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Usa Courtney Downs Leaseco, LLC Balance Sheet Books Accrual Sep 2006
Usa Courtney Downs Leaseco, LLC Balance Sheet Books Accrual Sep 2006
Balance Sheet
Books = Accrual
Sep 2006
ASSETS
Cash
Operating Cash 77,763.20
Security Deposits 71,375.06
Total Cash $149,138.26
OTHER ASSETS
Accounts Receivable 6,391.24
Prepaid Expenses 20,000.41
Tax Escrow 181,354.81
Cash in Bank-Wrk Cap Reserve 74,813.44
Capital / Repair Escrow 200,000.00
Total Other Assets 482,559.90
LIABILITIES
Accounts Payable - Trade 34,242.26
Other Accounts Payable 556,921.77
Accrued Taxes 247,587.02
Prepaid Rent 6,670.61
Security Deposits 69,295.06
Notes Payable (328.39)
Total Liabilities 914,388.33
CAPITAL
Jan 2006 Feb 2006 Mar 2006 Apr 2006 May 2006 Jun 2006 Jul 2006 Aug 2006 Sep 2006 Oct 2006 Nov 2006 Dec 2006 12 Month $/ $/
Account Actual Actual Actual Actual Actual Actual Actual Actual Actual Reforecast Reforecast Reforecast Total Unit Sq. Ft.
342 313,778
Revenue
Gross Potential Rent 356,941 356,261 353,425 356,370 356,790 352,042 356,753 356,720 356,720 364,160 364,160 364,160 4,294,502 12,557.02 13.69
- Vacancy (50,457) (41,504) (32,721) (25,521) (27,566) (20,448) (24,375) (29,656) (19,795) (36,416) (40,058) (40,058) (388,576) (1,136.19) (1.24)
- Concessions & Disc. (80,765) (83,296) (83,632) (87,552) (89,252) (91,481) (83,568) (82,402) (79,734) (80,000) (75,000) (75,000) (991,681) (2,899.65) (3.16)
- Other Write-offs & Adj. (5,393) (4,621) (13,129) (3,761) (3,761) (3,761) (8,525) (4,902) (6,891) (6,085) (6,085) (6,085) (72,997) (213.44) (0.23)
Total Rental Income 220,326 226,840 223,943 239,537 236,211 236,353 240,285 239,760 250,300 241,659 243,017 243,017 2,841,248 8,307.74 9.05
Other Income 26,619 19,852 32,398 25,588 26,964 20,730 20,479 29,442 23,112 20,445 20,445 20,445 286,518 837.77 0.91
Total Revenue 246,945 246,692 256,342 265,125 263,175 257,083 260,764 269,202 273,411 262,104 263,462 263,462 3,127,766 9,145.51 9.97
Operating Expenses
Salary Expense 31,314 27,779 25,751 34,224 28,896 30,735 32,813 30,497 25,074 24,299 24,299 37,759 353,440 1,033.45 1.13
Operating Expense 4,125 1,829 4,155 2,418 3,488 1,785 4,044 1,759 2,987 3,030 3,030 3,030 35,680 104.33 0.11
Advertising Expense 10,172 7,867 8,790 12,875 9,217 4,566 9,311 9,128 5,468 6,385 5,860 6,885 96,524 282.23 0.31
Make Ready Expense 2,824 1,468 6,877 3,034 6,347 6,868 4,319 6,576 2,661 7,900 7,500 7,500 63,875 186.77 0.20
Maintenance Expense 484 2,348 2,996 938 1,390 2,786 4,753 1,299 933 13,595 2,295 2,295 36,112 105.59 0.12
Service Expense 2,095 (1,911) 750 1,089 7,856 6,550 3,601 3,942 6,370 4,640 4,640 2,395 42,018 122.86 0.13
Administrative Expense 15,018 14,773 20,876 15,092 17,309 15,941 18,145 18,942 16,905 15,084 15,469 14,969 198,525 580.48 0.63
Utility Expense 17,811 10,978 5,261 9,118 8,907 9,673 13,946 10,892 14,755 16,590 10,900 10,900 139,730 408.57 0.45
Management Expense 1,732 605 (2,311) 0 (26) 0 0 0 0 0 0 0 0 0.00 0.00
Taxes & Insurance 34,178 39,883 33,892 33,962 41,050 36,561 34,740 35,107 33,746 37,237 37,237 37,237 434,826 1,271.42 1.39
Total Operating Exp. 119,755 105,619 107,036 112,750 124,435 115,464 125,672 118,141 108,899 128,760 111,230 122,970 1,400,730 4,095.70 4.46
Net Operating Income 127,190 141,073 149,305 152,375 138,740 141,618 135,092 151,061 164,512 133,345 152,233 140,493 1,727,036 5,049.81 5.50
Rent Expense 193,253 193,253 193,253 193,253 193,253 193,253 193,253 193,253 193,253 193,254 193,254 193,254 2,319,042 6,780.82 7.39
Partnership Expense 1,511 40 324 595 169 0 0 0 1,128 0 0 0 3,767 11.01 0.01
Capital Expense 3,871 (782) 8,204 6,055 3,698 14,150 7,730 3,637 2,383 6,600 3,300 3,300 62,145 181.71 0.20
Cash Flow Frm Operations (71,445) (51,438) (52,476) (47,528) (58,381) (65,785) (65,891) (45,830) (32,251) (66,510) (44,322) (56,062) (657,918) (1,923.74) (2.10)
Rent Guarantee 66,280 58,055 58,308 42,302 0 0 0 55,178 45,798 41,589 52,896 54,539 474,945
Cash Increase (Decreae) From Assets (23,489) (37,770) (39,527) (27,213) 328,577 (36,473) (4,358) (12,444) (24,092) (26,152) (2,951) (2,951) 91,156
Accounts Payable (5,209) 4,548 22,679 5,948 (1,420) 65,950 8,685 30,415 (53,751) (34,000) 0 0 43,844
Accrued Expenses 34,702 17,279 26,292 32,763 (282,521) 115,337 25,645 23,477 32,478 0 0 0 25,451
Other Payables 1,398 6,448 1,789 (2,315) (5,212) (3,153) (2,593) (5,234) (2,080) 0 0 0 (10,951)
Notess Payable 0 (763) (382) (382) (382) (701) (382) 0 (391) 0 0 0 (3,382)
Cash Increase (Decreae) From Liab. 30,890 27,511 50,377 36,014 (289,534) 177,433 31,355 48,658 (23,744) (34,000) 0 0 54,962
NET CASH FLOW 2,236 (3,642) 16,682 3,574 (19,338) 75,176 (38,893) 45,563 (34,289) (85,073) 5,624 (4,473) (36,855)
CUMM. NET CASH FLOW 29,014 25,372 42,054 45,628 26,290 101,466 62,573 108,136 73,846 (11,227) (5,603) (10,077)
$700,000
$600,000
$500,000
$400,000
$300,000
$200,000
$100,000
$-
$(100,000)
$(200,000)
$(300,000)
Jan 2006 Feb 2006 Mar 2006 Apr 2006 May 2006 Jun 2006 Jul 2006 Aug 2006 Sep 2006 Oct 2006 Nov 2006 Dec 2006
Units
Sq. Ft.
### 384807
L30: administrator:
assume insurance increases by 50%
M30: administrator:
assume insurance increases by 50%
K46: administrator:
insurance downpayment
K47: administrator:
replacement reserve + reduction in tax escrow due to overage
L47: administrator:
replacement reserve + reduction in tax escrow due to overage
M47: administrator:
replacement reserve + reduction in tax escrow due to overage
USA Courtney Downs LeaseCo, LLC
Budget Comparison
Books = Accrual
For the period ending September 30, 2006
Water & Sewer 8,408.45 9,500.00 1,091.55 Based on billing from 80,685.03 82,500.00 1,814.97 106,000.00 181,093.48
Arapahoe County.
Water & Sewer - Resident Reimb (6,071.96) (4,000.00) 2,071.96 Based on billing from (42,429.68) (38,500.00) 3,929.68 (50,500.00) (91,001.64)
Arapahoe County.
Water - irrigation 7,688.70 6,290.00 (1,398.70) Based on billing from 15,269.24 34,550.00 19,280.76 40,840.00 63,797.94
Arapahoe County.
Electric - Tenant Reimbursement 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Trash Reimbursement (2,060.24) (2,200.00) (139.76) (18,103.60) (19,800.00) (1,696.40) (26,400.00) (42,163.84)
Water - Tenant Reimbursement 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Utility -Vacant Electric 596.84 1,700.00 1,103.16 Less vacants and 8,315.99 15,300.00 6,984.01 20,400.00 25,912.83
controlling use of A/C by
staff and vendors during
the make ready process.
Utility - Vacant Gas (1.94) 405.00 406.94 5,119.60 6,820.00 1,700.40 9,820.00 24,270.00
Tenant Reimbursement - Gas 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Utility Expense 14,754.72 16,655.00 1,900.28 101,340.23 130,490.00 29,149.77 168,880.00 263,239.95
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 0.00 0.00 0.00 0.00 0.00
Credit Card Fees 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
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 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00
Property Taxes 27,619.00 27,200.00 (419.00) 259,740.26 244,800.00 (14,940.26) 326,400.00 559,359.26
Franchise Tax 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Insurance 6,126.87 6,691.00 564.13 62,676.47 60,219.00 (2,457.47) 80,292.00 135,713.34
Tax Consultants 0.00 0.00 0.00 700.00 0.00 (700.00) 0.00 700.00
MIP 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Taxes & Insurance 33,745.87 33,891.00 145.13 323,116.73 305,019.00 (18,097.73) 406,692.00 695,772.60
Total Operating Expenses 108,899.13 115,937.00 7,037.87 1,037,771.86 1,023,241.00 (14,530.86) 1,376,163.00 2,285,848.99
NET OPERATING INCOME 164,512.26 139,498.00 25,014.26 1,300,966.20 1,256,381.00 44,585.20 1,665,237.00 2,861,357.46
1.00
Base Rent 106,586.67 106,587.00 0.33 959,280.03 959,283.00 2.97 1,279,044.00 2,131,736.70
Stated Rent 86,666.67 86,667.00 0.33 780,000.03 780,003.00 2.97 1,040,004.00 1,733,336.70
Office Rent 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Rent Expense 193,253.34 193,254.00 0.66 1,739,280.06 1,739,286.00 5.94 2,319,048.00 3,865,073.40
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 1,510.50 0.00 (1,510.50) 0.00 1,510.50
Partnership Accounting Fees 750.00 0.00 (750.00) 1,514.30 0.00 (1,514.30) 0.00 2,264.30
Partnership Travel 349.67 0.00 (349.67) 655.29 0.00 (655.29) 0.00 1,004.96
Partnership - Meals 27.87 0.00 (27.87) 86.91 0.00 (86.91) 0.00 114.78
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
Partnership Exp- Leaseup Costs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Partnership Expense 1,127.54 0.00 (1,127.54) 3,767.00 0.00 (3,767.00) 0.00 4,894.54
1.00
Exterior Rehab 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Interior Rehab 0.00 0.00 0.00 0.00 3,000.00 3,000.00 3,000.00 3,000.00
HVAC Replacement 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Carpet & Floor Replacement 2,382.61 6,600.00 4,217.39 Replaced only 3 carpets 44,049.78 50,600.00 6,550.22 63,800.00 103,632.39
instead of the
anticipated 6.
Refrigerators 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dishwashers & Ranges 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Washers / Dryers 0.00 0.00 0.00 236.72 0.00 (236.72) 0.00 236.72
Fire Alarm Replacement 0.00 0.00 0.00 4,658.23 0.00 (4,658.23) 0.00 4,658.23
Other Capital Improvements 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
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 2,382.61 6,600.00 4,217.39 48,944.73 53,600.00 4,655.27 66,800.00 111,527.34
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) (32,251.23) (60,356.00) 28,104.77 (491,025.59) (536,505.00) 45,479.41 (720,611.00) (1,120,137.82)
1.00
Rental Guarantee 45,798.43 0.00 45,798.43 325,920.91 124,335.14 201,585.77 124,335.14 496,054.48
13,547.20 (60,356.00) 73,903.20 (165,104.68) (412,169.86) 247,065.18 (596,275.86) 1.00
Courtney Downs Apartments
Sep-06
LEASING & OCCUPANCY
* Dropped off muffins and brochures with David Weekly Homes sales team with options for temporary housing for new home buyers.
* Dropped off brochures to 24 Hour fitness team for employee break room and locker rooms.
* Dropped off doughnuts and brochures to Arapahoe Medical building.
* Took locators lunch and new prices for the month.
* Updated all internet ads with new pricing.
* Brochures where taken to Human Resources at Albertsons Supermarket.
* Met with Richmond sales team with options of temporary housing for new home buyers.
* Dropped off cookie basket and brochures and price sheets with Human Resources at First Data Corporation.
RESIDENT RETENTION:
We had 55 leases expiring in September. Due to the high number of expirations for the month of September we did no increases
for the month of September if you signed by the 22nd of the month. We had 30 renew for the month averaging $9.83 per renewal.
Notices to vacates are as follows 17 moved out due to buying houses/town homes, 4 moved closer to work and 4 moved out of state.
CURRENT STAFF:
TOTAL 342 917 313,778 $1,044 $1.14 $357,150 $4,285,800 $845 $213 0.92 $289,000 39 3 22 7 47
* Net of Concessions
MARKET SURVEY
Courtney Downs
September-06
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 303-805-7220 303-680-6696
Location Englewood, Co Aurora, Co Englewood, Co 80112 Centennial, Co Englewood, Co 80112 Parker, Co 80134 Englewood, Co 80112
# of units 342 507 653 216 312 380 168
Age of Property 4 4 7 4 5 4 5
Application Fee $50.00 $35.00 $40.00 $35.00 $35.00 $35.00 $40.00
Credit Card yes yes yes yes yes yes yes
Pets Allowed yes yes yes yes yes yes yes
Pet Deposit 300 n/r 350-600 150-300 $300 300-500 350-500 300
Sec. Deposit 150 275-325 300 100 199 275-325 125-250
W/D included Yes yes Only In Select Units Only Select Units no no no
Covered Parking no yes yes yes yes yes yes
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
September-06
(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) 690 704 0.98 705 779 0.91 615 627 0.98 619 685 0.90 710 768 0.92 641 707 0.91 650 763 0.85
1B1B (B) 690 808 0.85 760 853 0.89 615 701 0.88 715 705 1.01 750 842 0.89
1B1B w/study 690 910 0.76 615 811 0.91 744 760 0.96
1B
1B
1B w/loft
1B1B w/study 875 956 0.92 769 1051 0.73
2B2B (E) 830 977 0.85 770 1105 0.70 1110 1044 1.06 1014 1120 0.91 885 1115 0.79 763 1033 0.74 850 1037 0.82
2B2B (F) 830 1030 0.81 1020 1192 0.86 1440 1196 1.20 965 1220 0.79 1155 1093 1.06
2B2B (G) 830 1030 0.81 1030 1180 0.87
2B2B (H)
2B2B
2B w/study
2B2B TH
2B2B TH
3B2B 1,245 1140 1.09 1150 1398 0.82 1510 1330 1.14 1064 1230 0.87 1100 1356 0.81 1285 1235 1.04 950 1257 0.76
3B2B
% occ /leased 93 89.5 95% 96 99 98% 0 0% 94 96 94% 96.5 95 93% 89.2 93 94% 97.0 90 96%
Avg PSF 1 0.88 0.83 0.99 0.90 0.84 0.94 0.81
Avg Rents 829 1114 994 808 882 1131 995
/ Avail)
Units(Total 342 13 507 11 653 216 19 312 20 360 24 0 168 14
Ren: Info not avail per Ren: $40 increas for 12 Ren: Average $15 to $20 Ren: Free carpet cleaning
Ren: $25 to $50 increase Ren.: Increase $0 to $50. corporate Ren:Per corporate month lease increase. with 12mo.