august courtney downs

8/14/2019 August Courtney Downs

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USA Courtney Downs LeaseCo, LLCKey Variable Analysis8/31/2008Number of Units #REF!

Actual ActualAverage Length of Stay (mos.) Jan Current Month % ChangRenewal RateTurnover Rate - Current month YTD annualized #REF! Market Rent (MR) $294,410 $301,250 2.32%Current Gross Potential (most recent fin. stmt.) LTL as % of MR $2,842 ($3,635)Gross Potential (beg. Budget year) Gross Potential $297,252 $297,615 0.12%% Increase in GPR (current to beg. budget yr.)

Current CurrentMTD YTD Actual Budget Va

Write-offs as % of Gross Potential -0.18% 1.08%Other Income/Unit (excl. Utility Reimb.) #REF!Application Fee Per Move In Net Rental Income $271,191 $261,671 $9,520Redec/Admin. Fee Per Move In Other Income $28,230 $27,910 $320

Total Revenue $299,421 $289,581 $9,

Controllable Expenses as % of Total Revenue: #REF! Average Economic PhysicalTotal Expenses as % of Total Revenue: #REF! Month Occupied Rent Occupancy Occupancy

Jan-08 #REF! #REF! 9Average Advertising/Locator Cost per Move-In: $225 $206 Feb-08 #REF! #REF! 9Total Resident Retention per Unit: Mar-08 #REF! #REF! 95.32%Average Cost per Turn (move-out): $538 $285 Apr-08 #REF! #REF! 9

75.32% 71.90% May-08 #REF! #REF! 9Actual + Bud Budget Jun-08 #REF! #REF! 94.0

Total Controllable Expenses (/unit/yr.): #REF! #REF! Jul-08 #REF! #REF! 93.94%Total Non-controllable Expenses (/unit/yr.): #REF! #REF! Aug-08 #REF! #REF! 94.81%

Total Expenses (/unit/yr.): #REF! #REF! Sep-08 $0 0.00% 0.00%Oct-08 $0 0.00% Nov-08 $0 0.00%Lease Expiration Dec-08 $0 0.00% 0.0Sep-08 20.00

Expenses ExpeCategory /unit/yr. Category /unit/yr.

Credit Card FeesSalary Expense $1,003 Service Expense $15

Operating Expense $118 Administrative Expense $419Advertising Expense $166 Utility Expense $43

% Water/Sewer Recovery - MTD & YTD - Actuals


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USA Courtney Downs LeaseCo, LLCSummary Report

Actual Budget VarianceMove-ins 25 30 (5)Move-outs 15 30 15

Physical Occupancy 94.81% 94.82% -0.01% at month endVacancy 5.19% 5.18% -0.01% (vacancy / market rent)Economic Occupancy 90.02% 86.86% 3.16% (net rental / market rent)

Prior Current Subsquent AnnualizedMonth Month Month Per Unit

Net Rental RevenueActual / Projected 265,581 271,191 266,582Budget - Original 263,650 261,671 258,661Variance 1,931 9,520 7,921

Other RevenueActual 37,758 28,230 23,739Budget - Original 25,305 27,910 23,739Variance 12,453 320 -

Expenses - ControllableActual 99,514 76,346 79,854 #REF! ( YTD Actual + Remaining Projected Budget)Budget - Original 122,872 118,647 114,949 #REF!Variance 23,358 42,301 35,095 #REF!

Expenses - Taxes & InsuranceActual 35,029 35,029 35,095 #REF!

Budget - Original 35,095 35,095 35,095 #REF!Variance 66 66 - #REF!

Expenses - CapitalActual 23,117 7,400 6,259Budget - Original 17,804 6,600 6,259Variance (5,313) (800) -

NOI Goal - Annual Actual Budget Variance

NOI Goal @ 7.00% cap 2,782,500 2,782,500 ( from disposition analysis )Projected NOI 2,178,392 1,984,350 194,041.83 ( YTD Actual + Remaining Budget )


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Lease ExpirationUSA Courtney Downs LeaseCo, LLC (10600)

Month Year = 09/2008Property Unit Type Units MTM Sep-08 Oct-08

10600 Arlington(cdc1) 66.00 0.00 2.00 5.0010600 Calder(cda1) 72.00 0.00 9.00 8.00

10600 Churchill(cde) 28.00 0.00 1.00 3.0010600 Derby(cda2) 18.00 0.00 1.00 0.00

10600 Drysdale (Study)(cdb1) 56.00 0.00 3.00 7.00

10600 Lexington(cdd) 36.00 0.00 2.00 2.00

10600 Steplechase(cdc) 66.00 0.00 2.00 5.00

10600 USA Courtney Downs LeaseCo, LLC (10600) 342.00 0.00 20.00 30.00


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

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 4.00

0.00 5.00 1.00 1.00 4.00 1.00 2.00 1.00

2.00 1.00 1.00 3.00 1.00 1.00 1.00 2.00

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 7.00

7.00 3.00 5.00 7.00 3.00 4.00 5.00 7.0022.00 22.00 21.00 26.00 22.00 26.00 26.00 31.00


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Jul-09 Aug-09 Total

4.00 3.00 52.00

6.00 7.00 64.00

3.00 1.00 23.00

2.00 1.00 16.00

2.00 5.00 48.00

1.00 2.00 32.00

5.00 5.00 58.0023.00 24.00 293.00


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Courtney Downs

Jan Feb Mar Apr May Jun Jul Aug

Move Ins 17 16 19 16 28 16 31 25cummulative move in 17 33 52 68 96 112 143 168

Move Outs 17 11 19 21 18 20 33 15cummulative move out 17 28 47 68 86 106 139 154


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Sep Oct Nov Dec

168168 168 168 168

154154 154 154 154


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12 Month OccupancyShowing Occupancy Percentage By Property And Month

Year : 2008

Grouped By : RegionCalculation by : Unit Count

Property Units Sq Ft Jan Feb Mar Apr

2007 342 311,852 89.50 88.75 88.09 90.32

2008 91.40 94.04 95.32 93.18

USA Courtney Downs LeaseCo,LLC (10600)


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May Jun July Aug Sep Oct Nov Dec

93.11 94.95 95.85 94.18 93.98 94.00 92.69 92.10

93.81 94.09 93.94 94.81


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USA Courtney Downs LeaseCo, LLC (10600)BudgetPeriod = Jan 2008-Dec 2008Book = Accrual

Jan-08 Feb-08 Mar-08

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

304,657.00 305,350.00 305,710.00-28,795.00 -27,074.00 -24,776.00

-6,000.00 -6,000.00 -3,000.00-1,507.00 -1,534.00 -1,586.00-1,980.00 -1,980.00 -1,980.00-1,935.00 -1,935.00 -1,935.00-1,160.00 -1,160.00 -1,160.00

-17,793.00 -15,707.00 -12,879.00245,487.00 249,960.00 258,394.00

1,463.00 1,463.00 1,771.00300.00 750.00 750.00680.00 720.00 880.00

1,176.00 1,323.00 1,519.000.00 0.00 2,700.00

600.00 200.00 1,100.003,489.00 0.00 0.003,360.00 3,360.00 3,360.006,790.00 6,790.00 6,790.00

475.00 475.00 475.00300.00 300.00 300.00

1,820.00 2,100.00 2,660.002,400.00 2,400.00 2,400.00

500.00 375.00 500.0023,353.00 20,256.00 25,205.00

268,840.00 270,216.00 283,599.00

12 689 00 12 689 00 12 689 00

INCOMEMarket RentLoss / Gain to LeaseGross Potential RentVacancy LossUpfront Rent ConcessionsAdjustments & W/OModel UnitsEmployee ApartmentGuest SuiteLease Term ConcessionsINCOME RENTAL

OTHER REVENUES

Late Charges & NSF FeesMonth to Month PremiumStorage FeesApplication FeesTermination Fees & DamagesMiscellaneous IncomeInterest IncomePet Rents & FeesGarage IncomeCable/Telephone IncomeForfeited DepositsAdministration FeeMove-Out ChargesShort Term Lease FeesTOTAL OTHER REVENUESTOTAL REVENUE

SALARY EXPENSESM S l


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350.00 350.00 300.0038.00 38.00 38.00

288.00 324.00 372.00600.00 550.00 500.00

3,292.00 3,278.00 3,226.00

7,500.00 3,500.00 3,500.00500.00 400.00 500.00723.00 1,446.00 2,025.00500.00 500.00 500.00

9,223.00 5,846.00 6,525.00

207.00 225.00 279.002,859.00 2,859.00 2,859.00

955.00 1,038.00 1,287.00270.00 270.00 270.00

85.00 85.00 85.00417.00 417.00 417.00158.00 158.00 158.00

4,951.00 5,052.00 5,355.00

599.00 689.00 1,000.00200.00 100.00 100.00120.00 120.00 120.00

40.00 50.00 50.000.00 0.00 0.00

100.00 100.00 100.0010.00 10.00 10.00

260.00 0.00 260.00300.00 300.00 300.00120.00 120.00 120.00

0.00 0.00 0.000.00 0.00 0.00

450.00 450.00 450.002,199.00 1,939.00 2,510.00

Employee TrainingCar ExpensesCredit ChecksGuest Suite ExpenseTOTAL OPERATING EXPENSE

ADVERTISING EXPENSESAdvertising & PromotionsResident PromotionsLocatorsResident Referrals

TOTAL ADVERTISING EXPENSES

MAKE READY EXPENSESPaint & DrywallContract Cleaning Svcs.Carpet Cleaning & RepairsWindow CoveringsLock & KeysCounter & Tub ResurfacingCleaning SuppliesTOTAL MAKE READY EXPENSES

MAINTENANCE EXPENSESGeneral Maintenance & SuppliesHVAC Parts & RepairsPlumbing Parts & RepairsElectric Parts & RepairsRoof & Gutter RepairsPools & FountainsGates & EntrancesGlass & ScreensAppliance Parts & RepairsHardwareExterior PaintingUniforms

Security & Fire SystemsTOTAL MAINTENANCE EXPENSE


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0.00 0.00 0.0011,154.00 11,009.00 11,744.00

3,250.00 3,250.00 3,250.001,967.00 1,967.00 1,967.00

20,000.00 20,000.00 20,000.00-13,600.00 -13,600.00 -13,600.00

0.00 0.00 0.00-2,400.00 -2,400.00 -2,400.001,505.00 1,415.00 325.00

903.00 849.00 768.0011,625.00 11,481.00 10,310.00

30,188.00 30,188.00 30,188.004,850.00 4,850.00 4,850.00

57.00 57.00 57.0035,095.00 35,095.00 35,095.00

111,816.00 108,397.00 109,702.00157,024.00 161,819.00 173,897.00

106,587.00 106,587.00 106,587.000.00 0.00 0.00

86,667.00 86,667.00 86,667.00193,254.00 193,254.00 193,254.00

0.00 0.00 0.00200.00 200.00 200.00

1,000.00 1,000.00 1,000.003,250.00 3,250.00 3,250.004,450.00 4,450.00 4,450.00

0.00 0.00 0.000 00 0 00 0 00

Computer ExpenseTOTAL ADMINISTRATIVE EXPENSES

UTILITY EXPENSESElectricityNatural GasWater & SewerWater & Sewer - Resident ReimbWater - irrigationTrash ReimbursementUtility -Vacant Electric

Utility - Vacant GasTOTAL UTILITY EXPENSES

TAXES & INSURANCEProperty TaxesInsuranceTax ConsultantsTOTAL TAXES & INSURANCE

TOTAL OPERATING EXPENSESNET OPERATING INCOME

TIC RENT EXPENSEBase Rent - Interest PaymentBase Rent - Principal PaymentStated RentTotal TIC Rent Expense

PARTNERSHIP EXPENSESPartnership Accounting FeesPartnership TravelAsset Management FeesInvestor Administration FeeTOTAL PARTNERSHIP EXPENSES

CAPITAL EXPENSES

Exterior RehabHVAC Replacement


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Projected Move-Ins 13 15 19Total Move Outs 12 13 16Resulting Occupancy at Month End 90.44% 91.17% 92.19%Average Monthly Occupancy 90.22% 90.80% 91.68%Average Scheduled Rent per Unit 861 861 871Average Monthly Occupied Rent 894 896 896


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

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

306,464.00 306,275.00 305,987.00 305,250.00 305,131.00 304,686.00-21,510.00 -19,986.00 -17,809.00 -15,591.00 -15,591.00 -16,802.00

-3,000.00 -3,000.00 -3,000.00 -3,000.00 -3,000.00 -3,000.00-1,602.00 -1,620.00 -1,621.00 -1,618.00 -1,606.00 -1,588.00-1,980.00 -1,980.00 -1,980.00 -1,980.00 -1,980.00 -1,980.00-1,935.00 -1,935.00 -1,935.00 -1,935.00 -1,935.00 -1,935.00-1,160.00 -1,160.00 -1,160.00 -1,160.00 -1,160.00 -1,160.00

-14,298.00 -12,717.00 -14,444.00 -16,316.00 -18,188.00 -19,560.00260,979.00 263,877.00 264,038.00 263,650.00 261,671.00 258,661.00

1,925.00 1,925.00 1,925.00 1,925.00 1,925.00 1,925.00600.00 600.00 750.00 900.00 750.00 900.00840.00 920.00 920.00 1,000.00 1,080.00 1,120.00

1,813.00 1,862.00 2,107.00 2,205.00 2,205.00 1,764.000.00 2,700.00 2,700.00 0.00 2,700.00 0.00

500.00 500.00 600.00 800.00 800.00 800.000.00 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 3,360.006,790.00 6,790.00 6,790.00 6,790.00 6,790.00 6,790.00

475.00 475.00 475.00 475.00 475.00 475.00400.00 400.00 500.00 500.00 600.00 500.00

3,220.00 3,220.00 3,920.00 4,200.00 4,200.00 3,080.002,400.00 3,600.00 2,400.00 2,400.00 2,400.00 2,400.00

375.00 500.00 625.00 750.00 625.00 625.0022,698.00 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


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350.00 350.00 350.00 350.00 350.00 350.0038.00 38.00 38.00 38.00 38.00 38.00

444.00 456.00 516.00 540.00 540.00 432.00500.00 600.00 600.00 600.00 500.00 500.00

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 3,000.00400.00 500.00 400.00 500.00 400.00 500.00

1,401.00 1,401.00 1,705.00 1,827.00 1,827.00 1,340.00500.00 500.00 500.00 500.00 500.00 500.00

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

342.00 423.00 405.00 540.00 540.00 446.002,859.00 2,859.00 2,859.00 2,859.00 2,859.00 2,859.001,577.00 1,951.00 1,868.00 2,490.00 2,490.00 2,054.00

270.00 270.00 270.00 270.00 270.00 270.0085.00 85.00 85.00 85.00 85.00 85.00

417.00 417.00 417.00 417.00 417.00 417.00158.00 158.00 158.00 158.00 158.00 158.00

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

900.00 720.00 720.00 900.00 720.00 653.00100.00 350.00 350.00 350.00 350.00 100.00120.00 120.00 120.00 120.00 120.00 120.00

50.00 50.00 50.00 50.00 40.00 40.00

0.00 1,500.00 1,500.00 0.00 0.00 0.00600.00 600.00 600.00 600.00 600.00 600.00

20.00 20.00 20.00 20.00 20.00 20.000.00 260.00 0.00 260.00 260.00 260.00

300.00 300.00 300.00 300.00 300.00 300.00120.00 120.00 120.00 120.00 120.00 120.00155.00 0.00 100.00 0.00 0.00 100.00300.00 0.00 0.00 0.00 0.00 0.00

450.00 450.00 5.00 200.00 200.00 200.003,115.00 4,490.00 3,885.00 2,920.00 2,730.00 2,513.00


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0.00 0.00 0.00 3,060.00 0.00 0.0011,547.00 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 3,500.001,967.00 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 -2,012.001,112.00 1,033.00 920.00 797.00 797.00 858.00

667.00 620.00 552.00 478.00 478.00 515.0016,246.00 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 30,188.004,850.00 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 57.0035,095.00 35,095.00 35,095.00 35,095.00 35,095.00 35,095.00

124,575.00 120,491.00 119,774.00 122,872.00 118,647.00 114,949.00159,102.00 170,238.00 172,176.00 166,083.00 170,934.00 167,451.00

106,587.00 106,587.00 106,586.67 106,474.53 106,361.87 130,152.000.00 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 86,667.00193,254.00 193,254.00 216,819.00 216,819.00 216,819.00 216,819.00

0.00 365.00 0.00 0.00 0.00 0.00200.00 200.00 200.00 200.00 200.00 200.00

1,000.00 1,000.00 1,000.00 1,000.00 1,000.00 1,000.003,250.00 3,250.00 3,250.00 3,250.00 3,250.00 3,250.004,450.00 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 0.000 00 0 00 600 00 600 00 600 00 0 00


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23 23 28 30 30 2219 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 881898 897 896 893 893 891


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Oct-08 Nov-08 Dec-08 Total

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

304,342.00 304,117.00 303,954.00 3,661,923.00-19,995.00 -22,418.00 -23,078.00 -253,425.00

-3,000.00 -3,000.00 -3,000.00 -42,000.00-1,559.00 -1,539.00 -1,530.00 -18,910.00-1,980.00 -1,980.00 -1,980.00 -23,760.00-1,935.00 -1,935.00 -1,935.00 -23,220.00-1,160.00 -1,160.00 -1,160.00 -13,920.00

-20,621.00 -21,370.00 -21,994.00 -205,887.00254,092.00 250,715.00 249,277.00 3,080,801.00

1,848.00 1,848.00 1,848.00 21,791.001,500.00 1,050.00 600.00 9,450.001,080.00 960.00 920.00 11,120.001,470.00 1,225.00 1,127.00 19,796.00

0.00 2,700.00 0.00 13,500.00600.00 800.00 700.00 8,000.00

0.00 0.00 0.00 3,489.003,360.00 3,360.00 3,360.00 41,160.006,790.00 6,790.00 6,790.00 81,480.00

475.00 475.00 475.00 5,700.00100.00 100.00 100.00 4,100.00

2,380.00 1,680.00 1,400.00 33,880.002,400.00 2,400.00 2,400.00 30,000.00

625.00 625.00 500.00 6,625.0022,628.00 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


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0.00 0.00 0.00 3,060.0011,269.00 11,189.00 10,980.00 140,696.00

3,250.00 3,250.00 3,250.00 40,500.001,967.00 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 -25,696.001,022.00 1,145.00 1,179.00 12,108.00

613.00 687.00 707.00 7,837.0016,240.00 11,437.00 11,491.00 172,553.00

30,188.00 30,188.00 30,188.00 362,256.004,850.00 4,850.00 4,850.00 58,200.00

57.00 57.00 57.00 684.0035,095.00 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 2,822.81154,107.00 166,784.00 164,735.00 1,984,350.00

130,152.00 130,152.00 130,152.00 1,372,966.070.00 0.00 0.00 71,032.93

86,667.00 86,667.00 86,667.00 1,040,004.00216,819.00 216,819.00 216,819.00 2,484,003.00

0.00 0.00 0.00 365.00200.00 200.00 200.00 2,400.00

1,000.00 1,000.00 1,000.00 12,000.003,250.00 3,250.00 3,250.00 39,000.004,450.00 4,450.00 4,450.00 53,765.00

0.00 0.00 0.00 16,846.000 00 0 00 0 00 1 800 00


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17 12 1022 13 11

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

881 881 881891 890 889


22/46


23/46

37.00 84.00 0.0074.64 65.00 150.17

0.00 0.00 0.00

381.95 561.00 636.65499.77 668.32 500.81

3,659.91 2,832.35 2,335.70

1,051.00 1,961.49 1,694.00259.91 80.84 32.42

3,969.81 2,591.50 2,382.08

250.00 250.00 0.005,530.72 4,883.83 4,108.50

25.12 165.10 226.092,825.00 2,565.00 1,820.00

320.00 120.00 2,095.00356.36 0.00 260.17

0.00 0.00 0.0050.00 323.00 0.0050.88 230.41 21.61

3,627.36 3,403.51 4,422.87

548.03 241.89 500.520.00 52.85 98.24

286.20 47.36 119.76

252.62 0.00 245.420.00 169.88 -110.840.00 0.00 0.00

273.05 514.57 475.4626.73 1.92 18.61

0.00 0.00 0.0016.20 3,232.75 1,769.28

1,402.83 4,261.22 3,116.45

Publications & SubscriptionsEmployee TrainingPermits & Fees

Credit ChecksGuest Suite ExpenseTOTAL OPERATING EXPENSES

ADVERTISING EXPENSESAdvertising & PromotionsResident PromotionsLocators

Resident ReferralsTOTAL ADVERTISING EXPENSES

MAKE READY EXPENSESPaint & DrywallContract Cleaning Svcs.Carpet Cleaning & RepairsWindow CoveringsLock & KeysCounter & Tub ResurfacingCleaning SuppliesTOTAL MAKE READY EXPENSES

MAINTENANCE EXPENSESGeneral Maintenance & SuppliesHVAC Parts & RepairsPlumbing Parts & Repairs

Electric Parts & RepairsPools & FountainsGlass & ScreensAppliance Parts & RepairsHardwareUniformsSecurity & Fire SystemsTOTAL MAINTENANCE EXPENSE

SERVICE EXPENSES


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4,040.14 3,457.01 2,915.98

3,808.88 3,487.42 2,745.3613,536.27 16,771.41 20,957.09

-16,247.17 -9,812.59 -8,871.3774.35 0.00 0.00

-2,300.14 -2,206.42 -1,803.541,439.86 886.14 927.65

561.78 811.79 443.454,913.97 13,394.76 17,314.62

837.50 1,059.00 0.00578.11 362.44 0.00

1,415.61 1,421.44 0.00

30,188.47 30,188.47 30,188.474,840.47 4,815.99 4,840.47

0.00 0.00 0.0035,028.94 35,004.46 35,028.94

105,638.38 105,522.31 104,607.62179,796.95 192,412.44 198,233.82

106,586.67 106,586.67 106,586.670.00 0.00 0.00

86,666.71 86,666.71 86,666.71193,253.38 193,253.38 193,253.38

0.00 0.00 0.00518.50 237.43 354.87

0.00 101.53 70.741,000.00 1,000.00 1,000.00

3,200.00 3,200.00 3,200.004 718 50 4 538 96 4 625 61

UTILITY EXPENSESElectricity

Natural GasWater & SewerWater & Sewer - Resident ReimbWater - irrigationTrash ReimbursementUtility -Vacant ElectricUtility - Vacant GasTOTAL UTILITY EXPENSES

MANAGEMENT EXPENSESProperty Legal FeesCredit Card FeesTOTAL MANAGEMENT EXPENSES

TAXES & INSURANCEProperty TaxesInsuranceTax ConsultantsTOTAL TAXES & INSURANCETOTAL OPERATING EXPENSESNET OPERATING INCOME

TIC RENT EXPENSEBase Rent - Interest PaymentBase Rent - Principal Payment

Stated RentTotal TIC Rent Expense

PARTNERSHIP EXPENSESPartnership Accounting FeesPartnership TravelPartnership - MealsAsset Management Fees

Investor Administration FeeTOTAL PARTNERSHIP EXPENSES


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


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

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

294,994.00 296,658.00 296,653.00 297,075.00 297,615.00 0.000.00 0.00 0.00 0.00 -40.00 0.00

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

1,884.22 0.00 0.00 0.00 195.00 0.00-3,557.59 -1,908.23 -3,080.11 -1,188.89 551.53 0.00-1,980.00 -1,645.00 -1,645.00 -1,685.00 -1,645.00 0.00-2,104.80 -1,955.77 -1,950.80 -1,950.80 -1,950.80 0.00

-670.00 -910.00 -655.00 -910.00 -910.00 0.00-8,906.07 -9,644.00 -9,354.20 -8,894.19 -8,425.00 0.00

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

2,075.02 2,995.00 1,736.73 2,374.45 2,901.82 0.001,696.46 1,295.00 1,815.00 2,206.80 1,344.01 0.001,122.00 1,146.93 1,100.32 1,181.51 1,249.73 0.001,970.00 1,880.00 2,600.00 2,510.00 1,400.00 0.002,550.00 85.85 2,500.00 2,658.06 2,630.53 0.00

390.21 2,115.88 1,476.99 1,772.95 1,083.14 0.002,640.66 3,709.75 3,901.68 4,372.75 3,300.01 0.007,019.55 7,006.93 6,829.00 6,422.57 6,825.03 0.00

3,355.82 3,387.30 0.00 81.23 0.00 0.000.00 600.00 0.00 0.00 150.00 0.00

3,450.00 4,350.00 4,500.00 4,200.00 2,400.00 0.006,354.00 5,572.48 5,614.30 5,659.05 4,378.12 0.00

400.00 800.00 800.00 998.00 567.74 0.00-240.00 0.00 0.00 3,320.83 0.00 0.00

32,783.72 34,945.12 32,874.02 37,758.20 28,230.13 0.00296,877.98 300,180.54 296,065.45 303,339.54 299,420.70 0.00


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42.00 1,178.08 157.00 175.00 0.00 0.00391.68 867.61 222.58 199.82 245.27 0.00

16.00 0.00 0.00 0.00 0.00 0.00

381.30 628.45 601.20 835.40 855.65 0.00612.82 484.36 517.26 537.40 480.82 0.00

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

1,694.00 1,382.43 2,571.62 3,053.00 1,336.00 0.00341.15 137.40 267.20 152.30 76.85 0.00495.28 2,112.50 2,705.65 1,381.71 4,286.75 0.00

0.00 0.00 250.00 500.00 500.00 0.002,530.43 3,632.33 5,794.47 5,087.01 6,199.60 0.00

1,417.14 7.83 -3.75 425.39 1,400.66 0.003,715.00 2,095.00 3,050.00 3,845.00 3,785.00 0.001,069.00 763.00 2,419.00 1,103.00 1,672.00 0.00

472.22 436.63 278.96 832.42 317.47 0.00188.24 0.00 46.85 26.87 387.65 0.00225.00 634.69 353.31 0.00 426.68 0.00181.20 67.80 370.14 413.53 77.06 0.00

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

539.45 636.94 834.38 1,331.54 580.18 0.00304.79 12.89 55.39 54.23 36.93 0.00395.48 0.00 185.72 206.96 161.54 0.00

103.95 0.00 50.36 0.00 130.38 0.00321.12 325.38 537.57 957.57 521.84 0.000.00 371.84 239.19 0.00 0.00 0.00

427.94 528.59 915.84 744.24 1,468.72 0.00376.76 27.06 7.18 110.99 0.00 0.00

0.00 32.32 0.00 730.84 0.00 0.0055.41 0.00 0.00 487.50 810.00 0.00

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


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


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31/46

0.00 0.00 0.00 1,673.080.00 0.00 0.00 2,216.770.00 0.00 0.00 16.00

0.00 0.00 0.00 4,881.600.00 0.00 0.00 4,301.560.00 0.00 0.00 27,477.26

00

0.00 0.00 0.00 14,743.540.00 0.00 0.00 1,348.070.00 0.00 0.00 19,925.280.00 0.00 0.00 1,750.000.00 0.00 0.00 37,766.89

00

0.00 0.00 0.00 3,663.580.00 0.00 0.00 23,700.000.00 0.00 0.00 9,561.000.00 0.00 0.00 2,954.230.00 0.00 0.00 649.610.00 0.00 0.00 2,012.680.00 0.00 0.00 1,412.630.00 0.00 0.00 43,953.73

00

0.00 0.00 0.00 5,212.930.00 0.00 0.00 615.320.00 0.00 0.00 1,403.02

0.00 0.00 0.00 782.730.00 0.00 0.00 2,722.520.00 0.00 0.00 611.030.00 0.00 0.00 5,348.410.00 0.00 0.00 569.250.00 0.00 0.00 763.160.00 0.00 0.00 6,371.140.00 0.00 0.00 24,399.51

00


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00

0.00 0.00 0.00 25,406.72

0.00 0.00 0.00 17,070.300.00 0.00 0.00 143,747.240.00 0.00 0.00 -103,347.380.00 0.00 0.00 16,997.770.00 0.00 0.00 -17,699.710.00 0.00 0.00 7,080.760.00 0.00 0.00 3,575.790.00 0.00 0.00 92,831.49

00

0.00 0.00 0.00 1,896.500.00 0.00 0.00 2,619.020.00 0.00 0.00 4,515.52

00

0.00 0.00 0.00 241,507.760.00 0.00 0.00 38,894.46

0.00 0.00 0.00 600.000.00 0.00 0.00 281,002.220.00 0.00 0.00 869,702.240.00 0.00 0.00 1,512,393.49

00

0.00 0.00 0.00 852,356.420.00 0.00 0.00 71,032.93

0.00 0.00 0.00 693,333.680.00 0.00 0.00 1,616,723.03

00

0.00 0.00 0.00 540.000.00 0.00 0.00 2,248.790.00 0.00 0.00 312.570.00 0.00 0.00 4,000.000.00 0.00 0.00 29,600.000 00 0 00 0 00 36 701 36


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00.00 0.00 0.00 -224,372.16


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USA Courtney Downs LeaseCo, LLCBalance Sheet

Books = AccrualAug 2008

ASSETS

CashOperating Cash 15,738.29Total Cash $15,738.29

OTHER ASSETSAccounts Receivable 3,715.71Prepaid Expenses 19,124.32Tax Escrow 144,074.19Cash in Bank-Wrk Cap Reserve 80,219.73Capital / Repair Escrow 200,000.00Total Other Assets 447,133.95

Total ASSETS 462,872.24

LIABILITIES & CAPITAL

LIABILITIESAccounts Payable - Trade 172,864.06A/P - Creekstone Partners LLC 342,576.00A/P - US Advisors 342,576.00Other Accounts Payable 345,285.05Accrued Taxes 241,507.76Prepaid Rent 24,292.90Security Deposits 45,663.00Notes Payable 8,544.25Total Liabilities 1 523 309 02


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USA Courtney Downs LeaseCo, LLCCash 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 NovAccount Actual Actual Actual Actual Actual Actual Actual Actual Budget Budget B

RevenueGross Potential Rent 297,252 295,197 294,829 294,994 296,658 296,653 297,075 297,575 297,076 304,342 - Vacancy (14,979) (13,515) (12,201) (15,566) (15,360) (16,776) (16,865) (14,200) (15,865) (14,995)- Concessions & Disc. (10,069) (8,145) (267) (7,022) (9,644) (9,354) (8,894) (8,230) (8,894) (23,621)- Other Write-offs & Adj. (14,603) (9,805) (5,576) (8,312) (6,419) (7,331) (5,735) (3,954) (5,735) (6,634)Total Rental Income 257,600 263,731 276,786 264,094 265,235 263,191 265,581 271,191 266,582 259,092

Other Income 27,835 34,204 26,056 32,784 34,945 32,874 37,758 28,230 23,739 22,628 Total Revenue 285,435 297,935 302,841 296,878 300,181 296,065 303,340 299,421 290,321 281,720

Operating ExpensesSalary Expense 30,826 28,089 25,841 26,731 21,154 25,364 41,885 21,906 30,692 29,929 Operating Expense 3,660 2,832 2,336 3,352 3,896 4,409 3,795 3,198 3,336 3,264 Advertising Expense 5,531 4,884 4,109 2,530 3,632 5,794 5,087 6,200 5,340 4,685 Make Ready Expense 3,627 3,404 4,423 7,268 4,005 6,515 6,646 8,067 6,289 5,961 Maintenance Expense 1,403 4,261 3,116 2,525 1,935 2,826 4,624 3,710 2,513 12,210

Service Expense 6,708 1,216 1,576 3,523 12,678 3,604 5,071 3,160 3,960 3,960 Administrative Expense 12,525 11,016 10,864 12,483 11,635 13,235 14,944 11,724 11,496 11,269 Utility Expense 4,914 13,395 17,315 1,952 12,928 7,131 16,813 18,384 16,228 16,240 Credit Card Fees 1,416 1,421 0 599 240 191 649 0 0 0 Taxes & Insurance 35,029 35,004 35,029 35,029 35,629 35,224 35,029 35,029 35,095 35,095

Total Operating Exp. 105,638 105,522 104,608 95,992 107,732 104,292 134,543 111,375 114,949 122,613 Net Operating Income 179,797 192,412 198,234 200,886 192,449 191,774 168,796 188,046 175,372 159,107

Base Rent 106,587 106,587 106,587 106,587 106,587 130,152 130,152 130,152 130,152 130,152

Stated Rent 86,667 86,667 86,667 86,667 86,667 86,667 86,667 86,667 86,667 86,667 Partnership Expense 4,719 4,539 4,626 4,787 4,740 4,508 4,200 4,583 4,450 4,450 Capital Expense 9,734 2,903 11,566 6,943 7,872 13,807 23,117 7,400 6,259 6,000

Cash Flow Frm Operations (27,909) (8,283) (11,211) (4,098) (13,416) (43,360) (75,339) (40,756) (52,155) (68,162)

Rental Guarantees 0 0 0 0 0 0 0 0 0

Balance Sheet AdjustmentsCash - Non Operating Accounts 0 0 0 0 0 0 0 0 0 0Accounts Receivable (1,895) 2,740 (9,772) 8,270 (2,448) 177 2,774 (3,219) 0 Prepaid Assets (50,394) 4,840 4,840 4,840 4,840 4,840 4,840 4,840 0 0


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rssmith:estimated Replacement Reserve draw

J48:


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USA Courtney Downs LeaseCo, LLCBudget Comparison

Books = AccrualFor the period ending August 31, 2008

MTD MTD YTD YTDAccount Actual Budget $ Variance MTD Variance Comment Actual Budget

RevenueMarket Rent 301,250.00 301,250.00 0.00 2,372,779.00 2,382,640.00Loss / Gain to Lease (3,635.00) 3,881.00 (7,516.00) (2,506.00) 62,184.00

Gross Potential Rent 297,615.00 305,131.00 (7,516.00) 2,370,273.00 2,444,824.00 Prepaid Homeowners Dues 0.00 0.00 0.00 0.00 0.Residential Rent (40.00) 0.00 (40.00) (40.00) 0Vacancy Loss (14,200.16) (15,591.00) 1,390.84 (119,461.54) (171,132.00

Upfront Rent Concessions 195.00 (3,000.00) 3,195.00 7,771.58 (30,000.00)

Corporate Discount 0.00 0.00 0.00 0.00 0Delinquent Rent 0.00 0.00 0.00 0.00

Adjustments & W/O 551.53 (1,606.00) 2,157.53 (25,729.08) (12,694.0

Model Units (1,645.00) (1,980.00) 335.00 (14,540.00) (15,840.0Courtesy Officer Apt. 0.00 0.00 0.00 0.00 Employee Apartment (1,950.80) (1,935.00) (15.80) (15,887.37) (15,480.0Housekeeping & Maintenance F 0.00 0.00 0.00 0.00 0.Guest Suite (910.00) (1,160.00) 250.00 (5,580.00) (9,280.0Lease Term Concessions (8,425.00) (18,188.00) 9,763.00 (69,397.04) (122,342.00)

Homeowner's Assn Dues Incom 0.00 0.00 0.00 0.00 0.0Homeowner Dues Paid 0.00 0.00 0.00 0.00 0Model Units 0.00 0.00 0.00 0.00 Lease Contract Difference 0.00 0.00 0.00 0.00 0

Total Rental Income $271,190.57 $261,671.00 $9,519.57 $2,127,409.55 $2,068,056.00

Laundry Income 0.00 0.00 0.00 0.00 Vending Income 0.00 0.00 0.00 0.00 Covered Parking Income 0.00 0.00 0.00 0.00 0Late Charges & NSF Fees 2,901.82 1,925.00 976.82 18,515.52 14,322.00

Variance reflects market rent verseslease rents.

Actual vacancy is 4% and budgeted is5%.No upfront concessions offered at thistime.

We had an adjustment to write offsfrom a previous month, no write off'sthis month.

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

We have 23 late fees and seveninsufficient funds collected


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RevenueMarket Rent 301,250.00 301,250.00 0.00 2,372,779.00 2,382,640.00Credit Checks 855.65 540.00 (315.65) 4,881.60 3,480.

Guest Suite Expense 480.82 500.00 19.18 4,301.56 4,450.00Parking Cost 0.00 0.00 0.00 0.00

Total Operating Expense 3,197.84 3,444.00 246.16 27,477.26 27,112

Advertising & Promotions 1,336.00 3,500.00 2,164.00 14,743.54 32,000.00

Resident Promotions 76.85 400.00 323.15 1,348.07 3,600.0Locators 4,286.75 1,827.00 (2,459.75) 19,925.28 12,355.0

Resident Referrals 500.00 500.00 0.00 1,750.00 4,000.0

Total Advertising Expense 6,199.60 6,227.00 27.40 37,766.89 51,955

Paint & Drywall 1,400.66 540.00 (860.66) 3,663.58 2,961

We had 42 credit checks ran thismonth and actual budgeted was 27.

Savings due to dropping of ApartmentGuide advertising.

We had 12 locator fees paid outverses five budgeted.

Contracted paints due to Jorge beingon vacation.


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RevenueMarket Rent 301,250.00 301,250.00 0.00 2,372,779.00 2,382,640.00

Total Admin. Expense 11,723.57 11,783.00 59.43 98,425.24 95,762.

Electricity 3,113.96 3,500.00 386.04 25,406.72 27,250.

Electricity Gas - Resident 0.00 0.00 0.00 0.00 0Natural Gas 1,286.63 1,967.00 680.37 17,070.30 15,736.0Water & Sewer 21,460.51 20,000.00 (1,460.51)Water usage higher than anticipated. 143,747.24 160,000.00

Water & Sewer - Resident Reim (13,385.44) (13,600.00) (214.56) (103,347.38) (108,800.00)Water - irrigation 6,942.70 5,000.00 (1,942.70) 16,997.77 27,400.0

Electric - Tenant Reimbursemen 0.00 0.00 0.00 0.00 0.Trash Reimbursement (2,348.75) (2,012.00) 336.75 (17,699.71) (17,648.00

Water - Tenant Reimbursement 0.00 0.00 0.00 0.00 0.Utility -Vacant Electric 927.90 797.00 (130.90) 7,080.76 7,904Utility - Vacant Gas 386.24 478.00 91.76 3,575.79 5,315.Tenant Reimbursement - Gas 0.00 0.00 0.00 0.00 0.0

Total Utility Expense 18,383.75 16,130.00 (2,253.75) 92,831.49 117,157.

Management Fees 0.00 0.00 0.00 0.00 0Management Fees-MRLL 0.00 0.00 0.00 0.00 0Property Legal Fees 0.00 0.00 0.00 1,896.50 0.Credit Card Fees 0.00 0.00 0.00 2,619.02 0Bank Charges 0.00 0.00 0.00 0.00 0Bank Adjustments 0.00 0.00 0.00 0.00 Other Professional Fees 0.00 0.00 0.00 0.00 0.Late Charges 0.00 0.00 0.00 0.00 0HOA Assessment Fees 0.00 0.00 0.00 0.00 0.Contributions 0.00 0.00 0.00 0.00 Fiduciary Fees 0.00 0.00 0.00 0.00 Custodial Fees 0.00 0.00 0.00 0.00 0Thunder Expense 0.00 0.00 0.00 0.00 0Accounting Fees 0.00 0.00 0.00 0.00 0

Total Management Expense 0.00 0.00 0.00 4,515.52

Very hot temperature caused us towater a bit more to preserve lawn.


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RevenueMarket Rent 301,250.00 301,250.00 0.00 2,372,779.00 2,382,640.00Other Capital Improvements 0.00 0.00 0.00 17,063.98 11,899.0Boiler Replacement 0.00 0.00 0.00 0.00 0Roof Replacement 0.00 0.00 0.00 0.00 0

Total Capital Expenses 7,399.81 6,600.00 (799.81) 83,341.26 78,487

Casualty Losses 0.00 0.00 0.00 0.00 0Casualty Recovery 0.00 0.00 0.00 0.00 0

Total Casualty Loss 0.00 0.00 0.00 0.00 NET INCOME (LOSS) (40,756.00) (56,935.00) 16,179.00 (224,372.16) (399,906.0


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Courtney Downs ApartmentsAugust 08

PLUMBING LEAKS 0 BLINDS 31TUBS RESURFACED 0TUB TILES 0

CAPITAL IMPROVEMENTS IN PROGRESS:

N/A

PROBLEM AREAS NEEDING ATTENTION:

Gypcrete areas needing repair.Trickle pans needing repair.Paint peeling and dry rot on some trim.

CURRENT STAFF:

Manager Nancy HowlandAssistant Manager Carrie McMillanLeasing Consultant Adreyanna BlackLeasing Consultant Kate HawkinsMaintenance Supervisor Gabriel Tellez

Assistant Maintenance Russell Briley

6203-2, 4307-2, 6204-1, 9102-3,2207-2, 10111-3, 19107-2, 6103-1,

4104-1, 16203-2, 10203-1, 2107-2,12307-1 2110-2, 2307-2, 19310-1 ,12106-2, 7302-1.


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MARKET SURVEYCourtney Downs

August-08(Concessions reduced rates)

PROPERTY: Courtney Downs Apt Coyote Ranch Windsor at Meridian Pinnacle @ the Creek Dove ValleyPRICE SIZE PSF PRICE SIZE PSF PRICE SIZE PSF PRICE SIZE PSF PRICE SIZE PSF PRIC

Efficiency Efficiency1B1B (A) 755 704 1.07 785 779 1.01 759 627 1.21 745 685 1.09 705 768 0.91B1B (B) 870 808 1.08 805 853 0.94 829 701 1.18 750 705 1.06 728 842 0.81B1B w/study 770 910 0.85 899 811 0.91 810 760 1.07 815 992 0.81B 1B1B w/loft 1B1B w/study 899 956 0.94 1005 1051 0.962B2B (E) 905 977 0.93 940 1105 0.85 909 1044 0.87 1015 1120 0.91 889 1115 0.82B2B (F) 920 1030 0.89 980 1192 0.82 1080 1196 0.90 999 1220 0.82B2B (G) 945 1030 0.92 1099 1180 0.932B2B (H)2B2B2B w/study 2B2B TH 2B2B TH

3B2B 1,195 1140 1.05 1190 1398 0.85 1119 1330 0.84 1185 1230 0.96 1190 1356 0.83B2B 1255 1398 0.90

% occ leased 97 98.00% 96% 97% 0 0% 96% 96.30% 97.2% 98%Avg PSF 1 0.97 0.90 0.97 1.01 0.85

Avg Rents 909 993 949 918 888/ Avail) 342 37 507 24 653 216 22 312 37

Ratesreflect these rates:specials:

Units (Tot

Special: Waived securitydeposit with approved credit.

Special: One month freeon 12 to 13 month lease.

Will not give out anyinformation.

Special:1/2 month freewith look and lease.

Special: One month freeor giftcertificate to themall w/look and lesespecial.

Apartment Name Courtney Downs Coyote Ranch Windsor @ Meridian Pinnacle @ the Creekdd ff k k d


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Address 5849 E. Jamison D 16363 E Freemont Ave 9875 Jefferson Pkwy 6107 S Parker RdPhone 720-870-6114 303-693-8787 303-256-7700 303-766-2500Location Englewood, Co Aurora, Co Englewood, Co 80112 Centennial, Co# of units 342 507 653 216Age of Property 5 5 7 4Application Fee $50.00 $35.00 $40.00 $35.00Credit Card yes yes yes noPets Allowed yes yes yes yesPet Deposit 300 n/r 300-600 150-300 $100Sec. Deposit 150 275-325 300 $100W/D included Yes yes Only In Select Units Only Select UnitsCovered Parking no yes yes yesGarage Detached yes yes yesCable Yes yes yes yesTennis Courts no no no no# of pools 1 1 1 1Weight Room yes yes yes yesJacuzzi yes 1 1 1Ceiling Fans yes yes yes yesMicrowaves yes yes yes yesMini Blinds yes yes yes yesFF Freezer yes yes yes yesIcemakers yes yes yes yesFireplaces yes no yes yesAccess Gates no yes yes noAlarm in Unit Prewired no yes yes

Door to Door no no no no


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August 08

UNIT TYPE #UNITS SIZE TOTAL MKT RENT MKT RENTS/F PER UNIT PER S/F

A1 1BR 40 704 28,160 755 1.07A1V 1BR 32 704 22,528 755 1.07A2 1BR 18 910 16,380 760 0.84B1 1BR 24 808 19,392 760 0.94B1V 1BR 32 808 25,856 770 0.95C 2BR 42 977 41,034 895 0.92C1 2BR 44 1,030 45,320 900 0.87

C1V 2BR 22 1,030 22,660 920 0.89CV 2BR 24 977 23,448 925 0.95D 2BR 16 1,030 16,480 935 0.91DV 2BR 20 1,030 20,600 935 0.91E 3BR 24 1,140 27,360 1195 1.05EV 3BR 4 1,140 4,560 1195 1.05

TOTAL 342 917 313,778 $880 $0.96

august courtney downs

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