USA Courtney Downs LeaseCo, LLC

Key Variable Analysis

9/30/2008
Number of Units 342
Actual Actual
Average Length of Stay (mos.) Jan Current Month % Change
Renewal Rate
Turnover Rate - Current month YTD annualized 68.62% Market Rent (MR) $294,410 $301,250 2.32%
Current Gross Potential (most recent fin. stmt.) LTL as % of MR $2,842 ($2,719) -195.67%
Gross Potential (beg. Budget year) Gross Potential $297,252 $298,531 0.43%
% Increase in GPR (current to beg. budget yr.)
Current Current %
MTD YTD Actual Budget Variance
Write-offs as % of Gross Potential 0.35% 1.00%
Other Income/Unit (excl. Utility Reimb.) 1,209.65
Application Fee Per Move In Net Rental Income $262,493 $258,661 $3,832
Redec/Admin. Fee Per Move In Other Income $29,567 $23,739 $5,828
Total Revenue $292,059 $282,400 $9,659

Controllable Expenses as % of Total Revenue: 24.76% Average Economic Physical

Total Expenses as % of Total Revenue: 36.66% Month Occupied Rent Occupancy Occupancy

Jan-08 $824 86.66% 91.40% (Net Rental income) / (total units * occupancy)
Average Advertising/Locator Cost per Move-In: $169 $197 Feb-08 $820 89.34% 94.04%
Total Resident Retention per Unit: Mar-08 $849 93.88% 95.32%
Average Cost per Turn (move-out): $172 $280 Apr-08 $829 89.53% 93.18%
% Water/Sewer Recovery - MTD & YTD - Actuals 64.65% 72.83% May-08 $827 89.41% 93.81%
Actual + Bud Budget Jun-08 $818 88.72% 94.09%
Total Controllable Expenses (/unit/yr.): 2,565.71 2,822.81 Jul-08 $827 89.40% 93.94%
Total Non-controllable Expenses (/unit/yr.): 1,232.96 1,231.40 Aug-08 $836 91.12% 94.81%
Total Expenses (/unit/yr.): 3,798.67 4,054.22 Sep-08 $832 87.93% 92.24%
Oct-08 $836 #DIV/0! 94.21%
Nov-08 Err:502 Err:502 Err:502
Lease Expiration Dec-08 Err:502 Err:502 Err:502
Sep-08 20.00

Expenses 2007
Category /unit/yr. IREM Expenses 1 Variance

Salary Expense $983 $1,061 $78

Operating Expense $117
Advertising Expense $157
Make Ready Expense $187
Maintenance Expense $117
Management Expense $0
Credit Card Fees $16
Service Expense $152
Administrative Expense $420
Utility Expense $417
Taxes & Insurance $1,233
Capital Expense $314
$4,113

Controllable Costs 2 $2,566 $2,654 $88

Taxes & Insurance $1,233 $747 ($486)
Total 2 $3,799 $3,401 ($398)

NOI $6,563 $6,053 $510

1
Median Expense for the city
IREM includes Payroll costs in the following expense catagories : Other Administrative Costs,
Security, Gournds, Maintenance, Painting and Decorating-Interior Only and Recrreational
Amenities
IREM does provide total Payroll Recap of all the payroll components
Thus for all purposes comarison by category to IREM category is invalid
therefore a comparison in total is used

2
Excludes Capital Expense

IREM
City Denver
Apt Type Garden
Year Built 1978 to Date
# of Prop reporting 50
# of units 15,188
Average Prop size 304
USA Courtney Downs LeaseCo, LLC
Summary Report

Actual Budget Variance

Move-ins 20 22 (2)
Move-outs 22 25 3

Physical Occupancy 92.24% 94.42% -2.18% at month end

Vacancy 7.76% 5.58% -2.18% (vacancy / market rent)
Economic Occupancy 87.13% 85.86% 1.27% (net rental / market rent)

Prior Current Subsquent Annualized

Month Month Month Per Unit

Net Rental Revenue

Actual / Projected 271,191 262,493 269,218
Budget - Original 261,671 258,661 254,092
Variance 9,520 3,832 15,126

Other Revenue
Actual 28,230 29,567 26,882
Budget - Original 27,910 23,739 22,628
Variance 320 5,828 4,254

Expenses - Controllable
Actual 76,346 68,416 77,840 2,565.71 ( YTD Actual + Remaining Projected Budget)
Budget - Original 83,552 79,854 87,518 2,822.81
Variance 7,206 11,438 9,678 257.10

Expenses - Taxes & Insurance

Actual 35,029 35,222 35,257 1,232.96
Budget - Original 35,095 35,095 35,095 1,231.40
Variance 66 (127) (162) (1.55)

Expenses - Capital
Actual 7,400 7,228 6,885
Budget - Original 6,600 6,259 6,000
Variance (800) (969) (885)

NOI Goal - Annual Actual Budget Variance

NOI Goal @ 7.00% cap 2,782,500 2,782,500 ( from disposition analysis )
Projected NOI 2,244,612 1,984,350 260,262.05 ( YTD Actual + Remaining Budget )
Variance 537,888 798,150
 IREM Comparisons

USA Courtney Downs LeaseCo, LLC IREM - 2007 1 Variance

% GPI $/ Sq Ft $ / Unit % GPI $/ Sq Ft $ / Unit % GPI $/ Sq Ft $ / Unit

Payroll 8.60% 1.07 983 10.00% 1.27 1,061 1.40% 0.20 78

Taxes 6.95% 1.15 1,059 5.20% 0.66 555 -1.75% (0.49) (504)

Insurance #N/A 0.19 171 1.30% 0.15 135 #N/A (0.04) (36)

Total Controllable Expenses 33.23% 4.14 2,566 26.80% 3.13 1,964 -6.43% (1.01) (602)

NOI 57.41% 7.15 6,563 55.10% 6.97 6,053 2.31% 0.18 510

1
Median Expense for the city
IREM's 3 different views of Expenses are compared above
The Total IREM for a category may NOT equal the sum of the line items in the category, e.g., Taxes & Insurance

2 3 4 5 6 7 8 9 10 11 12 12
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
 Property Taxes
Monthly 30,188.47 30,188.47 30,188.47 ### 30,188.47 30,188.47 30,188.47 ### 30,188.47 30,188.47 - - 301,884.70 600.00 ###
YTD 30,188.47 60,376.94 90,565.41 ### 150,942.35 181,130.82 211,319.29 ### 271,696.23 301,884.70 301,884.70 301,884.70 ###

 Insurance
Monthly 4,840.47 4,815.99 4,840.47 ### 4,840.47 5,035.65 4,840.47 ### 5,033.51 4,840.47 - - 48,768.44 351,253.14 ###
YTD 4,840.47 9,656.46 14,496.93 ### 24,177.87 29,213.52 34,053.99 ### 43,927.97 48,768.44 48,768.44 48,768.44 ###
 Courtney Downs
Revenue / Operating Expenses / NOI
325,000

300,000

275,000

250,000

225,000

200,000

175,000

150,000

125,000

100,000

75,000

50,000

25,000

0
Jan 2008 Feb 2008 Mar 2008 Apr 2008 May Jun 2008 Jul 2008 Aug 2008 Se
2008

Total Revenue Total Operating Exp. Net Operat

urtney Downs
perating Expenses / NOI
220,000

200,000

180,000

160,000

140,000

120,000

100,000

80,000

60,000

40,000

20,000

0
2008 Jul 2008 Aug 2008 Sep 2008 Oct 2008 Nov 2008 Dec 2008

al Operating Exp. Net Operating Income

Lease Expiration
USA 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
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
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
 Courtney Downs

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Move Ins 17 16 19 16 28 16 31 25 20 17 205

cummulative move in 17 33 52 68 96 112 143 168 188 205 205 205

Move Outs 17 11 19 21 18 20 33 15 22 17 193

cummulative move out 17 28 47 68 86 106 139 154 176 193 193 193
USA Courtney Downs LeaseCo, LLC
(10600)
12 Month Occupancy
Showing Occupancy Percentage By Property And Month

Year : 2008
Grouped By : Region
Calculation by : Unit Count

Property Units Sq Ft Jan Feb Mar Apr May Jun July Aug Sep Oct Nov Dec

2007 342 311,852 89.50 88.75 88.09 90.32 93.11 94.95 95.85 94.18 93.98 94.00 92.69 92.10

2008 91.40 94.04 95.32 93.18 93.81 94.09 93.94 94.81 92.24 94.21
USA Courtney Downs LeaseCo, LLC (10600)
Budget
Period = Jan 2008-Dec 2008
Book = Accrual
Jan-08 Feb-08 Mar-08
 INCOME
 Market Rent 294,410.00 294,410.00 297,830.00
 Loss / Gain to Lease 10,247.00 10,940.00 7,880.00
 Gross Potential Rent 304,657.00 305,350.00 305,710.00
 Vacancy Loss -28,795.00 -27,074.00 -24,776.00
 Upfront Rent Concessions -6,000.00 -6,000.00 -3,000.00
 Adjustments & W/O -1,507.00 -1,534.00 -1,586.00
 Model Units -1,980.00 -1,980.00 -1,980.00
 Employee Apartment -1,935.00 -1,935.00 -1,935.00
 Guest Suite -1,160.00 -1,160.00 -1,160.00
 Lease Term Concessions -17,793.00 -15,707.00 -12,879.00
 INCOME RENTAL 245,487.00 249,960.00 258,394.00

 OTHER REVENUES
 Late Charges & NSF Fees 1,463.00 1,463.00 1,771.00
 Month to Month Premium 300.00 750.00 750.00
 Storage Fees 680.00 720.00 880.00
 Application Fees 1,176.00 1,323.00 1,519.00
 Termination Fees & Damages 0.00 0.00 2,700.00
 Miscellaneous Income 600.00 200.00 1,100.00
 Interest Income 3,489.00 0.00 0.00
 Pet Rents & Fees 3,360.00 3,360.00 3,360.00
 Garage Income 6,790.00 6,790.00 6,790.00
 Cable/Telephone Income 475.00 475.00 475.00
 Forfeited Deposits 300.00 300.00 300.00
 Administration Fee 1,820.00 2,100.00 2,660.00
 Move-Out Charges 2,400.00 2,400.00 2,400.00
 Short Term Lease Fees 500.00 375.00 500.00
 TOTAL OTHER REVENUES 23,353.00 20,256.00 25,205.00
 TOTAL REVENUE 268,840.00 270,216.00 283,599.00

 SALARY EXPENSES
 Managers Salary 12,689.00 12,689.00 12,689.00
 Maintenance Salary 11,403.00 11,403.00 11,403.00
 Commissions & Bonus 3,005.00 3,425.00 3,665.00
 Group Insurance 1,720.00 1,720.00 1,720.00
 Contract Labor 1,000.00 1,000.00 1,000.00
 TOTAL SALARY EXPENSES 29,817.00 30,237.00 30,477.00

 OPERATING EXPENSES
 Office Operations & Supplies 850.00 850.00 850.00
 Telephones 743.00 743.00 743.00
 Answering Svc. & Pagers 98.00 98.00 98.00
 Postage & Delivery 211.00 211.00 211.00
 Publications & Subscriptions 114.00 114.00 114.00
 Employee Training 350.00 350.00 300.00
 Car Expenses 38.00 38.00 38.00
 Credit Checks 288.00 324.00 372.00
 Guest Suite Expense 600.00 550.00 500.00
 TOTAL OPERATING EXPENSE 3,292.00 3,278.00 3,226.00

 ADVERTISING EXPENSES
 Advertising & Promotions 7,500.00 3,500.00 3,500.00
 Resident Promotions 500.00 400.00 500.00
 Locators 723.00 1,446.00 2,025.00
 Resident Referrals 500.00 500.00 500.00
 TOTAL ADVERTISING EXPENSES 9,223.00 5,846.00 6,525.00

 MAKE READY EXPENSES

 Paint & Drywall 207.00 225.00 279.00
 Contract Cleaning Svcs. 2,859.00 2,859.00 2,859.00
 Carpet Cleaning & Repairs 955.00 1,038.00 1,287.00
 Window Coverings 270.00 270.00 270.00
 Lock & Keys 85.00 85.00 85.00
 Counter & Tub Resurfacing 417.00 417.00 417.00
 Cleaning Supplies 158.00 158.00 158.00
 TOTAL MAKE READY EXPENSES 4,951.00 5,052.00 5,355.00

 MAINTENANCE EXPENSES
 General Maintenance & Supplies 599.00 689.00 1,000.00
 HVAC Parts & Repairs 200.00 100.00 100.00
 Plumbing Parts & Repairs 120.00 120.00 120.00
 Electric Parts & Repairs 40.00 50.00 50.00
 Roof & Gutter Repairs 0.00 0.00 0.00
 Pools & Fountains 100.00 100.00 100.00
 Gates & Entrances 10.00 10.00 10.00
 Glass & Screens 260.00 0.00 260.00
 Appliance Parts & Repairs 300.00 300.00 300.00
 Hardware 120.00 120.00 120.00
 Exterior Painting 0.00 0.00 0.00
 Uniforms 0.00 0.00 0.00
 Security & Fire Systems 450.00 450.00 450.00
 TOTAL MAINTENANCE EXPENSE 2,199.00 1,939.00 2,510.00

 SERVICE EXPENSES
 Landscape & Grounds 0.00 0.00 0.00
 Trash Removal 755.00 755.00 755.00
 Pest Control 205.00 205.00 205.00
 Security Patrols 0.00 0.00 0.00
 Snow Removal 3,500.00 3,500.00 3,500.00
 TOTAL SERVICE EXPENSES 4,460.00 4,460.00 4,460.00

 ADMINISTRATIVE EXPENSES
 Management Fees 10,754.00 10,809.00 11,344.00
 Legal Fees 400.00 200.00 400.00
 Computer Expense 0.00 0.00 0.00
 TOTAL ADMINISTRATIVE EXPENSES 11,154.00 11,009.00 11,744.00

 UTILITY EXPENSES
 Electricity 3,250.00 3,250.00 3,250.00
 Natural Gas 1,967.00 1,967.00 1,967.00
 Water & Sewer 20,000.00 20,000.00 20,000.00
 Water & Sewer - Resident Reimb -13,600.00 -13,600.00 -13,600.00
 Water - irrigation 0.00 0.00 0.00
 Trash Reimbursement -2,400.00 -2,400.00 -2,400.00
 Utility -Vacant Electric 1,505.00 1,415.00 325.00
 Utility - Vacant Gas 903.00 849.00 768.00
 TOTAL UTILITY EXPENSES 11,625.00 11,481.00 10,310.00

 TAXES & INSURANCE

 Property Taxes 30,188.00 30,188.00 30,188.00
 Insurance 4,850.00 4,850.00 4,850.00
 Tax Consultants 57.00 57.00 57.00
 TOTAL TAXES & INSURANCE 35,095.00 35,095.00 35,095.00
 TOTAL OPERATING EXPENSES 111,816.00 108,397.00 109,702.00
 NET OPERATING INCOME 157,024.00 161,819.00 173,897.00

 TIC RENT EXPENSE

 Base Rent - Interest Payment 106,587.00 106,587.00 106,587.00
 Base Rent - Principal Payment 0.00 0.00 0.00
 Stated Rent 86,667.00 86,667.00 86,667.00
 Total TIC Rent Expense 193,254.00 193,254.00 193,254.00

 PARTNERSHIP EXPENSES
 Partnership Accounting Fees 0.00 0.00 0.00
 Partnership Travel 200.00 200.00 200.00
 Asset Management Fees 1,000.00 1,000.00 1,000.00
 Investor Administration Fee 3,250.00 3,250.00 3,250.00
 TOTAL PARTNERSHIP EXPENSES 4,450.00 4,450.00 4,450.00

 CAPITAL EXPENSES
 Exterior Rehab 0.00 0.00 0.00
 HVAC Replacement 0.00 0.00 0.00
 Carpet & Floor Replacement 5,000.00 5,000.00 5,000.00
 Refrigerators 0.00 0.00 0.00
 Dishwashers & Ranges 0.00 259.00 319.00
 Washers / Dryers 339.00 0.00 339.00
 Other Capital Improvements 0.00 2,139.00 2,610.00
 TOTAL CAPITAL EXPENSES 5,339.00 7,398.00 8,268.00
 NET INCOME -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 19
Total Move Outs 12 13 16
Resulting Occupancy at Month End 90.44% 91.17% 92.19%
Average Monthly Occupancy 90.22% 90.80% 91.68%
Average Scheduled Rent per Unit 861 861 871
Average Monthly Occupied Rent 894 896 896
Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08

297,830.00 297,830.00 297,830.00 301,250.00 301,250.00 301,250.00

8,634.00 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 2,400.00
375.00 500.00 625.00 750.00 625.00 625.00
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
 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

400.00 500.00 400.00 500.00 400.00 500.00
1,401.00 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
120.00 120.00 120.00 120.00 120.00 120.00
155.00 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
 3,500.00 3,500.00 3,500.00 3,500.00 3,500.00 3,500.00
1,967.00 1,967.00 1,967.00 1,967.00 1,967.00 1,967.00
20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00
-13,600.00 -13,600.00 -13,600.00 -13,600.00 -13,600.00 -13,600.00
5,000.00 5,800.00 5,800.00 5,800.00 5,000.00 5,000.00
-2,400.00 -2,012.00 -2,012.00 -2,012.00 -2,012.00 -2,012.00
1,112.00 1,033.00 920.00 797.00 797.00 858.00
667.00 620.00 552.00 478.00 478.00 515.00
16,246.00 17,308.00 17,127.00 16,930.00 16,130.00 16,228.00

30,188.00 30,188.00 30,188.00 30,188.00 30,188.00 30,188.00

4,850.00 4,850.00 4,850.00 4,850.00 4,850.00 4,850.00
57.00 57.00 57.00 57.00 57.00 57.00
35,095.00 35,095.00 35,095.00 35,095.00 35,095.00 35,095.00
124,575.00 120,491.00 119,774.00 122,872.00 118,647.00 114,949.00
159,102.00 170,238.00 172,176.00 166,083.00 170,934.00 167,451.00

106,587.00 106,587.00 106,586.67 106,474.53 106,361.87 130,152.00

0.00 0.00 23,565.33 23,677.47 23,790.13 0.00
86,667.00 86,667.00 86,667.00 86,667.00 86,667.00 86,667.00
193,254.00 193,254.00 216,819.00 216,819.00 216,819.00 216,819.00

0.00 365.00 0.00 0.00 0.00 0.00

200.00 200.00 200.00 200.00 200.00 200.00
1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00
3,250.00 3,250.00 3,250.00 3,250.00 3,250.00 3,250.00
4,450.00 4,815.00 4,450.00 4,450.00 4,450.00 4,450.00

2,546.00 2,960.00 1,215.00 10,125.00 0.00 0.00

0.00 0.00 600.00 600.00 600.00 0.00
5,000.00 6,000.00 6,000.00 6,000.00 6,000.00 6,000.00
0.00 690.00 0.00 760.00 0.00 0.00
0.00 319.00 259.00 319.00 0.00 259.00
0.00 339.00 0.00 0.00 0.00 0.00
5,000.00 2,150.00 0.00 0.00 0.00 0.00
12,546.00 12,458.00 8,074.00 17,804.00 6,600.00 6,259.00
-51,148.00 -40,289.00 -57,167.00 -72,990.00 -56,935.00 -60,077.00

651,842.00 822,080.00 994,256.00 1,160,339.00 1,331,273.00 1,498,724.00

23 23 28 30 30 22
19 24 23 30 30 25
93.36% 93.22% 94.82% 94.82% 94.82% 94.02%
92.78% 93.29% 94.02% 94.82% 94.82% 94.42%
871 871 871 881 881 881
898 897 896 893 893 891
Oct-08 Nov-08 Dec-08 Total

301,250.00 301,250.00 301,250.00 3,587,640.00

3,092.00 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 30,000.00
625.00 625.00 500.00 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
 360.00 300.00 276.00 4,848.00
500.00 500.00 500.00 6,450.00
3,264.00 3,204.00 3,180.00 40,096.00

3,000.00 3,000.00 3,000.00 44,000.00

400.00 500.00 400.00 5,400.00
1,035.00 731.00 609.00 16,070.00
250.00 500.00 250.00 5,500.00
4,685.00 4,731.00 4,259.00 70,970.00

387.00 234.00 189.00 4,217.00

2,859.00 2,859.00 2,859.00 34,308.00
1,785.00 1,079.00 872.00 19,446.00
270.00 270.00 270.00 3,240.00
85.00 85.00 85.00 1,020.00
417.00 417.00 417.00 5,004.00
158.00 158.00 158.00 1,896.00
5,961.00 5,102.00 4,850.00 69,131.00

630.00 652.00 428.00 8,611.00

100.00 100.00 100.00 2,300.00
120.00 120.00 120.00 1,440.00
40.00 40.00 40.00 540.00
0.00 0.00 0.00 3,000.00
100.00 100.00 100.00 4,200.00
0.00 0.00 0.00 150.00
0.00 260.00 0.00 1,820.00
300.00 300.00 300.00 3,600.00
120.00 100.00 100.00 1,400.00
0.00 0.00 0.00 355.00
300.00 0.00 0.00 600.00
10,500.00 1,000.00 200.00 14,555.00
12,210.00 2,672.00 1,388.00 42,571.00

3,000.00 0.00 0.00 29,581.00

755.00 755.00 755.00 9,060.00
205.00 205.00 205.00 2,760.00
0.00 0.00 0.00 2,775.00
0.00 3,000.00 2,500.00 19,500.00
3,960.00 3,960.00 3,460.00 63,676.00

11,069.00 10,989.00 10,780.00 134,836.00

200.00 200.00 200.00 2,800.00
0.00 0.00 0.00 3,060.00
11,269.00 11,189.00 10,980.00 140,696.00
 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 12,108.00
613.00 687.00 707.00 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 10
22 13 11
92.70% 92.41% 92.27%
93.36% 92.56% 92.34%
881 881 881
891 890 889
 USA Courtne
Income S
Perio

Jan-08 Feb-08 Mar-08

 INCOME
 Market Rent 294,410.00 294,410.00 294,800.00
 Loss / Gain to Lease 2,842.00 787.00 29.00
 Gross Potential Rent 297,252.00 295,197.00 294,829.00
 Residential Rent 0.00 0.00 0.00
 Vacancy Loss -14,979.36 -13,515.14 -12,200.56
 Upfront Rent Concessions 10.00 -434.48 6,116.84
 Adjustments & W/O -11,483.60 -4,730.58 -331.61
 Model Units -1,980.00 -1,980.00 -1,980.00
 Employee Apartment -1,934.80 -1,934.80 -2,104.80
 Guest Suite 795.00 -1,160.00 -1,160.00
 Lease Term Concessions -10,079.23 -7,711.00 -6,383.35
 INCOME RENTAL 257,600.01 263,731.00 276,785.52

 OTHER REVENUES
 Late Charges & NSF Fees 2,095.04 2,778.95 1,558.51
 Month to Month Premium 455.00 666.00 761.61
 Storage Fees 1,217.74 1,270.00 1,278.56
 Application Fees 1,800.00 1,500.00 1,050.00
 Termination Fees & Damages 5,090.00 2,500.00 5,566.26
 Miscellaneous Income 736.40 1,318.85 484.35
 Pet Rents & Fees 3,370.97 4,806.71 2,998.22
 Garage Income 7,019.83 7,091.17 7,066.89
 Cable/Telephone Income 0.00 3,113.37 0.00
 Forfeited Deposits 0.00 0.00 300.00
 Administration Fee 4,050.00 3,150.00 2,250.00
 Move-Out Charges 1,600.34 5,608.70 1,871.78
 Short Term Lease Fees 400.00 400.00 544.74
 Corporate Rent 0.00 0.00 325.00
 TOTAL OTHER REVENUES 27,835.32 34,203.75 26,055.92
 TOTAL REVENUE 285,435.33 297,934.75 302,841.44

 SALARY EXPENSES
 Managers Salary 11,795.28 11,618.56 11,346.86
 Maintenance Salary 12,801.68 11,172.74 10,949.05
 Commissions & Bonus 4,717.00 3,807.35 3,349.77
 Group Insurance 1,490.46 1,490.46 195.24
 Contract Labor 21.23 0.00 0.00
 TOTAL SALARY EXPENSES 30,825.65 28,089.11 25,840.92

 OPERATING EXPENSES
 Office Operations & Supplies 1,040.43 0.00 51.40
 Telephones 1,211.63 1,200.38 796.96
 Answering Svc. & Pagers 125.83 56.83 125.83
 Postage & Delivery 288.66 196.82 73.88
 Publications & Subscriptions 37.00 84.00 0.00
 Employee Training 74.64 65.00 150.17
 Permits & Fees 0.00 0.00 0.00
 Credit Checks 381.95 561.00 636.65
 Guest Suite Expense 499.77 668.32 500.81
 TOTAL OPERATING EXPENSE 3,659.91 2,832.35 2,335.70

 ADVERTISING EXPENSES
 Advertising & Promotions 1,051.00 1,961.49 1,694.00
 Resident Promotions 259.91 80.84 32.42
 Locators 3,969.81 2,591.50 2,382.08
 Resident Referrals 250.00 250.00 0.00
 TOTAL ADVERTISING EXPENSES 5,530.72 4,883.83 4,108.50

 MAKE READY EXPENSES

 Paint & Drywall 25.12 165.10 226.09
 Contract Cleaning Svcs. 2,825.00 2,565.00 1,820.00
 Carpet Cleaning & Repairs 320.00 120.00 2,095.00
 Window Coverings 356.36 0.00 260.17
 Lock & Keys 0.00 0.00 0.00
 Counter & Tub Resurfacing 50.00 323.00 0.00
 Cleaning Supplies 50.88 230.41 21.61
 TOTAL MAKE READY EXPENSES 3,627.36 3,403.51 4,422.87

 MAINTENANCE EXPENSES
 General Maintenance & Supplies 548.03 241.89 500.52
 HVAC Parts & Repairs 0.00 52.85 98.24
 Plumbing Parts & Repairs 286.20 47.36 119.76
 Electric Parts & Repairs 252.62 0.00 245.42
 Pools & Fountains 0.00 169.88 -110.84
 Glass & Screens 0.00 0.00 0.00
 Appliance Parts & Repairs 273.05 514.57 475.46
 Hardware 26.73 1.92 18.61
 Uniforms 0.00 0.00 0.00
 Security & Fire Systems 16.20 3,232.75 1,769.28
 TOTAL MAINTENANCE EXPENSE 1,402.83 4,261.22 3,116.45

 SERVICE EXPENSES
 Landscape & Grounds 0.00 0.00 0.00
 Trash Removal 555.73 731.92 788.10
 Pest Control 86.00 153.00 86.00
 Snow Removal 6,066.20 330.66 701.86
 TOTAL SERVICE EXPENSES 6,707.93 1,215.58 1,575.96

 ADMINISTRATIVE EXPENSES
 Management Fees 11,360.56 11,917.39 12,113.66
 Legal Fees 1,164.90 -901.34 -1,250.00
 Bank Charges 0.00 0.00 0.00
 Computer Expense 0.00 0.00 0.00
 TOTAL ADMINISTRATIVE EXPENSES 12,525.46 11,016.05 10,863.66

 UTILITY EXPENSES
 Electricity 4,040.14 3,457.01 2,915.98
 Natural Gas 3,808.88 3,487.42 2,745.36
 Water & Sewer 13,536.27 16,771.41 20,957.09
 Water & Sewer - Resident Reimb -16,247.17 -9,812.59 -8,871.37
 Water - irrigation 74.35 0.00 0.00
 Trash Reimbursement -2,300.14 -2,206.42 -1,803.54
 Utility -Vacant Electric 1,439.86 886.14 927.65
 Utility - Vacant Gas 561.78 811.79 443.45
 TOTAL UTILITY EXPENSES 4,913.97 13,394.76 17,314.62

 MANAGEMENT EXPENSES
 Property Legal Fees 837.50 1,059.00 0.00
 Credit Card Fees 578.11 362.44 0.00
 Bank Charges 0.00 0.00 0.00
 TOTAL MANAGEMENT EXPENSES 1,415.61 1,421.44 0.00

 TAXES & INSURANCE

 Property Taxes 30,188.47 30,188.47 30,188.47
 Insurance 4,840.47 4,815.99 4,840.47
 Tax Consultants 0.00 0.00 0.00
 TOTAL TAXES & INSURANCE 35,028.94 35,004.46 35,028.94
 TOTAL OPERATING EXPENSES 105,638.38 105,522.31 104,607.62
 NET OPERATING INCOME 179,796.95 192,412.44 198,233.82

 TIC RENT EXPENSE

 Base Rent - Interest Payment 106,586.67 106,586.67 106,586.67
 Base Rent - Principal Payment 0.00 0.00 0.00
 Stated Rent 86,666.71 86,666.71 86,666.71
 Total TIC Rent Expense 193,253.38 193,253.38 193,253.38

 PARTNERSHIP EXPENSES
 Partnership Accounting Fees 0.00 0.00 0.00
 Partnership Travel 518.50 237.43 354.87
 Partnership - Meals 0.00 101.53 70.74
 Asset Management Fees 1,000.00 1,000.00 1,000.00
 Investor Administration Fee 3,200.00 3,200.00 3,200.00
 TOTAL PARTNERSHIP EXPENSES 4,718.50 4,538.96 4,625.61

 CAPITAL EXPENSES
 Exterior Rehab 1,993.00 0.00 859.02
 Interior Rehab 0.00 0.00 0.00
 HVAC Replacement 0.00 0.00 540.47
 Carpet & Floor Replacement 2,698.32 2,700.47 9,488.59
 Refrigerators 0.00 0.00 0.00
 Dishwashers & Ranges 0.00 0.00 485.32
 Washers / Dryers 296.29 0.00 0.00
 Other Capital Improvements 4,746.03 202.76 192.60
 TOTAL CAPITAL EXPENSES 9,733.64 2,903.23 11,566.00
 NET INCOME -27,908.57 -8,283.13 -11,211.17

 TOTAL OF ALL -27,908.57 -8,283.13 -11,211.17

 USA Courtney Downs LeaseCo, LLC (10600)
Income Statement (12 months)
Period = Jan 2008-Dec 2008
Book = Accrual
Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08

295,729.00 295,510.00 295,420.00 301,250.00 301,250.00 301,250.00

-735.00 1,148.00 1,233.00 -4,175.00 -3,635.00 -2,719.00
294,994.00 296,658.00 296,653.00 297,075.00 297,615.00 298,531.00
0.00 0.00 0.00 0.00 -40.00 -40.00
-15,565.50 -15,359.58 -16,776.46 -16,864.78 -14,200.16 -22,699.25
1,884.22 0.00 0.00 0.00 195.00 -95.00
-3,557.59 -1,908.23 -3,080.11 -1,188.89 551.53 -1,061.08
-1,980.00 -1,645.00 -1,645.00 -1,685.00 -1,645.00 -1,645.00
-2,104.80 -1,955.77 -1,950.80 -1,950.80 -1,950.80 -2,139.80
-670.00 -910.00 -655.00 -910.00 -910.00 -910.00
-8,906.07 -9,644.00 -9,354.20 -8,894.19 -8,425.00 -7,448.03
264,094.26 265,235.42 263,191.43 265,581.34 271,190.57 262,492.84

2,075.02 2,995.00 1,736.73 2,374.45 2,901.82 1,284.97

1,696.46 1,295.00 1,815.00 2,206.80 1,344.01 500.00
1,122.00 1,146.93 1,100.32 1,181.51 1,249.73 1,200.98
1,970.00 1,880.00 2,600.00 2,510.00 1,400.00 2,070.00
2,550.00 85.85 2,500.00 2,658.06 2,630.53 5,943.26
390.21 2,115.88 1,476.99 1,772.95 1,083.14 937.02
2,640.66 3,709.75 3,901.68 4,372.75 3,300.01 5,249.60
7,019.55 7,006.93 6,829.00 6,422.57 6,825.03 6,430.48
3,355.82 3,387.30 0.00 81.23 0.00 0.00
0.00 600.00 0.00 0.00 150.00 300.00
3,450.00 4,350.00 4,500.00 4,200.00 2,400.00 3,900.00
6,354.00 5,572.48 5,614.30 5,659.05 4,378.12 1,352.80
400.00 800.00 800.00 998.00 567.74 397.43
-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 29,566.54
296,877.98 300,180.54 296,065.45 303,339.54 299,420.70 292,059.38

11,634.72 7,534.97 10,294.54 17,054.11 10,700.81 11,031.53

12,190.20 8,551.40 10,707.96 16,394.39 11,024.72 11,036.48
2,741.20 4,098.56 3,543.75 8,032.50 0.00 4,761.13
97.62 187.73 180.22 270.33 180.22 180.22
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 27,009.36

532.19 29.34 1,790.23 758.66 499.33 338.81

788.60 682.07 795.62 781.26 787.83 706.86
251.66 0.00 125.83 257.00 69.00 69.00
336.06 25.74 198.90 250.34 259.94 119.77
42.00 1,178.08 157.00 175.00 0.00 0.00
391.68 867.61 222.58 199.82 245.27 363.08
 16.00 0.00 0.00 0.00 0.00 0.00
381.30 628.45 601.20 835.40 855.65 521.35
612.82 484.36 517.26 537.40 480.82 517.28
3,352.31 3,895.65 4,408.62 3,794.88 3,197.84 2,636.15

1,694.00 1,382.43 2,571.62 3,053.00 1,336.00 2,311.96

341.15 137.40 267.20 152.30 76.85 233.52
495.28 2,112.50 2,705.65 1,381.71 4,286.75 1,077.00
0.00 0.00 250.00 500.00 500.00 250.00
2,530.43 3,632.33 5,794.47 5,087.01 6,199.60 3,872.48

1,417.14 7.83 -3.75 425.39 1,400.66 267.63

3,715.00 2,095.00 3,050.00 3,845.00 3,785.00 1,860.00
1,069.00 763.00 2,419.00 1,103.00 1,672.00 1,325.00
472.22 436.63 278.96 832.42 317.47 -61.35
188.24 0.00 46.85 26.87 387.65 0.00
225.00 634.69 353.31 0.00 426.68 225.00
181.20 67.80 370.14 413.53 77.06 170.96
7,267.80 4,004.95 6,514.51 6,646.21 8,066.52 3,787.24

539.45 636.94 834.38 1,331.54 580.18 131.34

304.79 12.89 55.39 54.23 36.93 0.00
395.48 0.00 185.72 206.96 161.54 150.81
103.95 0.00 50.36 0.00 130.38 0.00
321.12 325.38 537.57 957.57 521.84 526.00
0.00 371.84 239.19 0.00 0.00 0.00
427.94 528.59 915.84 744.24 1,468.72 333.40
376.76 27.06 7.18 110.99 0.00 86.16
0.00 32.32 0.00 730.84 0.00 0.00
55.41 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 1,227.71

2,853.04 11,793.40 2,446.05 3,235.32 2,463.64 2,909.56

395.60 798.40 1,020.75 829.87 609.90 806.51
94.75 86.00 137.00 1,006.00 86.00 86.00
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 3,802.07

11,875.12 12,007.22 11,830.72 12,133.58 11,950.85 11,682.38

457.60 -426.10 601.90 608.49 -326.00 -690.00
150.00 0.00 802.36 0.00 98.72 -48.54
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 10,943.84

3,328.18 2,968.51 2,551.94 3,031.00 3,113.96 2,991.16

683.42 708.63 2,668.28 1,681.68 1,286.63 1,396.90
 16,286.33 19,834.05 17,130.91 17,770.67 21,460.51 19,546.95
-16,738.47 -10,218.36 -16,985.04 -11,088.94 -13,385.44 -13,874.72
0.00 661.72 3,178.50 6,140.50 6,942.70 6,228.80
-2,442.50 -1,966.81 -2,375.40 -2,256.15 -2,348.75 -2,274.84
558.98 534.66 599.49 1,206.08 927.90 897.02
275.97 405.92 362.16 328.48 386.24 225.82
1,951.91 12,928.32 7,130.84 16,813.32 18,383.75 15,137.09

0.00 0.00 0.00 0.00 0.00 0.00

599.10 239.55 191.14 648.68 0.00 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

30,188.47 30,188.47 30,188.47 30,188.47 30,188.47 30,188.47

4,840.47 4,840.47 5,035.65 4,840.47 4,840.47 5,033.51
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 35,221.98
95,992.12 107,731.60 104,291.84 134,543.27 111,375.10 103,637.92
200,885.86 192,448.94 191,773.61 168,796.27 188,045.60 188,421.46

106,586.67 106,586.67 106,586.67 106,474.53 106,361.87 106,248.67

0.00 0.00 23,565.33 23,677.47 23,790.13 23,903.33
86,666.71 86,666.71 86,666.71 86,666.71 86,666.71 86,666.71
193,253.38 193,253.38 216,818.71 216,818.71 216,818.71 216,818.71

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 0.00
3,200.00 4,200.00 4,200.00 4,200.00 4,200.00 -8,400.00
4,787.30 4,740.00 4,507.91 4,200.00 4,583.08 -8,400.00

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 5,204.72
0.00 651.41 0.00 471.71 0.00 0.00
0.00 0.00 0.00 225.00 0.00 242.66
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 1,780.46
6,943.49 7,871.58 13,806.90 23,116.61 7,399.81 7,227.84
-4,098.31 -13,416.02 -43,359.91 -75,339.05 -40,756.00 -27,225.09

-4,098.31 -13,416.02 -43,359.91 -75,339.05 -40,756.00 -27,225.09

Oct-08 Nov-08 Dec-08 Total

0.00 0.00 0.00 2,674,029.00

0.00 0.00 0.00 -5,225.00
0.00 0.00 0.00 2,668,804.00
282,882.99 0.00 0.00 282,802.99
0.00 0.00 0.00 -142,160.79
0.00 0.00 0.00 7,676.58
-16.82 0.00 0.00 -26,806.98
-1,645.00 0.00 0.00 -17,830.00
-2,139.80 0.00 0.00 -20,166.97
-740.00 0.00 0.00 -7,230.00
-7,862.00 0.00 0.00 -84,707.07
270,479.37 0.00 0.00 2,660,381.76

2,863.25 0.00 0.00 22,663.74

150.00 0.00 0.00 10,889.88
1,151.53 0.00 0.00 11,919.30
1,450.00 0.00 0.00 18,230.00
2,500.00 0.00 0.00 32,023.96
586.94 0.00 0.00 10,902.73
4,625.36 0.00 0.00 38,975.71
7,046.54 0.00 0.00 68,757.99
0.00 0.00 0.00 9,937.72
0.00 0.00 0.00 1,350.00
2,400.00 0.00 0.00 34,650.00
3,048.08 0.00 0.00 41,059.65
200.00 0.00 0.00 5,507.91
0.00 0.00 0.00 3,405.83
26,021.70 0.00 0.00 310,274.42
296,501.07 0.00 0.00 2,970,656.18

11,428.79 0.00 0.00 114,440.17

11,029.61 0.00 0.00 115,858.23
4,240.00 0.00 0.00 39,291.26
180.22 0.00 0.00 4,452.72
0.00 0.00 0.00 1,640.79
26,878.62 0.00 0.00 275,683.17

1,208.62 0.00 0.00 6,249.01

791.81 0.00 0.00 8,543.02
69.00 0.00 0.00 1,149.98
153.74 0.00 0.00 1,903.85
0.00 0.00 0.00 1,673.08
28.82 0.00 0.00 2,608.67
 0.00 0.00 0.00 16.00
676.05 0.00 0.00 6,079.00
500.82 0.00 0.00 5,319.66
3,428.86 0.00 0.00 33,542.27

924.17 0.00 0.00 17,979.67

309.02 0.00 0.00 1,890.61
1,436.00 0.00 0.00 22,438.28
0.00 0.00 0.00 2,000.00
2,669.19 0.00 0.00 44,308.56

143.62 0.00 0.00 4,074.83

3,840.00 0.00 0.00 29,400.00
802.00 0.00 0.00 11,688.00
699.14 0.00 0.00 3,592.02
0.00 0.00 0.00 649.61
641.25 0.00 0.00 2,878.93
87.15 0.00 0.00 1,670.74
6,213.16 0.00 0.00 53,954.13

620.18 0.00 0.00 5,964.45

57.33 0.00 0.00 672.65
122.03 0.00 0.00 1,675.86
0.00 0.00 0.00 782.73
219.38 0.00 0.00 3,467.90
239.19 0.00 0.00 850.22
23.76 0.00 0.00 5,705.57
81.14 0.00 0.00 736.55
0.00 0.00 0.00 763.16
8,682.39 0.00 0.00 15,053.53
10,045.40 0.00 0.00 35,672.62

2,282.80 0.00 0.00 27,983.81

791.20 0.00 0.00 7,327.98
86.00 0.00 0.00 1,906.75
0.00 0.00 0.00 7,278.72
3,160.00 0.00 0.00 44,497.26

0.00 0.00 0.00 106,871.48

-380.00 0.00 0.00 -1,140.55
0.00 0.00 0.00 1,002.54
543.93 0.00 0.00 2,799.54
163.93 0.00 0.00 109,533.01

2,713.05 0.00 0.00 31,110.93

1,175.03 0.00 0.00 19,642.23
 17,688.69 0.00 0.00 180,982.88
-14,594.93 0.00 0.00 -131,817.03
6,034.10 0.00 0.00 29,260.67
-2,244.39 0.00 0.00 -22,218.94
749.42 0.00 0.00 8,727.20
252.93 0.00 0.00 4,054.54
11,773.90 0.00 0.00 119,742.48

0.00 0.00 0.00 1,896.50

0.00 0.00 0.00 2,619.02
358.07 0.00 0.00 358.07
358.07 0.00 0.00 4,873.59

30,188.47 0.00 0.00 301,884.70 1,059.24

4,840.47 0.00 0.00 48,768.44 169.84
0.00 0.00 0.00 600.00
35,028.94 0.00 0.00 351,253.14
99,720.07 0.00 0.00 1,073,060.23
196,781.00 0.00 0.00 1,897,595.95

106,134.93 106,020.65 0.00 1,170,760.67

24,017.07 24,131.35 0.00 143,084.68
0.00 0.00 0.00 780,000.39
130,152.00 130,152.00 0.00 2,093,845.74

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 4,000.00
0.00 0.00 0.00 21,200.00
0.00 0.00 0.00 28,301.36

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
6,104.14 0.00 0.00 67,905.20
0.00 0.00 0.00 1,123.12
493.95 0.00 0.00 1,446.93
286.88 0.00 0.00 1,177.13
228.50 0.00 0.00 19,072.94
7,113.47 0.00 0.00 97,682.57
59,515.53 -130,152.00 0.00 -322,233.72

59,515.53 -130,152.00 0.00 -322,233.72

 USA Courtney Downs LeaseCo, LLC
Balance Sheet
Books = Accrual
Oct 2008

ASSETS

Cash
Operating Cash 25,184.43
Total Cash $25,184.43

OTHER ASSETS
Accounts Receivable 1,692.09
Prepaid Expenses 9,443.38
Tax Escrow 207,691.03
Cash in Bank-Wrk Cap Reserve 36,088.43
Capital / Repair Escrow 200,000.00
Total Other Assets 454,914.93

Total ASSETS 480,099.36

LIABILITIES & CAPITAL

LIABILITIES
Accounts Payable - Trade 78,169.28
A/P - Creekstone Partners LLC 371,758.38
A/P - US Advisors 368,476.00
Accrued Expenses 86,666.71
Other Accounts Payable 345,285.05
Accrued Taxes 301,884.70
Prepaid Rent 21,841.43
Security Deposits 42,780.50
Total Liabilities 1,616,862.05

CAPITAL

Creekstone Partners LLC 50.00

US Advisors LLC 50.00
Retained Earnings (1,136,862.69)
Total Capital (1,136,762.69)

Total LIABILITIES & CAPITAL 480,099.36

 USA Courtney Downs LeaseCo, LLC
Cash Flow (Actual + Budget)
Books = Accrual
For the 12 Months Ending Dec 2008

Jan 2008 Feb 2008 Mar 2008 Apr 2008 May 2008 Jun 2008 Jul 2008 Aug 2008 Sep 2008 Oct 2008 Nov 2008 Dec 2008 12 Month $/ $/ Dec 2006 12 Month $/ $/
Account Actual Actual Actual Actual Actual Actual Actual Actual Actual Actual Budget Budget Total Unit Sq. Ft. Reforecast Total Unit Sq. Ft.
342 313,778 342 313,778
Revenue
Gross Potential Rent 297,252 295,197 294,829 294,994 296,658 296,653 297,075 297,575 298,491 299,261 282,337 303,954 3,554,276 10,392.62 11.33 364,160 4,515,131 13,202.14 14.39
- Vacancy (14,979) (13,515) (12,201) (15,566) (15,360) (16,776) (16,865) (14,200) (22,699) (15,923) 0 (13,000) (171,083) (500.24) (0.55) (43,000) (227,584) (665.45) (0.73)
- Concessions & Disc. (10,069) (8,145) (267) (7,022) (9,644) (9,354) (8,894) (8,230) (7,543) (7,862) (7,883) (24,994) (109,907) (321.37) (0.35) (80,000) (223,106) (652.36) (0.71)
- Other Write-offs & Adj. (14,603) (9,805) (5,576) (8,312) (6,419) (7,331) (5,735) (3,954) (5,756) (6,258) (4,542) (6,605) (84,897) (248.24) (0.27) (6,085) (102,378) (299.35) (0.33)
Total Rental Income 257,600 263,731 276,786 264,094 265,235 263,191 265,581 271,191 262,493 269,218 269,912 259,355 3,188,388 9,322.77 10.16 235,075 3,962,063 11,584.98 12.63

Other Income 27,835 34,204 26,056 32,784 34,945 32,874 37,758 28,230 29,567 26,882 24,013 20,220 355,368 1,039.09 1.13 19,000 419,641 1,227.02 1.34
Total Revenue 285,435 297,935 302,841 296,878 300,181 296,065 303,340 299,421 292,059 296,100 293,925 279,575 3,543,755 10,361.86 11.29 254,075 4,381,704 12,812.00 13.96

Operating Expenses
Salary Expense 30,826 28,089 25,841 26,731 21,154 25,364 41,885 21,906 27,009 26,879 30,554 30,059 336,296 983.32 1.07 37,759 435,653 1,273.84 1.39
Operating Expense 3,660 2,832 2,336 3,352 3,896 4,409 3,795 3,198 2,636 3,429 3,204 3,180 39,926 116.74 0.13 3,030 49,457 144.61 0.16
Advertising Expense 5,531 4,884 4,109 2,530 3,632 5,794 5,087 6,200 3,872 2,919 4,731 4,259 53,549 156.57 0.17 6,885 69,580 203.45 0.22
Make Ready Expense 3,627 3,404 4,423 7,268 4,005 6,515 6,646 8,067 3,787 6,213 5,102 4,850 63,906 186.86 0.20 7,500 81,545 238.44 0.26
Maintenance Expense 1,403 4,261 3,116 2,525 1,935 2,826 4,624 3,710 1,228 10,274 2,672 1,388 39,961 116.85 0.13 2,295 46,433 135.77 0.15
Service Expense 6,708 1,216 1,576 3,523 12,678 3,604 5,071 3,160 3,802 3,160 3,960 3,460 51,917 151.80 0.17 2,395 61,884 180.95 0.20
Administrative Expense 12,525 11,016 10,864 12,483 11,635 13,235 14,944 11,724 10,944 12,170 11,189 10,980 143,709 420.20 0.46 14,969 181,267 530.02 0.58
Utility Expense 4,914 13,395 17,315 1,952 12,928 7,131 16,813 18,384 15,137 11,787 11,437 11,491 142,684 417.20 0.45 10,900 176,930 517.34 0.56
Credit Card Fees 1,416 1,421 0 599 240 191 649 0 0 1,008 0 0 5,524 16.15 0.02 5,540 16.20 0.02
Taxes & Insurance 35,029 35,004 35,029 35,029 35,629 35,224 35,029 35,029 35,222 35,257 35,095 35,095 421,671 1,232.96 1.34 0 422,906 1,236.57 1.35
37,237 37,237 108.88 0.12
Total Operating Exp. 105,638 105,522 104,608 95,992 107,732 104,292 134,543 111,375 103,638 113,097 107,944 104,762 1,299,143 3,798.66 4.14
Net Operating Income 179,797 192,412 198,234 200,886 192,449 191,774 168,796 188,046 188,421 183,003 185,981 174,813 2,244,612 6,563.19 7.15 122,970 1,568,431 4,586.06 5.00
131,106 2,813,272 8,225.94 8.97
Base Rent 106,587 106,587 106,587 106,587 106,587 130,152 130,152 130,152 130,152 130,152 130,152 130,152 1,443,997 4,222.21 4.60
Stated Rent 86,667 86,667 86,667 86,667 86,667 86,667 86,667 86,667 86,667 86,667 86,667 86,667 1,040,001 3,040.94 3.31
Partnership Expense 4,719 4,539 4,626 4,787 4,740 4,508 4,200 4,583 (8,400) 4,200 4,450 4,450 41,401 121.06 0.13 193,254 243,677 712.50 0.78
Capital Expense 9,734 2,903 11,566 6,943 7,872 13,807 23,117 7,400 7,228 6,885 5,000 5,000 107,454 314.19 0.34 0 117,769 344.35 0.38
3,300 3,300 9.65 0.01
Cash Flow Frm Operations (27,909) (8,283) (11,211) (4,098) (13,416) (43,360) (75,339) (40,756) (27,225) (44,901) (40,287) (51,456) (388,241) (1,135.21) (1.24)
(46,316) (65,449) 2,448,527 7,159.44 7.80
Rental Guarantees 0 0 0 0 0 0 0 0 0 0 0 0 0
250,000 250,000
Balance Sheet Adjustments
Cash - Non Operating Accounts 0 0 0 0 0 0 0 0 0 0 0 0 0
Accounts Receivable (1,895) 2,740 (9,772) 8,270 (2,448) 177 2,774 (3,219) 1,043 981 0 0 (1,349) 0 (1,349)
Prepaid Assets (50,394) 4,840 4,840 4,840 4,840 4,840 4,840 4,840 4,840 4,840 0 0 (6,830) 0 (6,830)
Escrow Deposits (35,800) (35,800) (35,800) 341,933 (37,985) (38,933) (38,933) (38,933) 19,448 (38,933) (7,125) (7,125) 46,011 0 31,761
(2,951) (2,951)
Cash Increase (Decreae) From Assets (88,090) (28,220) (40,732) 355,044 (35,592) (33,916) (31,319) (37,312) 25,331 (33,112) (7,125) (7,125) 37,832
(2,951) 20,631
Accounts Payable (22,965) 2,827 942 207 69,651 22,994 45,880 83,754 1,043 (46,050) 0 0 158,283
Accrued Expenses 20,453 31,811 51,607 (345,380) 44,376 16,001 30,188 30,188 4,840 116,855 0 0 942 0 942
Other Payables 920 2,385 345 1,665 (1,490) (150) 2,436 1,045 19,448 900 0 0 27,504 0 27,504
Mortgages Payable 48,905 (6,027) (5,836) (6,064) (6,293) (6,064) (6,064) (6,064) 0 (2,480) 0 0 4,012 0 4,012
0 0
Cash Increase (Decrease) From Liab. 47,313 30,997 47,058 (349,572) 106,245 32,780 72,440 108,923 25,331 69,225 0 0 190,740
0 32,458

NET CASH FLOW (68,685) (5,507) (4,886) 1,374 57,237 (44,496) (34,218) 30,855 23,437 (8,788) (47,412) (58,581) (159,669)
CUMM. NET CASH FLOW 15,378 9,871 4,986 6,360 63,597 19,101 (15,117) 15,738 39,175 30,387 (17,025) (75,606) 181,601 2,751,616
181,601
84063.14

$700,000

$600,000

$500,000

$400,000

$300,000

$200,000

$100,000

$-

$(100,000)

$(200,000)

$(300,000)
Jan 2008 Feb 2008 Mar 2008 Apr 2008 May 2008 Jun 2008 Jul 2008 Aug 2008 Sep 2008 Oct 2008 Nov 2008 Dec 2008

Row 61 Row 62

Units
Sq. Ft.
### 384807

bayclub2 160 146,080

castlep 356 384,807
cedar 300 274,080
congress 257 254,074
jackson 247 221,730
lee 10 22,160
rem 428 398,868
ric 5 24,952
parkside 300 305,832
polo 440 403,761
sat 440 548,750
sweet 240 264,892
trailapt 280 286,056
vlgcrest 120 108,276
walnut 284 254,103
westo 12 48,309
wind 346 433,196
usacourt 280 299,111
usawalcr 284 254,103
W31: administrator:
assume insurance increases by 50%

J48: rssmith:
estimated Replacement Reserve draw

W49: administrator:
replacement reserve + reduction in tax escrow due to overage
 USA Courtney Downs LeaseCo, LLC
Budget Comparison
Books = Accrual
For the period ending October 31, 2008

MTD MTD YTD YTD Annual

Account Actual Budget $ Variance MTD Variance Comment Actual Budget $ Variance Budget YTD Variance Comment Filter
Revenue 0.01
Market Rent 301,250.00 301,250.00 0.00 2,975,279.00 2,985,140.00 (9,861.00) 3,587,640.00 6,562,919.00
Loss / Gain to Lease (1,949.00) 3,092.00 (5,041.00) Variance reflects market rent verses (7,174.00) 68,712.00 (75,886.00) 74,283.00 62,681.00
lease rents.
Gross Potential Rent 299,301.00 304,342.00 (5,041.00) 2,968,105.00 3,053,852.00 (85,747.00) 3,661,923.00 6,625,600.00
Prepaid Homeowners Dues 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Residential Rent (40.00) 0.00 (40.00) (120.00) 0.00 (120.00) 0.00 (160.00)
Vacancy Loss (15,922.53) (19,995.00) 4,072.47 Budgeted was 6.5% and actual was (158,083.32) (207,929.00) 49,845.68 (253,425.00) (401,929.85)
5%.
Upfront Rent Concessions 0.00 (3,000.00) 3,000.00 No upfront concessions offered at this 7,676.58 (36,000.00) 43,676.58 (42,000.00) (31,323.42)
time.
Corporate Discount 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Delinquent Rent 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Adjustments & W/O (1,733.65) (1,559.00) (174.65) (28,523.81) (15,841.00) (12,682.81) (18,910.00) (47,657.46)
Model Units (1,645.00) (1,980.00) 335.00 Due to rent price change. (17,830.00) (19,800.00) 1,970.00 (23,760.00) (41,255.00)
Courtesy Officer Apt. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Employee Apartment (2,139.80) (1,935.00) (204.80) One more employee discount not (20,166.97) (19,350.00) (816.97) (23,220.00) (43,591.77)
anticipated on budget.
Housekeeping & Maintenance Fee 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Guest Suite (740.00) (1,160.00) 420.00 Two days of guest suite rental. (7,230.00) (11,600.00) 4,370.00 (13,920.00) (20,730.00)
Lease Term Concessions (7,862.00) (20,621.00) 12,759.00 We have been able to reduce the (84,707.07) (162,523.00) 77,815.93 (205,887.00) (275,713.07)
amount of concessions offered due to
higher occupancy.
Homeowner's Assn Dues Income 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Homeowner Dues Paid 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Model Units 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Lease Contract Difference 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Rental Income $269,218.02 $254,092.00 $15,126.02 $2,659,120.41 $2,580,809.00 $78,311.41 $3,080,801.00 5,763,239.43
1.00
Laundry Income 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Vending Income 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Covered Parking Income 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Late Charges & NSF Fees 3,030.02 1,848.00 1,182.02 We have 27 late fees and 12 22,830.51 18,095.00 4,735.51 21,791.00 45,803.53
insufficient funds collected.
Month to Month Premium 150.00 1,500.00 (1,350.00) One month to month fee collected and 10,889.88 7,800.00 3,089.88 9,450.00 20,339.88
budgeted was five.
Storage Fees 1,108.95 1,080.00 28.95 11,876.72 9,240.00 2,636.72 11,120.00 23,305.67
Repair & Maintenance Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Application Fees 1,550.00 1,470.00 80.00 18,330.00 17,444.00 886.00 19,796.00 38,794.00
Termination Fees & Damages 2,500.00 0.00 2,500.00 One buyout fee collected from #9312 32,023.96 10,800.00 21,223.96 13,500.00 45,323.96
due to buying a house.
Miscellaneous Income 638.94 600.00 38.94 Ten credit card convenience fees 10,954.73 6,500.00 4,454.73 8,000.00 18,693.67
collected and 16 utility transfer fees.
Renters Insurance 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Interest Income 0.00 0.00 0.00 0.00 3,489.00 (3,489.00) 3,489.00 3,489.00
Pet Rents & Fees 4,894.77 3,360.00 1,534.77 Five new pet fees collected at $300.00 39,245.12 34,440.00 4,805.12 41,160.00 81,939.89
per pet.
Tower Rent 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Asset Management Fee 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Parking Spaces Income 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Association Assessments 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Garage Income 7,046.54 6,790.00 256.54 68,757.99 67,900.00 857.99 81,480.00 150,494.53
Water/Sewer Income 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cable/Telephone Income 164.48 475.00 (310.52) Bank rec fee charged from Quest on 10,102.20 4,750.00 5,352.20 5,700.00 15,491.68
9/08 for $94.40 and on 10/08 for
$70.08.
HOA Contributions Developer 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Developer HOA Dues 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Forfeited Deposits 0.00 100.00 (100.00) None charged at this time. 1,350.00 3,900.00 (2,550.00) 4,100.00 5,350.00
Developer Contributions 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Interest Income Other 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Thunder Income 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Administration Fee 2,550.00 2,380.00 170.00 19 administration fees collected and 34,800.00 30,800.00 4,000.00 33,880.00 70,530.00
15 budgeted.
Move-Out Charges 3,048.08 2,400.00 648.08 Apartments left in bad condition at the 41,059.65 25,200.00 15,859.65 30,000.00 71,707.73
time of move out resulting in more
charges needed.
Short Term Lease Fees 200.00 625.00 (425.00) One short term fee charged and three 5,507.91 5,500.00 7.91 6,625.00 11,832.91
was budgeted.
Extra-Ordinary Income 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Corporate Rent 0.00 0.00 0.00 3,405.83 0.00 3,405.83 0.00 3,405.83
Corporate Units - expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Deferred Revenue 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
HOA Developer Contributions 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Acquisition Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Income - Rental 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Income - C.A.M. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Income - Insurance 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Income - Taxes 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Income - Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Income - Other 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Income - Condo Sales 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Other Income 26,881.78 22,628.00 4,253.78 311,134.50 245,858.00 65,276.50 290,091.00 606,502.28
1.00
Total Revenue $296,099.80 $276,720.00 $19,379.80 $2,970,254.91 $2,826,667.00 $143,587.91 $3,370,892.00 6,369,741.71
1.00
Expense 1.00
Managers Salary 11,428.79 13,069.00 1,640.21 Based on actual payroll expense, and 114,440.17 128,410.00 13,969.83 154,548.00 267,347.96
payroll went from semi-monthly to
biweekly.
Salaries 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Maintenance Salary 11,029.61 11,745.00 715.39 Based on actual payroll expense, and 115,858.23 115,398.00 (460.23) 138,888.00 254,030.84
payroll went from semi-monthly to
biweekly.
Salary - Administrative 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Commissions & Bonus 4,240.00 3,395.00 (845.00) More apartments leased than 39,291.26 41,088.00 1,796.74 46,633.00 88,014.26
anticipated resulting in more
commissions paid out.
Payroll Taxes 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Group Insurance 180.22 1,720.00 1,539.78 We have less participants for our 4,452.72 17,200.00 12,747.28 20,640.00 23,552.94
insurance program than what was
anticipated in the budget.
Disability Insurance 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
401k Match 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Contract Labor 0.00 0.00 0.00 1,640.79 3,000.00 1,359.21 5,000.00 4,640.79
Workers Comp 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Salary Expense 26,878.62 29,929.00 3,050.38 275,683.17 305,096.00 29,412.83 365,709.00 637,586.79
1.00
Office Operations & Supplies 1,208.62 850.00 (358.62) We purchased more offic e supplies 6,249.01 8,500.00 2,250.99 10,200.00 16,807.63
then budgeted.
Telephones 791.81 743.00 (48.81) 8,543.02 7,430.00 (1,113.02) 8,916.00 17,507.83
Answering Svc. & Pagers 69.00 98.00 29.00 1,149.98 980.00 (169.98) 1,176.00 2,296.98
Postage & Delivery 153.74 211.00 57.26 1,903.85 2,110.00 206.15 2,532.00 4,378.59
Patrol Services 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Membership Dues 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Publications & Subscriptions 0.00 114.00 114.00 None used at this time. 1,673.08 1,140.00 (533.08) 1,368.00 2,927.08
Conventions/Seminars 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Employee Training 28.82 350.00 321.18 2,608.67 3,450.00 841.33 4,150.00 6,437.49
Furniture Rental 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Car Expenses 0.00 38.00 38.00 None used at this time. 0.00 380.00 380.00 456.00 418.00
Permits & Fees 0.00 0.00 0.00 16.00 0.00 (16.00) 0.00 16.00
Credit Checks 676.05 360.00 (316.05) We had 33 credit check ran this month 6,079.00 4,272.00 (1,807.00) 4,848.00 11,387.05
and budgeted was 17.
Guest Suite Expense 500.82 500.00 (0.82) 5,319.66 5,450.00 130.34 6,450.00 11,770.48
Parking Cost 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expense 3,428.86 3,264.00 (164.86) 33,542.27 33,712.00 169.73 40,096.00 73,947.13
1.00
Advertising & Promotions 924.17 3,000.00 2,075.83 Savings due to dropping of Apartment 17,979.67 38,000.00 20,020.33 44,000.00 59,903.84
Guide advertising.
Resident Promotions 309.02 400.00 90.98 $198.00 has been coded incorrectly 1,890.61 4,500.00 2,609.39 5,400.00 7,099.63
and should have been coded to
Locators.
Locators 1,436.00 1,035.00 (401.00) We used four locators and were 22,438.28 14,730.00 (7,708.28) 16,070.00 39,639.28
budgeted for three.
Resident Referrals 250.00 250.00 0.00 2,250.00 4,750.00 2,500.00 5,500.00 7,500.00
Total Advertising Expense 2,919.19 4,685.00 1,765.81 44,558.56 61,980.00 17,421.44 70,970.00 114,142.75
1.00
Paint & Drywall 143.62 387.00 243.38 Savings due to in house painting and 4,074.83 3,794.00 (280.83) 4,217.00 8,399.45
less paint used this month for turns.
 Contract Cleaning Svcs. 3,840.00 2,859.00 (981.00) We turned more units than budgeted. 29,400.00 28,590.00 (810.00) 34,308.00 64,689.00
Carpet Cleaning & Repairs 802.00 1,785.00 983.00 We had to replace more carpets this 11,688.00 17,495.00 5,807.00 19,446.00 31,770.00
month than anticipated which resulted
in less cleans required.
Window Coverings 699.14 270.00 (429.14) Replaced 22 blinds in the turns and 3,592.02 2,700.00 (892.02) 3,240.00 7,261.16
budgeted was nine.
Vinyl & Tile Repairs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Lock & Keys 0.00 85.00 85.00 None used at this time. 649.61 850.00 200.39 1,020.00 1,584.61
Counter & Tub Resurfacing 641.25 417.00 (224.25) Back splashes required for apartment 2,878.93 4,170.00 1,291.07 5,004.00 8,107.18
turns.
Other Redecorating 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cleaning Supplies 87.15 158.00 70.85 Less supplies used this month. 1,670.74 1,580.00 (90.74) 1,896.00 3,495.89
Total Make Ready Expense 6,213.16 5,961.00 (252.16) 53,954.13 59,179.00 5,224.87 69,131.00 125,307.29
1.00
General Maintenance & Supplies 848.68 630.00 (218.68) Ordering of parking violation stickers 6,192.95 7,531.00 1,338.05 8,611.00 15,202.63
and more parts needed for apartment
turns, disposal stoppers, drip pans,
door stops.
HVAC Parts & Repairs 57.33 100.00 42.67 Less supplies needed this month for 672.65 2,100.00 1,427.35 2,300.00 2,929.98
HVAC repair than budgeted.
Plumbing Parts & Repairs 122.03 120.00 (2.03) 1,675.86 1,200.00 (475.86) 1,440.00 3,117.89
Electric Parts & Repairs 0.00 40.00 40.00 None used at this time. 782.73 460.00 (322.73) 540.00 1,282.73
Roof & Gutter Repairs 0.00 0.00 0.00 0.00 3,000.00 3,000.00 3,000.00 3,000.00
Pools & Fountains 219.38 100.00 (119.38) Extra chlorine tabs needed for the pool 3,467.90 4,000.00 532.10 4,200.00 7,787.28
this month.
Gates & Entrances 0.00 0.00 0.00 0.00 150.00 150.00 150.00 150.00
Glass & Screens 239.19 0.00 (239.19) Replacement screen door for 850.22 1,560.00 709.78 1,820.00 2,649.41
apartment #9112 needed.
Appliance Parts & Repairs 23.76 300.00 276.24 5,705.57 3,000.00 (2,705.57) 3,600.00 9,029.33
Hardware 81.14 120.00 38.86 736.55 1,200.00 463.45 1,400.00 2,137.69
Exterior Painting 0.00 0.00 0.00 0.00 355.00 355.00 355.00 355.00
Uniforms 0.00 300.00 300.00 No uniforms required at this time. 763.16 600.00 (163.16) 600.00 1,663.16
Elevator Service & Repairs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Security & Fire Systems 8,682.39 10,500.00 1,817.61 Anti freeze system repairs still in 15,053.53 13,355.00 (1,698.53) 14,555.00 47,590.92
progress for the fire rooms.
Uninsured Losses 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Locks & Keys 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Bulbs & Ballasts 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Maintenance Expense 10,273.90 12,210.00 1,936.10 35,901.12 38,511.00 2,609.88 42,571.00 96,896.02
1.00
Landscape & Grounds 2,282.80 3,000.00 717.20 No repairs on pipes for the winter 27,983.81 29,581.00 1,597.19 29,581.00 62,847.61
needed at this time.
Trash Removal 791.20 755.00 (36.20) 7,327.98 7,550.00 222.02 9,060.00 16,424.18
Pest Control 86.00 205.00 119.00 No pigeon service needed this month. 1,906.75 2,350.00 443.25 2,760.00 4,547.75
Security Patrols 0.00 0.00 0.00 0.00 2,775.00 2,775.00 2,775.00 2,775.00
Window Cleaning Svc. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Interior Cleaning Svc. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cable Television 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Snow Removal 0.00 0.00 0.00 7,278.72 14,000.00 6,721.28 19,500.00 21,278.72
Total Service Expense 3,160.00 3,960.00 800.00 44,497.26 56,256.00 11,758.74 63,676.00 107,873.26
1.00
Expenses - CAM - Electric 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Expenses - CAM - Water/Sewer 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Expenses - CAM - Gas 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Expenses - CAM - Grounds 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Expenses - CAM - Trash Removal 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Expenses - CAM - Cleaning Svcs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Expenses - CAM - Maintenance 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Expenses - CAM - Insurance 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Expenses - CAM - R/E Taxes 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total CAM Expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00
Management Fees 11,830.62 11,069.00 (761.62) Management fees based on % of 118,702.10 113,067.00 (5,635.10) 134,836.00 254,668.72
collections.
No Name 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
No Name 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Legal Fees (380.00) 200.00 580.00 Filed three evictions and collected four (1,140.55) 2,400.00 3,540.55 2,800.00 1,079.45
payments.
Accounting Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Postage & Delivery 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Bank Charges 175.92 0.00 (175.92) PostRecr Reimb for Aug 08 Acct 1,178.46 0.00 (1,178.46) 0.00 1,354.38
Analysis fee of $358.07 by Gilbert
10/08/08.
Partnership Insurance 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other Administrative Expenses 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Travel Expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Employee Activities 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Printing 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Computer Consulting 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Computer Expense 543.93 0.00 (543.93) Computer repair needed on Nancy's 2,799.54 3,060.00 260.46 3,060.00 6,403.47
computer line. System line was in
operable.
Bank Charges 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Development Cost 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Admin. Expense 12,170.47 11,269.00 (901.47) 121,539.55 118,527.00 (3,012.55) 140,696.00 263,506.02
1.00
Electricity 2,713.05 3,250.00 536.95 Due to higher occupancy we used less 31,110.93 34,000.00 2,889.07 40,500.00 71,073.98
electric.
Electricity Gas - Resident 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Natural Gas 1,175.03 1,967.00 791.97 Due to higher occupancy we required 19,642.23 19,670.00 27.77 23,604.00 42,454.26
less gas usage.
Water & Sewer 17,688.69 20,000.00 2,311.31 180,982.88 200,000.00 19,017.12 240,000.00 418,671.57
Water & Sewer - Resident Reimb (14,589.42) (13,600.00) 989.42 Aggressive collections in house. (131,811.52) (136,000.00) (4,188.48) (163,200.00) (296,000.94)
Water - irrigation 6,034.10 5,000.00 (1,034.10) 29,260.67 37,400.00 8,139.33 37,400.00 77,694.77
Electric - Tenant Reimbursement 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Trash Reimbursement (2,236.39) (2,012.00) 224.39 We had higher occupancy which (22,210.94) (21,672.00) 538.94 (25,696.00) (48,131.33)
resulted in higher reimbursement.
Water - Tenant Reimbursement 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Utility -Vacant Electric 749.42 1,022.00 272.58 Due to higher occupancy used less 8,727.20 9,784.00 1,056.80 12,108.00 20,282.62
electric.
Utility - Vacant Gas 252.93 613.00 360.07 Due to higher occupancy we required 4,054.54 6,443.00 2,388.46 7,837.00 21,949.00
less gas usage.
Tenant Reimbursement - Gas 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Utility Expense 11,787.41 16,240.00 4,452.59 119,755.99 149,625.00 29,869.01 172,553.00 297,408.40
1.00
Management Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Management Fees-MRLL 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Property Legal Fees 0.00 0.00 0.00 1,896.50 0.00 (1,896.50) 0.00 1,896.50
Credit Card Fees 650.22 0.00 (650.22) Credit card fees billed from corporate 3,269.24 0.00 (3,269.24) 0.00 3,919.46
for the months of 08/08 in the amount
of $279.69, 09/08 in the amount of
$178.48 and 10/08 in the amount of
$92.05.
Bank Charges 358.07 0.00 (358.07) PostRecr Reimb for Aug 08 Acct 358.07 0.00 (358.07) 0.00 716.14
Analysis fee of $358.07 by Gilbert
10/08/08.
Bank Adjustments 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other Professional Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Late Charges 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
HOA Assessment Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Contributions 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fiduciary Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Custodial Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Thunder Expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounting Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Management Expense 1,008.29 0.00 (1,008.29) 5,523.81 0.00 (5,523.81) 0.00 6,532.10
1.00
Property Taxes 30,188.47 30,188.00 (0.47) 301,884.70 301,880.00 (4.70) 362,256.00 664,141.17
Franchise Tax 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Insurance 5,068.57 4,850.00 (218.57) Based on actual charges. 48,996.54 48,500.00 (496.54) 58,200.00 107,415.11
Tax Consultants 0.00 57.00 57.00 None used at this time. 600.00 570.00 (30.00) 684.00 1,227.00
MIP 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Taxes & Insurance 35,257.04 35,095.00 (162.04) 351,481.24 350,950.00 (531.24) 421,140.00 772,783.28
Total Operating Expenses 113,096.94 122,613.00 9,516.06 1,086,437.10 1,173,836.00 87,398.90 1,386,542.00 2,495,983.04
NET OPERATING INCOME 183,002.86 154,107.00 28,895.86 1,883,817.81 1,652,831.00 230,986.81 1,984,350.00 3,873,758.67
1.00
Base Rent - Interest Payment 106,134.93 106,134.93 0.00 1,064,740.02 1,064,741.67 1.65 1,325,045.67 2,341,751.55
Base Rent - Principal Payment 24,017.07 24,017.07 0.00 118,953.33 118,953.33 0.00 118,953.33 285,940.80
Stated Rent 86,666.71 86,667.00 0.29 866,667.10 866,670.00 2.90 1,040,004.00 1,906,670.81
Office Rent 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Rent Expense 216,818.71 216,819.00 0.29 2,050,360.45 2,050,365.00 4.55 2,484,003.00 4,534,363.16
1.00
Mortgage Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Loan Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Interest Expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Interest Expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Debt Service 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00
Partnership Legal Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Partnership Accounting Fees 0.00 0.00 0.00 540.00 365.00 (175.00) 365.00 905.00
Partnership Travel 0.00 200.00 200.00 None used at this time. 2,248.79 2,000.00 (248.79) 2,400.00 4,448.79
Partnership - Meals 0.00 0.00 0.00 312.57 0.00 (312.57) 0.00 312.57
Partnership Fees - Other 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Partnership Expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Due Diligence Cost 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dead Deal Cost 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Asset Management Fees 1,000.00 1,000.00 0.00 6,000.00 10,000.00 4,000.00 12,000.00 18,000.00
Investor Administration Fee 3,200.00 3,250.00 50.00 27,600.00 32,500.00 4,900.00 39,000.00 66,550.00
Partnership Exp- Leaseup Costs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Partnership Expense 4,200.00 4,450.00 250.00 36,701.36 44,865.00 8,163.64 53,765.00 90,216.36
1.00
Exterior Rehab 0.00 0.00 0.00 5,395.10 16,846.00 11,450.90 16,846.00 22,241.10
Interior Rehab 0.00 0.00 0.00 1,021.68 0.00 (1,021.68) 0.00 1,021.68
HVAC Replacement 0.00 0.00 0.00 540.47 1,800.00 1,259.53 1,800.00 2,340.47
Carpet & Floor Replacement 6,104.14 6,000.00 (104.14) Six carpets replaced this month. 67,905.20 56,000.00 (11,905.20) 66,000.00 136,009.34
Refrigerators 0.00 0.00 0.00 1,123.12 1,450.00 326.88 1,450.00 2,573.12
Dishwashers & Ranges 493.95 0.00 (493.95) Dishwasher needed replaced in 1,446.93 1,734.00 287.07 1,734.00 3,674.88
apartment #13104.
Washers / Dryers 286.88 0.00 (286.88) Dryer needed for apartment #19305. 1,177.13 1,017.00 (160.13) 1,017.00 2,481.01
Fire Alarm Replacement 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
 Other Capital Improvements 0.00 0.00 0.00 18,844.44 11,899.00 (6,945.44) 11,899.00 30,743.44
Boiler Replacement 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Roof Replacement 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Capital Expenses 6,884.97 6,000.00 (884.97) 97,454.07 90,746.00 (6,708.07) 100,746.00 201,085.04
1.00
Casualty Losses 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Casualty Recovery 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Casualty Loss 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00
Amortization Expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Depreciation Expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Depr & Amort 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NET INCOME (LOSS) (44,900.82) (73,162.00) 28,261.18 (300,698.07) (533,145.00) 232,446.93 (654,164.00) (951,905.89)
1.00
Rental Guarantee 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(44,900.82) (73,162.00) 28,261.18 (300,698.07) (533,145.00) 232,446.93 (654,164.00) 0.00
 Courtney Downs Apartments
October 08
LEASING & OCCUPANCY

NUMBER OF MOVE INS: 15 INCOME THIS MONTH: $296,100.00

NUMBER OF MOVE OUTS: 17 INCOME LAST MONTH: $292,059.00
NET FOR THE MONTH: -2 DIFFERENCE: $4,041.00

TOTAL # GARAGES 120

# GARAGES OCCUPIED 111
OCCUPIED/LEASED %: 95%, 96% GARAGES OCCUPIED % 92%

SOURCE OF TRAFFIC: REASONS WHY PROSPECTS DID NOT LEASE:

Traffic Leased
APARTMENT GUIDE.COM 4 0 * Job Transfer 0
APARTMENT GUIDE 0 0 * Too expensive. 4
YELLOW PAGES 0 0 * Future/No Availability/Waiting list 3
OTHER. NET 9 2 * Just started looking. 9
BLUE BOOK 6 2 * Waiting for Home to Sell 4
RENT.COM 7 0 * Current Lease to Expire 6
LIVES IN AREA 12 7 * Needs Ground Floor 2
RESIDENT REFERRAL 4 1 * Breed restrictions 0
LOCATORS 5 2 * Will return with roommate or spouse 0
WORD of MOUTH 0 0 * Realtor Looking for Client 0
WALK IN 0 0 * Undecided 5
SIGNAGE 6 4 * Employment pending 5
BROCHURE/FLYER 0 0 * Location 2
* Rented at Competitor 0
TOTALS 53 18 TOTALS 35

CLOSING RATIO: 34%

MARKETING ACTIVITIES & SOURCES FOR THE MONTH

* We waived the security deposit for all preferred employers this month.
* Courtney Downs made muffin baskets for Rylan, Richmond and Newland Homes for their short term referrals.
* We changed out the flutter flags to the front of the property to keep a fresh look.
* Our highest traffic source this month was from lives in area and most leased was from locators.
* Updated the locators with brochures and price sheets for the month.
* Brochures and donuts were taken to Go Toyota staff.
* Continued to network with nextel on new employees coming to the area.
* Dropped off muffins and brochures to Wells Fargo bank for the break room.
* Took brochures and flyers to the new shopping area Corner Star market featuring Best Buy, sunflower markets, DWS and Target stores.
* Took brochures and flyers to King Soopers market for all employees.
* We continue to work with Comcast and new employees to the area.
* Took gift baskets to Costco Human Resources.
OVERVIEW OF COMPARABLE PROPERTIES:
Coyote Ranch continues to be our biggest competition closing out at 98.3% leased and 97.2% occupied.
They are offering 1 to 2 months off of selected units.
Dove Valley and Windrock are offering $500.00 gift cards for gas with any term look and lease.
Overall market is 94.2% average occupancy. and rental rate of $805 per month.
RESIDENT RETENTION:
We had 30 leases expiring in the month of October. 11 renewed leases with a $36.36 increase.
Notices received; (3) buying homes, (2) renting houses , (3) out of state, (2) Closer to work, (2) Other property
(1) Too expensive, (2) Moving home with parents, (2) Roommate split, (1) closer to work and (1) Skip.

INCIDENTS ON THE PROPERTY:

N/A
MAINTENANCE: ROUTINE REPLACEMENTS:
Number
Number of: Replaced Apt. #
MARKET READY UNITS 19 REFRIGERATORS 0
COMPLETE PAINTS 11 DISHWASHERS 0
TOUCH UPS 8 WINDOWS 0
WORK ORDERS 203 A/C COMPRESSORS 0
Pending Completed 0 CONDENSING UNITS 0
Misc 0 7 7 WATER HEATERS 0
Electrical 0 32 32 ICE MAKERS 0
Punch 0 19 19 GARBAGE DISPOSALS 0
HVAC 0 37 37 MICROWAVES 0
2304, 10310, 7206, 2102, 9305,
Plumbing 0 74 74 CARPETS/vinyl 6 6110.
Property Ext. 0 21 21 CEILING FANS 0
Appliances 0 13 13 TOILETS 0
Safety 0 0 0 A/C FAN MOTORS 0
Total 0 203 203 COUNTER TOPS 0
ROOF LEAKS 0 CABINETS RESURFACED KITCHEN 0
16103-2, 6107-2, 6306-1, 10210-2,
2304-1, 4203-1, 12312-1, 2102-3,
4106-2, 6110-1, 7206-1, 13108-2,
PLUMBING LEAKS 0 BLINDS 22 2101-2, 4306-1
TUBS RESURFACED 0
TUB 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.
Riser rooms needed some repair "up to code"

CURRENT STAFF:

Manager Nancy Howland

Assistant Manager Carrie McMillan
Leasing Consultant Adreyanna Black
Leasing Consultant Kate Hawkins
Maintenance Supervisor Gabriel Tellez
Assistant Maintenance Russell Briley
Maintenance/ Grounds Jorge Chavez and Jorge Bernal

ACCOMPLISHMENTS FOR THE MONTH:

Repaired breezeways "gypecrete"
Fire and sprinkler inspection completed
Backflow inspection completed
Winterized sprinkler system
 MARKET SURVEY
Courtney Downs
October-08
(Concessions reduced rates)

PROPERTY: Courtney Downs Apt Coyote Ranch Windsor at Meridian Pinnacle @ the Creek Dove Valley Cherrywood Village Reserve@South Creek
PRICE SIZE PSF PRICE SIZE PSF PRICE SIZE PSF PRICE SIZE PSF PRICE SIZE PSF PRICE SIZE PSF PRICE SIZE PSF
Efficiency
Efficiency
1B1B (A) 745 704 1.06 785 779 1.01 720 627 1.15 710 685 1.04 749 768 0.98 720 707 1.02 715 763 0.94
1B1B (B) 770 808 0.95 850 853 1.00 835 701 1.19 740 705 1.05 799 842 0.95 730 796 0.92 740 763 0.97
1B1B w/study 850 910 0.93 899 811 1.11 810 760 1.07 910 992 0.92 815 916 0.89
1B
1B
1B w/loft
1B1B w/study 915 956 0.96 945 1051 0.90
2B2B (E) 895 977 0.92 955 1105 0.86 925 1044 0.89 990 1120 0.88 949 1115 0.85 900 1033 0.87 835 1037 0.81
2B2B (F) 905 1030 0.88 1030 1192 0.86 1080 1196 0.90 999 1220 0.82 935 1093 0.86 850 1037 0.82
2B2B (G) 935 1030 0.91 1099 1180 0.93
2B2B (H)
2B2B
2B w/study
2B2B TH
2B2B TH
3B2B 1,180 1140 1.04 1155 1398 0.83 1145 1330 0.86 1185 1230 0.96 1099 1356 0.81 1125 1235 0.91 999 1257 0.79
3B2B 1485 1398 1.06 1150 1235 0.93 1195 1257 0.95

% occ /leased 95 96.20% 95% 96% 0 0% 95% 95.40% 94.0% 89% 93.0% 94% 92.1% 94%
Avg PSF 1 0.95 0.94 1.00 0.98 0.89 0.91 0.88
Avg Rents 897 1043 952 897 918 911 889
/ Avail)
Units(Total 342 39 507 12 653 216 20 312 17 360 34 0 168 28

Special: Admin waived and Special: One month to two

Special: Specials on select Special: Change prices play of Plinko game. Result months free on a 12 to 13
units and waived security Special: Offering one to two Will not give out any daily depending on Special: $200 to $700 off of win will be some kind of month special look and lease
Rates deposit with approved credit. months information. availability. 1st months lease. discount on the rent only.
reflect these rates: free depending on lease term
specials:

Ren.: 15% increase on all Ren: Info not avail per Ren: $20 to $40 increas for Ren: Average $25 to $55 Ren: Free carpet cleaning
Ren: $35 to $75 increase. renewals. corporate Ren:Per corporate 12 month lease increase. with 12mo.
 MARKET SURVEY
Courtney Downs
October-08

Apartment Name Courtney Downs Coyote Ranch Windsor @ Meridian Pinnacle @ the Creek Dove Valley Cherrywood Village Reserve @ South Creek
Address 15849 E. Jamison Dr16363 E Freemont Ave 9875 Jefferson Pkwy 6107 S Parker Rd 7550 S Blackhawk 16950 E Carlson Dr 15611 E Jamison Dr
Phone 720-870-6114 303-693-8787 303-256-7700 303-766-2500 303-362-2000 303-805-7200 303-680-6696
Location Englewood, Co Aurora, Co Englewood, Co 80112 Centennial, Co Englewood, Co 80112 Parker, Co 80134 Englewood, Co 80112
# of units 342 507 653 216 312 360 168
Age of Property 5 5 7 4 6 6 6
Application Fee $50.00 $35.00 $40.00 $35.00 $45.00 $35.00 $50.00
Credit Card yes yes yes no yes no yes
Pets Allowed yes yes yes yes yes yes yes
Pet Deposit 300 n/r 300-600 150-300 $100 300-500 $400-500 300
Sec. Deposit 150 275-325 300 $100 $199.00 $200-300 100
W/D included Yes yes Only In Select Units Only Select Units no yes no
Covered Parking no yes yes yes no no no
Garage Detached yes yes yes yes yes yes
Cable Yes yes yes yes yes yes yes
Tennis Courts no no no no yes yes yes
# of pools 1 1 1 1 1 2 1
Weight Room yes yes yes yes yes yes yes
Jacuzzi yes 1 1 1 1 2 1
Ceiling Fans yes yes yes yes yes yes yes
Microwaves yes yes yes yes yes yes yes
Mini Blinds yes yes yes yes yes yes yes
FF Freezer yes yes yes yes yes yes yes
Icemakers yes yes yes yes yes yes yes
Fireplaces yes no yes yes yes yes yes
Access Gates no yes yes no yes yes yes
Alarm in Unit Prewired no yes yes yes no yes
Door to Door no no no no no no no
Aerobics/Kick Box no no no no no no no
Movie Room no yes yes yes yes yes yes
Computer Library yes yes yes yes yes yes yes
Indoor Basketball no no no no no no no
Water Charge yes no yes yes yes yes yes
Courtney Downs
RENTAL SCHEDULE
October 08

EFFECTIVE EFFECTIVE EFFECTIVE Vacants Notice Net

UNIT TYPE #UNITS SIZE TOTAL MKT RENT MKT RENT MONTHLY ANNUAL CONCESSION CONCESSION PER S/F MONTHLY Vacants Leased Notice Leased Available
S/F PER UNIT PER S/F GROSS GROSS RENTS* PER UNIT GROSS
A1 1BR 40 704 28,160 745 1.06 $29,800 $357,600 745.00 1.06 $29,800 3 1 5 2 5
A1V 1BR 32 704 22,528 755 1.07 $27,520 $330,240 755.00 1.07 $27,520 0 0 0 0 0
A2 1BR 18 910 16,380 850 0.93 $15,300 $183,600 850.00 0.93 $15,300 0 0 0 1 -1
B1 1BR 24 808 19,392 770 0.95 $18,480 $221,760 770.00 0.95 $18,480 3 0 7 0 10
B1V 1BR 32 808 25,856 780 0.97 $24,960 $299,520 780.00 0.97 $24,960 0 0 0 0 0
C 2BR 42 977 41,034 895 0.92 $37,590 $451,080 895.00 0.92 $37,590 0 5 8 1 2
C1 2BR 44 1,030 45,320 920 0.89 $40,480 $485,760 920.00 0.89 $40,480 2 0 8 1 9
C1V 2BR 22 1,030 22,660 930 0.90 $20,460 $245,520 930.00 0.90 $20,460 0 0 0 0 0
CV 2BR 24 977 23,448 905 0.93 $21,720 $260,640 905.00 0.93 $21,720 0 0 0 0 0
D 2BR 16 1,030 16,480 945 0.92 $15,120 $181,440 945.00 0.92 $15,120 0 0 3 1 2
DV 2BR 20 1,030 20,600 955 0.93 $19,100 $229,200 955.00 0.93 $19,100 0 0 0 0 0
E 3BR 24 1,140 27,360 1180 1.04 $28,320 $339,840 1,180.00 1.04 $28,320 2 1 2 1 2
EV 3BR 4 1,140 4,560 1180 1.04 $4,720 $56,640 1,180.00 1.04 $4,720 0 0 0 0 0

TOTAL 342 917 313,778 $888 $0.97 $303,570 $3,642,840 $888 0.97 $303,570 10 7 33 7 29
* Net of Concessions