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2005-2006 Denton Budget
I A � � £ � ��� � p ������ � �� ����_ ���;�"��n ������"�. � � � ��.. � P� ,., , _., �. . .:, � -,. � �.,..� �m ��,. �. � � , . ,�. � � ; , . , v. ,. ; ., _ ��- . � s�,� 4� �� �t ���� � � -���� � • �� � � �., � �' , ���=��,, �� �. � . a,� �„�x � �,,,. �� � � �� *„� ; , � ��� � � ���� '-..r �, � � � ��� r: � �, , < a,w� � _ �- � . €�� � ���n, ,,;, � � � <� � �� �� ��'m �, <�� ����u � �'� �; � �- } � � rr�; - 2 5-20 6 QPElZ�TIl�� �ITD�ET , ��''' . V� r II�TVESTMENT • 11�ANAGE?vTENT � DEVELOPMENT "������� 1800 Bering Drive� Suite 320� Honston TX 77057�� P 713-782-5800� F 713-268-5111 www.assetcampus.com IJnfv�rsity of North T�xas �nt�n, 'T�xas �TI�I�ER�I'I'Y I1l�F� A'�'I011�: • State-supparted 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$13.1 million • Coed, 24,274 undergraduate students,78%full-time, 55%women,45%men • Moderately difficult entrance level,71%of applicants were admitted F�SI�MAImt Admission: 9,903 applied,7,036 admitted,3,456 enrolled 'I'O`I'AL ElmiI20I.L10'IEl�t'I' ' Current Enrollment: 31,155 Students Prajected Increases in Enrollment Numbers are not currently available,hawever enrollment has been on a decline since 2002 and is starting to flatten out Between 1999 and 2002 Enrollment rose I2% In 2003 Enrollment rose 3% In 2004 Enrollment rose l.3% �Jniversitv I�ousi�� PoPicy � H�FISING ON CAMI'US IS REQUII�ED FOlt FRE�`FI�ilAN YEAdP. Freshmen are given priority housing and 23°/o 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 Mehoplex. � 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.-Sp.m. on the INT campus. Last year over 1,000 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 ailows properties significant exposure to the campus commtmity. 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 EI�12tJLL EI�'I' AI�AI,I'�IS • The University of North Texas's fa112004 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 Iarge percentage af 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 @ North Texas to siudents seeking strictly student dorm-like housing. The department is open to relationships with developers and ' willing to heip aid with whatever help or information they can provide. s A residential campus of 31,155 LTNT enrollment typically includes students from a1150 states,the District of Columbia, and many foreign countries. IJNT's student body is 12%African American,4% Asian, 10%Hispanic,0.8%Native American and 3%international. 69°l0 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 EI�IZOI,I,I1'IEl�'T �'AC'I'S Falf 2004� �:t�i&����-1 k� �tr�IF��r�4 by�..�+e�l„�aE!159� ` �5,:�� _ _ _ _. __ __. i ��,�':�3 _ . _ ,.. - ��;� . .�. . __ �,,,_.�,; �l.��r�r��.' , �,,,�."d<.,� � �,� _ _ __ �-���t,atc ' ��,� __ _. _ . __ _ +:�'a;~,� ����3 __ ___ _._ _ _ _ , ., _ _ �,� _ _.. _ ._ . _ ._ :� . _ __ _ _ �� � �� �� � � �� �� ���: � . ___ _ _ __ __ _. __ _ . _ _ ___ __ E�;hlEstk A-ic Ue�ci�rgraduat��nrr�ltm�r�ti Say Cl��i�cation,�all°i 1,��� . _ _ B� . _ _.. _ _ _ :e_,�..--..�. _ _. __ �.�. . . _. ��.�. �..,. .,..�..,_. ,..v.�,,�...,..��.....:.�.w-^`'" ,,x�7 .-�,_,..�._._. �_�,�.^ _ S.�J�� : __ _ _ _. _._.. .___ _ „ _ - � - �Fs�r�n 5.�.s�3 ,::;«r�W ,, .. - > ��-�. _„..�. _ "'-` _ � �� � .. .� �, ,._...,.. w _ ,,- - < ,. � _ e _ _ _ � ..... ...� �7�J � • �M,,e - �,� ..... �z�yssy�m3rg, 3.�} ' _ _ _ _ .. . — —.ka�r� 2�'3 , _ _._ _ ,.. _ ; SPz�i�,' � � t;:k".�} '. . . .. . . .. . . _ . .. __ .. . _.._... .. . _ _ .. .. � :.. . . , _.. . _.._. ...._... . ...._ .. ._..._ . __.._. ., _._ � _.. ... 9� � �? ag ?� �'J L�t f?2 t�3 t�t �hit�it t4•'it€ . .: ,�'sC�t�(f�EA�YC1��8YI8.t"1��t�.�fl �. �'C.��43tt��E�'I�J� 4.�D 4.tY3:7 ; _ _ _ . , 3,5�7 „_. _ __ _. _ __ _" __. _ _ _ 4 � e : _ .. _ , ,, „ • 3,��7 :._ _ _ _ _ __ _. t.,�,.. . ..P�st S�cf 2,SJ'3 , _ __ __ _ . _ __ _ _ _ . .h�si�`'S: 1' `. ,,, :�.� : _ . _ __ _ _;f ` _. _ �..,�,�_.�Dx.torat- t � •�,,, � . � __ 1.5�`J ` ' � . ,.�w ,. 'w" " ..,, ""-^ ' __ _ _ • . __..__ m.,. _ _,. > .�.. ...� � ,h>.E _ � . .,.�.e..�,K..�.. .�,����n. .�-u� �-�"°` 9,�3 ', _ _ 5� :. _ _ _ _ _ . _ _ _ . _ _ � :. _ .. _ _ r .__ __ . .. __. � _. __ ... 9a �3 8� �B �4 � J1 fl2 D3 �1 A T CO1�I'� �I.E�: Dentmn �ff C�rn�us I3musi�a� 87%Occupied—The Riclge @ North Texas—876 Beds (,Subject I'raperry) 8�%Pre-Leasecl $29-Application Fee $O=Deposit 1 Bedroam/1 Bath $649-$664 2 Bedroom/2 Bath $470-$515 3 Bedroom/3 Bath $409-$454 4 Bedroom/2 Bath $315-$360 4 Bedroom/4 Bath $359-$389 **Rent includes Electric, Water,Extended Basic Cable,High Speed Internet, and Local Phone 49%Occupied—Campus Park—564 Beds SI%Pre-Leaserl I $99-Application Fee $99-Administration Fee $0-Deposit 1 Bedroomll Bath $�gQ_$gpp 2 Bedrooml2 Bath $415-$435 3 Bedroom/3 Bath $385-$405 4 Bedroom/4 Bath $;gp **Rent includes Electric, Water,Extended Basic Cable,High Speed Internet, and Local Phone 8b%Occupiec�—The,4rbors OfDenton- 19I Units 63%Pre-�eased $60-Application Fee $100-Deposit $50-Administration Fee $5-Gate Fee 1 Bedroom/1 Bath $689-$719 ' 2 Bedroom/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 N/A%Pre-Leased $35-Application $100-Deposit(1 Bed) $200-Deposit (2 Bed) $50-Administration Fee $10-Guarantor Fee i Bedroain/1 Bath $515-735 2 Bedroom/2 Bath $795-835 **Rent includes Eleciric,Water,Extended Basic Cable,High Speed Internet, and Locai Phone. 95%Occupied—Ciry Par-c at Fry Street-418 Becls 58%Pre-Leased $SQ-Application $250-Depasit 1 Bedraom/1 Bath $895 2 Bedrooml2 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%Pr�e-Leasecl $0-Application �� $0-Deposif 1 Bedroom/1 Bath $860 2 Bedroom/2 Bath $585 3 Bedraom/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 $106-Deposit $200-Reservation Fee 1 Bedroom/1 Bath $869 2 Bedroom/2 Bath $609 4 Bedrooml2 Bath $439 4 Bedroom/4 Bath $475 **Rent includes Electric,Water,Extended Basic Cable,High Speed Internet, and Loca1 Phone. I�IE�V PI20JECT'S 2004-20Q5. 2%Occupied—The Exchange-696 Beds(BRANI)IVEW) 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 inciudes Electric, Water,EYtended Basic Cable,High Speed Internet, and Local Phone. �uTu� ��o�c�� zoa6-�oa7: None , �uanrrfla�. Currentiy 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 enrotlment boam in the late 40'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 speciais for them to choose from. However,The Ridge is 8�% pre-leased for the upcoming school, 13 percentage paints above the closest competitor. l'h� idg� � lVorth Texa� 2005-2Q06 UniY Availability Repor4 Per Lease Audit 7/24l2005 477 sq R 750sq ft 988 sq ft 1115 sq ft 122Q sq ff Current Occupancy: A B C D E , TYPE OF UNIT: 1 x 1 2 x 2 3 x3 4 x 2 4 x 4 T�TAL BASE RENTS: $649-$679 $470-$500 $409-$454 $330-$375 $389-$419 TOTAL BEDROOMS: 24 144 180 288 240 876 #OF OCCUPIED BEDROOMS: 22 118 141 230 193 704 OCCUPIED: 91.7% 81.9% 78.3% 79.9% 80.4% 80.4% FA�L 2005 EXPOSU�E: #OF TOTA�BEDROOMS 24 144 180 288 240 876 #OF DECEMBER 2005 ENDING LEASES: 0 0 0 0 0 0 TOTAL#OF RENEWALS: 5 32 24 B5 56 182 TOTAL#OF PRELEASES 19 100 145 22Q 173 657 TOTAL#BEDS TO BE RENTED: 0 12 11 3 11 37 %LEASED UNITS: 1�0.00% 91.67% 93.89°10 98.96% 95.42% 95.78°l0 t�, «-��.. _. � , >.,. �.,. .._ <P�.w..:w . ...... . ..... ::.. ,,. . ,� � �� ., Rental AdiustmentslConcess6on History 200512006 ������ � � � � � �� � �� A B C D E 1X1 2X2 3X3 4X2 4X4 Rate increase(4-29-05) $15.00 Rate increase(4-29-Q5) $10.00 Rate increase(05123Id5} $20.00 TSHA Students A B C D E 1X1 2X2 3X3 4X2 4X4 Totai Maximium Scho{arships To Be Awarded 50 Total Offers Sent by TSHA Totai TSHA Leases Sign as o#: 7/17/20d5 ° 46 Outstanding 7/17/2005 Q -5 -6 -3 0 -14 Max.Scholarships Left to Be Awarded 0 0 0 0 0 0 � �� Units zss Fisca(Year Endirrg,4ugust 39,2006 Beds s7s Operating Budget Prepared 6/20l05 Budget tieforecast Year Ending Per Per Year Ending Difference 8/31/2006 Unit Bed 8131l2005 ¢I- F2ENTAL IIdCO�IIE $4,364,496 $ 15,155 $ 4,9$2 $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) $ 6Q8,582 -68.8% Concessions $ (154,000) $ (535) $ (176) $ (396,553} $ 242,553 -61.2°l0 Other Losses(LTOL): $ (216,000) $ (750) $ (247) $ 135,400 ${351,400) -259.5% Write-offs Rental (ncome $ (50,550) $ (176) $ (58} $ (50,300} $ (250} 0.5% fVon-Resident(Emp. Rnt. Disc. Units $ {69,720) $ (242} $ (80) $ (55,000} $ (14,720) 26.8% $ - NET REiVTAL ItdCOME $3,643,183 $ 12,650 $ 4,159 $2,981,844 $ 661,339 22.2°/a Other Incame $ 88,900 $ 309 $ 101 $ 93,000 $ (4,100} -4.4% T07'4L IP�ICOME $3,732,083 $ 12,959 $ 4,260 $3,074,844 $ 657,239 21.4% EXPENSES Total Personnei Expense $ 341,009 $ 1,184 $ 389 $ 342,000 $ (991) -0.3°l0 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% Tota!Contract Services $ 51,950 $ 180 $ 59 $ 50,600 $ 1,350 2.7°lo Total Interior Maintenance $ 23,860 $ 83 $ 27 $ 31,000 $ (7,140) -23.d% Total Exterior Maintenance $ 13,005 $ 45 $ 15 $ 14,OOQ $ (995) -7.1% Total Turnover Expense $ 138,356 $ 480 $ 158 $ 138,000 $ 350 0.3% , Total Advertising& Promotions $ 47,300 $ 164 $ 54 $ 41,000 $ 6,300 15.4% Totai Legal Fees $ 2,400 $ 8 $ 3 $ 3,000 $ (600) -20.0% Total Prafessional Fees $ 10,OOQ $ 35 $ 11 $ 18,000 $ (8,000} -44.4°/o Totai Travel and Entertainment $ 3,950 $ 14 $ 5 $ 5,500 $ (1,550) -28.2°!0 Totai Management Fee $ 181,321 $ 630 $ 207 $ 9�,000 $ &4,321 86.9°!0 Totai Insurance and Taxes $ 96,925 $ 337 $ 111 $ 94,000 $ 6,925 7.7% Total Dues and Membership Fees $ 2,400 $ 8 $ 3 $ 1,000 $ 1,400 140.0% Tota( Depreciation and Amoritization $ - $ - $ - $ - $ - #DIV/0! Total Interest Expense $ - $ - $ - $ - $ - #DIV/0! Start-up Gosts $ - $ - $ - $ - $ - #DIV/0! TOTAL EXPEPdSES $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°l0 CAPITAL EXPENSES $ 234,400 $ 814 $ 268 $ 148,Q00 $ 86,400 58.4% $ - OTHER EXPENSES $ 42,321 $ 147 $ 48 $ - $ 42,321 #QIVlO! �IETCASH FLOW $2,Q66,771 $ 7,176 $ 2,359 $1,638,744 $ 428,027 26.1°!0 . . _ _, _ _ _ _ _ _ T; ,.-�e at N ,xas _ Denton Tx 6I20l2065 288 Units 876 Beds Sep-05 Oct-05 Nov-05 Dec-05 Jan-06 Feb-06 Mar-06 Apr-06 Ma -06 Jun-06 Jul-OB Aug-06 Totals Occupancy 94% 94% 94% 95% 95% 95% 95% 95% 95% 91% 91% 90% 94% 4005. ; 5chetlu�ed Rentaiftevehu� ' �63,708 363;708. ' .363;70& 363;748 363:708, 363,7�8• 363 7t78 363,7tl8 383;708, - 3�3;708'.. 363,7[�8 ;363,708: 4;364;496:. 4030 Gain(Loss)to Lease (18,000) (18,000) (18,000j (18,000) (18,000) (18,000 18,000) (18,000) 78,000) (18,000) 18,000) � (18,000 (216,000) 4Q45 - ��� �5hory.T�rm RenCPre�tliurti��'� �,95.0 3,960 3,950: 3;�54 3,750- 3,750�� � �;��Z50, " � 3,750 '� ��75tl�.� 25p"� �� �250 �"�� ��750� 1"3$�80p� 4050 Vacancy Loss (21,822} (21,822) {21,822) (18,185) (18,185) � (18,185) (18,185) (18,185) (18,185) (32,734) (32,734) (36,371) (276,418) 4055 Pribr;Pgnorl Ailj',Vacany, 0 C} 4 0 0 4' 0 A 0 t� �- 0 b"= 4056 Prior Period Adj-Rent 0 0 0 0 0 0 0 0 0 0 0 0 0 4060 Lea5eGancessi4ns (59,40Qj' (11,400) (11,4b0) (11,4tJ0} {it,A00} (11,400) (11;,4�0) �11�h�a},- {11,?I00} {11,400) ��1'S4;40�) 4061 Lease Frorate Concessions 0 0 0 0 0 0 . 0 0 0 �� 0 0 � �0 0 ,_..__ ...._.., __.,,._, ._.,....r, , � .. . , ,., . .. . ,_ .,; . . �;� ., �c� 4075 Accelerated Rent D 0 � 4,200 0 0 0 0 2,375 0 0 0 6,575 aosz v�inte-a�s�eritartn,e�,m� �i8,000� ��;soa). (t,55o� t7,5ooj ��,soo) ti;5oa) ta';�oa} �t'Soo>, �i,5o,oj ;` �r�;000} (�;5ooj (s;000j ;(sa,�so�; 4085 Non-ResidenUEmp.Rnt.Disc.Units (5,810) (5,810) (5,810) (5,610) (5,810) (5,810) (5,810) {5,810) (5,810) (5,810} (5,810) {5,810) (69,720) TotalRentallncome 252,626 309,126 309,076 316,963 312,563 3�2,563 312,563 312,563 314,938 283,014 305,914 301,277 3,643,183 EconomicOccupanc 69% 85% 85% 87% 86% 86% 86% 86% 87% 78% 84% 83% 83% �095 Garag�fGafprsrt.�ent i,900 1,9(10 �,96Q 9,9RQ 1,900 1:9d0 �I',90q 1.�3Q�' , t',9Qt1 �30tl , , 1,900 . 1,9t]0 22;��?D' 4096 GarageiCarport Concession 0 0 0 0 0 0 0 0 0 0 0 0 0 4705 ' Ret Feas/RerilJNqn-Ftef 0ep.' 1,600 D 0 t7 U (� � � ` 0 a 0 0 �,BQO _. 4115 Storage Rental Income 0 0 0 0 0 0 0 0 0 0 0 0 0 41�5 : Veniling fncarne : t� f� 0; tS d 0 Q (3 "; D 0 4 0 0' 4175 ApplicaYion Fees 100 100 100 100 100 2,500 2,500 3,500 3,500 2,500 2,500 100 17,600 4t77 Applicat�cin Fee Expens� q U Q' , 4 0 0' '! 0 0 ' t� tt U 0 - 4 4185 Cencellation Fees 0 0 0 750 0 0 0 0 750 D 0 0 1,500 4t$7 , Wrife=t3HsCanceilatian.�ees . � Cr 0 s A t� t7�I ' 0 , S� 0 0 0 0 4' 4190 ReletFees 600 600 600 600 600 600 � �600 � 600 600 600 600 600 � 7,200 A2Od � NSF��'ees�' 175 '� !75 � i75 175 '�� 175- ; t751� 175 � ,a75 '�� �!°�75 i9� � '176 ; '17� ' 2 1�00: 4205 Late Fees 200 2,400 2,400 2,500 3,200 2,400 2,400 2,400 2,400 2,400 2,400 2,400 27,500 4210 , AccessaCard�'ees 0 0 0' t�" 0 0:. 0-` !3 ' � D 0 ; b , 0: 4215 Damages 3,000 0 0 0 800 0 0 D 0 3,000 0 0 6,800 k2�1.B "� �'� ihldte-(3ffs�13amages , � `0 4Y 0�' ��i C7 0 � t�� r f1 fl ��;.. p _ � � � �. � �' 4217 Administrative Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 422Q; �qdeite�(Dtlpostts U, q Q! (7 0 d: " p ' 4i 0 Q U .. 0 p! 4255 Common Area Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 426p I.easeUidlatioilSlr?came '��p 150 156; 150, ';. 750 150 {�0. -, 15t�, ' 15Q 15A . '' 7�p -, 9S0 1;800: 4305 Other Rental Income(Misc.Income) 0 0 0 0 0 0 0 0 0 0 0 0 0 d309 " WMe-a�Fs,,bther;l�enfa� � .. "4 C�'� p 0 #�. �-Q- 0 : � G � b D p`. 4510 Short-term investments 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Other Income 7,725 5,325 5,325 6,175 6,925 7,725 7,725 8,725 9,475 10,725 7,725 5,325 88,900 Totai lncome 260,351 314,451 314,401 323,138 319,488 320,288 320,288 321,288 324,413 293,739 313,639 306,602 3,732,083 tlge at Texas . . Denton Tx 6/20/2005 288 Units 876 Bads Sep-05 Oct-05 Nov-05 Dec-05 Jan-06 Feb-06 Mar-06 Apr-O6 Ma -06 Jun-06 Jui-06 Au -06 Totals 5023 ,Salaries�Managerilent -�' i4;�65 �,1,865 � ; 9�88'S 3d;873 9.885 ; 9,885 �19�q15 �10,015"! � 10,Dt5�. . � 1d,823`� �"�0;015: �; 1Q�U�5 ;�35;9�D'� 5025 HourlyWages-Service 16,091 6,791 6,79t 10,086 6,791 6,791 6,791 6,791 6,791 10,086 6,791 6,797 � 97,360 �5034 � HourtyW�ges>��HoUst:keep�in9 . 0 " � Q d fS Q =� fl " �[i ' p , 0 0 0 + �i� �S� 5045 pvertime 0 0 0 0 0 0 0 0 0 0 0 0 0 �5046 �Ve'rt,irne�Maq�gemer}t ' �S p i0 0 Q D� 0� C!' p ,D b .s ;Q " �; 5047 Overtime-Service 0 0 0 0 0 0 0 0 0 0 0 0 0 505b C3verFrrime-MainVGroUnds r �Y o 0 0 0 , D � C� 0 0 0 2;000" 2;Otlti. _ . 5055 Overtime-Housekeeping 0 0 0 0 0 0 0 0 0 0 0 0 0 `�06� �'Qinporary�mpioyfrienf � ; Cr 0 i0 '� p 0 ��- 0 D� (t' � �p t�. � Q ; �� �; 5080 Payrali Taxes 4,536 3,902 1,990 2,959 1,990 1,990 2,008 � 2,008 2,008 2,977 2,307 2,008 �� 30,685 5090 Group-liisuranr.� 1;560 1�5G0 1,660 1;58Q ; 1,580 1;560 " i,860 ' Y;56Q, 1;560 - 1,5G0 4,560' = 1,5�0 ' 18,720; 5100 Workers Compensation 4,194 3,609 1,841 2,736 1,841 1,841 1,857 1,657 1,857 2,752 2,133 1,857 28,374 9105 Emplayer401k,Contribu#io�� ���_ _ � 0 � S1 � 0 Q b ��-� �0 '�� �' ' � 0� �p '; � '�p p_ 5114 Uniforms 0 0 800 0 0 0 800 0 0 0 500 0 2,100 5t17. �therPeYsonnet„Expense ' 0 " 0 0 Sf1D 0 ; 0 t} �t' 500 p 0 ;, t2 f �t,000 5146 Emplf�yee Screening Fees 0 0 0 0 300 0 0 0 300 0 0 0 600 5�47 Empinyee,Rec?t{iUqg;F���; � 0 0 t� 4 4 0 p i D D Q .0 p i 5149 Help Wanted NewspaperAd 0 0 0 0 250 D 250 0 0 250 0 0 750 5d50 Leasing;Coitt�tissi4ns. 7;60Q j14;00Q 0. U � 0- 0 U.;: C3 0 ' 2,50Q . 0. 23;5Qq, Total Personnei Expense 48,246 41,727 22,847 32,514 22,597 22,047 23,282 22,232 23,032 32,448 25,807 24,232 341,009 5411. �IeCt�7city..GlubhbU6�e 5,300 5,200' ' � 6,3E7b� 6,300 = 5�300 s 5,304 5;30D" 6,6b0� � fi�0tf�, B,iM�iS' ��� B�OqO" ` 6:fl00 � �`il�,fp�"' 5413 Electricity-Vacants 3,200 1,200 1,200 1200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 16,400 sata �rect�ic�iy:�tei�bursemerits {i,��o� � ` o � o d n �, o � � a ^ t�,zno� 5436 Water/Sewer-Ci�bhouse 12,000 12,000 12,000 12,000 12,000 12,000 12,000 13,000 13,000 13,000 13,000 13,000 149,000 54+}2. " W�tei'!&ewer-i2esident5 0 0 0 p 0 p � A' . (� 'A � {S t7; 5456 Gas � 400 400 400 �400 400 400 400 400� 400 400 400 400 � 4,800 5A60 , Gas-C,lubiliiu`setNloileis- 0 t1 C} 0 0 tl � (�` p, p " tl `0" Q 5475 Refuse Removai 4,000 2,300 4,000 2,300 2,300 2,300 2,300 2,300 2,300 2,3p0 2,300 4,300 33,000 5505 .. Cabl� 4�910 4,910 4,910 4,914 4�91p 4.910 4,9�a 4;9.14 4,9t0 4�91CY 4,9iU };940 'S8;920:: 5514 Resident Telephone 0 0 0 0 0 0 0 0 0 0 0 0 0 462C1 flthd�Fuel�l�tili�ie� ' �M 0 0 " '- 0 0 � t� �"C1 4`�� t3 �� ' �D,- fY ' +6 � 0; 5525 Resident lntemet 7,446 7,446 7,446 7,446 7,446 7,446 7,446 7,446 7,446 7,446 7,446 7,446 89,352 7otatiUtilities� ' �35�558 ��'33,9,56 35,256 33,558� 33.556 �, �33,55�, �33,558 35�256: "'�3�,268' �`35,255 "35;25fi �i 37,2�& ; �}16�$,72; 'S656� Telaphone�-Basi�� . 1,`I50 ;'9,1�0 1,15tl ��450� �. �7.15tl 9;15q ;3��50 �.1��5D'� �1�15Q' 1;15p � �,150� ` � 1,150 � 93�80Q� 5657 Telephone-Long Distance 200 200 200 200 200 200 200 200 200 200 200 200 2,40p 5665 Ahstvenng.Se,rviGe/Page15', 120" 126 120 120 . 120 120 , i2p 120'' 120 120- iZ0 120 i;4ttt1 6805 Postage 440 265 640 440 265 265 440 265 640 440 265 265 4,630 58y"Q . �tiuri�rlpyerntghtDeliv,ery 160 180 640 160 1S0 18q ' 960, t60, ` 160 i6(3 t60 1&0 2,dtiD`, 6820 Computer Supplies 75 75 75 75 75 75 75 75 75 75 75 75 900 5825 �omputerEpuip:-5oftwrarE* c50 50 50 50 a0 50 50 5� 5Q 5Q 50 50 600' 5838 Bank Charges 25 25 25 25 25 25 25 25 25 25 25 25 300 5839 Empt�p��Evaluation� 4 6 0 0 0 n i� � (Y 0 t7 b , fl 5840 Credit Card Charges 500 500 500 975 800 800 800 800 BOp 800 800 800 8,875 5842 Offi�e.�uPplies ' 150 1513 154 15Q 150 150 150 75i}' 150 'I80 150 150 i�$q0 5843 Office Decorations 0 100 100 100 25 50 50 50 0 0 50 0 525 5$44 Safel"yEt{uipme�C '75 0 150 75 0 t3 '�S i� tS 75 {� 0 *150+ 5845 Fire Alarm InspectionlEquipment 150 150 150 150 150 150 150 150 150 4,200 950 150 5,850 58!t6 Y�rjn#ii�g and Siafiqnary 10b 1�D 200 ttlD 7�0 2C10 j 9CiQ 10t?;; �Op ip0' 6t70 100 ; 2;0C�" 5847 Copier/Fax Expense 575 575 575 575 575 575 5�5 575 575 575 575 575 6,900 5a5a ucerisest�erm�s��ees o o i,soo o a � o n z,oa a�5. � 0 2,0�' 5865 Securi[y/Alarm Expense 62 62 62 62 62 62 62 62 62 62 62 62 144 5887 �mpi�yeeTrainPn9��ducation i;500 0 p q 0 q 0 #} b U p A ' t,500; 5890 Other Administrative Expense 325 125 125 315 125 125 125 315 125 125 125 125 2,080 T,otal AdRlir�istratiorl.EXp�ns�, g,�57' . �3,$0? 5,4ti2 �$�722 �'4.032 d,i57 "� "4,307 . 4,2�}7 " �,fi82 , �8,562 . 4�557' 4,Ot�7 ���59.2�19' 1;,.. ...ugeatt._.,.. _�xas Denton Tx 620i2005 288 Units 876 Beds Sep-05 Oct-05 Nov-05 �ec•05 Jan-06 Feb-06 Mar-06 Apr-06 May-06 Jun-06 Jul-06 Au •06 Totais �;170 Exterriiination 6$ti` I ��BO 556� ?G50 650 850� 'S50 - ��650 � '850" 65Q� 950 650 �t 7�800.= 6115 landscape Contract 3,000 4,500 3,000 3,000 3,000 3,000 4,500 3,000 3,000 4,500 3,000 3,000 40,500 s130 Protec�iori SenriCes Contr@ct 25Q ; 240 200 2Q0 211Q 20q' 2t�Q 200,. ,204; 2DQ. 2(30 2Qt3; ; 2,45q< 6145 Cieaning 200 0 200 0 200 0 200 0 200 0 200 0 1,200 B95i} DUtert;Onll'�Cl.�i,8(vic85; , t}. C1. O . O, O O; [}- Q ', ,, {} T}. C1' 0. D' Totai Gontract Services 4,100 5,350 4,050 3,850 4,050 3,850 5,550 3,850 4,050 5,350 4,050 3,850 51,950 GTf;O Atarin.System.Rej�air� � 35, '- 35 35 '35" 35 �351- � � 35 . 35 : 35� , 35� �35= 3� � 420', 6165 Appliance Repair 550 550 550 550 550 550 550 550 550 550 550 550 6,600 6785 InteriorElectrical,Rep�it 100 10tl iA0 100 10Q iO4 ,10U 140'- 100, 40R 1,04 , 99¢ 1;ZOQ 6190 Interior Light Buibs 60 60 60 60 60 60 60 60 60 60 60 60 720 6t95 Inter�nr Paint�nd Wallpaper+ 1Q0 100 2Ei0 20tl 20t1 200 204 2b0. ' . :2(30 2tl�, i00 20p ,: 2;1D07 6200 Carpek Clean/RepaidDry 75 75 75 75 75 75 75 75 75 75 75 75 900 6205 lPierfo�Sfleetrcrock Repair 1 3nt7 � 100 �Ol� 10tl i 10t1 100'� �'�704 �i�g ���� 'too �fo2Y � �oo �tOp i; 1-;2D0'� 6210 loterior Vinyl and Tile 50 50 50 50 50 50 50 50 50 50 50 50 600 Q215 � AlUmbing�Repairi 985 ; �85 1B5 � 185 186 , 185s� �185 985 ;. i185 1��, � �8� 185, '�, �,220; 6235 Janitoriai Supplies 175 175 175 175 175 175 175 175 175 175 175 175 2,100 6246 Window Cave�ting Repair ; 25 25 25 25 25 25 25 ZS. , ! 2,5 ' 25 25 25 j. 3Dq, 6245 Recreation Facility Repair 125 125 125 125 125 125 125 125 125 125 125 125 1,500 6250 � LpcksandKeys � � 6tiQ � � 60 60. I�60 S6 60'� �� $(1 . _ � 80 ; `�80 �Q,� 6Q 1,tOQ ', �,2Q0; 6265 Other interior Repairs and Mai�tenance 150 150 150 150 150 150 150 150 150 150 150 150 1,800 7bt�I��ihterio�,ty��!ijteti�r(ce. f �2�230 i;79D� 1,89Q a;890` 1;89Q 1.$90:` fi;89q' � h�89t1� '- 4�890� i,g90 ;i�;750,� �� 2,9��� . �3,860; B'275 �PpW�&Spa 5up�fias�and Repair ;200" 'I �200� 200 24p- � 20R�� 2D0';�, . :�7A0 200�'_'� !8�4 2DQ'� . �;2�0 2[)0> ' 2;AdD_� 6280 Golf Ca�t Repair 30 30 30 30 30 30 30 30 30 30 30 30 360 6285 HVi4C,Rtrpair anei Maintenanca 300 340 �00 3tl0 300 3t70' �6(3 30tl, (( 30Q �00 3110 300 3;606: 6290 Landsraping Supplies 25 25 200 � 25 25 25 25 200 25 25 25 25 650 6310,, Roaf Repai[s, ;0 0 ; 0 U fl 4, 0 tl t1 - 0 1i' tS , Q` 6315 Windowsand Screens 200 50 50 50 50 50 50 50 50 50 50 200 900 8320 ; EictertarPain2 28 25 25 25 " �5 25; 25 . 25 ' r 25 25 25 25 3�0' 6325 Exterior Electricai 25 25 25 25 25 25 25 25 25 25 25 25 300 633Q ' Exteritir Light,8ulbs 2QQ 2E)D 20Q 240 t 2D0 2f10' 240, 20R-; 200 20(3 ' .200 2t70 2;4D0,' 6335 Exterior Repairs 50 50 50 50 50 50 50 50 50 50 50 50 600 6345 Acces�Gafe°Repair 50 50' S0, 5D 50 : 5Q ` 50- 50 : '.SCY 5,0 ' S0 50 6d0. 6350 Walks and Parking l.ots 50 18 18 18 18 18 18 18 18 18 18 50 280 B36D `Toois and Equiqment 50 35 35 �5 35 35 35 . 35 '; 35 35. 35 35 d35' 6365 Fence Repair 15 15 15 15 15 15 15 15 15 15 15 15 180 �Tct�I�xte�rtf�,Ma�ntsnahce=. �,220 T,Q23 1,194 1�fl23 '�,1,023 t��D23' � �j;D2� 1,198 �_ � �;023. 1,023'° � i;"9,Q23 , � 1,�0�` . 113,Q05^�: Totaf F2epairs ariil Maintenance �,450 ',2.7d0 3,Q15 2;89b ,3;224 2,840 2;84.p . , ' �,Q15 . 2;840' ?,846 2�740 4,063 ; 36.4d7'. 6380 Make;Reacijr=ln#eriorRepaiis 5,000 ;2;5p0 t3 U p 750: Q i� ; 0 9;1;OD �;10,0, 2,500 12,850' 6385 Make Ready-Int.Rep.-Reimburseme 0 0 0 0 0 0 0 0 0 0 0 0 0 fi390, iviaiie F2eacly�Carpet.Cleaning 18,04Q. 500 !00 i';50Ci 25D 9 ; � 0 ' 200 �,506 .. 2,590 2.500 28;050> 6395 Make Ready-Carpet Cieaning-Reimb 0 0 0 0 0 0 0 0 0 0 0 0 0 6400 Make;Ready��arpet,RepiaceirienS ' , �' Q ". 0 0 6 0` ` � " A � 0 � 0 0. 6405 General Cleaning 38,000 �1,500 0 500 0 0� 0 0 1,500 1,500 0 0 43,000� 6410 Make:�tea„dy w Ger�,�fean<o-f2eitiib. 0 0 t� � � d ; �. � . �1 �! � � Q 6415 Make Ready-Interior Paint Repair 35,000 1,500 0 0 1,250 0 0 0 0 2,500 2,500 0 42,750 642Q 1vlake F2eady�In�enot Pa'int-Reimh. ' 0 o t9 tl D 0 . 4 t3 ;. C3 CF i� ` b n . _ 6425 Appliance Repair 2,000 1,000 0 � 0 0 0� 0 0 0 0 0 1,000 4,000� 6,43tl LocklKEy� 5Q0 504 4 j t� 15D 0 ; 4 p i 0 �5t�, 10Q i,P00, 2,40(3,, 6435 Interior Light Bulbs 500 250 0 0 0 50 0 0 0 100 0 1,000 1,900 6440 Window.C,pvr,nng Repait 250 250 D 0 D f1 p 0 ` 0 t7 4 254. 750 6445 Tenant Reimbursement �0 0 0 0 0 0 0 0 0 0 0 0 0� . _ . . . .. . .. _ . ......... .. ... ....... _ ........ ........ ........ .,,.. ..._.. ........ ...... 6450 WriCe.offs/Ten�ht fteimtiursefnent 0 9 - 0 t7 0 4 f1 (1 (t 4 Q b n: 6455 Make Ready-Miscellaneous Exp. 550 500 0 0 0 100 0 0 0 150 0 250 1,550 6580 Light F;iztG�es 600 0 0 0. 700 0 0 p '- �} 9 . 0 300. ` 1,QOD'. Total Turnover Expense 100,400 8,500 100 2,000 1,750 900 0 0 1,700 8,000 �6,200 8,800 138,350 ':..�.:,::ge at I _..,: _'exas Denton Tx 6l20/2Q05 288 Units 876 Beds Sep•05 Oct-05 Nov-05 Dec-05 Jan-06 Feb-06 Mar-06 Apr-06 Ma -06 Jun-06 Jul-06 Au A6 Totals h�6g.5 t„oyaEdr fees � 4,Q`OQ 0 ��b� � 0 � �0 Q � 0 Q '�. 0 1,000 0 �: �`�2,,04q- 6650 Locator Relations 0 0 0 0 0 0 0 0 0 0 0 0 0 B6b5 Res'tdeM,RelatioiiS �00 100 100 i00 140 1�D 1�Q; tOtl , i0(Y 1DO ' t00' 1�Q 1.200'; 6656 Resident FuncGons 1,000 0 500 500 0 500 0 500 0 0 0 0 3,000 &658 Campus�vents �104 D `g Cl 0 �,350, 250 Q ', 1.400 , tt ' t� i7 4,tOq,; 66>0 Newspapers 0 0 0 0 0 500 1,000 1,300 1,000 1,000 0 0 � 4,800 8675 � Mag2Zines . " �04 s 917� 2,,C�Qq �9Qq, ; �200 20Q. �;OC10 ` �200 ; ; 2pp �00�- 2�i0 ; 2t�0� 6,40D,��, 6685 Brochure Advertising 250 0 0 3,500 0 0 0 0 0 0 0 0 3,750 B69q Dire�t��,Mai(� '4 0 0 4;Op0 0 C� Cr . D �� 0 . Q tl, ; '0 ' i btl0= 6695 Apartment Guides 0 0 0 0 0 0 0 0 0 0 0 0 0 67013 . Signai�elSigh-Placement 0 0 (� 0 0 Q 0 Q i, ty tl 0 tt b; 6715 IntemetAdveRising 700 � 700 700 1,000 700 1,000 700 700 1,000 700 700 700 �� 9,30Q E720 Motle(-,Apartmen€E,�en's�i ; ��� 0 Q �; 0 0 S�Q 0 �5 �� � U i� � i 0 �50D; 6725 Flagsl8anners/Mats 75 75 75 75 75 75 75 75 75 75 7, 75 900 fi730 Qffice;Retceshments 50 50 50 50 50 50 50 5b i 50 " 50 50 50 600,' 6735 Other Advertising&Marketing 75 75 75 75 75 75 3,000 75 75 3,000 75 75 6,750 �`7QfalAdv�r�ising;&Pi'ornbfiions ' 3,650 3,�00 3,500 10;299 1;200 5,350 �5,��5 3,000�} �.9t70 6�12�i'' 1�2OQ. ; �1,26q� ;,4x,�D0; 6`910 . Le e[;Fees 2Q0 '� 200 20p� i200. ± -204. '� �209 �<200. 200r' �i 200 20q'�, "20Q>,. ; , 200 . I 2,400: � TotaiL.egalFees 200 200 200 200 200 200 200 200 200 200 200 200 2,400 i f�915" . Accqiiriting Eees ;0 Q 0 p Q 0 0." 0 4. 0' t3 .' D , tl,'; `6925 A�dit Fees 0 0 0 10,p00 0 0 0 0 0 0 0 0 10,000 G9�5.; . Othei�;;Profe's'sionaCFe'e5 '0 D 0 6 0 0 13" 4�. U. U t� " D Q? i Total F'rofessional Fees 0 0 0 10,000 0 0 0 0 0 0 0 0 10,000 I 0 �205 Trev@i.;2rtd�nkef22in(ne�1t' ; '�0' (I 250� Q �3dD C3' �00 ' Q': 300" . �A" 30Q: ; ;3Q0" ! 1;750'� �7210 AirFar� �0 0 �0 0 0 0 0 0 0 0 0 0 0� '72fS Auto,Rental/Gas; 250 i50 150 154 ' �5D 300 i50 A ' 150 95p . 986 "15tl '.1,90tl i7220 Lodging �0 0 0 0 0 0 D 0 0 0 0 0 0 �7225 iNe�ts ,. p 0 50 ! 0 5� �1 50 U ' S0 t1 50 �¢ - 300 �7240 Parking,Tolls and Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 ��-�; ,Total'Yr,Svel�a�ti'��rtfe�#ainni�n4 " �50 i t50 45p ;450 � 5d0 30Q � S00 0 `500 � �C5q` � 600 � 5f3�? � !� 3�95t�; ? Mang�sment Fee-Veriable 4,500 4,500 4,500 4,500 4,500 4,5D0 4,500 4,500 4,500 4,500 4,500 4,500 54,000 �742t1` � , P�ropeCtJt M9fnt�ee -' � �,7,55�0. � 17,560' � 7.51H�' :fi;500 `75flb: :. . 7,5G4'• , �,"a0i}_ ; -,�,5Qp"> 7,50t7;. . �,5QQ ! 7<,500� � � 7�5Ap,` i BO,p6�; � Total Management Fee 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 12,000 144,000 ,7510 t?ropertylnsuranc� 1;585 19,7d0 8;670 8;�670 $,670 8,670 8;67p" j1„AGO: 8,83f# . ' 8,�30, + 1;7q5, : 1�745' 96,925•; €7525 Property Taxes 0 0 0 0 0 0 0 0 0 0 0 0 0 Tolafl'nsur�an�eens[,l'a>tes�i � `�r,585 . �9,780 . , �8,87D 8;&70' j 8,870 , 8;67U �;6�0` �. . 1�(;U6Q'. �� 8,830 �8,83A 2,7!F5 1;TAS . ;98;325. � 777,5 Basic;:Program;Feg"s, � 4 p �� p �0 0 �2 � Ct,; 0., t3� 0 0 0'. i7960 Employee Relations/Membership 200 200 200 200 200 200 200 200 200 200 200 200 1,500 � Tptaif,)uss,�ncf�Mamb�rsliip€eas �20tl.. �� �2CIp �20p� �26D; � �p0 �2q(3 `�ZaO�. 200 ��� ;�200: ��20p- 200 � 20� r 2,40p; i T,dtat.Op�raking'�xpensas� 215,�94" 929,91U 86,7Q0 120;902 97,979� 84,87Q 9fi;280' ` 95,080 �; 9�,19Q '. `120;061. , I94�d55 �98;D�3:� 1,�50,882: �����Net Operat�rig lncome 45;15,6 . 184,54D 217,700 2Q2;238 2Z7,SD9 i 226;218', 223>008- 226,228 ; 227;223 ; "'173,67$' 2i9,�F8S- '2A8 559', 2�381,231 r ��042 �eq�ecraiio�itAxnt�ritfzetion � '0 Cl � j 0 �tJ� C# �; b 0"; �; �U 4 .U", i�� Os i9052 Depr-landimprovements 0 0 0 0 0 0 0 0 0 0 0 0 0 �9D56 De,pf-E�ulidings'-�iitl'IrpprOirementS 0 0 0 Q . �l d 0. 0 '- tl , Q U � 0'. �9076 pepr-Unit Appliances 0 0 0 0 0 0 0 0 0 0 0 0 0� ��11�� peprs;Eu�iiiture�and�4z"tu�es it} �� p ' 0 0 � . ` - t� D ; � , �� � 0 �Q 15� ' �7 p'� `9148 Amort.-Cap Opec Defici[s 0 0 0 0 0 0 0 0 0 0 0 0 0 'Total Aep�Gatiols:�nd,Amarittzation j �0 0 i5��" � � ' 0� �4 t1� �� 4�"� 4 � Q � D � � � 4K _ ___ _ ._ _ __ __ _ _. _ __ _ _ _. ige at C'exas I Oenton Tx 6l20/2005 288 Units 876 Beds Se -05 Oct•05 Nov-05 Dec-OS Jan-06 Feb-06 Mar-06 A r-O6 Ma -06 Jun-06 Jul-06 Aug•06 Totals �941D`. tnte�sshEicpense•Fuced`, ,; Q 0 0 0 0 0 0 0; a `6 . 0, ' p D: ! Total�InterestExpense 0 � 0 0 0 � 0 �0 0 0 0 � 0 0 � ��0 0� i I 9510 ,, E�ei�ir�'aint : ��0� p D � q � 0 �! �i � 4 i 1�k0;000 p'' . 0 ` CI �:140,OUp: ;9515 HVAC 1,000 0 0 0 0 0 0 0� 500 1,000 � 1,000 1,000 � 4,500� 952(f . Lanelscap� '-D t� 0 0 d� (9 700- U o " o ..., ti : 0 �tio; �9530 Signac�e 0 0 0 0 0 0 0 0 0 0 0 0 0 8555" � CBrpe� 20,8,00 � t3 �� 0 Q � � p � � �' p�, � $CIf7 � 90p , 0'�' 6,aQ� 26,3Q0: �9570 Countertops 0 0 0 0 0 0 0 0 0 0 0 0 0 9a75 ;- poors � 3,O170 0 Q ` A Q � Q 0 LI,!:. b ��0 � Q ��'�� ��J' ��;0(l0� ��9580 lightFixtures 1,000 0 0 0 0 0 0 0 0 0 0 400 1,400 s�'sa" " � s,t�i�s� � ��;�oa� � �o o �o�, o - o'� ��o � � �;po , ��- ��� , i5o �� ';sso� �9600 Plumbing 0 0 0 0 250 0 0 0 0 0 250 0 500 �860b � Recr�ations F�ciiities. � �0 G 4�a00 ���� p�. � �i ��i 0�'� � 0� . ' `t� � � ���3 4�QOQ'��. �9610 Security System 0 0 0 0 0 0 0 0 0 0 0 0 0 �5ZQ �nyl:. 8(10 A 0 0 fl � Q" 0�, C} it b �� �� A $Q0: j9630 Ceiling Fans 0 0 0 0 100 0 0 0 0 0 0 250 350 963b APplitin�es� 1,7"�?0 ; 1,7A0 1,�00 t;700 � ! 1�70D i,7tl0 � i,7�p � �I,7Qtl'` � 9,7i�p 1,70j7 �� 1,700 � '� 1,700 � �20aD0,; 9645 ReimL�ursements 0 0 0 0 0 0 0 0 0 D 0 0 0 9850, Repiacemerits,..qther �,OqO 0 0 0 ; 7,50D. ; 0 0, 0 0, ` 6 dl,.. 10,D00 `-24;5D0' � Total Replacements 35,10p 6,700 5,760 1,700 9,550 1,800 2,400 1,700 143,000 3,700 2,950 20,100 234,400 +�827 �St�rt-{�"Co�ts- : ';0 0 � � ' tl 0 � D., � 0. , �7:. 0 �Y t5 + �0� D,' � Start-up Costs 0 0 0 0 0 0 0 0 0 0 0 0 0 p'. Issurer's Fee 0 0 0 0 0 0 0 0 0 0 0 0 0 �:. AsSet:Martag8rri�ht"Feg �2;6C14 ��3,i45 3,149 3�,231 t �,195 3;2,03' 3�2p3 � 3:213 i �;244 2,93'1 ; 3xi36 ', �,056' ��,37,32'!.'� �9900 Tax Retum Prep Fees 0 0 0 0 0 0 0 0 0 0 0 �0 0 ,_,.. __. . . ........ . ..__.. , ..:. .... __._ _.__.. ,._. ...._ _..... . :__. ...._. _.._ . �_ ...,, ... ,::. . ...., . .� . .._ .,�.. , ..�, ...,,......� 19906 Service Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 Q515 � -xniste�arid 4ssu�rees 4t7 ' 4.17 A1� ��917 � ; ,417 41.7 =�:4:9.? � d97 �; ��� �1�6�: �41�, � <�f6•��� � �� 4t6, f,,5,OOb-' i Total Other Expense 3,021 �3,562 3,561 3,648 � 3,612 3,620 3,620 � 3,630 3,660 3,353 3,552 � 3,482 42,321 � 'Oper�fin�-Re5�tve, '��0 f) „0 �`- 4 0,.. ; � 0� 0". I1.,.�� �A, A; ',p � ,i7 � ;q; ; Total Suspense� 0 0 0 0 0 0 0 � 0 0 0 0 0 0 � TAkaf�lon-iSpei�ting�Eitperises�, � 38,9�;2.1 10,262 9,261� 5;348� �f3,16�: , 5,A2b B,a20: 5,33tl �+ 1��,660 ' - 7,053z " �;:6;502 "i ,,�23,582 �276,729� f GASh9.FLOVS/ 7,03B 174,279 2D8;439 19fi,887 274,34T.. 220;T98 218,988 '•:2255,898 80;5G3 166;625. 212,682 " 1$4,968- 2;104;519; Variable Management Fee Earned 5,310 5,310 5,310 5,310 5,310 5,310 31,860 SBCurity 17ei�osif Refurii3s, 24;OOa 24;080' 1�It7NT1iL Y CASH FLOW (16,964); ',. 168;9,69 203,129 199",577. 20�,037 215,4$8 21'1;878,; 224,898 ! E0;583 166;62� 212;G$2 - 184;868 2�048,650"-