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HomeMy WebLinkAbout2005-2006 Ballpark Budget � _ _ ���µ ; ���� ������' , � � �������� � ������� ���, � : � ���� {��� � �� �..o. v�t�'��s+ .�'-5�''�c`�-�^'���::#4 � , ''"*�..,.,��..�� _ . ... � ,� � .,�'.s'���'���,.,�''�'-ao-�'..� ,'.�$ k ., � � � � �„� ��"'�'�.,,"'�'. �� � ��"� '�.� � � �, ; "� � ���,�''�,��tr,�`�. � ; , .. , �v� � c" � � � � ��������� �� � � � �' � � �' ��`�"���#�'rP3"�=-k��..� � .r, �'� *�s €+-: �.,-. ,, I ��. r��r � ��`�s`��"�' � . �� � �� 4 �r�-. .. ,.u,5;n 5 _ ���. '�'.: '�• 1 � )G ,:,3,m`���#�� +,.�',.� �s,�• �� '�.. � g� ; d �k- � ,� �� -� ,� �' t �. 7�'� �� "��� � �;�����.; ,� � x � ' �, > ' � �Y ry � r'� '. � .�w LP�§Bc �' -�+i � R§ "��� �� '���.�1�t���. � ,. S �. .. �S � .,.' (�".K ; 9"�'°�'n` � �� � `z. ✓ ,�"�.` 5 `' �'. �� +�� ,��.:r � � �. "�"���o-���"��a�-=.., �p�,'�;' c ,��''��r. �� ; `"�' �., a.�3���,,z^ ��.$�i �� 3;. a 4r� � �*. � 1�':� �f�a � �,^�s`�'�.�".'�''�. '�'��v+ a�'Yy'�� �3. , x �� �.*a� - � � � , � ,-3 i ,+ �i �,,. �,a s��.�,1 ����,�����:,*�'�'. §.x t^;a+� -��xz � �.�- :� '"�-� .3��l � - �'`" ,� -Y�. .� ��' ..��� � ,_�, '"�",r-�' ��, �,.�a",. '��, �s. � . ���� �- ��`��� �;� � ��' ��� �� ���' � ti d+o4D5-1rQo� �����Il�i� �V���� ,' ' �� � , rl�;, ♦ i s ( INVBSTMENT a�ib1r1NAGENSENT� • DEVELOPb1E�TT � 1800 Bering Drive� Suite 320� Houston TX 77057�� P 713-782-5800�� F 713-2b8-S ll 1 www.assetcampus.com IJn�versi� �f'T�xas �t r�ustin Au�tin, 'Texas ' ITl�IYERSI'T3�'I1�tF'� A'I'I��: • State-supported university, founded 1883,part of Univers'rty of Texas System • Calendar semesters • Degrees bachelor's,master`s, doctoral, and first professionai ' • Urban 350-acre campus with easy access to San Antonio • Endowment$2.0 billion • Coed, 37,377 undergraduate students, 41%full-time, 52%women,48%men • Very difficult entrance level, 51%of applicants were admitted �I2ESHIVIAI�' , Admission: 23,008 applied, 11,788 admitted, 6,795 enroiled TO'TAL E1�TROLLMENT Current Enrollment: 50,377 ' Projected Increase in Enrollment: None. UT enrollment will remain stable for the Fall of 2405 The university continues to use the 10%rule,guaranteeing admission to any Texas student who graduates in the top 10%of their class. IJniv�rsitY�Iousin�Policy � HOUSIrVG ON CA[I�IPUS'IS'Nf�T GIIAI�ANTEED OR ItEQUIRED. 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 6,7Q0 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 carnpus;approximately 75%af 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,OQ0 students on campus. 2004-2005 EI�R�I.I,1�EN'I' Al�t�I���IS + The fa112004 enrollment of 50,377 students is a 2.0%decrease from last fall's total of 51,426. , Eru-oliment 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. ' e A residential campus of 50,000 students,enrollment typically includes students from all 50 states,the District of Columbia,and approximately 94 fareign caunh-ies. Texas's student body is 4%African American, 17%Asian, I4%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 20J for undergraduates and 29.4 for graduates including students fres�n a1125�cesunties i�'4'exas. The University of'I'exas at Austin Office of Institutional Research ' �'I'I1I)E1�i'T � A �'TE S'TICS �ail zaoa Am�ric�n[ndi�n-0.49fi `� �frican Ar�erican-�.59'� ' Hispanie�13.�9�5 Mai�-4�.3°1a � �� �s�an American-14.3�'0 � � > � � � , , { "£ �A".�:: �{�r�.��`"V.U70 �ttL£:-J��=��}$ '"-�(1}Ct1C14Yfl- �,�,� �81113��-${}.]'$� �3F1L-flf St�T�-��.��/'v " 5Uphnmpre-1�.5°!0 . J�n'sar- 17.7�10 x � F�resgn-8.8�i5 � ��� �. w x � � ; �� � �� Fr�shmars�7 3.J9fi = ,`>�� �,, � � �_.e Law-2.�°hf ` " TeX85-8Q,8�/o S8l1tOf-27.1�Y6 Grac3uate-22.9°,� Note: �r�duate includes Grad�ate Schoai,Graduate Schooi af Business,and Pharm,il, Percentage tQtals may r�ot equaf 1 t�{i.C�4a due#€r roundinq, l�/If�R `I' COI�PA �I,E�: Ilnaverszty mf'�'exas Of�Cam�us Ii�usia�� ' 74%Occupied—Crossing Place-1152 Units 8Q%Pre-Leased $0-Application Fee $0-Deposit 2bed/2bath $499 3bedl3bath $479 4bed/4bath $3�g '�*Rent includes Eleetric,t�Vater,Extended Basic Cab�e,High 5�eed Intemet, and?ocal Pk�one 53%Occupied—Campus Estates- 1548Units 72%Pre-Leased $Q-Application $0-Deposit 2bed/2bath $499 3bed/3bath $369 4bed14bath $339 **Rent inciudes Electric,Water,Extended Basic Cable,High Speed Internet, and Local Phone 38%Occupied—The Landings-660 Beds ' 63%Pre-Leased $Q-Application $0-Depreciation lbed/lbath $630 2bed/2bath $42Q 3bed/3bath $317 4bed/2bath $299 **Rent includes Electric,Water,Extended Basic Cable,High Speed Internet, and Local Phone. 90%Occupiecl—Baltpaf�k-768 Beds(Subject Property) 92%Pre-Leased - $0-Applicatian $0-Depreciation Studio $569 lbed/lbath $629 2bedt2bath $484 ' 3bed/3bath $384 4bed/2bath $344 4bed/4bath $359 ; **Rent includes Eiectric,Water, Extended Basic Cable,High Speed Internet, and Local Phone. 65%Occupiecl—The Village at Riverside-408 Beds 43%Pre-Leased $0-Application $0-Depreciation 2bed/2bath $479 3bed/3bath $369 4bed/Zbath $355 4bed/4bath $375 **Rent inciudes Electric,Water, Extended Basic Cable,High Speed Internet, and Local Phone. 75%Occupied—University Canyons-660 Beds 70%Pre-Leased $0-Application $d-Depreciation 3bed/2bath $325 3bed/3bath $38p 4bed/2bath $320 **Rent includes Electric,Water, Extended Basic Cable,High Speed Internet,and Local Phone. 62%Occupied—UniverisryCommons-792 Beds S�%Pre-Leased $0-Application $0-Depreciation ibed/lbath $665 2bed/2bath $418 3bed/2bath $338 4bed/2bath $295 **Rent includes Electric,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 1bedllbath $729 2bed/2bath $509 3bed/3bath $409 4bed/2bath $304 4bed/4bath $359 **Rent includes Electric, Water, Extended Basic Cable,High Speed Internet, and Local Phone �r�vv ��o��c�s Zoa�-�oo�: None F�TTI1 FROJE�T'S 2006-2007: • �3'hitis Residential Commur►ity 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,whieh makes the partieular site convenient for students. The goal of this site is to provide a living-learning comrnunity in the north quadrant of campus. This community will facus heavily on the freshman transition year. It wili 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.Ail baths will be semi-private or connecting,serving no more than two students.There are three options for this site. 1. Build 5(}0 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 buiid 400 new beds on the co-op site. 13uild 600 beds at West L?ean Keeton and Guadalupe to establish a residential cammunity of I500 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 retaii and residential learning community. A�astin Comrnua�i� �m11���m • As one of only 50 community college districts in Texas, Austin Community Coliege is a two-year community colIege 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, smail classes, canvenient locations, and great instructors.Fall semester 2003 credit enrollment was 28,862. A profile of the undergraduate student body yieIds: 262%of enralled 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, 52%Asian,0.9%Native American,2.5°fo International students, and I.9%Other/Unknown. Average age of ACC student is 20 years old. College housing is not available. Su�tria�° 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 far 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 upcaming 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 Balipark As of July 23,20d5 TOTAL 477 sq ft 400 sq ft 760 sq ft 988 sq ft 9195 sq ff 1220 sq ft A B C D E F $629 $569 $474 $374 $32�4 $349 TYPE OF UNIT: Lrg.Eff Sm.Eff 2/2 3/3 4i2 4/4 TOT.4L TOTAL BEDS: 24 54 48 234 96 312 768 #OF�EASED BEDS TO DATE: 24 54 48 234 96 312 76& %LEASED: 10D.0% 100.0% 100.0% 100.0% 100.0°l0 10Q.0°/o 100.0% #OF BEDS REII�AfNING{unleased}: 0 0 0 4 0 0 0 � �.n �,. ..; _, �. .4; a,.. __�.M, , .i �� - � ,.� r ,,,� � � � t � , v...�,�, ..� t. ,.a..,�. .�,� �� K..,� ... �.: �...� � ..._z' �:�..� RenYai Adiustments/Goncession History 2d05/2406 , 18-Apr-05 $404 $3d9 $180 concession on 4/2' Returning Residenf Discount $5-�30 depending on rm.Type All Residents $1_d 2X2 up ptice UBS $1d-$25 depending on rm.Type BKG epen ing on new or renewa m a $20-$25 4X4 TSHA Students /� g � p E F Lrg.Eff. Sm.Eff 2!2 313 4t2 4/4 T'ofai Maximium Scholarships To Be Awarded 5d Total Offers Sent by TSHA � � � � �'� . ;,�� � ' � � Total TSHA Leases Sign as of: 7/24/2005 29 Outstanding Offers as of: 7124/20d5 -1 -1 -2 17 -2 -10 1 Max.Scholarships Left to Be Awarded d 0 0 2d 0 0 20 � � �'� C S�1 Units zaz Fiscat Year End'ang August 31,2006 Beds 7ss Operating�udget - Budgef Reforecast Year Ending Per Rer Year Ending Diffee2nce 8/31l2006 Unit Bed 8/31I2005 +J- RENTAL INCOME $ 3,552,984 $ 12,599 $ 4,626 $ 4,216,752 $ (663,768) -15.7% GainfLoss Lease $ (45,000) $ (160) $ (5J) $ (10,Q00} $ (35,000) 350.0% ShortTerm Premium $ 51,750 $ 184 $ 67 $ 1Q,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 -10fl.0% Other Concess-Scholorship $ - $ - $ (258,212} $ 258,212 -100.0% Accelerated Rent $ - $ - $ - $ 1,633 $ {9,633) -100.0% Write-offs Renta!Income $ (36,000) $ (12&} $ (47) $ (19,773) $ (16,227) 82.1% Non-ResidenUEmp. Rnt. Disc. Units $ {64,032 $ (227 $ {83) $ 60,065 $ (3,967 6.6°l0 NET RE�Tp.L IiVCOME $ 3,105,408 $ 11,012 $ 4,044 $ 3,064,348 $ 41,06Q 1.3% Other income $ 78,600 $ 279 $ 102 $ 82,222 $ 3,622} -4.4°lfl TOl"AL IIVCOi�E $ 3,184,008 $ 11,291 $ 4,146 $ 3,146,570 $ 37,438 1.2% , EXPENSES Total Personnei 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% Totai Administration Expense $ 59,635 $ 211 $ 78 $ 57,915 $ 1,720 3.0°/o Total Cantract Services $ 49,380 $ 175 $ 64 $ 45,095 $ 4,285 9.5% Total Interior Maintenance $ 15,950 $ 57 $ 21 $ 20,537 $ (4,587} -22.3°/o Total Exterior Maintenance $ 20,790 $ 74 $ 27 $ 15,987 $ 4,8d3 30.0% Total Turnover Expense $ 98,930 $ 348 $ 128 $ 83,896 $ 14,234 17.0°l0 Tatal Advertising& Promotions $ 79,050 $ 280 $ 103 $ 65,523 $ 13,527 20.6% Totai Legal Fees $ 2,404 $ 9 $ 3 $ - $ 2,400 #DIV/0! Totai Professional Fees $ 15,000 $ 53 $ 20 $ 46,524 $ (31,524) -67.8°/o Total Travei and Entertainment $ - $ - $ - $ - $ - #DIV10! Totai Management Fee $ 123,723 $ 439 $ 161 $ 93,645 $ 30,078 32.1% Totai 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% Totai Deprecietian and Amoritization $ - $ - $ - $ - $ - #DIV/0! Tatai Inferest Expense $ - $ - $ - $ - $ - #DIV/0! ' Start-up Costs $ - $ - $ - $ - $ - #DIV/0! TQT1�L EXf�EtVSES $ 1,286,735 $ 4,563 $ 1,675 $ 1,240,838 $ 45,897 3.7°l0 NOI before Capital Improvements and DebtService $ 1,897,273 $ 6,728 $ 2,470 $ 1,905,732 $ (8,459} -0.4% - CAPITRL EXPENSES $ 214,890 $ 762 $ 280 $ 50,178 $ 164,712 328.3% $ - OTHER EXPENSES $ 46,528 $ 165 $ 61 $ - $ 46,528 #DIV/0! NET CASN FLOW $ 1,635,855 $ 5,801 $ 2,130 $ 1,$55,554 $ 219,699) -11.8% Jefferson Commr�ns at The Ballpark Austin,TX 7/1/2005 282 Units 768 Beds Sep•OS Oct-05 NovOS Dec-05 Jan-OB Fep-06 Mar•O6 Apr-06 May-06 Jun-O6 Ju�-06 Aug�06 Totais 4005 Scheduled Rental Revenue 296,082 296,082 296,082 296,082 296,082- 296,082 296,082 296,082 296,082 296,082 296,082 296,082 3,552,984 4030 Gain(Loss)to Lease (1,500) (1,500) (1,500) (1,500) (1,500) (1,500) (1,500} (1,500) (1,500) (1,500) (15,000} {15,000) (45,000) 4045 Short Term Rent Premium 5,750 5,750 5,750 5,750 5,750 5,750 5,750 5,750 5,750 0 0 0 51,750 4050 Vacancy Loss (5,860) (5,860) (5,860) (5,860) (5,860) (5,860) (5,860) (5,860) (5,860) (30,518) (30,518) (30,518) (144,294) 4055 Prior Period Adj-Vacany 0 0 0 0 0 0 0 0 0 0 0 0 0 4056 Prior Period Adj-Rent 0 0 0 0 0 0 0 0 0 0 0 0 0 4060 Leas�Commissions 0 0 0 0 0 0 0 0 0 0 0 0 0 . 4061 �ease Prorate Concessions (19,600) (19,600) (19,600) (19,600) (19,600} (19,600) (19,600) (19,600) (19,600) (19,600) (7,000) (T,000) (270,000) 4075 Accelerated Rent 0 0 0 0 0 0 0 0 0 0 0 0 0 4082 Write-offs Rentalincome (3,000) (3,OOOj (3,000) (3,000) (3,000) (3,000) (3,000) (3,000) (3,000) (3,000) (3,000) (3,000) (36,000) 4085 Non-ResidenUEmp.Rnt.Disc.Units {5,336) (5,336} (5,336) (5,336) (5,336) (5,336) (5,336) (5,336) (5,336) (5,336) (5,336) (5,336) �64,032) Total Rental/ncome 266,536 266,536 266,536 266,536 266,536� 266,536 266,536 266,536 266,536 236,128 235,228 235,228 3,105,408 4095 Garage/Carport Rent 3,500 3,500 3,500 3,500 3,500 3,500 3,500 3,SD0 3,500 3,500 3,500 3,500 42,000 4096 Garage/Carport Concession (250) (250) (250) (250) (250) (250) (250) (250} (250) (250} (250) (250) (3,OOOj 4105 PetFees/RenUNon-Ref Dep. 150 150 150 150 150 150 150 150 150 150 150 150 1,a00 4115 Storage Rental Income 125 125 125 125 125 125 125 125 125 125 125 125 1,500 4155 Vendinglncome 50 50 50 50 50 50 50 50 50 50 50 50 600 4175 Appliction Fees 0 0 0 0 U 0 0 0 0 0 0 0 0 4177 Application Fee Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 4185 Canceilalion Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 4187 Write•Offs Canceilation Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 4190 Relet Fees 250 0 250 0 250 0 250 0 250 0 250 0 1,500 4200 NSF Fees 75 50 75 50 75 50 75 50 75 50 75 50 750 4205 Late Fees 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 2,250 27,000 4210 Access Card Fees 25 25 25 25 25 25 25 25 25 25 25 25 300 4215 pam�ges 0 0 0 0 0 500 0 0 1,000 D 0 5,000 5,500 4216 Write-Offs Damages 0 0 0 0 0 (350) 0 0 (700) 0 0 (3,500) (4,550) 4217 Administrative Fees 300 300 300 300 300 300 300 300 300 300 300 300 3,600 4220 Forfeited Deposits 0 0 0 0 0 0 0 0 0 0 0 600 600 4255 Comrnon Area Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 4260 Lease Violations Income 0 0 0 0 0 0 0 0 0 0 0 0 0 4305 Other Rental Income(Misc.Income) 0 0 0 0 0 0 0 0 0 0 0 0 0 4309 Write-offs-Other Rental 0 0 0 0 0 0 0 0 0 0 0 0 0 4510 Short-term Investments 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Other Mcome 6,475 6,200 6,475 6,200 6,4�5 6,350 6,475 6,20Q 6,775 6,200 6,475 8,300 78,600 Totallncome 273,011 272,736 273,011 272,736 273,011 272,886 273,011 272,736 273,311 242,328 241,703 243,528 3,184,008 Jefferson Commnns at The Ballpark Austin,TX 7/1/2Q05 282 Units 768 Beds Sep-05 Oct-OS Nov-05 ! Dec-OS Jan-06 Feb-O6 + Mar-O6 Apr-06 Mav-06r Jun-06 Ju106 Auq O6 Totals 5023 Salaries-Management 7,615 7,615 7,615 11,423 7,615 7,615 7,615 7,615 .7,615 �� 11,423 7,615 7,615 99,000 5025 Hourly Wages-Service 6,356 6,356 6,356 9,534 6,356 6,356 6,356 6,356 6,356 9,534 6,356 6,356 82,629 5030 HourlyWages-Housekeeping 1,344 1,344 1,344 2,016 1,344 1,344 1,344 1,344 1,344 2,016 1,344 �1,344 17,472 5045 Overtime 0 0 0 0 0 0 0 0 0 0 0 0 0 5046 Overtime-Management 750 0 0 0 0 0 0 0 0 0 0 3,000 3,750 5047 Overtime-Service 0 0 0 0 0 0 0 0 0 0 0 0 0 5050 Overtime-Maint/Grounds 4,500 0 0 0 0 0 0 0 0 0 � 3,006 7,500 5055 Overtime-Ho�sekeeping 750 0 0 0 0 0 0 0 0 0 0 1,506 2,250 5062 Temporary Employment 4,250 0 0 0 0 0 0 0 0 0 0 0 4,250 5080 PayrollTaxes 2,558 1,838 1,838 2,757 1,838 1,838 1,838 1,838 1,838 2,757 1,838 2,738 25,512 5090 Grou�insurance 1,300 1,300 1,300 1,300 1,300 1,300 1,300 1,300 1,300 1,300 1,300 1,300 15,600 5100 Workers Compensation 2,558 1,838 1,838 2,757 1,838 1,838 1,838 1,838 1,838 2,757 1,838 2,�38 25,572 5105 Employer 401 k Contributions 0 0 0 0 0 0 0 p 0 0 0 0 0 5114 Uniforms 0 0 500 0 0 250 0 0 500 0 0 0 1,250 5117 Other PersonnelExpense 300 300 800 300 800 300 800 300 800 300 800 300 6,100 5146 Emplqyee Screening Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 5147 Employee Recruiting Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 5149 Help Wanted NewspaperAd 75 75 75 75 75 75 75 75 75 75 75 75 900 5190 Leasing Commissions 4,000 8,400 0 0 1,OOQ 1,000 1,000 1,000 1,000 1,000 1,000 1,000 20,400 Total Personnel Expense 36,356 29,066 21,666 30,162 22,166 21,916 22,168. 21,666 22,666 31,162 22,166 3Q,966 392,125 5411 ElectricityClubhouse 3,750 3,750 3,750 3,750 3,750 3,750 3,750 3,750 3,750 3,750 3,750 3,750 45,000 5413 Electriciry-Vacants 6,000 0 0 0 0 0 0 0 0 750 0 750 7,500 'S414 Eledricity-Reimbursements 0 0 0 0 0 0 0 0 0 0 0 0 0 5436 Water/Sewer-Clubhouse 14,000 14,000 14,000 14,000 14,000 14,000 14,000 14,000 14,000 14,000 14,000 14,000 168,000 5442 Water/Sewer-Residents 0 0 0 0 0 0 D 0 0 0 0 0 0 5456 Gas 700 700 700 700 700 700 700 700 700 700 700 700 8,400 5460 Gas-Glubho�se/Models 0 0 0 0 0 0 0 0 0 0 0 0 0 54�5 Refuse Removai 1,600 775 775 775 775 775 775 775 775 775 775 775 10,125 5505 Cabie 5,300 5,300 5,300 5,300 5,300 5,300 5,300 5,300 5,300 5,300 5,300 5,300 63,600 5514 Resi�'ent Telephone 0 0 0 0 0 0 0 0 0 0 0 0 0 5520 Other Fuels Utilities 0 0 0 0 0 0 0 0 0 0 0 0 0 5525 Resicient internet 9,900 9,900 9,900 9,900 9,900 9,900 9,900 9,900 9,900 9,900 9,900 9,900 118,800 Total Utilities 41,250 34,425 34,425 34,425 34,425 34,425 34,425 34,425 34,425 35,175 34,425 35,175 421,425 5656 Talephone-Basic 525 525 525 525 525 525 525 525 525 525 525 525 6,300 5657 Telephone-Long Disiance 100 100 100 100 100 100 100 100 100 100 100 100 1,200 5665 Answering ServiceiPagers 135 135 135 135 135 135 135 135 135 135 135 135 1,620 5805 Postage 200 200 200 200 200 200 200 200 200 200 200 200 2,400 5810 CouriedOvernight Delivery 125 125 125 125 125 125 125 125 125 125 125 125 1,500 5820 Computer Supplies 20 20 20 20 ZO 20 20 20 20 20 20 20 240 5825 Compu[er Equip-Sotiware 100 100 100 100 100 100 2,400 100 100 100 100 100 3,500 5838 Bank Charges 50 50 50 50 50 50 50 50 50 50 50 50 600 5839 Emplpyee Evaluations 0 0 0 0 0 0 0 0 0 0 0 0 0 5840 Credit Card Charges 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 12,000 5842 Office Supplies 300 300 300 300 300 300 300 300 300 300 300 300 3,600 5843 Office Decorations 0 0 75 �5 75 0 75 75 0 75 75 0 525 5844 Safety Equipment 50 50 50 50 50 50 50 50 50 50 50 50 600 5845 Fire Alarm InspectionlEquipmenl 0 0 0 0 0 0 0 0 0 0 7,000 0 7,000 5846 Printing and Stationary 250 250 250 250 250 250 250 250 250 250 250 250 3,000 5847 Copier/Fax Expense 50 50 50 550 50 50 50 50 50 550 50 50 1,600 5852 Licenses/Permits/Fees 325 � 75 75 325 75 75 - 325 75 75 325 75 75 1,900 � 5865 Securiry/Alarm Expense 50 0 0 50 0 0 50 0 0 50 0 0 200 5887 Employee Training/Educalion 1,500 50 50 50 50 50 50 50 250 50 50 50 2,250 5890 Other Administrative Expense 800 B00 800 800 800 800 800 800 800 800 B00 800 9,600 TotalAdministration Expense 5,580 3,830 3,905 4,705 3,905 3,830 6,505 3,905 4,030 4,705 10,905 3,830 59,635 Jefferson Commtans at 7he Balipark Austin,TX 7/1/2005 282 Units 768 Beds Sep•05 Oct•OS Nov-OS Dec-05 Jan-06 Feb-06 Mar•O6 Apr-O6 May06 Jun O6 Ju106 Aug 06 Totals 6110 Extermination 315 315 315 315 315 315 315 315 315 315 315 315 3,780 6115 Landscape Contract 2,600 2,600 2,600 2,600 2,600 2,600 2,600 2,600 2,600 2,600 2,600 2,600 31,200 � 6130 Prolection Services Contract 800 800 800 B00 800 800 800 800 800 800 800 800 9,600 6145 Cleaning 0 0 0 0 0 0 0 0 0 0 0 0 0 6150 Other Contract Services 400 400 400 400 400 400 400 400 400 400 400 400 4,800 7ofal Contract Services 4,115 4,115 4,115 4,115 4,115 4,115 4,115 4,115 4,115 4,115 4,115 4,115 49,380 6160 Alarrrt System Repair 100 100 100 100 100 100 100 100 100 100 100 100 1,200 6165 Appliance Repair 60 60 60 60 60 60 60 60 60 60 60 60 720 6185 Interior Electrical Repair 50 50 50 50 50 50 50 50 50 50 50 50 600 6190 Interic�r Light Bulbs 75 75 75 75 75 75 75 75 75 75 75 75 900 6195 inleriar Paint and Wallpaper 25 25 25 25 25 25 25 25 25 25 25 25 300 6200 CarpetCleanlRepair/Dry 250 250 250 250 250 250 250 250 250 250 250 250 3,000 6205 Interior Sheetrock Repair 25 25 25 25 25 25 25 25 25 25 25 25 300 6210 InleriGr Vinyl and Tile 15 15 15 15 15 15 15 15 75 15 15 15 180 6215 Piumbing Repair 100 100 100 100 100 100 100 100 100 100 100 100 1,200 6235 Janitorial Supplies 110 110 110 710 110 110 110 110 300 110 110 450 1,850 6240 Window Coverging Repair 15 15 15 15 15 15 15 15 15 15 15 15 180 6245 Recreation Facility Repair 110 110 110 110 110 110 110 110 110 110 110 V 0 1,320 6250 Locks and Keys 150 150 150 150 150 150 150 150 150 150 150 150 1,600 6265 Other Interior Repairs and Maintenance 200 200 200 200 200 200 200 200 200 200 200 200 2,400 Total/nteriorMaintenance 1,285 1,285 1,285 1,285 1,285 1,285 1,285 1,285 1,475 1,285 1,285 1,625 15,950 6275 Pool 8 Spa Supplies and Repair 250 1,550 250 250 250 250 2,750 250 250 250 25D 250 6,800 6280 Goif Cart Repair 50 50 50 50 50 50 50 50 50 50 50 50 600 6285 HVAC Repair and Maintenance 275 275 275 275 275 275 275 275 275 275 275 275 3,300 6290 Landscaping Supplies 20 20 20 20 20 20 20 20 20 20 20 20 240 6310 Roof Repairs 0 0 0 0 0 0 0 0 0 0 0 0 0 6315 Windows and Screens 50 50 50 50 50 50 50 50 50 50 50 50 600 6320 Exterior Paint 75 75 75 75 75 75 75 75 75 75 75 75 900 6325 Exterior Electrical 25 25 25 25 25 25 25 25 25 25 25 25 300 6330 Exterior Light Bulbs 1,650 150 150 150 150 150 150 150 150 150 150 150 3,300 6335 Exterior Repairs 50 50 50 50 50 50 50 50 50 50 50 50 600 6345 Acce,s Gate Repair 200 200 200 200 200 200 200 200 200 200 200 200 2,400 6350 Walks and Parking Lots 15 15 15 15 15 t5 15 15 15 15 15 15 180 6360 Tools and Equipment 20 20 20 20 20 20 20 20 20 20 20 20 2A0 6365 Fence Repair 30 1,000 30 30 30 30 30 30 30 30 30 30 1,330 TotalExteriorMarnfenance 2,710 3,460 1,210 1,210 1,210 1,210 3,710 1,210 1,21D 9,210 1,210 1,21U 20,790 Total Repairs and Maintenance 3,995 4,765 2,495 2,495 2,495 2,495 4,995 2,495 2,685 2,495 2,495 2,835 36,740 Jefferson Commans at7he Ballpark Austin,TX 7/112G05 282 Units 768 Beds Sep-OS Oct•05 Nov-OS Dec-US Jan-O6 Feb•O6 Mar-06 Apr-06 May06 Jun-Q6 Jul-06 Aug-06 Totais 6380 Make Ready-interior Repairs 1,500 0 0 0 0 0 250 0 0 500 0 7,500 9,750 6385 Make Ready•int.Rep.-Reimbursement 0 0 0 0 0 0 0 0 0 0 0 0 0 6390 Make Ready•Carpet Cleaning 17,280 0 0 0 0 250 0 0 0 1,000 0 0 18,530 6395 Make Ready-Carpet Cleaning-Reimb. 0 0 0 0 0 0 0 0 0 0 0 0 0 6400 Make Ready-Carpet Replacement 0 0 0 0 0 0 0 0 0 0 0 0 0 6405 General Cieaning 25,000 0 0 0 p S00 0 0 0 2,000 0 0 27,500 6410 Make Ready-Gen.Clean.-Reimb. 0 0 0 0 0 0 0 0 0 0 0 0 q 6415 Make Ready-interior Paint Repair 37,500 0 0 0 0 750 0 0 0 1,500 0 0 39,750 6420 Make Ready-Interior Paint-Reimb. 0 0 0 0 0 0 0 0 0 0 0 0 p 6425 Appliance Repair 500 0 0 0 0 0 0 0 0 0 0 0 500 6430 LocWKeys 600 0 0 0 0 0 0 0 0 0 0 0 600 6435 Interior Light Bulbs 500 0 0 0 0 0 0 0 0 0 0 0 500 6440 Windnw Covering Repair 0 0 0 0 0 0 0 0 0 0 0 0 0 6445 Tenant Reimbursement D 0 0 0 0 0 0 0 0 0 0 0 0 6450 Write-offs/Tenant Reimbursement 0 0 0 0 0 0 0 0 0 0 0 0 0 6455 Make Ready-Miscellaneous Exp. 0 0 0 0 0 0 0 0 0 0 0 0 0 6580 Light Fixtures 500 0 0 0 0 0 0 0 0 0 0 500 1,000 7otal Turnover Expense 83,380 0 0 0 0 1,500 250 0 0 5,000 0 &,000 98,930 6645 LocatorFees 27,800 200 200 200 200 200 200 200 200 200 200 ?.00 30,p00 6650 Locat�r Relations 0 0 150 0 0 0 0 0 0 0 0 0 150 6655 Resident Relations 450 0 0 0 0 0 0 0 0 0 0 0 450 6656 Resident Functions 1,750 250 500 250 250 250 250 250 500 250 500 500 5,500 6658 Campus Events 200 0 200 0 0 500 1,250 0 0 0 0 500 2,650 6670 Newspapers 0 500 0 0 500 500 500 500 500 500 500 500 4,500 6675 Magazines 125 125 125 125 125 125 125 125 125 125 125 125 1,500 6685 Brochure Advertising 0 1,500 0 0 0 0 0 0 0 0 0 0 1,500 6690 Direck Mail 700 700 700 700 700 700 700 700 700 700 700 700 8,400 6695 Apartment Guides 0 0 0 0 875 875 875 875 875 875 875 875 7,000 6700 Signage(Sign Placement D 0 0 0 0 0 0 0 0 0 0 0 0 6715 InternetAdvertising 750 750 750 750 750 750 750 750 750 750 750 750 9,OQ0 6720 Model Apartment Expense 0 0 0 0 0 250 0 0 0 0 0 0 250 6725 Flags/Banners/Mats 150 150 150 150 150 150 150 150 150 150 150 150 1,800 673p Offic�Refreshments 0 0 0 0 0 50 50 50 50 50 50 50 354 6735 Other Advertising&Marketing 0 0 0 0 0 0 3,000 0 0 3,000 0 0 6,000 Total Advertising&Promotions 31,925 4,175 2,775 2,175 3,550 4,350 7,850 3,600 3,550 6,600 3,850 4,350 79,050 6910 LegaEFees 200 200 200 200 200 200 200 200 200 200 200 Z00 2,400 TofalLegalFees 200 200 200 200 200 200 20p 200 200 200 200 200 2,400 6925 Cons�liing Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 6935 Other Professionai Fees 0 0 15,000 0 0 0 0 0 0 0 0 0 15,000 Tota/Professiona!Fees 0 0 15,000 0 0 0 0 0 0 0 0 0 15,000 7205 Trav�l and E�tertainment 0 0 0 0 0 0 0 0 0 0 0 0 0 7210 Airfare 0 0 0 0 0 0 0 0 0 0 0 0 0 7215 Auto ftental/Gas 0 0 0 0 0 0 0 0 0 0 0 0 0 7220 lodging 0 0 0 0 0 0 0 0 0 0 0 0 0 7225 Meals 0 D 0 0 0 0 0 0 0 0 D 0 0 7240 Parking,Tolis and Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 Total 7ravel and Enterfainment 0 0 0 0 0 0 0 0 0 0 0 0 0 7420 Property Mgmt Fee 10,920 10,909 10,920 10,909 10,920 10,915 10,920 10,909 10,932 8,461 8,460 8,523 123,723 TofalManagementFee 10,920 10,909 10,920 10,909 1�,920 10,915 10,920 10,909 10,932 8,481 8,460 8,523 123,723 Jeffersnn Commans at The Ballpa�k Austin,TX 7/1/2q05 282 Units 768 Fseds Sep•OS Oct-O5 Nov-05 Dec-OS Jan-06 Feb-06 Mar-06 Apr-O6 May06 Jun•06 J�I-06 Aug-O6 Totais 7510 Prop�rty Insurance 9,083 9,083 9,083 9,083 1,965 0 �0 4,200 17,110 9,540 9,540 9,540 88,227 �525 Property 7axes 0 0 0 0 0 0 0 0 0 0 0 0 0 Totai Insurance and Taxes 9,083 9,083 9,083 9,083 1,965 0 0 4,200 17,110 9,540 9,540 9,540 88,227� 7775 Membership Dues 0 0 0 900 0 0 0 0 D 0 0 0 900 7960 Empipyee Relations 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Dues and Membership Fees 0 0 0 900 0 0 0 0 0 0 0 0 90D Tota)Opera4ing Expenses 226,805 100,569 104,585 99,169 83,742 83,747 91,427 85,516 100,014 707,473� 96,156 107,535- 1,286,735? Net Operating Income 46,206 172,167 168,426 173,567 189,269 189,139 181,584 787,220 173,297 134,855 145,547 135,993 1,897,273 9042 Depreciation/Amoritization 0 0 0 0 0 0 0 0 0 0 0 0 0 9052 Depr-Landlmprovements 0 0 0 0 0 0 0 0 0 0 0 0 p 9056 Depr-Buildings and Improvements 0 0 0 0 0 0 0 0 0 0 0 0 0 9076 Depr-Unit Appliances 0 0 0 0 0 0 0 0 0 0 0 0 0 9112 Depr-Furniture and Fixtures 0 0 0 0 0 0 0 0 0 0 0 0 0 9148 AmorL-Cap Oper.Oeficits 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Depreciation and Amoritization 0 0 0 0 0 0 0 0 0 0 0 0 0 9410 Interest Expense-Fixed 0 0 0 0 0 0 0 0 0 0 0 0 0 Totalinterest Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 9510 Exierior Paint . 0 150,000 0 0 0 0 0 0 0 0 0 0 150,000 9515 HVAC 250 250 250 250 250 250 250 250 250 250 250 250 3,000 9520 Landscape 0 0 0 0 0 0 0 0 0 0 0 0 0 9530 Signage 100 0 0 100 0 0 100 0 0 100 0 0 400 9555 Carpet 19,750 0 0 0 0 0 0 0 0 0 0 0 19,750 9570 Countertops 0 0 0 0 0 0 0 0 0 0 0 400 400 9575 Doors 0 0 0 0 0 750 0 0 0 0 0 0 750 9580 Light Fixtures 0 4,840 0 0 0 0 0 0 0 0 0 500 5,340 9590 Biinds 1,500 0 0 0 0 0 0 0 0 0 0 0 1,500 9600 Plumbing 1,000 0 0 0 0 0 0 0 0 0 0 0 1,000 9605 Recr�ations Facilities 1,500 5,000 0 0 3,000 5,000 0 0 0 0 0 0 14,500 9610 Security System 0 0 0 0 0 0 0 � 0 0 0 0 0 0 9620 Vinyl 500 0 0 0 0 0 0 0 0 0 0 0 500 9630 Ceiling Fans 500 0 0 0 0 0 0 0 0 0 0 0 500 9635 Appliances 5,000 0 0 0 0 1,000 0 0 0 1,000 0 0 7,000 9645 Reimbursements 0 0 0 0 0 0 0 0 0 0 0 0 0 9650 Repiacemen[s-Other 0 0 0 250 0 0 0 0 0 0 5,000 5,000 10,250 'fotal Rep/acements 30,100 160,090 250 600 3,250 7,000 350 250 250 1,350 5,250 6,150 214,890 Jefferson Comrrsons at The�allpa�lc Austin,TX 7/1l2005 282 Units 768 8eds Sep-O5 Oct•05 NovOS Dec-05 Jan-06 Feb-06 Mar-06 Apr•06 May-06 Jun 06 Jul 06 Aug O6 Totals 9827 Start-up Costs 0 0 D 0 0 0 0 0 0 0 0 0 0 Sta�t-up Costs 0 0 0 0 0 0 0 0 0 0 0 0 0 9860 Sup�alemental Managemen!Fee 0 0 0 0 0 0 0 0 0 0 0 0 0 9865 Schplarships 0 0 0 0 0 0 0 0 0 0 0 0 0 9890 Audit Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 9900 Tax Return Prep Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 9904 Asset ManagementFees 2,627 2,627 2,627 2,627 2,627 2,627 2,627 2,627 2,627 2,627 2,627 2,627 31,524 9906 Misc Partnership Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 9915 Trusfee and Issuer ees 417 417 417 417 417 417 417 417 417 417 417 417 5,004 7ota!pther Expense 3,044 3,044 3,044 3,044 3,044 3,044 3,044 3,044 3,044 3,044 3,044 3,044 36,528 Sec€�rity Deposits/Prepaid Balances to,000 0 0 0 0 0 0 0 0 0 0 0 10,000 Total Residents Refunds 10,000 0 0 0 0 0 0 0 0 0 0 0 1o,000 Tot�l Other Non-operating Expenses 43,144 163,134 3,294 3,644 6,294 10,044 3,394 3,294 3,294 4,394 8,294 9,194 261,418 CASH FLOW 3,0fi2 9,033 165,132 169,923 182,975 179,095 978,190 983,926 170,003 130,461 137,253 126,799 1,635,855