USA Courtney Downs LeaseCo, LLC

Budget Comparison
Books = Accrual
For the period ending June 30, 2006

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 355,720.00 356,985.00 (1,265.00) 2,134,320.00 2,135,530.00 (1,210.00) 4,302,534.00 9,282,614.00
Loss / Gain to Lease (3,665.00) 0.00 (3,665.00) Variance reflects (2,460.00) 0.00 (2,460.00) 0.00 (12,250.00)
residents booked at less
than market rate. Was
not budgeted but
included in gross
potential.
Gross Potential Rent 352,055.00 356,985.00 (4,930.00) 2,131,860.00 2,135,530.00 (3,670.00) 4,302,534.00 9,270,364.00
Prepaid Homeowners Dues 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Residential Rent (13.00) 0.00 (13.00) (31.00) 0.00 (31.00) 0.00 (88.00)
Vacancy Loss (20,447.79) (28,559.00) 8,111.21 Postive variance due to (198,216.58) (191,430.00) (6,786.58) (390,390.00) (827,718.74)
actual occupancy of
94% verses 92%
budgeted
Upfront Rent Concessions (6,987.57) (2,000.00) (4,987.57) Up front concessions for (105,473.46) (12,000.00) (93,473.46) (24,000.00) (248,922.06)
the month to remain
competitive with
competors.
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 0.00 (500.00) 500.00 (10,135.02) (3,000.00) (7,135.02) (6,000.00) (26,270.04)
Model Units (1,980.00) (1,980.00) 0.00 (11,880.00) (11,880.00) 0.00 (23,760.00) (51,480.00)
Courtesy Officer Apt. 0.00 (575.00) 575.00 Savings due to (1,725.00) (3,450.00) 1,725.00 (6,900.00) (10,350.00)
termination of position.
Employee Apartment (1,780.80) (1,900.00) 119.20 (10,684.80) (11,400.00) 715.20 (22,800.00) (47,731.20)
Housekeeping & Maintenance Fee 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Guest Suite 0.00 (1,130.00) 1,130.00 Per Deborah Parker set 0.00 (6,780.00) 6,780.00 (13,560.00) (13,560.00)
up guest suite, delay
with setting up vendor to
pay bills, 1st billing to hit
in July.
Lease Term Concessions (84,493.00) (85,817.00) 1,324.00 We have reduced pro- (410,503.90) (509,532.00) 99,028.10 (1,019,064.00) ###
rated concessions on
select units.
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 $236,352.84 $234,524.00 $1,828.84 $1,383,210.24 $1,386,058.00 $(2,847.76) ### 6,035,186.16
0.01
Laundry Income 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Vending Income 68.30 68.00 0.30 68.30 408.00 (339.70) 816.00 1,089.20
Covered Parking Income 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Late Charges & NSF Fees 1,248.00 2,300.00 (1,052.00) More residents paid on 8,723.45 13,800.00 (5,076.55) 27,600.00 47,542.90
time resulting in less fee
charged and collected.

Month to Month Premium 225.00 300.00 (75.00) 1,047.23 1,800.00 (752.77) 3,600.00 6,144.46
Storage Fees 813.50 1,300.00 (486.50) 5,925.54 7,800.00 (1,874.46) 15,600.00 29,078.08
Repair & Maintenance Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Application Fees 1,450.00 1,000.00 450.00 6,345.00 6,000.00 345.00 12,000.00 27,590.00
Termination Fees & Damages (550.00) 1,033.00 (1,583.00) Residents not paying at 12,922.86 6,198.00 6,724.86 12,396.00 37,141.72
time of move-out,
however, they have
been turned over to the
collection agency.
Miscellaneous Income 292.75 500.00 (207.25) 8,780.29 3,000.00 5,780.29 6,000.00 24,146.08
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 0.00 0.00 0.00 0.00
Pet Rents & Fees 2,309.87 900.00 1,409.87 Aggressive collection 14,332.61 5,400.00 8,932.61 10,800.00 44,084.96
from current residents
with illegal pets as well
as new move ins with
pets.
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 5,754.50 8,700.00 (2,945.50) garage occupancy is 39,319.28 52,200.00 (12,880.72) 104,400.00 194,547.56
90%, while some were
given away free as a
move in incentive.
Water/Sewer Income 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cable/Telephone Income 1,006.00 1,000.00 6.00 6,036.00 6,000.00 36.00 12,000.00 26,084.00
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 0.00 190.00 (190.00) 0.00 1,140.00 (1,140.00) 2,280.00 2,280.00
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 3,600.00 2,000.00 1,600.00 We increased the fee 20,964.00 12,000.00 8,964.00 24,000.00 73,128.00
from $100.00 to
$150.00.
Move-Out Charges 4,056.14 929.00 3,127.14 Positive variance with 26,358.14 5,574.00 20,784.14 11,148.00 71,976.56
broken lease charges
and damages on move
outs.
Short Term Lease Fees 456.00 225.00 231.00 1,328.15 1,350.00 (21.85) 2,700.00 6,268.30
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 20,730.06 20,445.00 285.06 152,150.85 122,670.00 29,480.85 245,340.00 591,101.82
0.01
Total Revenue $257,082.90 $254,969.00 $2,113.90 $1,535,361.09 $1,508,728.00 $26,633.09 ### 6,626,287.98
0.01
Expense 0.01
Managers Salary 9,407.55 14,316.00 4,908.45 Manager just returning 52,914.24 62,041.00 9,126.76 124,082.00 276,796.00
from maternity leave.
Also short staffed in
leasing using temp
service.
Salaries 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Maintenance Salary 10,191.54 9,991.00 (200.54) 60,252.36 43,291.00 (16,961.36) 86,582.00 193,146.00
Salary - Administrative 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Commissions & Bonus 3,087.90 7,000.00 3,912.10 Lower bonuses due to 21,175.20 21,000.00 (175.20) 42,000.00 98,000.00
slower leasing.
Payroll Taxes 1,794.20 2,505.00 710.80 10,833.23 10,105.00 (728.23) 20,210.00 45,430.00
Group Insurance 1,605.50 1,442.00 (163.50) 9,120.00 8,652.00 (468.00) 17,304.00 37,492.00
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 2,949.39 0.00 (2,949.39) Temporary office help 10,147.34 0.00 (10,147.34) 0.00 0.00
needed to assist in the
office.
Workers Comp 1,698.92 2,505.00 806.08 variance is a function of 14,257.10 10,105.00 (4,152.10) 20,210.00 45,430.00
fewer office employees
Total Salary Expense 30,735.00 37,759.00 7,024.00 178,699.47 155,194.00 (23,505.47) 310,388.00 696,294.00
0.01
Office Operations & Supplies 440.18 600.00 159.82 6,032.52 3,600.00 (2,432.52) 7,200.00 15,600.00
Telephones 807.36 1,080.00 272.64 5,845.64 6,480.00 634.36 12,960.00 28,080.00
Answering Svc. & Pagers 38.00 100.00 62.00 611.57 600.00 (11.57) 1,200.00 2,600.00
Postage & Delivery 4.32 200.00 195.68 1,010.89 1,200.00 189.11 2,400.00 5,200.00
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 0.00 0.00 142.00 0.00 (142.00) 1,645.00 1,645.00
Conventions/Seminars 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Employee Training 0.00 100.00 100.00 1,465.75 1,600.00 134.25 2,200.00 5,600.00
Furniture Rental 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Car Expenses 0.00 200.00 200.00 16.20 1,200.00 1,183.80 2,400.00 5,200.00
Permits & Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Credit Checks 495.00 750.00 255.00 2,676.11 4,500.00 1,823.89 9,000.00 19,500.00
Guest Suite Expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Parking Cost 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expense 1,784.86 3,030.00 1,245.14 17,800.68 19,180.00 1,379.32 39,005.00 83,425.00
0.01
Advertising & Promotions 3,417.12 3,452.00 34.88 28,655.83 21,697.00 (6,958.83) 42,409.00 92,707.00
Resident Promotions 47.50 475.00 427.50 4,422.33 3,875.00 (547.33) 10,300.00 19,000.00
Locators 1,601.25 1,033.00 (568.25) Budgeted for 2 referrals 11,908.75 6,198.00 (5,710.75) 12,396.00 26,858.00
and had 3 approved.
Resident Referrals (500.00) 900.00 1,400.00 Budgeted for 2 referrals 8,500.00 5,400.00 (3,100.00) 10,800.00 23,400.00
and only had 1 referred
and a reclass from prior
month.
Total Advertising Expense 4,565.87 5,860.00 1,294.13 53,486.91 37,170.00 (16,316.91) 75,905.00 161,965.00
0.01
Paint & Drywall 282.45 3,000.00 2,717.55 Positive variance due to 3,297.19 16,500.00 13,202.81 33,200.00 72,200.00
maintenance staff doing
all paints in house
instead of outside
contracting.
Contract Cleaning Svcs. 2,705.00 3,000.00 295.00 11,995.00 16,500.00 4,505.00 32,500.00 71,500.00
Carpet Cleaning & Repairs 3,378.30 1,500.00 (1,878.30) Due to large number of 10,547.13 7,800.00 (2,747.13) 15,900.00 34,500.00
turn as well as a large
number of repairs.
Window Coverings 336.32 200.00 (136.32) 693.09 1,200.00 506.91 2,400.00 5,200.00
Vinyl & Tile Repairs 0.00 500.00 500.00 Did not need to replace. 0.00 3,000.00 3,000.00 6,000.00 13,000.00

Lock & Keys 0.00 100.00 100.00 54.31 600.00 545.69 1,200.00 2,600.00
Counter & Tub Resurfacing 0.00 100.00 100.00 185.00 600.00 415.00 1,200.00 2,600.00
Other Redecorating 0.00 100.00 100.00 218.86 600.00 381.14 1,200.00 2,600.00
Cleaning Supplies 166.29 300.00 133.71 428.54 1,800.00 1,371.46 3,600.00 7,800.00
Total Make Ready Expense 6,868.36 8,800.00 1,931.64 27,419.12 48,600.00 21,180.88 97,200.00 212,000.00

General Maintenance & Supplies 824.55 800.00 (24.55) 3,370.22 4,600.00 1,229.78 9,200.00 20,000.00
HVAC Parts & Repairs 0.00 150.00 150.00 532.98 900.00 367.02 1,800.00 3,900.00
Plumbing Parts & Repairs 211.46 75.00 (136.46) 784.63 450.00 (334.63) 4,200.00 5,250.00
Electric Parts & Repairs 70.17 150.00 79.83 1,042.92 900.00 (142.92) 1,800.00 3,900.00
Roof & Gutter Repairs 0.00 100.00 100.00 0.00 600.00 600.00 1,200.00 2,600.00
Pools & Fountains 919.98 400.00 (519.98) 8 new filters needed for 2,323.82 2,400.00 76.18 5,800.00 11,400.00
the pool.
Gates & Entrances 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Glass & Screens 53.69 50.00 (3.69) 563.43 300.00 (263.43) 600.00 1,300.00
Appliance Parts & Repairs 314.20 75.00 (239.20) 1,107.23 450.00 (657.23) 900.00 1,950.00
Hardware 197.49 150.00 (47.49) 423.99 900.00 476.01 1,800.00 3,900.00
Exterior Painting 0.00 100.00 100.00 90.11 600.00 509.89 1,200.00 2,600.00
Uniforms 0.00 0.00 0.00 155.56 800.00 644.44 2,100.00 3,700.00
Elevator Service & Repairs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Security & Fire Systems 194.06 295.00 100.94 546.65 1,770.00 1,223.35 11,540.00 15,670.00
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 2,785.60 2,345.00 (440.60) 10,941.54 14,670.00 3,728.46 42,140.00 76,170.00
0.01
Landscape & Grounds 5,938.52 2,745.00 (3,193.52) Annuals were replaced 13,528.52 15,480.00 1,951.48 32,205.00 68,655.00
at the end of May as
budgeted however the
invoice did not arrive
until June billing.
Trash Removal 536.34 775.00 238.66 2,972.92 5,400.00 2,427.08 10,050.00 22,400.00
Pest Control 75.00 75.00 0.00 450.00 450.00 0.00 900.00 1,950.00
Security Patrols 0.00 0.00 0.00 0.00 0.00 0.00 0.00 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 45.00 45.00 0.00 270.00 270.00 540.00 1,170.00
Snow Removal 0.00 0.00 0.00 (522.13) 4,500.00 5,022.13 8,000.00 17,000.00
Total Service Expense 6,549.86 3,640.00 (2,909.86) 16,429.31 26,100.00 9,670.69 51,695.00 111,175.00
 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
0.01
Management Fees 10,492.25 10,199.00 (293.25) 63,002.84 60,350.00 (2,652.84) 121,658.00 262,756.00
Asset Management Fees 1,000.00 1,000.00 0.00 6,000.00 6,000.00 0.00 12,000.00 26,000.00
Investor Administration Fee 3,250.00 3,250.00 0.00 19,500.00 19,500.00 0.00 39,000.00 84,500.00
Legal Fees 1,198.90 550.00 (648.90) Budgeted for 4 evictions 9,169.90 3,300.00 (5,869.90) 6,600.00 14,300.00
procedures and actually
had 8.
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 (104.00) 0.00 104.00 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 0.00 825.49 500.00 (325.49) 1,000.00 2,000.00
Employee Activities 0.00 50.00 50.00 332.58 300.00 (32.58) 2,600.00 3,300.00
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 0.00 283.76 0.00 (283.76) 1,400.00 1,400.00
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 15,941.15 15,049.00 (892.15) 99,010.57 89,950.00 (9,060.57) 184,258.00 394,256.00
0.01
Electricity 3,406.44 2,800.00 (606.44) Includes all common 20,461.11 16,800.00 (3,661.11) 33,600.00 72,800.00
areas.
Electricity Gas - Resident 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Natural Gas 938.95 1,800.00 861.05 We have turned down 17,374.03 18,660.00 1,285.97 35,120.00 76,040.00
the heat on the pool
which as resulted in
positive variance.
Water & Sewer 8,576.51 10,000.00 1,423.49 Based on billing from 53,720.60 53,000.00 (720.60) 106,000.00 232,000.00
Arapahoe County.
Water & Sewer - Resident Reimb (5,528.68) (4,500.00) 1,028.68 Aggressive collections (24,622.53) (25,500.00) (877.47) (50,500.00) (110,500.00)
by AUM.
Water - irrigation 3,326.69 6,290.00 2,963.31 Watering at off times (4,087.32) 15,680.00 19,767.32 40,840.00 84,780.00
has helped in lowering
the costs.
Electric - Tenant Reimbursement 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Trash Reimbursement (2,125.64) (2,200.00) (74.36) (11,395.99) (13,200.00) (1,804.01) (26,400.00) (57,200.00)
Water - Tenant Reimbursement 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Utility -Vacant Electric 691.94 1,700.00 1,008.06 Less vacant and 5,788.86 10,200.00 4,411.14 20,400.00 44,200.00
controlling use of A/C by
staff and vendors during
the make ready process.

Utility - Vacant Gas 387.07 405.00 17.93 4,509.21 5,605.00 1,095.79 9,820.00 21,840.00
Tenant Reimbursement - Gas 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Utility Expense 9,673.28 16,295.00 6,621.72 61,747.97 81,245.00 19,497.03 168,880.00 363,960.00
0.01
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
0.01
Property Taxes 29,474.62 27,200.00 (2,274.62) Based on actual 176,883.26 163,200.00 (13,683.26) 326,400.00 707,200.00
charges.
Franchise Tax 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Insurance 6,885.89 6,691.00 (194.89) 41,941.14 40,146.00 (1,795.14) 80,292.00 173,966.00
Tax Consultants 200.00 0.00 (200.00) 700.00 0.00 (700.00) 0.00 0.00
MIP 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Taxes & Insurance 36,560.51 33,891.00 (2,669.51) 219,524.40 203,346.00 (16,178.40) 406,692.00 881,166.00
Total Operating Expenses 115,464.49 126,669.00 11,204.51 685,059.97 675,455.00 (9,604.97) 1,376,163.00 2,980,411.00
NET OPERATING INCOME 141,618.41 128,300.00 13,318.41 850,301.12 833,273.00 17,028.12 1,665,237.00 3,649,076.06
0.01
Base Rent 106,586.67 106,587.00 0.33 639,520.02 639,522.00 1.98 1,279,044.00 2,771,262.00
Stated Rent 86,666.67 86,667.00 0.33 520,000.02 520,002.00 1.98 1,040,004.00 2,253,342.00
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 1,159,520.04 1,159,524.00 3.96 2,319,048.00 5,024,604.00
0.01
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
0.01
Partnership Legal Fees 0.00 0.00 0.00 1,510.50 0.00 (1,510.50) 0.00 0.00
Partnership Accounting Fees 0.00 0.00 0.00 764.30 0.00 (764.30) 0.00 0.00
Partnership Travel 0.00 0.00 0.00 305.62 0.00 (305.62) 0.00 0.00
Partnership - Meals 0.00 0.00 0.00 59.04 0.00 (59.04) 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
Partnership Exp- Leaseup Costs 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Partnership Expense 0.00 0.00 0.00 2,639.46 0.00 (2,639.46) 0.00 0.00
0.01
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 9,000.00
 HVAC Replacement 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Carpet & Floor Replacement 14,149.83 6,600.00 (7,549.83) Overage due to 35,195.58 30,800.00 (4,395.58) 63,800.00 138,600.00
budgeted for 6
replacements and actual
was 14.
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 0.00 0.00 0.00 0.00 0.00
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 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 14,149.83 6,600.00 (7,549.83) 35,195.58 33,800.00 (1,395.58) 66,800.00 147,600.00
0.01
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) (65,784.76) (71,554.00) 5,769.24 (347,053.96) (360,051.00) 12,997.04 (720,611.00) ###

Rental Guarantee 0.00 0.00 0.00 224,944.65 0.00 224,944.65 0.00 449,889.30
(65,784.76) (71,554.00) 5,769.24 (122,109.31) (360,051.00) 237,941.69 (720,611.00)
 USA Courtney Downs LeaseCo, LLC
Cash Flow (Actual + Budget)
Books = Accrual
For the 12 Months Ending Dec 2006

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 Reforecast Reforecast Reforecast Reforecast Reforecast Reforecast Total Unit Sq. Ft.
342 313,778
Revenue
Gross Potential Rent 356,941 356,261 353,425 356,370 356,790 352,042 356,985 356,985 360,554 364,160 364,160 364,160 4,298,833 12,569.69 13.70
- Vacancy (50,457) (41,504) (32,721) (25,521) (27,566) (20,448) (31,419) (28,559) (32,450) (36,416) (40,058) (40,058) (407,177) (1,190.57) (1.30)
- Concessions & Disc. (80,765) (83,296) (83,632) (87,552) (89,252) (91,481) (80,000) (80,000) (80,000) (80,000) (75,000) (75,000) (985,977) (2,882.97) (3.14)
- Other Write-offs & Adj. (5,393) (4,621) (13,129) (3,761) (3,761) (3,761) (6,085) (6,085) (6,085) (6,085) (6,085) (6,085) (70,935) (207.41) (0.23)
Total Rental Income 220,326 226,840 223,943 239,537 236,211 236,353 239,481 242,341 242,019 241,659 243,017 243,017 2,834,744 8,288.73 9.03

Other Income 26,619 19,852 32,398 25,588 26,964 20,730 20,445 20,445 20,445 20,445 20,445 20,445 274,821 803.57 0.88
Total Revenue 246,945 246,692 256,342 265,125 263,175 257,083 259,926 262,786 262,464 262,104 263,462 263,462 3,109,565 9,092.30 9.91

Operating Expenses
Salary Expense 31,314 27,779 25,751 34,224 28,896 30,735 24,299 20,239 24,299 24,299 24,299 37,759 333,893 976.30 1.06
Operating Expense 4,125 1,829 4,155 2,418 3,488 1,785 3,375 4,330 3,030 3,030 3,030 3,030 37,626 110.02 0.12
Advertising Expense 10,172 7,867 8,790 12,875 9,217 4,566 7,885 5,860 5,860 6,385 5,860 6,885 92,222 269.65 0.29
Make Ready Expense 2,824 1,468 6,877 3,034 6,347 6,868 8,800 8,700 8,200 7,900 7,500 7,500 76,019 222.28 0.24
Maintenance Expense 484 2,348 2,996 938 1,390 2,786 4,645 2,345 2,295 13,595 2,295 2,295 38,412 112.31 0.12
Service Expense 2,095 (1,911) 750 1,089 7,856 6,550 3,640 3,640 6,640 4,640 4,640 2,395 42,024 122.88 0.13
Administrative Expense 15,018 14,773 20,876 15,092 17,309 15,941 16,670 17,049 15,067 15,084 15,469 14,969 193,319 565.26 0.62
Utility Expense 17,811 10,978 5,261 9,118 8,907 9,673 16,295 16,295 16,655 16,590 10,900 10,900 149,383 436.79 0.48
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 33,891 33,891 33,891 37,237 37,237 37,237 432,907 1,265.81 1.38

Total Operating Exp. 119,755 105,619 107,036 112,750 124,435 115,464 119,500 112,349 115,937 128,760 111,230 122,970 1,395,804 4,081.30 4.45
Net Operating Income 127,190 141,073 149,305 152,375 138,740 141,618 140,426 150,437 146,527 133,345 152,233 140,493 1,713,761 5,011.00 5.46

Rent Expense 193,253 193,253 193,253 193,253 193,253 193,253 193,254 193,254 193,254 193,254 193,254 193,254 2,319,044 6,780.83 7.39
Partnership Expense 1,511 40 324 595 169 0 0 0 0 0 0 0 2,639 7.72 0.01
Capital Expense 3,871 (782) 8,204 6,055 3,698 14,150 6,600 6,600 6,600 6,600 3,300 3,300 68,196 199.40 0.22

Cash Flow Frm Operations (71,445) (51,438) (52,476) (47,528) (58,381) (65,785) (59,428) (49,417) (53,327) (66,510) (44,322) (56,062) (676,118) (1,976.95) (2.15)

Rent Guarantee 66,280 58,055 58,308 42,302 0 0 0 55,074 52,214 52,536 52,896 37,280 474,945

Balance Sheet Adjustments

Cash - Non Operating Accounts 792 (2,230) (4,698) 2,407 6,708 2,152 0 0 0 0 0 0 5,132
Accounts Receivable 9,672 (940) (590) 4,549 (4,100) (8,512) 0 0 0 0 0 0 79
Prepaid Assets 372 (275) 86 156 1,384 280 0 0 0 (30,110) 0 0 (28,106)
Escrow Deposits (34,325) (34,325) (34,325) (34,325) 324,584 (30,394) (2,951) (2,951) 28,097 (2,951) (2,951) (2,951) 170,232

Cash Increase (Decreae) From Assets (23,489) (37,770) (39,527) (27,213) 328,577 (36,473) (2,951) (2,951) 28,097 (33,061) (2,951) (2,951) 147,337

Accounts Payable (5,209) 4,548 22,679 5,948 (1,420) 65,950 0 0 0 0 0 0 92,496

Accrued Expenses 34,702 17,279 26,292 32,763 (282,521) 115,337 0 0 0 0 0 0 (56,149)
Other Payables 1,398 6,448 1,789 (2,315) (5,212) (3,153) 0 0 0 0 0 0 (1,044)
Notess Payable 0 (763) (382) (382) (382) (701) 0 0 0 0 0 0 (2,609)

Cash Increase (Decreae) From Liab. 30,890 27,511 50,377 36,014 (289,534) 177,433 0 0 0 0 0 0 32,693

NET CASH FLOW 2,236 (3,642) 16,682 3,574 (19,338) 75,176 (62,379) 2,706 26,984 (47,034) 5,624 (21,733) (21,144)
CUMM. NET CASH FLOW 29,014 25,372 42,054 45,628 26,290 101,466 39,087 41,793 68,777 21,743 27,367 5,634

$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

NET CASH FLOW CUMM. NET CASH FLOW

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
K30: administrator:
assume insurance increases by 50%

L30: administrator:
assume insurance increases by 50%

M30: administrator:
assume insurance increases by 50%

K46: administrator:
insurance downpayment

H47: administrator:
replacement reserve + reduction in tax escrow due to overage

I47: administrator:
replacement reserve + reduction in tax escrow due to overage

J47: administrator:
replacement reserve

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
 Courtney Downs Apartments
Jun-06
LEASING & OCCUPANCY

NUMBER OF MOVE INS: 17 INCOME THIS MONTH: $263,125.09

NUMBER OF MOVE OUTS: 18 INCOME LAST MONTH: $262,168.99
NET FOR THE MONTH: -1 DIFFERENCE: 956.1

TOTAL # GARAGES 120

# GARAGES OCCUPIED 108
OCCUPIED/LEASED %: 91.5% 95.3% GARAGES OCCUPIED % 90%

SOURCE OF TRAFFIC: REASONS WHY PROSPECTS DID NOT LEASE:

Traffic Leased
APTGUIDE.COM 1 0 * Job Transfer 4
APARTMENT GUIDE 7 1 * Too expensive. 15
YELLOW PAGES 0 0 * Future/No Availability/Waiting list 0
OTHER. NET 12 4 * Just started looking. 6
FOR RENT 3 0 * Waiting for Home to Sell 0
RENT.NET 5 0 * Current Lease to Expire 0
LIVES IN AREA 12 6 * Needs Ground Floor 0
RESIDENT REFERRAL 2 5 * Moved Elsewhere 0
LOCATORS 2 0 * Will return with roommate or spouse 7
RENT.COM 4 0 * Realtor Looking for Client 0
WALK-IN 0 0 * Undecided 0
SIGNAGE 4 3 * Employment pending 1
WORD OF MOUTH 2 0 * House sale pending 2
* Rented at Competitor 0
TOTALS 54 19 TOTALS 35

CLOSING RATIO: 33%

MARKETING ACTIVITIES & SOURCES FOR THE MONTH

* Updated all locators with new move in specials and pricing.

* Updated all Internet ads with current pricing and specials.
* Advertising in industry publications.

OVERVIEW OF COMPARABLE PROPERTIES:

The surrounding comps are offering rents averaging one to three months off on a 12 month lease.
This translates into one bedrooms starting at $525, two bedrooms at $715 and three bedrooms starting at $950.

RESIDENT RETENTION:
Renewals for June averaged an increase of $34.00. We have continued to discuss all options with
residents to keep turnover to a minimum but home buying is very popular.
8- residents did not renew due to buying houses, 3-residents got new jobs, 1 getting a divorce.

INCIDENTS ON THE PROPERTY:

MAINTENANCE: ROUTINE REPLACEMENTS:
Number
Number of: Replaced
MARKET READY UNITS 19 REFRIGERATORS 0
COMPLETE PAINTS 9 DISHWASHERS 1
TOUCH UPS 10 STOVES 0
WORK ORDERS 179 A/C COMPRESSORS 0
Pending Completed 0 CONDENSING UNITS 0
Misc 0 43 43 WATER HEATERS 0
Electrical 0 18 18 ICE MAKERS 0
Punch 0 19 19 GARBAGE DISPOSALS 0
HVAC 0 22 22 MICROWAVES 0
Plumbing 0 51 51 CARPETS 6
Property Ext. 0 7 7 CEILING FANS 0
Appliances 0 19 19 TOILETS 0
Safety 0 0 0 A/C FAN MOTORS 0
Total 0 179 179 COUNTER TOPS 0
ROOF LEAKS 0 CABINETS RESURFACED KITCHEN 0
PLUMBING LEAKS 0 BLINDS 15
TUBS RESURFACED 0
TUB TILES 0

CAPITAL IMPROVEMENTS IN PROGRESS:

N/A in progress.

PROBLEM AREAS NEEDING ATTENTION:

Landscaping is in the midst of a major improvement project to bring it up to our higher standards.

CURRENT STAFF:

Manager Nancy Howland

Assistant Manager Wendy Gillan
Leasing Consultant Carrie McMillan
Leasing Consultant Temporary personnel
Maintenance Supervisor Gabriel Tellez
Assistant Maintenance Russell Briley
Maintenance/ Grounds Jorge Chavez and Jorge Bernal

ACCOMPLISHMENTS FOR THE MONTH:

Spring flowers have been planted.
Repainting of all front signs.
Installed new pool signs
Purchased new flutter flags
Re-planting flower beds
 Apt. #

10302

9102, 13202, 13206, 13208, 16207, 13106, 12107- guest bedroom.

12-212- 4, 12-111-1, 4108- 1, 9102- 3, 12-209- 1, 6108- , 16-105-1, 10309-1, 13205-1, 13303-1.
Courtney Downs
RENTAL SCHEDULE
June 2006

UNIT TYPE #UNITS SIZE TOTAL MKT RENT MKT RENT MONTHLY ANNUAL
S/F PER UNIT PER S/F GROSS GROSS
A1 1BR 40 704 28,160 830 1.18 $33,200 $398,400
A1V 1BR 32 704 22,528 860 1.22 $27,520 $330,240
A2 1BR 18 910 16,380 935 1.03 $16,830 $201,960
B1 2BR 24 808 19,392 895 1.11 $21,480 $257,760
B1V 2BR 32 808 25,856 925 1.14 $29,600 $355,200
C 2BR 42 977 41,034 1130 1.16 $47,460 $569,520
C1 2BR 44 1,030 45,320 1150 1.12 $50,600 $607,200
C1V 2BR 22 1,030 22,660 1180 1.15 $25,960 $311,520
CV 2BR 24 977 23,448 1150 1.18 $27,600 $331,200
D 2BR 16 1,030 16,480 1150 1.12 $18,400 $220,800
DV 2BR 20 1,030 20,600 1180 1.15 $23,600 $283,200
E 3BR 24 1,140 27,360 1245 1.09 $29,880 $358,560
EV 3BR 4 1,140 4,560 1255 1.10 $5,020 $60,240

TOTAL 342 917 313,778 $1,044 $1.14 $357,150 $4,285,800

 EFFECTIVE EFFECTIVE EFFECTIVE Vacants Notice Net
CONCESSION CONCESSION PER S/F MONTHLY Vacants Leased Notice Leased Available
RENTS* PER UNIT GROSS
830.00 0.00 1.18 $33,200 9 1 8 3 0
805.00 55.00 1.10 $31,000 2 0 1 0 2
830.00 105.00 0.91 $14,940 1 0 1 1 5
830.00 65.00 1.03 $19,920 9 0 4 1 12
830.00 95.00 1.03 $26,560 0 0 0 0 0
830.00 300.00 0.85 $34,860 11 1 5 0 13
830.00 320.00 0.81 $36,520 4 0 2 1 7
830.00 350.00 0.81 $18,260 0 0 0 0 0
830.00 320.00 0.85 $19,920 0 0 0 0 0
830.00 320.00 0.81 $13,280 0 0 0 0 5
830.00 350.00 0.81 $16,600 0 0 0 0 0
1,145.00 100.00 1.00 $27,480 3 1 1 1 3
1,145.00 110.00 1.00 $4,580 0 0 0 0 0

$869 $192 0.95 $297,120 39 3 22 7 47

* Net of Concessions
 MARKET SURVEY
Courtney Downs
June-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 3 3 6 3 4 3 4
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 400-500 150-300 200-300 300-500 400 300-600
Sec. Deposit 150 275-325 300 100 199 99 225-375
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
June-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) 830 704 1.18 690 779 0.89 615 627 0.98 620 685 0.91 700 768 0.91 680 707 0.96 625 763 0.82
1B1B (B) 830 808 1.03 690 853 0.81 615 701 0.88 660 705 0.94 700 842 0.83
1B1B w/study 830 910 0.91 615 811 0.91 730 760 0.96
1B
1B
1B w/loft
1B1B w/study 875 956 0.92 799 1051 0.76
2B2B (E) 830 977 0.85 790 1105 0.71 1110 1044 1.06 799 1120 0.71 875 1115 0.78 829 1033 0.80 699 1037 0.67
2B2B (F) 830 1030 0.81 790 1192 0.66 1440 1196 1.20 875 1220 0.72 829 1093 0.76
2B2B (G) 830 1030 0.81 1030 1180 0.87
2B2B (H)
2B2B
2B w/study
2B2B TH
2B2B TH
3B2B 1,145 1140 1.00 1170 1398 0.84 1510 1330 1.14 995 1230 0.81 1100 1356 0.81 1375 1235 1.11 1195 1257 0.95
3B2B

% occ /leased 91 95 95% 95 99 96% 0 0% 95 97 94% 94.0 99 93% 88.0 92 93% 92.0 95 96%
Avg PSF 1 0.94 0.78 0.99 0.85 0.81 0.91 0.81
Avg Rents 875 1114 994 808 850 1131 995
/ Avail)
Units(Total 342 15 507 14 653 216 8 312 8 360 41 0 168 5
Rates Special: 1x1, 2x2 830.00 Special: $300 to $400 off market
Sepcial:None
12 mo lease. Special:100 to 200 off rentsSpecial:3 months free over Special:
12 month 3 lease.
Months off of market
Special: waive application or waive deposits.
reflect these rates: $685 1/1 $805 2/2 $1310 3/2 $626 1/1 $800 2/2 $1275 3/2
specials: special were pulled off the internet
due to property will not give info.
Look and lease $250 off 1st full month
Ren: $25 to $50 increase Ren.: Increase $0 to $50. Ren: Info not avail per corporate
Ren:Per corporate Ren: $40 increas for 12 month
Ren:lease
Average $15 to $20 increase.
Ren: Free carpet cleaning with 12mo.