.00) (1,980.00) 335.00 (16Courtesy Officer Apt. 0.00 0.00 0.00 Employee Apartment (2,139.80) (1,935.00) (204.80) (18

Housekeeping & Maintenance Fe 0.00 0.00 0.00 Guest Suite (910.00) (1,160.00) 250.00 (6

Lease Term Concessions (7,448.03) (19,560.00) 12,111.97 (76

Homeowner's Assn Dues Income 0.00 0.00 0.00 Homeowner Dues Paid 0.00 0.00 0.00 Model Units 0.00 0.00 0.00

Lease Contract Difference 0.00 0.00 0.00 Total Rental Income $262,492.84 $258,661.00 $3,831.84 $2,389

Laundry Income 0.00 0.00 0.00 Vending Income 0.00 0.00 0.00

Covered Parking Income 0.00 0.00 0.00 Late Charges & NSF Fees 1,284.97 1,925.00 (640.03) 19

Month to Month Premium 500.00 900.00 (400.00) 10

Storage Fees 1,200.98 1,120.00 80.98 10

Repair & Maintenance Fees 0.00 0.00 0.00 Application Fees 2,070.00 1,764.00 306.00 16

Termination Fees & Damages 5,943.26 0.00 5,943.26 29

Miscellaneous Income 937.02 800.00 137.02 10

Renters Insurance 0.00 0.00 0.00 Interest Income 0.00 0.00 0.00 Pet Rents & Fees 5,249.60 3,360.00 1,889.60 34

Tower Rent 0.00 0.00 0.00 Asset Management Fee 0.00 0.00 0.00 Parking Spaces Income 0.00 0.00 0.00 Association Assessments 0.00 0.00 0.00

Garage Income 6,430.48 6,790.00 (359.52) 61

Water/Sewer Income 0.00 0.00 0.00 Cable/Telephone Income 0.00 475.00 (475.00) None received at this time. 9

HOA Contributions Developer 0 00 0 00 0 00

Variance reflects market rent verseslease rents.

Average vacancy was at 8% versesbudgeted at 6%.

Only one small upfront concessionoffered this month.

We did not have as many residentsleave owing money then anticipated inthe budget.

We have one additional employeeliving on site than budgeted.

Reflects new market price on guestsuite.

We have been able to reduce theamount of concessions offered due tohigher occupancy.

We have 14 late fees collected andone NSF fee. More residents paid ontime this month.

Two month to month fees collectedverses five were budgeted.

We had 41 application fees collectedand budgeted was 35.

We had two $2,500 buyouts, one formoving out of state and one for buyingnew home.

This includes 21 utility transfer feesand seven credit card conveniencefees.

This includes three more new pet feesat $300.00 each verses two budgeted.

Loss due to four residents turning in

their garages at the end of their leaseterm.


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ExpenseManagers Salary 11,031.53 13,069.00 2,037.47 103

Salaries 0.00 0.00 0.00 Maintenance Salary 11,036.48 11,745.00 708.52 104

Salary - Administrative 0.00 0.00 0.00 Commissions & Bonus 4,761.13 4,158.00 (603.13) 35

Payroll Taxes 0.00 0.00 0.00 Group Insurance 180.22 1,720.00 1,539.78 4

Disability Insurance 0.00 0.00 0.00 401k Match 0.00 0.00 0.00 Contract Labor 0.00 0.00 0.00 1Workers Comp 0.00 0.00 0.00

Total Salary Expense 27,009.36 30,692.00 3,682.64 248

Office Operations & Supplies 338.81 850.00 511.19 5

Telephones 706.86 743.00 36.14 7Answering Svc. & Pagers 69.00 98.00 29.00 1

Postage & Delivery 119.77 211.00 91.23 1

Patrol Services 0.00 0.00 0.00 Membership Dues 0.00 0.00 0.00 Publications & Subscriptions 0.00 114.00 114.00 No expense for this month. 1

Conventions/Seminars 0.00 0.00 0.00 Employee Training 363.08 350.00 (13.08) 2

Furniture Rental 0.00 0.00 0.00

Car Expenses 0.00 38.00 38.00 No expense for this month.Permits & Fees 0.00 0.00 0.00 Credit Checks 521.35 432.00 (89.35) 5

Guest Suite Expense 517.28 500.00 (17.28) 4Parking Cost 0.00 0.00 0.00

Total Operating Expense 2,636.15 3,336.00 699.85 30

Advertising & Promotions 2,311.96 3,000.00 688.04 1

Resident Promotions 233.52 500.00 266.48 No party planned for this month. 1

Locators 1,077.00 1,340.00 263.00 21

Resident Referrals 250.00 500.00 250.00 2

Total Advertising Expense 3,872.48 5,340.00 1,467.52 41

Paint & Drywall 267.63 446.00 178.37 3

Contract Cleaning Svcs. 1,860.00 2,859.00 999.00 We turned less units than budgeted. 25

Carpet Cleaning & Repairs 1,325.00 2,054.00 729.00 10

Window Coverings (61.35) 270.00 331.35 2

Vinyl & Tile Repairs 0.00 0.00 0.00 Lock & Keys 0.00 85.00 85.00 No expense for this month.

Counter & Tub Resurfacing 225.00 417.00 192.00 Tub refinished in apartment #19312. 2

Other Redecorating 0.00 0.00 0.00

Cleaning Supplies 170.96 158.00 (12.96) 1Total Make Ready Expense 3,787.24 6,289.00 2,501.76 47

General Maintenance & Supplies 131.34 653.00 521.66 5HVAC Parts & Repairs 0.00 100.00 100.00 No expense for this month.

Plumbing Parts & Repairs 150.81 120.00 (30.81) Repair of flood leak in apt #9108. 1

Due to manager being out onmaternity leave. Payroll changed fromsemi monthly to biweekly.

Payroll changed from semi monthly tobiweekly.

We paid out leasing promotions thismonth.

We have less participants for ourinsurance program than what wasanticipated in the budget.

Less office supplies needed for the

office this month.

No pager service needed due to theuse of the maintenance team havingall calls forward to cell phone.

Less bills sent in weekly due tomanager being on maternity leave.

Callsource was booked by mistake andshould have been booked toadvertising.

34 credit checks applied and budgetedwas 29.

Savings due to dropping of ApartmentGuide advertising and to Call Sourcebeing book to employee training.

Three locators used verses fourbudgeted.

One resident referral used verses twobudgeted.

Less paint needed for apartment turnsthis month.

Had more carpets replaced this monththan cleaned.

Credit due to returned blind order, noblinds ordered this month.


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Landscape & Grounds 2,909.56 3,000.00 90.44 25Trash Removal 806.51 755.00 (51.51) 6Pest Control 86.00 205.00 119.00 No pigeon service at this time. 1

Security Patrols 0.00 0.00 0.00 Window Cleaning Svc. 0.00 0.00 0.00 Interior Cleaning Svc. 0.00 0.00 0.00 Cable Television 0.00 0.00 0.00 Snow Removal 0.00 0.00 0.00 7

Total Service Expense 3,802.07 3,960.00 157.93 41

Expenses - CAM - Electric 0.00 0.00 0.00 Expenses - CAM - Water/Sewer 0.00 0.00 0.00 Expenses - CAM - Gas 0.00 0.00 0.00 Expenses - CAM - Grounds 0.00 0.00 0.00 Expenses - CAM - Trash Remov 0.00 0 .00 0.00

Expenses - CAM - Cleaning Svcs 0.00 0.00 0.00 Expenses - CAM - Maintenance 0.00 0.00 0.00

Expenses - CAM - Insurance 0.00 0.00 0.00 Expenses - CAM - R/E Taxes 0.00 0.00 0.00

Total CAM Expense 0.00 0.00 0.00

Management Fees 11,682.38 11,296.00 (386.38) Based on % of collections. 106No Name 0.00 0.00 0.00 No Name 0.00 0.00 0.00 Legal Fees (690.00) 200.00 890.00

Accounting Fees 0.00 0.00 0.00 Postage & Delivery 0.00 0.00 0.00 Bank Charges (48.54) 0.00 48.54 Bank fees for the month of September. 1

Partnership Insurance 0.00 0.00 0.00 Other Administrative Expenses 0.00 0.00 0.00

Travel Expense 0.00 0.00 0.00 Employee Activities 0.00 0.00 0.00 Printing 0.00 0.00 0.00 Computer Consulting 0.00 0.00 0.00

Computer Expense 0.00 0.00 0.00 2Bank Charges 0.00 0.00 0.00

Development Cost 0.00 0.00 0.00 Total Admin. Expense 10,943.84 11,496.00 552.16 109

Electricity 2,991.16 3,500.00 508.84 Used less power due to cooler days. 28

Electricity Gas - Resident 0.00 0.00 0.00 Natural Gas 1,396.90 1,967.00 570.10 18

Water & Sewer 19,546.95 20,000.00 453.05 163Water & Sewer - Resident Reimb (13,874.72) (13,600.00) 274.72 Aggressive collections on site. (117

Water - irrigation 6,228.80 5,000.00 (1,228.80) 23

Electric - Tenant Reimbursement 0.00 0.00 0.00 Trash Reimbursement (2,274.84) (2,012.00) 262.84 (19

Water - Tenant Reimbursement 0.00 0.00 0.00 Utility -Vacant Electric 897.02 858.00 (39.02) 7Utility - Vacant Gas 225.82 515.00 289.18 Due to higher occupancy. 3

Tenant Reimbursement - Gas 0.00 0.00 0.00 Total Utility Expense 15,137.09 16,228.00 1,090.91 107

Management Fees 0.00 0.00 0.00 Management Fees-MRLL 0.00 0.00 0.00

Property Legal Fees 0.00 0.00 0.00 1Credit Card Fees 0.00 0.00 0.00 2

Bank Charges 0.00 0.00 0.00 Bank Adjustments 0.00 0.00 0.00 Other Professional Fees 0.00 0.00 0.00 Late Charges 0.00 0.00 0.00 HOA Assessment Fees 0.00 0.00 0.00

Contributions 0.00 0.00 0.00 Fiduciary Fees 0.00 0.00 0.00 Custodial Fees 0.00 0.00 0.00 Thunder Expense 0.00 0.00 0.00 Accounting Fees 0.00 0.00 0.00

Processing of three evictions andbilling of #10310's eviction.

Due to nice temperatures, no need toturn up the heat.

Due to Metco adjusting the wateringscheduled times.


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Base Rent - Interest Payment 106,248.67 106,248.67 0.00 958Base Rent - Principal Payment 23,903.33 23,903.33 0.00 94Stated Rent 86,666.71 86,667.00 0.29 780

Office Rent 0.00 0.00 0.00 Total Rent Expense 216,818.71 216,819.00 0.29 1,833

Mortgage Interest 0.00 0.00 0.00 Loan Fees 0.00 0.00 0.00 Interest Expense 0.00 0.00 0.00 Interest Expense 0.00 0.00 0.00

Total Debt Service 0.00 0.00 0.00

Partnership Legal Fees 0.00 0.00 0.00 Partnership Accounting Fees 0.00 0.00 0.00 Partnership Travel 0.00 200.00 200.00 No expense at this time 2

Partnership - Meals 0.00 0.00 0.00 Partnership Fees - Other 0.00 0.00 0.00

Partnership Expense 0.00 0.00 0.00 Due Diligence Cost 0.00 0.00 0.00 Dead Deal Cost 0.00 0.00 0.00 Asset Management Fees 0.00 1,000.00 1,000.00 No expense at this time 4

Investor Administration Fee (8,400.00) 3,250.00 11,650.00 21

Partnership Exp- Leaseup Costs 0.00 0.00 0.00

Total Partnership Expense (8,400.00) 4,450.00 12,850.00 28

Exterior Rehab 0.00 0.00 0.00 5Interior Rehab 0.00 0.00 0.00 1HVAC Replacement 0.00 0.00 0.00 Carpet & Floor Replacement 5,204.72 6,000.00 795.28 61

Refrigerators 0.00 0.00 0.00 1

Dishwashers & Ranges 242.66 259.00 16.34

Washers / Dryers 0.00 0.00 0.00 Fire Alarm Replacement 0.00 0.00 0.00

Other Capital Improvements 1,780.46 0.00 (1,780.46) 18

Boiler Replacement 0.00 0.00 0.00 Roof Replacement 0.00 0.00 0.00

Total Capital Expenses 7,227.84 6,259.00 (968.84) 90

Casualty Losses 0.00 0.00 0.00

Casualty Recovery 0.00 0.00 0.00 Total Casualty Loss 0.00 0.00 0.00

NET INCOME (LOSS) (27,225.09) (60,077.00) 32,851.91 (251

Rental Guarantee 0.00 0.00 0.00 (27,225.09) (60,077.00) 32,851.91 (251

Investor reporting fee for the monthcharged.

Five carpets replaced and six werebudgeted.

Replacement of dishwasher in apt#9312.

Reclass for sprinkler repair and AAAfire security repair of building 7 and6211's pipe burst.


38/82

Courtney Downs ApartmentsSeptember 08

LEASING & OCCUPANCY

NUMBER OF MOVE INS: 19 INCOME THIS MONTH: $292,059.00NUMBER OF MOVE OUTS: 20 INCOME LAST MONTH: $299,421.00

NET FOR THE MONTH: -1 DIFFERENCE: -$7,362.00

TOTAL # GARAGES 120# GARAGES OCCUPIED 110

OCCUPIED/LEASED %: 95.03%, 97.37% GARAGES OCCUPIED % 92%

SOURCE OF TRAFFIC: REASONS WHY PROSPECTS DID NOT LEASE:

Traffic Leased

APARTMENT GUIDE.COM 0 0 * Job Transfer 2APARTMENT GUIDE 0 0 * Too expensive. 4YELLOW PAGES 0 0 * Future/No Availability/Waiting list 0OTHER. NET 15 4 * Just started looking. 9BLUE BOOK 5 1 * Waiting for Home to Sell 6RENT.COM 4 3 * Current Lease to Expire 0

LIVES IN AREA 18 8 * Needs Ground Floor 4RESIDENT REFERRAL 4 1 * Breed restrictions 0LOCATORS 5 2 * Will return with roommate or spou 0WORD of MOUTH 0 0 * Realtor Looking for Client 0WALK IN 0 0 * Undecided 4SIGNAGE 11 7 * Employment pending 3

BROCHURE/FLYER 0 0 * Location 0* Rented at Competitor 4

TOTALS 62 26 TOTALS 36

CLOSING RATIO: 41%

MARKETING ACTIVITIES & SOURCES FOR THE MONTH

* Took donuts with brochures and price sheets to Regal Theaters.* Took cookie bags with brochures and price sheets to Richmond homes.* Updated all internet ads with new pricing and specials for the month of September.* Took donuts with price sheets to the new Costco staff.* Took brochures and prices to the new Curves Fitness center for employee break room.* Brochures and donuts were taken to Go Toyota staff.* Met with Ryland Home sales team with options of temporary housing for new home buyers.

* Dropped off muffins and brochures to Wells Fargo bank for the break room.* Took brochures and flyers to Best Buy.* Took brochures and flyers to King Soopers for the breakroom.* Took brochures and price sheets to Nextel staff.* Updated the locators with brochures and price sheets

OVERVIEW OF COMPARABLE PROPERTIES:The surrounding comps are still offering discounted rents on selected units.

This translates into one bedroom effective rents of $708, two bedrooms at $780 and three bedrooms starting at $1055.Look and leases specials are 1 month free with a 12 to 13 month lease.Overall market is 93.5% average occupancy. and rental rate of $812 per month.

RESIDENT RETENTION:We had 24 leases expiring in the month of September. 14 renewed leases with a $38.75 increase.Notices received; (3) buying homes, (3) closer to work, (1) roommate split(1) Too expensive, (2) skips.

INCIDENTS ON THE PROPERTY:

N/A


39/82

MAINTENANCE: ROUTINE REPLACEMENTS:

Number of:

MARKET READY UNITS 19 REFRIGERATORS 0COMPLETE PAINTS 11 DISHWASHERS 1TOUCH UPS 7 WINDOWS 1WORK ORDERS 189 A/C COMPRESSORS 0

Pending Completed 0 CONDENSING UNITS 0Misc 0 13 13 WATER HEATERS 0

Electrical 0 23 23 ICE MAKERS 0Punch 0 19 19 GARBAGE DISPOSALS 0HVAC 0 16 16 MICROWAVES 0

Plumbing 0 72 72 CARPETS/vinyl 6Property Ext. 0 9 9 CEILING FANS 0

Appliances 0 12 12 TOILETS 0Safety 0 25 25 A/C FAN MOTORS 0

Total 0 189 189 COUNTER TOPS 0ROOF LEAKS 0 CABINETS RESURFACED KITCHEN 0

PLUMBING LEAKS 0 BLINDS 23TUBS RESURFACED 0TUB TILES 0

CAPITAL IMPROVEMENTS IN PROGRESS:

N/A

PROBLEM AREAS NEEDING ATTENTION:Garage doors are in need of repair.

Rock work needed on building edges.

CURRENT STAFF:

Manager Nancy HowlandAssistant Manager Carrie McMillanLeasing Consultant Adreyanna BlackLeasing Consultant Kate HawkinsMaintenance Supervisor Gabriel TellezAssistant Maintenance Russell Bri leyMaintenance/ Grounds Jorge Chavez and Jorge Bernal

ACCOMPLISHMENTS FOR THE MONTH:Repair of two treadmills in the workout room.Started to paint the storage room doors and electrical room doors.Started to paint the chipping rails throughout the property.

NumberReplaced


40/82

MARKET S

Courtney DSe

(Concessions re

PROPERTY: Courtney Downs Apt Coyote Ranch Winds

PRICE SIZE PSF PRICE SIZE PSF PRICE

Efficiency Efficiency1B1B (A) 755 704 1.07 725 779 0.93 7201B1B (B) 770 808 0.95 830 853 0.97 835

1B1B w/study 850 910 0.93 8991B 1B

1B w/loft1B1B w/study 9152B2B (E) 895 977 0.92 825 1105 0.75 925

2B2B (F) 905 1030 0.88 910 1192 0.76 1080

2B2B (G) 935 1030 0.91 10992B2B (H)2B2B

2B w/study2B2B TH2B2B TH

3B2B 1,180 1140 1.04 1150 1398 0.82 11453B2B 1180 1398 0.84

% occ /leased 95 97.37% 97% 98%

Avg PSF 1 0.96 0.85

Avg Rents 899 1114 994/ Avail) 342 39 507 18 653Units(Tot


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MARKET SURVEYCourtney Downs

September-08

Apartment Name Courtney Downs Coyote Ranch Windsor @ Meridian Pinnacle @ the Creek Dove Valley Cherrywood

Address 5849 E. Jamison Dr16363 E Freemont Ave 9875 Jefferson Pkwy 6107 S Parker Rd 7550 S Blackhawk 16950 E

hone 720-870-6114 303-693-8787 303-256-7700 303-766-2500 303-362-2000 303-8

Location Englewood, Co Aurora, Co Englewood, Co 80112 Centennial, Co Englewood, Co 80112 Parker,

of units 342 507 653 216 312 3

Age of Property 5 5 7 4 6

Application Fee $50.00 $35.00 $40.00 $35.00 $45.00 $3Credit Card yes yes yes no yes

ets Allowed yes yes yes yes yes

et Deposit 300 n/r 300-600 150-300 $100 300-500 $40

ec. Deposit 150 275-325 300 $100 $199.00 $20

W/D included Yes yes Only In Select Units Only Select Units no

Covered Parking no yes yes yes no

Garage Detached yes yes yes yes

Cable Yes yes yes yes yes

Tennis Courts no no no no yes

of pools 1 1 1 1 1

Weight Room yes yes yes yes yes

acuzzi yes 1 1 1 1

Ceiling Fans yes yes yes yes yes

Microwaves yes yes yes yes yes

Mini Blinds yes yes yes yes yesF Freezer yes yes yes yes yes

cemakers yes yes yes yes yes

ireplaces yes no yes yes yes

Access Gates no yes yes no yes

Alarm in Unit Prewired no yes yes yes

Door to Door no no no no no

Aerobics/Kick Box no no no no no

Movie Room no yes yes yes yes

Computer Library yes yes yes yes yes

ndoor Basketball no no no no no

Water Charge yes no yes yes yes


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Courtney Downs

RENTAL SCHEDULE

September 08

UNIT TYPE #UNITS SIZE TOTAL MKT RENT MKT RENT MONTHLY ANNUAL

S/F PER UNIT PER S/F GROSS GROSS RENTS*

A1 1BR 40 704 28,160 745 1.06 $29,800 $357,600 745.00

A1V 1BR 32 704 22,528 755 1.07 $27,520 $330,240 755.00

A2 1BR 18 910 16,380 850 0.93 $15,300 $183,600 850.00

B1 1BR 24 808 19,392 770 0.95 $18,480 $221,760 770.00

B1V 1BR 32 808 25,856 780 0.97 $24,960 $299,520 780.00

C 2BR 42 977 41,034 895 0.92 $37,590 $451,080 895.00

C1 2BR 44 1,030 45,320 920 0.89 $40,480 $485,760 920.00

C1V 2BR 22 1,030 22,660 930 0.90 $20,460 $245,520 930.00

CV 2BR 24 977 23,448 905 0.93 $21,720 $260,640 905.00

D 2BR 16 1,030 16,480 945 0.92 $15,120 $181,440 945.00

DV 2BR 20 1,030 20,600 955 0.93 $19,100 $229,200 955.00

E 3BR 24 1,140 27,360 1180 1.04 $28,320 $339,840 1,180.00

EV 3BR 4 1,140 4,560 1180 1.04 $4,720 $56,640 1,180.00

TOTAL 342 917 313,778 $888 $0.97 $303,570 $3,642,840 $888

* Net of Concessio

EFFECTIVECONCESSION

sept courtney downs

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