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Home My WebLink About2005-2006 TSHA Budgets All properties TEXAS STUDENT HOUSING AUTHORITY 2005-2006 OPERATING BUDGETS THE CAMBRIDGE THE RIDGE AT NORTH TEXAS AT COLLEGE STATION THE BALLPARK ,u- THE RIDGE AT SAN MARCOS TOWN LAKE ASSET CAMPUS HOUSING INVESTMENT • MANAGEMENT • DEVELOPMENT 1800 Bering Drive ff Suite 320H Houston TX 77057 P 713-782-5800m 1~713-268-5111 www.assetcampus.com The Ballpark @ Austin Units 282 Fiscal Year Ending August 31,2006 Beds ass Operating Budget - Budget Reforecast Year Ending Per Per Year Ending Difference 813112006 Unit Bed 813112005 +/- RENTAL INCOME $ 3,552,984 $ 12,599 $ 4,626 $ 4,216,752 $ (663,768) -15.7% Gain/Loss Lease $ (45,000) $ (160) $ (59) $ (10,000) $ (35,000) 350.0% Short Term Premium $ 51,750 $ 184 $ 67 $ 10,602 $ 41,148 388.1% Vacancy Loss $ (144,294) $ (512) $ (188) $ (391,722) $ 247,428 -63.2% Lease Concessions $ (210,000) $ (745) $ (273) $ 0 $ (210,000) Lease Prorate Concessions $ - $ - $ (424,867) $ 424,867 -100.0% Other Concess-Scholorship $ - $ - $ (258,212) $ 258,212 -100.0% Accelerated Rent $ - $ - $ - $ 1,633 $ (1,633) -100,0% Write-offs Rental Income $ (36,000) $ (128) $ (47) $ (19,773) $ (16,227) 82A% Non-Resident/Emp. Rnt. Disc. Units $ 64,032 $ (227) $ (83) $ 60,065 $ (3,221L 6.6 0/n NET RENTAL INCOME $ 3,105,408 $ 11,012 $ 4,044 $ 3,064,348 $ 41,060 1.3% Other Income $ 78,600 $ 279 $ 102 $ 82,222 $ 3,622 -4.4% TOTAL INCOME $ 3,184,008 $ 11,291 $ 4,146 $ 3,146,570 $ 37,438 1.2% EXPENSES Total Personnel Expense $ 312,125 $ 1,107 $ 406 $ 299,507 $ 12,618 4.2% Total Utilities $ 421,425 $ 1,494 $ 549 $ 409,099 $ 12,326 3.0% Total Administration Expense $ 59,635 $ 211 $ 78 $ 57,915 $ 1,720 3.0% Total Contract Services $ 49,380 $ 175 $ 64 $ 45,095 $ 4,285 9.5% Total Interior Maintenance $ 15,950 $ 57 $ 21 $ 20,537 $ (4,587) -22.3% Total Exterior Maintenance $ 20,790 $ 74 $ 27 $ 15,987 $ 4,803 30.0% Total Turnover Expense $ 98,130 $ 348 $ 128 $ 83,896 $ 14,234 17.0% Total Advertising& Promotions $ 79,050 $ 280 $ 103 $ 65,523 $ 13,527 20.6% Total Legal Fees $ 2,400 $ 9 $ 3 $ - $ 2,400 #DIV/0! Total Professional Fees $ 15,000 $ 53 $ 20 $ 46,524 $ (31,524) -67,8% Total Travel and Entertainment $ - $ - $ - $ - $ - #DIWD! Total Management Fee $ 123,723 $ 439 $ 161 $ 93,645 $ 30,078 32.1% Total Insurance and Taxes $ 88,227 $ 313 $ 115 $ 101,930 $ (13,703) -13.4% Total Dues and Membership Fees $ 900 $ 3 $ 1 $ 1,180 $ (280) -23.7% Total Depreciation and Amoritization $ - $ - $ - $ - $ - #DIV/0! Total Interest Expense $ - $ - $ - $ - $ - #DIV/0! Start-up Casts $ - $ - $ - $ - $ - #DIV/01 TOTAL EXPENSES $ 1,286,735 $ 4,563 $ 1,675 $ 1,240,838 $ 45,897 3.7% N01 before Capital Improvements and Debt Service $ 1,897,273 $ 6,728 $ 2,470 $ 1,905,732 $ (8,459) -0.4%° CAPITAL EXPENSES $ 214,890 $ 762 $ 280 $ 50,178 $ 164,712 328.3% OTHER EXPENSES $ 46,528 $ 165 $ 61 $ - $ 46,528 #DIVio! NET CASH FLOW $ 1,635,855 1 $ 5,801 $ 2,130 $ 1,855,554 $ (219,699) -11.8% I M C'7 r co M N L() r L() m M w r-O w m co w o O m v Mr M co m Nww0w tr V' Oit Cl) NNvO 0 0 O U h N P� ' CO_ ' M ' tr r- Lr) C7 II (0 r OJ N r N N N C) C] +1 m M +r- 6) R V-N R (D (L) CJ r Q.O) � rt U) t- w - w co co N N CD M N CO N r r-r r r r N w co 6'3 4A 4f} 69 4f9-6%ER 69,64 09 6%69 69 4fl EA 4fl 6q 69 69 411-413 69 6% (-4 69 _ 4fl et LO w LO r R N m O N'N ti w O O N N N N Ct EP M Ln N M O) Cl) rl- U') (� LO w-r- CV w O M co C? r N - r C3 M R r- N C? O N N N cu m Co N R LO co co M o M w cr Co — r- Cl) r--M r` (D r-- r; I C71 N L(} (o CO IT M L) r- M R 0© M Iq r-N Ln M M r.CO co 'V IIl '0= N M to w -LC) M M. N M -a--� r r � O C7 LTry (D N _ C) -`Q N N N CO . 61! 64 - U) 69 -V> 69 fPr 4f3£9 61.69 69 63 69.4f}61}69 419}.EF? 69 6% 411B, a O O o O o 4 O O a O a O o G o O o O 1 0 O 0 0 o 0 O o O a O a O 'I o O O �11 O 1 N M CO R O R O a r LD (D r O) LP r LD to R 'It R Lf) R Lo R V N (D M LD O LO N N r 0 N Lo N co r N V 3 V N � Cl) lf} r- R st O 'V' (0 R (V O O O N (D Lr) N d M 00 co OD r- co N- N O O N w It N R O N (D Cl) (p (4 OD O ti N N y LI r Cn CY CJ O 'll p N w Ln M R L!) R O LO •: LS) r cl� Co ti V L 1:3- N Lr) c0 6) co CO r N lr) r r CO 0 It Lr) 00 (o co 0) C +I LO O R co N r N co CO at U Y N M •- - w CD Ef3 69 69 69 64 64 613 64 Ef3 b`}ff#d4 Lfj (R 69 69 6`3 64 69 FA 64 64 64 EA �I T\ O9 R _r 00 a) R O O O 0 O C7 O O C, 0 0 0 0 0 a R R J, p N C Lt) o) Ln N r O U 0 0 0 N 0 C? 4 0 0 0 0 0 N N N rd G R R C] Cn m O O O O O Cn O N Lri 0 0 0 0 4 CD c7 ' M V C N CO R (D c') m in w -�Zr m R O m N co M M c0 N c) O Cl Lu w co N O co C)) 'C' W CO CO C) N M (D r N N R r ro c] �O 6 n N N r r M M r N N N c7 r r r L() O w d M CO to v V N r r m >' 69 64(i9 69 69 Iia 69 69 69 69 69 6s U7 699.64 64 64 69 69 69 ce fH b4 69 O N N w O CD 0) R O CA M V M ) O N N rl- c] "t 0 O M Cn N 00 R lK:' w R M M c*J O Lf') N CD !'-- Ln l!') L 17 cr OZ! (o r V Ln C7 (D (D Cl) M r V (D N N N — (o Cl) M 45 SL r N`� c LT N �t �✓1 69 64 646-1 49 6" 64 69 69 69 v�64 4F!d}4A 6s 64 69 69 be.69 d9 E9 t§ d3 tf3 O R N M cc C) N co Ln C() N co co (D (D w m w Q) cc c7 Cl) try co R ¢) O) Lo LO C) O Cn w O LD Cn Cr1 r- Cn R Ca CJ V (o o) o) � 3IN cc (C v M to 0 (D 6) r M C7 r 4t N CO LO R to It O ' O M r N T N Cl) N `- N r r 69 69,69 619 b9 69 Vf r74 u4 64 69 69 69 69 69 64 4A 64 69 ff1 69 ba 69 69 69 64 C3 C7 N Q Lf) m 00 O (o w R co (D O O 0 N M Ln dJ O M Lr) Lr) CO co O CJ 'd C] >` c0 V A` O N (D M (D w O CA Lr) L(3 O LO C3 CA LD Lr) d a Cr (C O N (D LP1 rl R N d LO C �t r R '�-- r p R LO R R (o Lr) CD c0 0) w w (D co M N M CO M co O C] {1 � I O 7 N LCJ co N ('7 i- ('7 aD m N D) r n R - M T N W N Ln Ln U v Lr) c') Cn c') Cl) r r (V N co r r Ln c'3 c') 7 r w It N N N co 69 69 64 69 64 64 69 69 64 69 4fl 64 69 69 4A 69 64 b4 N3 f,F}E9 &C, 69 N3 fL1 w c c LU m LU Cn in o m o m ` O 4 V) v o un E w o L = L - o Lu f� U CD,CN Q a) o '(��ra O ° O L� U (v m m ti Q q) =r m C (yo ro (n w > O U a3i U U W q �` a- m Y aCi a) W I � W (n OC LL Ln \ ? p L) ? ? D- Lavouu ° 4- m '� c tL EA w o f o J w o o Q o) m m C)) CD � w m m 0 Q N. Q Z m U Q p a 11 o m CL = o GC x J 'o m U cn F-Q w C , w fl (D w y F- E Q W w L :3 o E z o O F- LU RD Q Z d 49 G) cn O C r i= (D tll Q d Ll Q Ridge @North Texas Units 288 Fiscal Year Ending August 31,2006 Beds 876 Operating Budget - Prepared 6120!05 Budget Reforecast Year Ending Per Per Year Ending Difference 8131/2006 Unit Bed 8/3112005 +/- RENTAL INCOME $4,364,496 $ 15,155 $ 4,982 $4,195,297 $ 169,199 4.0% Accelerated Rent $ 6,575 $ 23 $ 8 $ 20,000 $ (13,425) -67.1% Short Term Rent Premium $ 38,800 $ 135 $ 44 $ 18,000 $ 20,800 115.6% Less: $ _ Vacancy $ (276,418) $ (960) $ (316) $ (885,000) $ 608,582 -68.8% Concessions $ (154,000) $ (535) $ (176) $ (396,553) $ 242,553 -61.2% Other Losses(LTOL): $ (216,000) $ (750) $ (247) $ 135,400 $(351,400) -259.5% Write-offs Rental Income $ (50,550) $ (176) $ (58) $ (50,300) $ (250) 0.5% Non-Resident/Emp. Rnt, Disc. Units-L (69,720) $ (242) $ (80) $ (55,000) $ (14,720) 26.8% NET RENTAL INCOME $3,643,183 $ 12,650 $ 4,159 $2,981,844 0 $ 661,339 22. /o 2 Other Income $ 88,900 $ 309 $ 101 $ 93,000 $ (4,100) -4.4% TOTAL INCOME $3,732,083 $ 12,959 $ 4,260 $3,074,844 $ 657,239 21.4% EXPENSES Total Personnel Expense $ 341,009 $ 1,184 $ 389 $ 342,000 $ (991) -0.3% Total Utilities $ 416,872 $ 1,447 $ 476 $ 406,000 $ 10,872 2.7% Total Administration Expense $ 59,249 $ 206 $ 68 $ 51,000 $ 8,249 16.2% Total Contract Services $ 51,950 $ 180 $ 59 $ 50,600 $ 1,350 2.7% Total Interior Maintenance $ 23,860 $ 83 $ 27 $ 31,000 $ (7,140) -23.0% Total Exterior Maintenance $ 13,005 $ 45 $ 15 $ 14,000 $ (995) -7.1% Total Turnover Expense $ 138,350 $ 480 $_ 158 $ 138,000 $ 350 0.3% Total Advertising & Promotions $ 47,300 $ 164 $ 54 $ 41,000 $ 6,300 15.4% Total Legal Fees $ 2,400 $ 8 $ 3 $ 3,000 $ (600) -20.0% Total Professional Fees $ 10,000 $ 35 $ 11 $ 18,000 $ (8,000) -44.4% Total Travel and Entertainment $ 3,950 $ 14 $ 5 $ 5,500 $ (1,550) -28.2% Total Management Fee $ 181,321 $ 630 $ 207 $ 97,000 $ 84,321 86.9% Total Insurance and Taxes $ 96,925 $ 337 $ 111 $ 90,000 $ 6,925 7.7% Total Dues and Membership Fees $ 2,400 $ 8 $ 3 $ 1,000 $ 1,400 140.0% Total Depreciation and Amoritization $ - $ - $ - $ - $ - #DIV/O! Total Interest Expense $ - $ - $ - $ - $ - #DIV/O! Start-up Costs $ - $ - $ - $ - $ - #D1VIO! TOTAL EXPENSES $1,388,591 $ 4,821 $ 1,585 $1,288,100 $ 100,491 7.8% NOI before Capital Improvements and Debt Service $2,343,492 $ 8,137 $ 2,675 $1,786,744 $ 556,748 31.2%a CAPITAL EXPENSES $ 234,400 $ 814 $ 268 $ 148,000 $ 86,400 58.4% $ OTHER EXPENSES $ 42,321 $ 147 $ 48 $ $ 42,321 #DIVfO! NET CASH FLOW $2,066,771 $ 7,176 $ 2,359 $1,638,744 $ 428,027 26.1% I I Ridge @ San Marcos Units 173 :iscal Year Ending August 31, 2006 Beds 553 Dperating Budget Prepared 6120105 Budget Reforecast Year Ending Per Per Year Ending Difference 8131/2006 Unit Bed 8131/2005 +/_ RENTAL INCOME $2,585,640 $ 14,946 $ 4,676 $2,632,304 $ (46,664) -1.8% Accelerated Rent $ 3,000 $ 17 $ 5 $ 20,400 $ (17,400) -85.3% Short Term Rent Premium $ 12,250 $ 71 $ 22 $ 20,000 $ (7,750) -38.8% Less: Vacancy $ (211,161) $ (1,221) $ (382) $ (312,467) $ 101,306 -32.4% Concessions $ (65,241) $ (377) $ (118) $ (172,000) $ 106,759 -62.1% Other Losses (LTOL): $ (48,000) $ (277) $ (87) $ (92,000) $ 44,000 -47.8% Write-offs Rental Income $ (20,000) $ (116) $ (36) $ (40,000) $ 20,000 -50.0% Non-Resident/Emp. Rnt. Disc. Units $ (71,400) $ (413) $ (129 $ (77,150) $ 5,750 -7.5% NET RENTAL INCOME $2,185,088 $ 12,631 $ 3,951 $1,979,087 $ 206,001 10.4% i Other Income $ 78,715 $ 455 $ 142 $ 75,000 $ 3,715 5.0% TOTAL INCOME $2,263,803 $ 13,086 $ 4,094 $2,054,087 $ 209,716 10.2% EXPENSES Total Personnel Expense $ 252,487 $ 1,459 $ 457 $ 249,000 $ 3,487 1.4% Total Utilities $ 273,095 $ 1,579 $ 494 $ 263,000 $ 10,095 3.8% Total Administration Expense $ 48,200 $ 279 $ 87 $ 35,340 $ 12,860 36.4% I4 Total Contract Services $ 25,860 $ 149 $ 47 $ 24,850 $ 1,010 4.1% Total Interior Maintenance $ 19,175 $ 111 $ 35 $ 18,000 $ 1,175 6.5% Total Exterior Maintenance $ 17,170 $ 99 $ 31 $ 14,700 $ 2,470 16.8% Total Turnover Expense $ 61,975 $ 358 $ 112 $ 58,000 $ 3,975 6.9%Q Total Advertising & Promotions $ 39,675 $ 229 $ 72 $ 38,000 $ 1,675 4.4% Total Legal Fees $ 2,400 $ 14 $ 4 $ 2,400 $ - 0.0% Total Professional Fees $ 10,000 $ 58 $ 18 $ 15,000 $ (5,000) -33.3% Total Travel and Entertainment $ 1,200 $ 7 $ 2 $ $ 1,200 #DIVIO! Total Management/Asset Fees $ 113,190 $ 654 $ 205 $ 66,000 $ 47,190 71.5% Total Insurance and Taxes $ 65,759 $ 380 $ 119 $ 58,000 $ 7,759 13.4% Total Dues and Membership Fees $ 1,500 $ 9 $ 3 $ 11,500 $ (10,000) -87.0% TOTAL EXPENSES $ 931,687 $ 5,385 $ 1,685 $ 853,790 $ 77,897 9.1% NOI before Capital Improvements and Debt Service $ 1,332,117 $ 7,700 $ 2,409 $ 1,200,297 $ 131,820 11.0% TOTAL OTHER EXPENSES $ 28,812 $ 167 $ 52 $(131,820) #DIVIO! CAPITAL EXPENSES $ 75,450 $ 436 $ 136 $ 98,000 $ (22,550) -23.0% DEBT SERVICE $ - $ - $ - $ - $ - #DIV101 NET CASH FLOW $ 1,227,855 $ 7,097 $ 2,220 $1,102,297 $ 125,558 11.4°!a c Town Lake Units 216 Fiscal Year Ending August 31,2006 Beds bas Operating Budget Prepared 6120105 Budget Reforecast Year Ending Per Per Year Ending Difference 8131/2006 Unit Bed 813112000V +/_ RENTAL INCOME $3,003,264 $ 13,904 $ 4,635 $3,234,828 $(231,564) -7.2% Accelerated Rent $ - $ - $ - $ 57 $ (57) -100.0% Short Term Rent Premium $ 28,000 $ 130 $ 43 $ 53,892 $ (25,892) -48.0% Less: Vacancy $ (240,261) $ (1,112) $ (371) $ (628,597) $ 388,336 -61.8% Concessions $ (124,000) $ (574) $ (191) $ (134,236) $ 10,236 -7.6% Other Losses(LTOL): $ (25,920) $ (120) $ (40) $ $ (25,920) #DIV/0! Write-offs Rental Income $ (25,800) $ (119) $ (40) $ (22,754) $ (3,046) 13.4% Non-Resident/Emp. Rnt. Disc. Units_L 43,080) $ 199 $ (66) $ 34,426 $ 8,654 25.1% NET RENTAL INCOME $2,572,203 $ 11,908 $ 3,969 $2,468,764 $ 103,439 4.2% Other Income $ 74,700 $ 346 $ 115 $ 57,920 $ 16,780 29.0% TOTAL INCOME $2,646,903 $ 12,254 $ 4,085 $2,526,684 $ 120,219 4.8% EXPENSES Total Personnel Expense $ 284,899 $ 1,319 $ 440 $ 297,688 $ (12,789) -4.3% Total Utilities $ 317,600 $ 1,470 $ 490 $ 303,770 $ 13,830 4.6%4 Total Administration Expense $ 46,950 $ 217 $ 72 $ 38,245 $ 8,705 22.8% Total Contract Services $ 40,500 $ 188 $ 63 $ 36,765 $ 3,735 10.2%4 Total Interior Maintenance $ 8,095 $ 37 $ 12 $ 4,497 $ 3,598 80.0% Total Exterior Maintenance $ 9,260 $ 43 $ 14 $ 9,587 $ (327) -3.4% Total Turnover Expense $ 72,475 $ 336 $ 112 $ 21,600 $ 50,875 235.5% Total Advertising& Promotions $ 73,100 $ 338 $ 113 $ 64,829 $ 8,271 12.8% Total Legal Fees $ 2,400 $ 11 $ 4 $ 1,637 $ 763 46.6% Total Professional Fees $ 10,000 $ 46 $ 15 $ 18,000 $ (8,000) -44.4% Total Travel and Entertainment $ - $ - $ - $ - $ - #DIV/O! Total Management Fee $ 132,345 $ 613 $ 204 $ 115,156 $ 17,189 14.9% Total Insurance and Taxes $ 75,645 $ 350 $ 117 $ 26,470 $ 49,175 185.8% Total Dues and Membership Fees $ 30,000 $ 139 $ 46 $ 30,000 $ - 0.0% Total Depreciation and Amoritization $ - $ - $ - $ - $ - #DIV/0! Total Interest Expense $ - $ - $ - $ - $ - #DIV/01 Start-up Costs $ - $ - $ - $ - $ - #DIVIO! TOTAL EXPENSES $1,103,269 $ 5,108 $ 1,703 $ 968,244 $ 135,025 13.9% NO[before Capital Improvements and Debt Service $1,543,634 $ 7,146 $ 2,382 $1,558,440 $ (14,806) -1.0% CAPITAL EXPENSES $ 29,000 $ 134 $ 45 $ 22,000 $ 7,000 31.8% OTHER EXPENSES $ 5,000 $ 23 $ 8 $ - $ 5,000 #DIV/0! NET CASH FLOW $1,509,634 $ 6,989 $ 2,330 $1,536,440 $ (26,806) -1.7% TEXAS STUDENT HOUSING ASSOCIATION 2005-2006 OPERATING BUDGETS TABLE OF CONTENTS I. BALLPARK II. CAMBRIDGE AT COLLEGE STATION III. THE RIDGE AT NORTH TEXAS IV. THE RIDGE AT SAN MARCOS V. TOWN LAKE VI. CHART'S AND GRAPH'S THE BALLPARK FIR � 1 r i i� 2005-2006 OPERATING BUDGET ASSET CAMPUS) HOUSING INVESTMENT • MANAGEMENT DEVELOPMENT 1800 Bering Drive■ Suite 320 M Houston TX 77057 P 713-782-5800 F 713-268-5111 www.assetcai,npus.com University of Texas at Austin Austin, Texas UNIVERSITY INFORMATION: r State-supported university, founded 1883,part of University of Texas System • Calendar semesters • Degrees bachelor's,master's,doctoral,and first professional • Urban 350-acre campus with easy access to San Antonio • Endowment$2.0 billion • Coed, 37,377 undergraduate students,91%full-time,52%women,48%men • Very difficult entrance level, 51%of applicants were admitted FRESHMAN Admission: 23,008 applied, 11,788 admitted, 6,795 enrolled TOTAL ENROLLMENT Current Enrollment: 50,377 Projected Increase in Enrollment: None. UT enrollment will remain stable for the Pall of 2005 The university continues to use the 10%rule, guaranteeing admission to any Texas student who graduates in the top 10%of their class. University Housing Policy • HOUSING ON CAMPUS IS NOT GUARANTEED OR REQUIRED. On-campus housing is a premium. Currently on-campus housing is at 100%occupancy rate as a whole and there is a shortage of beds on-campus. • Currently on-campus capacity is 6,700 beds, 13%of the total student population.This is a 26% increase from 5,300 in 1996. The University's immediate goal is to house 10,000 students on campus,20%of the student population.The goal is to house every freshman that wants to live on campus;approximately 75%of the freshmen class(6,000)and to provide housing for all upper class students who would like to remain(4,000). Currently 4,700 freshmen and 1,900 upper class students live on campus.The long-range goal is to house 15,000 students on campus. 2004-2005 ENROLLMENT ANALYSIS • The fall 2004 enrollment of 50,377 students is a 2.0%decrease from last fall's total of 51,426. Enrollment decreased at all levels: undergraduates by 2.6%,graduates by 0.2%, and Law by 1.7%. The decrease in undergraduate enrollment is consistent with UT Austin's enrollment management plan. • A residential campus of 50,000 students,enrollment typically includes students from all 50 states,the District of Columbia,and approximately 94 foreign countries. Texas's student body is 4%African American, 17%Asian, 14%Hispanic, 0.4%Native American and 3%international. 90%of the student's on-campus are full time students. The university is comprised of 51%women and 49%men. The average age of a Texas student is 20.7 for undergraduates and 29.4 for graduates including students from all 254 counties in Texas. The University of Texas at Austin Office of Institutional Research STUDENT CHARACTERISTICS Fall 2004 American Indian-Q.4% African American-3.s% Hispanic- 13.4% Male-49.3% Asian American-14,3% Vi qty White-58.6% � Unknown- 1.1 q6 Female-50.73G Out-of-State-10.4% Sophomore- 15.5% Junior_ 17.7% Foreign-8.896 Freshman- 13.9% Law-2.9% Texas-80.896 Senior-27.1% Graduate-22.9% Mote. Graduate includes Graduate School,Graduate Schooi of Business,and Pharm,D. Percentage totals may not equal 100.0%due to rounding. MARKET COMPARABLES: UniversitV of Texas Off-Campus Housin 74% Occupied—Crossing Place-1152 Units 80%Pre-.Leased $0-Application Fee $0-Deposit 2bed/2bath $499 3bed/3bath $479 4bed/4bath $379 "Rent includes Electric,Water,Extended Basic Cable,High Speed Internet, and Local Phone 53%Occupied—Campus Estates- I548Units 72%Pre-Leased $0-Application $0-Deposit 2bed/2bath $499 3bed/3bath $369 4bed/4bath $339 "Rent includes Electric,Water,Extended Basic Cable,High Speed Internet,and Local Phone 38% Occupied—The Landings-660 Beds 63%Pre-Leased $0-Application $0-Depreciation lbed/lbath $530 2bed/2bath $420 3bed/3bath $317 4bed/2bath $299 "Rent includes Electric,Water,Extended Basic Cable,High Speed Internet, and Local Phone. 90%Occupied Ballpark-768 Beds(Subject Property) 92%Pre-Leased $0-Application $0-Depreciation Studio $569 1 bed/lbath $629 2bed/2bath $484 3bed/3bath $384 4bed/2bath $344 4bed/4bath $359 "Rent includes Electric, Water,Extended Basic Cable,High Speed Internet, and Local Phone. 65%Occupied—The Village at Riverside-408 Beds 43%Pre-Leased $0-Application $0-Depreciation 2bed/2bath $479 3bed/3bath $369 4bed/2bath $355 4bed/4bath $375 "Rent includes Electric,Water, Extended Basic Cable,High Speed Internet, and Local Phone. 75%Occupied—University Canyons-660,beds 70%Pre-Leased $0-Application $0-Depreciation 3bed/2bath $325 3bed/3bath $380 4bed/2bath $320 "Runt includes Electric,Water,Extended Basic Cable,High Speed Internet,and Local Phone, 62%Occupied—UniveristyCo mmons-791 Beds 50%Pre-Leased $0-Application $0-Depreciation lbed/lbath $665 2bed/2bath $418 3bed/2bath $338 4bed/2bath $295 "Rent includes EIectric,Water,Extended Basic Cable,High Speed Internet,and Local Phone, 75%Occupied—Town Lake-648 Beds(Subject Property) 85%Pre-Leased $0-Application $0-Depreciation lbed/lbath $729 2bed/2bath $509 3bed/3bath $409 4bed/2bath $309 4bed/4bath $359 *Rent includes Electric,Water, Extended Basic Cable,High Speed Internet, and Local Phone NEW PROJECTS 2004-2005: None FUTURE PROJECTS 2006-2007: • Whitis Residential Community Site Analysis(University of Texas) 500— 1,500 Beds o According to the UT residence hall master plan,additional housing on the north side of campus would serve colleges in that vicinity and better balance the number of students living in the southeast corner of campus.The majority of student services are located on the north side of campus,which makes the particular site convenient for students. The goal of this site is to provide a living-learning community in the north quadrant of campus. This community will focus heavily on the freshman transition year. It will house Freshman Interest Groups and provide for group study and informal interaction with staff and faculty. More than 50%of the rooms will be single.All baths will be semi-private or connecting, serving no more than two students. There are three options for this site. 1. Build 500 beds on the Scarbrough site. This site is currently in the design phase and is scheduled to open Fall 2006. 2. Remove or modify old co-ops and build 400 new beds on the co-op site. Build 600 beds at West Dean Keeton and Guadalupe to establish a residential community of 1500 beds using the entire block. The corner site on West Dean Keeton has been designated for a College of Communication building. If plans change,Dinning Hall Food Services would be interested in creating a retail and residential leaming community. Austin Community College: • As one of only 50 community college districts in Texas, Austin Community College is a two-year community college providing university transfer,workforce training,continuing education, and adult basic education opportunities. ACC is a major contributor to the quality of life and economic prosperity of Central Texas. • ACC was founded in 1973 as part of the Austin Independent School District. Today,the college functions as an independent institution and operates six campuses throughout Greater Austin as well as 40 other locations in ACC's service area. • Each year more than 65,000 credit and non-credit students take advantage of ACC's low tuition, small classes,convenient locations,and great instructors. Fall semester 2003 credit enrollment was 28,862. A profile of the undergraduate student body yields: 26.2%of enrolled students are full time(12 credit hours or more)and 73.8%part time;43.9%men and 56.1%women; 60.5%White, 21.9%Hispanic, 7.0%African American, 5.2%Asian,0.9%Native American,2.5%International students, and 1.9%Other/Unknown. Average age of ACC student is 20 years old. College housing is not available. Summary: The are no live-on requirements associated with UT or ACC,which benefits everyone in the market because of the sheer volume of students in the area. Campus is benefiting from immense student population and is at 100%Occupancy for the upcoming Fall Semester. Average market pre-leased occupancy for student housing in the Austin area for the fall of 2005 is 70%. The Ballpark is currently 92%pre-leased for the upcoming fall semester,22%above market average, Town Lake is currently 85% pre-leased for the upcoming fall semester, 15%above the market. The Riverside market on the whole suffers from the reputation associated with that particular side of town. Also,the amount of student housing developments in such close proximity make getting a jump on the market a must for a successful leasing season reflected in both subject properties. The Ballpark As of July 23,2005 TOTAL 477 sq R 400 sq ft 760 sq ft 988 sq ft 1115 sq ft 1220 sq ft A B C D E F $629 $569 $474 $374 $324 $349 TYPE OF UNIT: Lrg,Eff Sm.Eff 2/2 3/3 412 414 TOTAL TOTAL BEDS: 24 54 48 234 96 312 768 #OF LEASED BEDS TO DATE: 24 54 48 234 96 312 768 LEASED:. 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%° 100.0% #OF BEDS REMAINING (unleased): 0 0 0 0 0 0 0 Rental RdiustmentslConcessian History 200512006 18-Apr-05 $404 $309 $180 concession on 412' Returning Resident Discount $5-$30 depending on rm.Type All Residents $10 2X2 up price UBS $10-$25 depending on rm.Type BKG epen ing on new or renews in a $20-$25 4X4 TSHA Students: A B C D E F Lrg.Eff. Sm.Eff 212 313 412 414 Total Maximium Scholarships To Be Awarded 5D Total Offers Sent by TS HA Total TSHA Leases Sign as of: 7/24/2005 29 Outstanding Offers as of: 7/24/2005 -1 -1 -2 17 -2 -10 1 Max.Scholarships Left to Be Awarded 0 0 0 20 0 0 20 The Ballpark @ Austin Units 282 Fiscal Year Ending August 31,2006 Beds 768 Operating Budget Budget Reforecast Year Ending Per Per Year Ending Difference 8/31/2006 Unit Bed 8131/2005 +/. RENTAL INCOME $ 3,552,984 $ 12,599 $ 4,626 $ 4,216,752 $ (663,768) -15.7% Gain/Loss Lease $ (45,000) $ (160) $ (59) $ (10,000) $ (35,000) 350.0% Short Term Premium $ 51,750 $ 184 $ 67 $ 10,602 $ 41,148 388.1% Vacancy Loss $ (144,294) $ (512) $ (188) $ (391,722) $ 247,428 -63.2% Lease Concessions $ (210,000) $ (745) $ (273) $ 0 $ (210,000) Lease Prorate Concessions $ - $ - $ (424,867) $ 424,867 -100.0% Other Concess-Scholorship $ - $ - $ (258,212) $ 258,212 -100.0% Accelerated Rent $ - $ - $ - $ 1,633 $ (1,633) -100.0% Write-offs Rental Income $ (36,000) $ (128) $ (47) $ (19,773) $ (16,227) 82.1% Non-ResidenVEmp. Rnt. Disc. Units $ (64,032) $ (227) $ (83) $ 60,065 $ 3,967 6.6% NET RENTAL INCOME $ 3,105,408 $ 11,012 $ 4,044 $ 3,064,348 $ 41,060 1.3% Other Income $ 78,600 $ 279 $ 102 $ 82,222 $ 3,622) -4.4% TOTAL INCOME $ 3,184,008 $ 11,291 $ 4,146 $ 3,146,570 $ 37,438 1.2% EXPENSES Total Personnel Expense $ 312,125 $ 1,107 $ 406 $ 299,507 $ 12,618 4.2% Total Utilities $ 421,425 $ 1,494 $ 549 $ 409,099 $ 12,326 3.0% Total Administration Expense $ 59,635 $ 211 $ 78 $ 57,915 $ 1,720 3.0% Total Contract Services $ 49,380 $ 175 $ 64 $ 45,095 $ 4,285 9.5% Total Interior Maintenance $ 15,950 $ 57 $ 21 $ 20,537 $ (4,587) -22.3% Total Exterior Maintenance $ 20,790 $ 74 $ 27 $ 15,987 $ 4,803 30.0% Total Turnover Expense $ 98,130 $ 348 $ 128 $ 83,896 $ 14,234 17.0% Total Advertising & Promotions $ 79,050 $ 280 $ 103 $ 65,523 $ 13,527 20.6% Total Legal Fees $ 2,400 $ 9 $ 3 $ - $ 2,400 #DIVIO! Total Professional Fees $ 15,000 $ 53 $ 20 $ 46,524 $ (31,524) -67.8% Total Travel and Entertainment $ - $ - $ - $ - $ - #DIVIO! Total Management Fee $ 123,723 $ 439 $ 161 $ 93,645 $ 30,078 32.1% Total Insurance and Taxes $ 88,227 $ 313 $ 115 $ 101,930 $ (13,703) -13.4% Total Dues and Membership Fees $ 900 $ 3 $ 1 $ 1,180 $ (280) -23.7% Total Depreciation and Amoritization $ - $ - $ - $ - $ - 4DIV/0? Total Interest Expense $ - $ - $ - $ - $ - #DIVIO! Start-up Costs $ - $ - $ - $ - $ - #DIVIO! TOTAL EXPENSES $ 1,286,735 $ 4,563 $ 1,675 $ 1,240,838 $ 45,897 3.7% NO] before Capital Improvements and Debt Service $ 1,897,273 $ 6,728 $ 2,470 $ 1,905,732 $ (8,459) -0.4% CAPITAL EXPENSES $ 214,890 $ 762 $ 280 $ 50,178 $ 164,712 328.3% OTHER EXPENSES $ 46,528 $ 165 $ 61 $ - $ 46,528 #DIVIO! 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E ,�„ j A Z A 7. a ao0 J m-`i��a y m (n to Q F F- U o H v � �c _a N N N Ip tp W O O O N N J W W w t0 w O?m W N � QN m 619 U1 dsm 61rn THE CAMBRIDGE AT COLLEGE STATION y � 1. 1 _ r 2005-2006 OPERATING BUDGET ASSET CAMPUS HOUSING INVESTMENT • MANAGEMENT • DEVELOPMENT 1800 Bering Drive■ Suite 320 0 Houston TX 77057 0 P 713-782-58000 F 713-268-5111 www.assetcampus.com Texas A&M University College Station, Texas UNIVERSITY INFORMATION; • State-supported university, founded 1876,part of Texas A&M University System • Calendar semesters • Degrees bachelor's,master's,doctoral, first professional,and postbachelor's certificates • Suburban 5200-acre campus with easy access to Houston • Endowment$4.4 billion * Coed, 35,732 undergraduate students,91%full-time,49%women, 51%men • Moderately difficult entrance level,72%of applicants were admitted FRESHMAN Admission: 17,324 applied, 12,426 admitted,7,068 enrolled TOTAL ENROLLMENT Current Enrollment: 44,813 students Enrollment wise the university continues to use the 10%rule,guaranteeing admission to any Texas student who graduates in the top 10%of their class Projected Increase in enrollment none. (0.6%Decrease Projected) University Honsint! Policy • HOUSING ON CAMPUS IS NOT GUARANTEED OR REQUIRED. This past year on-campus housing was only 80%. With the emergence of off-campus dorms and construction of still newer by the bed properties,campus is viewed as old and outdated and is suffering to compete. • Forty-one residence halls with accommodations for approximately 10,100 students are currently available at Texas A&M University. Of these,30 residence halls with approximately 8,000 spaces are allocated to non-corps students.About 50%-60%of the 8,000 spaces become available(vacant) for new students applying for housing for the fall semester.There are 2,200 spaces allocated to the Corps of Cadets . 25%of undergraduates live on campus. 2004-2005 ENROLLMENT ANALYSIS • Texas A&M University's fall 2004 enrollment includes approximately 44,521 students studying for degrees in 10 academic colleges. "College Station"implies a collegiate influence.Texas A&M University and to a lesser extent,Blinn College in Bryan,have a tremendous impact upon the community. Following Texas A&M's transition from an all-male, military institution,the schools population as well as that of the entire area increased significantly. • Enrollment at Texas A&M is another factor to be taken into account.The fall of 2001 had 44,618 students attending. That's a 1.3%increase from 2000.In the fall of 2002 enrollment went up again to 45,083 total enrollment, a 1.0%increase.But the fall of 2003 was a different story.Total enrollment for this semester was only 44,813.That's a 0.6%decrease from the previous year.The numbers for this upcoming fall semester continue to fall at the same 0.6%decrease from a year ago. • A residential campus of 44,521 A&M enrollment typically includes students from all 50 states,the District of Columbia,and approximately 1 I 1 foreign countries. A&M's student body is 2% African American,3%Asian, 9%Hispanic, 0.5%Native American and 1%international. 91% of the student's on-campus are full time students. The university is comprised of 49%women and 51%men. The average age of a Texas A&M student is 20.5 for undergraduates and 25.3 for graduate students. Texas A&M University Office of Institutional Studies STUDENT CHARACTERISTICS Fall 2004 0% 8% 1% 3% ■mite 9% 13 Black ■Male ■Hispanic 48% L Female ■Asian American Indian 52% ■International. 77% ClUnknown/other B% 1% 9% 14% 6% 10% ■Freshman 0Sophomore 0 T Resident ■Junior 0 out-of-Skate ■Senior ■Foreign 17% ■Masters 25% 1 ■ph.D. Professional 10 20% `Excludes Post-Bacclearates 85% MARKET COMPARABLES: Texas A&M Off-Campus Doran Style HousinE (ALL RATES REFLECT SINGLE PAYMENT WITH UNLIMITED FOR YEAR) 100% Occupied— The Cambridge @ College Station—530 Beds 92%Pre-Leased $40-Application Fee $0-Deposit $0-Administration Fee Efficiency Double $6,800 Efficiency Single $12,350 2 Bedroom Double $7,200 2 Bedroom Single $10,600 4 Bedroom $9,100 "Rent includes EIectric,Water,Extended Basic Cable,High Speed Internet, and Local Phone 100%Occupied—The Callaway House-556 Beds 103%Pre-Leased $50-Application $250-Deposit $75-Administration Fee Efficiency Single $12,352 1 Bedroom Single $14,072 1 Bedroom Double $7,539 2 Bedroom Single $10,634 2 Bedroom Double $6,750 3 Bedroom Private $11,757 3 Bedroom Shared $10,606 4 Bedroom $9,200 *Rent includes Electric,Water,Extended Basic Cable,High Speed Internet, and Local Phone 41%Occupied—The Tradition- 740 Beds NIA%Pre-Leased $0-Application $250-Deposit $0-Administration Fee 1 Bedroom Single $11,466 2 Bedroom Double $7,644 2 Bedroom Single $8,453 "Rent includes Electric,Water,Extended Basic Cable,High Speed Internet, and Local Phone. NEW PROJECTS 2004-2005: None FUTURE PROJECTS 2006-2007: None Blinn Junior College: • Blinn College,the Junior College District of Washington County, is located in Brenham,Texas, and serves a 13 county service area with campuses in Bryan and Schulenburg. The school was founded in 1883 by the Southern German Conference of the Methodist denomination under the name of Mission Institution. In 1889 the name was changed to Blinn Memorial College in honor of the Reverend Christian Blinn of New Fork who had donated a considerable sum of money to make the school possible. • As a two year college, Blinn's Bryan Campus,a small town 100-acre campus with easy access to Houston,attracts many students who transfer into Texas A&M or elect to be enrolled at both A&M through dual enrollment programs. State and locally supported,Blinn's 2-year program exists for the primary purpose of serving educational needs of the people in its service area. Blinn College is accredited by the Commission on Colleges of the Southern Association of Colleges and Schools to award the associate degree. • Current enrollment is 10,500 undergraduate students. Enrollment projections depend entirely on the number of applicants each year as the college admits 100%of these. A profile of the undergraduate student body yields;44%full-time,56%part-time, 78.6%white, 8%African- American, 10%Hispanic,2%Asian, .4%Native American and I% international. Average age of Blinn College student is 20. College housing is not available. Summary: Currently the A&M campus can house 18%of the student population. If you include the Corps of Cadets Dorms that number jumps to 22%. Future construction is not planned and campus is actually renovating many of the older residence halls and turning them into to university offices to help combat the lower than normal occupancy numbers in the on-campus halls. Future goals are unavailable at this time. Enrollment wise the university continues to use the 10%rule,guaranteeing admission to any Texas student who graduates in the top 10%of their class. Texas A&M is classified as having a moderately difficult entrance level with 67%of applicants being accepted per year. The market has been overbuilt and is saturated with student housing. The options available to students are almost limitless creating cut-throat guerilla marketing between developments. The same holds true for the Dorm style market.However,The Cambridge is 90%pre-leased for the upcoming school,almost 10 percentage points above the previous year. CAMBRIDGE @ COLLEGE STATION 2005-2006 Leasing Season WEEKLY TRAFFIC REPORT 7/25/2005 MON TUE WED THUR FRI SAT SUN TOTAL TRAFFIC 2 4 1 1 2 1 11 Renewal Applications 0 New Resident Applications 2 3 2 0 0 0 7 CLOSING RATIO 64% NET LEASING ACTIVITIES: NEW APPS THIS WEEK 7 #OF CANCELS NET GAIN/LOSS THIS WEEK 7 THIS WEEK 290 sq.ft. 290 sq.ft. 800 sq.ft. 800 sq.ft. 1117 sq.R. A B C D E TYPE OF UNIT: Eff.Single Eff.Double 2 x 2 Single 2 X 2 Double 4 X2 TOTAL BASE RENTS:. TOTAL BEDS: 11 67 65 220 166 530 #OF APPS RECEIVED THIS WEEK: 3 3 2 8 %OF TOTAL BEDS: 0.0% 4.5% 0.0% 1.4% 1.2% 1.5% #of Completed Renewals this week: 0 #OF Completed Leases New Residents: 3 2. 5 %LEASED: 0.0% C5% 0.0% 0.9% 3.0% 0.9% TOTAL 290 sq.ft. 290 sq.ft. 800 sq.ft. 800 sq.ft. 1117 sq.ft. A B C D E TYPE OF UNIT: Eff.Single Eff.Double 2 x 2 Single 2 X 2 Double 4X2 TOTAL BASE RENTS: TOTAL BEDS: 11 67 66 220 166 530 APPLICATION SUMMARY: #of Total Renewal Applications: 6, 11 23 41 26 107 #of Total New Resident Applications: 5 56 46 181 142 430 TOTAL APPLICATION SUMMARY: 11 67 69 222 166 537. %BEDS W1 APPLICATIONS: 100.0% 100.0% 104.5% 100.9% 101.2% 101.3% LEASING SUMMARY: #of Lease Renewals Signed: 6 11 20'' 4:11 26 104 #of New Leases Signed: S 56 4fi 179 140 426 TOTAL COMPLETED LEASES 1`1 67.. 66. 220, 166 530 %LEASED: 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% #OF BEDS REMAINING(unleased&un-apped): 0 0 -3 -2 -2 -7 Application Coversion Ratio to Leases: 100.00% 100.00% 95.65% 99.10% 98.81% 98.70% TSHA Students: A B C D E TOTAL Maximium Scholarships To Be Awarded 0 23 0 0 0 23 Total Offers Sent by TSHA Total TSHA Leases Sign as of: 7/25/2005 Outstanding Offers as of: 7/25/2005 0 0 0 0 0 0 Max.Scholarships Left to Be Awarded D 0 0 0 0 0 LO v (3) M M d). cg00 (O-COCDC V Q V MNNI# O (7 (D Q V n N n ' 00 ' M ' d'- r Ln (D'"R CO r CO N r (N h! 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O m' w o` w = v 3 ca w U a a o 0 °+a ei vi w uc w en w � o ° a ° o m o P sn ay va as w rn en av `y ai w w ai +n a d +n m �n e o R • 3= e r K e a o a a a o o m m o 0 o a c a o It I°n c N ' oa O 0 a N N q r r r a Cam] N •rai tO+i p YY 0 0 0 0 0 0 O T p P d 0 0 O tO 41 M N R P 4 1 ee o o a P P o m ci m N N G H N a m 'In N Qi 9• 6r � W l O Oi N O - 4i • [b N M N •n N q m � m Y N N Q d o 0 • ep Y] O � e P ' 4a N y e N N tL N yi N O Of � Or b e r iii N N N o M O O y ip O V h P T 2 C6j N Oi N _ NO N 'c O b vi W 0 0 PO O P O S ppO oQ pQ O O O •[S 0 N N N 4 e N N ° d Q U) 'W 4/ ~ W b z m m W E2 � ql 2 g Dc tm V 3 u W N'�' a v 0 a V c 'v N W0.` LLJ V Co d y d F C [] Y pf� 0 'c� U O1 N Id E c �' !L � ;,a ~ Q a E w laic, °`` o m °' o E m va a m c o v m a O W U d a o d 7 4 >a O 0.. to 2 r v'i H r° z J ce U rm 7 THE RIDGE AT NORTH TEXAS IL } 2005-2006 OPERATING BUDGET ASSET CAMPUS HOUSING INVESTMENT + MANAGEMENT DEVELOPMENT 1800 Bering Drive 2 Suite 320 M Houston TX 77057 P 713-782-5800 F 713-268-5111 www.assetcampus.com University of North Texas Denton, Texas UNIVERSITY INFORMATION: • State-supported university,founded 1890 • Calendar semesters • Degrees bachelor's,master's, doctoral, and postbachelor's certificates + Suburban 744-acre campus with easy access to Dallas—Fort Worth • Endowment$131 million • Coed, 24,274 undergraduate students,78%full-time, 55%women,45%men. • Moderately difficult entrance level,71%of applicants were admitted FRESHMAN Admission: 9,903 applied,7,036 admitted,3,456 enrolled TOTAL ENROLLMENT Current Enrollment: 31,155 Students Projected Increases in Enrollment Numbers are not currently available,however enrollment has been on a decline since 2002 and is starting to flatten out Between 1999 and 2002 Enrollment rose 12% In 2003 Enrollment rose 3% In 2004 Enrollment rose 1.3% University Housing Policy • HOUSING ON CAMPUS IS REQUIRED FOR FRESHMAN YEAR. Freshmen are given priority housing and 23%of all undergraduates live in the 5,588 beds available. Capacity is at 100%. • On-campus housing is a premium. More than 5,000 students reside on-campus,and again residence halls are at capacity_ About 10-12,000 students reside within the city limits of Denton. The remaining 15,000 students reside and commute from within the DFW Metroplex. • Due to high response,the Office of Commuter and Off-Campus Student Services at UNT hosts an annual Off Campus Housing fair. The fair is held for one day in the first week of March from 9a.m.-5p.m.on the UNT campus. Last year over 1,0100 students attended. Rental agencies and apartment properties from Denton and the Lewisville area are invited and encouraged to attend. Space is limited and tables are offered on a first come, first serve basis. The fair's purpose is to provide a one-stop"apartment shopping"opportunity to fit the hectic schedules of students. At the same time,it allows properties significant exposure to the campus community. The Off-Campus Student Services Office is also in favor of creating strong relationships with new developers to better serve the students and residents of Denton and the surrounding area. 2004-2005 ENROLLMENT ANALYSIS • The University of North Texas's fall 2004 enrollment includes approximately 31,155 students studying for degrees in 10 academic colleges. The university is considered mainly a commuter college and because of a shortage of rooms on campus and a large percentage of the student population are commuter students from the DFW area(68%). Once full to capacity,the department of housing and residence life recommends University Courtyard and The Ridge a@ North Texas to students seeking strictly student dorm-like housing. The department is open to relationships with developers and willing to help aid with whatever help or information they can provide. • A residential campus of 31,155 UNT enrollment typically includes students from all 50 states,the District of Columbia,and many foreign countries. UNT's student body is 12%African American,4% Asian, 10%Hispanic, 0.8%Native American and 3%international. 69%of the student's on-campus are full time students. The average age of a North Texas student is 22.9 for undergraduates and 33.6 for graduate students. University of North Texas Office of Institutional Studies ENROLLMENT FACTS Fall 2004 Exhibit A-1 b sroltment by t_eveL Fall 1995-04 35,E .. .._ .. .... . 25,0W U—dergrad. -Graduate 15,OW .tea, d 5,000 (J Q6 97 9a 99 W W W W Exhibit R-Ic Undergraduate Enrollment by Classification, Fall 1995-04 S.G3C3 6a�1 5,000 -, . . W Fre3hrtnan 3,c (k - - - 2,OW t<� J 95 95 } 99 00 01 02 03 04 Exhibit A-Id Graduate Enrollment by Classification,Fall 1995.04 4.50D 4,000 - 3,500 . 3,9'3J -Post Bar- 2,500 > _ _ - - l SW$ ZOM dp � 1.°JJ3 590 .,.. 95 93 97 98 99 100 01 02 03 04 MARKET COMPARABLES: Denton Off-Campus Rousing 87%Occupied— The Ridge @ North Texas—876 Beds (Subject Property) 88%Pre-Leased $29-Application Fee $0-Deposit 1 Bedroom/1 Bath $6494664 2 Bedroom/2 Bath $470-$515 3 Bedrooyn/3 Bath $409-$454 4 Bedroozn/2 Bath $3154360 4 BedroonV4 Bath $359-$389 "Rent includes Electric, Water,Extended Basic Cable,High Speed Internet,and Local Phone 49%Occupied—Campus Park—564 Beds 51%Pre-Leased $99-Application Fee $99-Administration Fee $0-Deposit 1 Bedroom/l Bath $780-$800 2 Bedroom/2 Bath $415-$435 3 Bedroom/3 Bath $3854405 4 Bedroorn/4 Bath $380 "Rent includes Electric, Water,Extended Basic Cable,High Speed Internet, and Local Phone 86%Occupied—The Arbors Of Denton- 191 Units 63%Pre-Leased $60-Application Fee $100-Deposit $50-Administration Fee $5-Gate Fee 1 Bedroom/1 Bath $689-$719 2 Bedroorn/2 Bath $434-$447 3 Bedroom/3 Bath $369-$389 "Rent includes Electric,Water, Extended Basic Cable,High Speed Internet,and Local Phone. 88%Occupied—Pace's Crossing-360 Units NIA%Pre-Leased $35-Application $100-Deposit(I Bed) $200-Deposit (2 Bed) $50-Administration Fee $10-Guarantor Fee I Bedroom/l Bath $515-735 2 Bedroom/2 Bath $795-835 *Rent includes Electric, Water, Extended Basic Cable, High Speed Internet, and Local Phone. 95%Occupied—City Parc at Fry Street-418 Beds 58%Pre-Leased $50-Application $250-Deposit I Bedroom/l Bath $895 2 Bedroom/2 Bath $630 4 Bedroom/2 Bath $545 4 Bedroom/4 Bath $505 "Rent includes Electric,Water,Extended Basic Cable,High Speed Internet,and Local Phone. 93% Occupied—University Uptown-528 Beds 75%Pre-Leased $0-Application $0-Deposit 1 Bedroom/1 Bath $860 2 Bedroom/2 Bath $585 3 Bedroom/3 Bath $525 4 Bedroom/4 Bath $495-$500 "Rent includes Electric,Water,Extended Basic Cable,High Speed Internet,and Local Phone. 72% Occupied—University Courtyard- 792 Beds 65%Pre-Leased $35-Application $I00-Deposit $200-Reservation Fee 1 Bedroom/1 Bath $869 2 Bedroom/2 Bath $609 4 Bedroom/2 Bath $439 4 Bedroom/4 Bath $475 "Rent includes Electric,Water,Extended Basic Cable,High Speed Internet, and Local Phone. NEW PROJECTS 2004-2005: 2%Occupied—The Exchange-696 Beds(BRAND NEW) 72%Pre-Leased $25-Application $150-Deposit $90-Administration Fee 2 Bedroom/2 Bath $595 4 Bedroom/2 Bath $520-$530 4 Bedroom/4 Bath $490 "Rent includes Electric, Water,Extended Basic Cable,High Speed Intemet, and Local Phone. FUTURE PROTECTS 2006-2007: None Summary• Currently the UNT campus can house 18%of the student population. Future goals are unavailable at this time. Enrollment wise the university continues to grow,however enrollment has slowed considerably in the last 2 years and is only increasing by 100 students or so a year. The market has been overbuilt and is saturated with student housing due to the enrollment boom in the late 90's right around the turn of the century. The options available to students are almost limitless creating cut throat marketing between developments and a collection of different specials for them to choose from. However,The Ridge is 88% pre-leased for the upcoming school, 13 percentage points above the closest competitor. The Ridge @ North Texas 2005-2006 Unit Availability Report Per Lease Audit 7/24/2005 477 sq f# 750sq ft 968 sq ft 1115 sq ft 1220 sq ft Current Occupancy: A B C D E TYPE OF UNIT: 1 X 1 2 X 2 3 x3 4 X 2 4 X 4 TOTAL BASE RENTS: $649-$679 $470-$500 $409-$454 $3304375 $389-$419 TOTAL BEDROOMS; 24 144 180 288 240 876 #OF OCCUPIED BEDROOMS: 22 118 141 230 193 704 OCCUPIED: 91.7% B1.9% 78.3% 79.9% 80.4% 80.4% FALL 2005 EXPOSURE: #OF TOTAL BEDROOMS 24 144 180 288 240 876 #OF DECEMBER 2005 ENDING LEASES; 0 0 0 0 0 0 TOTAL#OF RENEWALS: 5 32 24 65 56 182 TOTAL#OF PRELEASES 19 100 145 220 173 657 TOTAL#BEDS TO BE RENTED: 0 12 11 3 11 37 %LEASED UNITS: 100.00% 91.67% 93.89% 98.96°l 95.42% 95.78% Rental Adjustments/Concession History 200512006 A_ B C D E 1X1 2X2 3X3 4X2 4X4 Rate increase(4-29-05) $15.00 Date increase(4-29-05) $10.00 Rate Increase(05123105) $20.00 TSHA Students: A B C D E 1X1 2X2 3X3 4X2 4X4 Total Maximium Scholarships To Be Awarded 50 Total Offers Sent by TSHA Total TSHA Leases Sign as of: 711712005 46 Outstanding 7117/2005 0 -5 -6 -3 0 -14 Max.Scholarships Left to Be Awarded 0 0 0 0 0 0 Ridge @North Texas Units 288 Fiscal Year Ending August 31,2006 Beds 876 Operating Budget Prepared 8120105 Budget Reforecast Year Ending Per Per Year Ending Difference 8/31/2006 Unit Bed 813112005 +/. RENTAL INCOME $4,364,496 $ 15,155 $ 4,982 $4,195,297 $ 169,199 4,0%u. Accelerated Rent $ 6,575 $ 23 S 8 $ 20,000 $ (13,425) -67.1% Short Term Rent Premium $ 38,800 $ 135 $ 44 $ 18,000 $ 20,800 115.6% Less: $ - Vacancy $ (276,418) $ (960) $ (316) $ (885,000) $ 608,582 -68.8% Concessions $ (154,000) S (535) $ (176) $ (396,553) $ 242,553 -61.2% Other Losses(LTOL): $ (216,000) $ (750) $ (247) $ 135,400 $(351,400) -259.5% Write-offs Rental Income $ (50,550) $ (176) $ (58) $ (50,300) $ (250) 0.5% Nan-Resident/Emp. Rnt. Disc. Units_$ (69,720) $ (242) $ (80) $ (55,000) $ (14,720) 26.8% NET RENTAL INCOME $3,643,183 $ 12,650 $ 4,159 $2,981,844 $ 661,339 22.2% Other Income $ 88,900 $ 309 $ 101 $ 93,000 $ (4,100) -4.4% TOTAL INCOME $3,732,083 $ 12,959 $ 4,260 $3,074,844 $ 657,239 21.4% EXPENSES Total Personnel Expense $ 341,009 $ 1,184 $ 389 $ 342,000 $ (991) -0.3% Total Utilities $ 416,872 $ 1,447 $ 476 $ 406,000 $ 10,872 2.7% Total Administration Expense $ 59,249 $ 206 $ 68 $ 51,000 $ 8,249 16.2% Total Contract Services $ 51,950 $ 180 $ 59 $ 50,600 $ 1,350 2.7% Total Interior Maintenance $ 23,860 $ 83 $ 27 $ 31,000 $ (7,140) -23.0%4 Total Exterior Maintenance $ 13,005 $ 45 $ 15 $ 14,000 $ (995) -7.1% Total Turnover Expense $ 138,350 $ 480 $ 158 $ 138,000 $ 350 0.3% Total Advertising &Promotions $ 47,300 $ 164 $ 54 $ 41,000 $ 6,300 15.4% Total Legal Fees $ 2,400 $ 8 $ 3 $ 3,000 $ (600) -20.0% Total Professional Fees $ 10,000 $ 35 $ 11 $ 18,000 $ (8,000) -44.4% Total Travel and Entertainment $ 3,950 $ 14 $ 5 $ 5,500 $ (1,550) -28.2% Total Management Fee $ 181,321 $ 630 $ 207 $ 97,000 $ 84,321 86.9% Total Insurance and Taxes $ 96,925 $ 337 $ 111 $ 90,000 $ 6,925 7.7% Total Dues and Membership Fees $ 2,400 $ 8 $ 3 $ 1,000 $ 1,400 140.0% Total Depreciation and Amoritization $ - $ - $ $ - $ - #DIVIO! Total Interest Expense $ - $ - $ $ - $ - #DIVIO! Start-up Costs $ - $ - $ $ - $ - #DIVIO! TOTAL EXPENSES $1,388,591 $ 4,821 $ 1,585 $1,288,100 $ 100,491 7.8% NOI before Capital Improvements and Debt Service $2,343,492 $ 8,137 $ 2,675 $1,786,744 $ 556,748 31.2% CAPITAL EXPENSES $ 234,400 $ 814 $ 268 $ 148,000 $ 86,400 58.4% OTHER EXPENSES $ 42,321 $ 147 $ 48 $ - $ 42,321 #DIV/O! NET CASH FLOW $2,066,771 $ 7,176 $ 2,359 $1,638,744 $ 428,027 26.1% pr�r 19;N Nr a° o 0 0-P n d 'o 0 4.Q`,n o ono do o;o o P:o'p O M m t po m v °O. a• '°; p o Q.-a.'° p r m N fC .cc t: N. 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CQ O> W o m THE RIDGE AT SAN MARCOS i - _ ti s- - 2005-2006 OPERATING BUDGET ASSET CAMPUS INVESTMENT • MANAGEMENT - DEVELOPMENT 1800 Bering Drive• Suite 320 0 Houston TX 77057 0 P713-782-58002 F 713-268-5111 WWW.assetcampus.com Texas State University San Marcos, Texas UNIVERSITY INFORMATION: • State-supported university,founded 1899,part of Texas State University System • Calendar semesters • Degrees bachelor's,master's,doctoral,and post-bachelor's certificates • Suburban 423-acre campus with easy access to San Antonio and Austin • Endowment$37.5 million • Coed,81%full-time,55%women, 45%men • Moderately difficult entrance level, 80%of applicants were admitted FRESHMAN Admission: 14,224 applied, 11,311 admitted,2,801 enrolled TOTAL ENROLLMENT Current Enrollment:26,827 students Projected Increase in Enrollment: 3%to 27,575 students. Increase of 748 students FALL 2004 ENROLLMENT ANALYSIS 12th Class Day University enrollment is 26,827 students or+461 students(+1.7%) increase from Fall 2003.This fall enrollment is Texas State's highest ever and the sixth fall semester in a row to set an enrollment record. • Undergraduate enrollment increased by+563 students(+2.6%)and graduate student enrollment increased by+128 students(+3.9%). Undergraduate enrollment increased to 22,605 or+563 students more(+2.6%)than last fall, The largest increase in undergraduate enrollment was a+5.5 percent increase in sophomores(+267 students). Graduate enrollment increased to 3,396 students or+128 students more(+3.9%)than the previous fall semester. University Housing Policy In support of the educational mission of the University and the value of the on-campus life to the academic success of most students, all unmarried students under 21 years of age who may have completed fewer than 56 credit hours(i.e.:Freshman&Sophomore years) must reside in university housing. Students are required to sign a room and board contract that is binding for the full academic year or summer terms.Exceptions MAY be granted if a student lives at home with a parent or is married.Students must complete an Off Campus Request and submit it to Residence Life with sufficient documentation to support the information given. Students who will have completed at least 56 credit hours or are at least 21 years of age do NOT need to submit an off campus request prior to the contract period. 2003 2004 Change Number Percent Number Percent Number Percent Total Students 26,366 26,827 461 1.7% Classification Freshmen 4,374 16.6% 4,148 15.5% -226 -5.2% Sophomores 4,840 18.4% 5,107 19.0% 267 5.5% Juniors 5,411 20.5% 5,610 20.9% 199 3.7% Seniors 7,417 28.1% 7,740 28.9% 323 4.4% Undergrads. 22,042 83.6% 22,605 84.3% 563 2.6% Masters 3,155 12.0% 3,2:46 12.1% 91 29% Doctoral 113 0.4% 150 0.6% 37 32.7% Graduates 3,268 12.4% 3,396 12.7% 128 3.9% Postbaccalaureate 1,056 4.0% 826 3.1%0 -230 -21.8% MARKET COMPARABLES. Texas State University On & Off-Cam us Housin 103% Occupancy Fall 2005(6,344 beds occupied)-24 On-Campus Resident Halls(6,159 Total Beds) 3 Off-Campus Properties 60% Occupied- Clear Springs Apartments-83 Units 80%Pre-Leased $0-Application Fee $150-Deposit lbed/lbath $552 $573 $599 2bed/1-1.5bath $758 2bed/2-2.5bath $785 $811 3bed/2bath $997 75%Occupied-Comanche Hill Apartments-116 Units 80%Pre-Leased $0-Application $150-Deposit lbedilbath $515 $525 2bed/1 bath $626 2bed/2bath $642 60%Occupied-Bobcat Village-660 Beds 80%Pre-,ceased $25-Application $99-Depreciation lbed/lbath $750 2bed/2bath $469 **Rent includes Electric,Water, Standard Cable,High Speed Internet,Monitored Alarm, and Local Phone. ****Campus properties receive referrals directly from the University. They are the only properties in town that this applies to. Off-Campus Housing 91%Occupied- University Springs-584 Beds 48%Pre-Leased $35-Application Fee $0-Deposit $O-Administration Fee 2bed/2batb $469 3bed/3bath $430 4bed/4bath $356 ** Rent includes internet,cable, water/trash/sewer 60%Occupied - University Club-440 Beds (Built 2001) 73%Pre-Leased $30-Application Fee $99-Deposit 4bed/4bath $355 3bed/3bath $410 2bed/2bath $425 ** Rent includes basic phone with caller id, cable with HBO,valet trash 100%Occupied-The Outpost-468 Beds 69%Pre-Leased $150-Resident Life Fee(Due upon Move-in) $0-Application Fee $0-Deposit 2bed/2bath $475 3bed/3bath $475 4bed/4bath $425 **Rent includes furnished unit, cable,internet, water/trash/sewer 811 Occupied -The Zone-696 Beds 44%Pre-Leased $30-Application Fee $100-Deposit lbed/lbath $695 2bed/2bath $500 3bed/3bath(large) $460 4bed/4bath $410 "Rent includes furnished unit,cable,internet,phone 90%Occupied-The Exchange-816 Beds 72%Pre-Leased $60-Application Fee $250-Deposit lbed/lbath $719 2bed/2bath $530 3bed/3bath $489 4bed/4bath $415 "Rent includes furnished unit,cable,internet,phone,water/trash/sewer 20%Occupied -The Exchangell(EX2) 600 Beds 63%Pre-Leased $99-Application Fee $200-Deposit lbed/lbath $775 2bed/2bath $499 3bed/3bath $499 4bed/2bath $N/A 4bed/4bath $390 "Rent includes fimiished unit,cable, internet,phone,water/trash/sewer 90%Occupiers - The Ride—573 Beds (Subject Property) 75%Pre-Leased $35-Application Fee $0-Deposit lbed/lbath $690 2bed/2bath $460 3bed/3bath $390 4bed/2bath $355 4bed/4bath $375 *Rent includes furnished unit,cable,internet,phone,water/trash/sewer NEW PROTECTS 2004-2005: The Seasons(15 Buildings)Opening August 2005 (Projected 492 Bed Total) 0% Occupied 25%-Pre-Leased $0—Application Fee $0—Deposit 2bed/2bath $529 3bed/3bath $499 4bed/4bath $429 The Seasons delayed construction and missed their Target Move-In date of June I". Because of this,they were forced to give all of their summer leases to the Exchange. Construction has resumed and a new Target date of August 5,2005 has been set. The Sanctuary(200 apartments)Opening August 2006(Projected 500 Bed Total) www.thesanctuarylofts.com FUTURE PROJECTS 2006-2007: No permits pulled yet. Summary: The university housing policy requires all students under the age of 21 who have yet to complete 56 credit hours,essentially all freshman and sophomore students to live on-campus. The University's live-on requirements have placed a strain on the off-campus facilities,both by the bed and by the unit,causing prices to drop and competition to become more intense. In addition,two more student housing communities are in the works,one for fall 2005 and one for fall 2006,only further complicating the already saturated market. Campus is benefiting from the live-on rule and is at 103%Occupancy for the upcoming Fall Semester. This is a 21%rise above last year's occupancy of 82% in the spring semester. Average market pre-leased occupancy for student housing in the San Marcos area for the fall of 2005 is 70.4%,down from 88%the past spring. The Ridge @ San Marcos is currently 75%pre-leased for the upcoming fall semester, 5%above the market and 3 %above the closest competitor. The Ridge at San Marcos WEEKLY TRAFFIC REPORT 712512005 MON TUE WED THUR FRI SAT SUN TOTAL TRAFFIC 6 5 6 1 1 1 1 21 SIGNED APPL: 2 0 0 3 4 2 3 14 CLOSING RATIO 67% NET LEASING ACTIVITIES: NEW APPS THIS WEEK 14 #OF CANCELS 2 NET GAINILOSS THIS WEEK 12 THIS WEEK Sq.Ft.OF UNIT: 477 766-768 96a 1115 1320 1560 Al 81,2,3 C2 D1 D3 El TYPE OF UNIT: Eff. 2b12b 3b/3b 4b/2b 4b14b 5b/4b TOTAL ANNUAL RENTS: 8,280 5,520 4,680 4,260 4,500 5,160 MONTHLY RENTS: 690 460 390 355 375 430 TOTAL BEDS: 12 68 108 168 192 5 553 #OF APPS RECEIVED THIS WEEK: 1 0 0 6 S 0 12 %OF TOTAL BEDS: 8.3% 0.0% 0.0% 3.6% 2.6% 0.0% 2.2% #OF BEDS LEASED THIS WEEK: 1 0 0 6 5 0 12 .LEASED: 8.3% 0.0% 0.0% 3.6% 2.6% 0.0% 2.2% TOTAL A 81 C2 D1 D3 E1 TYPE OF UNIT: Eff. 21b1211b 3h/3b 4b/2b 4b/4b 5b/4b TOTAL BASE RENTS: 8,280 5,520 4,680 4,260 4,500 5,160 TOTAL BEDS: 12 68 108 168 192 5 553 #OF APPS RECEIVED TO DATE: 5 49 105 125 182 5 471 %BEDS W1 APPLICATIONS: 41.7% 72.1% 97.2% 44.6% 94.8% 100.0% 85.2% #OF LEASED BEDS TO DATE: 5 49 105 125 182 5 471 LEASED: 41.7% 72.1% 97.2% 74.4% 94.8% 100.0% 85.2% #OF BEDS REMAINING(unleased&un-apped): 7 15 3 43 10 0 78 Rental AdiustmentslConcession Hlsigry 2405/2006 All B1,2,3 C2 Di D3 E1 Eff. 2b/2b 3b/3b 4b/2b 4b14b 5bl4b SUMMER SLAM SPECIAL-1 MONTH FREE on the 4x2 only Will be broken up were 112 off first months rent, then 112 taken off over the term making the rental rate$340 711/2005 $309 TSHA Students: Al 81.2.3 Cz D1 D3 Ell Eff. 2b/2b 3b13b 4b/2b 4b/4b 5b1411b Total Maximium Scholarships To Be Awarded 4 Total Offers Sent by TS HA Total TSHA Leases Sign as of: 5/16/2005 2 Outstanding Offers as of: 5/16/2005 0 0 0 0 2 0 2 Max.Scholarships Left to Be Awarded 0 0 0 0 0 0 0 Ridge @ San Marcos Units 173 Fiscal Year Ending August 31, 2006 Beds 553 Operating Budget Prepared 6/20105 Budget Reforecast I Year Ending Per Per Year Ending Difference 8/31/2006 Unit Bed 8/3112005 +/_ RENTAL INCOME $2,585,640 $ 14,946 $ 4,676 $2,632,304 $ (46,664) -1.8% Accelerated Rent $ 3,000 $ 17 $ 5 $ 20,400 $ (17,400) -85.3% I Short Term Rent Premium $ 12,250 $ 71 $ 22 $ 20,000 $ (7,750) -38.8% Less: Vacancy $ (211,161) $ (1,221) $ (382) $ (312,467) $ 101,306 -32.4% I Concessions $ (65,241) $ (377) $ (118) $ (172,000) $ 106,759 -62.1% Other Losses (LTOL): $ (48,000) $ (277) $ (87) $ (92,000) $ 44,000 -47.8% Write-offs Rental Income $ (20,000) $ (116) $ (36) $ (40,000) $ 20,000 -50.0% I Non-Resident/Emp. Rnt. Disc. Units $ 71,400) $ (413) $ 129) $ (77,150) $ 5,750 -7.5% NET RENTAL INCOME $2,185,088 $ 12,631 $ 3,951 $ 1,979,087 $ 206,001 10.4% Other Income $ 78,715 $ 455 $ 142 $ 75,000 $ 3,715 5.0% II TOTAL INCOME $2,263,803 $ 13,086 $ 4,094 $2,054,087 $ 209,716 10.2% E EXPENSES Total Personnel Expense $ 252,487 $ 1,459 $ 457 $ 249,000 $ 3,487 1.4% Total Utilities $ 273,095 $ 1,579 $ 494 $ 263,000 $ 10,095 3.8% Total Administration Expense $ 48,200 $ 279 $ 87 $ 35,340 $ 12,860 36.4% Total Contract Services $ 25,860 $ 149 $ 47 $ 24,850 $ 1,010 4.1% I Total Interior Maintenance $ 19,175 $ 111 $ 35 $ 18,000 $ 1,175 6.5% Total Exterior Maintenance $ 17,170 $ 99 $ 31 $ 14,700 $ 2,470 16.8% Total Turnover Expense $ 61,975 $ 358 $ 112 $ 58,000 $ 3,975 6.9% I Total Advertising & Promotions $ 39,675 $ 229 $ 72 $ 38,000 $ 1,675 4.4% Total Legal Fees $ 2,400 $ 14 $ 4 $ 2,400 $ 0.0% Total Professional Fees $ 10,000 $ 58 $ 18 $ 15,000 $ (5,000) -33.3% Total Travel and Entertainment $ 1,200 $ 7 $ 2 $ - $ 1,200 #DIV/O! Total Management/Asset Fees $ 113,190 $ 654 $ 205 $ 66,000 $ 47,190 71.5% Total Insurance and Taxes $ 65,759 $ 380 $ 119 $ 58,000 $ 7,759 13.4% Total Dues and Membership Fees $ 1,500 $ 9 $ 3 $ 11,500 $ (10,000) -87.0% TOTAL EXPENSES $ 931,687 $ 5,385 $ 1,685 $ 853,790 $ 77,897 9.1% NOI before Capital Improvements and Debt Service $1,332,117 $ 7,700 $ 2,409 $1,200,297 $ 131,820 11.0% TOTAL OTHER EXPENSES $ 28,812 $ 167 $ 52 $(131,820) #DIVIO! CAPITAL EXPENSES $ 75,450 $ 436 $ 136 $ 98,000 $ (22,550) -23.0% $ DEBT SERVICE $ - $ - $ - $ - $ - #DIVIO! NET CASH FLOW $ 1,227,855 $ 7,097 $ 2,220 $1,102,297 $ 125,558 11.4% C R 9N 4m 0 4?''dN-: M n o &o t, N Jo O O-- 0 0 O �- 0.°- o''O'o.O.0-6 O ur M v P O o I . o AD, ' X10 O r "ln 'm c r N d M N_N-v c r m m - to Iq N o o tl] o, `D p q o to a o o o o o O 9 R o 7 -M .o ti] r R (WD:'. :.c cat ,ad,.r r t"1 cn rn d,o ro =o,m m N r N v u 0.1 W t0 -R�o O to 1+ O b:f%),a Q d:O O 2: m T .a'� oo 'v. ':O.iSI v m:,P 4-o n 0 0 0.O o 0:0.. 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' 800 Bering Drive E Suite 320m 1 M _ .:M www.asseteampus.com Town Lake 23-Jul-05 TOTAL 500 sq ft 765 sq ft 975 sq ft 1120 sq ft 1240 sq ft Al 132 C3 D2 D4 Initial Rates Established: $719 $499 $399 $324 $349 TYPE OF UNIT: 111 212 313 412 414 TOTAL TOTAL BEDS: 36 72 108 216 216 648 #OF LEASED BEDS TO DATE: 36 70 107 190 213 616 %LEASED: 100.0% 97.2% 99.1% 88.0% 98.6% 95.1% #OF BEDS REMAINING(unleased): 0 2 1 26 3 32 Rental AdiustmentslConcession Histo[y 2005/2006 Al B2 C3 D2 D4 18-Apr-05 $404 $309 $354 $180 concession on 412' 5/16/2005 $729 $509 $409 $309 $359 7115/2005 $319 TSHA Students: Al B2 C3 D2 D4 Maximium Scholarships To Be Awarded 35 Total Offers Sent by TSHA Total TSHA Leases Sign as of: 5129/2005 Outstanding Offers as of: 5/29/2005 -1 -2 -9 -5 -13 Max.Scholarships Left to Be Awarded 0 0 0 35 0 Town Lake units 216 Fiscal Year Ending August 31,2006 Beds sas Operating Budget Prepared 5120!65 Budget Reforecast Year Ending Per Per Year Ending Difference 8/31/2006 Unit Bed 8131/2008"2 z, +1. RENTAL INCOME $3,003,264 $ 13,904 $ 4,635 $3,234,828 $(231,564) -7.2% Accelerated Rent $ - $ - $ - $ 57 $ (57) -100.0% Short Term Rent Premium $ 28,000 $ 130 $ 43 $ 53,892 $ (25,892) -48.0% Less: Vacancy $ (240,261) $ (1,112) $ (371) $ (628,597) $ 388,336 -61.8% Concessions $ (124,000) $ (574) $ (191) $ (134,236) $ 10,236 -7.6% Other Losses(LTOL): $ (25,920) $ (120) $ (40) $ - $ (25,920) #DIVIO! Write-offs Rental Income $ (25,800) $ (119) $ (40) $ (22,754) $ (3,046) 13.4% Non-Resident/Emp, Rnt. Disc. Units $ 43,080) $ 199 $ (66) $ 34,426 $ (8,654) 25.1% NET RENTAL INCOME $2,572,203 $ 11,908 $ 3,969 $2,468,764 $ 103,439 4.2% Other Income $ 74,700 $ 346 $ 115 $ 57,920 $ 16,780 29.0% TOTAL INCOME $2,646,903 $ 12,254 $ 4,085 $2,526,684 $ 120,219 4.8% EXPENSES Total Personnel Expense $ 284,899 $ 1,319 $ 440 $ 297,688 $ (12,789) -4.3% Total Utilities $ 317,600 $ 1,470 $ 490 $ 303,770 $ 13,830 4.6% Total Administration Expense $ 46,950 $ 217 $ 72 $ 38,245 $ 8,705 22.8% Total Contract Services $ 40,500 $ 188 $ 63 $ 36,765 $ 3,735 10.2%p Total Interior Maintenance $ 8,095 $ 37 $ 12 $ 4,497 $ 3,598 80.0% Total Exterior Maintenance $ 9,260 $ 43 $ 14 $ 9,587 $ (327) -3.4% Total Turnover Expense $ 72,475 $ 336 $ 112 $ 21,600 $ 50,875 235.5% Total Advertising &Promotions $ 73,100 $ 338 $ 113 $ 64,829 $ 8,271 12.8% Total Legal Fees $ 2,400 $ 11 $ 4 $ 1,637 $ 763 4&6% Total Professional Fees $ 10,000 $ 46 $ 15 $ 18,000 $ (8,000) -44.4% Total Travel and Entertainment $ - $ - $ - $ - $ - #DIV/O! Total Management Fee $ 132,345 $ 613 $ 204 $ 115,156 $ 17,189 14.9% Total Insurance and Taxes $ 75,645 $ 350 $ 117 $ 26,470 $ 49,175 185.8 Total Dues and Membership Fees $ 30,000 $ 139 $ 46 $ 30,000 $ - 0.0%e Total Depreciation and Amoritization $ - $ - $ - $ - $ - #DIV/0! Total Interest Expense $ - $ - $ - $ - $ - #DiV/O! Start-up Costs $ - $ - $ - $ - $ - #DIV/O! TOTALEXPENSES $1,103,269 $ 5,108 $ 1,703 $ 968,244 $ 135,025 13.9% NOI before Capital Improvements and Debt Service $1,543,634 $ 7,146 $ 2,382 $1,558,440 $ (14,806) -1.0% CAPITAL EXPENSES $ 29,000 $ 134 $ 45 $ 22,000 $ 7,000 31.8% OTHER EXPENSES $ 5,000 $ 23 $ 8 $ - $ 5,000 #DIV/O! 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Ln ay �n m u9,:w o u7 w w m c0 m co [m.�o' Go Qm m m'm m m m m m m m m m,m:m m m m, 1t m° a} m w-Jul-vu TSHA PROPERTY AND BUDGET COMPARISONS 200412005 2005/2006 Budget Forecast Budget BALLPARK Beds: 768 Occupancy 85% 93% 96% Revenue 3,170,273 3,146,570 3,184,008 Expenses 1,345,894 $1,240,838 $1,286,735 NOT 1,824,379 1,905,732 1,897,273 Rev/Bed $4,128 $4,097 $4,146 Cost/Bed $1,752 $1,616 $1,675 DSR 0.737 0.770 0.767' CAMBRIDGE Beds 531 Occupancy 95%u120% 96%/12 98%120% Revenue 4,533,444 4,193,947 4,911,948 Expenses 2,486,212 2,513,620 2,541,793 NOT 2,047,232 1,680,327 2,370,155 Rev/Bed $8,538 $7,898 $9,250 Cost/Bed $4,682 $4,734 $4,787 DSR-All 0.737 0.605 0.853 DSR-A&B only 1.087 0.892 1.2581 NORTH TEXAS Beds 876 Occupancy 83% 80% 94% Revenue 3,090,155 3,074,844 3,732,083 Expenses 1,358,624 1,288,100 1,388,591 NOT 1,731,531 1,786,744 2,343,492 Rev/Bed $3,528 $3,510 $4,260 Cost/Bed $1,551 $1,470 $1,585 DSR 0.778 0.803 1.053 SAN MARCOS Beds 553 Occupancy �- 85% 88% 93% Revenue 2,011,025 2,054,087 2,263,803 Expenses 868,106 853,790 931,687 NOT 1,142,919 1,200,297 1,332,116 Rev/Bed $3,637 $3,714 $4,094 Cost/Bed $1,570 $1,544 $1,685 DSR 0.641 0.673 0.747 TOWN LAKE Beds 648 Occupancy 81% 83% 92% Revenue 2,908,000 2,526,684 2,646,903_ Expenses 877,000 968,244 1,103,269 NOT 2,031,000 1,558,440 1,543,634 Rev/Bed $4,488 $3,899 $4,085 Cost/Bed $1,353 $1,494 $1,703 DSR 1,074 0.824 0.816 Y i J W N o Q k `r N G} m I � O d c� O y m O � ca � C O O Q � _ Qi d v _ i i Y � r C O d Q. r O I � O O to d s! 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