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Balance Sheet
Books = Accrual
Jan 2008
ASSETS
Cash
Operating Cash 13,833.57
Money Market 0.00
Total Cash $13,833.57
OTHER ASSETS
Accounts Receivable 2,237.81
Prepaid Expenses 53,007.61
Tax Escrow 284,289.30
Replacement Reserves 55,552.04
Capital / Repair Escrow 200,000.00
Total Other Assets 595,086.76
LIABILITIES
Accounts Payable - Trade 150,566.69
Other Accounts Payable 826,967.73
Accrued Taxes 382,714.79
Prepaid Rent 22,259.20
Security Deposits 39,427.09
Notes Payable 50,958.02
Total Liabilities 1,472,893.52
CAPITAL
Revenue 0.01
Market Rent 294,410.00 294,410.00 0.00 294,410.00 294,410.00 0.00 3,587,640.00 1,177,640.00
Loss / Gain to Lease 2,842.00 10,247.00 (7,405.00) 2,842.00 10,247.00 (7,405.00) 74,283.00 26,178.00
Gross Potential Rent 297,252.00 304,657.00 (7,405.00) 297,252.00 304,657.00 (7,405.00) 3,661,923.00 1,203,818.00
Prepaid Homeowners Dues 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Residential Rent 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Vacancy Loss (14,979.36) (28,795.00) 13,815.64 Actual vacancy is at 5% and budget is (14,979.36) (28,795.00) 13,815.64 (253,425.00) (87,548.72)
at 9%.
Upfront Rent Concessions 10.00 (6,000.00) 6,010.00 Our specials were reduced pricing on 10.00 (6,000.00) 6,010.00 (42,000.00) (11,980.00)
select units not up front concessions
were given.
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 (11,483.60) (1,507.00) (9,976.60) Due to one skip and two evictions. (11,483.60) (1,507.00) (9,976.60) (18,910.00) (25,981.20)
Model Units (1,980.00) (1,980.00) 0.00 (1,980.00) (1,980.00) 0.00 (23,760.00) (7,920.00)
Courtesy Officer Apt. 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Employee Apartment (1,934.80) (1,935.00) 0.20 (1,934.80) (1,935.00) 0.20 (23,220.00) (7,739.60)
Housekeeping & Maintenance Fee 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Guest Suite 795.00 (1,160.00) 1,955.00 Nine nights of rental on the guest suite 795.00 (1,160.00) 1,955.00 (13,920.00) (730.00)
for the month.
Lease Term Concessions (10,079.23) (17,793.00) 7,713.77 We have been able to reduce the (10,079.23) (17,793.00) 7,713.77 (205,887.00) (55,744.46)
amount of concessions given each
month to meet market needs.
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 $257,600.01 $245,487.00 $12,113.01 Explained above. $257,600.01 $245,487.00 $12,113.01 $3,080,801.00 1,006,174.02
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 2,095.04 1,463.00 632.04 23 late fees collected this month. 2,095.04 1,463.00 632.04 21,791.00 7,116.08
Month to Month Premium 455.00 300.00 155.00 455.00 300.00 155.00 9,450.00 1,510.00
Storage Fees 1,217.74 680.00 537.74 1,217.74 680.00 537.74 11,120.00 3,795.48
Repair & Maintenance Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Application Fees 1,800.00 1,176.00 624.00 40 application fees collected versus 23 1,800.00 1,176.00 624.00 19,796.00 5,952.00
budget.
Termination Fees & Damages 5,090.00 0.00 5,090.00 Due to two early buyouts, one due to 5,090.00 0.00 5,090.00 13,500.00 10,180.00
transfer out of state and one buying a
house.
Miscellaneous Income 736.40 600.00 136.40 736.40 600.00 136.40 8,000.00 2,672.80
Renters Insurance 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Interest Income 0.00 3,489.00 (3,489.00) 0.00 3,489.00 (3,489.00) 3,489.00 6,978.00
Pet Rents & Fees 3,370.97 3,360.00 10.97 3,370.97 3,360.00 10.97 41,160.00 13,461.94
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
Homeowners Assessments 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Garage Income 7,019.83 6,790.00 229.83 7,019.83 6,790.00 229.83 81,480.00 27,619.66
Water/Sewer Income 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cable/Telephone Income 0.00 475.00 (475.00) No income check at this time. 0.00 475.00 (475.00) 5,700.00 950.00
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 0.00 300.00 (300.00) 0.00 300.00 (300.00) 4,100.00 600.00
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 4,050.00 1,820.00 2,230.00 27 administration fees collected versus 4,050.00 1,820.00 2,230.00 33,880.00 11,740.00
12 budget.
Move-Out Charges 1,600.34 2,400.00 (799.66) Apartments left in better condition 1,600.34 2,400.00 (799.66) 30,000.00 8,000.68
resulting in fewer fees charged.
Short Term Lease Fees 400.00 500.00 (100.00) 400.00 500.00 (100.00) 6,625.00 1,800.00
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 0.00 0.00 0.00 0.00 0.00
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 27,835.32 23,353.00 4,482.32 Explained above. 27,835.32 23,353.00 4,482.32 290,091.00 102,376.64
1.00
Total Revenue $285,435.33 $268,840.00 $16,595.33 Explained above. $285,435.33 $268,840.00 $16,595.33 $3,370,892.00 1,108,550.66
1.00
Expense 1.00
Managers Salary 11,795.28 12,689.00 893.72 Based on actual payroll cost. 11,795.28 12,689.00 893.72 154,548.00 48,968.56
Salaries 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Maintenance Salary 12,801.68 11,403.00 (1,398.68) We worked more hours then budgeted. 12,801.68 11,403.00 (1,398.68) 138,888.00 48,409.36
Salary - Administrative 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Commissions & Bonus 4,717.00 3,005.00 (1,712.00) We had more move ins and renewals 4,717.00 3,005.00 (1,712.00) 46,633.00 15,444.00
then budgeted.
Payroll Taxes 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Group Insurance 1,490.46 1,720.00 229.54 We have more participants for our 1,490.46 1,720.00 229.54 20,640.00 6,420.92
insurance program then 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 21.23 1,000.00 978.77 No extra help needed this month. 21.23 1,000.00 978.77 5,000.00 2,042.46
Workers Comp 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Salary Expense 30,825.65 29,817.00 (1,008.65) Explained above. 30,825.65 29,817.00 (1,008.65) 365,709.00 121,285.30
1.00
Office Operations & Supplies 1,040.43 850.00 (190.43) Replacement of drum for the copier. 1,040.43 850.00 (190.43) 10,200.00 3,780.86
Telephones 1,211.63 743.00 (468.63) Replacing of office phones needed. 1,211.63 743.00 (468.63) 8,916.00 3,909.26
Answering Svc. & Pagers 125.83 98.00 (27.83) 125.83 98.00 (27.83) 1,176.00 447.66
Postage & Delivery 288.66 211.00 (77.66) 288.66 211.00 (77.66) 2,532.00 999.32
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 37.00 114.00 77.00 37.00 114.00 77.00 1,368.00 302.00
Conventions/Seminars 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Employee Training 74.64 350.00 275.36 74.64 350.00 275.36 4,150.00 849.28
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 0.00 38.00 38.00 456.00 76.00
Permits & Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Credit Checks 381.95 288.00 (93.95) 381.95 288.00 (93.95) 4,848.00 1,339.90
Guest Suite Expense 499.77 600.00 100.23 499.77 600.00 100.23 6,450.00 2,199.54
Parking Cost 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expense 3,659.91 3,292.00 (367.91) 3,659.91 3,292.00 (367.91) 40,096.00 13,903.82
1.00
Advertising & Promotions 1,051.00 7,500.00 6,449.00 Did not order cards and brochures due 1,051.00 7,500.00 6,449.00 44,000.00 17,102.00
to the pending sale of the property.
Resident Promotions 259.91 500.00 240.09 259.91 500.00 240.09 5,400.00 1,519.82
Locators 3,969.81 723.00 (3,246.81) 10 actual locator fees paid versus 3 3,969.81 723.00 (3,246.81) 16,070.00 9,385.62
budgeted.
Resident Referrals 250.00 500.00 250.00 Only one referral used versus two 250.00 500.00 250.00 5,500.00 1,500.00
budgeted for.
Total Advertising Expense 5,530.72 9,223.00 3,692.28 Explained above. 5,530.72 9,223.00 3,692.28 70,970.00 29,507.44
1.00
Paint & Drywall 25.12 207.00 181.88 25.12 207.00 181.88 4,217.00 464.24
Contract Cleaning Svcs. 2,825.00 2,859.00 34.00 2,825.00 2,859.00 34.00 34,308.00 11,368.00
Carpet Cleaning & Repairs 320.00 955.00 635.00 Less carpets cleaned due to more 320.00 955.00 635.00 19,446.00 2,550.00
needing replacing.
Window Coverings 356.36 270.00 (86.36) 356.36 270.00 (86.36) 3,240.00 1,252.72
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 0.00 85.00 85.00 1,020.00 170.00
Counter & Tub Resurfacing 50.00 417.00 367.00 Only needed to resurface one tub this 50.00 417.00 367.00 5,004.00 934.00
month.
Other Redecorating 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cleaning Supplies 50.88 158.00 107.12 50.88 158.00 107.12 1,896.00 417.76
Total Make Ready Expense 3,627.36 4,951.00 1,323.64 Explained above. 3,627.36 4,951.00 1,323.64 69,131.00 17,156.72
1.00
General Maintenance & Supplies 548.03 599.00 50.97 548.03 599.00 50.97 8,611.00 2,294.06
HVAC Parts & Repairs 0.00 200.00 200.00 No HVAC repairs needed at this time. 0.00 200.00 200.00 2,300.00 400.00
Plumbing Parts & Repairs 286.20 120.00 (166.20) Due to repair of 16102's clogged drain. 286.20 120.00 (166.20) 1,440.00 812.40
Electric Parts & Repairs 252.62 40.00 (212.62) Replaced more breezeway lights than 252.62 40.00 (212.62) 540.00 585.24
usual.
Roof & Gutter Repairs 0.00 0.00 0.00 0.00 0.00 0.00 3,000.00 0.00
Pools & Fountains 0.00 100.00 100.00 0.00 100.00 100.00 4,200.00 200.00
Gates & Entrances 0.00 10.00 10.00 0.00 10.00 10.00 150.00 20.00
Glass & Screens 0.00 260.00 260.00 No windows replaced this month. 0.00 260.00 260.00 1,820.00 520.00
Appliance Parts & Repairs 273.05 300.00 26.95 273.05 300.00 26.95 3,600.00 1,146.10
Hardware 26.73 120.00 93.27 26.73 120.00 93.27 1,400.00 293.46
Exterior Painting 0.00 0.00 0.00 0.00 0.00 0.00 355.00 0.00
Uniforms 0.00 0.00 0.00 0.00 0.00 0.00 600.00 0.00
Elevator Service & Repairs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Security & Fire Systems 16.20 450.00 433.80 16.20 450.00 433.80 14,555.00 932.40
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 1,402.83 2,199.00 796.17 Explained above. 1,402.83 2,199.00 796.17 42,571.00 7,203.66
1.00
Landscape & Grounds 0.00 0.00 0.00 0.00 0.00 0.00 29,581.00 0.00
Trash Removal 555.73 755.00 199.27 Two less pick-up's than budgeted for. 555.73 755.00 199.27 9,060.00 2,621.46
Pest Control 86.00 205.00 119.00 86.00 205.00 119.00 2,760.00 582.00
Security Patrols 0.00 0.00 0.00 0.00 0.00 0.00 2,775.00 0.00
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 6,066.20 3,500.00 (2,566.20) Extra ice melt and ice slicer needed for 6,066.20 3,500.00 (2,566.20) 19,500.00 19,132.40
icy areas of the property.
Total Service Expense 6,707.93 4,460.00 (2,247.93) Explained above. 6,707.93 4,460.00 (2,247.93) 63,676.00 22,335.86
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 11,360.56 10,754.00 (606.56) Based on a % of collections. 11,360.56 10,754.00 (606.56) 134,836.00 44,229.12
Legal Fees 1,164.90 400.00 (764.90) 1,164.90 400.00 (764.90) 2,800.00 3,129.80
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 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
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 0.00 0.00 0.00 0.00 0.00 0.00 3,060.00 0.00
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 12,525.46 11,154.00 (1,371.46) Explained above. 12,525.46 11,154.00 (1,371.46) 140,696.00 47,358.92
1.00
Electricity 4,040.14 3,250.00 (790.14) 4,040.14 3,250.00 (790.14) 40,500.00 14,580.28
Electricity Gas - Resident 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Natural Gas 3,808.88 1,967.00 (1,841.88) Gas is higher then anticipated in the 3,808.88 1,967.00 (1,841.88) 23,604.00 11,551.76
budget.
Water & Sewer 13,536.27 20,000.00 6,463.73 Savings due to higher occupancy. 13,536.27 20,000.00 6,463.73 240,000.00 67,072.54
Water & Sewer - Resident Reimb (16,247.17) (13,600.00) 2,647.17 The collections this month is higher (16,247.17) (13,600.00) 2,647.17 (163,200.00) (59,694.34)
and based on last months water bill.
Water - irrigation 74.35 0.00 (74.35) 74.35 0.00 (74.35) 37,400.00 148.70
Electric - Tenant Reimbursement 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Trash Reimbursement (2,300.14) (2,400.00) (99.86) (2,300.14) (2,400.00) (99.86) (25,696.00) (9,400.28)
Water - Tenant Reimbursement 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Utility -Vacant Electric 1,439.86 1,505.00 65.14 1,439.86 1,505.00 65.14 12,108.00 5,889.72
Utility - Vacant Gas 561.78 903.00 341.22 561.78 903.00 341.22 7,837.00 11,449.00
Tenant Reimbursement - Gas 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Utility Expense 4,913.97 11,625.00 6,711.03 Explained above. 4,913.97 11,625.00 6,711.03 172,553.00 33,077.94
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 837.50 0.00 (837.50) 2008 Entity compliance fees. 837.50 0.00 (837.50) 0.00 1,675.00
Credit Card Fees 578.11 0.00 (578.11) 12/7 and 1/8 credit card fees. 578.11 0.00 (578.11) 0.00 1,156.22
Bank Charges 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
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 1,415.61 0.00 (1,415.61) Explained above. 1,415.61 0.00 (1,415.61) 0.00 2,831.22
1.00
Property Taxes 30,188.47 30,188.00 (0.47) 30,188.47 30,188.00 (0.47) 362,256.00 120,752.94
Franchise Tax 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Insurance 4,840.47 4,850.00 9.53 4,840.47 4,850.00 9.53 58,200.00 19,380.94
Tax Consultants 0.00 57.00 57.00 0.00 57.00 57.00 684.00 114.00
MIP 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Taxes & Insurance 35,028.94 35,095.00 66.06 35,028.94 35,095.00 66.06 421,140.00 140,247.88
Total Operating Expenses 105,638.38 111,816.00 6,177.62 105,638.38 111,816.00 6,177.62 1,386,542.00 434,908.76
NET OPERATING INCOME 179,796.95 157,024.00 22,772.95 179,796.95 157,024.00 22,772.95 1,984,350.00 673,641.90
1.00
Base Rent - Interest Payment 106,586.67 106,587.00 0.33 106,586.67 106,587.00 0.33 1,443,999.00 426,347.34
Base Rent - Principal Payment 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Stated Rent 86,666.71 86,667.00 0.29 86,666.71 86,667.00 0.29 1,040,004.00 346,667.42
Office Rent 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Rent Expense 193,253.38 193,254.00 0.62 193,253.38 193,254.00 0.62 2,484,003.00 773,014.76
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 0.00 0.00 0.00 365.00 0.00
Partnership Travel 518.50 200.00 (318.50) 518.50 200.00 (318.50) 2,400.00 1,437.00
Partnership - Meals 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
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 1,000.00 1,000.00 0.00 12,000.00 4,000.00
Investor Administration Fee 3,200.00 3,250.00 50.00 Investor reporting fees. 3,200.00 3,250.00 50.00 39,000.00 12,900.00
Partnership Exp- Leaseup Costs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Partnership Expense 4,718.50 4,450.00 (268.50) 4,718.50 4,450.00 (268.50) 53,765.00 18,337.00
1.00
Exterior Rehab 1,993.00 0.00 (1,993.00) Installation of handicap ramp for bld 1,993.00 0.00 (1,993.00) 16,846.00 3,986.00
10.
Interior Rehab 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
HVAC Replacement 0.00 0.00 0.00 0.00 0.00 0.00 1,800.00 0.00
Carpet & Floor Replacement 2,698.32 5,000.00 2,301.68 Four carpet replaced this month versus 2,698.32 5,000.00 2,301.68 66,000.00 15,396.64
five budgeted for.
Refrigerators 0.00 0.00 0.00 0.00 0.00 0.00 1,450.00 0.00
Dishwashers & Ranges 0.00 0.00 0.00 0.00 0.00 0.00 1,734.00 0.00
Washers / Dryers 296.29 339.00 42.71 296.29 339.00 42.71 1,017.00 1,270.58
Fire Alarm Replacement 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other Capital Improvements 4,746.03 0.00 (4,746.03) Due repair of fire panels to building 17 4,746.03 0.00 (4,746.03) 11,899.00 9,492.06
and building one, heat exchanger
order for the spa, garage doors
repaired to the maintenance shop.
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 9,733.64 5,339.00 (4,394.64) Explained above. 9,733.64 5,339.00 (4,394.64) 100,746.00 30,145.28
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
NET INCOME (LOSS) (27,908.57) (46,019.00) 18,110.43 (27,908.57) (46,019.00) 18,110.43 (654,164.00) (147,855.14)
1.00
Rental Guarantee 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
(27,908.57) (46,019.00) 18,110.43 (27,908.57) (46,019.00) 18,110.43 (654,164.00) 0.00
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 Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Total Unit Sq. Ft. Reforecast Total Unit Sq. Ft.
342 313,778 342 313,778
Revenue
Gross Potential Rent 297,252 305,710 305,710 306,464 306,275 305,987 305,250 305,131 304,686 304,342 304,117 303,954 3,654,878 10,686.78 11.65 364,160 4,637,807 13,560.84 14.78
- Vacancy (14,979) (24,776) (24,776) (21,510) (19,986) (17,809) (15,591) (15,591) (16,802) (19,995) (22,418) (23,078) (237,311) (693.89) (0.76) (43,000) (326,502) (954.68) (1.04)
- Concessions & Disc. (10,069) (15,879) (15,879) (17,298) (15,717) (17,444) (19,316) (21,188) (22,560) (23,621) (24,370) (24,994) (228,335) (667.65) (0.73) (80,000) (358,368) (1,047.86) (1.14)
- Other Write-offs & Adj. (14,603) (6,661) (6,661) (6,677) (6,695) (6,696) (6,693) (6,681) (6,663) (6,634) (6,614) (6,605) (87,883) (256.97) (0.28) (6,085) (107,445) (314.17) (0.34)
Total Rental Income 257,600 258,394 258,394 260,979 263,877 264,038 263,650 261,671 258,661 254,092 250,715 249,277 3,101,348 9,068.27 9.88 235,075 3,845,493 11,244.13 12.26
Other Income 27,835 30,734 25,205 22,698 26,852 27,912 25,305 27,910 23,739 22,628 24,013 20,220 305,051 891.96 0.97 19,000 369,177 1,079.47 1.18
Total Revenue 285,435 289,128 283,599 283,677 290,729 291,950 288,955 289,581 282,400 276,720 274,728 269,497 3,406,399 9,960.23 10.86 254,075 4,214,670 12,323.60 13.43
Operating Expenses
Salary Expense 30,826 30,477 30,477 30,392 29,567 31,117 31,434 31,434 30,692 29,929 30,554 30,059 366,958 1,072.98 1.17 37,759 466,404 1,363.75 1.49
Operating Expense 3,660 3,226 3,226 3,348 3,460 3,520 3,544 3,444 3,336 3,264 3,204 3,180 40,412 118.16 0.13 3,030 49,944 146.04 0.16
Advertising Expense 5,531 6,525 6,525 5,801 5,901 6,105 6,327 6,227 5,340 4,685 4,731 4,259 67,957 198.70 0.22 6,885 84,031 245.70 0.27
Make Ready Expense 3,627 5,355 5,355 5,708 6,163 6,062 6,819 6,819 6,289 5,961 5,102 4,850 68,110 199.15 0.22 7,500 85,762 250.77 0.27
Maintenance Expense 1,403 2,510 2,510 3,115 4,490 3,885 2,920 2,730 2,513 12,210 2,672 1,388 42,346 123.82 0.13 2,295 48,825 142.76 0.16
Service Expense 6,708 4,460 4,460 13,323 6,678 4,985 4,985 4,985 3,960 3,960 3,960 3,460 65,924 192.76 0.21 2,395 75,932 222.02 0.24
Administrative Expense 12,525 11,744 11,744 11,547 11,829 11,878 14,818 11,783 11,496 11,269 11,189 10,980 142,802 417.55 0.46 14,969 180,358 527.36 0.57
Utility Expense 4,914 10,310 10,310 16,246 17,308 17,127 16,930 16,130 16,228 16,240 11,437 11,491 164,671 481.49 0.52 10,900 198,981 581.82 0.63
Credit Card Fees 1,416 0 0 0 0 0 0 0 0 0 0 0 1,416 4.14 0.00
Taxes & Insurance 35,029 35,095 35,095 35,095 35,095 35,095 35,095 35,095 35,095 35,095 35,095 35,095 421,074 1,231.21 1.34 0 422,306 1,234.81 1.35
37,237 37,237 108.88 0.12
Total Operating Exp. 105,638 109,702 109,702 124,575 120,491 119,774 122,872 118,647 114,949 122,613 107,944 104,762 1,381,669 4,039.97 4.40
Net Operating Income 179,797 179,426 173,897 159,102 170,238 172,176 166,083 170,934 167,451 154,107 166,784 164,735 2,024,730 5,920.26 6.45 122,970 1,649,779 4,823.92 5.26
131,106 2,564,891 7,499.68 8.17
Rent Expense 193,253 193,254 193,254 193,254 193,254 216,819 216,819 216,819 216,819 216,819 216,819 216,819 2,484,002 7,263.16 7.92
Partnership Expense 4,719 4,450 4,450 4,450 4,815 4,450 4,450 4,450 4,450 4,450 4,450 4,450 54,034 157.99 0.17 193,254 256,346 749.55 0.82
Capital Expense 9,734 8,268 8,268 12,546 12,458 8,074 17,804 6,600 6,259 6,000 5,000 5,000 106,011 309.97 0.34 0 116,321 340.12 0.37
3,300 3,300 9.65 0.01
Cash Flow Frm Operations (27,909) (26,546) (32,075) (51,148) (40,289) (57,167) (72,990) (56,935) (60,077) (73,162) (59,485) (61,534) (619,317) (1,810.87) (1.97)
(65,449) 2,188,924 6,400.36 6.98
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) 0 0 0 0 0 0 0 0 0 0 0 (1,895) 0 (1,895)
Prepaid Assets (50,394) 0 0 0 0 0 0 0 0 0 0 0 (50,394) 0 (50,394)
Escrow Deposits (35,800) (7,125) (7,125) (7,125) (7,125) (7,125) (7,125) (7,125) (7,125) (7,125) (7,125) (7,125) (114,175) 0 (128,425)
(2,951) (2,951)
Cash Increase (Decreae) From Assets (88,090) (7,125) (7,125) (7,125) (7,125) (7,125) (7,125) (7,125) (7,125) (7,125) (7,125) (7,125) (166,465)
(2,951) (183,666)
Accounts Payable (22,965) 0 0 0 0 0 0 0 0 0 0 0 (22,965)
Accrued Expenses 20,453 0 0 0 0 0 0 0 0 0 0 0 20,453 0 20,453
Other Payables 920 0 0 0 0 0 0 0 0 0 0 0 920 0 920
Mortgages Payable 48,905 0 0 0 0 0 0 0 0 0 0 0 48,905 0 48,905
0 0
Cash Increase (Decrease) From Liab. 47,313 0 0 0 0 0 0 0 0 0 0 0 47,313
0 70,279
NET CASH FLOW (68,685) (33,671) (39,200) (58,273) (47,414) (64,292) (80,115) (64,060) (67,202) (80,287) (66,610) (68,659) (738,468)
CUMM. NET CASH FLOW 13,834 (19,838) (59,038) (117,311) (164,725) (229,017) (309,132) (373,192) (440,394) (520,681) (587,291) (655,950) 181,601 2,325,537
181,601
82518.64
$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 60 Row 61
Units
Sq. Ft.
### 384807
W48: administrator:
replacement reserve + reduction in tax escrow due to overage
Courtney Downs Apartments
January 08
LEASING & OCCUPANCY
CURRENT STAFF:
TOTAL 342 917 313,778 $870 $0.95 $297,620 $3,571,440 $870 0.95 $297,620 14 6 22 4 36
* Net of Concessions
MARKET SURVEY
Courtney Downs
January-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 $40.00 $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 $300 $100.00 $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
MARKET SURVEY
Courtney Downs
January-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) 725 704 1.03 735 779 0.94 680 627 1.08 750 685 1.09 755 768 0.98 710 707 1.00 710 763 0.93
1B1B (B) 850 808 1.05 750 853 0.88 740 701 1.06 815 705 1.02 765 842 0.91 730 796 0.92 727 763 1.05
1B1B w/study 750 910 0.82 840 811 0.91 820 760 1.03 780 992 0.79 760 916 0.83
1B
1B
1B w/loft
1B1B w/study 820 956 0.86 940 1051 0.89
2B2B (E) 875 977 0.90 885 1105 0.80 920 1044 0.88 980 1120 0.88 835 1115 0.75 815 1033 0.79 822 1037 0.79
2B2B (F) 900 1030 0.87 900 1192 0.76 985 1196 0.82 950 1220 0.78 910 1093 0.83 900 1037 1.23
2B2B (G) 925 1030 0.90 990 1180 0.84
2B2B (H)
2B2B
2B w/study
2B2B TH
2B2B TH
3B2B 1,160 1140 1.02 1215 1398 0.87 1270 1330 0.95 1040 1230 0.85 1120 1356 0.83 1195 1235 0.97 915 1257 0.73
3B2B 1325 1398 0.91 1305 1235 1.04 1045 1257 1.10
% occ /leased 94 95.91% 96% 96% 0 0% 94% 95.80% 95.1% 96% 93.6% 94% 93.1% 95%
Avg PSF 1 0.94 0.86 0.93 0.96 0.84 0.91 0.97
Avg Rents 884 1114 994 808 868 1131 995
/ Avail)
Units(Total 342 36 507 24 653 216 20 312 16 360 26 0 168 12
Ren.: 15% increase on all Ren: Info not avail per Ren: $35 to $80 increas Ren: Average $25 to $75 Ren: Free carpet cleaning
Ren: $50 to $75 increase. renewals. corporate Ren:Per corporate for 12 month lease increase. with 12mo.