yardi investment management · ending market value $4,942,268 ... yardi investment management will...

Investor CONFIDENCE

YARDI Investment Management™

Strengthen investor confidence by publishing accurate,

timely investment results, directly to your

Yardi investor portal.

Date:

8/13/2010

Entity Name:

The Pension Trust

Fund Initial Closing Date: 5/5/2008

Fund End Date: 9/15/2006

Fund Extension Period: 2 – One Year Extension

Allocation Summary as of 6/30/09:

Commitment Amount $ 50,000,000

% of Total Fund Commitments 6.7%

Funds Drawn to Date(1) $ 43,781,062

% of Investor Commitment 87.6%

f und ii, l.p.

f und name:

2010 capital account statement

For the Quarter Ended 3/31/2009 6/30/2009 9/30/2009 12/31/2008 Cumulative

Since Inception

Capital Account BOP* $ 39,688,958 $ 41,045,140 $ - $ - $ -

(+) Change in Unreturned Invested Capital 1,356,182 1,157,225 - - 42,202,365

(+) Change in Preferred Return Balance - - - - -

Capital Account EOP* $ 41,045,140 $ 42,202,365 $ - $ - $ 42,202,365

capital account summary

For the Quarter Ended 3/31/2009 6/30/2009 9/30/2009 12/31/2008 Cumulative

Since Inception

Capital Account Activity:

Beginning Unreturned Invested Capital $ 39,688,958 $ 41,045,140 $ - $ - $ -

(+) Capital Contributions 1,356,182 1,290,155 - - 43,781,062

(-) Distributions (Return on Capital) - (132,930) - - (1,578,697)

Ending Unreturned Invested Capital $ 41,045,140 $ 42,202,365 $ - $ - $ 42,202,365

Preferred Return Beginning Balance $ - $ - $ - $ - $ -

(+) Preferred Return Earned 913,464 940,391 - - 6,394,969

(-) Preferred Return Paid (913,464) (940,391) - - (6,394,969)

Preferred Return Ending Balance $ - $ - $ - $ - $ -

Contributions/Distributions Per Period:

Capital Contributions:

Capital $ 1,199,932 $ 1,290,155 $ - $ - $ 42,589,709

Advisory Fees 156,250 - - - 1,191,353

Total Contributions $ 1,356,182 $ 1,290,155 $ - $ - $ 43,781,062

Capital Distributions:

Preferred Return $ 913,464 $ 940,391 $ - $ - $ 6,396,479

Return of Capital - 132,930 - - 1,578,697

Total Distributions $ 913,464 $ 1,073,321 $ - $ - $ 7,975,176

Memo:Preferred Return Distributions and Return of Capital Distributions reflected in the actual quarter earned.

* BOP and EOP represents Beginning of Period and End of Period

capital account detailOrdinary Income (Loss) $192,807

Estimated Depreciation Expense 964,798

Estimated Depreciation Recapture 54,150

Long Term Capital Gains (255,317)

Estimated Taxable Income (Loss) $956,438

FOR:

First & Last Name

Revocable Family Trust

The Co-Investors, LLC

Real Estate – Co-Investment

Inception Date: December 27, 2003

Quarter Ended: June 30,2009

Total Commitment: $ 10,000,000

Unfunded Commitment: $

Capital Account 2Q–09 YTD 2009 Since Inception

Beginning Market Value $4,839,685 $6,144,261 $0

Contributions - - 10,000,000

Income/(Loss) before Fees 94,009 1,488,366 6,526,756

Management Fees (8,856) (238,172) (1,226,043)

Unrealized Appreciation 17,430 (1,135,907) 803,504

Distributions - (1,316,280) (11,161,949)

Ending Market Value $4,942,268 $4,942,268 $4,942,268

Number of Holdings 11

Average Transaction Size $4.89 million

Average Projected Duration 45 months

Since Inception Total Return 15.72%(12/2008)

Rolling 12 Month Total Return 2.35%

Year-to-Date Total Return 2.19%

14.0%

12.0%

10.0%

8.0%

6.0%

4.0%

2.0%

0.0%

-2.0%

-4.0%

-6.0%

3Q-08 4Q-08 1Q-09 2Q-09

Returns are based on the NCREIF fund level calculation methodology.

QUARTERLY FUND STATEMENT

INDIV IDUAL ACCOUNT SUMMARY

FUND T IME WEIGHTED RETURNS

EST IMATED TAXABLE INCOME (YTD)

INDIV IDUAL ACCOUNT SUMMARY

FOR:

First & Last Name

Revocable Family Trust

The Co-Investors, LLC

Real Estate – Co-Investment

Inception Date: January 6,2004

Quarter Ended: June 30,2008

Total Commitment: $ 350,000

Unfunded Commitment: $ 175,000

Capital Account 2Q–09 YTD 2009 Since Inception

Beginning Market Value $347,744 $346,895 $0

Contributions - - 208,816

Income/(Loss) (2,828) (524) 152, 451

Unrealized Appreciation - (1,455) 526,237

Distributions - - (542,588)

Ending Market Value $344,916 $344, 916 $344,916

ASSETS

Member Interests at Fair Market Value $ (11,390,828)

Other Assets 985,672

Total Assets 12,376,500

LIABILITIES

Other Liabilities $ -

EQUITY

Capital Contributions 9,262,500

Distributions (21,885,856)

Net Income (87,828)

Retained Earnings 25,087,684

Total Equity 12,376,500

TOTAL LIABILITIES & EQUITY $ 12,376,500

REVENUES

Investment Income (Loss) $ (27,661)

Other Income 43,189

Total Revenues 15,528

EXPENSES

Asset Management Fees -

Other Expense 38,799

Total Expenses 38,799

NET INVESTMENT INCOME (23,271)

Unrealized Appreciation (64,557)

NET INCOME $ (87,828)

QUARTERLY INVESTOR SUMMARY

$30,000,000

$25,000,000

$20,000,000

$15,000,000

$10,000,000

$5,000,000

$0

2005 2006 2007 2008 2009 2010

Inv1 Inv2 Inv3 Inv4

YTD STATEMENTS OF OPERAT IONS

MARKET VALUE SUMMARY

BALANCE SHEET

INVESTOR CONFIDENCE

Reliable ToolsYardi Investment Management™ gives you the tools you need to deliver timely, detailed, reliable information to your investors. By leveraging a system that automates analytics and consolidated financial reporting and provides transparency for every dollar they commit, you instill confidence.

Yardi Investment Management can stand alone or be used as part of the Yardi Voyager™ suite of products for investment and fund managers, which includes:

¬¬Yardi Investment Management™

¬¬Yardi PortfolioVMF™

¬¬Yardi Executive Dashboard™

¬¬Yardi Portal™

Value AddedWith Yardi Investment Management, your entire investment accounting and investor reporting cycle is automated, reducing costs and increasing operational efficiencies. Yardi Investment Management will enable your organization to:

¬¬Easily manage complex hierarchies and deal structures¬¬Automate complex consolidations and equity rollups¬¬Quickly calculate preferred returns and waterfall distributions¬¬Produce detailed, accurate performance and returns analysis ¬¬Manage multiple currencies, languages, accounting methods, and tax rules¬¬Achieve true, single-system integration with centralized data ¬¬Attain full, top-to-bottom transparency with complete drilldown capability

“Yardi Investment Management expands and automates our portfolio reporting capabilities, facilitates sophisticated fund accounting, and ensures reliable information for our investors.”

Dominic J. Petrucci CFO | Buchanan Street Partners

Generate reports with speed, detail, and accuracy and produce real-time

investor statements and notifications.

Investor - Investment Attribute Analytics

Commitment

Listed Security Investments32.00%

Mixed Use7.50%

Office8.00%

Retail30.00%

Industrial22.50%

Investment

Corporate Office (yardi1)

Trendy City Park (yardi2)

Country Warehouse (yardi3)

City Down Under Mall (yardi4)

Dumbeldorf Industries (yardi5)

Total

InitialContribution

2,400,000.00

9,600,000.00

2,250,000.00

9,000,000.00

6,750,000.00

30,000,000.00

OtherContributions

1,600,240.00

6,400,960.00

1,500,225.00

6,000,900.00

4,500,675.00

20,003,000.00

Distribution

1,000,000.00

4,000,000.00

1,250,000.00

5,000,000.00

3,750,000.00

15,000,000.00

ExcessDistribution

48,000.00

192,000.00

45,000.00

180,000.00

135,000.00

600,000.00

EndingMarket Value

4,600,000.00

13,400,000.00

2,900,000.00

11,800,000.00

8,900,000.00

41,600,000.00

Capital Balance

2,950,240.00

11,808,960.00

2,455,225.00

9,820,900.00

7,365,675.00

34,403,000.00

UnrealizedGain/Loss

1,647,760.00

1,591,040.00

444,775.00

1,979,100.00

1,534,325.00

7,197,000.00

IRR

57.01

13.54

16.60

18.48

19.11

19.96

Prior (1 Yr)

57.03

13.55

16.61

18.49

19.12

19.97

Prior (3 Yr)

57.01

13.54

16.60

18.48

19.11

19.96

Prior (5 Yr)

57.01

13.54

16.60

18.48

19.11

19.96

Prior (10 Yr)

57.01

13.54

16.60

18.48

19.11

19.96

Investor - Investment Analytics

Clear

PDF

Excel

Display Add Content

Decimal Digits

Format

Grid

Setup Template

2

1

Client

Country

District Manager

Fund Objective

Investment Strategy

Leased or Owned

Market

Investor

Investment Level

Investment

Setup Template

From to

Report Type

01/2009 12/2009

Time Adjusted IRR

IRR

yinv1

Property

OtherContributions

1,600,240.00

6,400,960.00

1,500,225.00

6,000,900.00

4,500,675.00

20,003,000.00

Distribution

1,000,000.00

4,000,000.00

1,250,000.00

5,000,000.00

3,750,000.00

15,000,000.00

ExcessDistribution

48,000.00

192,000.00

45,000.00

180,000.00

135,000.00

600,000.00

INVESTOR REPORTING

Investor PerformanceYardi Investment Management™ fully automates complex accounting for all allocating ownership entries throughout the investment hierarchy. Easily roll up financial and performance data to produce timely statements so investors can see exactly how their investments have performed. Deliver detailed, accurate performance and multi-level returns analysis, including:

¬¬ Capital Balance and Capital Roll Forward reports¬¬ Performance Returns Summary including XIRR and Time-Weighted Returns¬¬ Unfunded Equity Report by Investor and Investment¬¬ Monthly Investor Summary and Statement¬¬ Attribute Analytics¬¬ Exposure Analytics

Exposure AnalysisWeb-based financial, portfolio, performance, and revenue analytics help identify investor exposure to invested and committed assets according to attribute, such as region, sector, investment type and fund strategy. Yardi Investment Management has access to budget, actual, and forecast data for continual variance analysis and asset or portfolio-level sensitivity.

Performance AnalysisAutomate analysis and submission of NCREIF and GIPS performance metrics. Compare your portfolio investment performance to industry benchmarks through a rich set of real-time analytics for leveraged, unleveraged and time-weighted income and appreciation returns. Add user defined attributes to the portfolio comparison to evaluate geographical, operational and investment indicators, providing improved clarity and accuracy when determining the market value of your assets.

Correspondence ManagementEffectively manage capital call notifications and investor funding requests with bulk functionality that automates investor calculations and email notifications. Produce quarterly fund statements, investor statements, and capital call notices that investors can receive via email or view over the Web.

Automate and manage

complex ownership structures with a high degree of

transparency and complete drilldown

capability to underlying financials.

500 – Investors

380 – Partnership

340 – Joint Venture

320 – Venture/Fund

300 – Assets

Property

Entity

2 Investor A (2inva)

2 Investor B (2invb)

2 Investor C (2invc)

2 Investor D (2invd)

2 Investor E (2inve)

Investor Y1 (yinv1)

Investor Y2 (yinv2)

Investor Y3 (yinv3)

Investor Y4 (yinv4)

Investor Y5 (yinv5)

2 Partnership 1 (2ptshp1)

2 Partnership 2 (2ptshp2)

2 JV Partner 1 (2jvptr1)


ABC Fund (2) (2ventur)

2 Austin Properties (2auprop)

2 Sunrise Properties (2srprop)

2 Trenton Properties (2tprop)

Amount

10,000,000

10,000,000

10,000,000

8,000,000

9,000,000

45,000,000

60,000,000

90,000,000

54,000,000

51,000,000

15,000,000

15,000,000

30,000,000

30,000,000

10,000,000

20,000,000

25,000,000

Percentages (%)

57.06

42.40

0.54

62.20

77.80

15.00

20.00

30.00

18.00

17.00

47.50

52.50

50.00

50.00

100.00

100.00

100.00

Start Date

12/16/2005

12/16/2005

12/16/2005

12/16/2005

01/01/2009

01/01/2006

01/01/2006

01/01/2006

01/01/2006

01/01/2006

12/16/2005

12/16/2005

12/16/2005

12/16/2005

12/16/2005

12/16/2005

12/16/2005

Transaction

Commitment

Commitment

Commitment

Commitment

Commitment

Commitment

Commitment

Commitment

Commitment

Commitment

Commitment

Commitment

Commitment

Commitment

Commitment

Commitment

Commitment

Equity Rollup Analytics

Clear

PDF

Excel

Display Add Content

Grids

Suppress Zero

Report Type Equity Rollup Investor History

Account Tree

Entity

Book

Post Month

Batch No.

to03/2007 05/2007

yinv1

Property

%

100.00

50.00

100.00

50.00

100.00

50.00

100.00

50.00

100.00

50.00

100.00

50.00

Batch #

699

699

840

840

699

699

840

840

848

848

848

848

Book

Accrual

Accrual

Accrual

Accrual

Accrual

Accrual

Accrual

Accrual

Accrual

Accrual

Accrual

Accrual

PostMonth

03/2007

03/2007

03/2007

03/2007

03/2007

03/2007

03/2007

03/2007

05/2007

05/2007

05/2007

05/2007

Level













OriginatingData from













Rolled up to













Ctrl #

1930

1931

2189

2190

1932

1933

2191

2192

2216

2217

2218

2219

Rule

Full Consolidation (full)

Minority Interest (Minority)











DateCreated

01/16/2008

01/16/2008

01/29/2008

01/29/2008

01/16/2008

01/16/2008

01/29/2008

01/29/2008

01/29/2008

01/29/2008

01/29/2008

01/29/2008

User

jonl

jonl

jonl

jonl

jonl

jonl

jonl

jonl

jonl

jonl

jonl

jonl

Investment Management Dashboard

Entity Relationship StructureABC Fund (2) (2ventur)

2 Trenton Properties

2 Austin Properties

2 Sunrise Properties

Wednesday, September 30, 2009 Direct Investments

Reports

Allocations

Investor Activity

Investment Activity

Prefs/Opportunities/Analyses

Level Count

Entity

Equity Rollup Investment History

Equity Rollup Investor History

Equity Rollup Comparison History

IA Reports

8

1

1

Box Display2ventur Go

ABC Fund (2)

10/20/1999 11/20/2009Date Range

Prefs

Opportunities

Analyses

2

5500 – Investors

380 – Partnership

1


500 – Venture/Fund

5

3500 – Assets

Property

Commitments: 55,000,000

Contributions: 27,934,481

Distributions: 7,305,000

Return of Capital: 0

7

3

0

42

0

0Fees: 0

Others: 0

Allocations 102

Commitments: 60,000,000

Contributions: 114,358,292

Distributions: 7,307,802

Return of Capital: 0

15

2

0

69

22

3Fees: 110,000

Others: 2,202,802

Dashboard Calendar

Equity Rollup Investor History

Journal Entry

Batch 699 Ctrl 1930

Reverse next month

AccrualBook

Balance Acct.

Reference

Owner Attachment

Property Post Month

Date

Source

03/2007

03/31/2007

Account

1855-0000 (Straight Line Rent)

4460-0000 (Less: Concessions)

4961-0000 (Residential Garage)

4963-0000 (Residential Storage)

5100-0000 (Recovery – Operating)

5200-0000 (Recovery – Property)

5300-0000 (Recovery – Insurance)

Entity

2jvptr1

2jvptr1

2jvptr1

2jvptr1

2jvptr1

2jvptr1

2jvptr1

Remarks

2ventur; Full; 100%

2ventur; Full; 100%

2ventur; Full; 100%

2ventur; Full; 100%

2ventur; Full; 100%

2ventur; Full; 100%

2ventur; Full; 100%

Debit

900.00

Credit

3,162.14

3,150.00

1,700.00

110,630.40

8,410.52

831.79

PropertyDepartment

Denominator

Journal Entry

AccrualBook

Balance Acct.

Reference

Owner Attachment

Property Post Month

Date

Source

03/2007

03/31/2007

Account

1855-0000 (Straight Line Rent)

4460-0000 (Less: Concessions)

4961-0000 (Residential Garage)

4963-0000 (Residential Storage)

5100-0000 (Recovery – Operating)

5200-0000 (Recovery – Property)

5300-0000 (Recovery – Insurance)

Entity

2jvptr1

2jvptr1

2jvptr1

2jvptr1

2jvptr1

2jvptr1

2jvptr1

Denominator

INVESTMENT ACCOUNTING

Unlimited Deal TypesYardi Investment Management™ manages ownership structures, no matter how complex, for both large and small portfolio investors. Hierarchies with unlimited rollup rules can be created for any deal type, including:

¬¬ Funds ¬¬ Special Purpose Entities¬¬ Fund of Funds ¬¬ Holding Companies¬¬ REITs ¬¬ Debt Entities¬¬ Joint Ventures ¬¬Wholly Owned Assets

Automated CalculationsBased on your defined hierarchies, automate consolidations and rollups to analyze and report financials with speed and accuracy at every level. Yardi Investment Management automates all transactions and calculations for:

¬¬ Capital Calls ¬¬ Date-Sensitive Commitments¬¬ Contributions ¬¬ Full Consolidations¬¬ Distributions ¬¬ Equity Rollup¬¬ Preferred Returns ¬¬ Minority Interest¬¬Waterfall, Promotes, Hurdles ¬¬ Elimination Sets

Real-Time FinancialsGenerate all financial and month-end reports, including Income Statements and Balance Sheets. Process payments, print checks, and handle all accounting functions in a single system.

Global CapabilitiesAdminister multiple currencies, languages, accounting methods, and tax rules with concurrent reporting capabilities. With your entire multinational portfolio managed in a centralized system, you will achieve greater efficiencies, increased transparency, and more opportunities for global growth.

Portals

Operations

Property Management Financial Management Fixed Assets

MaintenanceFacilities Management

LeasingConstructionDevelopment

Business Intelligence

KPIsExecutive Dashboard Portfolio Analytics

Portals

Portals

Procurement

ElectronicPayables

ElectronicReceivables

eProcurement

CentralizedDatabase

Port

als

InvestmentManagement

PortfolioAccounting

Performance

ValuationForecasting

Modeling

Performance

Yardi Technology Solutions ArchitectureFull business solution, completely integrated products,

customized to streamline your business operations.

Leverage a technology architecture that enables

transparency, access and insight, across the entire spectrum of your real estate

operations, financials and investments.

WATERFALL DISTRIBUTIONS

Incentive StructuresYardi Investment Management™ has been uniquely designed to auto-calculate returns and investor distributions on deals that use complex incentive structures such as preferred returns, waterfall distributions, promotes and hurdles. Yardi Investment Management enables you to:

¬¬ Quickly calculate accruals and distributions with multiple IRR hurdles¬¬ Model and forecast investor IRRs and future distributions via Yardi PortfolioVMF™ integration¬¬ Determine hypothetical liquidation values for accurate unrealized gain/loss on investments¬¬ Compute multiple allocation splits within Limited Partnership and General Partnership groupings

DATA COLLECTION

Complete TransparencyAchieve an unsurpassed level of transparency, made possible by Yardi Investment Management’s centralized data platform. Questions regarding underlying transaction data are quickly answered by drilling all the way down to the operating property data in Yardi Voyager property management software. In addition, a full array of detailed reports provides a complete audit trail.

¬¬ Achieve true, single-system integration with a centralized data platform¬¬ Reduce manual effort by eliminating costly third-party interfaces¬¬ Get real-time data down to the property level to make confident decisions

Centralize ConsolidateYardi Investment Management can not only access operating data in real time from your Yardi Voyager™ database to automate all investment calculations, transactions and reporting, but it can also be used as the central data warehouse to consolidate information from multiple disparate systems. Utilize Yardi ETL (extract, transform and load) toolset to generate nightly property management portfolio data, regardless of platform.

¬¬ Predefined mapping to other property management databases¬¬ Automated loads¬¬ Error checking with email notification

YARDI VOYAGER™

Yardi Investment Management is part of the Yardi Voyager

suite of products for investment and fund managers.

Integrate key processes such as valuation, modeling

and forecasting, business intelligence and investor portals.

YARDI Portfo

lioVMF™

YARDI Insight™

YARDI Porta

l™

INTEGRATED SOLUTIONS

YARDI PortfolioVMF™

Yardi PortfolioVMF, for valuation, modeling and forecasting, generates accurate, streamlined valuations and builds multi-year cash flow budgeting that can be used to make better-informed buy/hold/sell decisions. With a centralized Yardi Voyager™ data platform, changes in property leases and expenses are reflected in real time, eliminating reliance on labor-intensive data entry and error-prone spreadsheets.

YARDI Insight™

Yardi Insight is an advanced enterprise dashboarding and reporting solution for financial and operational intelligence enabling drag-and-drop reporting, graphs, and charts that reflect real-time business metrics and goal tracking from multiple databases or warehouses. With a library of pre-packaged and customizable key performance indicator (KPI) reports, you can produce timely, accurate, boardroom-quality representations of your entire portfolio.

YARDI Portal™

Yardi Portal offers investors secure Web-based access to timely, reliable information about their investment holdings and ownership details. With correspondence management integration, you can automate the preparation and distribution, with bulk functionality, of investor statements, capital call notifications, and investor funding requests. Post results quickly, accurately, and easily, reducing staff resources and costs, and improving investor relations in the process.

YARDI Professional ServicesYardi Professional Services Group brings familiarity and expertise to the unique and complex demands of the real estate investment industry. Its advanced AIM implementation methodology for project scope and planning, business requirement review, system design, creation, and delivery results in rapid but thorough implementations that enable a return on investment in a matter of months.

IM-B

KT-A

07/

27/2

010

© 2010 Yardi Systems, Inc. All rights reserved.

Yardi Systems, Ltd. Hong Kongphone: +852 2851 6638 | email: [email protected] | www.yardi.com

Strategic Benefits¬h Easily manage complex hierarchies and deal structures

¬hAutomate complex consolidations and equity rollups

¬h Quickly calculate preferred returns and waterfall distributions

¬h Produce detailed, accurate performance and returns analysis

¬h Manage multiple currencies, languages, accounting methods,

and tax rules

¬hAchieve true, single system integration with centralized data

¬hAttain full, top-to-bottom transparency with complete

drilldown capability

“Yardi Investment Management has provided depth, versatility and global capabilities to our fund administration, accounting, and performance reporting requirements for many years. We are also excited about Yardi’s new offerings for portfolio valuation, investor portal and front office.”

Laurie Romanak Global Head of Investment Reporting | CBRE Investors

yardi investment management · ending market value $4,942,268 ... yardi investment management will...

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